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 BlackRock Fund 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: 07/31/2024

Date of reporting period: 07/31/2024

Item 1 – Reports to Stockholders

(a) The Reports to Shareholders are attached herewith.

iShares ESG Aware Aggressive Allocation ETF

EAOA | Cboe BZX

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about iShares ESG Aware Aggressive Allocation ETF (the “Fund”) for the period of August 1, 2023 to July 31, 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 year?

(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 Aware Aggressive Allocation ETF	$2^{Footnote Reference(a)}	0.02%^{Footnote Reference(a)}

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

How did the Fund perform last year?

Slowing inflationary pressures and hopes of interest rate cuts drove global equities higher for the reporting period.
The U.S. Federal Reserve left rates on hold during the 12-month period as the central bank sought greater confidence in slowing inflationary pressures. As inflation measures became more subdued, expectations increased for interest rate cuts in 2024.
Bonds underperformed equities yet still delivered generally positive total returns during the reporting period. Amid economic growth concerns, central banks began to pivot away from higher interest rates to easing monetary policy, causing volatility in Treasury yields.

What contributed to performance?

U.S. equities were the largest component of the Fund, comprising approximately 55% during the reporting period, and were also the most significant driver of the Fund’s return. Driven by investor demand for artificial intelligence, a handful of U.S. information technology companies dominated market performance as they innovated rapidly, captured significant market share, and generated substantial profits. The U.S. financials sector also advanced, helped by solid earnings results. Stocks in international developed markets also advanced, led by the financials sector.

Bonds comprised approximately 19% of the Fund during the reporting period. As inflation measures began to subside and future interest rate cuts came into view, U.S. investment-grade bonds advanced given their potential for higher yield.

What detracted from performance?

Given the solid performance of both equities and fixed income securities, there were no meaningful detractors to the Fund’s performance during the reporting period.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Fund performance

Cumulative performance: June 12, 2020 through July 31, 2024

Initial investment of $10,000

	Fund	MSCI All Country World Index	BlackRock ESG Aware Aggressive Allocation Index	S&P Target Risk Aggressive Index
Jun 20	10,154	10,171	10,157	10,119
Jul 20	10,610	10,709	10,614	10,551
Aug 20	11,122	11,364	11,128	11,038
Sep 20	10,828	10,998	10,835	10,777
Oct 20	10,648	10,731	10,654	10,580
Nov 20	11,718	12,054	11,726	11,598
Dec 20	12,174	12,614	12,186	12,051
Jan 21	12,174	12,557	12,186	12,008
Feb 21	12,390	12,848	12,399	12,252
Mar 21	12,662	13,191	12,673	12,565
Apr 21	13,088	13,768	13,100	13,000
May 21	13,256	13,982	13,270	13,191
Jun 21	13,425	14,166	13,441	13,309
Jul 21	13,509	14,264	13,523	13,428
Aug 21	13,778	14,621	13,794	13,673
Sep 21	13,287	14,017	13,308	13,201
Oct 21	13,848	14,732	13,870	13,745
Nov 21	13,566	14,377	13,585	13,489
Dec 21	13,974	14,952	13,998	13,934
Jan 22	13,349	14,218	13,372	13,385
Feb 22	12,981	13,851	13,002	13,048
Mar 22	13,099	14,151	13,120	13,190
Apr 22	12,132	13,018	12,151	12,266
May 22	12,184	13,033	12,203	12,356
Jun 22	11,354	11,934	11,367	11,490
Jul 22	12,081	12,767	12,096	12,200
Aug 22	11,600	12,297	11,614	11,710
Sep 22	10,608	11,120	10,620	10,734
Oct 22	11,124	11,791	11,138	11,269
Nov 22	11,944	12,706	11,959	12,133
Dec 22	11,467	12,206	11,480	11,686
Jan 23	12,255	13,081	12,269	12,469
Feb 23	11,878	12,706	11,890	12,084
Mar 23	12,210	13,098	12,223	12,426
Apr 23	12,337	13,286	12,350	12,600
May 23	12,210	13,144	12,222	12,434
Jun 23	12,771	13,907	12,785	13,014
Jul 23	13,147	14,416	13,162	13,383
Aug 23	12,824	14,013	12,838	13,064
Sep 23	12,291	13,434	12,294	12,556
Oct 23	11,966	13,030	11,969	12,237
Nov 23	12,946	14,233	12,951	13,203
Dec 23	13,572	14,917	13,579	13,838
Jan 24	13,568	15,004	13,575	13,857
Feb 24	14,021	15,648	14,028	14,297
Mar 24	14,410	16,139	14,418	14,714
Apr 24	13,907	15,607	13,915	14,233
May 24	14,461	16,241	14,470	14,814
Jun 24	14,726	16,603	14,737	15,025
Jul 24	15,031	16,871	15,042	15,328

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

Average Annual Total Returns	1 Year	Since Fund Inception
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.34%	10.35%
Fund Market........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.39	10.36
MSCI All Country World Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	17.02	13.48
BlackRock ESG Aware Aggressive Allocation Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.37	10.40
S&P Target Risk Aggressive Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.54	10.88

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$28,116,639
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$5,639
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4%

The Fund has added the MSCI All Country World Index in response to new regulatory requirements.

The inception date of the Fund was June 12, 2020. The first day of secondary market trading was June 18, 2020.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.

What did the Fund invest in?

(as of July 31, 2024)

Portfolio composition

Five largest holdings

Asset Class	Percent of Total Investments^{Footnote Reference(a)}
Domestic Equity........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	55.2%
International Equity........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	25.4
Domestic Fixed Income........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.4

Security	Percent of TotaI Investments^{Footnote Reference(a)}
iShares ESG Aware MSCI USA ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	50.2%
iShares ESG Aware U.S. Aggregate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.4
iShares ESG Aware MSCI EAFE ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	17.6
iShares ESG Aware MSCI EM ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.8
iShares ESG Aware MSCI USA Small-Cap ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.0

Footnote	Description
Footnote^(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.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc., S&P Dow Jones Indices LLC or BlackRock Index Services, LLC and its affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. With the exception of BlackRock Index Services, LLC, who is an affiliate, 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 ESG Aware Aggressive Allocation ETF

Annual Shareholder Report — July 31, 2024

EAOA-07/24-AR

iShares ESG Aware Conservative Allocation ETF

EAOK | Cboe BZX

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about iShares ESG Aware Conservative Allocation ETF (the “Fund”) for the period of August 1, 2023 to July 31, 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 year?

(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 Aware Conservative Allocation ETF	$6^{Footnote Reference(a)}	0.06%^{Footnote Reference(a)}

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

How did the Fund perform last year?

Slowing inflationary pressures and hopes of interest rate cuts drove global equities higher for the reporting period.
The U.S. Federal Reserve left rates on hold during the 12-month period as the central bank sought greater confidence in slowing inflationary pressures. As inflation measures became more subdued, expectations increased for interest rate cuts in 2024.
Bonds underperformed equities yet still delivered generally positive total returns during the reporting period. Amid economic growth concerns, central banks began to pivot away from higher interest rates to easing monetary policy, causing volatility in Treasury yields.

What contributed to performance?

The United States represented approximately 21% of the Fund on average during the reporting period and was the most significant driver of the Fund’s return. Driven by investor demand for artificial intelligence, a handful of information technology companies dominated market performance as they innovated rapidly, captured significant market share, and generated substantial profits. The financials sector also advanced, helped by solid earnings results. Stocks in international developed markets also advanced, led by the financials sector.

Bonds comprised approximately 68% of the Fund on average during the reporting period. As inflation measures began to subside and future interest rate cuts came into view, U.S. investment-grade bonds advanced given their potential for higher yield.

What detracted from performance?

Given the solid performance of both equities and fixed income securities, there were no meaningful detractors to the Fund’s performance during the reporting period.

Fund performance

Cumulative performance: June 12, 2020 through July 31, 2024

Initial investment of $10,000

	Fund	Bloomberg U.S. Universal Index	BlackRock ESG Aware Conservative Allocation Index	S&P Target Risk Conservative Index
Jun 20	10,091	10,039	10,092	10,077
Jul 20	10,350	10,215	10,351	10,336
Aug 20	10,498	10,156	10,500	10,479
Sep 20	10,374	10,138	10,375	10,376
Oct 20	10,269	10,102	10,269	10,284
Nov 20	10,717	10,234	10,722	10,720
Dec 20	10,883	10,269	10,889	10,908
Jan 21	10,835	10,204	10,842	10,854
Feb 21	10,809	10,072	10,816	10,841
Mar 21	10,853	9,955	10,861	10,897
Apr 21	11,027	10,039	11,033	11,093
May 21	11,094	10,077	11,103	11,165
Jun 21	11,201	10,150	11,212	11,258
Jul 21	11,306	10,252	11,316	11,368
Aug 21	11,380	10,245	11,390	11,440
Sep 21	11,153	10,158	11,163	11,219
Oct 21	11,333	10,150	11,347	11,386
Nov 21	11,262	10,162	11,275	11,325
Dec 21	11,401	10,155	11,414	11,452
Jan 22	11,026	9,932	11,040	11,138
Feb 22	10,835	9,797	10,849	10,944
Mar 22	10,684	9,534	10,698	10,813
Apr 22	10,124	9,178	10,136	10,283
May 22	10,192	9,228	10,206	10,337
Jun 22	9,825	9,044	9,837	9,948
Jul 22	10,215	9,271	10,228	10,337
Aug 22	9,868	9,030	9,881	9,999
Sep 22	9,301	8,641	9,313	9,447
Oct 22	9,375	8,546	9,388	9,563
Nov 22	9,869	8,865	9,884	10,080
Dec 22	9,657	8,835	9,671	9,850
Jan 23	10,109	9,109	10,124	10,293
Feb 23	9,822	8,885	9,836	10,018
Mar 23	10,092	9,093	10,106	10,283
Apr 23	10,166	9,149	10,180	10,368
May 23	10,053	9,054	10,068	10,258
Jun 23	10,196	9,040	10,211	10,437
Jul 23	10,309	9,049	10,326	10,549
Aug 23	10,173	8,995	10,188	10,421
Sep 23	9,850	8,781	9,862	10,122
Oct 23	9,655	8,649	9,667	9,939
Nov 23	10,222	9,038	10,235	10,500
Dec 23	10,645	9,381	10,659	10,927
Jan 24	10,626	9,359	10,641	10,956
Feb 24	10,674	9,247	10,689	10,985
Mar 24	10,844	9,338	10,860	11,171
Apr 24	10,529	9,120	10,545	10,880
May 24	10,799	9,271	10,816	11,153
Jun 24	10,931	9,356	10,949	11,267
Jul 24	11,180	9,568	11,199	11,514

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

Average Annual Total Returns	1 Year	Since Fund Inception
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.44%	2.73%
Fund Market........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.33	2.71
Bloomberg U.S. Universal Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.72	(1.06)
BlackRock ESG Aware Conservative Allocation Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.49	2.78
S&P Target Risk Conservative Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.15	3.47

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$8,360,143
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$4,289
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4%

The Fund has added the Bloomberg U.S. Universal Index in response to new regulatory requirements.

The inception date of the Fund was June 12, 2020. The first day of secondary market trading was June 18, 2020.

What did the Fund invest in?

(as of July 31, 2024)

Portfolio composition

Five largest holdings

Asset Class	Percent of Total Investments^{Footnote Reference(a)}
Domestic Fixed Income........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	69.2%
Domestic Equity........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	21.1
International Equity........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.7

Security	Percent of TotaI Investments^{Footnote Reference(a)}
iShares ESG Aware U.S. Aggregate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	69.2%
iShares ESG Aware MSCI USA ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.2
iShares ESG Aware MSCI EAFE ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.7
iShares ESG Aware MSCI EM ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.0
iShares ESG Aware MSCI USA Small-Cap ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.9

Footnote	Description
Footnote^(a)	Excludes money market funds.

Additional information

Householding

The Fund is not sponsored, endorsed, issued, sold, or promoted by S&P Dow Jones Indices LLC, Bloomberg Index Services Limited or BlackRock Index Services, LLC and its affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. With the exception of BlackRock Index Services, LLC, who is an affiliate, BlackRock is not affiliated with the companies listed above.

iShares ESG Aware Conservative Allocation ETF

Annual Shareholder Report — July 31, 2024

EAOK-07/24-AR

iShares ESG Aware Growth Allocation ETF

EAOR | Cboe BZX

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about iShares ESG Aware Growth Allocation ETF (the “Fund”) for the period of August 1, 2023 to July 31, 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 year?

(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 Aware Growth Allocation ETF	$4^{Footnote Reference(a)}	0.04%^{Footnote Reference(a)}

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

How did the Fund perform last year?

Slowing inflationary pressures and hopes of interest rate cuts drove global equities higher for the reporting period.
The U.S. Federal Reserve left rates on hold during the 12-month period as the central bank sought greater confidence in slowing inflationary pressures. As inflation measures became more subdued, expectations increased for interest rate cuts in 2024.
Bonds underperformed equities yet still delivered generally positive total returns during the reporting period. Amid economic growth concerns, central banks began to pivot away from higher interest rates to easing monetary policy, causing volatility in Treasury yields.

What contributed to performance?

U.S. equities comprised approximately 42% of the Fund on average during the reporting period and were the most significant driver of performance. Driven by investor demand for artificial intelligence, a handful of information technology companies dominated market performance as they innovated rapidly, captured significant market share, and generated substantial profits. The financials sector also advanced, helped by solid earnings results. Stocks in international developed markets also advanced, led by the financials sector.

Bonds comprised approximately 38% of the Fund on average during the reporting period. As inflation measures began to subside and future interest rate cuts came into view, U.S. investment-grade bonds advanced given their potential for higher yield.

What detracted from performance?

Given the solid performance of both equities and fixed income securities, there were no meaningful detractors to the Fund’s performance during the reporting period.

Fund performance

Cumulative performance: June 12, 2020 through July 31, 2024

Initial investment of $10,000

	Fund	MSCI All Country World Index	BlackRock ESG Aware Growth Allocation Index	S&P Target Risk Growth Index
Jun 20	10,131	10,171	10,131	10,102
Jul 20	10,508	10,709	10,512	10,467
Aug 20	10,878	11,364	10,884	10,820
Sep 20	10,652	10,998	10,656	10,620
Oct 20	10,500	10,731	10,504	10,464
Nov 20	11,314	12,054	11,320	11,242
Dec 20	11,649	12,614	11,659	11,586
Jan 21	11,629	12,557	11,639	11,539
Feb 21	11,745	12,848	11,753	11,676
Mar 21	11,922	13,191	11,932	11,883
Apr 21	12,243	13,768	12,254	12,219
May 21	12,367	13,982	12,380	12,358
Jun 21	12,512	14,166	12,525	12,466
Jul 21	12,592	14,264	12,617	12,582
Aug 21	12,786	14,621	12,801	12,752
Sep 21	12,411	14,017	12,428	12,388
Oct 21	12,806	14,732	12,825	12,768
Nov 21	12,616	14,377	12,634	12,598
Dec 21	12,908	14,952	12,926	12,903
Jan 22	12,392	14,218	12,410	12,456
Feb 22	12,100	13,851	12,119	12,181
Mar 22	12,097	14,151	12,116	12,201
Apr 22	11,308	13,018	11,325	11,448
May 22	11,367	13,033	11,385	11,523
Jun 22	10,741	11,934	10,754	10,867
Jul 22	11,320	12,767	11,335	11,437
Aug 22	10,896	12,297	10,911	11,013
Sep 22	10,090	11,120	10,102	10,222
Oct 22	10,409	11,791	10,423	10,572
Nov 22	11,089	12,706	11,105	11,287
Dec 22	10,727	12,206	10,741	10,934
Jan 23	11,371	13,081	11,386	11,571
Feb 23	11,032	12,706	11,045	11,232
Mar 23	11,338	13,098	11,352	11,542
Apr 23	11,441	13,286	11,456	11,678
May 23	11,320	13,144	11,335	11,536
Jun 23	11,696	13,907	11,713	11,939
Jul 23	11,956	14,416	11,974	12,195
Aug 23	11,715	14,013	11,732	11,960
Sep 23	11,273	13,434	11,279	11,543
Oct 23	11,005	13,030	11,010	11,283
Nov 23	11,804	14,233	11,811	12,072
Dec 23	12,342	14,917	12,351	12,617
Jan 24	12,332	15,004	12,340	12,641
Feb 24	12,603	15,648	12,611	12,898
Mar 24	12,895	16,139	12,904	13,213
Apr 24	12,475	15,607	12,483	12,815
May 24	12,900	16,241	12,910	13,258
Jun 24	13,105	16,603	13,116	13,426
Jul 24	13,387	16,871	13,398	13,706

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

Average Annual Total Returns	1 Year	Since Fund Inception
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.97%	7.31%
Fund Market........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.05	7.32
MSCI All Country World Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	17.02	13.48
BlackRock ESG Aware Growth Allocation Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.01	7.36
S&P Target Risk Growth Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.38	7.92

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$20,234,180
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$6,361
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6%

The Fund has added the MSCI All Country World Index in response to new regulatory requirements.

The inception date of the Fund was June 12, 2020. The first day of secondary market trading was June 18, 2020.

What did the Fund invest in?

(as of July 31, 2024)

Portfolio composition

Five largest holdings

Asset Class	Percent of Total Investments^{Footnote Reference(a)}
Domestic Equity........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	41.7%
Domestic Fixed Income........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	39.1
International Equity........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.2

Security	Percent of TotaI Investments^{Footnote Reference(a)}
iShares ESG Aware U.S. Aggregate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	39.0%
iShares ESG Aware MSCI USA ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	38.0
iShares ESG Aware MSCI EAFE ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.3
iShares ESG Aware MSCI EM ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.9
iShares ESG Aware MSCI USA Small-Cap ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.8

Footnote	Description
Footnote^(a)	Excludes money market funds.

Additional information

Householding

iShares ESG Aware Growth Allocation ETF

Annual Shareholder Report — July 31, 2024

EAOR-07/24-AR

iShares ESG Aware Moderate Allocation ETF

EAOM | Cboe BZX

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about iShares ESG Aware Moderate Allocation ETF (the “Fund”) for the period of August 1, 2023 to July 31, 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 year?

(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 Aware Moderate Allocation ETF	$5^{Footnote Reference(a)}	0.05%^{Footnote Reference(a)}

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

How did the Fund perform last year?

Slowing inflationary pressures and hopes of interest rate cuts drove global equities higher for the reporting period.
The U.S. Federal Reserve left rates on hold during the 12-month period as the central bank sought greater confidence in slowing inflationary pressures. As inflation measures became more subdued, expectations increased for interest rate cuts in 2024.
Bonds underperformed equities yet still delivered generally positive total returns during the reporting period. Amid economic growth concerns, central banks began to pivot away from higher interest rates to easing monetary policy, causing volatility in Treasury yields.

What contributed to performance?

U.S. equities comprised approximately 28% of the Fund on average during the reporting period and were the most significant driver of performance. Driven by investor demand for artificial intelligence, a handful of information technology companies dominated market performance as they innovated rapidly, captured significant market share, and generated substantial profits. The financials sector also advanced, helped by solid earnings results. Stocks in international developed markets also advanced, led by the financials sector.

Bonds comprised approximately 58% of the Fund on average during the reporting period. As inflation measures began to subside and future interest rate cuts came into view, U.S. investment-grade bonds advanced given their potential for higher yield.

What detracted from performance?

Given the solid performance of both equities and fixed income securities, there were no meaningful detractors to the Fund’s performance during the reporting period.

Fund performance

Cumulative performance: June 12, 2020 through July 31, 2024

Initial investment of $10,000

	Fund	Bloomberg U.S. Universal Index	BlackRock ESG Aware Moderate Allocation Index	S&P Target Risk Moderate Index
Jun 20	10,103	10,039	10,105	10,085
Jul 20	10,402	10,215	10,406	10,380
Aug 20	10,629	10,156	10,630	10,595
Sep 20	10,470	10,138	10,471	10,459
Oct 20	10,348	10,102	10,349	10,345
Nov 20	10,915	10,234	10,920	10,893
Dec 20	11,135	10,269	11,143	11,132
Jan 21	11,095	10,204	11,105	11,080
Feb 21	11,115	10,072	11,124	11,116
Mar 21	11,203	9,955	11,213	11,221
Apr 21	11,422	10,039	11,434	11,463
May 21	11,510	10,077	11,521	11,556
Jun 21	11,631	10,150	11,641	11,654
Jul 21	11,729	10,252	11,742	11,766
Aug 21	11,838	10,245	11,850	11,869
Sep 21	11,563	10,158	11,578	11,603
Oct 21	11,813	10,150	11,828	11,837
Nov 21	11,704	10,162	11,719	11,742
Dec 21	11,886	10,155	11,905	11,925
Jan 22	11,471	9,932	11,487	11,569
Feb 22	11,249	9,797	11,265	11,349
Mar 22	11,143	9,534	11,159	11,264
Apr 22	10,513	9,178	10,526	10,664
May 22	10,579	9,228	10,592	10,725
Jun 22	10,132	9,044	10,142	10,253
Jul 22	10,580	9,271	10,593	10,698
Aug 22	10,209	9,030	10,221	10,333
Sep 22	9,567	8,641	9,577	9,706
Oct 22	9,717	8,546	9,728	9,894
Nov 22	10,269	8,865	10,283	10,474
Dec 22	10,010	8,835	10,022	10,205
Jan 23	10,523	9,109	10,536	10,709
Feb 23	10,220	8,885	10,231	10,414
Mar 23	10,500	9,093	10,513	10,693
Apr 23	10,584	9,149	10,597	10,794
May 23	10,469	9,054	10,482	10,674
Jun 23	10,684	9,040	10,698	10,922
Jul 23	10,843	9,049	10,857	11,079
Aug 23	10,674	8,995	10,688	10,917
Sep 23	10,313	8,781	10,322	10,581
Oct 23	10,096	8,649	10,105	10,374
Nov 23	10,735	9,038	10,745	11,006
Dec 23	11,193	9,381	11,206	11,470
Jan 24	11,177	9,359	11,191	11,497
Feb 24	11,293	9,247	11,307	11,596
Mar 24	11,501	9,338	11,516	11,822
Apr 24	11,153	9,120	11,167	11,498
May 24	11,470	9,271	11,485	11,823
Jun 24	11,625	9,356	11,642	11,954
Jul 24	11,884	9,568	11,902	12,212

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

Average Annual Total Returns	1 Year	Since Fund Inception
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.60%	4.26%
Fund Market........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.60	4.26
Bloomberg U.S. Universal Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.72	(1.06)
BlackRock ESG Aware Moderate Allocation Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.66	4.31
S&P Target Risk Moderate Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.22	4.96

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$6,188,087
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$2,752
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6%

The Fund has added the Bloomberg U.S. Universal Index in response to new regulatory requirements.

The inception date of the Fund was June 12, 2020. The first day of secondary market trading was June 18, 2020.

What did the Fund invest in?

(as of July 31, 2024)

Portfolio composition

Five largest holdings

Asset Class	Percent of Total Investments^{Footnote Reference(a)}
Domestic Fixed Income........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	59.1%
Domestic Equity........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	28.0
International Equity........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.9

Security	Percent of TotaI Investments^{Footnote Reference(a)}
iShares ESG Aware U.S. Aggregate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	59.1%
iShares ESG Aware MSCI USA ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	25.5
iShares ESG Aware MSCI EAFE ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.9
iShares ESG Aware MSCI EM ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.0
iShares ESG Aware MSCI USA Small-Cap ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.5

Footnote	Description
Footnote^(a)	Excludes money market funds.

Additional information

Householding

iShares ESG Aware Moderate Allocation ETF

Annual Shareholder Report — July 31, 2024

EAOM-07/24-AR

iShares MSCI USA Small-Cap Min Vol Factor ETF

SMMV | Cboe BZX

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about iShares MSCI USA Small-Cap Min Vol Factor ETF (the “Fund”) for the period of August 1, 2023 to July 31, 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 year?

(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 Small-Cap Min Vol Factor ETF	$22	0.20%

How did the Fund perform last year?

Slowing inflationary pressures and hopes of interest rate cuts drove global stocks higher for the reporting period. U.S. equities led markets, propelled by the information technology sector and enthusiasm over artificial intelligence.
U.S. stocks powered markets higher, driven by the enthusiasm for artificial intelligence, particularly in the information technology sector.
In a risk-on environment, stocks with exposure to high volatility, those with significant degrees of price changes, outperformed those with lower volatility characteristics.
Market sentiment swung late in the period, shifting away from information technology stocks amid growing uncertainty about economic growth, geopolitics, and the upcoming U.S. presidential election.

What contributed to performance?

The industrials sector contributed the most to the Fund’s return during the reporting period, as the sector continued to benefit from a resilient U.S. economy and efforts to revitalize manufacturing in the country. Within the sector, commercial and professional services companies advanced, as firms that support government customers in their critical national security missions continued to benefit. In the capital goods industry, construction and engineering firms saw an influx of federal funding and caught the eye of global private equity and venture capitalist firms. Financial stocks also contributed to the Fund’s performance, most notably insurance companies in the property and casualty segment.

What detracted from performance?

Given the strength of equity markets during the reporting period ended July 31, 2024, there were no material detractors to the Fund’s performance.

Fund performance

Cumulative performance: September 7, 2016 through July 31, 2024

Initial investment of $10,000

	Fund	MSCI USA Index	MSCI USA Small Cap Minimum Volatility (USD) Index
Sep 16	9,789	9,933	9,786
Oct 16	9,594	9,745	9,585
Nov 16	10,096	10,097	10,098
Dec 16	10,409	10,285	10,418
Jan 17	10,461	10,498	10,468
Feb 17	10,702	10,911	10,713
Mar 17	10,798	10,926	10,811
Apr 17	11,004	11,044	11,020
May 17	11,048	11,195	11,060
Jun 17	11,158	11,265	11,174
Jul 17	11,251	11,495	11,269
Aug 17	11,251	11,533	11,271
Sep 17	11,466	11,768	11,488
Oct 17	11,600	12,037	11,622
Nov 17	11,978	12,403	12,006
Dec 17	11,860	12,537	11,889
Jan 18	12,032	13,257	12,063
Feb 18	11,591	12,771	11,622
Mar 18	11,865	12,459	11,900
Apr 18	11,996	12,509	12,036
May 18	12,487	12,814	12,529
Jun 18	12,771	12,901	12,818
Jul 18	12,960	13,364	13,014
Aug 18	13,544	13,807	13,602
Sep 18	13,487	13,870	13,549
Oct 18	12,728	12,907	12,783
Nov 18	12,996	13,158	13,059
Dec 18	12,036	11,973	12,095
Jan 19	12,891	12,958	12,959
Feb 19	13,323	13,392	13,395
Mar 19	13,411	13,640	13,484
Apr 19	13,731	14,187	13,809
May 19	13,340	13,290	13,420
Jun 19	13,931	14,223	14,017
Jul 19	14,245	14,443	14,338
Aug 19	14,236	14,192	14,335
Sep 19	14,360	14,444	14,461
Oct 19	14,511	14,758	14,612
Nov 19	14,771	15,313	14,873
Dec 19	14,984	15,762	15,088
Jan 20	14,904	15,793	15,017
Feb 20	13,633	14,505	13,736
Mar 20	10,962	12,665	11,051
Apr 20	11,908	14,331	11,997
May 20	12,357	15,076	12,454
Jun 20	12,317	15,420	12,418
Jul 20	12,716	16,335	12,828
Aug 20	13,035	17,561	13,154
Sep 20	12,463	16,906	12,578
Oct 20	12,583	16,466	12,699
Nov 20	13,736	18,371	13,863
Dec 20	14,527	19,129	14,660
Jan 21	14,844	18,952	14,982
Feb 21	15,381	19,447	15,525
Mar 21	15,834	20,179	15,987
Apr 21	16,393	21,277	16,555
May 21	16,273	21,379	16,437
Jun 21	16,387	21,974	16,550
Jul 21	16,361	22,494	16,520
Aug 21	16,663	23,158	16,839
Sep 21	16,065	22,065	16,234
Oct 21	16,485	23,604	16,657
Nov 21	16,056	23,366	16,228
Dec 21	16,956	24,289	17,142
Jan 22	15,849	22,914	16,024
Feb 22	15,724	22,243	15,899
Mar 22	16,186	23,025	16,365
Apr 22	15,376	20,938	15,545
May 22	15,312	20,892	15,484
Jun 22	14,891	19,163	15,061
Jul 22	15,678	20,950	15,859
Aug 22	15,120	20,129	15,291
Sep 22	13,983	18,262	14,141
Oct 22	15,191	19,712	15,365
Nov 22	15,905	20,784	16,083
Dec 22	15,280	19,562	15,461
Jan 23	15,936	20,849	16,113
Feb 23	15,766	20,351	15,951
Mar 23	15,404	21,074	15,581
Apr 23	15,324	21,341	15,498
May 23	14,688	21,480	14,855
Jun 23	15,263	22,912	15,434
Jul 23	15,660	23,701	15,839
Aug 23	15,289	23,302	15,470
Sep 23	14,782	22,209	14,958
Oct 23	14,521	21,698	14,690
Nov 23	15,274	23,744	15,445
Dec 23	16,039	24,863	16,228
Jan 24	15,910	25,250	16,120
Feb 24	16,413	26,605	16,606
Mar 24	16,909	27,451	17,085
Apr 24	16,292	26,318	16,470
May 24	16,919	27,575	17,114
Jun 24	16,877	28,561	17,062
Jul 24	18,085	28,919	18,303

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

Average Annual Total Returns	1 Year	5 Years	Since Fund Inception
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.49%	4.89%	7.79%
Fund Market........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.53	4.88	7.80
MSCI USA Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	22.02	14.90	14.39
MSCI USA Small Cap Minimum Volatility (USD) Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.67	5.02	7.97

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$833,665,773
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	295
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,628,806
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	44%

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

The inception date of the Fund was September 7, 2016. The first day of secondary market trading was September 9, 2016.

What did the Fund invest in?

(as of July 31, 2024)

Sector allocation

Ten largest holdings

Sector	Percent of Total Investments^{Footnote Reference(a)}
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18.0%
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.0
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.0
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.2
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.8
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.7
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.1
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.7
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.1
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.9
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.5

Security	Percent of Total Investments^{Footnote Reference(a)}
Murphy USA, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.6%
Old Republic International Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.6
Royal Gold, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.5
Chemed Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
Agree Realty Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
AptarGroup, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
Axis Capital Holdings Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
Exelixis, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.3
Reinsurance Group of America, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.2
RLI Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.2

Footnote	Description
Footnote^(a)	Excludes money market funds.

Additional information

Householding

The Fund is not sponsored, endorsed, issued, sold or promoted by MSCI Inc. 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 MSCI USA Small-Cap Min Vol Factor ETF

Annual Shareholder Report — July 31, 2024

SMMV-07/24-AR

iShares U.S. Equity Factor ETF

LRGF | NYSE Arca

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about iShares U.S. Equity Factor ETF (the “Fund”) for the period of August 1, 2023 to July 31, 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 year?

(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 U.S. Equity Factor ETF	$9	0.08%

How did the Fund perform last year?

The recent market rally was heavily concentrated in a few mega-capitalization information technology companies even as economic growth slowed. Shares of small-capitalization firms underperformed their larger-capitalization peers.
The sharp increase in market fluctuations, along with a drop in index levels, caused trend-following, an investment strategy where investors make buy or sell decisions based on the current direction of market prices. This led to more selling in a falling market.
Market sentiment swung late in the period, shifting away from information technology stocks amid growing uncertainty about economic growth, geopolitics, and the upcoming U.S. presidential election.

What contributed to performance?

Momentum and quality stocks contributed the most to the Fund’s return during the reporting period, especially among companies with balance sheet strength that appeared poised to weather a sharper-than-anticipated slowdown in economic growth.

The information technology sector contributed the most to the Fund’s performance. The ongoing trend of artificial intelligence (“AI”) adoption created strong momentum across the sector, and firms benefited from the increased investment in technology spending. Within the information technology sector, companies responsible for the manufacturing of the semiconductor chips needed to power AI strongly contributed to the Fund’s performance, aided by increased demand for their products and strong tariffs limiting imports. The financials sector also contributed, as healthy bank balance sheets and the prospect of interest rates remaining higher for longer benefited the sector.

What detracted from performance?

Given the strength of equity markets during the reporting period ended July 31, 2024, there were no material detractors to the Fund’s performance.

Fund performance

Cumulative performance: April 28, 2015 through July 31, 2024

Initial investment of $10,000

	Fund	S&P Total Market Index	STOXX U.S. Equity Factor Index
Apr 15	9,801	9,848	9,800
May 15	10,048	9,986	10,050
Jun 15	9,903	9,816	9,905
Jul 15	10,043	9,978	10,051
Aug 15	9,448	9,379	9,458
Sep 15	9,241	9,103	9,251
Oct 15	9,810	9,820	9,821
Nov 15	9,798	9,875	9,814
Dec 15	9,613	9,675	9,632
Jan 16	9,060	9,125	9,077
Feb 16	9,156	9,122	9,178
Mar 16	9,809	9,764	9,838
Apr 16	9,724	9,824	9,750
May 16	9,796	10,000	9,829
Jun 16	9,807	10,019	9,841
Jul 16	10,135	10,418	10,177
Aug 16	10,196	10,446	10,239
Sep 16	10,240	10,465	10,286
Oct 16	10,053	10,235	10,098
Nov 16	10,671	10,690	10,721
Dec 16	10,901	10,898	10,949
Jan 17	11,126	11,110	11,178
Feb 17	11,526	11,520	11,581
Mar 17	11,454	11,529	11,513
Apr 17	11,544	11,649	11,601
May 17	11,753	11,767	11,812
Jun 17	11,818	11,875	11,883
Jul 17	12,037	12,099	12,105
Aug 17	12,020	12,121	12,086
Sep 17	12,389	12,417	12,461
Oct 17	12,749	12,686	12,825
Nov 17	13,233	13,071	13,313
Dec 17	13,218	13,203	13,304
Jan 18	13,759	13,904	13,849
Feb 18	13,239	13,389	13,327
Mar 18	13,148	13,124	13,241
Apr 18	13,206	13,171	13,296
May 18	13,478	13,543	13,572
Jun 18	13,387	13,632	13,484
Jul 18	13,827	14,088	13,926
Aug 18	14,233	14,578	14,342
Sep 18	14,137	14,601	14,247
Oct 18	13,081	13,519	13,185
Nov 18	13,191	13,790	13,296
Dec 18	11,924	12,504	12,018
Jan 19	12,978	13,581	13,085
Feb 19	13,338	14,058	13,449
Mar 19	13,341	14,260	13,456
Apr 19	13,753	14,828	13,875
May 19	12,708	13,871	12,821
Jun 19	13,720	14,843	13,851
Jul 19	13,880	15,061	14,016
Aug 19	13,517	14,757	13,650
Sep 19	13,869	15,012	14,009
Oct 19	14,247	15,330	14,392
Nov 19	14,742	15,910	14,893
Dec 19	15,051	16,368	15,212
Jan 20	14,867	16,348	15,029
Feb 20	13,649	15,009	13,800
Mar 20	11,615	12,937	11,743
Apr 20	12,972	14,652	13,114
May 20	13,661	15,439	13,815
Jun 20	13,713	15,795	13,868
Jul 20	14,365	16,687	14,530
Aug 20	15,075	17,886	15,250
Sep 20	14,701	17,228	14,873
Oct 20	14,546	16,861	14,717
Nov 20	16,024	18,922	16,216
Dec 20	16,745	19,771	16,948
Jan 21	16,781	19,707	16,990
Feb 21	17,216	20,338	17,434
Mar 21	18,074	21,046	18,306
Apr 21	18,747	22,127	18,989
May 21	18,947	22,228	19,200
Jun 21	19,108	22,791	19,368
Jul 21	19,469	23,183	19,738
Aug 21	20,000	23,846	20,279
Sep 21	18,852	22,764	19,114
Oct 21	19,988	24,293	20,268
Nov 21	19,666	23,935	19,947
Dec 21	20,907	24,845	21,208
Jan 22	19,676	23,353	19,965
Feb 22	19,353	22,766	19,638
Mar 22	20,037	23,503	20,336
Apr 22	18,635	21,383	18,915
May 22	18,708	21,340	18,990
Jun 22	17,149	19,546	17,403
Jul 22	18,772	21,379	19,051
Aug 22	18,093	20,572	18,362
Sep 22	16,474	18,654	16,720
Oct 22	17,865	20,177	18,134
Nov 22	18,875	21,242	19,159
Dec 22	17,818	19,993	18,087
Jan 23	18,960	21,387	19,246
Feb 23	18,566	20,892	18,846
Mar 23	19,024	21,442	19,313
Apr 23	19,170	21,657	19,461
May 23	19,214	21,751	19,508
Jun 23	20,536	23,241	20,852
Jul 23	21,229	24,078	21,557
Aug 23	20,905	23,606	21,221
Sep 23	20,037	22,476	20,353
Oct 23	19,540	21,871	19,840
Nov 23	21,297	23,924	21,629
Dec 23	22,413	25,204	22,780
Jan 24	22,832	25,483	23,190
Feb 24	24,177	26,868	24,516
Mar 24	25,106	27,736	25,465
Apr 24	23,990	26,513	24,347
May 24	25,268	27,771	25,635
Jun 24	26,034	28,634	26,425
Jul 24	26,406	29,160	26,832

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

Average Annual Total Returns	1 Year	5 Years	Since Fund Inception
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	24.38%	13.73%	11.06%
Fund Market........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	24.48	13.75	11.06
S&P Total Market Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	21.10	14.13	12.26
STOXX U.S. Equity Factor Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	24.52	13.88	11.26

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$2,051,025,522
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	283
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,330,043
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	21%

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

The inception date of the Fund was April 28, 2015. The first day of secondary market trading was April 30, 2015.

The performance of the STOXX U.S. Equity Factor Index in this report reflects the performance of the MSCI USA Diversified Multiple-Factor Index through May 31, 2022 and, beginning on June 1, 2022, the performance of the STOXX U.S. Equity Factor Index.

What did the Fund invest in?

(as of July 31, 2024)

Sector allocation

Ten largest holdings

Sector	Percent of Total Investments^{Footnote Reference(a)}
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	32.4%
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.7
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.3
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.2
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.3
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.4
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.0
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.7
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.9
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.3
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.8

Security	Percent of Total Investments^{Footnote Reference(a)}
Apple, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.6%
Microsoft Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.2
NVIDIA Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.7
Amazon.com, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.8
Broadcom, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.2
Alphabet, Inc., Class C, NVS........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.9
Meta Platforms, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.9
JPMorgan Chase & Co.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.6
Procter & Gamble Co. (The)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.3
Visa, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.2

Footnote	Description
Footnote^(a)	Excludes money market funds.

Additional information

Householding

The Fund is not sponsored, endorsed, issued, sold, or promoted by S&P Dow Jones Indices LLC, MSCI Inc. or STOXX and its 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 U.S. Equity Factor ETF

Annual Shareholder Report — July 31, 2024

LRGF-07/24-AR

iShares U.S. Small-Cap Equity Factor ETF

SMLF | NYSE Arca

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about iShares U.S. Small-Cap Equity Factor ETF (the “Fund”) for the period of August 1, 2023 to July 31, 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).

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(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 U.S. Small-Cap Equity Factor ETF	$16	0.15%

How did the Fund perform last year?

The recent market rally was heavily concentrated in a few mega-capitalization information technology companies even as economic growth slowed. Shares of small-capitalization firms underperformed their larger-capitalization peers.
The sharp increase in market fluctuations, along with a drop in index levels, caused trend-following, an investment strategy where investors make buy or sell decisions based on the current direction of market prices. This led to more selling in a falling market.
Market sentiment swung late in the period, shifting away from information technology stocks amid growing uncertainty about economic growth, geopolitics, and the upcoming U.S. presidential election.

What contributed to performance?

Value and momentum stocks contributed to the Fund’s performance during the reporting period. The financials sector contributed the most to the Fund’s performance, as healthy bank balance sheets and the prospect of interest rates remaining higher for longer benefited financial companies. During the reporting period, the U.S. Federal Reserve held interest rates steady. Within the sector, companies in the capital markets advanced, helped by increasing investment banking revenues. The industrials sector also contributed to performance, most notably within the building products industry as cooling inflation boosted companies that make, distribute, and install construction materials. Within the consumer discretionary sector, several specialty retail stocks benefited from a jump in sales.

What detracted from performance?

Given the strength of equity markets during the reporting period ended July 31, 2024, there were no material detractors to the Fund’s performance.

Fund performance

Cumulative performance: April 28, 2015 through July 31, 2024

Initial investment of $10,000

	Fund	S&P Total Market Index	STOXX U.S. Small-Cap Equity Factor Index
Apr 15	9,708	9,848	9,706
May 15	10,030	9,986	10,037
Jun 15	10,120	9,816	10,126
Jul 15	10,223	9,978	10,234
Aug 15	9,711	9,379	9,722
Sep 15	9,458	9,103	9,460
Oct 15	9,908	9,820	9,911
Nov 15	10,155	9,875	10,162
Dec 15	9,765	9,675	9,775
Jan 16	9,193	9,125	9,204
Feb 16	9,237	9,122	9,249
Mar 16	9,810	9,764	9,830
Apr 16	9,810	9,824	9,827
May 16	10,065	10,000	10,084
Jun 16	10,062	10,019	10,087
Jul 16	10,532	10,418	10,562
Aug 16	10,599	10,446	10,634
Sep 16	10,685	10,465	10,722
Oct 16	10,379	10,235	10,412
Nov 16	11,522	10,690	11,569
Dec 16	11,962	10,898	12,034
Jan 17	11,932	11,110	12,009
Feb 17	12,026	11,520	12,114
Mar 17	12,030	11,529	12,116
Apr 17	12,203	11,649	12,292
May 17	11,909	11,767	11,999
Jun 17	12,250	11,875	12,338
Jul 17	12,382	12,099	12,489
Aug 17	12,193	12,121	12,303
Sep 17	12,939	12,417	13,057
Oct 17	13,193	12,686	13,315
Nov 17	13,567	13,071	13,697
Dec 17	13,405	13,203	13,540
Jan 18	13,807	13,904	13,946
Feb 18	13,197	13,389	13,326
Mar 18	13,380	13,124	13,507
Apr 18	13,301	13,171	13,430
May 18	14,254	13,543	14,389
Jun 18	14,325	13,632	14,464
Jul 18	14,701	14,088	14,857
Aug 18	15,358	14,578	15,533
Sep 18	14,925	14,601	15,100
Oct 18	13,605	13,519	13,765
Nov 18	13,834	13,790	14,003
Dec 18	12,310	12,504	12,456
Jan 19	13,615	13,581	13,782
Feb 19	14,218	14,058	14,396
Mar 19	13,831	14,260	14,009
Apr 19	14,349	14,828	14,537
May 19	13,096	13,871	13,269
Jun 19	13,941	14,843	14,132
Jul 19	14,194	15,061	14,394
Aug 19	13,546	14,757	13,738
Sep 19	13,856	15,012	14,055
Oct 19	14,221	15,330	14,428
Nov 19	14,750	15,910	14,971
Dec 19	14,997	16,368	15,224
Jan 20	14,581	16,348	14,808
Feb 20	13,114	15,009	13,327
Mar 20	10,426	12,937	10,592
Apr 20	11,707	14,652	11,895
May 20	12,335	15,439	12,538
Jun 20	12,550	15,795	12,772
Jul 20	13,145	16,687	13,380
Aug 20	13,496	17,886	13,742
Sep 20	13,132	17,228	13,375
Oct 20	13,403	16,861	13,656
Nov 20	15,168	18,922	15,456
Dec 20	16,233	19,771	16,546
Jan 21	16,798	19,707	17,129
Feb 21	17,789	20,338	18,144
Mar 21	18,644	21,046	19,021
Apr 21	19,102	22,127	19,496
May 21	19,291	22,228	19,696
Jun 21	19,524	22,791	19,939
Jul 21	19,471	23,183	19,890
Aug 21	19,934	23,846	20,369
Sep 21	19,181	22,764	19,604
Oct 21	20,127	24,293	20,576
Nov 21	19,641	23,935	20,086
Dec 21	20,544	24,845	21,014
Jan 22	19,161	23,353	19,608
Feb 22	19,467	22,766	19,925
Mar 22	19,634	23,503	20,101
Apr 22	18,301	21,383	18,741
May 22	18,895	21,340	19,356
Jun 22	16,919	19,546	17,336
Jul 22	18,648	21,379	19,109
Aug 22	18,006	20,572	18,453
Sep 22	16,199	18,654	16,607
Oct 22	18,273	20,177	18,739
Nov 22	19,244	21,242	19,742
Dec 22	18,077	19,993	18,549
Jan 23	19,786	21,387	20,305
Feb 23	19,512	20,892	20,029
Mar 23	18,704	21,442	19,205
Apr 23	18,409	21,657	18,903
May 23	18,033	21,751	18,513
Jun 23	19,670	23,241	20,195
Jul 23	20,742	24,078	21,296
Aug 23	20,063	23,606	20,575
Sep 23	19,050	22,476	19,548
Oct 23	17,884	21,871	18,342
Nov 23	19,473	23,924	20,000
Dec 23	21,637	25,204	22,234
Jan 24	21,236	25,483	21,811
Feb 24	22,533	26,868	23,122
Mar 24	23,509	27,736	24,098
Apr 24	22,017	26,513	22,611
May 24	23,048	27,771	23,631
Jun 24	22,651	28,634	23,262
Jul 24	24,308	29,160	24,977

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

Average Annual Total Returns	1 Year	5 Years	Since Fund Inception
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	17.19%	11.36%	10.07%
Fund Market........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	17.29	11.37	10.08
S&P Total Market Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	21.10	14.13	12.26
STOXX U.S. Small-Cap Equity Factor Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	17.24	11.65	10.39

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,227,251,197
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	881
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,345,520
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	23%

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

The inception date of the Fund was April 28, 2015. The first day of secondary market trading was April 30, 2015.

The performance of the STOXX U.S. Small-Cap Equity Factor Index in this report reflects the performance of the MSCI USA Small Cap Diversified Multiple-Factor Index through February 28, 2023 and, beginning on March 1, 2023, the performance of the STOXX U.S. Small-Cap Equity Factor Index.

What did the Fund invest in?

(as of July 31, 2024)

Sector allocation

Ten largest holdings

Sector	Percent of Total Investments^{Footnote Reference(a)}
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18.3%
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.3
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.8
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.1
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.2
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.8
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.1
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.8
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.8
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.7
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1

Security	Percent of Total Investments^{Footnote Reference(a)}
EMCOR Group, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.8%
Evercore, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.7
Deckers Outdoor Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.7
Popular, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
First Industrial Realty Trust, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
Williams-Sonoma, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Weatherford International plc........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
nVent Electric plc........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Reliance, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Jabil, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5

Footnote	Description
Footnote^(a)	Excludes money market funds.

Material Fund Changes

This is a summary of certain changes to the Fund since July 31, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after July 31, 2024 at blackrock.com/fundreports or upon request by contacting us at 1-800-iShares (1-800-474-2737).

The net expense ratio decreased from the prior fiscal year end primarily due to a change in the Fund’s investment advisory agreement during the prior fiscal year.

Additional information

Householding

iShares U.S. Small-Cap Equity Factor ETF

Annual Shareholder Report — July 31, 2024

SMLF-07/24-AR

iShares U.S. Tech Breakthrough Multisector ETF

TECB | NYSE Arca

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about iShares U.S. Tech Breakthrough Multisector ETF (the “Fund”) for the period of August 1, 2023 to July 31, 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).

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(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 U.S. Tech Breakthrough Multisector ETF	$34	0.30%

How did the Fund perform last year?

Slowing inflationary pressures and hopes of interest rate cuts drove global stocks higher for the reporting period. U.S. equities led markets, propelled by the information technology sector and enthusiasm over artificial intelligence.
U.S. stocks powered markets higher, driven by the enthusiasm for artificial intelligence, particularly in the information technology sector.
However, market sentiment swung late in the reporting period amid a shift away from information technology stocks as uncertainty surrounding economic growth, geopolitics, and the upcoming U.S. presidential election grew. Adding to the volatility was a technical outage stemming from a major cybersecurity supplier that impacted a wide variety of companies and prompted swift analyst downgrades of the company’s stock, sending shares tumbling.

What contributed to performance?

The information technology sector, which represented 57% of the Fund on average, strongly contributed to the Fund’s performance during the reporting period. The ongoing trend of artificial intelligence (“AI”) adoption created strong momentum across the sector, and firms benefited from the increased investment in technology spending. Within the information technology sector, companies responsible for the manufacturing of the semiconductor chips needed to power AI advanced, aided by increased demand for their products and strong tariffs limiting imports. Communication stocks also contributed to the Fund’s performance, most notably within the media and entertainment industry. Interactive media and services companies contributed the most, as global social media platforms capitalized on AI enthusiasm and increased digital advertising revenue.

What detracted from performance?

Given the strength of equity markets during the reporting period ended July 31, 2024, there were no material detractors to the Fund’s performance.

Fund performance

Cumulative performance: January 8, 2020 through July 31, 2024

Initial investment of $10,000

	Fund	ICE U.S. 3000 Index	NYSE^®FactSet^® U.S. Tech Breakthrough Index™
Jan 20	10,087	9,921	10,089
Feb 20	9,683	9,106	9,689
Mar 20	8,984	7,850	8,989
Apr 20	10,305	8,891	10,317
May 20	11,132	9,368	11,146
Jun 20	11,626	9,592	11,645
Jul 20	12,273	10,133	12,299
Aug 20	13,396	10,867	13,427
Sep 20	12,815	10,470	12,848
Oct 20	12,275	10,246	12,310
Nov 20	13,575	11,494	13,619
Dec 20	14,083	12,016	14,131
Jan 21	14,147	11,970	14,197
Feb 21	14,292	12,345	14,346
Mar 21	14,184	12,779	14,241
Apr 21	15,043	13,441	15,110
May 21	14,907	13,497	14,974
Jun 21	16,081	13,846	16,159
Jul 21	16,535	14,089	16,622
Aug 21	17,394	14,491	17,490
Sep 21	16,507	13,842	16,603
Oct 21	17,279	14,769	17,381
Nov 21	17,179	14,552	17,291
Dec 21	16,844	15,116	16,956
Jan 22	15,118	14,209	15,222
Feb 22	14,396	13,852	14,496
Mar 22	14,675	14,300	14,781
Apr 22	12,671	13,004	12,765
May 22	12,401	12,972	12,495
Jun 22	11,343	11,889	11,432
Jul 22	12,449	13,005	12,550
Aug 22	11,820	12,525	11,919
Sep 22	10,545	11,357	10,634
Oct 22	11,359	12,288	11,458
Nov 22	11,935	12,916	12,044
Dec 22	11,061	12,157	11,165
Jan 23	12,440	12,999	12,560
Feb 23	12,263	12,691	12,383
Mar 23	13,457	13,028	13,593
Apr 23	13,272	13,160	13,409
May 23	14,518	13,216	14,672
Jun 23	15,349	14,120	15,516
Jul 23	15,970	14,627	16,147
Aug 23	15,730	14,340	15,909
Sep 23	14,831	13,655	14,985
Oct 23	14,436	13,294	14,595
Nov 23	16,440	14,539	16,629
Dec 23	17,411	15,314	17,605
Jan 24	18,208	15,479	18,400
Feb 24	19,227	16,306	19,405
Mar 24	19,442	16,832	19,659
Apr 24	18,262	16,097	18,468
May 24	19,232	16,861	19,425
Jun 24	20,442	17,395	20,703
Jul 24	19,936	17,715	20,156

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

Average Annual Total Returns	1 Year	Since Fund Inception
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	24.84%	16.32%
Fund Market........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	24.84	16.32
ICE U.S. 3000 Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	21.11	13.37
NYSE^®FactSet^® U.S. Tech Breakthrough Index™........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	24.75	16.59

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$409,722,523
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	170
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,073,978
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15%

The Fund has added the ICE U.S. 3000 Index in response to new regulatory requirements.

The inception date of the Fund was January 8, 2020. The first day of secondary market trading was January 10, 2020.

What did the Fund invest in?

(as of July 31, 2024)

Sector allocation

Ten largest holdings

Sector	Percent of Total Investments^{Footnote Reference(a)}
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	56.7%
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.3
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.0
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.3
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.3
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.5
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.9
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0^{Footnote Reference(b)}

Security	Percent of Total Investments^{Footnote Reference(a)}
Apple, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.5%
Amazon.com, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.0
Salesforce, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.0
Microsoft Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.9
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.9
Netflix, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.9
NVIDIA Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.8
Meta Platforms, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.8
Oracle Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.6
Adobe, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.6

Footnote	Description
Footnote^(a)	Excludes money market funds.
Footnote^(b)	Rounds to less than 0.1%.

Material Fund Changes

Effective June 28, 2024, for its investment advisory services to the Fund, BlackRock Fund Advisors (“BFA”) is entitled to an annual investment advisory fee of 0.30%. Prior to June 28, 2024, BFA was entitled to an annual investment advisory fee of 0.40%.

Additional information

Householding

The Fund is not sponsored, endorsed, issued, sold or promoted by ICE Data 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 U.S. Tech Breakthrough Multisector ETF

Annual Shareholder Report — July 31, 2024

TECB-07/24-AR

(b) Not Applicable

Item 2 – Code of Ethics – The registrant has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the registrant has not amended the code of ethics and there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, by calling 1-800-474-2737.

Item 3 – Audit Committee Financial Expert – The registrant’s board of trustees (the “board of trustees”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Richard L. Fagnani
Madhav V. Rajan

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of trustees.

Item 4 – Principal Accountant Fees and Services

The principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g) are for the eight series of the registrant for which the fiscal year-end is July 31, 2024 (the “Funds”), and whose annual financial statements are reported in Item 1.

(a) Audit Fees – The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds’ annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $88,100 for the fiscal year ended July 31, 2023 and $88,100 for the fiscal year ended July 31, 2024.

(b) Audit-Related Fees – There were no fees billed for the fiscal years ended July 31, 2023 and July 31, 2024 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Funds’ financial statements and are not reported under (a) of this Item.

(c) Tax Fees – The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning for the Funds were $77,600 for the fiscal year ended July 31, 2023 and $77,600 for the fiscal year ended July 31, 2024. These services related to the review of the Funds’ tax returns and excise tax calculations.

(d) All Other Fees – There were no other fees billed in each of the fiscal years ended July 31, 2023 and July 31, 2024 for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The registrant’s audit committee charter, as amended, provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the principal accountant to annually audit and provide their opinion on the registrant’s financial statements. The audit committee must also approve, prior to appointment, the engagement of the principal accountant to provide non-audit services to the registrant or to any entity controlling, controlled by or under common control with the registrant’s investment adviser (“Adviser Affiliate”) that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g) The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the Funds, and rendered to the registrant’s investment adviser, and any Adviser Affiliate that provides ongoing services to the registrant for the last two fiscal years were $77,600 for the fiscal year ended July 31, 2023 and $77,600 for the fiscal year ended July 31, 2024.

(h) The registrant’s audit committee has considered whether the provision of non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliate that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if any, is compatible with maintaining the principal accountant’s independence, and has determined that the provision of these services, if any, does not compromise the principal accountant’s independence.

(i) – Not Applicable

(j) – Not Applicable

Item 5 – Audit Committee of Listed Registrant

(a) The following individuals are members of the registrant’s separately designated standing Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)):

Richard L. Fagnani

Laura F. Fergerson

Cecilia H. Herbert

Madhav V. Rajan

(b) Not Applicable

Item 6 – Investments

(a) The registrant’s Schedule of Investments is included as part of the Financial Statement 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.

JULY

31,

2024

Annual

Financial

Statements

iShares

Trust

iShares

ESG

Aware

Aggressive

Allocation

ETF

EAOA

Cboe

BZX

iShares

ESG

Aware

Conservative

Allocation

ETF

EAOK

Cboe

BZX

iShares

ESG

Aware

Growth

Allocation

ETF

EAOR

Cboe

BZX

iShares

ESG

Aware

Moderate

Allocation

ETF

EAOM

Cboe

BZX

Table

Contents

Page

Schedules

Investments

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

Statements

Assets

and

Liabilities

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

Statements

Operations

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

Statements

Changes

Net

Assets

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

Financial

Highlights

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

Notes

Financial

Statements

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

Report

Independent

Registered

Public

Accounting

Firm

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

Important

Tax

Information

(Unaudited)

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

Additional

Information

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

Board

Review

and

Approval

Investment

Advisory

Contract

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

Glossary

Terms

Used

this

Report

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

Schedule

Investments

July

31,

2024

iShares

ESG

Aware

Aggressive

Allocation

ETF

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Affiliates

Investments

issuers

considered

affiliate(s)

the

Fund

during

the year

ended

July

31,

2024

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

Security

Value

Investment

Companies

Domestic

Equity

—

55.2%

(a)

iShares

ESG

Aware

MSCI

USA

ETF

.......

116,584

14,113,659

iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF

(b)

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

33,734

1,400,973

15,514,632

Domestic

Fixed

Income

—

19.3%

iShares

ESG

Aware

U.S.

Aggregate

Bond

ETF

(a)

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

114,528

5,446,952

International

Equity

—

25.4%

(a)

iShares

ESG

Aware

MSCI

EAFE

ETF

......

61,264

4,941,555

iShares

ESG

Aware

MSCI

ETF

........

64,515

2,185,768

7,127,323

Total

Long-Term

Investments

—

(Cost:

25,299,850

)

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

28,088,907

Security

Value

Short-Term

Securities

Money

Market

Funds

—

(a)

(c)

BlackRock

Cash

Funds:

Institutional,

Agency

5.45

(d)

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

249,175

249,275

BlackRock

Cash

Funds:

Treasury,

Agency

5.29

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

28,098

Total

Short-Term

Securities

—

(Cost:

277,373

)

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

277,373

Total

Investments

—

100

(Cost:

25,577,223

)

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

28,366,280

Liabilities

Excess

Other

Assets

—

(

0.9

)

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

(

249,642

)

Net

Assets

—

100.0%

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

28,116,639

(a)

Affiliate

the

Fund.

(b)

All

portion

this

security

loan.

(c)

Annualized

7-day

yield

period

end.

(d)

All

portion

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

07/31/23

Purchases

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

07/31/24

Held

07/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

Agency

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

—

250,571

(a)

—

(

1,296

)

—

249,275

249,175

3,532

(b)

—

BlackRock

Cash

Funds:

Treasury,

Agency

37,051

—

(

8,953

)

(a)

—

28,098

2,261

—

iShares

ESG

Aware

MSCI

EAFE

ETF

...........

4,794,882

363,721

(

585,289

)

38,630

329,611

4,941,555

61,264

150,155

—

iShares

ESG

Aware

MSCI

ETF

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

2,124,818

204,063

(

166,336

)

10,990

12,233

2,185,768

64,515

55,684

—

iShares

ESG

Aware

MSCI

USA

ETF

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

12,226,753

990,919

(

1,537,898

)

251,484

2,182,401

14,113,659

116,584

171,652

—

iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF

........

1,305,484

97,228

(

140,879

)

21,459

117,681

1,400,973

33,734

16,239

—

iShares

ESG

Aware

U.S.

Aggregate

Bond

ETF

....

4,647,269

1,095,223

(

383,544

)

11,198

76,806

5,446,952

114,528

185,757

—

332,465

2,718,732

28,366,280

585,280

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

portion

represents

securities

lending

income

earned

from

the

reinvestment

cash

collateral

from

loaned

securities,

net

fees

and

collateral

investment

expenses,

and

other

payments

and

from

borrowers

securities.

2024

iShares

Annual

Financial

Statements

Schedule

Investments

(continued)

July

31,

2024

iShares

ESG

Aware

Aggressive

Allocation

ETF

Fair

Value

Hierarchy

of Period

End

Various

inputs

are

used

determining

the

fair

value

financial

instruments.

For

description

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

financial

instruments,

refer

the

Notes

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

the

fair

value

hierarchy.

The

breakdown

the

Fund's

financial

instruments

into

major

categories

disclosed

the

Schedule

Investments

above.

See

notes

financial

statements.

Level

Total

Assets

Investments

Long-Term

Investments

Investment

Companies

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

28,088,907

—

28,088,907

Short-Term

Securities

Money

Market

Funds

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

277,373

—

277,373

28,366,280

—

28,366,280

Schedule

Investments

July

31,

2024

iShares

ESG

Aware

Conservative

Allocation

ETF

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Affiliates

Investments

issuers

considered

affiliate(s)

the

Fund

during

the year

ended

July

31,

2024

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

Security

Value

Investment

Companies

Domestic

Equity

—

21.1%

(a)

iShares

ESG

Aware

MSCI

USA

ETF

.......

13,254

1,604,529

iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF

3,835

159,267

1,763,796

Domestic

Fixed

Income

—

69.1%

iShares

ESG

Aware

U.S.

Aggregate

Bond

ETF

(a)

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

121,518

5,779,396

International

Equity

—

9.7%

(a)

iShares

ESG

Aware

MSCI

EAFE

ETF

......

6,965

561,797

iShares

ESG

Aware

MSCI

ETF

........

7,334

248,476

810,273

Total

Long-Term

Investments

—

(Cost:

9,024,048

)

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

8,353,465

Security

Value

Short-Term

Securities

Money

Market

Funds

—

BlackRock

Cash

Funds:

Treasury,

Agency

5.29

(a)

(b)

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

6,460

Total

Short-Term

Securities

—

(Cost:

6,460

)

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

6,460

Total

Investments

—

100

(Cost:

9,030,508

)

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

8,359,925

Other

Assets

Less

Liabilities

—

0.0

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

218

Net

Assets

—

100.0%

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

8,360,143

(a)

Affiliate

the

Fund.

(b)

Annualized

7-day

yield

period

end.

Affiliated

Issuer

Value

07/31/23

Purchases

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

07/31/24

Held

07/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

Agency

(a)

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

—

113

(b)

—

(

113

)

—

573

(c)

—

BlackRock

Cash

Funds:

Treasury,

Agency

20,602

—

(

14,142

)

(b)

—

6,460

696

—

iShares

ESG

Aware

MSCI

EAFE

ETF

...........

549,860

44,659

(

70,206

)

(

6,035

)

43,519

561,797

6,965

16,653

—

iShares

ESG

Aware

MSCI

ETF

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

243,678

19,589

(

15,404

)

(

5,139

)

5,752

248,476

7,334

6,206

—

iShares

ESG

Aware

MSCI

USA

ETF

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

1,402,155

121,576

(

179,458

)

(

)

260,304

1,604,529

13,254

19,128

—

iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF

........

149,704

11,816

(

16,770

)

(

2,603

)

17,120

159,267

3,835

1,812

—

iShares

ESG

Aware

U.S.

Aggregate

Bond

ETF

....

4,974,128

736,843

(

13,079

)

(

800

)

82,304

5,779,396

121,518

191,606

—

(

14,738

)

408,999

8,359,925

236,674

—

(a)

period

end,

the

entity

longer

held.

(b)

Represents

net

amount

purchased

(sold).

(c)

All

portion

represents

securities

lending

income

earned

from

the

reinvestment

cash

collateral

from

loaned

securities,

net

fees

and

collateral

investment

expenses,

and

other

payments

and

from

borrowers

securities.

2024

iShares

Annual

Financial

Statements

Schedule

Investments

(continued)

July

31,

2024

iShares

ESG

Aware

Conservative

Allocation

ETF

Fair

Value

Hierarchy

of Period

End

Various

inputs

are

used

determining

the

fair

value

financial

instruments.

For

description

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

financial

instruments,

refer

the

Notes

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

the

fair

value

hierarchy.

The

breakdown

the

Fund's

financial

instruments

into

major

categories

disclosed

the

Schedule

Investments

above.

See

notes

financial

statements.

Level

Total

Assets

Investments

Long-Term

Investments

Investment

Companies

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

8,353,465

—

8,353,465

Short-Term

Securities

Money

Market

Funds

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

6,460

—

6,460

8,359,925

—

8,359,925

Schedule

Investments

July

31,

2024

iShares

ESG

Aware

Growth

Allocation

ETF

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Affiliates

Investments

issuers

considered

affiliate(s)

the

Fund

during

the year

ended

July

31,

2024

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

Security

Value

Investment

Companies

Domestic

Equity

—

41.7%

(a)

iShares

ESG

Aware

MSCI

USA

ETF

.......

63,409

7,676,294

iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF

18,348

761,992

8,438,286

Domestic

Fixed

Income

—

39.0%

iShares

ESG

Aware

U.S.

Aggregate

Bond

ETF

(a)

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

166,109

7,900,144

International

Equity

—

19.2%

(a)

iShares

ESG

Aware

MSCI

EAFE

ETF

......

33,321

2,687,672

iShares

ESG

Aware

MSCI

ETF

........

35,090

1,188,849

3,876,521

Total

Long-Term

Investments

—

(Cost:

18,804,421

)

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

20,214,951

Security

Value

Short-Term

Securities

Money

Market

Funds

—

BlackRock

Cash

Funds:

Treasury,

Agency

5.29

(a)

(b)

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

19,731

Total

Short-Term

Securities

—

(Cost:

19,731

)

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

19,731

Total

Investments

—

100

(Cost:

18,824,152

)

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

20,234,682

Liabilities

Excess

Other

Assets

—

(

0.0

)

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

(

502

)

Net

Assets

—

100.0%

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

20,234,180

(a)

Affiliate

the

Fund.

(b)

Annualized

7-day

yield

period

end.

Affiliated

Issuer

Value

07/31/23

Purchases

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

07/31/24

Held

07/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

Agency

(a)

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

—

518

(b)

—

(

518

)

—

2,744

(c)

—

BlackRock

Cash

Funds:

Treasury,

Agency

33,818

—

(

14,087

)

(b)

—

19,731

1,661

—

iShares

ESG

Aware

MSCI

EAFE

ETF

...........

2,492,499

748,077

(

741,490

)

66,312

122,274

2,687,672

33,321

79,269

—

iShares

ESG

Aware

MSCI

ETF

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

1,104,518

320,504

(

248,402

)

(

704

)

12,933

1,188,849

35,090

30,290

—

iShares

ESG

Aware

MSCI

USA

ETF

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

6,355,794

2,018,963

(

1,939,271

)

236,362

1,004,446

7,676,294

63,409

90,538

—

iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF

........

678,639

200,315

(

188,604

)

6,997

64,645

761,992

18,348

8,603

—

iShares

ESG

Aware

U.S.

Aggregate

Bond

ETF

....

6,442,028

2,835,681

(

1,505,471

)

30,172

97,734

7,900,144

166,109

255,678

—

338,621

1,302,032

20,234,682

468,783

—

(a)

period

end,

the

entity

longer

held.

(b)

Represents

net

amount

purchased

(sold).

(c)

All

portion

represents

securities

lending

income

earned

from

the

reinvestment

cash

collateral

from

loaned

securities,

net

fees

and

collateral

investment

expenses,

and

other

payments

and

from

borrowers

securities.

2024

iShares

Annual

Financial

Statements

Schedule

Investments

(continued)

July

31,

2024

iShares

ESG

Aware

Growth

Allocation

ETF

Fair

Value

Hierarchy

of Period

End

Various

inputs

are

used

determining

the

fair

value

financial

instruments.

For

description

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

financial

instruments,

refer

the

Notes

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

the

fair

value

hierarchy.

The

breakdown

the

Fund's

financial

instruments

into

major

categories

disclosed

the

Schedule

Investments

above.

See

notes

financial

statements.

Level

Total

Assets

Investments

Long-Term

Investments

Investment

Companies

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

20,214,951

—

20,214,951

Short-Term

Securities

Money

Market

Funds

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

19,731

—

19,731

20,234,682

—

20,234,682

Schedule

Investments

July

31,

2024

iShares

ESG

Aware

Moderate

Allocation

ETF

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Affiliates

Investments

issuers

considered

affiliate(s)

the

Fund

during

the year

ended

July

31,

2024

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

Security

Value

Investment

Companies

Domestic

Equity

—

28.0%

(a)

iShares

ESG

Aware

MSCI

USA

ETF

.......

13,028

1,577,171

iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF

(b)

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

3,770

156,568

1,733,739

Domestic

Fixed

Income

—

59.0%

iShares

ESG

Aware

U.S.

Aggregate

Bond

ETF

(a)

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

76,790

3,652,132

International

Equity

—

12.9%

(a)

iShares

ESG

Aware

MSCI

EAFE

ETF

......

6,846

552,198

iShares

ESG

Aware

MSCI

ETF

........

7,209

244,241

796,439

Total

Long-Term

Investments

—

(Cost:

6,415,250

)

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

6,182,310

Security

Value

Short-Term

Securities

Money

Market

Funds

—

(a)

(c)

BlackRock

Cash

Funds:

Institutional,

Agency

5.45

(d)

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

156,262

156,325

BlackRock

Cash

Funds:

Treasury,

Agency

5.29

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

5,860

Total

Short-Term

Securities

—

(Cost:

162,185

)

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

162,185

Total

Investments

—

102

(Cost:

6,577,435

)

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

6,344,495

Liabilities

Excess

Other

Assets

—

(

2.5

)

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

(

156,408

)

Net

Assets

—

100.0%

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

6,188,087

(a)

Affiliate

the

Fund.

(b)

All

portion

this

security

loan.

(c)

Annualized

7-day

yield

period

end.

(d)

All

portion

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

07/31/23

Purchases

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

07/31/24

Held

07/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

Agency

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

—

156,304

(a)

—

156,325

156,262

388

(b)

—

BlackRock

Cash

Funds:

Treasury,

Agency

12,797

—

(

6,937

)

(a)

—

5,860

565

—

iShares

ESG

Aware

MSCI

EAFE

ETF

...........

511,284

73,158

(

70,174

)

(

5,473

)

43,403

552,198

6,846

16,099

—

iShares

ESG

Aware

MSCI

ETF

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

226,565

30,438

(

14,890

)

(

5,655

)

7,783

244,241

7,209

5,901

—

iShares

ESG

Aware

MSCI

USA

ETF

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

1,303,716

200,199

(

180,476

)

(

6,266

)

259,998

1,577,171

13,028

18,687

—

iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF

........

139,203

19,441

(

16,549

)

(

2,334

)

16,807

156,568

3,770

1,760

—

iShares

ESG

Aware

U.S.

Aggregate

Bond

ETF

....

2,973,048

683,164

(

56,660

)

(

2,993

)

55,573

3,652,132

76,790

120,155

—

(

22,700

)

383,564

6,344,495

163,555

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

portion

represents

securities

lending

income

earned

from

the

reinvestment

cash

collateral

from

loaned

securities,

net

fees

and

collateral

investment

expenses,

and

other

payments

and

from

borrowers

securities.

2024

iShares

Annual

Financial

Statements

Schedule

Investments

(continued)

July

31,

2024

iShares

ESG

Aware

Moderate

Allocation

ETF

Fair

Value

Hierarchy

of Period

End

Various

inputs

are

used

determining

the

fair

value

financial

instruments.

For

description

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

financial

instruments,

refer

the

Notes

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

the

fair

value

hierarchy.

The

breakdown

the

Fund's

financial

instruments

into

major

categories

disclosed

the

Schedule

Investments

above.

See

notes

financial

statements.

Level

Total

Assets

Investments

Long-Term

Investments

Investment

Companies

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

6,182,310

—

6,182,310

Short-Term

Securities

Money

Market

Funds

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

162,185

—

162,185

6,344,495

—

6,344,495

Statements

Assets

and

Liabilities

July

31,

2024

Statements

Assets

and

Liabilities

See

notes

financial

statements.

iShares

ESG

Aware

Aggressive

Allocation

ETF

iShares

ESG

Aware

Conservative

Allocation

ETF

iShares

ESG

Aware

Growth

Allocation

ETF

iShares

ESG

Aware

Moderate

Allocation

ETF

ASSETS

Investments,

value

—

affiliated

(a)

(b)

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

28,366,280‌

8,359,925‌

20,234,682‌

6,344,495‌

Receivables:

–‌

Securities

lending

income

—

affiliated

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

474‌

114‌

273‌

11‌

Dividends

—

affiliated

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

266‌

54‌

184‌

58‌

Other

assets

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

—‌

450‌

—‌

Total

ssets

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

28,367,020‌

8,360,543‌

20,235,139‌

6,344,564‌

LIABILITIES

Collateral

securities

loaned

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

249,877‌

—‌

156,219‌

Payables:

–‌

Investment

advisory

fees

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

504‌

400‌

583‌

258‌

Other

liabilities

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

—‌

376‌

—‌

Total

abilities

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

250,381‌

400‌

959‌

156,477‌

Commitments

and

contingent

liabilities

—‌

NET

ASSETS

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

28,116,639‌

8,360,143‌

20,234,180‌

6,188,087‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

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

25,551,115‌

9,141,496‌

18,974,801‌

6,508,948‌

Accumulated

earnings

(loss)

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

2,565,524‌

(

781,353‌

)

1,259,379‌

(

320,861‌

)

NET

ASSETS

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

28,116,639‌

8,360,143‌

20,234,180‌

6,188,087‌

NET

ASSET

VALUE

outstanding

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

800,000‌

325,000‌

650,000‌

225,000‌

Net

asset

value

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

35.15‌

25.72‌

31.13‌

27.50‌

authorized

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

Unlimited

Par

value

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

None

(a)

Investments,

cost

—

affiliated

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

25,577,223‌

9,030,508‌

18,824,152‌

6,577,435‌

(b)

Securities

loaned,

value

—

affiliated

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

245,027‌

—‌

153,661‌

Statements

Operations

Year

Ended

July

31,

2024

iShares

Annual

Financial

Statements

See

notes

financial

statements.

iShares

ESG

Aware

Aggressive

Allocation

ETF

iShares

ESG

Aware

Conservative

Allocation

ETF

iShares

ESG

Aware

Growth

Allocation

ETF

iShares

ESG

Aware

Moderate

Allocation

ETF

INVESTMENT

INCOME

–

Dividends

—

affiliated

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

581,748‌

236,101‌

466,039‌

163,167‌

Securities

lending

income

—

affiliated

—

net

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

3,532‌

573‌

2,744‌

388‌

Total

investment

income

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

585,280‌

236,674‌

468,783‌

163,555‌

EXPENSES

Investment

advisory

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

46,921‌

13,430‌

32,080‌

9,881‌

Total

xpenses

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

46,921‌

13,430‌

32,080‌

9,881‌

Less:

–‌

Investment

advisory

fees

waived

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

(

41,282‌

)

(

9,141‌

)

(

25,719‌

)

(

7,129‌

)

Total

penses

after

fees

waived

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

5,639‌

4,289‌

6,361‌

2,752‌

Net

investment

income

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

579,641‌

232,385‌

462,422‌

160,803‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

3,051,196‌

394,261‌

1,640,653‌

360,864‌

Net

realized

gain

(loss)

from:

Investments

—

affiliated

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

(

43,461‌

)

(

14,738‌

)

(

39,499‌

)

(

22,700‌

)

In-kind

redemptions

—

affiliated

(a)

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

375,926‌

—‌

378,120‌

—‌

332,465‌

(14,738‌)

338,621‌

(22,700‌)

Net

change

unrealized

appreciation

(depreciation)

on:

Investments

—

affiliated

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

2,718,732‌

408,999‌

1,302,032‌

383,564‌

Net

realized

and

unrealized

gain

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

3,051,197‌

394,261‌

1,640,653‌

360,864‌

NET

INCREASE

NET

ASSETS

RESULTING

FROM

OPERATIONS

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

3,630,838‌

626,646‌

2,103,075‌

521,667‌

(a)

See

Note

the

Notes

Financial

Statements.

Statements

Changes

Net

Assets

Statements

Changes

Net

Assets

See

notes

financial

statements.

iShares

ESG

Aware

Aggressive

Allocation

ETF

iShares

ESG

Aware

Conservative

Allocation

ETF

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/24

Year

Ended

07/31/23

INCREASE

(DECREASE)

NET

ASSETS

OPERATIONS

Net

investment

income

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

579,641‌

442,939‌

232,385‌

183,603‌

Net

realized

gain

(loss)

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

332,465‌

(

146,122‌

)

(

14,738‌

)

(

259,487‌

)

Net

change

unrealized

appreciation

(depreciation)

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

2,718,732‌

1,625,892‌

408,999‌

62,711‌

Net

increase

(decrease)

net

assets

resulting

from

operations

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

3,630,838‌

1,922,709‌

626,646‌

(13,173‌)

DISTRIBUTIONS

SHAREHOLDERS

(a)

Decrease

net

assets

resulting

from

distributions

shareholders

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

(579,193‌)

(442,363‌)

(231,882‌)

(183,635‌)

CAPITAL

TRANSACTIONS

Net

increase

(decrease)

net

assets

derived

from

capital

transactions

.........

(71,650‌)

3,017,083‌

624,862‌

(1,159,461‌)

NET

ASSETS

Total

increase

(decrease)

net

assets

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

2,979,995‌

4,497,429‌

1,019,626‌

(

1,356,269‌

)

Beginning

year

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

25,136,644‌

20,639,215‌

7,340,517‌

8,696,786‌

End

year

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

28,116,639‌

25,136,644‌

8,360,143‌

7,340,517‌

(a)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

Statements

Changes

Net

Assets

(continued)

2024

iShares

Annual

Financial

Statements

See

notes

financial

statements.

iShares

ESG

Aware

Growth

Allocation

ETF

iShares

ESG

Aware

Moderate

Allocation

ETF

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/24

Year

Ended

07/31/23

INCREASE

(DECREASE)

NET

ASSETS

OPERATIONS

Net

investment

income

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

462,422‌

361,179‌

160,803‌

125,839‌

Net

realized

gain

(loss)

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

338,621‌

209,098‌

(

22,700‌

)

(

41,207‌

)

Net

change

unrealized

appreciation

(depreciation)

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

1,302,032‌

452,189‌

383,564‌

32,098‌

Net

increase

net

assets

resulting

from

operations

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

2,103,075‌

1,022,466‌

521,667‌

116,730‌

DISTRIBUTIONS

SHAREHOLDERS

(a)

Decrease

net

assets

resulting

from

distributions

shareholders

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

(461,734‌)

(361,288‌)

(160,717‌)

(125,927‌)

CAPITAL

TRANSACTIONS

Net

increase

net

assets

derived

from

capital

transactions

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

1,485,356‌

2,633,944‌

660,583‌

13,293‌

NET

ASSETS

Total

increase

net

assets

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

3,126,697‌

3,295,122‌

1,021,533‌

4,096‌

Beginning

year

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

17,107,483‌

13,812,361‌

5,166,554‌

5,162,458‌

End

year

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

20,234,180‌

17,107,483‌

6,188,087‌

5,166,554‌

(a)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

outstanding

throughout

each

period)

Financial

Highlights

iShares

ESG

Aware

Aggressive

Allocation

ETF

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Period

from

06/12/20

(a)

07/31/20

Net

asset

value,

beginning

period

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

31.42

‌

29.48

‌

33.57

‌

26.74

‌

25.32

‌

Net

investment

income

(b)

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

.72

‌

.61

‌

.58

‌

.49

‌

.10

‌

Net

realized

and

unrealized

gain

(loss)

(c)

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

3.72

‌

1.94

‌

(4.10

)

6.78

‌

1.44

‌

Net

increase

(decrease)

from

investment

operations

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

4.44

‌

2.55

‌

(3.52

)

7.27

‌

1.54

‌

Distributions

from

net

investment

income

(d)

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

(0.71

)

(0.61

)

(0.57

)

(0.44

)

(0.12

)

Net

asset

value,

end

period

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

35.15

‌

31.42

‌

29.48

‌

33.57

‌

26.74

‌

Total

Return

(e)

—

Based

net

asset

value

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

14.34

8.82

(10.57

27.32

6.10

(f)

Ratios

Average

Net

Assets

(g)

Total

expen

ses

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

0.18

(h)

Total

expenses

after

fees

waived

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

0.02

0.03

(h)

Net

investment

income

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

2.22

2.10

1.81

1.53

2.74

(h)

Supplemental

Data

Net

assets,

end

period

(000)

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

28,117

‌

25,137

‌

20,639

‌

20,141

‌

4,011

‌

Portfolio

turnover

rate

(i)

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

(j)

(a)

Commencement

operations.

(b)

Based

average

outstanding.

(c)

The

amounts

reported

for

outstanding

may

not

accord

with

the

change

aggregate

gains

and

losses

securities

for

the

fiscal

period

due

the

timing

capital

transactions

relation

the

fluctuating

market

values

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions,

any.

(j)

Rounds

less

than

0.01%.

See

notes

financial

statements.

Financial

Highlights

(continued)

(For

outstanding

throughout

each

period)

2024

iShares

Annual

Financial

Statements

iShares

ESG

Aware

Conservative

Allocation

ETF

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Period

from

06/12/20

(a)

07/31/20

Net

asset

value,

beginning

period

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

24.47

‌

24.85

‌

27.97

‌

25.95

‌

25.14

‌

Net

investment

income

(b)

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

.76

‌

.58

‌

.38

‌

.33

‌

.06

‌

Net

realized

and

unrealized

gain

(loss)

(c)

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

1.25

‌

(0.37

)

(3.06

)

2.05

‌

0.82

‌

Net

increase

(decrease)

from

investment

operations

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

2.01

‌

0.21

‌

(2.68

)

2.38

‌

0.88

‌

Distributions

(d)

–

From

net

investment

income

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

(

.76

)

(

.59

)

(

.44

)

(

.36

)

(

.07

)

Return

capital

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

—

‌

—

‌

—

‌

—

‌

(

.00

)

(e)

Total

distributions

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

(0.76

)

(0.59

)

(0.44

)

(0.36

)

(0.07

)

Net

asset

value,

end

period

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

25.72

‌

24.47

‌

24.85

‌

27.97

‌

25.95

‌

Total

Return

(f)

—

Based

net

asset

value

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

8.44

0.93

(9.65

9.23

3.50

(g)

Ratios

Average

Net

Assets

(h)

Total

expen

ses

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

0.18

(i)

Total

expenses

after

fees

waived

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

0.06

(i)

Net

investment

income

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

3.11

2.42

1.41

1.21

1.63

(i)

Supplemental

Data

Net

assets,

end

period

(000)

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

8,360

‌

7,341

‌

8,697

‌

5,594

‌

3,893

‌

Portfolio

turnover

rate

(j)

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

(a)

Commencement

operations.

(b)

Based

average

outstanding.

(c)

The

amounts

reported

for

outstanding

may

not

accord

with

the

change

aggregate

gains

and

losses

securities

for

the

fiscal

period

due

the

timing

capital

transactions

relation

the

fluctuating

market

values

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Rounds

less

than

$0.01.

(f)

Where

applicable,

assumes

the

reinvestment

distributions.

(g)

Not

annualized.

(h)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(i)

Annualized.

(j)

Portfolio

turnover

rate

excludes

in-kind

transactions,

any.

See

notes

financial

statements.

Financial

Highlights

(continued)

(For

outstanding

throughout

each

period)

Financial

Highlights

iShares

ESG

Aware

Growth

Allocation

ETF

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Period

from

06/12/20

(a)

07/31/20

Net

asset

value,

beginning

period

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

28.51

‌

27.62

‌

31.24

‌

26.43

‌

25.25

‌

Net

investment

income

(b)

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

.75

‌

.62

‌

.50

‌

.40

‌

.08

‌

Net

realized

and

unrealized

gain

(loss)

(c)

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

2.61

‌

0.89

‌

(3.64

)

4.81

‌

1.20

‌

Net

increase

(decrease)

from

investment

operations

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

3.36

‌

1.51

‌

(3.14

)

5.21

‌

1.28

‌

Distributions

from

net

investment

income

(d)

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

(0.74

)

(0.62

)

(0.48

)

(0.40

)

(0.10

)

Net

asset

value,

end

period

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

31.13

‌

28.51

‌

27.62

‌

31.24

‌

26.43

‌

Total

Return

(e)

—

Based

net

asset

value

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

11.97

5.62

(10.11

19.83

5.08

(f)

Ratios

Average

Net

Assets

(g)

Total

expen

ses

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

0.18

(h)

Total

expenses

after

fees

waived

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

0.04

0.03

0.04

(h)

Net

investment

income

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

2.59

2.30

1.68

1.37

2.29

(h)

Supplemental

Data

Net

assets,

end

period

(000)

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

20,234

‌

17,107

‌

13,812

‌

7,811

‌

3,965

‌

Portfolio

turnover

rate

(i)

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

(j)

(a)

Commencement

operations.

(b)

Based

average

outstanding.

(c)

The

amounts

reported

for

outstanding

may

not

accord

with

the

change

aggregate

gains

and

losses

securities

for

the

fiscal

period

due

the

timing

capital

transactions

relation

the

fluctuating

market

values

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions,

any.

(j)

Rounds

less

than

0.01%.

See

notes

financial

statements.

Financial

Highlights

(continued)

(For

outstanding

throughout

each

period)

2024

iShares

Annual

Financial

Statements

iShares

ESG

Aware

Moderate

Allocation

ETF

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Period

from

06/12/20

(a)

07/31/20

Net

asset

value,

beginning

period

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

25.83

‌

25.81

‌

29.05

‌

26.11

‌

25.18

‌

Net

investment

income

(b)

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

.76

‌

.59

‌

.42

‌

.35

‌

.06

‌

Net

realized

and

unrealized

gain

(loss)

(c)

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

1.67

‌

0.02

‌

(3.25

)

2.96

‌

0.95

‌

Net

increase

(decrease)

from

investment

operations

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

2.43

‌

0.61

‌

(2.83

)

3.31

‌

1.01

‌

Distributions

(d)

–

From

net

investment

income

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

(

.76

)

(

.59

)

(

.41

)

(

.37

)

(

.08

)

Return

capital

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

—

‌

—

‌

—

‌

—

‌

(

.00

)

(e)

Total

distributions

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

(0.76

)

(0.59

)

(0.41

)

(0.37

)

(0.08

)

Net

asset

value,

end

period

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

27.50

‌

25.83

‌

25.81

‌

29.05

‌

26.11

‌

Total

Return

(f)

—

Based

net

asset

value

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

9.60

2.48

(9.79

12.76

4.02

(g)

Ratios

Average

Net

Assets

(h)

Total

expen

ses

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

0.18

(i)

Total

expenses

after

fees

waived

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

0.05

(i)

Net

investment

income

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

2.93

2.37

1.51

1.25

1.82

(i)

Supplemental

Data

Net

assets,

end

period

(000)

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

6,188

‌

5,167

‌

5,162

‌

5,810

‌

3,917

‌

Portfolio

turnover

rate

(j)

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

(a)

Commencement

operations.

(b)

Based

average

outstanding.

(c)

The

amounts

reported

for

outstanding

may

not

accord

with

the

change

aggregate

gains

and

losses

securities

for

the

fiscal

period

due

the

timing

capital

transactions

relation

the

fluctuating

market

values

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Rounds

less

than

$0.01.

(f)

Where

applicable,

assumes

the

reinvestment

distributions.

(g)

Not

annualized.

(h)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(i)

Annualized.

(j)

Portfolio

turnover

rate

excludes

in-kind

transactions,

any.

See

notes

financial

statements.

Notes

Financial

Statements

Notes

Financial

Statements

ORGANIZATION

iShares

Trust

(the

“Trust”)

registered

under

the

Investment

Company

Act

1940,

amended

(the

“1940

Act”),

open-end

management

investment

company.

The

Trust

organized

Delaware

statutory

trust

and

authorized

have

multiple

series

portfolios.

These

financial

statements

relate

only

the

following

funds

(each,

“Fund”

and

collectively,

the

“Funds”):

Each

Fund

fund

funds

and

seeks

achieve

its

investment

objective

investing

primarily

other

iShares

funds

(each,

“underlying

fund”

and

collectively,

the

“underlying

funds”).

The

financial

statements,

including

the

accounting

policies,

and

Schedules

Investments

for

the

underlying

funds

are

available

iShares.com

and

should

read

conjunction

with

the

Funds’

financial

statements.

Significant

Accounting

Policies

The

financial

statements

are

prepared

conformity

with

accounting

principles

generally

accepted

the

United

States

America

(“U.S.

GAAP”),

which

may

require

management

make

estimates

and

assumptions

that

affect

the

reported

amounts

assets

and

liabilities

the

financial

statements,

disclosure

contingent

assets

and

liabilities

the

date

the

financial

statements

and

the

reported

amounts

increases

and

decreases

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. Each

Fund

considered

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

investment

companies.

Below

summary

significant

accounting

policies:

Investment

Transactions

and

Income

Recognition

For

financial

reporting

purposes,

investment

transactions

are

recorded

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions

from

the

underlying

funds,

any,

are

recorded

the

ex-dividend

date.

Interest

income

recognized

daily

accrual

basis.

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

sales

securities

resulting

realized

capital

gains

losses

the

Funds.

Because

such

gains

losses

are

not

taxable

the

Funds

and

are

not

distributed

existing

Fund

shareholders,

the

gains

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

paid-in

capital

the

end

the

Funds’

tax

year.

These

reclassifications

have

effect

net

assets

net

asset

value

(“NAV”)

per

share.

Distributions:

Dividends

and

distributions

paid

each

Fund

are

recorded

the

ex-dividend

dates.

Distributions

are

determined

tax

basis

and

may

differ

from

net

investment

income

and

net

realized

capital

gains

for

financial

reporting

purposes.

Dividends

and

distributions

are

paid

U.S.

dollars

and

cannot

automatically

reinvested

additional

the

Funds.

Indemnifications:

the

normal

course

business,

each

Fund

enters

into

contracts

that

contain

variety

representations

that

provide

general

indemnification.

The

Funds’

maximum

exposure

under

these

arrangements

unknown

because

involves

future

potential

claims

against

the

Funds,

which

cannot

predicted

with

any

certainty.

Investment

Valuation

and

Fair

Value

Measurements

Investment

Valuation

Policies:

Each

Fund’s

investments

are

valued

fair

value

(also

referred

“market

value”

within

the

financial

statements)

each

day

that

the

Fund’s

listing

exchange

open

and,

for

financial

reporting

purposes,

the

report

date.

U.S.

GAAP

defines

fair

value

the

price

fund

would

receive

sell

asset

pay

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date.

The

Board

Trustees

the

Trust

(the

“Board”)

of each

Fund

has

approved

the

designation

BlackRock

Fund

Advisors

(“BFA”),

the

Funds’

investment

adviser, as

the

valuation

designee

for

each

Fund. Each

Fund

determines

the

fair

values

its

financial

instruments

using

various

independent

dealers

pricing

services

under

BFA’s

policies.

security’s

market

price

not

readily

available

does

not

otherwise

accurately

represent

the

fair

value

the

security,

the

security

will

valued

accordance

with

BFA’s policies

and

procedures as

reflecting

fair

value. BFA

has

formed

committee

(the

“Valuation

Committee”)

develop pricing

policies

and

procedures

and

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

establish

the

fair

value

each

Fund’s

assets

and

liabilities:

Exchange-traded

funds

and

closed-end

funds

traded

recognized

securities

exchange

are

valued

that

day’s official

closing

price,

applicable,

the

exchange

where

the

fund

primarily

traded.

Funds

traded

recognized

exchange

for

which

there

were

sales

that

day

may

valued

the

last

traded

price.

Investments

open-end

U.S.

mutual

funds

(including

money

market

funds)

are

valued

that

day’s

published

NAV.

events

(e.g.,

market

volatility,

company

announcement

natural

disaster)

occur

that

are

expected

materially

affect

the

value

such

investment,

the

event

that

application

these

methods

valuation

results

price

for

investment

that

deemed

not

representative

the

market

value

such

investment,

price

not

available,

the

investment

will

valued

the Valuation

Committee,

accordance

with

BFA’s

policies

and

procedures as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

used

the Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

discounted

cash

flow,

use

market

comparables

and

matrix

pricing

are

types

valuation

approaches

and

are

typically

used

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the Valuation

Committee

seeks

determine

the

price

that each

Fund

might

reasonably

expect

receive

pay

from

the

current

sale

iShares

ETF

Diversification

Classification

ESG

Aware

Aggressive

Allocation

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

Diversified

ESG

Aware

Conservative

Allocation

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

Diversified

ESG

Aware

Growth

Allocation

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

Diversified

ESG

Aware

Moderate

Allocation

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

Diversified

Notes

Financial

Statements

(continued)

2024

iShares

Annual

Financial

Statements

purchase

that

asset

liability

arm’s-length

transaction.

Fair

value

determinations

shall

based

upon

all

available

factors

that

the Valuation

Committee

deems

relevant

and

consistent

with

the

principles

fair

value

measurement.

Fair

value

pricing

could

result

difference

between

the

prices

used

calculate

fund’s

NAV

and

the

prices

used

the

fund’s

underlying

index,

which

turn

could

result

difference

between

the

fund’s

performance

and

the

performance

the

fund’s

underlying

index.

Fair

Value

Hierarchy:

Various

inputs

are

used

determining

the

fair

value

financial

instruments.

These

inputs

valuation

techniques

are

categorized

into

fair

value

hierarchy

consisting

three

broad

levels

for

financial

reporting

purposes

follows:

Level

–

Unadjusted

price

quotations

active

markets/exchanges

for

identical

assets

liabilities

that each

Fund

has

the

ability

access;

Level

–

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

liabilities

markets

that

are

active,

quoted

prices

for

identical

similar

assets

liabilities

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

liabilities

(such

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

other

market-corroborated

inputs);

and

Level

–

Unobservable

inputs

based

the

best

information

available

the

circumstances,

the

extent

observable

inputs

are

not

available,

(including

the Valuation

Committee’s

assumptions

used

determining

the

fair

value

financial

instruments).

The

hierarchy

gives

the

highest

priority

unadjusted

quoted

prices

active

markets

for

identical

assets

liabilities

(Level

measurements)

and

the

lowest

priority

unobservable

inputs

(Level

measurements).

Accordingly,

the

degree

judgment

exercised

determining

fair

value

greatest

for

instruments

categorized

Level

The

inputs

used

measure

fair

value

may

fall

into

different

levels

the

fair

value

hierarchy.

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

determined

based

the

lowest

level

input

that

significant

the

fair

value

measurement

its

entirety.

Investments

classified

within

Level

have

significant

unobservable

inputs

used

the Valuation

Committee

determining

the

price

for

Fair

Valued

Investments.

Level

investments

include

equity

debt

issued

privately

held

companies

funds

that

may

not

have

secondary

market

and/or

may

have

limited

number

investors.

The

categorization

value

determined

for

financial

instruments

based

the

pricing

transparency

the

financial

instruments

and

not

necessarily

indication

the

risks

associated

with

investing

those

securities.

Securities

and

Other

Investments

Securities

Lending:

Each

Fund

may

lend

its

securities

approved

borrowers,

such

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

cash,

irrevocable

letter

credit

issued

approved

bank,

securities

issued

guaranteed

the

U.S.

government.

The

initial

collateral

received

each

Fund

required

have

value

least

102%

the

current

market

value

the

loaned

securities

for

securities

traded

U.S.

exchanges

and

value

least

105%

for

all

other

securities.

The

collateral

maintained

thereafter

value

equal

least

100%

the

current

value

the

securities

loan.

The

market

value

the

loaned

securities

determined

the

each

business

day

the

Fund

and

any

additional

required

collateral

delivered

the

Fund

excess

collateral

returned

the

Fund,

the

business

day.

During

the

term

the

loan,

each

Fund

entitled

all

distributions

made

respect

the

loaned

securities

but

does

not

receive

interest

income

securities

received

collateral.

Loans

securities

are

terminable

any

time

and

the

borrower,

after

notice,

required

return

borrowed

securities

within

the

standard

time

period

for

settlement

securities

transactions.

period

end,

any

securities

loan

were

collateralized

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

money

market

funds

managed

BFA,

its

affiliates

disclosed

the

Schedule

Investments.

Any

non-cash

collateral

received

cannot

sold,

re-invested

pledged

the

Fund,

except

the

event

borrower

default.

The

securities

loan,

any,

are

also

disclosed

each

Fund’s

Schedule

Investments.

The

market

value

any

securities

loan

and

the

value

any

cash

collateral

are

disclosed

the

Statements

Assets

and

Liabilities.

Securities

lending

transactions

are

entered

into

the

Funds

under

Master

Securities

Lending

Agreements

(each,

“MSLA”)

which

provide

the

right,

the

event

default

(including

bankruptcy

insolvency)

for

the

non-defaulting

party

liquidate

the

collateral

and

calculate

net

exposure

the

defaulting

party

request

additional

collateral.

the

event

that

borrower

defaults,

the

Funds,

lender,

would

offset

the

market

value

the

collateral

received

against

the

market

value

the

securities

loaned.

When

the

value

the

collateral

greater

than

that

the

market

value

the

securities

loaned,

the

lender

left

with

net

amount

payable

the

defaulting

party.

However,

bankruptcy

insolvency

laws

particular

jurisdiction

may

impose

restrictions

prohibitions

against

such

right

offset

the

event

MSLA

counterparty’s

bankruptcy

insolvency.

Under

the

MSLA,

absent

event

default,

the

borrower

can

resell

re-pledge

the

loaned

securities,

and

the

Funds

can

reinvest

cash

collateral

received

connection

with

loaned

securities.

Upon

event

default,

the

parties’

obligations

return

the

securities

collateral

the

other

party

are

extinguished,

and

the

parties

can

resell

re-pledge

the

loaned

securities

the

collateral

received

connection

with

the

loaned

securities

order

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

period

end,

the

following

table

summary

the

securities

loan

counterparty

which

are

subject

offset

under

MSLA:

The

risks

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

may

not

return

the

securities

when

due.

mitigate

these

risks,

each

Fund

benefits

from

borrower

default

indemnity

provided

BlackRock,

Inc.

(“BlackRock”).

BlackRock’s

indemnity

allows

for

full

replacement

the

iShares

ETF

and

Counterparty

Securities

Loaned

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

Fair

Value

(a)

Net

Amount

ESG

Aware

Aggressive

Allocation

RBC

Capital

Markets

LLC

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

245,027‌

(245,027‌)

–‌

ESG

Aware

Moderate

Allocation

RBC

Capital

Markets

LLC

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

153,661‌

(153,661‌)

–‌

(a)

Collateral

received,

any,

excess

the

market

value

securities

loan

not

presented

this

table.

The

total

cash

collateral

received

each

Fund

disclosed

the

Fund’s

Statements

Assets

and

Liabilities.

Notes

Financial

Statements

(continued)

Notes

Financial

Statements

securities

loaned

the

extent

the

collateral

received

does

not

cover

the

value

the

securities

loaned

the

event

borrower

default.

Each

Fund

could

incur

loss

the

value

investment

purchased

with

cash

collateral

falls

below

the

market

value

the

loaned

securities

the

value

investment

purchased

with

cash

collateral

falls

below

the

value

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

each

Fund.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates

Investment

Advisory

Fees:

Pursuant

Investment

Advisory

Agreement

with

the

Trust

BFA

manages

the

investment

of each

Fund’s

assets.

BFA

California

corporation

indirectly owned

BlackRock. Under

the

Investment

Advisory

Agreement,

BFA

responsible

for

substantially

all

expenses

the

Funds,

except

(

)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

determined

majority

the

independent

trustees

For

its

investment

advisory

services

to each of

the

following Funds,

BFA

entitled

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

the

Funds,

based

the

average

daily

net

assets

of each

Fund

follows:

Expense

Waivers:

fund

may

incur

its

pro

rata

fees

and

expenses

attributable

its

investments

other

investment

companies

(“acquired

fund

fees

and

expenses”).

The

total

the

investment

advisory

fee

and

acquired

fund

fees

and

expenses,

any,

fund’s

total

annual

operating

expenses.

Total

expenses

shown

the

Statements

Operations

does

not

include

acquired

fund

fees

and

expenses.

BFA

has

contractually

agreed

waive

portion

its

investment

advisory

fee

for

each

Fund

through

November

30,

2025,

amount

equal

the

acquired

fund

fees

and

expenses,

any,

attributable

each

Fund’s

investments

other

iShares

funds.

These

amounts are

included

investment

advisory

fees

waived

the

Statements

Operations.

For

the

year ended July

31,

2024,

the

amounts

waived

investment

advisory

fees

pursuant

this

arrangement

were

follows:

Distributor:

BlackRock

Investments,

LLC

(“BRIL”),

affiliate

BFA,

the

distributor

for

each

Fund.

Pursuant

the

distribution

agreement,

BFA

responsible

for

any

fees

expenses

for

distribution

services

provided

the

Funds.

ETF

Servicing

Fees:

Each

Fund

has

entered

into

ETF

Services

Agreement

with

BRIL

perform

certain

order

processing,

Authorized

Participant

communications,

and

services

connection

with

the

issuance

and

redemption

Creation

Units

(“ETF

Services”).

BRIL

entitled

transaction

fee

from

Authorized

Participants

each

creation

redemption

order

for

the

ETF

Services

provided. The Funds

not

pay

BRIL

for

ETF

Services.

Index

Provider:

BlackRock

Index

Services,

LLC,

affiliate

BFA,

created,

categories

disclosed

the

Schedule

Investments

above.

See

notes

financial

statements.

Level

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

831,419,926

—

831,419,926

Rights

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

—

45,676

Short-Term

Securities

Money

Market

Funds

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

35,585,640

—

35,585,640

867,005,566

—

45,676

867,051,242

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

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

106,965

—

106,965

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

the

unrealized

appreciation

(depreciation)

the

instrument.

Schedule

Investments

July

31,

2024

iShares

U.S.

Equity

Factor

ETF

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Security

Value

Common

Stocks

Aerospace

Defense

—

0.2%

Lockheed

Martin

Corp.

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

8,001

4,335,902

Air

Freight

Logistics

—

0.0%

Expeditors

International

Washington,

Inc.

1,685

210,321

FedEx

Corp.

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

843

254,797

465,118

Automobiles

—

1.3%

Ford

Motor

Co.

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

352,485

3,813,888

General

Motors

Co.

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

201,838

8,945,460

Harley-Davidson,

Inc.

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

52,188

1,957,050

Tesla,

Inc.

(a)

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

46,303

10,745,537

Thor

Industries,

Inc.

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

11,224

1,191,315

26,653,250

Banks

—

3.2%

Bank

America

Corp.

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

181,144

7,301,915

Citigroup,

Inc.

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

109,941

7,132,972

Fifth

Third

Bancorp

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

16,591

702,463

JPMorgan

Chase

Co.

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

151,361

32,209,621

Holdings

Ltd.

Class

(a)

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

479,234

5,813,108

Popular,

Inc.

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

57,498

5,901,020

Wells

Fargo

Co.

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

95,335

5,657,179

64,718,278

Beverages

—

1.8%

Coca-Cola

Co.

(The)

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

216,833

14,471,434

Molson

Coors

Beverage

Co.

Class

......

23,316

1,232,251

PepsiCo,

Inc.

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

116,993

20,201,181

35,904,866

Biotechnology

—

2.4%

AbbVie,

Inc.

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

118,251

21,914,275

Amgen,

Inc.

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

23,312

7,750,541

Biogen,

Inc.

(a)

(b)

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

952

202,966

Gilead

Sciences,

Inc.

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

128,440

9,769,146

Moderna,

Inc.

(a)

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

21,309

2,540,459

Vertex

Pharmaceuticals,

Inc.

(a)

...........

12,397

6,145,441

48,322,828

Broadline

Retail

—

3.7%

Amazon.com,

Inc.

(a)

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

305,522

57,126,503

Coupang,

Inc.

Class

(a)

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

55,004

1,141,333

eBay,

Inc.

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

95,175

5,292,682

Etsy,

Inc.

(a)

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

67,163

4,374,998

MercadoLibre,

Inc.

(a)

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

5,264

8,785,090

76,720,606

Building

Products

—

0.9%

Builders

FirstSource,

Inc.

(a)

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

68,877

11,527,944

Carrier

Global

Corp.

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

21,301

1,450,811

Lennox

International,

Inc.

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

966

563,661

Simpson

Manufacturing

Co.,

Inc.

.........

5,207

1,000,213

Trane

Technologies

plc

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

9,955

3,327,757

17,870,386

Capital

Markets

—

3.9%

Affiliated

Managers

Group,

Inc.

..........

26,474

4,914,104

Ameriprise

Financial,

Inc.

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

16,817

7,232,487

Bank

New

York

Mellon

Corp.

(The)

......

175,602

11,426,422

BlackRock,

Inc.

(c)

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

5,169

4,530,628

Goldman

Sachs

Group,

Inc.

(The)

........

22,241

11,321,336

Interactive

Brokers

Group,

Inc.

Class

.....

58,151

6,935,670

Janus

Henderson

Group

plc

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

130,937

4,874,785

Morgan

Stanley

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

17,624

1,818,973

MSCI,

Inc.

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

13,477

7,287,823

Security

Value

Capital

Markets

(continued)

Nasdaq,

Inc.

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

63,439

4,293,552

S&P

Global,

Inc.

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

18,587

9,009,676

State

Street

Corp.

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

51,422

4,369,327

XP,

Inc.

Class

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

135,208

2,313,409

80,328,192

Chemicals

—

1.3%

Dow,

Inc.

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

25,212

1,373,298

Linde

plc

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

44,876

20,351,266

LyondellBasell

Industries

Class

......

9,602

955,015

Olin

Corp.

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

65,566

2,990,465

25,670,044

Commercial

Services

Supplies

—

0.7%

Cintas

Corp.

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

9,642

7,365,910

Tetra

Tech,

Inc.

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

10,510

2,241,152

Veralto

Corp.

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

53,646

5,716,518

15,323,580

Communications

Equipment

—

0.9%

Arista

Networks,

Inc.

(a)

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

17,448

6,046,604

Cisco

Systems,

Inc.

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

155,947

7,555,632

Motorola

Solutions,

Inc.

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

9,953

3,970,451

17,572,687

Construction

Engineering

—

0.2%

EMCOR

Group,

Inc.

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

12,182

4,573,610

Consumer

Finance

—

1.1%

Ally

Financial,

Inc.

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

185,297

8,340,218

American

Express

Co.

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

18,221

4,610,642

Capital

One

Financial

Corp.

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

27,349

4,140,639

OneMain

Holdings,

Inc.

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

16,655

870,390

Synchrony

Financial

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

89,320

4,536,563

22,498,452

Consumer

Staples

Distribution

Retail

—

2.0%

Costco

Wholesale

Corp.

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

12,999

10,685,178

Kroger

Co.

(The)

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

131,365

7,159,392

Target

Corp.

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

33,324

5,012,263

Walmart,

Inc.

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

271,250

18,618,600

41,475,433

Diversified

Consumer

Services

—

0.6%

Duolingo,

Inc.

Class

(a)

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

30,140

5,182,272

H&R

Block,

Inc.

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

113,848

6,596,353

11,778,625

Diversified

Telecommunication

Services

—

0.9%

AT&T,

Inc.

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

586,585

11,291,761

Verizon

Communications,

Inc.

...........

155,646

6,306,776

17,598,537

Electric

Utilities

—

0.8%

Duke

Energy

Corp.

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

41,824

4,570,108

Exelon

Corp.

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

91,168

3,391,450

FirstEnergy

Corp.

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

25,015

1,048,379

NextEra

Energy,

Inc.

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

58,288

4,452,620

Southern

Co.

(The)

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

30,968

2,586,447

16,049,004

Electrical

Equipment

—

1.1%

Acuity

Brands,

Inc.

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

8,525

2,142,759

Atkore,

Inc.

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

29,257

3,949,695

Eaton

Corp.

plc

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

23,102

7,041,259

Emerson

Electric

Co.

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

54,159

6,342,560

nVent

Electric

plc

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

37,973

2,757,979

22,234,252

2024

iShares

Annual

Financial

Statements

Schedule

Investments

(continued)

July

31,

2024

iShares

U.S.

Equity

Factor

ETF

(Percentages

shown

are

based

Net

Assets)

Security

Value

Electronic

Equipment,

Instruments

Components

—

0.3%

Jabil,

Inc.

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

54,443

6,134,093

Energy

Equipment

Services

—

0.4%

Schlumberger

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

23,922

1,155,193

Weatherford

International

plc

(a)

...........

55,659

6,559,970

7,715,163

Entertainment

—

0.2%

(a)

Live

Nation

Entertainment,

Inc.

...........

3,684

354,364

Netflix,

Inc.

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

5,155

3,239,144

Spotify

Technology

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

3,717

1,278,425

4,871,933

Financial

Services

—

2.5%

Berkshire

Hathaway,

Inc.

Class

(a)

.......

19,648

8,615,648

Fiserv,

Inc.

(a)

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

11,846

1,937,650

Mastercard,

Inc.

Class

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

30,470

14,129,244

Visa,

Inc.

Class

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

92,772

24,646,737

Voya

Financial,

Inc.

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

36,176

2,631,081

51,960,360

Food

Products

—

0.6%

Archer-Daniels-Midland

Co.

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

28,841

1,788,430

General

Mills,

Inc.

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

78,360

5,261,090

Hershey

Co.

(The)

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

17,903

3,535,485

Kraft

Heinz

Co.

(The)

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

6,155

216,718

Mondelez

International,

Inc.

Class

.......

33,080

2,261,018

13,062,741

Ground

Transportation

—

0.3%

Uber

Technologies,

Inc.

(a)

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

80,656

5,199,892

Health

Care

Equipment

Supplies

—

2.2%

Abbott

Laboratories

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

102,342

10,842,111

Becton

Dickinson

Co.

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

1,688

406,909

Boston

Scientific

Corp.

(a)

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

4,508

333,051

Dentsply

Sirona,

Inc.

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

51,426

1,395,702

HealthCare

Technologies,

Inc.

........

100,480

8,503,622

Hologic,

Inc.

(a)

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

104,330

8,514,371

Lantheus

Holdings,

Inc.

(a)

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

46,976

4,924,494

Medtronic

plc

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

17,516

1,406,885

Solventum

Corp.

(a)

(b)

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

87,070

5,126,682

Stryker

Corp.

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

9,928

3,250,924

Zimmer

Biomet

Holdings,

Inc.

...........

5,950

662,533

45,367,284

Health

Care

Providers

Services

—

3.1%

Cigna

Group

(The)

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

12,032

4,195,197

CVS

Health

Corp.

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

100,653

6,072,396

DaVita,

Inc.

(a)

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

32,956

4,502,449

Elevance

Health,

Inc.

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

16,044

8,535,889

Humana,

Inc.

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

12,428

4,494,089

McKesson

Corp.

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

18,267

11,271,104

Molina

Healthcare,

Inc.

(a)

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

11,769

4,016,407

UnitedHealth

Group,

Inc.

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

34,756

20,025,017

63,112,548

Hotels,

Restaurants

Leisure

—

2.6%

Airbnb,

Inc.

Class

(a)

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

49,448

6,900,963

Booking

Holdings,

Inc.

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

4,339

16,119,428

Hyatt

Hotels

Corp.

Class

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

4,498

662,690

McDonald's

Corp.

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

47,194

12,525,288

MGM

Resorts

International

(a)

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

7,503

322,404

Starbucks

Corp.

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

55,192

4,302,216

Wingstop,

Inc.

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

17,842

6,670,767

Yum!

Brands,

Inc.

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

48,779

6,479,315

53,983,071

Security

Value

Household

Durables

—

0.1%

Taylor

Morrison

Home

Corp.

(a)

...........

17,671

1,185,371

Household

Products

—

1.3%

Procter

Gamble

Co.

(The)

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

168,126

27,027,936

Independent

Power

and

Renewable

Electricity

Producers

—

0.2%

Vistra

Corp.

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

39,424

3,123,169

Industrial

Conglomerates

—

0.2%

Co.

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

31,010

3,955,326

Industrial

REITs

—

0.1%

Prologis,

Inc.

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

13,885

1,750,204

Insurance

—

1.5%

Aflac,

Inc.

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

76,679

7,313,643

American

International

Group,

Inc.

........

75,495

5,981,469

Arch

Capital

Group

Ltd.

(a)

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

15,778

1,511,217

Everest

Group

Ltd.

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

3,239

1,272,506

Fidelity

National

Financial,

Inc.

Class

.....

43,857

2,430,116

Globe

Life,

Inc.

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

22,330

2,070,884

Hartford

Financial

Services

Group,

Inc.

(The)

5,016

556,375

MetLife,

Inc.

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

3,235

248,610

Principal

Financial

Group,

Inc.

...........

7,752

631,865

Prudential

Financial,

Inc.

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

33,949

4,254,489

Travelers

Cos.,

Inc.

(The)

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

16,945

3,667,576

Unum

Group

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

24,318

1,399,014

31,337,764

Interactive

Media

Services

—

3.8%

Alphabet,

Inc.

Class

NVS

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

226,697

39,252,586

categories

disclosed

the

Schedule

Investments

above.

See

notes

financial

statements.

Level

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

2,043,846,745

—

2,043,846,745

Short-Term

Securities

Money

Market

Funds

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

18,656,698

—

18,656,698

2,062,503,443

—

2,062,503,443

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

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

63,179

—

63,179

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

the

unrealized

appreciation

(depreciation)

the

instrument.

Schedule

Investments

July

31,

2024

iShares

U.S.

Small-Cap

Equity

Factor

ETF

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Security

Value

Common

Stocks

Aerospace

Defense

—

0.7%

AeroVironment,

Inc.

(a)

(b)

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

2,186

390,289

Axon

Enterprise,

Inc.

(b)

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

12,386

3,715,924

BWX

Technologies,

Inc.

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

13,445

1,337,643

Curtiss-Wright

Corp.

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

8,212

2,420,076

Hexcel

Corp.

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

2,986

197,703

Moog,

Inc.

Class

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

1,601

313,956

8,375,591

Automobile

Components

—

0.5%

Autoliv,

Inc.

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

7,537

762,292

Dana,

Inc.

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

30,337

385,583

Mobileye

Global,

Inc.

Class

(a)

(b)

.........

11,515

241,815

Modine

Manufacturing

Co.

(a)

(b)

...........

27,408

3,224,825

Phinia,

Inc.

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

5,627

251,527

Visteon

Corp.

(b)

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

10,627

1,227,844

6,093,886

Automobiles

—

0.4%

Harley-Davidson,

Inc.

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

59,098

2,216,175

Thor

Industries,

Inc.

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

15,097

1,602,395

Winnebago

Industries,

Inc.

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

11,386

711,853

4,530,423

Banks

—

6.4%

1st

Source

Corp.

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

31,038

1,972,465

Associated

Banc-Corp.

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

46,530

1,069,259

Axos

Financial,

Inc.

(b)

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

37,602

2,745,322

BancFirst

Corp.

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

14,501

1,557,842

Bancorp,

Inc.

(The)

(a)

(b)

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

45,065

2,336,170

Bank

Hawaii

Corp.

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

13,328

914,168

Bank

Butterfield

Son

Ltd.

(The)

.....

24,436

936,876

Bank

OZK

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

21,543

1,010,151

BankUnited,

Inc.

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

70,798

2,727,139

BOK

Financial

Corp.

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

2,180

224,191

Capitol

Federal

Financial,

Inc.

...........

81,713

516,426

City

Holding

Co.

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

1,743

212,472

Comerica,

Inc.

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

38,199

2,093,687

Commerce

Bancshares,

Inc.

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

44,148

2,856,817

Community

Trust

Bancorp,

Inc.

..........

12,683

643,282

Cullen/Frost

Bankers,

Inc.

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

25,500

2,985,030

Customers

Bancorp,

Inc.

(b)

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

22,186

1,430,553

CVB

Financial

Corp.

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

27,153

517,536

Eagle

Bancorp,

Inc.

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

15,674

337,304

East

West

Bancorp,

Inc.

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

49,355

4,337,811

First

Bancorp

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

150,245

3,333,724

First

Citizens

BancShares,

Inc.

Class

.....

1,651

3,446,776

First

Financial

Bankshares,

Inc.

..........

14,614

562,054

First

Foundation,

Inc.

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

33,512

234,584

First

Hawaiian,

Inc.

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

88,889

2,225,781

First

Horizon

Corp.

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

28,864

482,895

Fulton

Financial

Corp.

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

42,762

828,300

Hancock

Whitney

Corp.

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

16,799

919,409

Hilltop

Holdings,

Inc.

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

44,907

1,481,482

HomeStreet,

Inc.

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

28,926

416,534

International

Bancshares

Corp.

..........

19,714

1,329,512

Kearny

Financial

Corp.

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

30,569

220,097

Metropolitan

Bank

Holding

Corp.

(b)

........

31,117

1,640,799

NBT

Bancorp,

Inc.

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

10,582

518,730

New

York

Community

Bancorp,

Inc.

(a)

......

116,038

1,220,720

Northfield

Bancorp,

Inc.

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

14,308

178,993

OFG

Bancorp

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

95,165

4,322,394

Pathward

Financial,

Inc.

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

27,634

1,866,400

Pinnacle

Financial

Partners,

Inc.

..........

10,240

986,317

Popular,

Inc.

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

75,656

7,764,575

Security

Value

Banks

(continued)

Preferred

Bank

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

19,822

1,705,881

ServisFirst

Bancshares,

Inc.

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

18,377

1,474,571

SouthState

Corp.

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

1,941

192,101

Synovus

Financial

Corp.

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

11,053

516,728

Texas

Capital

Bancshares,

Inc.

(b)

.........

4,779

315,892

Trustmark

Corp.

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

34,342

1,192,698

UMB

Financial

Corp.

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

14,263

1,455,111

WaFd,

Inc.

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

44,562

1,585,962

Webster

Financial

Corp.

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

11,189

555,198

Western

Alliance

Bancorp

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

14,722

1,184,532

Wintrust

Financial

Corp.

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

2,118

229,168

Zions

Bancorp

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

53,477

2,763,157

78,575,576

Beverages

—

0.7%

Boston

Beer

Co.,

Inc.

(The)

Class

(b)

......

841

235,657

Celsius

Holdings,

Inc.

(a)

(b)

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

22,025

1,031,431

Coca-Cola

Consolidated,

Inc.

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

2,389

2,737,531

Vita

Coco

Co.,

Inc.

(The)

(b)

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

158,049

4,083,986

8,088,605

Biotechnology

—

5.0%

(b)

89bio,

Inc.

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

19,903

182,312

ACADIA

Pharmaceuticals,

Inc.

...........

84,992

1,616,548

Akero

Therapeutics,

Inc.

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

10,159

271,550

Alkermes

plc

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

137,310

3,751,309

Allogene

Therapeutics,

Inc.

(a)

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

44,794

131,694

Amicus

Therapeutics,

Inc.

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

59,029

608,589

AnaptysBio,

Inc.

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

31,165

1,085,789

Anavex

Life

Sciences

Corp.

(a)

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

102,198

694,435

Apellis

Pharmaceuticals,

Inc.

(a)

...........

24,884

985,406

Arcellx,

Inc.

(a)

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

23,026

1,423,237

Arcturus

Therapeutics

Holdings,

Inc.

.......

6,072

142,449

Arcus

Biosciences,

Inc.

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

36,716

602,510

Arrowhead

Pharmaceuticals,

Inc.

.........

21,991

628,063

ARS

Pharmaceuticals,

Inc.

(a)

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

23,907

259,869

Beam

Therapeutics,

Inc.

(a)

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

35,116

1,111,070

BioCryst

Pharmaceuticals,

Inc.

...........

200,390

1,458,839

Blueprint

Medicines

Corp.

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

12,091

1,309,455

Bridgebio

Pharma,

Inc.

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

6,970

180,872

Catalyst

Pharmaceuticals,

Inc.

...........

141,670

2,442,391

CRISPR

Therapeutics

(a)

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

6,329

362,588

Cullinan

Therapeutics,

Inc.

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

27,327

528,777

Cytokinetics,

Inc.

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

25,787

1,521,691

Day

One

Biopharmaceuticals,

Inc.

(a)

.......

10,324

147,736

Denali

Therapeutics,

Inc.

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

91,985

2,241,674

Dynavax

Technologies

Corp.

(a)

...........

91,712

1,026,257

Dyne

Therapeutics,

Inc.

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

5,728

245,789

Eagle

Pharmaceuticals,

Inc.

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

31,367

151,189

Erasca,

Inc.

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

81,646

257,185

Exelixis,

Inc.

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

90,038

2,111,391

Halozyme

Therapeutics,

Inc.

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

58,449

3,229,892

Insmed,

Inc.

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

8,294

603,389

Intellia

Therapeutics,

Inc.

(a)

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

9,441

247,449

Ionis

Pharmaceuticals,

Inc.

(a)

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

48,528

2,400,195

Ironwood

Pharmaceuticals,

Inc.

Class

....

243,960

1,666,247

Madrigal

Pharmaceuticals,

Inc.

(a)

.........

4,903

1,395,688

MiMedx

Group,

Inc.

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

68,466

510,072

Natera,

Inc.

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

34,651

3,547,916

Nuvalent,

Inc.

Class

(a)

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

11,268

900,764

Precigen,

Inc.

(a)

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

126,281

191,947

Prothena

Corp.

plc

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

12,737

296,517

PTC

Therapeutics,

Inc.

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

6,466

218,874

REGENXBIO,

Inc.

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

39,634

564,785

REVOLUTION

Medicines,

Inc.

...........

9,233

421,394

2024

iShares

Annual

Financial

Statements

Schedule

Investments

(continued)

July

31,

2024

iShares

U.S.

Small-Cap

Equity

Factor

ETF

(Percentages

shown

are

based

Net

Assets)

Security

Value

Biotechnology

(continued)

Roivant

Sciences

Ltd.

(a)

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

12,480

135,408

Sana

Biotechnology,

Inc.

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

134,702

820,335

Sarepta

Therapeutics,

Inc.

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

23,372

3,324,433

SpringWorks

Therapeutics,

Inc.

..........

4,599

165,150

Sutro

Biopharma,

Inc.

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

29,516

117,179

Syndax

Pharmaceuticals,

Inc.

...........

18,422

418,179

Therapeutics,

Inc.

(a)

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

6,998

138,281

Travere

Therapeutics,

Inc.

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

43,610

416,039

United

Therapeutics

Corp.

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

12,922

4,048,333

Vanda

Pharmaceuticals,

Inc.

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

71,944

420,153

Vaxcyte,

Inc.

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

12,257

966,955

Vera

Therapeutics,

Inc.

Class

..........

19,227

703,516

Veracyte,

Inc.

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

65,535

1,572,840

Vericel

Corp.

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

7,023

354,802

Viking

Therapeutics,

Inc.

(a)

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

10,837

617,709

Vir

Biotechnology,

Inc.

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

143,918

1,462,207

Xencor,

Inc.

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

92,346

1,885,705

61,243,017

Broadline

Retail

—

0.7%

Dillard's,

Inc.

Class

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

8,964

3,572,961

Global-e

Online

Ltd.

(a)

(b)

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

14,537

498,910

Kohl's

Corp.

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

55,908

1,210,967

Macy's,

Inc.

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

151,905

2,624,919

Qurate

Retail,

Inc.

(b)

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

385,562

276,332

8,184,089

Building

Products

—

2.0%

Advanced

Drainage

Systems,

Inc.

........

10,400

1,841,216

Allegion

plc

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

14,468

1,979,367

Apogee

Enterprises,

Inc.

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

17,822

1,223,302

AZEK

Co.,

Inc.

(The)

Class

(b)

..........

17,737

796,214

Carlisle

Cos.,

Inc.

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

11,762

4,923,338

CSW

Industrials,

Inc.

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

2,692

873,339

Griffon

Corp.

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

17,248

1,242,891

JELD-WEN

Holding,

Inc.

(b)

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

23,349

389,695

Masterbrand,

Inc.

(b)

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

7,408

133,714

Owens

Corning

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

12,032

2,242,524

Quanex

Building

Products

Corp.

..........

12,319

411,455

Simpson

Manufacturing

Co.,

Inc.

.........

10,313

1,981,024

Trex

Co.,

Inc.

(b)

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

43,662

3,651,453

UFP

Industries,

Inc.

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

22,746

3,000,880

24,690,412

Capital

Markets

—

3.5%

Affiliated

Managers

Group,

Inc.

(a)

.........

16,084

2,985,512

Brightsphere

Investment

Group,

Inc.

.......

5,587

146,324

Cohen

Steers,

Inc.

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

4,379

375,806

Donnelley

Financial

Solutions,

Inc.

(b)

.......

23,504

1,586,050

Evercore,

Inc.

Class

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

35,776

8,957,953

Federated

Hermes,

Inc.

Class

.........

33,499

1,150,021

Houlihan

Lokey,

Inc.

Class

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

12,400

1,863,100

Interactive

Brokers

Group,

Inc.

Class

.....

33,076

3,944,974

Invesco

Ltd.

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

71,409

1,232,519

Janus

Henderson

Group

plc

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

87,017

3,239,643

Jefferies

Financial

Group,

Inc.

...........

70,081

4,097,636

Lazard,

Inc.

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

25,386

1,248,230

Moelis

Co.

Class

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

3,800

258,400

Piper

Sandler

Cos.

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

13,204

3,608,389

Stifel

Financial

Corp.

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

19,801

1,755,755

StoneX

Group,

Inc.

(b)

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

13,763

1,147,008

TPG,

Inc.

Class

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

40,233

2,051,481

Virtu

Financial,

Inc.

Class

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

11,110

303,525

XP,

Inc.

Class

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

183,141

3,133,542

43,085,868

Security

Value

Chemicals

—

1.7%

Ashland,

Inc.

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

11,994

1,159,220

Avient

Corp.

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

46,920

2,122,661

Axalta

Coating

Systems

Ltd.

(b)

...........

8,185

291,795

Balchem

Corp.

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

3,288

583,488

Cabot

Corp.

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

14,835

1,487,802

Chemours

Co.

(The)

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

58,753

1,420,060

Element

Solutions,

Inc.

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

71,166

1,917,924

Hawkins,

Inc.

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

6,071

630,777

Huntsman

Corp.

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

66,947

1,602,042

Ingevity

Corp.

(b)

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

2,583

118,534

Innospec,

Inc.

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

4,828

633,144

Mativ

Holdings,

Inc.

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

89,829

1,714,836

Olin

Corp.

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

29,302

1,336,464

RPM

International,

Inc.

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

21,157

2,569,729

Scotts

Miracle-Gro

Co.

(The)

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

32,807

2,578,630

Trinseo

plc

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

117,720

340,211

Tronox

Holdings

plc

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

6,388

103,230

20,610,547

Commercial

Services

Supplies

—

1.3%

ACCO

Brands

Corp.

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

111,964

572,136

Brady

Corp.

Class

NVS

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

29,585

2,118,582

Brink's

Co.

(The)

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

8,479

932,605

Cimpress

plc

(a)

(b)

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

15,919

1,452,927

Clean

Harbors,

Inc.

(b)

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

3,402

812,160

CoreCivic,

Inc.

(b)

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

69,726

971,981

Deluxe

Corp.

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

45,022

1,097,636

GEO

Group,

Inc.

(The)

(b)

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

59,820

867,390

HNI

Corp.

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

7,628

419,159

Interface,

Inc.

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

25,090

433,555

Matthews

International

Corp.

Class

......

4,343

125,730

MSA

Safety,

Inc.

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

1,439

271,467

Steelcase,

Inc.

Class

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

47,072

682,073

Tetra

Tech,

Inc.

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

18,439

3,931,932

Vestis

Corp.

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

53,727

696,839

15,386,172

Communications

Equipment

—

0.3%

(b)

Calix,

Inc.

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

21,532

885,611

Ciena

Corp.

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

5,598

295,238

Extreme

Networks,

Inc.

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

140,364

2,007,205

NetScout

Systems,

Inc.

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

37,085

754,680

Viavi

Solutions,

Inc.

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

33,696

270,916

4,213,650

Construction

Engineering

—

2.0%

AECOM

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

23,381

2,118,552

API

Group

Corp.

(b)

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

31,432

1,190,959

Arcosa,

Inc.

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

12,077

1,122,074

Argan,

Inc.

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

7,103

560,640

Comfort

Systems

USA,

Inc.

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

13,027

4,330,435

Dycom

Industries,

Inc.

(b)

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

1,548

284,074

EMCOR

Group,

Inc.

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

24,530

9,209,543

Fluor

Corp.

(b)

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

19,874

955,939

MDU

Resources

Group,

Inc.

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

28,162

758,684

Sterling

Infrastructure,

Inc.

(a)

(b)

...........

11,869

1,381,077

Valmont

Industries,

Inc.

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

5,818

1,735,859

WillScot

Holdings

Corp.

(b)

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

32,070

1,314,870

24,962,706

Construction

Materials

—

0.1%

Knife

River

Corp.

(b)

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

9,868

784,703

Consumer

Finance

—

1.1%

Bread

Financial

Holdings,

Inc.

...........

4,515

246,429

Credit

Acceptance

Corp.

(a)

(b)

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

2,398

1,378,610

Enova

International,

Inc.

(b)

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

13,110

1,133,622

Schedule

Investments

(continued)

July

31,

2024

iShares

U.S.

Small-Cap

Equity

Factor

ETF

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Security

Value

Consumer

Finance

(continued)

Navient

Corp.

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

164,823

2,704,745

OneMain

Holdings,

Inc.

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

43,778

2,287,838

PROG

Holdings,

Inc.

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

46,401

2,090,829

SLM

Corp.

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

119,047

2,701,176

SoFi

Technologies,

Inc.

(a)

(b)

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

59,151

445,999

12,989,248

Consumer

Staples

Distribution

Retail

—

1.1%

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

(b)

......

23,606

2,076,384

Casey's

General

Stores,

Inc.

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

1,849

717,116

Grocery

Outlet

Holding

Corp.

(b)

...........

5,564

108,832

Ingles

Markets,

Inc.

Class

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

43,593

3,533,213

Sprouts

Farmers

Market,

Inc.

(b)

...........

55,890

5,582,852

United

Natural

Foods,

Inc.

(b)

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

9,457

146,583

Foods

Holding

Corp.

(b)

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

35,450

1,928,126

14,093,106

Containers

Packaging

—

0.6%

Berry

Global

Group,

Inc.

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

20,122

1,322,418

Graphic

Packaging

Holding

Co.

..........

119,993

3,611,789

Greif,

Inc.

Class

NVS

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

2,525

168,367

O-I

Glass,

Inc.

(b)

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

33,700

450,232

Sealed

Air

Corp.

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

8,365

318,288

Sonoco

Products

Co.

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

24,480

1,319,962

7,191,056

Diversified

Consumer

Services

—

1.4%

ADT,

Inc.

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

94,972

738,882

Coursera,

Inc.

(b)

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

171,323

1,593,304

Duolingo,

Inc.

Class

(a)

(b)

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

17,883

3,074,803

H&R

Block,

Inc.

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

88,042

5,101,153

Perdoceo

Education

Corp.

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

113,206

2,806,377

Service

Corp.

International

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

27,957

2,234,044

Stride,

Inc.

(a)

(b)

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

20,850

1,584,183

Udemy,

Inc.

(b)

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

48,557

448,667

17,581,413

Diversified

Telecommunication

Services

—

1.0%

Bandwidth,

Inc.

Class

(a)

(b)

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

77,349

1,765,104

Frontier

Communications

Parent,

Inc.

(a)

(b)

....

50,536

1,480,705

IDT

Corp.

Class

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

10,264

392,393

IHS

Holding

Ltd.

(a)

(b)

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

95,594

270,531

Iridium

Communications,

Inc.

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

13,116

376,429

Liberty

Global

Ltd.

Class

(b)

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

154,207

3,005,494

Liberty

Global

Ltd.

Class

NVS

(a)

(b)

.......

49,972

1,004,937

Liberty

Latin

America

Ltd.

Class

(b)

.......

161,102

1,688,349

Lumen

Technologies,

Inc.

(b)

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

856,923

2,699,308

12,683,250

Electric

Utilities

—

0.9%

Hawaiian

Electric

Industries,

Inc.

.........

65,835

1,090,227

IDACORP,

Inc.

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

57,645

5,634,799

OGE

Energy

Corp.

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

38,149

1,479,037

Otter

Tail

Corp.

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

10,485

1,016,206

PNM

Resources,

Inc.

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

30,836

1,282,161

Portland

General

Electric

Co.

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

19,581

927,748

11,430,178

Electrical

Equipment

—

1.9%

Acuity

Brands,

Inc.

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

12,999

3,267,299

Array

Technologies,

Inc.

(a)

(b)

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

54,495

573,287

Atkore,

Inc.

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

30,684

4,142,340

EnerSys

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

5,375

590,874

Fluence

Energy,

Inc.

Class

(a)

(b)

.........

25,548

418,476

Generac

Holdings,

Inc.

(b)

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

10,300

1,603,504

NEXTracker,

Inc.

Class

(b)

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

33,804

1,661,129

nVent

Electric

plc

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

86,940

6,314,452

Security

Value

Electrical

Equipment

(continued)

Powell

Industries,

Inc.

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

9,789

1,797,554

Regal

Rexnord

Corp.

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

15,003

2,410,682

Thermon

Group

Holdings,

Inc.

(b)

..........

22,606

741,703

23,521,300

Electronic

Equipment,

Instruments

Components

—

2.3%

Advanced

Energy

Industries,

Inc.

.........

1,733

201,669

Arrow

Electronics,

Inc.

(a)

(b)

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

20,037

2,478,376

Badger

Meter,

Inc.

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

9,345

1,926,565

Belden,

Inc.

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

9,180

850,894

Crane

NXT

Co.

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

20,090

1,263,259

ePlus,

Inc.

(a)

(b)

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

11,682

1,073,809

Flex

Ltd.

(b)

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

108,005

3,472,361

Insight

Enterprises,

Inc.

(a)

(b)

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

5,165

1,159,542

Jabil,

Inc.

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

55,441

6,246,537

Knowles

Corp.

(b)

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

56,610

1,034,265

Littelfuse,

Inc.

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

2,773

740,696

Napco

Security

Technologies,

Inc.

........

17,497

976,508

Novanta,

Inc.

(a)

(b)

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

10,542

1,910,000

OSI

Systems,

Inc.

(b)

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

1,368

202,437

Sanmina

Corp.

(b)

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

36,469

2,747,210

Vishay

Intertechnology,

Inc.

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

69,286

1,684,343

Vontier

Corp.

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

17,452

684,642

28,653,113

Energy

Equipment

Services

—

1.7%

Archrock,

Inc.

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

65,666

1,361,256

ChampionX

Corp.

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

47,725

1,635,059

Expro

Group

Holdings

(a)

(b)

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

16,110

374,074

Helmerich

Payne,

Inc.

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

36,892

1,491,175

Nabors

Industries

Ltd.

(b)

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

12,404

1,275,503

NOV,

Inc.

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

108,083

2,250,288

Oceaneering

International,

Inc.

(a)

(b)

........

51,811

1,555,366

Oil

States

International,

Inc.

(b)

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

27,883

159,491

Patterson-UTI

Energy,

Inc.

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

172,688

1,897,841

Select

Water

Solutions,

Inc.

Class

.......

64,226

759,151

Transocean

Ltd.

(a)

(b)

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

317,245

1,836,849

Valaris

Ltd.

(a)

(b)

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

2,118

166,454

Weatherford

International

plc

(b)

...........

54,427

6,414,766

21,177,273

Entertainment

—

0.1%

Endeavor

Group

Holdings,

Inc.

Class

(a)

...

35,935

985,338

TKO

Group

Holdings,

Inc.

Class

........

2,196

240,132

1,225,470

Financial

Services

—

1.9%

AvidXchange

Holdings,

Inc.

(b)

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

68,669

613,901

Banco

Latinoamericano

Comercio

Exterior

Class

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

93,278

3,015,678

Euronet

Worldwide,

Inc.

(b)

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

10,984

1,120,258

EVERTEC,

Inc.

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

10,715

369,346

Federal

Agricultural

Mortgage

Corp.

Class

NVS

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

6,327

1,304,754

Flywire

Corp.

(a)

(b)

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

23,871

437,078

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

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

31,322

1,026,422

Jackson

Financial,

Inc.

Class

..........

10,446

919,875

MGIC

Investment

Corp.

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

49,100

1,219,644

Cooper

Group,

Inc.

(b)

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

61,598

5,536,428

NCR

Atleos

Corp.

(b)

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

17,816

572,784

PennyMac

Financial

Services,

Inc.

........

4,932

483,928

Radian

Group,

Inc.

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

16,691

619,236

Rocket

Cos.,

Inc.

Class

(a)

(b)

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

32,504

526,240

StoneCo

Ltd.

Class

(b)

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

64,221

842,580

Toast,

Inc.

Class

(b)

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

52,357

1,369,659

2024

iShares

Annual

Financial

Statements

Schedule

Investments

(continued)

July

31,

2024

iShares

U.S.

Small-Cap

Equity

Factor

ETF

(Percentages

shown

are

based

Net

Assets)

Security

Value

Financial

Services

(continued)

Voya

Financial,

Inc.

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

26,565

1,932,072

Walker

Dunlop,

Inc.

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

2,785

297,717

WEX,

Inc.

(b)

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

6,774

1,242,690

23,450,290

Food

Products

—

0.5%

Adecoagro

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

99,814

964,203

Flowers

Foods,

Inc.

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

36,395

819,615

Hain

Celestial

Group,

Inc.

(The)

(b)

.........

26,459

204,793

John

Sanfilippo

Son,

Inc.

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

27,312

2,864,209

Lancaster

Colony

Corp.

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

1,759

339,593

Tootsie

Roll

Industries,

Inc.

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

4,375

134,925

Kellogg

Co.

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

31,038

546,269

5,873,607

Gas

Utilities

—

0.7%

National

Fuel

Gas

Co.

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

27,736

1,625,052

New

Jersey

Resources

Corp.

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

38,619

1,805,438

Northwest

Natural

Holding

Co.

...........

3,390

135,532

ONE

Gas,

Inc.

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

22,908

1,595,084

Southwest

Gas

Holdings,

Inc.

...........

1,935

143,500

Spire,

Inc.

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

23,119

1,539,494

UGI

Corp.

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

54,515

1,350,882

8,194,982

Ground

Transportation

—

1.0%

ArcBest

Corp.

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

6,412

808,233

Avis

Budget

Group,

Inc.

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

11,093

1,120,504

Hertz

Global

Holdings,

Inc.

(a)

(b)

...........

32,320

131,865

Knight-Swift

Transportation

Holdings,

Inc.

...

8,991

489,380

Landstar

System,

Inc.

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

6,848

1,302,832

Lyft,

Inc.

Class

(b)

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

67,432

812,555

Ryder

System,

Inc.

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

22,317

3,127,951

Saia,

Inc.

(a)

(b)

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

3,852

1,609,558

Schneider

National,

Inc.

Class

.........

21,089

567,505

XPO,

Inc.

(b)

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

14,940

1,716,457

11,686,840

Health

Care

Equipment

Supplies

—

2.3%

AtriCure,

Inc.

(b)

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

12,066

260,264

Atrion

Corp.

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

624

285,979

Cerus

Corp.

(b)

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

351,637

794,700

CONMED

Corp.

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

11,835

817,088

Dentsply

Sirona,

Inc.

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

136,750

3,711,395

Embecta

Corp.

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

28,682

449,447

Envista

Holdings

Corp.

(b)

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

35,399

604,261

Globus

Medical,

Inc.

Class

(b)

..........

4,283

308,205

Haemonetics

Corp.

(a)

(b)

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

28,957

2,607,578

Inari

Medical,

Inc.

(b)

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

19,196

893,766

Inmode

Ltd.

(b)

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

71,479

1,295,199

Inspire

Medical

Systems,

Inc.

(b)

..........

14,999

2,115,609

Integer

Holdings

Corp.

(a)

(b)

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

4,542

539,408

iRhythm

Technologies,

Inc.

(b)

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

9,371

808,249

Lantheus

Holdings,

Inc.

(b)

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

28,284

2,965,012

LeMaitre

Vascular,

Inc.

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

2,726

236,862

LivaNova

plc

(b)

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

41,941

2,071,885

Masimo

Corp.

(b)

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

6,608

706,924

Merit

Medical

Systems,

Inc.

(b)

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

17,690

1,508,780

Nevro

Corp.

(b)

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

12,192

121,066

Orthofix

Medical,

Inc.

(b)

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

24,734

397,723

Penumbra,

Inc.

(a)

(b)

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

3,755

627,423

QuidelOrtho

Corp.

(b)

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

12,198

479,259

Solventum

Corp.

(a)

(b)

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

60,337

3,552,642

28,158,724

Security

Value

Health

Care

Providers

Services

—

1.7%

Acadia

Healthcare

Co.,

Inc.

(b)

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

14,489

939,612

Accolade,

Inc.

(a)

(b)

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

116,031

475,727

Alignment

Healthcare,

Inc.

(b)

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

26,437

231,059

AMN

Healthcare

Services,

Inc.

(a)

(b)

........

17,835

1,206,003

Brookdale

Senior

Living,

Inc.

(b)

...........

86,029

665,004

Chemed

Corp.

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

7,137

4,069,232

Encompass

Health

Corp.

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

6,280

583,663

Ensign

Group,

Inc.

(The)

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

12,541

1,765,146

Guardant

Health,

Inc.

(b)

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

82,929

2,913,296

HealthEquity,

Inc.

(b)

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

1,653

129,728

Hims

Hers

Health,

Inc.

Class

(b)

........

55,463

1,178,034

National

Research

Corp.

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

23,876

608,599

Option

Care

Health,

Inc.

(b)

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

44,622

1,324,827

Owens

Minor,

Inc.

(b)

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

45,627

749,195

Patterson

Cos.,

Inc.

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

16,744

422,786

Tenet

Healthcare

Corp.

(b)

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

25,209

3,773,787

21,035,698

Health

Care

REITs

—

0.2%

Medical

Properties

Trust,

Inc.

(a)

...........

179,722

864,463

National

Health

Investors,

Inc.

...........

7,397

553,739

Omega

Healthcare

Investors,

Inc.

.........

30,249

1,101,064

2,519,266

Health

Care

Technology

—

0.3%

Definitive

Healthcare

Corp.

Class

(b)

......

120,727

470,835

Doximity,

Inc.

Class

(b)

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

38,279

1,071,812

Evolent

Health,

Inc.

Class

(b)

...........

17,629

411,108

Health

Catalyst,

Inc.

(b)

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

17,730

130,670

HealthStream,

Inc.

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

17,640

524,085

Teladoc

Health,

Inc.

(a)

(b)

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

149,923

1,413,774

4,022,284

Hotel

Resort

REITs

—

0.2%

Park

Hotels

Resorts,

Inc.

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

47,019

708,106

Pebblebrook

Hotel

Trust

(a)

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

7,770

106,371

RLJ

Lodging

Trust

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

29,255

276,167

Ryman

Hospitality

Properties,

Inc.

........

1,541

154,886

Service

Properties

Trust

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

106,954

606,429

Sunstone

Hotel

Investors,

Inc.

...........

19,111

197,990

Xenia

Hotels

Resorts,

Inc.

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

25,972

360,492

2,410,441

Hotels,

Restaurants

Leisure

—

2.6%

Arcos

Dorados

Holdings,

Inc.

Class

......

117,209

1,132,239

Bloomin'

Brands,

Inc.

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

46,820

976,197

Boyd

Gaming

Corp.

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

2,608

158,749

Cava

Group,

Inc.

(b)

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

32,098

2,703,294

Cheesecake

Factory,

Inc.

(The)

..........

3,327

129,387

Churchill

Downs,

Inc.

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

8,809

1,264,620

Dine

Brands

Global,

Inc.

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

14,502

519,752

Everi

Holdings,

Inc.

(b)

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

62,051

798,596

International

Game

Technology

plc

........

89,702

2,105,306

Jack

the

Box,

Inc.

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

24,295

1,444,095

Life

Time

Group

Holdings,

Inc.

(a)

(b)

.........

15,199

315,683

Light

Wonder,

Inc.

Class

(b)

...........

23,680

2,538,496

MakeMyTrip

Ltd.

(a)

(b)

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

14,768

1,382,137

Marriott

Vacations

Worldwide

Corp.

........

9,451

799,366

Papa

John's

International,

Inc.

...........

12,840

567,913

Planet

Fitness,

Inc.

Class

(b)

...........

12,289

905,699

PlayAGS,

Inc.

(b)

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

43,684

500,182

Six

Flags

Entertainment

Corp.

...........

16,457

783,847

Texas

Roadhouse,

Inc.

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

4,795

837,255

Travel

Leisure

Co.

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

39,149

1,804,377

United

Parks

Resorts,

Inc.

(a)

(b)

..........

38,469

2,025,393

Wendy's

Co.

(The)

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

86,998

1,472,876

Schedule

Investments

(continued)

July

31,

2024

iShares

U.S.

Small-Cap

Equity

Factor

ETF

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Security

Value

Hotels,

Restaurants

Leisure

(continued)

Wingstop,

Inc.

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

14,175

5,299,749

Wyndham

Hotels

Resorts,

Inc.

.........

16,560

1,253,923

31,719,131

Household

Durables

—

1.9%

Cavco

Industries,

Inc.

(b)

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

4,477

1,856,254

GoPro,

Inc.

Class

(b)

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

189,129

287,476

Helen

Troy

Ltd.

(a)

(b)

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

8,224

486,121

Hovnanian

Enterprises,

Inc.

Class

(b)

......

8,563

1,797,288

Installed

Building

Products,

Inc.

..........

1,390

375,786

Lovesac

Co.

(The)

(a)

(b)

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

46,498

1,272,185

SharkNinja,

Inc.

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

34,743

2,670,000

Skyline

Champion

Corp.

(b)

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

20,787

1,694,348

Sonos,

Inc.

(b)

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

45,730

617,355

Taylor

Morrison

Home

Corp.

(b)

...........

17,299

1,160,417

Tempur

Sealy

International,

Inc.

..........

55,736

2,917,780

Toll

Brothers,

Inc.

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

6,602

942,171

TopBuild

Corp.

(b)

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

7,683

3,676,623

TRI

Pointe

Homes,

Inc.

(b)

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

44,862

2,030,005

Worthington

Enterprises,

Inc.

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

25,801

1,287,728

23,071,537

Household

Products

—

0.2%

Central

Garden

Pet

Co.

Class

NVS

(b)

...

22,382

769,046

Energizer

Holdings,

Inc.

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

4,809

148,069

Spectrum

Brands

Holdings,

Inc.

..........

21,209

1,794,493

2,711,608

Independent

Power

and

Renewable

Electricity

Producers

—

0.3%

Atlantica

Sustainable

Infrastructure

plc

.....

84,038

1,857,240

Clearway

Energy,

Inc.

Class

...........

77,788

1,915,918

3,773,158

Industrial

REITs

—

1.0%

EastGroup

Properties,

Inc.

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

6,940

1,297,711

First

Industrial

Realty

Trust,

Inc.

..........

141,484

7,742,004

Industrial

Logistics

Properties

Trust

........

205,305

1,055,268

LXP

Industrial

Trust

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

96,713

996,144

STAG

Industrial,

Inc.

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

13,753

561,260

11,652,387

Insurance

—

2.7%

Ambac

Financial

Group,

Inc.

(b)

...........

48,887

644,820

AMERISAFE,

Inc.

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

5,519

262,042

Assurant,

Inc.

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

10,411

1,820,572

Assured

Guaranty

Ltd.

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

37,692

3,104,690

Axis

Capital

Holdings

Ltd.

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

1,881

142,486

CNO

Financial

Group,

Inc.

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

54,273

1,891,957

Employers

Holdings,

Inc.

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

25,928

1,244,803

First

American

Financial

Corp.

...........

34,475

2,088,495

Genworth

Financial,

Inc.

Class

(b)

........

212,866

1,441,103

Kinsale

Capital

Group,

Inc.

(a)

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

4,833

2,209,019

Mercury

General

Corp.

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

10,466

626,599

Old

Republic

International

Corp.

..........

143,979

4,984,553

Oscar

Health,

Inc.

Class

(b)

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

50,067

885,185

Primerica,

Inc.

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

12,242

3,082,168

RenaissanceRe

Holdings

Ltd.

...........

10,844

2,514,832

RLI

Corp.

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

2,522

379,788

Ryan

Specialty

Holdings,

Inc.

Class

......

28,407

1,749,587

Universal

Insurance

Holdings,

Inc.

........

19,565

387,583

Unum

Group

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

22,675

1,304,493

White

Mountains

Insurance

Group

Ltd.

.....

1,069

1,909,234

32,674,009

Interactive

Media

Services

—

0.6%

Angi,

Inc.

Class

(a)

(b)

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

354,280

821,930

Bumble,

Inc.

Class

(b)

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

32,426

302,859

Security

Value

Interactive

Media

Services

(continued)

Cargurus,

Inc.

Class

(b)

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

30,178

749,018

Cars.com,

Inc.

(b)

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

57,631

1,188,351

Shutterstock,

Inc.

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

45,524

2,013,071

Vimeo,

Inc.

(b)

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

246,920

992,618

Yelp,

Inc.

(b)

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

20,150

734,065

ZipRecruiter,

Inc.

Class

(b)

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

69,680

638,269

7,440,181

Services

—

0.8%

(b)

ASGN,

Inc.

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

1,942

183,849

BigCommerce

Holdings,

Inc.

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

15,654

126,798

Couchbase,

Inc.

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

41,033

787,423

DigitalOcean

Holdings,

Inc.

(a)

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

12,662

419,492

Kyndryl

Holdings,

Inc.

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

29,630

796,158

Rackspace

Technology,

Inc.

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

74,481

174,286

Squarespace,

Inc.

Class

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

43,806

1,935,787

Wix.com

Ltd.

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

35,640

5,557,167

9,980,960

Leisure

Products

—

1.0%

Acushnet

Holdings

Corp.

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

25,149

1,825,315

Brunswick

Corp.

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

14,733

1,200,003

Hasbro,

Inc.

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

39,105

2,520,708

Latham

Group,

Inc.

(b)

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

54,849

199,650

Mattel,

Inc.

(b)

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

80,304

1,549,064

Polaris,

Inc.

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

13,833

1,152,012

Topgolf

Callaway

Brands

Corp.

(b)

.........

34,113

562,865

Vista

Outdoor,

Inc.

(b)

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

55,414

2,251,471

YETI

Holdings,

Inc.

(a)

(b)

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

27,140

1,122,239

12,383,327

Life

Sciences

Tools

Services

—

0.8%

AbCellera

Biologics,

Inc.

(a)

(b)

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

33,656

109,719

Bruker

Corp.

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

33,467

2,292,824

Medpace

Holdings,

Inc.

(b)

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

14,964

5,724,029

Repligen

Corp.

(a)

(b)

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

7,242

1,211,949

9,338,521

Machinery

—

4.6%

AGCO

Corp.

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

28,282

2,670,387

Alamo

Group,

Inc.

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

2,463

474,669

Albany

International

Corp.

Class

........

1,754

164,139

Allison

Transmission

Holdings,

Inc.

........

62,467

5,533,952

Chart

Industries,

Inc.

(a)

(b)

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

3,596

579,244

Crane

Co.

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

26,603

4,267,653

Donaldson

Co.,

Inc.

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

31,064

2,324,209

Enerpac

Tool

Group

Corp.

Class

........

18,950

761,790

Esab

Corp.

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

18,307

1,859,991

Federal

Signal

Corp.

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

3,047

304,609

Graco,

Inc.

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

44,680

3,800,034

Hillenbrand,

Inc.

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

36,084

1,595,995

Hydrofarm

Holdings

Group,

Inc.

(a)

(b)

........

159,024

101,108

ITT,

Inc.

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

26,819

3,793,816

Kadant,

Inc.

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

5,360

1,883,986

Lincoln

Electric

Holdings,

Inc.

...........

3,356

689,356

Manitowoc

Co.,

Inc.

(The)

(b)

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

25,190

318,402

Middleby

Corp.

(The)

(a)

(b)

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

8,022

1,087,623

Mueller

Industries,

Inc.

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

70,333

4,989,423

Nordson

Corp.

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

10,043

2,514,064

SPX

Technologies,

Inc.

(b)

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

23,865

3,521,042

Symbotic,

Inc.

Class

(a)

(b)

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

10,536

282,470

Tennant

Co.

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

8,444

909,334

Terex

Corp.

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

46,140

2,918,816

Timken

Co.

(The)

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

32,552

2,830,396

Toro

Co.

(The)

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

28,004

2,680,823

Trinity

Industries,

Inc.

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

20,069

663,481

2024

iShares

Annual

Financial

Statements

Schedule

Investments

(continued)

July

31,

2024

iShares

U.S.

Small-Cap

Equity

Factor

ETF

(Percentages

shown

are

based

Net

Assets)

Security

Value

Machinery

(continued)

Wabash

National

Corp.

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

50,195

1,078,691

Watts

Water

Technologies,

Inc.

Class

.....

7,687

1,595,206

56,194,709

Marine

Transportation

—

0.3%

Matson,

Inc.

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

16,616

2,205,109

ZIM

Integrated

Shipping

Services

Ltd.

......

72,972

1,436,819

3,641,928

Media

—

0.9%

AMC

Networks,

Inc.

Class

(b)

...........

37,034

412,188

EchoStar

Corp.

Class

(b)

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

109,041

2,189,543

John

Wiley

Sons,

Inc.

Class

.........

16,782

801,341

Magnite,

Inc.

(b)

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

25,093

364,852

New

York

Times

Co.

(The)

Class

........

29,010

1,554,646

Nexstar

Media

Group,

Inc.

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

5,878

1,086,196

Paramount

Global

Class

NVS

.........

54,696

624,628

Sinclair,

Inc.

Class

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

117,593

1,808,580

Stagwell,

Inc.

Class

(b)

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

21,666

144,729

TechTarget,

Inc.

(b)

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

13,511

432,352

TEGNA,

Inc.

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

72,117

1,148,824

10,567,879

Metals

Mining

—

1.9%

Alcoa

Corp.

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

42,610

1,407,834

Algoma

Steel

Group,

Inc.

(a)

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

16,776

148,468

Alpha

Metallurgical

Resources,

Inc.

.......

7,493

2,213,507

Arch

Resources,

Inc.

Class

...........

2,498

366,082

ATI,

Inc.

(a)

(b)

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

31,478

2,131,375

Commercial

Metals

Co.

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

30,507

1,833,471

Kaiser

Aluminum

Corp.

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

2,251

177,131

Lithium

Americas

Corp.

(a)

(b)

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

168,535

456,730

Materion

Corp.

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

13,788

1,660,489

Nexa

Resources

(b)

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

22,194

160,684

Reliance,

Inc.

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

20,730

6,313,529

Royal

Gold,

Inc.

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

12,673

1,750,395

Ryerson

Holding

Corp.

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

15,877

377,714

United

States

Steel

Corp.

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

35,737

1,468,433

Warrior

Met

Coal,

Inc.

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

11,155

770,922

Worthington

Steel,

Inc.

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

66,731

2,660,565

23,897,329

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.6%

AGNC

Investment

Corp.

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

221,380

2,216,014

ARMOUR

Residential

REIT,

Inc.

(a)

........

6,038

121,967

BrightSpire

Capital,

Inc.

Class

.........

66,204

379,349

Granite

Point

Mortgage

Trust,

Inc.

........

152,357

454,024

Invesco

Mortgage

Capital,

Inc.

...........

53,002

481,258

KKR

Real

Estate

Finance

Trust,

Inc.

.......

43,843

503,318

Ladder

Capital

Corp.

Class

...........

66,115

793,380

MFA

Financial,

Inc.

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

131,677

1,473,465

Starwood

Property

Trust,

Inc.

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

39,138

780,803

Two

Harbors

Investment

Corp.

...........

26,542

357,521

7,561,099

Multi-Utilities

—

0.0%

Black

Hills

Corp.

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

2,222

131,209

Unitil

Corp.

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

2,223

136,226

267,435

Office

REITs

—

1.9%

Brandywine

Realty

Trust

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

327,811

1,652,167

COPT

Defense

Properties

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

13,877

402,017

Cousins

Properties,

Inc.

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

34,943

961,282

Douglas

Emmett,

Inc.

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

76,984

1,238,672

Equity

Commonwealth

(b)

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

43,088

877,703

Highwoods

Properties,

Inc.

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

73,831

2,286,546

Security

Value

Office

REITs

(continued)

Hudson

Pacific

Properties,

Inc.

...........

74,168

444,266

Kilroy

Realty

Corp.

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

40,709

1,505,012

Office

Properties

Income

Trust

...........

218,073

543,002

Paramount

Group,

Inc.

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

424,778

2,225,837

Piedmont

Office

Realty

Trust,

Inc.

Class

...

230,991

1,998,072

Green

Realty

Corp.

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

77,956

5,194,988

Vornado

Realty

Trust

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

141,257

4,236,297

23,565,861

Oil,

Gas

Consumable

Fuels

—

3.4%

Antero

Midstream

Corp.

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

322,929

4,637,260

Antero

Resources

Corp.

(b)

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

91,183

2,646,131

APA

Corp.

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

126,319

3,939,890

Berry

Corp.

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

48,499

332,703

California

Resources

Corp.

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

21,902

1,126,639

Chesapeake

Energy

Corp.

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

39,298

2,999,616

Chord

Energy

Corp.

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

2,703

463,997

CNX

Resources

Corp.

(a)

(b)

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

19,708

521,671

CONSOL

Energy,

Inc.

(b)

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

9,189

917,154

CVR

Energy,

Inc.

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

23,971

685,571

Dorian

LPG

Ltd.

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

18,824

769,149

Midstream,

Inc.

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

37,262

2,808,064

Sinclair

Corp.

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

2,300

118,381

International

Seaways,

Inc.

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

7,340

411,040

Kosmos

Energy

Ltd.

(b)

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

164,014

906,997

Murphy

Oil

Corp.

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

75,281

3,115,128

Ovintiv,

Inc.

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

72,456

3,364,857

PBF

Energy,

Inc.

Class

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

9,509

387,492

Permian

Resources

Corp.

Class

........

55,852

856,770

Range

Resources

Corp.

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

75,448

2,356,241

SFL

Corp.

Ltd.

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

81,323

962,864

Energy

Co.

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

21,216

980,179

Southwestern

Energy

Co.

(b)

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

19,768

127,503

Targa

Resources

Corp.

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

41,056

5,554,056

W&T

Offshore,

Inc.

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

64,733

156,006

41,145,359

Paper

Forest

Products

—

0.5%

Louisiana-Pacific

Corp.

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

55,844

5,481,647

Mercer

International,

Inc.

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

104,351

795,155

Sylvamo

Corp.

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

2,466

181,769

6,458,571

Passenger

Airlines

—

0.1%

Copa

Holdings

Class

NVS

.........

1,190

105,612

Joby

Aviation,

Inc.

Class

(a)

(b)

...........

123,321

737,460

843,072

Personal

Care

Products

—

0.8%

BellRing

Brands,

Inc.

(b)

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

10,436

535,158

Coty,

Inc.

Class

(a)

(b)

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

97,810

973,209

Edgewell

Personal

Care

Co.

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

3,441

134,715

elf

Beauty,

Inc.

(a)

(b)

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

20,907

3,608,130

Herbalife

Ltd.

(b)

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

72,314

888,016

Inter

Parfums,

Inc.

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

12,949

1,821,665

Medifast,

Inc.

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

47,744

1,047,026

Skin

Enterprises,

Inc.

Class

.........

36,587

410,506

Olaplex

Holdings,

Inc.

(b)

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

62,894

130,820

USANA

Health

Sciences,

Inc.

(b)

..........

8,168

364,293

9,913,538

Pharmaceuticals

—

1.0%

Amphastar

Pharmaceuticals,

Inc.

(b)

........

19,866

864,568

Amylyx

Pharmaceuticals,

Inc.

(b)

..........

248,961

512,860

Athira

Pharma,

Inc.

(b)

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

142,236

453,733

Axsome

Therapeutics,

Inc.

(a)

(b)

...........

29,832

2,604,632

Corcept

Therapeutics,

Inc.

(a)

(b)

...........

71,145

2,751,177

Schedule

Investments

(continued)

July

31,

2024

iShares

U.S.

Small-Cap

Equity

Factor

ETF

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Security

Value

Pharmaceuticals

(continued)

EyePoint

Pharmaceuticals,

Inc.

(b)

.........

35,395

349,702

Innoviva,

Inc.

(b)

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

63,202

1,190,726

Intra-Cellular

Therapies,

Inc.

(b)

...........

6,767

532,698

Ligand

Pharmaceuticals,

Inc.

(a)

(b)

..........

10,135

1,104,614

Omeros

Corp.

(a)

(b)

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

49,736

268,077

Perrigo

Co.

plc

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

16,230

458,822

Prestige

Consumer

Healthcare,

Inc.

(b)

......

13,931

986,454

Supernus

Pharmaceuticals,

Inc.

(a)

(b)

........

9,696

289,135

Tilray

Brands,

Inc.

Class

(a)

(b)

...........

217,714

441,959

12,809,157

Professional

Services

—

2.5%

Alight,

Inc.

Class

(a)

(b)

................

152,838

1,156,984

CACI

International,

Inc.

Class

(b)

........

426

196,591

Clarivate

plc

(a)

(b)

.....................

64,217

432,823

Conduent,

Inc.

(b)

....................

75,888

309,623

Dun

Bradstreet

Holdings,

Inc.

..........

29,846

324,724

ExlService

Holdings,

Inc.

(b)

.............

66,924

2,359,740

Exponent,

Inc.

......................

16,032

1,700,675

Fiverr

International

Ltd.

(a)

(b)

..............

35,902

937,401

FTI

Consulting,

Inc.

(b)

.................

2,460

536,206

Heidrick

Struggles

International,

Inc.

.....

88,967

3,571,135

Huron

Consulting

Group,

Inc.

(b)

...........

27,138

2,985,451

ICF

International,

Inc.

.................

8,328

1,225,049

Insperity,

Inc.

.......................

19,730

2,026,666

KBR,

Inc.

.........................

30,600

2,037,654

Kforce,

Inc.

........................

36,179

2,513,355

Korn

Ferry

........................

3,250

239,590

Legalzoom.com,

Inc.

(b)

................

146,653

979,642

ManpowerGroup,

Inc.

.................

7,730

591,963

Maximus,

Inc.

......................

7,041

654,039

Paycor

HCM,

Inc.

(a)

(b)

.................

10,188

126,433

Paylocity

Holding

Corp.

(b)

..............

9,069

1,360,985

Robert

Half,

Inc.

....................

29,528

1,895,402

TriNet

Group,

Inc.

...................

18,573

1,936,235

Upwork,

Inc.

(b)

......................

11,322

137,223

30,235,589

Real

Estate

Management

Development

—

0.6%

Anywhere

Real

Estate,

Inc.

(b)

............

189,732

895,535

Cushman

Wakefield

plc

(b)

.............

6,946

91,062

DigitalBridge

Group,

Inc.

Class

.........

12,066

170,493

eXp

World

Holdings,

Inc.

...............

93,341

1,340,377

Kennedy-Wilson

Holdings,

Inc.

...........

113,683

1,183,440

Opendoor

Technologies,

Inc.

(a)

(b)

..........

174,342

404,473

Redfin

Corp.

(a)

(b)

.....................

53,811

438,022

St.

Joe

Co.

(The)

....................

48,858

3,013,561

7,536,963

Residential

REITs

—

0.3%

American

Homes

Rent

Class

.........

85,232

3,076,023

Apartment

Investment

Management

Co.

Class

(b)

.......................

95,986

850,436

Veris

Residential,

Inc.

.................

7,796

122,475

4,048,934

Retail

REITs

—

1.6%

Alexander's,

Inc.

....................

5,977

1,448,227

Brixmor

Property

Group,

Inc.

............

168,890

4,301,628

InvenTrust

Properties

Corp.

.............

68,224

1,921,870

Kimco

Realty

Corp.

..................

82,064

1,783,251

Kite

Realty

Group

Trust

................

83,210

2,051,959

Macerich

Co.

(The)

..................

212,509

3,402,269

NNN

REIT,

Inc.

.....................

30,771

1,381,310

SITE

Centers

Corp.

..................

75,794

1,171,017

Security

Value

Retail

REITs

(continued)

Tanger,

Inc.

........................

88,063

2,545,021

20,006,552

Semiconductors

Semiconductor

Equipment

—

2.1%

Allegro

MicroSystems,

Inc.

(b)

............

11,977

287,927

Axcelis

Technologies,

Inc.

(a)

(b)

............

19,901

2,514,491

Cirrus

Logic,

Inc.

(b)

...................

13,229

1,726,120

Credo

Technology

Group

Holding

Ltd.

(b)

.....

26,698

740,870

Entegris,

Inc.

.......................

29,127

3,445,433

Impinj,

Inc.

(b)

.......................

9,843

1,567,891

Kulicke

Soffa

Industries,

Inc.

...........

29,260

1,380,194

Lattice

Semiconductor

Corp.

(a)

(b)

..........

58,707

3,111,471

MACOM

Technology

Solutions

Holdings,

Inc.

(b)

8,811

889,206

MKS

Instruments,

Inc.

................

9,201

1,158,406

Onto

Innovation,

Inc.

(b)

................

11,985

2,292,731

Power

Integrations,

Inc.

...............

1,615

117,960

Rambus,

Inc.

(b)

.....................

56,658

2,914,488

Silicon

Laboratories,

Inc.

(b)

..............

3,954

474,994

SMART

Global

Holdings,

Inc.

(b)

...........

17,058

399,157

Synaptics,

Inc.

(a)

(b)

...................

17,196

1,501,555

Universal

Display

Corp.

...............

2,754

613,095

Veeco

Instruments,

Inc.

(b)

..............

29,425

1,218,489

26,354,478

Software

—

7.8%

A10

Networks,

Inc.

...................

91,250

1,194,462

Adeia,

Inc.

........................

67,781

796,427

Agilysys,

Inc.

(b)

.....................

4,530

507,768

Alarm.com

Holdings,

Inc.

(b)

.............

5,894

415,822

Amplitude,

Inc.

Class

(b)

..............

89,857

769,176

Appfolio,

Inc.

Class

(b)

...............

3,572

791,127

AppLovin

Corp.

Class

(b)

..............

63,655

4,907,800

Asana,

Inc.

Class

(a)

(b)

................

48,414

704,424

Aspen

Technology,

Inc.

(b)

...............

11,925

2,241,304

Bentley

Systems,

Inc.

Class

...........

38,222

1,862,940

BILL

Holdings,

Inc.

(b)

..................

18,535

926,009

Blackbaud,

Inc.

(b)

....................

19,585

1,554,657

BlackLine,

Inc.

(b)

....................

34,015

1,616,393

Box,

Inc.

Class

(b)

..................

31,019

872,254

Braze,

Inc.

Class

(b)

.................

47,093

2,074,918

Clear

Secure,

Inc.

Class

.............

135,005

2,882,357

Cognyte

Software

Ltd.

(b)

...............

80,491

614,146

CommVault

Systems,

Inc.

(b)

.............

5,936

907,318

Confluent,

Inc.

Class

(b)

..............

23,209

580,689

CyberArk

Software

Ltd.

(b)

...............

3,716

952,708

Domo,

Inc.

Class

(b)

.................

120,516

1,007,514

Elastic

(b)

.......................

35,066

3,845,688

Five9,

Inc.

(b)

.......................

25,437

1,133,218

Gitlab,

Inc.

Class

(b)

.................

85,964

4,403,936

HashiCorp,

Inc.

Class

(b)

..............

10,957

369,799

Intapp,

Inc.

(b)

.......................

60,922

2,182,835

InterDigital,

Inc.

.....................

6,519

800,272

Jamf

Holding

Corp.

(a)

(b)

................

7,515

137,600

JFrog

Ltd.

(a)

(b)

......................

75,231

2,900,907

Klaviyo,

Inc.

Class

(a)

(b)

...............

4,901

128,406

LiveRamp

Holdings,

Inc.

(b)

..............

8,127

246,086

Manhattan

Associates,

Inc.

(b)

............

23,526

6,008,070

MicroStrategy,

Inc.

Class

(a)

(b)

...........

2,734

4,413,879

Mitek

Systems,

Inc.

(a)

(b)

................

13,921

185,289

Monday.com

Ltd.

(b)

...................

23,363

5,369,051

Nutanix,

Inc.

Class

(b)

................

103,480

5,226,775

PagerDuty,

Inc.

(a)

(b)

...................

53,398

1,117,620

Pegasystems,

Inc.

...................

11,458

798,852

Progress

Software

Corp.

...............

43,008

2,511,667

PROS

Holdings,

Inc.

(b)

................

9,898

238,542

2024

iShares

Annual

Financial

Statements

Schedule

Investments

(continued)

July

31,

2024

iShares

U.S.

Small-Cap

Equity

Factor

ETF

(Percentages

shown

are

based

Net

Assets)

Security

Value

Software

(continued)

Qualys,

Inc.

(a)

(b)

.....................

11,591

1,728,682

RADCOM

Ltd.

(b)

.....................

27,635

282,982

Rapid7,

Inc.

(a)

(b)

.....................

10,824

425,816

RingCentral,

Inc.

Class

(b)

.............

66,360

2,325,918

Samsara,

Inc.

Class

(a)

(b)

..............

123,974

4,745,725

Smartsheet,

Inc.

Class

(b)

.............

59,806

2,868,296

SolarWinds

Corp.

...................

9,599

114,516

Sprout

Social,

Inc.

Class

(b)

............

64,650

2,525,875

SPS

Commerce,

Inc.

(b)

................

8,086

1,741,886

Tenable

Holdings,

Inc.

(a)

(b)

..............

23,432

1,075,997

Teradata

Corp.

(b)

....................

22,350

724,587

Varonis

Systems,

Inc.

(b)

................

25,968

1,431,616

Workiva,

Inc.

Class

(b)

................

48,204

3,556,009

Yext,

Inc.

(b)

........................

251,744

1,450,045

Zuora,

Inc.

Class

(b)

.................

11,506

104,359

95,301,014

Specialized

REITs

—

0.9%

CubeSmart

........................

30,158

1,434,918

EPR

Properties

.....................

5,975

268,875

Gaming

Leisure

Properties,

Inc.

........

48,513

2,435,353

Lamar

Advertising

Co.

Class

..........

33,705

4,039,881

Outfront

Media,

Inc.

..................

26,924

436,707

PotlatchDeltic

Corp.

..................

13,780

611,281

Rayonier,

Inc.

......................

26,938

817,029

Safehold,

Inc.

......................

31,594

731,085

Uniti

Group,

Inc.

....................

154,783

594,367

11,369,496

Specialty

Retail

—

4.5%

1-800-Flowers.com,

Inc.

Class

(a)

(b)

.......

12,058

124,921

Aaron's

Co.,

Inc.

(The)

................

120,623

1,206,230

Abercrombie

Fitch

Co.

Class

(b)

........

23,107

3,407,820

Academy

Sports

Outdoors,

Inc.

.........

23,520

1,271,726

American

Eagle

Outfitters,

Inc.

...........

35,685

786,854

Asbury

Automotive

Group,

Inc.

(b)

..........

7,575

2,039,342

AutoNation,

Inc.

(b)

....................

18,680

3,562,650

Bath

Body

Works,

Inc.

...............

83,799

3,079,613

Buckle,

Inc.

(The)

...................

32,837

1,418,230

Caleres,

Inc.

.......................

34,031

1,312,235

Carvana

Co.

Class

(a)

(b)

...............

18,699

2,491,268

Chewy,

Inc.

Class

(a)

(b)

...............

6,673

161,353

Children's

Place,

Inc.

(The)

(a)

(b)

...........

14,347

112,194

Designer

Brands,

Inc.

Class

...........

52,647

429,600

Dick's

Sporting

Goods,

Inc.

.............

25,144

5,439,904

Five

Below,

Inc.

(b)

....................

1,049

76,304

Foot

Locker,

Inc.

....................

15,377

446,856

GameStop

Corp.

Class

(a)

(b)

............

76,976

1,745,046

Gap,

Inc.

(The)

.....................

80,714

1,895,165

Genesco,

Inc.

(b)

.....................

30,355

935,845

Group

Automotive,

Inc.

(a)

..............

9,002

3,292,211

Guess?,

Inc.

.......................

116,072

2,791,532

ODP

Corp.

(The)

(b)

...................

57,667

2,436,431

Petco

Health

Wellness

Co.,

Inc.

(b)

.......

45,264

156,613

(b)

............................

1,128

327,210

Signet

Jewelers

Ltd.

..................

34,704

2,919,648

Sleep

Number

Corp.

(b)

................

41,384

488,331

Sonic

Automotive,

Inc.

Class

..........

8,084

481,321

Upbound

Group,

Inc.

.................

47,781

1,802,777

Wayfair,

Inc.

Class

(a)

(b)

...............

37,800

2,057,454

Williams-Sonoma,

Inc.

................

41,674

6,446,134

55,142,818

Security

Value

Technology

Hardware,

Storage

Peripherals

—

0.6%

Pure

Storage,

Inc.

Class

(b)

............

76,561

4,588,301

Xerox

Holdings

Corp.

.................

218,579

2,353,003

6,941,304

Textiles,

Apparel

Luxury

Goods

—

1.8%

Crocs,

Inc.

(b)

.......................

25,728

3,457,071

Deckers

Outdoor

Corp.

(b)

...............

8,874

8,187,419

G-III

Apparel

Group

Ltd.

(b)

..............

12,835

353,861

Holding

Class

(a)

(b)

.............

24,240

1,004,021

Oxford

Industries,

Inc.

................

9,565

1,007,481

PVH

Corp.

........................

21,046

2,146,481

Ralph

Lauren

Corp.

Class

............

5,456

958,019

Tapestry,

Inc.

.......................

66,787

2,677,491

Under

Armour,

Inc.

Class

NVS

(a)

(b)

......

205,924

1,398,224

Corp.

.........................

23,135

392,370

21,582,438

Tobacco

—

0.4%

Turning

Point

Brands,

Inc.

..............

9,024

340,385

Universal

Corp.

.....................

15,620

834,421

Vector

Group

Ltd.

...................

338,568

4,326,899

5,501,705

Trading

Companies

Distributors

—

2.0%

Applied

Industrial

Technologies,

Inc.

.......

5,962

1,300,849

Beacon

Roofing

Supply,

Inc.

(b)

...........

8,881

912,967

Boise

Cascade

Co.

..................

20,032

2,846,347

Core

Main,

Inc.

Class

(b)

.............

87,864

4,698,088

DNOW,

Inc.

(b)

......................

88,104

1,353,277

GATX

Corp.

.......................

12,504

1,744,308

GMS,

Inc.

(b)

........................

10,503

1,010,704

H&E

Equipment

Services,

Inc.

...........

19,331

1,011,011

McGrath

RentCorp

...................

8,836

970,458

MRC

Global,

Inc.

(b)

...................

84,468

1,223,097

MSC

Industrial

Direct

Co.,

Inc.

Class

.....

2,319

206,275

Rush

Enterprises,

Inc.

Class

..........

12,513

638,288

SiteOne

Landscape

Supply,

Inc.

(a)

(b)

........

4,483

657,566

Watsco,

Inc.

.......................

7,679

3,758,794

WESCO

International,

Inc.

..............

13,458

2,354,477

24,686,506

Water

Utilities

—

0.1%

American

States

Water

Co.

.............

18,398

1,518,387

Middlesex

Water

Co.

.................

4,451

295,902

1,814,289

Wireless

Telecommunication

Services

—

0.0%

Telephone

Data

Systems,

Inc.

..........

19,216

407,379

Total

Long-Term

Investments

—

(Cost:

1,045,159,445

)

............................

1,219,263,005

Schedule

Investments

(continued)

July

31,

2024

iShares

U.S.

Small-Cap

Equity

Factor

ETF

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Affiliates

Investments

issuers

considered

affiliate(s)

the

Fund

during

the year

ended

July

31,

2024

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

Security

Value

Short-Term

Securities

Money

Market

Funds

—

7.0%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

Agency

5.45

(e)

..................

78,344,597

78,375,936

BlackRock

Cash

Funds:

Treasury,

Agency

5.29

...................

6,946,192

Total

Short-Term

Securities

—

(Cost:

85,302,478

)

...............................

85,322,128

Total

Investments

—

106

(Cost:

1,130,461,923

)

............................

1,304,585,133

Liabilities

Excess

Other

Assets

—

(

6.3

)

.............

(

77,333,936

)

Net

Assets

—

100.0%

...............................

1,227,251,197

(a)

All

portion

this

security

loan.

(b)

Non-income

producing

security.

(c)

Affiliate

the

Fund.

(d)

Annualized

7-day

yield

period

end.

(e)

All

portion

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

07/31/23

Purchases

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

07/31/24

Held

07/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

Agency

..............

54,600,717

23,765,971

(a)

—

(

8,698

)

17,946

78,375,936

78,344,597

342,710

(b)

—

BlackRock

Cash

Funds:

Treasury,

Agency

2,452,652

4,493,540

(a)

—

6,946,192

254,171

—

(

8,698

)

17,946

85,322,128

596,881

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

portion

represents

securities

lending

income

earned

from

the

reinvestment

cash

collateral

from

loaned

securities,

net

fees

and

collateral

investment

expenses,

and

other

payments

and

from

borrowers

securities.

Derivative

Financial

Instruments

Outstanding

Period

End

Futures

Contracts

Description

Number

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Russell

2000

Micro

E-Mini

Index

................................................

116

09/20/24

1,318

34,062

S&P

Midcap

400

E-Mini

Index

.................................................

09/20/24

1,248

16,353

50,415

2024

iShares

Annual

Financial

Statements

Schedule

Investments

(continued)

July

31,

2024

iShares

U.S.

Small-Cap

Equity

Factor

ETF

(a)

The

Fund

receives

the

total

return

portfolio

long

positions

underlying the

total

return

swap.

The

Fund

pays

the

total

return

portfolio

short

positions

underlying

the

total

return

swap.

addition,

the

Fund

pays

receives

variable

rate

interest,

based

specified

benchmark.

The

benchmark

and

spread

are

determined

based

upon

the

country

and/or

currency

the

individual

underlying

positions.

The

following

are

the

specified

benchmarks

(plus

minus

range)

used

determining

the

variable

rate

interest:

OTC

Total

Return

Swaps

Reference

Entity

Payment

Frequency

Counterparty

(a)

Termination

Date

Net

Notional

Accrued

Unrealized

Appreciation

(Depreciation)

Net

Value

Reference

Entity

Gross

Notional

Amount

Net

Asset

Percentage

Equity

Securities

Long/Short

...

Monthly

Goldman

Sachs

Bank

USA

(b)

08/19/26

1,585,821

123,512

(c)

1,703,857

Monthly

HSBC

Bank

plc

(d)

02/09/28

1,607,713

148,918

(e)

1,757,737

Monthly

JPMorgan

Chase

Bank

(f)

09/10/24

1,779,970

127,876

(g)

1,905,756

400,306

5,367,350

(b)

(d)

(f)

Range:

basis

points

basis

points

basis

points

Benchmarks:

USD

Overnight

Fed

Funds

Effective

Rate

(FEDL01)

USD

Overnight

Bank

Funding

Rate

(OBFR01)

USD

Overnight

Bank

Funding

Rate

(OBFR01)

(b)

Goldman

Sachs

USA

(c)

Amount

includes

$5,476

net

dividends

and

financing

fees.

(d)

HSBC

(e)

Amount

includes

$(1,106)

net

dividends

and

financing

fees.

(f)

JPMChase

(g)

Amount

includes

$2,090

net

dividends

and

financing

fees.

Schedule

Investments

(continued)

July

31,

2024

iShares

U.S.

Small-Cap

Equity

Factor

ETF

Schedule

Investments

The

following

table

represents

the

individual

long

positions

and

values

the

equity

securities

underlying

the

total

return

swap

with

Goldman

Sachs

Bank

USA,

period

end,

termination

date

August

19,

2026:

Value

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Banks

BankUnited,

Inc.

..........

704

27,118

City

Holding

Co.

..........

579

70,580

Eagle

Bancorp,

Inc.

........

527

11,341

First

BanCorp

............

18,552

397,940

NBT

Bancorp,

Inc.

.........

239

11,716

Preferred

Bank

...........

8,390

722,043

1,240,738

Diversified

Consumer

Services

Perdoceo

Education

Corp.

...

6,743

167,159

Office

REITs

Douglas

Emmett,

Inc.

......

18,394

295,960

Total

Reference

Entity

—

Long

............

1,703,857

Net

Value

Reference

Entity

—

Goldman

Sachs

Bank

USA

.........................

1,703,857

The

following

table

represents

the

individual

long

positions

and

values

the

equity

securities

underlying

the

total

return

swap

with

HSBC

Bank

plc,

period

end,

termination

date

February

2028:

Value

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Banks

Bancorp,

Inc.

(The)

........

732

37,947

Bank

Hawaii

Corp.

.......

219

15,021

BankUnited,

Inc.

..........

4,084

157,316

Comerica,

Inc.

...........

632

34,640

Eagle

Bancorp,

Inc.

........

619

13,321

First

BanCorp

............

307

12,833

Fulton

Financial

Corp.

......

1,635

31,670

NBT

Bancorp,

Inc.

.........

526

25,784

OFG

Bancorp

............

1,546

70,219

Pathward

Financial,

Inc.

.....

449

30,325

Preferred

Bank

...........

3,264

280,900

Trustmark

Corp.

..........

561

19,484

729,460

Capital

Markets

Moelis

Co.

Class

......

205

13,940

Consumer

Finance

Bread

Financial

Holdings,

Inc.

1,272

69,426

Green

Dot

Corp.

Class

....

10,193

97,445

166,871

Containers

Packaging

Sealed

Air

Corp.

..........

2,533

96,381

Diversified

Consumer

Services

Perdoceo

Education

Corp.

...

4,847

120,157

Financial

Services

Radian

Group,

Inc.

........

5,968

221,413

Value

Basket

Value

Insurance

Employers

Holdings,

Inc.

....

444

21,316

Genworth

Financial,

Inc.

Class

..................

26,535

179,642

200,958

Media

AMC

Networks,

Inc.

Class

2,263

25,187

Office

REITs

Douglas

Emmett,

Inc.

......

6,149

98,937

Green

Realty

Corp.

......

1,267

84,433

183,370

Total

Reference

Entity

—

Long

............

1,757,737

Net

Value

Reference

Entity

—

HSBC

Bank

plc

1,757,737

The

following

table

represents

the

individual

long

positions

and

values

the

equity

securities

underlying

the

total

return

swap

with

JPMorgan

Chase

Bank

NA,

period

end,

termination

date

September

10,

2024:

Value

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Banks

Bancorp,

Inc.

(The)

........

1,834

95,075

Bank

Hawaii

Corp.

.......

719

49,316

Comerica,

Inc.

...........

2,330

127,707

Eagle

Bancorp,

Inc.

........

1,086

23,371

Fulton

Financial

Corp.

......

3,087

59,795

OFG

Bancorp

............

3,874

175,957

Pathward

Financial,

Inc.

.....

1,125

75,982

Trustmark

Corp.

..........

1,596

55,429

662,632

Consumer

Finance

Bread

Financial

Holdings,

Inc.

231

12,608

Green

Dot

Corp.

Class

....

20,819

199,030

211,638

Financial

Services

Jackson

Financial,

Inc.

Class

736

64,812

Insurance

Employers

Holdings,

Inc.

....

2,495

119,785

Unum

Group

............

10,712

616,261

736,046

Office

REITs

Douglas

Emmett,

Inc.

......

1,134

18,246

Green

Realty

Corp.

......

3,187

212,382

230,628

Total

Reference

Entity

—

Long

............

1,905,756

Net

Value

Reference

Entity

—

JPMorgan

Chase

Bank

..........................

1,905,756

2024

iShares

Annual

Financial

Statements

Schedule

Investments

(continued)

July

31,

2024

iShares

U.S.

Small-Cap

Equity

Factor

ETF

Derivative

Financial

Instruments

Categorized

Risk

Exposure

For

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

the

Notes

Financial

Statements.

Balances

Reported

the

Statements

Assets

and

Liabilities

for

OTC

Swaps

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

OTC

Swaps

...................................................................

—

400,306

—

period

end,

the

fair

values

derivative

financial

instruments

located

the

Statements

Assets

and

Liabilities

were

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

futures

contracts

(a)

......

—

50,415

—

50,415

Swaps

—

OTC

Unrealized

appreciation

OTC

swaps;

Swap

premiums

paid

................................

—

400,306

—

400,306

—

450,721

—

450,721

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

futures

contracts,

any,

are

reported

the

Schedule

Investments.

the

Statements

Assets

and

Liabilities,

only

current

day’s

variation

margin

reported

receivables

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

included

accumulated

earnings

(loss).

For

the

period

ended

July

31,

2024,

the

effect

derivative

financial

instruments

the

Statements

Operations

was

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

ontracts

.......................

—

447,823

—

447,823

Swaps

..............................

—

328,720

—

328,720

—

776,543

—

776,543

Net

Change

Unrealized

Appreciation

(Depreciation)

Futures

ontracts

.......................

—

950

—

950

Swaps

..............................

—

260,367

—

260,367

—

261,317

—

261,317

Average

Quarterly

Balances

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

contracts

—

long

..................................................................................

2,179,426

Total

return

swaps

Average

notional

value

...............................................................................................

3,304,581

Schedule

Investments

(continued)

July

31,

2024

iShares

U.S.

Small-Cap

Equity

Factor

ETF

Schedule

Investments

Derivative

Financial

Instruments

—

Offsetting

Period

End

Fair

Value

Hierarchy

of Period

End

Various

inputs

are

used

determining

the

fair

value

financial

instruments.

For

description

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

financial

instruments,

refer

the

Notes

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

the

fair

value

hierarchy.

The

breakdown

the

Fund's

financial

instruments

into

major

categories

disclosed

the

Schedule

Investments

above.

See

notes

financial

statements.

The

Fund’s

derivative

assets

and

liabilities

(by

type)

were

follows:

Assets

Liabilities

Derivative

Financial

Instruments

—

Futures

contracts

....................................................................................

13,837

—

Swaps

—

OTC

(a)

.....................................................................................

400,306

—

Total

erivative

assets

and

liabilities

the

Statements

Assets

and

Liabilities

...........................................

414,143

—

Derivatives

not

subject

Master

Netting

Agreement

similar

agreement

(“MNA”)

.........................................

(

13,837

)

—

Total

derivative

assets

and

liabilities

subject

MNA

............................................................

400,306

—

(a)

Includes

unrealized

appreciation

(depreciation)

OTC

swaps

and

swap

premiums

(paid/received)

the

Statements

Assets

and

Liabilities.

The

following

table

presents

the

Fund's

derivative

assets

counterparty

net

amounts

available

for

offset

under

MNA

and

net

the

collateral

received

the

Fund:

Counterparty

Derivative

Assets

Subject

MNA

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

Cash

Collateral

Received

Net

Amount

Derivative

Assets

(b)

Goldman

Sachs

Bank

USA

.........................

123,512

—

123,512

HSBC

Bank

plc

.................................

148,918

—

148,918

JPMorgan

Chase

Bank

.........................

127,876

—

127,876

400,306

—

400,306

(a)

The

amount

derivatives

available

for

offset

limited

the

amount

derivative

assets

and/or

liabilities

that

are

subject

MNA.

(b)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

the

event

default.

Level

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

1,219,263,005

—

1,219,263,005

Short-Term

Securities

Money

Market

Funds

......................................

85,322,128

—

85,322,128

1,304,585,133

—

1,304,585,133

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

50,415

400,306

—

450,721

50,415

400,306

—

450,721

(a)

Derivative

financial

instruments

are

swaps

and

futures

contracts.

Swaps

and

futures

contracts

are

valued

the

unrealized

appreciation

(depreciation)

the

instrument.

2024

iShares

Annual

Financial

Statements

Schedule

Investments

July

31,

2024

iShares

U.S.

Tech

Breakthrough

Multisector

ETF

(Percentages

shown

are

based

Net

Assets)

Security

Value

Common

Stocks

Biotechnology

—

6.2%

Arcellx,

Inc.

(a)

......................

3,173

196,123

Arcturus

Therapeutics

Holdings,

Inc.

(a)

......

2,000

46,920

Arcus

Biosciences,

Inc.

(a)

...............

3,718

61,012

Beam

Therapeutics,

Inc.

(a)

(b)

.............

6,087

192,593

BioCryst

Pharmaceuticals,

Inc.

(a)

..........

15,702

114,311

Blueprint

Medicines

Corp.

(a)

.............

4,858

526,121

Dynavax

Technologies

Corp.

(a)

...........

10,179

113,903

Exelixis,

Inc.

(a)

......................

22,471

526,945

Geron

Corp.

(a)

(b)

.....................

39,603

187,718

Gilead

Sciences,

Inc.

.................

98,633

7,502,026

Incyte

Corp.

(a)

(b)

.....................

17,515

1,139,701

Intellia

Therapeutics,

Inc.

(a)

.............

7,503

196,654

Iovance

Biotherapeutics,

Inc.

(a)

...........

17,722

154,713

Moderna,

Inc.

(a)

.....................

26,693

3,182,340

Novavax,

Inc.

(a)

(b)

....................

10,567

135,363

Regeneron

Pharmaceuticals,

Inc.

(a)

........

8,413

9,079,226

REVOLUTION

Medicines,

Inc.

(a)

..........

10,871

496,152

Sarepta

Therapeutics,

Inc.

(a)

............

7,035

1,000,658

SpringWorks

Therapeutics,

Inc.

(a)

.........

5,189

186,337

Twist

Bioscience

Corp.

(a)

...............

4,416

246,457

Vir

Biotechnology,

Inc.

(a)

...............

7,218

73,335

Xencor,

Inc.

(a)

......................

4,670

95,361

25,453,969

Broadline

Retail

—

6.3%

Amazon.com,

Inc.

(a)

..................

88,286

16,507,716

Coupang,

Inc.

Class

(a)

...............

78,286

1,624,435

eBay,

Inc.

.........................

33,471

1,861,322

Etsy,

Inc.

(a)

........................

7,754

505,096

MercadoLibre,

Inc.

(a)

..................

3,141

5,242,015

25,740,584

Capital

Markets

—

0.5%

AssetMark

Financial

Holdings,

Inc.

(a)

.......

575

19,837

Coinbase

Global,

Inc.

Class

(a)

(b)

.........

5,217

1,170,486

Donnelley

Financial

Solutions,

Inc.

(a)

.......

766

51,690

MarketAxess

Holdings,

Inc.

.............

1,032

230,683

Open

Lending

Corp.

Class

(a)

...........

2,709

17,067

Tradeweb

Markets,

Inc.

Class

..........

3,199

357,264

Virtu

Financial,

Inc.

Class

.............

2,290

62,563

1,909,590

Chemicals

—

0.0%

Ginkgo

Bioworks

Holdings,

Inc.

Class

(a)

...

108,872

41,371

Communications

Equipment

—

0.4%

Calix,

Inc.

(a)

........................

7,169

294,861

Juniper

Networks,

Inc.

................

39,302

1,481,292

1,776,153

Consumer

Finance

—

0.1%

Enova

International,

Inc.

(a)

..............

667

57,676

OneMain

Holdings,

Inc.

................

3,259

170,315

SoFi

Technologies,

Inc.

(a)

(b)

.............

27,370

206,370

Upstart

Holdings,

Inc.

(a)

(b)

...............

2,136

59,658

World

Acceptance

Corp.

(a)

..............

147

17,952

511,971

Diversified

Telecommunication

Services

—

0.1%

Lumen

Technologies,

Inc.

(a)

.............

59,724

188,131

Electrical

Equipment

—

0.6%

AMETEK,

Inc.

......................

13,848

2,402,351

Security

Value

Electronic

Equipment,

Instruments

Components

—

0.2%

Cognex

Corp.

......................

10,312

511,681

PAR

Technology

Corp.

(a)

(b)

..............

925

46,842

558,523

Entertainment

—

3.9%

Netflix,

Inc.

(a)

.......................

25,365

15,938,098

Financial

Services

—

7.7%

Affirm

Holdings,

Inc.

Class

(a)

...........

6,884

194,748

AvidXchange

Holdings,

Inc.

(a)

............

4,532

40,516

Block,

Inc.

Class

(a)

.................

15,175

939,029

Corpay,

Inc.

(a)

......................

1,886

550,373

Euronet

Worldwide,

Inc.

(a)

..............

1,176

119,940

Fidelity

National

Information

Services,

Inc.

...

15,427

1,185,257

Fiserv,

Inc.

(a)

.......................

16,113

2,635,603

Flywire

Corp.

(a)

.....................

3,368

61,668

Global

Payments,

Inc.

................

7,024

713,919

Jack

Henry

Associates,

Inc.

...........

2,010

344,675

Marqeta,

Inc.

Class

(a)

...............

10,282

55,420

Mastercard,

Inc.

Class

...............

22,971

10,651,882

Payoneer

Global,

Inc.

(a)

................

5,992

33,136

PayPal

Holdings,

Inc.

(a)

................

28,935

1,903,344

Repay

Holdings

Corp.

Class

(a)

.........

2,204

21,203

Shift4

Payments,

Inc.

Class

(a)

(b)

.........

1,679

115,499

Toast,

Inc.

Class

(a)

(b)

................

10,517

275,125

Visa,

Inc.

Class

...................

43,557

11,571,788

WEX,

Inc.

(a)

........................

1,165

213,719

31,626,844

Health

Care

Equipment

Supplies

—

2.3%

Intuitive

Surgical,

Inc.

(a)

................

21,209

9,429,733

Interactive

Media

Services

—

8.2%

Alphabet,

Inc.

Class

................

93,266

15,998,850

Bumble,

Inc.

Class

(a)

................

5,327

49,754

categories

disclosed

the

Schedule

Investments

above.

See

notes

financial

statements.

For

the

period

ended

July

31,

2024,

the

effect

derivative

financial

instruments

the

Statements

Operations

was

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

ontracts

.......................

—

27,999

—

27,999

Net

Change

Unrealized

Appreciation

(Depreciation)

Futures

ontracts

.......................

—

7,226

—

7,226

Average

Quarterly

Balances

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

contracts

—

long

..................................................................................

312,579

Level

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

409,271,983

—

409,271,983

Short-Term

Securities

Money

Market

Funds

......................................

7,671,531

—

7,671,531

416,943,514

—

416,943,514

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

24,820

—

24,820

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

the

unrealized

appreciation

(depreciation)

the

instrument.

Statements

Assets

and

Liabilities

July

31,

2024

iShares

Annual

Financial

Statements

See

notes

financial

statements.

iShares

MSCI

USA

Small-Cap

Min

Vol

Factor

ETF

iShares

U.S.

Equity

Factor

ETF

iShares

U.S.

Small-Cap

Equity

Factor

ETF

iShares

U.S.

Tech

Breakthrough

Multisector

ETF

ASSETS

Investments,

value

—

unaffiliated

(a)

(b)

.........................................

831,465,602‌

2,039,316,117‌

1,219,263,005‌

409,271,983‌

Investments,

value

—

affiliated

(c)

............................................

35,585,640‌

23,187,326‌

85,322,128‌

7,671,531‌

Cash

...............................................................

2,192‌

—‌

17,112‌

—‌

Cash

pledged:

Futures

contracts

......................................................

123,000‌

343,000‌

141,000‌

23,000‌

Receivables:

–‌

Investment

sold

......................................................

107,730‌

—‌

Securities

lending

income

—

affiliated

........................................

11,146‌

3,378‌

16,010‌

9,090‌

Swaps

............................................................

—‌

181,657‌

—‌

Dividends

—

unaffiliated

.................................................

333,606‌

1,484,772‌

392,272‌

86,299‌

Dividends

—

affiliated

...................................................

5,008‌

21,880‌

28,574‌

2,979‌

Variation

margin

futures

contracts

.........................................

7,887‌

93,644‌

13,837‌

2,068‌

Unrealized

appreciation

on:

–‌

OTC

swaps

..........................................................

—‌

400,306‌

—‌

Total

ssets

...........................................................

867,641,811‌

2,064,450,117‌

1,305,775,901‌

417,066,950‌

LIABILITIES

Collateral

securities

loaned

...............................................

33,839,463‌

13,286,284‌

78,381,235‌

7,237,588‌

Payables:

–‌

Investment

advisory

fees

.................................................

134,685‌

138,311‌

143,469‌

106,839‌

Variation

margin

futures

contracts

.........................................

1,890‌

—‌

Total

abilities

..........................................................

33,976,038‌

13,424,595‌

78,524,704‌

7,344,427‌

Commitments

and

contingent

liabilities

—‌

NET

ASSETS

..........................................................

833,665,773‌

2,051,025,522‌

1,227,251,197‌

409,722,523‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

..........................................................

823,593,985‌

1,673,389,206‌

1,150,303,351‌

351,139,732‌

Accumulated

earnings

....................................................

10,071,788‌

377,636,316‌

76,947,846‌

58,582,791‌

NET

ASSETS

..........................................................

833,665,773‌

2,051,025,522‌

1,227,251,197‌

409,722,523‌

NET

ASSET

VALUE

outstanding

......................................................

20,850,000‌

36,300,000‌

18,700,000‌

8,350,000‌

Net

asset

value

.........................................................

39.98‌

56.50‌

65.63‌

49.07‌

authorized

.......................................................

Unlimited

Par

value

.............................................................

None

(a)

Investments,

cost

—

unaffiliated

.......................................

687,314,048‌

1,585,130,718‌

1,045,159,445‌

324,379,384‌

(b)

Securities

loaned,

value

............................................

33,058,355‌

13,150,364‌

77,737,310‌

7,123,738‌

(c)

Investments,

cost

—

affiliated

.........................................

35,572,372‌

22,259,568‌

85,302,478‌

7,670,494‌

Statements

Operations

Year

Ended

July

31,

2024

Statements

Operations

See

notes

financial

statements.

iShares

MSCI

USA

Small-Cap

Min

Vol

Factor

ETF

iShares

U.S.

Equity

Factor

ETF

iShares

U.S.

Small-Cap

Equity

Factor

ETF

iShares

U.S.

Tech

Breakthrough

Multisector

ETF

INVESTMENT

INCOME

–

Dividends

—

unaffiliated

.................................................

13,689,187‌

25,281,382‌

13,234,430‌

2,095,559‌

Dividends

—

affiliated

...................................................

80,691‌

291,107‌

254,171‌

25,200‌

Interest

—

unaffiliated

...................................................

9,293‌

12,303‌

10,131‌

2,182‌

Securities

lending

income

—

affiliated

—

net

...................................

409,319‌

66,113‌

342,710‌

68,984‌

Foreign

taxes

withheld

..................................................

—‌

(

17,908‌

)

(

50,619‌

)

—‌

Total

investment

income

...................................................

14,188,490‌

25,632,997‌

13,790,823‌

2,191,925‌

EXPENSES

Investment

advisory

....................................................

1,628,806‌

1,330,043‌

1,345,520‌

1,392,890‌

Interest

expense

......................................................

1,548‌

—‌

Total

xpenses

.........................................................

1,630,354‌

1,330,043‌

1,345,520‌

1,392,890‌

Less:

–‌

Investment

advisory

fees

waived

...........................................

—‌

(

318,912‌

)

Total

penses

after

fees

waived

.............................................

1,630,354‌

1,330,043‌

1,345,520‌

1,073,978‌

Net

investment

income

....................................................

12,558,136‌

24,302,954‌

12,445,303‌

1,117,947‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

106,082,663‌

355,932,938‌

142,520,563‌

76,083,356‌

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.............................................

(

13,186,871‌

)

23,676,911‌

19,894,687‌

(

5,863,487‌

)

Investments

—

affiliated

...............................................

2,544‌

4,297‌

(

8,698‌

)

863‌

Foreign

currency

transactions

...........................................

—‌

226‌

—‌

Futures

contracts

....................................................

81,130‌

566,393‌

447,823‌

27,999‌

In-kind

redemptions

—

unaffiliated

(a)

.......................................

30,618,263‌

49,729,447‌

11,981,353‌

33,331,515‌

In-kind

redemptions

—

affiliated

(a)

.........................................

—‌

45,863‌

—‌

Swaps

..........................................................

—‌

328,720‌

—‌

17,515,066‌

74,023,137‌

32,643,885‌

27,496,890‌

Net

change

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.............................................

88,499,873‌

281,298,295‌

109,597,416‌

48,577,466‌

Investments

—

affiliated

...............................................

2,733‌

655,604‌

17,946‌

1,774‌

Futures

contracts

....................................................

64,989‌

(

44,099‌

)

950‌

7,226‌

Swaps

..........................................................

—‌

260,367‌

—‌

88,567,595‌

281,909,800‌

109,876,679‌

48,586,466‌

Net

realized

and

unrealized

gain

.............................................

106,082,661‌

355,932,937‌

142,520,564‌

76,083,356‌

NET

INCREASE

NET

ASSETS

RESULTING

FROM

OPERATIONS

....................

118,640,797‌

380,235,891‌

154,965,867‌

77,201,303‌

(a)

See

Note

the

Notes

Financial

Statements.

Statements

Changes

Net

Assets

2024

iShares

Annual

Financial

Statements

See

notes

financial

statements.

iShares

MSCI

USA

Small-Cap

Min

Vol

Factor

ETF

iShares

U.S.

Equity

Factor

ETF

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/24

Year

Ended

07/31/23

INCREASE

(DECREASE)

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

12,558,136‌

15,341,638‌

24,302,954‌

21,254,678‌

Net

realized

gain

(loss)

............................................

17,515,066‌

(

25,851,619‌

)

74,023,137‌

17,639,283‌

Net

change

unrealized

appreciation

(depreciation)

........................

88,567,595‌

11,140,703‌

281,909,800‌

127,105,160‌

Net

increase

net

assets

resulting

from

operations

...........................

118,640,797‌

630,722‌

380,235,891‌

165,999,121‌

DISTRIBUTIONS

SHAREHOLDERS

(a)

Decrease

net

assets

resulting

from

distributions

shareholders

.................

(13,041,539‌)

(14,809,861‌)

(23,451,638‌)

(20,833,016‌)

CAPITAL

TRANSACTIONS

Net

increase

(decrease)

net

assets

derived

from

capital

transactions

.........

(100,219,913‌)

72,297,641‌

263,230,674‌

113,868,885‌

NET

ASSETS

Total

increase

net

assets

...........................................

5,379,345‌

58,118,502‌

620,014,927‌

259,034,990‌

Beginning

year

..................................................

828,286,428‌

770,167,926‌

1,431,010,595‌

1,171,975,605‌

End

year

......................................................

833,665,773‌

828,286,428‌

2,051,025,522‌

1,431,010,595‌

(a)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

Statements

Changes

Net

Assets

(continued)

Statements

Changes

Net

Assets

See

notes

financial

statements.

iShares

U.S.

Small-Cap

Equity

Factor

ETF

iShares

U.S.

Tech

Breakthrough

Multisector

ETF

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/24

Year

Ended

07/31/23

INCREASE

(DECREASE)

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

12,445,303‌

14,812,348‌

1,117,947‌

1,588,951‌

Net

realized

gain

................................................

32,643,885‌

82,232,494‌

27,496,890‌

45,206,708‌

Net

change

unrealized

appreciation

(depreciation)

........................

109,876,679‌

(

7,516,469‌

)

48,586,466‌

42,362,795‌

Net

increase

net

assets

resulting

from

operations

...........................

154,965,867‌

89,528,373‌

77,201,303‌

89,158,454‌

DISTRIBUTIONS

SHAREHOLDERS

(a)

Decrease

net

assets

resulting

from

distributions

shareholders

.................

(9,354,694‌)

(14,979,392‌)

(892,942‌)

(1,590,805‌)

CAPITAL

TRANSACTIONS

Net

increase

(decrease)

net

assets

derived

from

capital

transactions

.........

266,771,579‌

(250,139,646‌)

16,224,250‌

(116,096,855‌)

NET

ASSETS

Total

increase

(decrease)

net

assets

...................................

412,382,752‌

(

175,590,665‌

)

92,532,611‌

(

28,529,206‌

)

Beginning

year

..................................................

814,868,445‌

990,459,110‌

317,189,912‌

345,719,118‌

End

year

......................................................

1,227,251,197‌

814,868,445‌

409,722,523‌

317,189,912‌

(a)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

outstanding

throughout

each

period)

2024

iShares

Annual

Financial

Statements

iShares

MSCI

USA

Small-Cap

Min

Vol

Factor

ETF

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Year

Ended

07/31/20

Net

asset

value,

beginning

year

................................

35.17

‌

35.91

‌

37.96

‌

29.91

‌

34.10

‌

Net

investment

income

(a)

.......................................

.55

‌

.68

‌

.47

‌

.40

‌

.54

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.............................

4.81

‌

(0.76

)

(2.04

)

8.09

‌

(4.17

)

Net

increase

(decrease)

from

investment

operations

......................

5.36

‌

(0.08

)

(1.57

)

8.49

‌

(3.63

)

Distributions

from

net

investment

income

(c)

..........................

(0.55

)

(0.66

)

(0.48

)

(0.44

)

(0.56

)

Net

asset

value,

end

year

.....................................

39.98

‌

35.17

‌

35.91

‌

37.96

‌

29.91

‌

Total

Return

(d)

—

Based

net

asset

value

........................................

15.49

(0.12

(4.17

28.66

(10.73

Ratios

Average

Net

Assets

(e)

Total

expen

ses

...............................................

0.20

Net

investment

income

..........................................

1.54

1.96

1.27

1.16

1.72

Supplemental

Data

Net

assets,

end

year

(000)

......................................

833,666

‌

828,286

‌

770,168

‌

872,986

‌

829,866

‌

Portfolio

turnover

rate

(f)

..........................................

(a)

Based

average

outstanding.

(b)

The

amounts

reported

for

outstanding

may

not

accord

with

the

change

aggregate

gains

and

losses

securities

for

the

fiscal

period

due

the

timing

capital

transactions

relation

the

fluctuating

market

values

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

distributions.

(e)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(f)

Portfolio

turnover

rate

excludes

in-kind

transactions,

any.

See

notes

financial

statements.

Financial

Highlights

(continued)

(For

outstanding

throughout

each

period)

Financial

Highlights

iShares

U.S.

Equity

Factor

ETF

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Year

Ended

07/31/20

Net

asset

value,

beginning

year

.................................

46.09

‌

41.49

‌

43.64

‌

32.57

‌

32.13

‌

Net

investment

income

(a)

........................................

.73

‌

.72

‌

.65

‌

.46

‌

.57

‌

Net

realized

and

unrealized

gain

(loss)

(b)

..............................

10.39

‌

4.59

‌

(2.19

)

11.03

‌

0.50

‌

Net

increase

(decrease)

from

investment

operations

.......................

11.12

‌

5.31

‌

(1.54

)

11.49

‌

1.07

‌

Distributions

from

net

investment

income

(c)

...........................

(0.71

)

(0.71

)

(0.61

)

(0.42

)

(0.63

)

Net

asset

value,

end

year

......................................

56.50

‌

46.09

‌

41.49

‌

43.64

‌

32.57

‌

Total

Return

(d)

—

Based

net

asset

value

.........................................

24.38

13.09

(3.58

35.53

3.50

Ratios

Average

Net

Assets

(e)

Total

expen

ses

................................................

0.08

0.16

0.20

Net

investment

income

...........................................

1.46

1.75

1.50

1.20

1.79

Supplemental

Data

Net

assets,

end

year

(000)

.......................................

2,051,026

‌

1,431,011

‌

1,171,976

‌

1,095,476

‌

832,254

‌

Portfolio

turnover

rate

(f)

...........................................

(a)

Based

average

outstanding.

(b)

The

amounts

reported

for

outstanding

may

not

accord

with

the

change

aggregate

gains

and

losses

securities

for

the

fiscal

period

due

the

timing

capital

transactions

relation

the

fluctuating

market

values

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

distributions.

(e)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(f)

Portfolio

turnover

rate

excludes

in-kind

transactions,

any.

See

notes

financial

statements.

Financial

Highlights

(continued)

(For

outstanding

throughout

each

period)

2024

iShares

Annual

Financial

Statements

iShares

U.S.

Small-Cap

Equity

Factor

ETF

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Year

Ended

07/31/20

Net

asset

value,

beginning

year

.................................

56.59

‌

51.72

‌

54.65

‌

37.38

‌

40.96

‌

Net

investment

income

(a)

........................................

.80

‌

.81

‌

.56

‌

.42

‌

.49

‌

Net

realized

and

unrealized

gain

(loss)

(b)

..............................

8.83

‌

4.87

‌

(2.84

)

17.43

‌

(3.53

)

Net

increase

(decrease)

from

investment

operations

.......................

9.63

‌

5.68

‌

(2.28

)

17.85

‌

(3.04

)

Distributions

from

net

investment

income

(c)

...........................

(0.59

)

(0.81

)

(0.65

)

(0.58

)

(0.54

)

Net

asset

value,

end

year

......................................

65.63

‌

56.59

‌

51.72

‌

54.65

‌

37.38

‌

Total

Return

(d)

—

Based

net

asset

value

.........................................

17.19

11.23

(4.23

48.13

(7.39

Ratios

Average

Net

Assets

(e)

Total

expen

ses

................................................

0.15

0.21

0.30

Net

investment

income

...........................................

1.39

1.58

1.04

0.87

1.31

Supplemental

Data

Net

assets,

end

year

(000)

.......................................

1,227,251

‌

814,868

‌

990,459

‌

1,016,441

‌

540,110

‌

Portfolio

turnover

rate

(f)

...........................................

108

(a)

Based

average

outstanding.

(b)

The

amounts

reported

for

outstanding

may

not

accord

with

the

change

aggregate

gains

and

losses

securities

for

the

fiscal

period

due

the

timing

capital

transactions

relation

the

fluctuating

market

values

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

distributions.

(e)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(f)

Portfolio

turnover

rate

excludes

in-kind

transactions,

any.

See

notes

financial

statements.

Financial

Highlights

(continued)

(For

outstanding

throughout

each

period)

Financial

Highlights

iShares

U.S.

Tech

Breakthrough

Multisector

ETF

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Period

from

01/08/20

(a)

07/31/20

Net

asset

value,

beginning

period

...............................

39.40

‌

30.87

‌

41.17

‌

30.72

‌

25.21

‌

Net

investment

income

(b)

.......................................

.14

‌

.15

‌

.15

‌

.15

‌

.07

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.............................

9.64

‌

8.53

‌

(10.29

)

10.48

‌

5.60

‌

Net

increase

(decrease)

from

investment

operations

......................

9.78

‌

8.68

‌

(10.14

)

10.63

‌

5.67

‌

Distributions

(d)

–

From

net

investment

income

....................................

(

.11

)

(

.15

)

(

.16

)

(

.15

)

(

.16

)

From

net

realized

gain

.........................................

—

‌

—

‌

—

‌

(

.03

)

—

‌

Total

distributions

.............................................

(0.11

)

(0.15

)

(0.16

)

(0.18

)

(0.16

)

Net

asset

value,

end

period

....................................

49.07

‌

39.40

‌

30.87

‌

41.17

‌

30.72

‌

Total

Return

(e)

—

Based

net

asset

value

........................................

24.84

28.28

(24.71

34.72

22.73

(f)

Ratios

Average

Net

Assets

(g)

Total

expen

ses

...............................................

0.39

0.40

(h)

Total

expenses

after

fees

waived

...................................

0.30

(h)

Net

investment

income

..........................................

0.31

0.47

0.41

0.43

(h)

Supplemental

Data

Net

assets,

end

period

(000)

....................................

409,723

‌

317,190

‌

345,719

‌

432,317

‌

344,073

‌

Portfolio

turnover

rate

(i)

..........................................

(a)

Commencement

operations.

(b)

Based

average

outstanding.

(c)

The

amounts

reported

for

outstanding

may

not

accord

with

the

change

aggregate

gains

and

losses

securities

for

the

fiscal

period

due

the

timing

capital

transactions

relation

the

fluctuating

market

values

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions,

any.

See

notes

financial

statements.

Notes

Financial

Statements

2024

iShares

Annual

Financial

Statements

ORGANIZATION

iShares

Trust

(the

“Trust”)

registered

under

the

Investment

Company

Act

1940,

amended

(the

“1940

Act”),

open-end

management

investment

company.

The

Trust

organized

Delaware

statutory

trust

and

authorized

have

multiple

series

portfolios.

These

financial

statements

relate

only

the

following

funds

(each,

“Fund”

and

collectively,

the

“Funds”):

Significant

Accounting

Policies

The

financial

statements

are

prepared

conformity

with

accounting

principles

generally

accepted

the

United

States

America

(“U.S.

GAAP”),

which

may

require

management

make

estimates

and

assumptions

that

affect

the

reported

amounts

assets

and

liabilities

the

financial

statements,

disclosure

contingent

assets

and

liabilities

the

date

the

financial

statements

and

the

reported

amounts

increases

and

decreases

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. Each

Fund

considered

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

investment

companies.

Below

summary

significant

accounting

policies:

Investment Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

any,

are

recorded

the

ex-dividend

date.

Non-cash

dividends,

any,

are

recorded

the

ex-dividend

date

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

date

may

have

passed

are

subsequently

recorded

when

the

Funds

are

informed

the

ex-dividend

date.

Under

the

applicable

foreign

tax

laws,

withholding

tax

various

rates

may

imposed

capital

gains,

dividends

and

interest.

Upon

notification

from

issuers

estimated

management,

portion

the

dividend

income

received

from

real

estate

investment

trust

may

redesignated

reduction

cost

the

investment

and/or

realized

gain. Interest

income,

including

amortization

and

accretion

premiums

and

discounts

debt

securities,

recognized

daily

accrual

basis.

Foreign

Currency

Translation:

Each

Fund’s

books

and

records

are

maintained

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

foreign

currencies

are

translated

into

U.S.

dollars

using

prevailing

market

rates

quoted

one

data

service

providers.

Purchases

and

sales

investments

are

recorded

the

rates

exchange

prevailing

the

respective

dates

such

transactions.

Generally,

when

the

U.S.

dollar

rises

value

against

foreign

currency,

the

investments

denominated

that

currency

will

lose

value;

the

opposite

effect

occurs

the

U.S.

dollar

falls

relative

value.

Each

Fund

does

not

isolate

the

effect

fluctuations

foreign

exchange

rates

from

the

effect

fluctuations

the

market

prices

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

changes

exchange

rates

investments

are

not

segregated

the

Statements

Operations

from

the

effects

changes

market

prices

those

investments,

but

are

included

component

net

realized

and

unrealized

gain

(loss)

from

investments.

Each

Fund

reports

realized

currency

gains

(losses)

foreign

currency

transactions

components

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

ordinary

income

for

U.S.

federal

income

tax

purposes.

Foreign

Taxes:

Certain

Funds

may

subject

foreign

taxes

portion

which

may

reclaimable)

income,

stock

dividends,

capital

gains

investments,

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

the

foreign

jurisdictions

which

each

Fund

invests.

These

foreign

taxes,

any,

are

paid

each

Fund

and

are

reflected

its Statements

Operations

follows:

foreign

taxes

withheld

source

are

presented

reduction

income,

foreign

taxes

securities

lending

income

are

presented

reduction

securities

lending

income,

foreign

taxes

stock

dividends

are

presented

“Other

foreign

taxes”,

and

foreign

taxes

capital

gains

from

sales

investments

and

foreign

taxes

foreign

currency

transactions

are

included

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

deferred

July

31,

2024

any,

are

disclosed

the Statements

Assets

and

Liabilities.

The

Funds

file

withholding

tax

reclaims

certain

jurisdictions

recover

portion

amounts

previously

withheld.

The

Funds

may

record

reclaim

receivable

based

collectability,

which

includes

factors

such

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

Operations

include

tax

reclaims

recorded

well

professional

and

other

fees,

any,

associated

with

recovery

foreign

withholding

taxes.

Bank

Overdraft:

Certain

Funds

had

outstanding

cash

disbursements

exceeding

deposited

cash

amounts

the

custodian

during

the

reporting

period.

The

Funds

are obligated

repay

the

custodian

for

any

overdraft,

including

any

costs

expenses,

where

applicable.

For

financial

reporting

purposes,

overdraft

fees,

any,

are

included

interest

expense

the

Statements

Operations.

Collateralization:

required

exchange

counterparty

agreement,

the Funds

may

required

deliver/deposit

cash

and/or

securities

to/with

exchange,

broker-

dealer

custodian

collateral

for

certain

investments.

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

sales

securities

resulting

realized

capital

gains

losses

the

Funds.

Because

such

gains

losses

are

not

taxable

the

Funds

and

are

not

distributed

existing

Fund

shareholders,

the

gains

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

paid-in

capital

the

end

the

Funds’

tax

year.

These

reclassifications

have

effect

net

assets

net

asset

value

(“NAV”)

per

share.

Distributions:

Dividends

and

distributions

paid

each

Fund

are

recorded

the

ex-dividend

dates.

Distributions

are

determined

tax

basis

and

may

differ

from

net

investment

income

and

net

realized

capital

gains

for

financial

reporting

purposes.

Dividends

and

distributions

are

paid

U.S.

dollars

and

cannot

automatically

reinvested

additional

the

Funds.

iShares

ETF

Diversification

Classification

MSCI

USA

Small-Cap

Min

Vol

Factor

.......................................................................................

Diversified

U.S.

Equity

Factor

....................................................................................................

Diversified

U.S.

Small-Cap

Equity

Factor

............................................................................................

Diversified

U.S.

Tech

Breakthrough

Multisector

........................................................................................

Diversified

Notes

Financial

Statements

(continued)

Notes

Financial

Statements

Indemnifications:

the

normal

course

business,

each

Fund

enters

into

contracts

that

contain

variety

representations

that

provide

general

indemnification.

The

Funds’

maximum

exposure

under

these

arrangements

unknown

because

involves

future

potential

claims

against

the

Funds,

which

cannot

predicted

with

any

certainty.

Investment

Valuation

and

Fair

Value

Measurements

Investment

Valuation

Policies:

Each

Fund’s

investments

are

valued

fair

value

(also

referred

“market

value”

within

the

financial

statements)

each

day

that

the

Fund’s

listing

exchange

open

and,

for

financial

reporting

purposes,

the

report

date.

U.S.

GAAP

defines

fair

value

the

price

fund

would

receive

sell

asset

pay

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date.

The

Board

Trustees

the

Trust

(the

“Board”)

of each

Fund

has

approved

the

designation

BlackRock

Fund

Advisors

(“BFA”),

the

Funds’

investment

adviser, as

the

valuation

designee

for

each

Fund. Each

Fund

determines

the

fair

values

its

financial

instruments

using

various

independent

dealers

pricing

services

under

BFA’s

policies.

security’s

market

price

not

readily

available

does

not

otherwise

accurately

represent

the

fair

value

the

security,

the

security

will

valued

accordance

with

BFA’s policies

and

procedures as

reflecting

fair

value. BFA

has

formed

committee

(the

“Valuation

Committee”)

develop pricing

policies

and

procedures

and

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

establish

the

fair

value

each

Fund’s

assets

and

liabilities:

Equity

investments

traded

recognized

securities

exchange

are

valued

that

day’s

official

closing

price,

applicable,

the

exchange

where

the

stock

primarily

traded.

Equity

investments

traded

recognized

exchange

for

which

there

were

sales

that

day

are valued

the

last

traded

price.

Investments

open-end

U.S.

mutual

funds

(including

money

market

funds)

are

valued

that

day’s

published

NAV.

Futures

contracts

are

valued

based

that

day’s

last

reported

settlement

trade

price

the

exchange

where

the

contract

traded.

Swap

agreements

are

valued

utilizing

quotes

received

daily

independent

pricing

services

through

brokers,

which

are

derived

using

daily

swap

curves

and

models

that

incorporate

number

market

data

factors,

such

discounted

cash

flows,

trades

and

values

the

underlying

reference

instruments.

Generally,

trading

foreign

instruments

substantially

completed

each

day

various

times

prior

the

trading

the

New

York

Stock

Exchange

(“NYSE”).

Each

business

day,

the

Funds

use

current

market

factors

supplied

independent

pricing

services

value

certain

foreign

instruments

(“Systematic

Fair

Value

Price”).

The

Systematic

Fair

Value

Price

designed

value

such

foreign

securities

fair

value

the

trading

the

NYSE,

which

follows

the

local

markets.

events

(e.g.,

market

volatility,

company

announcement

natural

disaster)

occur

that

are

expected

materially

affect

the

value

such

investment,

the

event

that

application

these

methods

valuation

results

price

for

investment

that

deemed

not

representative

the

market

value

such

investment,

price

not

available,

the

investment

will

valued

the Valuation

Committee,

accordance

with

BFA’s

policies

and

procedures as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

used

the Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

discounted

cash

flow,

use

market

comparables

and

matrix

pricing

are

types

valuation

approaches

and

are

typically

used

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the Valuation

Committee

seeks

determine

the

price

that each

Fund

might

reasonably

expect

receive

pay

from

the

current

sale

purchase

that

asset

liability

arm’s-length

transaction.

Fair

value

determinations

shall

based

upon

all

available

factors

that

the Valuation

Committee

deems

relevant

and

consistent

with

the

principles

fair

value

measurement.

Fair

value

pricing

could

result

difference

between

the

prices

used

calculate

fund’s

NAV

and

the

prices

used

the

fund’s

underlying

index,

which

turn

could

result

difference

between

the

fund’s

performance

and

the

performance

the

fund’s

underlying

index.

Fair

Value

Hierarchy:

Various

inputs

are

used

determining

the

fair

value

financial

instruments.

These

inputs

valuation

techniques

are

categorized

into

fair

value

hierarchy

consisting

three

broad

levels

for

financial

reporting

purposes

follows:

Level

–

Unadjusted

price

quotations

active

markets/exchanges

for

identical

assets

liabilities

that each

Fund

has

the

ability

access;

Level

–

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

liabilities

markets

that

are

active,

quoted

prices

for

identical

similar

assets

liabilities

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

liabilities

(such

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

other

market-corroborated

inputs);

and

Level

–

Unobservable

inputs

based

the

best

information

available

the

circumstances,

the

extent

observable

inputs

are

not

available,

(including

the Valuation

Committee’s

assumptions

used

determining

the

fair

value

financial

instruments).

The

hierarchy

gives

the

highest

priority

unadjusted

quoted

prices

active

markets

for

identical

assets

liabilities

(Level

measurements)

and

the

lowest

priority

unobservable

inputs

(Level

measurements).

Accordingly,

the

degree

judgment

exercised

determining

fair

value

greatest

for

instruments

categorized

Level

The

inputs

used

measure

fair

value

may

fall

into

different

levels

the

fair

value

hierarchy.

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

determined

based

the

lowest

level

input

that

significant

the

fair

value

measurement

its

entirety.

Investments

classified

within

Level

have

significant

unobservable

inputs

used

the Valuation

Committee

determining

the

price

for

Fair

Valued

Investments.

Level

investments

include

equity

debt

issued

privately

held

companies

funds

that

may

not

have

secondary

market

and/or

may

have

limited

number

investors.

The

categorization

value

determined

for

financial

instruments

based

the

pricing

transparency

the

financial

instruments

and

not

necessarily

indication

the

risks

associated

with

investing

those

securities.

Notes

Financial

Statements

(continued)

2024

iShares

Annual

Financial

Statements

Securities

and

Other

Investments

Securities

Lending:

Each

Fund

may

lend

its

securities

approved

borrowers,

such

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

cash,

irrevocable

letter

credit

issued

approved

bank,

securities

issued

guaranteed

the

U.S.

government.

The

initial

collateral

received

each

Fund

required

have

value

least

102%

the

current

market

value

the

loaned

securities

for

securities

traded

U.S.

exchanges

and

value

least

105%

for

all

other

securities.

The

collateral

maintained

thereafter

value

equal

least

100%

the

current

value

the

securities

loan.

The

market

value

the

loaned

securities

determined

the

each

business

day

the

Fund

and

any

additional

required

collateral

delivered

the

Fund

excess

collateral

returned

the

Fund,

the

business

day.

During

the

term

the

loan,

each

Fund

entitled

all

distributions

made

respect

the

loaned

securities

but

does

not

receive

interest

income

securities

received

collateral.

Loans

securities

are

terminable

any

time

and

the

borrower,

after

notice,

required

return

borrowed

securities

within

the

standard

time

period

for

settlement

securities

transactions.

period

end,

any

securities

loan

were

collateralized

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

money

market

funds

managed

BFA,

its

affiliates

disclosed

the

Schedule

Investments.

Any

non-cash

collateral

received

cannot

sold,

re-invested

pledged

the

Fund,

except

the

event

borrower

default.

The

securities

loan,

any,

are

also

disclosed

each

Fund’s

Schedule

Investments.

The

market

value

any

securities

loan

and

the

value

any

cash

collateral

are

disclosed

the

Statements

Assets

and

Liabilities.

Securities

lending

transactions

are

entered

into

the

Funds

under

Master

Securities

Lending

Agreements

(each,

“MSLA”)

which

provide

the

right,

the

event

default

(including

bankruptcy

insolvency)

for

the

non-defaulting

party

liquidate

the

collateral

and

calculate

net

exposure

the

defaulting

party

request

additional

collateral.

the

event

that

borrower

defaults,

the

Funds,

lender,

would

offset

the

market

value

the

collateral

received

against

the

market

value

the

securities

loaned.

When

the

value

the

collateral

greater

than

that

the

market

value

the

securities

loaned,

the

lender

left

with

net

amount

payable

the

defaulting

party.

However,

bankruptcy

insolvency

laws

particular

jurisdiction

may

impose

restrictions

prohibitions

against

such

right

offset

the

event

MSLA

counterparty’s

bankruptcy

insolvency.

Under

the

MSLA,

absent

event

default,

the

borrower

can

resell

re-pledge

the

loaned

securities,

and

the

Funds

can

reinvest

cash

collateral

received

connection

with

loaned

securities.

Upon

event

default,

the

parties’

obligations

return

the

securities

collateral

the

other

party

are

extinguished,

and

the

parties

can

resell

re-pledge

the

loaned

securities

the

collateral

received

connection

with

the

loaned

securities

order

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

period

end,

the

following

table

summary

the

securities

loan

counterparty

which

are

subject

offset

under

MSLA:

iShares

ETF

and

Counterparty

Securities

Loaned

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

Fair

Value

(a)

Net

Amount

MSCI

USA

Small-Cap

Min

Vol

Factor

Barclays

Bank

plc

......................................

5,823,071‌

(5,823,071‌)

–‌

BNP

Paribas

.......................................

10,541,730‌

(10,541,730‌)

–‌

HSBC

Bank

plc

.......................................

4,571,959‌

(4,571,959‌)

–‌

J.P.

Morgan

Securities

LLC

...............................

3,433,111‌

(3,385,954‌)

–‌

47,157‌

(b)

Jefferies

LLC

.........................................

42,889‌

(42,329‌)

–‌

560‌

(b)

Morgan

Stanley

.......................................

2,201,973‌

(2,201,973‌)

–‌

National

Financial

Services

LLC

............................

4,096,545‌

(4,096,545‌)

–‌

State

Street

Bank

Trust

Co.

..............................

784,179‌

(784,179‌)

–‌

Toronto-Dominion

Bank

(The)

..............................

155,100‌

(155,100‌)

–‌

UBS

............................................

1,193‌

(1,179‌)

–‌

14‌

Wells

Fargo

Bank

...................................

1,406,605‌

(1,406,605‌)

–‌

33,058,355‌

(33,010,624‌)

–‌

47,731‌

U.S.

Equity

Factor

Barclays

Bank

plc

......................................

2,026,655‌

(2,026,655‌)

–‌

BNP

Paribas

.......................................

63,960‌

(63,960‌)

–‌

BofA

Securities,

Inc.

....................................

1,890,048‌

(1,890,048‌)

–‌

Goldman

Sachs

Co.

LLC

...............................

1,202,861‌

(1,202,861‌)

–‌

HSBC

Bank

plc

.......................................

2,526‌

(2,503‌)

–‌

23‌

(b)

Jefferies

LLC

.........................................

81,439‌

(81,439‌)

–‌

RBC

Capital

Markets

LLC

................................

2,692,785‌

(2,692,785‌)

–‌

Toronto-Dominion

Bank

(The)

..............................

1,133,050‌

(1,118,569‌)

–‌

14,481‌

(b)

UBS

............................................

792,846‌

(781,692‌)

–‌

11,154‌

(b)

UBS

Securities

LLC

....................................

3,133,690‌

(3,133,690‌)

–‌

Wells

Fargo

Bank

...................................

99,367‌

(99,251‌)

–‌

116‌

(b)

Wells

Fargo

Securities

LLC

...............................

31,137‌

(31,137‌)

–‌

13,150,364‌

(13,124,590‌)

–‌

25,774‌

U.S.

Small-Cap

Equity

Factor

Barclays

Bank

plc

......................................

5,502,486‌

(5,502,486‌)

–‌

BNP

Paribas

.......................................

5,174,959‌

(5,174,959‌)

–‌

BofA

Securities,

Inc.

....................................

8,314,267‌

(8,314,267‌)

–‌

Citadel

Clearing

LLC

....................................

327,760‌

(327,760‌)

–‌

Citigroup

Global

Markets,

Inc.

..............................

8,513,317‌

(8,513,317‌)

–‌

Goldman

Sachs

Co.

LLC

...............................

14,363,403‌

(13,861,349‌)

–‌

502,054‌

(b)

HSBC

Bank

plc

.......................................

5,247,684‌

(5,247,684‌)

–‌

J.P.

Morgan

Securities

LLC

...............................

8,210,822‌

(8,210,822‌)

–‌

Jefferies

LLC

.........................................

99,691‌

(99,691‌)

–‌

Morgan

Stanley

.......................................

13,246,883‌

(13,246,883‌)

–‌

Notes

Financial

Statements

(continued)

Notes

Financial

Statements

The

risks

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

may

not

return

the

securities

when

due.

mitigate

these

risks,

each

Fund

benefits

from

borrower

default

indemnity

provided

BlackRock,

Inc.

(“BlackRock”).

BlackRock’s

indemnity

allows

for

full

replacement

the

securities

loaned

the

extent

the

collateral

received

does

not

cover

the

value

the

securities

loaned

the

event

borrower

default.

Each

Fund

could

incur

loss

the

value

investment

purchased

with

cash

collateral

falls

below

the

market

value

the

loaned

securities

the

value

investment

purchased

with

cash

collateral

falls

below

the

value

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

each

Fund.

Derivative

Financial

Instruments

Futures

Contracts:

Futures

contracts

are

purchased

sold

gain

exposure

to,

manage

exposure

to,

changes

interest

rates

(interest

rate

risk)

and

changes

the

value

equity

securities

(equity

risk)

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded

agreements

between

the

Funds

and

counterparty

buy

sell

specific

quantity

underlying

instrument

specified

price

and

specified

date.

Depending

the

terms

contract,

settled

either

through

physical

delivery

the

underlying

instrument

the

settlement

date

payment

cash

amount

the

settlement

date.

Upon

entering

into

futures

contract,

the

Funds

are

required

deposit

initial

margin

with

the

broker

the

form

cash

securities

amount

that

varies

depending

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

maintained

established

level

over

the

life

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

cash

pledged

for

futures

contracts

the

Statements

Assets

and

Liabilities.

Securities

deposited

initial

margin

are

designated

the

Schedule

Investments

and

cash

deposited,

any,

are

shown

cash

pledged

for

futures

contracts

the

Statements

Assets

and

Liabilities.

Pursuant

the

contract,

the

Funds

agree

receive

from

pay

the

broker

amount

cash

equal

the

daily

fluctuation

market

value

the

contract

(“variation

margin”).

Variation

margin

recorded

unrealized

appreciation

(depreciation)

and,

any,

shown

variation

margin

receivable

(or

payable)

futures

contracts

the

Statements

Assets

and

Liabilities.

When

the

contract

closed,

realized

gain

loss

recorded

the

Statements

Operations

equal

the

difference

between

the

notional

amount

the

contract

the

time

was

opened

and

the

notional

amount

the

time

was

closed.

The

use

futures

contracts

involves

the

risk

imperfect

correlation

the

movements

the

price

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

underlying

assets.

Swaps:

Swap

contracts

are

entered

into

manage

exposure

issuers,

markets

and

securities.

Such

contracts

are

agreements

between

the

Funds

and

counterparty

make

periodic

net

payments

specified

notional

amount

net

payment

upon

termination.

Swap

agreements

are

privately

negotiated

the

over-the-counter

("OTC")

market

and

may

entered

into

bilateral

contract

(“OTC

swaps”)

centrally

cleared

(“centrally

cleared

swaps”).

For

OTC

swaps,

any

upfront

premiums

paid

and

any

upfront

fees

received

are

shown

swap

premiums

paid

and

swap

premiums

received,

respectively,

the

Statements

Assets

and

Liabilities

and

amortized

over

the

term

the

contract.

The

daily

fluctuation

market

value

recorded

unrealized

appreciation

(depreciation)

OTC

Swaps

the

Statements

Assets

and

Liabilities.

Payments

received

paid

are

recorded

the

Statements

Operations

realized

gains

losses,

respectively.

When

OTC

iShares

ETF

and

Counterparty

Securities

Loaned

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

Fair

Value

(a)

Net

Amount

U.S.

Small-Cap

Equity

Factor

(continued)

National

Financial

Services

LLC

............................

2,582,290‌

(2,582,290‌)

–‌

Natixis

...........................................

617,961‌

(617,961‌)

–‌

RBC

Capital

Markets

LLC

................................

1,370,486‌

(1,370,486‌)

–‌

Scotia

Capital

(USA),

Inc.

................................

1,268,679‌

(1,266,476‌)

–‌

2,203‌

(b)

Americas

Securities

LLC

..............................

2,237‌

(2,146‌)

–‌

91‌

(b)

State

Street

Bank

Trust

Co.

..............................

1,094,534‌

(1,094,534‌)

–‌

Toronto-Dominion

Bank

(The)

..............................

968,694‌

(955,428‌)

–‌

13,266‌

(b)

UBS

............................................

111,777‌

(109,177‌)

–‌

2,600‌

(b)

Virtu

Americas

LLC

.....................................

340,509‌

(338,303‌)

–‌

2,206‌

(b)

Wells

Fargo

Bank

...................................

340,154‌

(340,154‌)

–‌

Wells

Fargo

Securities

LLC

...............................

38,717‌

(38,496‌)

–‌

221‌

(b)

77,737,310‌

(77,214,669‌)

–‌

522,641‌

U.S.

Tech

Breakthrough

Multisector

Barclays

Bank

plc

......................................

432,508‌

(421,742‌)

–‌

10,766‌

(b)

Barclays

Capital,

Inc.

...................................

101,603‌

(101,603‌)

–‌

BNP

Paribas

.......................................

179,962‌

(179,962‌)

–‌

BofA

Securities,

Inc.

....................................

2,795,816‌

(2,787,273‌)

–‌

8,543‌

(b)

Citadel

Clearing

LLC

....................................

1,148,622‌

(1,148,622‌)

–‌

Citigroup

Global

Markets,

Inc.

..............................

1,433,467‌

(1,433,467‌)

–‌

HSBC

Bank

plc

.......................................

2,018‌

(2,018‌)

–‌

J.P.

Morgan

Securities

LLC

...............................

241,849‌

(241,849‌)

–‌

Morgan

Stanley

.......................................

646,750‌

(646,750‌)

–‌

Scotia

Capital

(USA),

Inc.

................................

20,712‌

(20,712‌)

–‌

State

Street

Bank

Trust

Co.

..............................

74,855‌

(74,855‌)

–‌

Toronto-Dominion

Bank

(The)

..............................

45,576‌

(45,576‌)

–‌

7,123,738‌

(7,104,429‌)

–‌

19,309‌

(a)

Collateral

received,

any,

excess

the

market

value

securities

loan

not

presented

this

table.

The

total

cash

collateral

received

each

Fund

disclosed

the

Fund’s

Statements

Assets

and

Liabilities.

(b)

The

market

value

the

loaned

securities

determined

July

31,

2024.

Additional

collateral

delivered

the

Fund

the

business

day

accordance

with

the

MSLA.

The

net

amount

would

subject

the

borrower

default

indemnity

the

event

default

the

counterparty.

Notes

Financial

Statements

(continued)

2024

iShares

Annual

Financial

Statements

swap

terminated,

realized

gain

loss

recorded

the

Statements

Operations

equal

the

difference

between

the

proceeds

from

(or

cost

of)

the

closing

transaction

and

the

Funds’

basis

the

contract,

any.

Generally,

the

basis

the

contract

the

premium

received

paid.

Total

return

swaps

are

entered

into by

the

U.S.

Small-Cap

Equity

Factor

obtain

exposure

security

market

without

owning

such

security

investing

directly

such

market

exchange

the

risk/return

one

security

market

(e.g.,

fixed-income)

with

another

security

market

(e.g.,

equity

commodity

prices)

(equity

risk,

commodity

price

risk

and/or

interest

rate

risk).

Total

return

swaps

are

agreements

which

there

exchange

cash

flows

whereby

one

party

commits

make

payments

based

the

total

return

(distributions

plus

capital

gains/losses)

underlying

instrument,

basket

underlying

instruments,

exchange

for

fixed

floating

rate

interest

payments.

the

total

return

the

instruments

index

underlying

the

transaction

exceeds

falls

short

the

offsetting

fixed

floating

interest

rate

obligation,

the

Fund

receives

payment

from

makes

payment

the

counterparty.

Certain

total

return

swaps

are

designed

function

portfolio

direct

investments

long

and

short

equity

positions.

This

means

that

the

Fund

has

the

ability

trade

and

out

these

long

and

short

positions

within

the

swap

and

will

receive

the

economic

benefits

and

risks

equivalent

direct

investment

these

positions,

subject

certain

adjustments

due

events

the

counterparty.

Benefits

and

risks

include

capital

appreciation

(depreciation),

corporate

actions

and

dividends

received

and

paid,

all

which

are

reflected

the

swap’s

market

value.

The

market

value

also

includes

interest

charges

and

credits

(“financing

fees”)

the

notional

values

the

long

and

short

positions

and

cash

balances

within

the

swap.

These

interest

charges

and

credits

are

based

specified

benchmark

rate

plus

minus

specified

spread

determined

based

upon

the

country

and/or

currency

the

positions

the

portfolio.

Positions

within

the

swap

and

financing

fees

are

reset

periodically.

During

reset,

any

unrealized

appreciation

(depreciation)

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

realized

gains

losses

the

Statements

Operations.

Cash

settlement

and

out

the

swap

may

occur

reset

date

any

other

date,

the

discretion

the

Fund

and

the

counterparty,

over

the

life

the

agreement.

Certain

swaps

have

stated

expiration

and

can

terminated

either

party

any

time.

Swap

transactions

involve,

varying

degrees,

elements

interest

rate,

credit

and

market

risks

excess

the

amounts

recognized

the

Statements

Assets

and

Liabilities.

Such

risks

involve

the

possibility

that

there

will

liquid

market

for

these

agreements,

that

the

counterparty

the

agreements

may

default

its

obligation

perform

disagree

the

meaning

the

contractual

terms

the

agreements,

and

that

there

may

unfavorable

changes

interest

rates

and/or

market

values

associated

with

these

transactions.

Master

Netting

Arrangements:

order

define

its

contractual

rights

and

secure

rights

that

will

help

mitigate

its

counterparty

risk,

Fund

may

enter

into

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

similar

agreement

with

its

derivative

contract

counterparties.

ISDA

Master

Agreement

bilateral

agreement

between

Fund

and

counterparty

that

governs

certain

OTC

derivatives

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

the

event

default

and/or

termination

event.

Under

ISDA

Master

Agreement,

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

the

ISDA

Master

Agreement

typically

permit

single

net

payment

the

event

default

including

the

bankruptcy

insolvency

the

counterparty.

However,

bankruptcy

insolvency

laws

particular

jurisdiction

may

impose

restrictions

prohibitions

against

the

right

offset

bankruptcy,

insolvency,

other

events.

For

derivatives

traded

under

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement,

and

comparing

that

amount

the

value

any

collateral

currently

pledged

fund

and

the

counterparty.

Cash

collateral

that

has

been

pledged

cover

obligations

the

Funds

and

cash

collateral

received

from

the

counterparty,

any,

reported

separately

the

Statements

Assets

and

Liabilities

cash

pledged

collateral

and

cash

received

collateral,

respectively.

Non-cash

collateral

pledged

the

Funds,

any,

noted

the

Schedules

Investments.

Generally,

the

amount

collateral

due

from

counterparty

subject

certain

minimum

transfer

amount

threshold

before

transfer

required,

which

determined

the

business

the

Funds.

Any

additional

required

collateral

delivered

to/pledged

the

Funds

the

business

day.

Typically,

the

counterparty

not

permitted

sell,

re-pledge

use

cash

and

non-cash

collateral

receives.

fund

generally

agrees

not

use

non-cash

collateral

that

receives

but

may,

absent

default

certain

other

circumstances

defined

the

underlying

ISDA

Master

Agreement,

permitted

use

cash

collateral

received.

such

cases,

interest

may

paid

pursuant

the

collateral

arrangement

with

the

counterparty.

the

extent

amounts

due

the

Funds

from

the

counterparty

are

not

fully

collateralized,

each

Fund

bears

the

risk

loss

from

counterparty

non-performance.

Likewise,

the

extent

the

Funds

have

delivered

collateral

counterparty

and

stand

ready

perform

under

the

terms

of their

agreement

with

such

counterparty,

each

Fund

bears

the

risk

loss

from

counterparty

the

amount

the

value

the

collateral

the

event

the

counterparty

fails

return

such

collateral.

Based

the

terms

agreements,

collateral

may

not

required

for

all

derivative

contracts.

For

financial

reporting

purposes,

each

Fund

does

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

netting

arrangements,

any,

the

Statements

Assets

and

Liabilities.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates

Investment

Advisory

Fees:

Pursuant

Investment

Advisory

Agreement

with

the

Trust

BFA

manages

the

investment

of each

Fund’s

assets.

BFA

California

corporation

indirectly owned

BlackRock. Under

the

Investment

Advisory

Agreement,

BFA

responsible

for

substantially

all

expenses

the

Funds,

except

(

)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

determined

majority

the

independent

trustees

Notes

Financial

Statements

(continued)

Notes

Financial

Statements

For

its

investment

advisory

services

to each of

the

following Funds,

BFA

entitled

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

the

Funds,

based

the

average

daily

net

assets

of each

Fund

follows:

Effective

June

28,

2024,

for

its

investment

advisory

services

the

iShares

U.S.

Tech

Breakthrough

Multisector

ETF,

BFA

entitled

annual

investment

advisory

fee

0.30%,

accrued

daily

and

paid

monthly

the

Fund,

based

the

average

daily

net

assets

the

Fund.

Prior

to June

28,

2024,

BFA

was

entitled

annual

investment

advisory

fee

0.40%,

accrued

daily

and

paid

monthly

the

Fund,

based

the

average

daily

net

assets

the

Fund.

Expense

Waivers

BFA

may

from

time

voluntarily

waive

and/or

reimburse

fees

expenses

order

limit

total

annual

fund

operating

expenses

(excluding

acquired

fund

fees

and

expenses,

any).

Prior

June

28,

2024,

for

the

iShares

U.S.

Tech

Breakthrough

Multisector

ETF,

BFA

elected

implement

voluntary

fee

waiver

order

limit

the

Fund’s

total

annual

operating

expenses

after

fee

waiver

0.30%

and

currently

intends

keep

such

voluntary

fee

waiver

for

the

Fund

place

through

December

31,

2024.

Any

such

voluntary

waiver

reimbursement

may

eliminated

BFA

any

time.

These

amounts are

included

investment

advisory

fees

waived

the

Statements

Operations.

For

the

year ended July

31,

2024,

the

amounts

waived

investment

advisory

fees

pursuant

this

arrangement

were

follows:

Distributor:

BlackRock

Investments,

LLC

(“BRIL”),

affiliate

BFA,

the

distributor

for

each

Fund.

Pursuant

the

distribution

agreement,

BFA

responsible

for

any

fees

expenses

for

distribution

services

provided

the

Funds.

ETF

Servicing

Fees:

Each

Fund

has

entered

into

ETF

Services

Agreement

with

BRIL

perform

certain

order

processing,

Authorized

Participant

communications,

and

services

connection

with

the

issuance

and

redemption

Creation

Units

(“ETF

Services”).

BRIL

entitled

transaction

fee

from

Authorized

Participants

each

creation

redemption

order

for

the

ETF

Services

provided. The Funds

not

pay

BRIL

for

ETF

Services.

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(the

“SEC”)

has

issued

exemptive

order

which

permits

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

affiliate

BFA,

serve

securities

lending

agent

for

the

Funds,

subject

applicable

conditions.

securities

lending

agent,

BTC

bears

all

operational

costs

directly

securities

lending,

including

any

custodial

costs.

Each

Fund

responsible

for

fees

connection

with

the

investment

cash

collateral

received

for

securities

loan

(the

“collateral

investment

fees”).

The

cash

collateral

invested

money

market

fund,

BlackRock

Cash

Funds:

Institutional

BlackRock

Cash

Funds:

Treasury,

managed

BFA,

its

affiliates.

However,

BTC

has

agreed

reduce

the

amount

securities

lending

income

receives

order

effectively

limit

the

collateral

investment

fees

each

Fund

bears

annual

rate

0.04%.

The

Agency

such

money

market

fund

will

not

subject

sales

load,

redemption

fee,

distribution

fee

service

fee.

The

money

market

fund

which

the

cash

collateral

has

been

invested

may

impose

discretionary

liquidity

fee

the

value

redeemed,

such

fee

determined

the

best

interests

such

money

market

fund.

Securities

lending

income

generally

equal

the

total

income

earned

from

the

reinvestment

cash

collateral

(and

excludes

collateral

investment

fees),

and

any

fees

other

payments

and

from

borrowers

securities.

Each

Fund

retains

portion

the

securities

lending

income

and

remits

the

remaining

portion

BTC

compensation

for

its

services

securities

lending

agent.

Pursuant

the

current

securities

lending

agreement,

each

Fund

retains

81%

securities

lending

income

(which

excludes

collateral

investment

fees)

and

the

amount

retained

can

never

less

than

70%

the

total

securities

lending

income

plus

the

collateral

investment

fees.

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”)

that

calendar

year

exceeds

specified

threshold,

each

Fund,

pursuant

the

securities

lending

agreement,

will

retain

for

the

remainder

that

calendar

year

81%

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

can

never

less

than

70%

the

total

securities

lending

income

plus

the

collateral

investment

fees.

The

securities

lending

income

earned

by each

Fund

shown

securities

lending

income

–

affiliated

–

net

its

Statements

Operations.

For

the year ended

July

31,

2024,

the

Funds

paid

BTC

the

following

amounts

for

securities

lending

agent

services:

Officers

and

Trustees:

Certain

officers

and/or

trustees

the

Trust

are

officers

and/or

trustees

BlackRock

its

affiliates.

Other

Transactions:

Cross

trading

the

buying

selling

portfolio

securities

between

funds

which

BFA

(or

affiliate)

serves

investment

adviser.

its

regularly

scheduled

quarterly

meetings,

the

Board

reviews

such

transactions

the

most

recent

calendar

quarter

for

compliance

with

the

requirements

and

restrictions

set

forth

Rule

17a-7.

iShares

ETF

Investment

Advisory

Fees

MSCI

USA

Small-Cap

Min

Vol

Factor

....................................................................................

0.20‌

U.S.

Equity

Factor

.................................................................................................

0.08‌

U.S.

Small-Cap

Equity

Factor

.........................................................................................

0.15‌

U.S.

Tech

Breakthrough

Multisector

.....................................................................................

0.30‌

iShares

ETF

Amounts

Waived

U.S.

Tech

Breakthrough

Multisector

........................................................................................

318,912‌

iShares

ETF

Amounts

MSCI

USA

Small-Cap

Min

Vol

Factor

...........................................................................................

106,968‌

U.S.

Equity

Factor

........................................................................................................

23,627‌

U.S.

Small-Cap

Equity

Factor

................................................................................................

106,265‌

U.S.

Tech

Breakthrough

Multisector

............................................................................................

19,729‌

Notes

Financial

Statements

(continued)

2024

iShares

Annual

Financial

Statements

For

the year ended July

31,

2024,

transactions

executed

the

Funds

pursuant

Rule

17a-7

under

the

1940

Act

were

follows:

Each

Fund

may

invest

its

positive

cash

balances

certain

money

market

funds

managed

BFA

affiliate.

The

income

earned

these

temporary

cash

investments

shown

dividends

–

affiliated

the

Statements

Operations.

fund,

order

improve

its

portfolio

liquidity

and

its

ability

track

its

underlying

index,

may

invest

other

iShares

funds

that

invest

securities

the

fund’s

underlying

index.

Purchases

and

Sales

For

the year ended

July

31,

2024,

purchases

and

sales

investments,

excluding

short-term securities

and

in-kind

transactions,

were

follows:

For

the year ended

July

31,

2024,

in-kind

transactions

were

follows:

Income

Tax

Information

Each

Fund

treated

entity

separate

from

the

Trust’s other

funds

for

federal

income

tax

purposes.

each

Fund’s

policy

comply

with

the

requirements

the

Internal

Revenue

Code

1986,

amended,

applicable

regulated

investment

companies,

and

distribute

substantially

all

its

taxable

income

its

shareholders.

Therefore,

U.S.

federal

income

tax

provision

required.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

the

Funds

July

31,

2024,

inclusive

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

tax

liability

the

Funds’ financial

statements.

U.S.

GAAP

requires

that

certain

components

net

assets

adjusted

reflect

permanent

differences

between

financial

and

tax

reporting.

These

reclassifications

have

effect

net

assets

NAV

per

share.

July

31,

2024,

permanent

differences

attributable

realized

gains

(losses)

from

in-kind

redemptions

were

reclassified

the

following

accounts:

The

tax

character

distributions

paid

was

follows:

Used

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

MSCI

USA

Small-Cap

Min

Vol

Factor

........................................................

74,898,580‌

21,382,024‌

(1,299,241‌)

U.S.

Equity

Factor

.....................................................................

129,266,566‌

142,003,637‌

4,836,525‌

U.S.

Small-Cap

Equity

Factor

.............................................................

52,196,259‌

57,716,886‌

12,026,552‌

U.S.

Tech

Breakthrough

Multisector

.........................................................

19,425,251‌

21,160,468‌

(4,215,522‌)

iShares

ETF

Purchases

Sales

MSCI

USA

Small-Cap

Min

Vol

Factor

........................................................................

352,959,919‌

355,451,721‌

U.S.

Equity

Factor

.....................................................................................

352,978,299‌

353,076,200‌

U.S.

Small-Cap

Equity

Factor

.............................................................................

219,948,501‌

207,664,386‌

U.S.

Tech

Breakthrough

Multisector

.........................................................................

51,842,324‌

52,493,321‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

MSCI

USA

Small-Cap

Min

Vol

Factor

........................................................................

45,462,568‌

142,197,157‌

U.S.

Equity

Factor

.....................................................................................

415,620,011‌

153,835,696‌

U.S.

Small-Cap

Equity

Factor

.............................................................................

308,899,862‌

53,495,184‌

U.S.

Tech

Breakthrough

Multisector

.........................................................................

81,400,870‌

64,231,876‌

iShares

ETF

Paid-in

Capital

Accumulated

Earnings

(Loss)

MSCI

USA

Small-Cap

Min

Vol

Factor

.............................................................

30,551,055‌

(30,551,055‌)

U.S.

Equity

Factor

..........................................................................

49,633,802‌

(49,633,802‌)

U.S.

Small-Cap

Equity

Factor

..................................................................

11,946,015‌

(11,946,015‌)

U.S.

Tech

Breakthrough

Multisector

..............................................................

33,330,359‌

(33,330,359‌)

iShares

ETF

Year

Ended

07/31/24

Year

Ended

07/31/23

MSCI

USA

Small-Cap

Min

Vol

Factor

Ordinary

income

...........................................................................................

13,041,539‌

14,809,861‌

U.S.

Equity

Factor

Ordinary

income

...........................................................................................

23,451,638‌

20,833,016‌

U.S.

Small-Cap

Equity

Factor

Ordinary

income

...........................................................................................

9,354,694‌

14,979,392‌

U.S.

Tech

Breakthrough

Multisector

Ordinary

income

...........................................................................................

892,942‌

1,590,805‌

Notes

Financial

Statements

(continued)

Notes

Financial

Statements

July

31,

2024,

the

tax

components

accumulated

net

earnings

(losses)

were

follows:

For

the

year

ended

July

31,

2024,

the

Funds

listed

below

utilized

the

following

amounts

their

respective

capital

loss

carryforwards:

fund

may

own

certain

foreign

investment

entities,

referred

to,

under

U.S.

tax

law,

“passive

foreign

investment

companies.”

Such

fund

may

elect

mark-to-

market

annually

the

each

passive

foreign

investment

company

and

would

required

distribute

shareholders

any

such

marked-to-market

gains.

July

31,

2024,

gross

unrealized

appreciation

and

depreciation

based

cost

investments

(including

short

positions

and

derivatives,

any)

for

U.S.

federal

income

tax

purposes

were

follows:

Principal

Risks

the

normal

course

business,

each

Fund

invests

securities

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

various

risks,

including,

among

others,

fluctuations

the

market

(market

risk)

failure

issuer

meet

all

its

obligations.

The

value

securities

other

instruments

may

also

affected

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

well

local,

regional

global

political

and/or

social

instability;

(iii)

regulation,

taxation

international

tax

treaties

between

various

countries;

(iv)

currency,

interest

rate

price

fluctuations.

Local,

regional

global

events

such

war,

acts

terrorism,

the

spread

infectious

illness

other

public

health

issues,

recessions,

other

events

could

have

significant

impact

the

Funds

and

their

investments.

Each

Fund’s

prospectus

provides

details

the

risks

which

the

Fund

subject.

BFA

uses

indexing

approach

try

achieve

each

Fund’s

investment

objective.

The

Fund

not

actively

managed,

and

BFA

generally

does

not

attempt

take

defensive

positions

under

any

market

conditions,

including

declining

markets.

The

Funds

may

exposed

additional

risks

when

reinvesting

cash

collateral

money

market

funds

that

not

seek

maintain

stable

NAV

per

$1.00,

which

may

subject

discretionary

liquidity

fees

under

certain

circumstances.

Valuation

Risk:

The

market

values

equities,

such

common

stocks

and

preferred

securities

equity

investments,

such

futures

and

options,

may

decline

due

general

market

conditions

which

are

not

specifically

particular

company.

They

may

also

decline

due

factors

which

affect

particular

industry

industries.

fund

may

invest

illiquid

investments.

illiquid

investment

any

investment

that

fund

reasonably

expects

cannot

sold

disposed

current

market

conditions

seven

calendar

days

less

without

the

sale

disposition

significantly

changing

the

market

value

the

investment.

fund

may

experience

difficulty

selling

illiquid

investments

timely

manner

the

price

that

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

extended

periods

response

company,

market

economic

news.

Markets

also

tend

move

cycles,

with

periods

rising

and

falling

prices.

This

volatility

may

cause

fund’s

NAV

experience

significant

increases

decreases

over

short

periods

time.

there

general

decline

the

securities

and

other

markets,

the

NAV

fund

may

lose

value,

regardless

the

individual

results

the

securities

and

other

instruments

which

fund

invests.

The

price

each

Fund

could

receive

upon

the

sale

any

particular

portfolio

investment

may

differ

from

each

Fund’s

valuation

the

investment,

particularly

for

securities

that

trade

thin

volatile

markets

that

are

valued

using

fair

valuation

technique

price

provided

independent

pricing

service.

Changes

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

exit)

due

the

lack

observable

inputs

may

significantly

impact

the

resulting

fair

value

and

therefore

each

Fund’s

results

operations.

result,

the

price

received

upon

the

sale

investment

may

less

than

the

value

ascribed

each

Fund,

and

each

Fund

could

realize

greater

than

expected

loss

lesser

than

expected

gain

upon

the

sale

the

investment.

Each

Fund’s

ability

value

its

investments

may

also

impacted

technological

issues

and/or

errors

pricing

services

other

third-party

service

providers.

Counterparty

Credit

Risk:

The

Funds

may

exposed

counterparty

credit

risk,

the

risk

that

entity

may

fail

unable

perform

its

commitments

unsettled

open

transactions,

including

making

timely

interest

and/or

principal

payments

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

entering

into

transactions

only

with

counterparties

that BFA

believes

have

the

financial

resources

honor

their

obligations

and

monitoring

the

financial

stability

iShares

ETF

Undistributed

Ordinary

Income

Non-Expiring

Capital

Loss

Carryforwards

(a)

Net

Unrealized

Gains

(Losses)

(b)

Total

MSCI

USA

Small-Cap

Min

Vol

Factor

.........................................

398,889‌

(133,073,349‌)

142,746,248‌

10,071,788‌

U.S.

Equity

Factor

......................................................

3,265,386‌

(78,694,795‌)

453,065,725‌

377,636,316‌

U.S.

Small-Cap

Equity

Factor

..............................................

1,901,936‌

(89,031,369‌)

164,077,279‌

76,947,846‌

U.S.

Tech

Breakthrough

Multisector

..........................................

256,403‌

(25,845,953‌)

84,172,341‌

58,582,791‌

(a)

Amounts

available

offset

future

realized

capital

gains.

(b)

The

difference

between

book-basis

and

tax-basis

net

unrealized

gains

(losses)

were

attributable

primarily

the

tax

deferral

losses

wash

sales,

the

realization

for

tax

purposes

unrealized

gains

(losses)

certain

futures

contracts,

the

realization

for

tax

purposes

unrealized

gains

investments

passive

foreign

investment

companies,

the

timing

and

recognition

partnership

income,

the

accounting

for

swap

agreements

and

the

undistributed

capital

gains

from

underlying

REIT

investments.

iShares

ETF

Utilized

U.S.

Equity

Factor

....................................................................................................

24,640,665‌

U.S.

Small-Cap

Equity

Factor

............................................................................................

18,667,703‌

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

MSCI

USA

Small-Cap

Min

Vol

Factor

....................................

724,304,994‌

166,879,943‌

(24,133,695‌)

142,746,248‌

U.S.

Equity

Factor

.................................................

1,609,437,718‌

488,142,452‌

(35,076,727‌)

453,065,725‌

U.S.

Small-Cap

Equity

Factor

.........................................

1,140,502,799‌

229,234,921‌

(65,152,587‌)

164,082,334‌

U.S.

Tech

Breakthrough

Multisector

.....................................

332,771,173‌

107,398,065‌

(23,225,724‌)

84,172,341‌

Notes

Financial

Statements

(continued)

2024

iShares

Annual

Financial

Statements

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

market,

issuer

and

counterparty

credit

risks,

consist

principally

financial

instruments

and

receivables

due

from

counterparties.

The

extent

the

Funds’

exposure

market,

issuer

and

counterparty

credit

risks

with

respect

these

financial

assets

approximately

their

value

recorded

the

Statements

Assets

and

Liabilities,

less

any

collateral

held

the

Funds.

derivative

contract

may

suffer

mark-to-market

loss

the

value

the

contract

decreases

due

unfavorable

change

the

market

rates

values

the

underlying

instrument.

Losses

can

also

occur

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures,

there

less

counterparty

credit

risk

the

Funds

since

the

exchange

clearinghouse,

counterparty

such

instruments,

guarantees

against

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

the

contract;

therefore,

credit

risk

limited

failure

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

Fund

does

not

have

contractual

right

offset

against

clearing

broker

clearinghouse

the

event

default

(including

the

bankruptcy

insolvency).

Additionally,

credit

risk

exists

exchange-traded

futures with

respect

initial

and

variation

margin

that

held

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

segregate

customer

margin

from

their

own

assets,

the

event

that

clearing

broker

becomes

insolvent

goes

into

bankruptcy

and

that

time

there

shortfall

the

aggregate

amount

margin

held

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

allocated

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

losses

the

Funds.

Geographic/Asset

Class

Risk:

diversified

portfolio,

where

this

appropriate

and

consistent

with

fund’s

objectives,

minimizes

the

risk

that

price

change

particular

investment

will

have

material

impact

the

NAV

fund.

The

investment

concentrations

within

each

Fund’s

portfolio

are

disclosed

its

Schedule

Investments.

The

Funds

invest

significant

portion

their

assets

securities

issuers

located

the

United

States.

decrease

imports

exports,

changes

trade

regulations,

inflation

and/or

economic

recession

the

United

States

may

have

material

adverse

effect

the

U.S.

economy

and

the

securities

listed

U.S.

exchanges.

Proposed

and

adopted

policy

and

legislative

changes

the

United

States

may

also

have

significant

effect

U.S.

markets

generally,

well

the

value

certain

securities.

Governmental

agencies

project

that

the

United

States

will

continue

maintain

elevated

public

debt

levels

for

the

foreseeable

future

which

may

constrain

future

economic

growth.

Circumstances

could

arise

that

could

prevent

the

timely

payment

interest

principal

U.S.

government

debt,

such

reaching

the

legislative

“debt

ceiling.”

Such

non-payment

would

result

substantial

negative

consequences

for

the

U.S.

economy

and

the

global

financial

system.

U.S.

relations

with

certain

countries

deteriorate,

could

adversely

affect

issuers

that

rely

the

United

States

for

trade.

The

United

States

has

also

experienced

increased

internal

unrest

and

discord.

these

trends

were

continue,

they

may

have

adverse

impact

the

U.S.

economy

and

the

issuers

which

the Funds

invest.

Certain

Funds

invest

significant

portion

their

assets

securities

within

single

limited

number

market

sectors.

When

fund

concentrates

its

investments

this

manner,

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

significant

impact

the

Fund

and

could

affect

the

income

from,

the

value

liquidity

of,

the

Fund’s

portfolio.

Investment

percentages

specific

sectors

are

presented

the

Schedule

Investments.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

manage

substantial

amount

fund

and/or

hold

their

fund

investments

for

limited

period

time.

Large

redemptions

fund

these

shareholders

may

force

fund

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

taxable

income/gains

and

cause

the

fund

make

additional

taxable

distributions

shareholders.

10.

Capital

Transactions

Capital

are

issued

and

redeemed

each

Fund

only

aggregations

specified

number

multiples

thereof

(“Creation

Units”)

NAV.

Except

when

aggregated

Creation

Units,

each

Fund

are

not

redeemable.

Transactions

capital

were

follows:

Year

Ended

07/31/24

Year

Ended

07/31/23

iShares

ETF

Amount

MSCI

USA

Small-Cap

Min

Vol

Factor

sold

1,350,000

47,345,408

2,800,000

96,635,404

redeemed

(4,050,000

)

(147,565,321

)

(700,000

)

(24,337,763

)

(2,700,000

)

(100,219,913

)

2,100,000

72,297,641

U.S.

Equity

Factor

sold

8,300,000

417,960,809

7,600,000

306,932,271

redeemed

(3,050,000

)

(154,730,135

)

(4,800,000

)

(193,063,386

)

5,250,000

263,230,674

2,800,000

113,868,885

U.S.

Small-Cap

Equity

Factor

sold

5,250,000

322,327,198

10,700,000

567,660,550

redeemed

(950,000

)

(55,555,619

)

(15,450,000

)

(817,800,196

)

4,300,000

266,771,579

(4,750,000

)

(250,139,646

)

Notes

Financial

Statements

(continued)

Notes

Financial

Statements

The

consideration

for

the

purchase

Creation

Units

fund

the Trust

generally

consists

the

in-kind

deposit

designated

portfolio

securities

and

specified

amount

cash.

Certain

funds

the Trust

may

offered

Creation

Units

solely

partially

for

cash

U.S.

dollars. Authorized

Participants purchasing

and

redeeming

Creation

Units

may

pay

purchase

transaction

fee

and

redemption

transaction

fee

directly

BRIL,

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

Creation

Units,

including

Creation

Units

for

cash.

Authorized

Participants

transacting

Creation

Units

for

cash

may

also

pay

additional

variable

charge

compensate

the

relevant

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

currency

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

investing

portfolio

securities.

Such

variable

charges,

any,

are

included

sold

the

table

above.

the

extent

applicable,

facilitate

the

timely

settlement

orders

for

Funds

using

clearing

facility

outside

the

continuous

net

settlement

process,

the

Fund,

its

sole

discretion,

may

permit

Authorized

Participant

post

cash

collateral

anticipation

the

delivery

all

portion

the

applicable

Deposit

Securities

Fund

Securities,

further

described

the

applicable

Authorized

Participant

Agreement.

The

collateral

process

subject

Control

Agreement

among

the

Authorized

Participant,

each

Fund’s

custodian,

and

the

Funds.

the

event

that

the

Authorized

Participant

fails

deliver

all

portion

the

applicable

Deposit

Securities

Fund

Securities,

the

Fund

may

exercise

control

over

such

collateral

pursuant

the

terms

the

Control

Agreement

order

purchase

the

applicable

Deposit

Securities

Fund

Securities.

From

time

time,

settlement

securities

in-kind

contributions

in-kind

redemptions

may

delayed.

such

cases,

securities

in-kind

transactions

are

reflected

receivable

payable

the

Statements

Assets

and

Liabilities.

11.

Subsequent

Events

Management

has

evaluated

the

impact

all

subsequent

events

the

Funds

through

the

date

the

financial

statements

were

available

issued

and

has

determined

that

there

were

subsequent

events

requiring

adjustment

additional

disclosure

the

financial

statements.

Year

Ended

07/31/24

Year

Ended

07/31/23

iShares

ETF

Amount

U.S.

Tech

Breakthrough

Multisector

sold

1,750,000

81,796,370

950,000

35,779,584

redeemed

(1,450,000

)

(65,572,120

)

(4,100,000

)

(151,876,439

)

300,000

16,224,250

(3,150,000

)

(116,096,855

)

Report

Independent

Registered

Public

Accounting

Firm

2024

iShares

Annual

Financial

Statements

the

Board

Trustees

iShares

Trust

and

Shareholders

each

the four

funds

listed

the

table

below

Opinions

the

Financial

Statements

have

audited

the

accompanying

statements

assets

and

liabilities,

including

the

schedules

investments,

each

the

funds

listed in

the

table

below

(four of

the

funds

constituting

iShares

Trust,

hereafter

collectively

referred

the “Funds”)

July

31,

2024,

the

statements

operations

for

the

year

ended

July

31,

2024,

the

statements

changes

net

assets

for

each

the

two

years

the

period

ended

July

31,

2024,

including

the

notes,

and

the

financial

highlights

for

each

the

periods

indicated

therein

(collectively

referred

the

“financial

statements”).

our

opinion,

the

financial

statements

present

fairly,

all

material

respects,

the

financial

position

each

the

Funds

listed

the

table

below

July

31,

2024,

the

results

each

their

operations

for

the

year

then

ended,

the

changes

each

their

net

assets

for

each

the

two

years

the

period

ended

July

31,

2024

and

each

the

financial

highlights

for

each

the

periods

indicated

therein

conformity

with

accounting

principles

generally

accepted

the

United

States

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

the

Funds’

management.

Our

responsibility

express

opinion

the

Funds’

financial

statements

based

our

audits.

are

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

independent

with

respect

the

Funds

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

the

Securities

and

Exchange

Commission

and

the

PCAOB.

conducted

our

audits

these

financial

statements

accordance

with

the

standards

the

PCAOB.

Those

standards

require

that

plan

and

perform

the

audit

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

material

misstatement,

whether

due

error

fraud.

Our

audits

included

performing

procedures

assess

the

risks

material

misstatement

the

financial

statements,

whether

due

error

fraud,

and

performing

procedures

that

respond

those

risks.

Such

procedures

included

examining,

test

basis,

evidence

regarding

the

amounts

and

disclosures

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

management,

well

evaluating

the

overall

presentation

the

financial

statements.

Our

procedures

included

confirmation

securities

owned

July

31,

2024

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

performed

other

auditing

procedures.

believe

that

our

audits

provide

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

September

23,

2024

have

served

the

auditor

one

BlackRock

investment

companies

since

2000.

iShares

MSCI

USA

Small-Cap

Min

Vol

Factor

ETF

iShares

U.S.

Equity

Factor

ETF

iShares

U.S.

Small-Cap

Equity

Factor

ETF

iShares

U.S.

Tech

Breakthrough

Multisector

ETF

Important

Tax

Information

Important

Tax

Information

The

following

amounts,

maximum

amounts

allowable

law,

are

hereby

designated

qualified

dividend

income

for

individuals

for

the

fiscal

year

ended

July

31,

2024:

The

following

amounts,

maximum

amounts

allowable

law,

are

hereby

designated

qualified business

income

for

individuals

for

the

fiscal

year

ended

July

31,

2024:

The

following

percentages,

maximum

percentages

allowable

law,

ordinary

income

distributions

paid

during

the

fiscal

year

ended July

31,

2024

qualified

for

the

dividends-received

deduction

for

corporate

shareholders:

iShares

ETF

Qualified

Dividend

Income

MSCI

USA

Small-Cap

Min

Vol

Factor

.....................................................................................

12,503,663‌

U.S.

Equity

Factor

..................................................................................................

23,826,748‌

U.S.

Small-Cap

Equity

Factor

..........................................................................................

10,476,418‌

U.S.

Tech

Breakthrough

Multisector

......................................................................................

1,949,259‌

iShares

ETF

Qualified

Business

Income

MSCI

USA

Small-Cap

Min

Vol

Factor

.....................................................................................

933,612‌

U.S.

Equity

Factor

..................................................................................................

1,069,191‌

U.S.

Small-Cap

Equity

Factor

..........................................................................................

1,996,607‌

U.S.

Tech

Breakthrough

Multisector

......................................................................................

81,720‌

iShares

ETF

Dividends-Received

Deduction

MSCI

USA

Small-Cap

Min

Vol

Factor

.....................................................................................

97.67‌

U.S.

Equity

Factor

..................................................................................................

95.86‌

U.S.

Small-Cap

Equity

Factor

..........................................................................................

89.76‌

U.S.

Tech

Breakthrough

Multisector

......................................................................................

100.00‌

Additional

Information

2024

iShares

Annual

Financial

Statements

Premium/Discount

Information

the

Fund’s

net

asset

value,

market

price,

premiums

and

discounts,

and

bid-ask

spreads

can

found

iShares.com

Electronic

Delivery

Shareholders

can

sign

for

e-mail

notifications

announcing

that

the

shareholder

report

prospectus

has

been

posted

the

iShares

website

iShares.com

Once

you

have

enrolled,

you

will

longer

receive

prospectuses

and

shareholder

reports

the

mail.

enroll

electronic

delivery:

•

icsdelivery.com

•

your

brokerage

firm

not

listed,

electronic

delivery

may

not

available.

Please

contact

your

broker-dealer

financial

advisor.

Changes

and

Disagreements

with

Accountants

Not

applicable.

ProxyResults

Not

applicable.

Remuneration

Paid

Trustees

Officers,

and

Others

Because

BFA

has

agreed

the

Investment

Advisory

Agreements

cover

all

operating

expenses

the

Funds,

subject

certain

exclusions

provided

for

therein,

BFA

pays

the

compensation

each

Independent

Trustee

for

services

the

Funds

from

BFA's

investment

advisory

fees.

Availability

Portfolio

Holdings

Information

description

the

Trust's

policies

and

procedures

with

respect

the

disclosure

the

Fund’s

portfolio

securities

available

the

Fund

Prospectus.

The

Fund

discloses

its

portfolio

holdings

daily

and

provides

information

regarding

its

top

holdings

Fund

fact

sheets

iShares.com

Board

Review

and

Approval

Investment

Advisory

Contract

Board

Review

and

Approval

Investment

Advisory

Contract

iShares

MSCI

USA

Small-Cap

Min

Vol

Factor

ETF,

iShares

U.S.

Equity

Factor

ETF,

iShares

U.S.

Small-Cap

Equity

Factor

ETF

(each

the

“Fund”)

Under

Section

15(c)

the

Investment

Company

Act

1940

(the

“1940

Act”),

the

Trust's

Board

Trustees

(the

“Board”),

including

majority

Board

Members

who

are

not

“interested

persons”

the

Trust

(as

that

term

defined

the

1940

Act)

(the

“Independent

Board

Members”),

required

annually

consider

the

approval

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

behalf

the

Fund.

The

Board’s

consideration

entails

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

Independent

Board

Members)

assess

BlackRock’s

services

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

the

Fund’s

service

providers;

risk

management

and

oversight;

and

legal

and

compliance

services;

including

the

ability

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

evaluate

the

Advisory

Agreement.

meetings

held

May

2024

and

May

17,

2024,

committee

composed

all

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

response

initial

requests

the

15(c)

Committee

and/or

its

independent

counsel.

Prior

and

preparation

for

the

meeting,

the

Board

received

and

reviewed

materials

specifically

relating

matters

relevant

the

renewal

the

Advisory

Agreement.

Following

discussion,

the

15(c)

Committee

subsequently

requested

certain

additional

information,

which

management

agreed

provide.

meeting

held

June

4-5,

2024,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

management

response

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

the

Independent

Board

Members,

approved

the

continuance

the

Advisory

Agreement

for

the

Fund,

based

review

qualitative

and

quantitative

information

provided

BFA

and

their

cumulative

experience

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

information

provided

and

its

frequent

interactions

with

management,

well

the

detailed

responses

and

other

information

provided

BFA.

The

Independent

Board

Members

were

advised

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

their

review.

approving

the

continuance

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

the

Fund;

(ii)

the

nature,

extent

and

quality

the

services

provided

BFA;

(iii)

the

costs

services

provided

the

Fund

and

profits

realized

BFA

and

its

affiliates;

(iv)

potential

economies

scale

and

the

sharing

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

BFA

and

its

affiliates;

and

(vi)

other

benefits

BFA

and/or

its

affiliates.

The

Board

Members

did

not

identify

any

particular

information

any

single

factor

determinative,

and

each

Board

Member

may

have

attributed

different

weights

the

various

matters

and

factors

considered.

The

material

factors,

considerations

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

approve

the

continuance

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

the

Fund:

The

Board

reviewed

statistical

information

prepared

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

independent

provider

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

other

fund(s)

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

the

Fund

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

Broadridge

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

detailed

description

the

proprietary

ETF

methodology

used

Broadridge

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

the

limitations

providing

comparable

funds

the

Peer

Group,

the

statistical

information

provided

Broadridge’s

report

may

not

provide

meaningful

direct

comparisons

the

Fund

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

any

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

the

investment

advisory

fee

rates

and

overall

expenses

(net

any

waivers

and

reimbursements)

the

funds

its

Peer

Group,

excluding

iShares

funds.

addition,

the

extent

that

any

the

comparison

funds

included

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

comparison

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

applicable,

and

for

the

quarter

ended

December

31,

2023,

that

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

the

Fund’s

short-

and

longer-term

performance

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

requested

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

line

with

its

underlying

index

over

the

relevant

periods.

Based

this

review,

the

other

relevant

factors

and

information

considered

the

meeting,

and

their

general

knowledge

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

the

Fund

supported

the

Board’s

approval

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

Services

Provided:

Based

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

the

iShares

product

line

and

BFA’s

business,

including

with

respect

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

diminution

the

scope

services

required

provided

BFA

under

the

Advisory

Agreement

for

the

coming

year

compared

with

the

scope

services

provided

BFA

during

prior

years.

reviewing

the

scope

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,

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

the

Fund,

including

programs

implemented

pursuant

regulatory

requirements.

that

regard,

the

Board

noted

that

BFA

reports

the

Board

about

portfolio

management

and

compliance

matters

periodic

basis

connection

with

regularly

scheduled

meetings

the

Board,

and

other

occasions

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

BFA

(and

its

affiliates)

available

needed

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

the

persons

responsible

for

the

day-to-day

management

the

Fund,

well

the

resources

available

them

managing

the

Fund.

addition

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies

provided

the

May

2024

meeting

and

throughout

the

year,

and

matters

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services,

well

BlackRock’s

continued

investments

its

ETF

business.

Based

review

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

services

provided

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Board

Review

and

Approval

Investment

Advisory

Contract

(continued)

2023

iShares

Annual

Report

Shareholders

Costs

Services

Provided

the

Fund

and

Profits

Realized

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

BlackRock

managing

the

Fund,

based

the

fees

payable

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

revenue

and

expense

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

affected

numerous

factors,

including,

among

other

things,

fee

waivers

BFA,

the

types

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

individual

fund

levels

challenging.

The

Board

discussed

with

management

the

sources

direct

and

ancillary

revenue,

including

the

revenues

BTC,

BlackRock

affiliate,

from

securities

lending

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

reflected

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

scale

(as

discussed

below).

Based

this

review,

the

Board

concluded

that

the

information

considered

with

respect

the

profits

realized

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

any,

and

costs

the

services

provided

well

the

other

factors

considered

the

meeting,

supported

the

Board’s

approval

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Economies

Scale:

The

Board

reviewed

information

and

considered

the

extent

which

economies

scale

might

realized

the

assets

the

Fund

increase,

noting

that

the

issue

potential

economies

scale

had

been

focused

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

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

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

fixed

and

variable

costs

may

impact

the

existence

size

scale

benefits,

with

the

Board

recognizing

that

potential

economies

scale

are

difficult

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

BFA

regarding

the

sharing

scale

benefits

with

the

iShares

funds

through

various

means,

including,

applicable,

through

breakpoints,

waivers,

other

fee

reductions,

well

through

additional

investment

the

iShares

business,

including

enhancements

the

provision

additional

infrastructure

and

services

the

iShares

funds

and

their

shareholders

and,

with

respect

New

Funds,

set

management

fees

levels

that

anticipate

scale

over

time.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

breakpoints

the

Fund’s

investment

advisory

fee

rate

the

assets

the

Fund

increase.

However,

the

Board

noted

that

would

continue

assess

the

appropriateness

adding

breakpoints

the

future.

The

Board

concluded

that

this

review

potential

economies

scale

and

the

sharing

benefits,

well

the

other

factors

considered

the

meeting,

supported

the

Board’s

approval

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

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

terms

the

types

services

and

generally

extensive

character

and

scope

services

provided

the

Fund,

well

other

significant

differences.

that

regard,

the

Board

considered

that

the

pricing

services

institutional

clients

typically

based

number

factors

beyond

the

nature

and

extent

the

specific

services

provided

and

often

depends

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

managing

and

providing

other

services

the

Fund,

publicly

traded

investment

vehicle,

compared

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

light

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

its

consideration

relevant

qualitative

and

quantitative

comparative

information

provided.

The

Board

noted

that

BFA

and

its

affiliates

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

the

Fund

and

that

track

the

same

index

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

iShares

fund

that

may

provide

similar

investment

exposure

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

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

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

consistent

with

the

factors

discussed.

Other

Benefits

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

ancillary

revenue

received

BFA

and/or

its

affiliates

connection

with

the

services

provided

the

Fund

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

revenue

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

applicable

(which

was

included

the

profit

margins

reviewed

the

Board

pursuant

BFA’s

estimated

profitability

methodology),

payment

advisory

fees

other

fees

BFA

(or

its

affiliates)

connection

with

any

investments

the

Fund

other

funds

(including

cash

sweep

vehicles)

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

other

services,

and

BlackRock’s

profile

the

investment

community.

The

Board

further

considered

other

direct

benefits

that

might

accrue

BFA,

including

actual

and

potential

reductions

the

Fund’s

expenses

that

are

borne

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

part

the

size

and

scope

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

the

iShares

complex)

well

response

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

BlackRock

Investments,

LLC

(“BRIL”),

affiliate

BFA,

and

paid

for

authorized

participants

under

the

ETF

Servicing

Platform.

The

Board

also

noted

the

revenue

received

BFA

and/or

its

affiliates

pursuant

agreement

that

permits

service

provider

use

certain

portions

BlackRock’s

technology

platform

service

accounts

managed

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

consider

the

value

research

other

services

that

may

provided

BFA

(including

its

affiliates)

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

disadvantageous

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

the

appropriateness

approving

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Conclusion:

Based

review

the

factors

described

above,

well

such

other

factors

deemed

appropriate

the

Board,

the

Board,

including

all

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

fee

that

disproportionately

large

bear

reasonable

relationship

the

services

rendered

and

that

could

not

have

been

the

product

arm’s-length

bargaining,

and

concluded

approve

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Board

Review

and

Approval

Investment

Advisory

Contract

(continued)

Board

Review

and

Approval

Investment

Advisory

Contract

iShares

U.S.

Tech

Breakthrough

Multisector

ETF

(the

“Fund”)

Under

Section

15(c)

the

Investment

Company

Act

1940

(the

“1940

Act”),

the

Trust's

Board

Trustees

(the

“Board”),

including

majority

Board

Members

who

are

not

“interested

persons”

the

Trust

(as

that

term

defined

the

1940

Act)

(the

“Independent

Board

Members”),

required

annually

consider

the

approval

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

behalf

the

Fund.

The

Board’s

consideration

entails

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

Independent

Board

Members)

assess

BlackRock’s

services

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

the

Fund’s

service

providers;

risk

management

and

oversight;

and

legal

and

compliance

services;

including

the

ability

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

evaluate

the

Advisory

Agreement.

meetings

held

May

2024

and

May

17,

2024,

committee

composed

all

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

response

initial

requests

the

15(c)

Committee

and/or

its

independent

counsel.

Prior

and

preparation

for

the

meeting,

the

Board

received

and

reviewed

materials

specifically

relating

matters

relevant

the

renewal

the

Advisory

Agreement.

Following

discussion,

the

15(c)

Committee

subsequently

requested

certain

additional

information,

which

management

agreed

provide.

meeting

held

June

4-5,

2024,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

management

response

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

the

Independent

Board

Members,

approved

the

continuance

the

Advisory

Agreement

for

the

Fund,

based

review

qualitative

and

quantitative

information

provided

BFA

and

their

cumulative

experience

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

information

provided

and

its

frequent

interactions

with

management,

well

the

detailed

responses

and

other

information

provided

BFA.

The

Independent

Board

Members

were

advised

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

their

review.

approving

the

continuance

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

the

Fund;

(ii)

the

nature,

extent

and

quality

the

services

provided

BFA;

(iii)

the

costs

services

provided

the

Fund

and

profits

realized

BFA

and

its

affiliates;

(iv)

potential

economies

scale

and

the

sharing

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

BFA

and

its

affiliates;

and

(vi)

other

benefits

BFA

and/or

its

affiliates.

The

Board

Members

did

not

identify

any

particular

information

any

single

factor

determinative,

and

each

Board

Member

may

have

attributed

different

weights

the

various

matters

and

factors

considered.

The

material

factors,

considerations

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

approve

the

continuance

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

the

Fund:

The

Board

reviewed

statistical

information

prepared

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

independent

provider

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

other

fund(s)

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

the

Fund

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

Broadridge

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

detailed

description

the

proprietary

ETF

methodology

used

Broadridge

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

the

limitations

providing

comparable

funds

the

Peer

Group,

the

statistical

information

provided

Broadridge’s

report

may

not

provide

meaningful

direct

comparisons

the

Fund

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

any

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

the

investment

advisory

fee

rates

and

overall

expenses

(net

any

waivers

and

reimbursements)

the

funds

its

Peer

Group,

excluding

iShares

funds.

addition,

the

extent

that

any

the

comparison

funds

included

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

comparison

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

applicable,

and

for

the

quarter

ended

December

31,

2023,

that

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

the

Fund’s

short-

and

longer-term

performance

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

requested

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

line

with

its

underlying

index

over

the

relevant

periods.

Based

this

review,

the

other

relevant

factors

and

information

considered

the

meeting,

and

their

general

knowledge

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

the

Fund

supported

the

Board’s

approval

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

Services

Provided:

Based

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

the

iShares

product

line

and

BFA’s

business,

including

with

respect

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

diminution

the

scope

services

required

provided

BFA

under

the

Advisory

Agreement

for

the

coming

year

compared

with

the

scope

services

provided

BFA

during

prior

years.

reviewing

the

scope

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,

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

the

Fund,

including

programs

implemented

pursuant

regulatory

requirements.

that

regard,

the

Board

noted

that

BFA

reports

the

Board

about

portfolio

management

and

compliance

matters

periodic

basis

connection

with

regularly

scheduled

meetings

the

Board,

and

other

occasions

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

BFA

(and

its

affiliates)

available

needed

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

the

persons

responsible

for

the

day-to-day

management

the

Fund,

well

the

resources

available

them

managing

the

Fund.

addition

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies

provided

the

May

2024

meeting

and

throughout

the

year,

and

matters

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services,

well

BlackRock’s

continued

investments

its

ETF

business.

Based

review

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

services

provided

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Board

Review

and

Approval

Investment

Advisory

Contract

(continued)

2023

iShares

Annual

Report

Shareholders

Costs

Services

Provided

the

Fund

and

Profits

Realized

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

BlackRock

managing

the

Fund,

based

the

fees

payable

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

revenue

and

expense

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

affected

numerous

factors,

including,

among

other

things,

fee

waivers

BFA,

the

types

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

individual

fund

levels

challenging.

The

Board

discussed

with

management

the

sources

direct

and

ancillary

revenue,

including

the

revenues

BTC,

BlackRock

affiliate,

from

securities

lending

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

reflected

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

scale

(as

discussed

below).

Based

this

review,

the

Board

concluded

that

the

information

considered

with

respect

the

profits

realized

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

any,

and

costs

the

services

provided

well

the

other

factors

considered

the

meeting,

supported

the

Board’s

approval

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Economies

Scale:

The

Board

reviewed

information

and

considered

the

extent

which

economies

scale

might

realized

the

assets

the

Fund

increase,

noting

that

the

issue

potential

economies

scale

had

been

focused

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

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

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

fixed

and

variable

costs

may

impact

the

existence

size

scale

benefits,

with

the

Board

recognizing

that

potential

economies

scale

are

difficult

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

BFA

regarding

the

sharing

scale

benefits

with

the

iShares

funds

through

various

means,

including,

applicable,

through

breakpoints,

waivers,

other

fee

reductions,

well

through

additional

investment

the

iShares

business,

including

enhancements

the

provision

additional

infrastructure

and

services

the

iShares

funds

and

their

shareholders

and,

with

respect

New

Funds,

set

management

fees

levels

that

anticipate

scale

over

time.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

any

breakpoints

the

Fund’s

investment

advisory

fee

rate

the

assets

the

Fund

increase.

However,

the

Board

noted

that

during

the

June

4-5,

2024

meeting,

the

Board

approved

permanent

reduction

the

advisory

fee

rate

charged

the

Fund.

addition,

the

Board

noted

that

would

continue

assess

the

appropriateness

adding

breakpoints

the

future.

The

Board

concluded

that

this

review

potential

economies

scale

and

the

sharing

benefits,

well

the

other

factors

considered

the

meeting,

supported

the

Board’s

approval

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

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

terms

the

types

services

and

generally

extensive

character

and

scope

services

provided

the

Fund,

well

other

significant

differences.

that

regard,

the

Board

considered

that

the

pricing

services

institutional

clients

typically

based

number

factors

beyond

the

nature

and

extent

the

specific

services

provided

and

often

depends

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

managing

and

providing

other

services

the

Fund,

publicly

traded

investment

vehicle,

compared

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

light

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

its

consideration

relevant

qualitative

and

quantitative

comparative

information

provided.

The

Board

noted

that

BFA

and

its

affiliates

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

the

Fund

and

that

track

the

same

index

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

iShares

fund

that

may

provide

similar

investment

exposure

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

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

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

consistent

with

the

factors

discussed.

Other

Benefits

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

ancillary

revenue

received

BFA

and/or

its

affiliates

connection

with

the

services

provided

the

Fund

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

revenue

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

applicable

(which

was

included

the

profit

margins

reviewed

the

Board

pursuant

BFA’s

estimated

profitability

methodology),

payment

advisory

fees

other

fees

BFA

(or

its

affiliates)

connection

with

any

investments

the

Fund

other

funds

(including

cash

sweep

vehicles)

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

other

services,

and

BlackRock’s

profile

the

investment

community.

The

Board

further

considered

other

direct

benefits

that

might

accrue

BFA,

including

actual

and

potential

reductions

the

Fund’s

expenses

that

are

borne

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

part

the

size

and

scope

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

the

iShares

complex)

well

response

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

BlackRock

Investments,

LLC

(“BRIL”),

affiliate

BFA,

and

paid

for

authorized

participants

under

the

ETF

Servicing

Platform.

The

Board

also

noted

the

revenue

received

BFA

and/or

its

affiliates

pursuant

agreement

that

permits

service

provider

use

certain

portions

BlackRock’s

technology

platform

service

accounts

managed

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

consider

the

value

research

other

services

that

may

provided

BFA

(including

its

affiliates)

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

disadvantageous

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

the

appropriateness

approving

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Conclusion:

Based

review

the

factors

described

above,

well

such

other

factors

deemed

appropriate

the

Board,

the

Board,

including

all

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

fee

that

disproportionately

large

Board

Review

and

Approval

Investment

Advisory

Contract

(continued)

Board

Review

and

Approval

Investment

Advisory

Contract

bear

reasonable

relationship

the

services

rendered

and

that

could

not

have

been

the

product

arm’s-length

bargaining,

and

concluded

approve

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Glossary

Terms

Used

this

Report

2024

iShares

Annual

Financial

Statements

Portfolio

Abbreviation

CVR

Contingent

Value

Rights

MSCI

Morgan

Stanley

Capital

International

NVS

Non-Voting

OTC

Over-the-counter

REIT

Real

Estate

Investment

Trust

Currency

Abbreviation

USD

United

States

Dollar

Want

know

more?

iShares.com

1-800-474-2737

This

report

intended

for

the

Funds’

shareholders.

may

not

distributed

prospective

investors

unless

preceded

accompanied

the

current

prospectus.

Investing

involves

risk,

including

possible

loss

principal.

The

iShares

Funds

are

distributed

BlackRock

Investments,

LLC

(together

with

its

affiliates,

“BlackRock”).

The

iShares

Funds

are

not

iShares MSCI China ETF (MCHI) N-CSRCertified annual shareholder report (management investment company)

What were the Fund costs for the last year?

How did the Fund perform last year?

What contributed to performance?

What detracted from performance?

Fund performance

Cumulative performance: June 12, 2020 through July 31, 2024

Average annual total returns

Key Fund statistics

What did the Fund invest in?

Portfolio composition

Five largest holdings

Additional information

Householding

What were the Fund costs for the last year?

How did the Fund perform last year?

What contributed to performance?

What detracted from performance?

Fund performance

Cumulative performance: June 12, 2020 through July 31, 2024

Average annual total returns

Key Fund statistics

What did the Fund invest in?

Portfolio composition

Five largest holdings

Additional information

Householding

What were the Fund costs for the last year?

How did the Fund perform last year?

What contributed to performance?

What detracted from performance?

Fund performance

Cumulative performance: June 12, 2020 through July 31, 2024

Average annual total returns

Key Fund statistics

What did the Fund invest in?

Portfolio composition

Five largest holdings

Additional information

Householding

What were the Fund costs for the last year?

How did the Fund perform last year?

What contributed to performance?

What detracted from performance?

Fund performance

Cumulative performance: June 12, 2020 through July 31, 2024

Average annual total returns

Key Fund statistics

What did the Fund invest in?

Portfolio composition

Five largest holdings

Additional information

Householding

What were the Fund costs for the last year?

How did the Fund perform last year?

What contributed to performance?

What detracted from performance?

Fund performance

Cumulative performance: September 7, 2016 through July 31, 2024

Average annual total returns

Key Fund statistics

What did the Fund invest in?

Sector allocation

Ten largest holdings

Additional information

Householding

What were the Fund costs for the last year?

How did the Fund perform last year?

What contributed to performance?

What detracted from performance?

Fund performance

Cumulative performance: April 28, 2015 through July 31, 2024

Average annual total returns

Key Fund statistics

What did the Fund invest in?

Sector allocation

Ten largest holdings

Additional information

Householding

What were the Fund costs for the last year?