UNITED STATESSECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 | |
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number | 811-09729 | |||||
iShares Trust | ||||||
(Exact name of registrant as specified in charter) | ||||||
| c/o: JPMorgan Chase & Co. | ||||||
| 383 Madison Avenue, New York, NY | 10179 | |||||
| (Address of principal executive offices) | (Zip code) | |||||
The Corporation Trust Company 1209 Orange Street, Wilmington, DE 19801 | ||||||
| (Name and address of agent for service) | ||||||
Registrant’s telephone number, including area code: | (415) 670-2000 | |||||
Date of fiscal year end: | July 31, 2023 | |||||
Date of reporting period: | January 31, 2023 | |||||
Item 1. Reports to Stockholders.
(a) The Report to Shareholders is attached herewith.
JANUARY
31,
2023
2023
Semi-Annual
Report
(Unaudited)
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
Dear
Shareholder,
Significant
economic
headwinds
emerged
during
the
12-month
reporting
period
ended
January
31,
2023,
as
investors
navigated
changing
economic
conditions
and
volatile
markets.
The
U.S.
economy
shrank
in
the
first
half
of
2022
before
returning
to
modest
growth
in
the
second
half
of
the
year,
marking
a
shift
to
a
more
challenging
post-reopening
economic
environment.
Changes
in
consumer
spending
patterns
and
a
tight
labor
market
led
to
elevated
inflation,
which
reached
a
40-year
high
before
beginning
to
moderate.
Moreover,
while
the
foremost
effect
of
Russia’s
invasion
of
Ukraine
has
been
a
severe
humanitarian
crisis,
the
ongoing
war
continued
to
present
challenges
for
both
investors
and
policymakers.
Equity
prices
fell
as
interest
rates
rose,
particularly
during
the
first
half
of
the
reporting
period.
Both
large-
and
small-capitalization
U.S.
stocks
fell,
although
equities
began
to
recover
in
the
second
half
of
the
period
as
inflation
eased
and
economic
growth
resumed.
Emerging
market
stocks
and
international
equities
from
developed
markets
declined
overall,
pressured
by
rising
interest
rates
and
a
strong
U.S.
dollar.
The
10-year
U.S.
Treasury
yield
rose
notably
during
the
reporting
period,
driving
its
price
down,
as
investors
reacted
to
fluctuating
inflation
data
and
attempted
to
anticipate
its
impact
on
future
interest
rate
changes.
The
corporate
bond
market
also
faced
inflationary
headwinds,
and
higher
interest
rates
led
to
rising
borrowing
costs
for
corporate
issuers.
The
U.S.
Federal
Reserve
(the
“Fed”),
acknowledging
that
inflation
has
been
more
persistent
than
expected,
raised
interest
rates
seven
times.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
is
accelerating
the
reduction
of
its
balance
sheet.
While
the
Fed
suggested
that
additional
rate
hikes
were
likely,
it
also
gave
indications
that
the
pace
of
increases
would
slow
if
inflation
continued
to
subside.
Restricted
labor
supply
kept
inflation
elevated
even
as
other
inflation
drivers,
such
as
goods
prices
and
energy
costs,
moderated.
While
economic
growth
slowed
in
the
last
year,
we
believe
that
taming
inflation
requires
a
more
substantial
decline
that
lowers
demand
to
a
level
more
in
line
with
the
economy’s
productive
capacity.
Although
the
Fed
has
decelerated
the
pace
of
interest
rate
hikes,
it
still
seems
determined
to
get
inflation
back
to
target.
With
this
in
mind,
we
believe
the
possibility
of
a
U.S.
recession
in
the
near-term
is
high,
but
the
dimming
economic
outlook
has
not
yet
been
fully
reflected
in
current
market
prices.
Investors
should
expect
a
period
of
higher
volatility
as
markets
adjust
to
the
new
economic
reality
and
policymakers
attempt
to
adapt
to
rapidly
changing
conditions.
While
we
favor
an
overweight
to
equities
in
the
long-term,
several
factors
lead
us
to
take
an
underweight
stance
on
equities
overall
in
the
near
term.
We
believe
that
higher
input
costs
and
a
deteriorating
economic
backdrop
are
likely
to
challenge
corporate
earnings,
while
the
market’s
concerns
over
excessive
rate
hikes
could
remain
until
the
Fed
indicates
that
its
tightening
cycle
has
ended.
Nevertheless,
we
see
opportunities
in
credit,
where
valuations
are
attractive
and
higher
yields
provide
income
opportunities.
We
believe
that
global
investment-
grade
corporates,
global
inflation-linked
bonds,
and
U.S.
mortgage-backed
securities
offer
strong
opportunities
for
a
six-
to
twelve-month
horizon.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
iShares.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock,
Inc.
The
Markets
in
Review
Rob
Kapito
President,
BlackRock,
Inc.
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Total
Returns
as
of
January
31,
2023
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
(0.44
)%
(8.22
)%
U.S.
small
cap
equities
(Russell
2000
®
Index)
3.25
(3.38
)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
9.52
(2.83
)
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
4.92
(12.12
)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
1.58
1.79
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
(5.60
)
(11.62
)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
(2.37
)
(8.36
)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
0.73
(3.25
)
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
1.46
(5.22
)
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Semi-Annual
Report:
Fund
Summary
........................................................................................................
4
About
Fund
Performance
..................................................................................................
8
Disclosure
of Expenses
...................................................................................................
8
Schedules
of
Investments
.................................................................................................
9
Financial
Statements:
Statements
of
Assets
and
Liabilities
.........................................................................................
17
Statements
of
Operations
................................................................................................
18
Statements
of
Changes
in
Net
Assets
........................................................................................
19
Financial
Highlights
.....................................................................................................
21
Notes
to
Financial
Statements
...............................................................................................
25
Statement
Regarding
Liquidity
Risk
Management
Program
.............................................................................
31
Supplemental
Information
.................................................................................................
32
General
Information
.....................................................................................................
33
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
34
Fund
Summary
as
of
January
31,
2023
2023
iShares
Semi-Annual
Report
to
Shareholders
4
iShares
®
ESG
Aware
Aggressive
Allocation
ETF
Investment
Objective
The
iShares
ESG
Aware
Aggressive
Allocation
ETF
(the
“
Fund
”
)
seeks
to
track
the
investment
results
of
an
index
composed
of
a
portfolio
of
underlying
equity
and
fixed
income
funds
with
positive
environmental,
social
and
governance
characteristics
intended
to
represent
an
aggressive
risk
profile,
as
represented
by
the
BlackRock
ESG
Aware
Aggressive
Allocation
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
The
inception
date
of
the
Fund
was
June
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.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
Since
Inception
1
Year
Since
Inception
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.44%
(8.20)%
8.00%
(8.20)%
22.55%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.43
(8.28)
7.99
(8.28)
22.52
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.43
(8.25)
8.08
(8.25)
22.69
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(08/01/22)
Ending
Account
Value
(01/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(08/01/22)
Ending
Account
Value
(01/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
$
1,014.40
$
0.10
$
1,000.00
$
1,025.10
$
0.10
0.02%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
The
fees
and
expenses
of
the
underlying
funds
in
which
the
Fund
invests
are
not
included
in
the
Fund's
annualized
expense
ratio.
PORTFOLIO
COMPOSITION
Asset
Class
Percent
of
Total
Investments
(a)
Domestic
Equity
.................................
52.2
%
International
Equity
...............................
28.7
Domestic
Fixed
Income
............................
19.1
FIVE
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
iShares
ESG
Aware
MSCI
USA
ETF
.....................
46.5
%
iShares
ESG
Aware
MSCI
EAFE
ETF
....................
20.0
iShares
ESG
Aware
US
Aggregate
Bond
ETF
...............
19.1
iShares
ESG
Aware
MSCI
EM
ETF
......................
8.7
iShares
ESG
Aware
MSCI
USA
Small-Cap
ETF
.............
5.7
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
January
31,
2023
5
Fund
Summary
iShares
®
ESG
Aware
Conservative
Allocation
ETF
Investment
Objective
The
iShares
ESG
Aware
Conservative
Allocation
ETF
(the
“
Fund
”
)
seeks
to
track
the
investment
results
of
an
index
composed
of
a
portfolio
of
underlying
equity
and
fixed
income
funds
with
positive
environmental,
social
and
governance
characteristics
intended
to
represent
a
conservative
risk
profile,
as
represented
by
the
BlackRock
ESG
Aware
Conservative
Allocation
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
The
inception
date
of
the
Fund
was
June
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.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
Since
Inception
1
Year
Since
Inception
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(1.03)%
(8.32)%
0.41%
(8.32)%
1.09%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(1.08)
(8.39)
0.40
(8.39)
1.05
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(1.02)
(8.30)
0.47
(8.30)
1.24
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(08/01/22)
Ending
Account
Value
(01/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(08/01/22)
Ending
Account
Value
(01/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
$
989.70
$
0.30
$
1,000.00
$
1,024.90
$
0.31
0.06%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
The
fees
and
expenses
of
the
underlying
funds
in
which
the
Fund
invests
are
not
included
in
the
Fund's
annualized
expense
ratio.
PORTFOLIO
COMPOSITION
Asset
Class
Percent
of
Total
Investments
(a)
Domestic
Fixed
Income
............................
68.9
%
Domestic
Equity
.................................
20.1
International
Equity
...............................
11.0
FIVE
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
iShares
ESG
Aware
US
Aggregate
Bond
ETF
...............
68.9
%
iShares
ESG
Aware
MSCI
USA
ETF
.....................
17.8
iShares
ESG
Aware
MSCI
EAFE
ETF
....................
7.7
iShares
ESG
Aware
MSCI
EM
ETF
......................
3.4
iShares
ESG
Aware
MSCI
USA
Small-Cap
ETF
.............
2.2
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
January
31,
2023
2023
iShares
Semi-Annual
Report
To
Shareholders
6
iShares
®
ESG
Aware
Growth
Allocation
ETF
Investment
Objective
The
iShares
ESG
Aware
Growth
Allocation
ETF
(the
“
Fund
”
)
seeks
to
track
the
investment
results
of
an
index
composed
of
a
portfolio
of
underlying
equity
and
fixed
income
funds
with
positive
environmental,
social
and
governance
characteristics
intended
to
represent
a
growth
risk
profile,
as
represented
by
the
BlackRock
ESG
Aware
Growth
Allocation
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
The
inception
date
of
the
Fund
was
June
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.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
Since
Inception
1
Year
Since
Inception
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.45%
(8.24)%
4.98%
(8.24)%
13.71%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.37
(8.36)
4.95
(8.36)
13.60
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.45
(8.25)
5.05
(8.25)
13.86
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(08/01/22)
Ending
Account
Value
(01/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(08/01/22)
Ending
Account
Value
(01/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
$
1,004.50
$
0.20
$
1,000.00
$
1,025.00
$
0.20
0.04%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
The
fees
and
expenses
of
the
underlying
funds
in
which
the
Fund
invests
are
not
included
in
the
Fund's
annualized
expense
ratio.
PORTFOLIO
COMPOSITION
Asset
Class
Percent
of
Total
Investments
(a)
Domestic
Equity
.................................
39.5
%
Domestic
Fixed
Income
............................
38.7
International
Equity
...............................
21.8
FIVE
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
iShares
ESG
Aware
US
Aggregate
Bond
ETF
...............
38.7
%
iShares
ESG
Aware
MSCI
USA
ETF
.....................
35.3
iShares
ESG
Aware
MSCI
EAFE
ETF
....................
15.1
iShares
ESG
Aware
MSCI
EM
ETF
......................
6.6
iShares
ESG
Aware
MSCI
USA
Small-Cap
ETF
.............
4.3
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
January
31,
2023
7
Fund
Summary
iShares
®
ESG
Aware
Moderate
Allocation
ETF
Investment
Objective
The
iShares
ESG
Aware
Moderate
Allocation
ETF
(the
“
Fund
”
)
seeks
to
track
the
investment
results
of
an
index
composed
of
a
portfolio
of
underlying
equity
and
fixed
income
funds
with
positive
environmental,
social
and
governance
characteristics
intended
to
represent
a
moderate
risk
profile,
as
represented
by
the
BlackRock
ESG
Aware
Moderate
Allocation
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
The
inception
date
of
the
Fund
was
June
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.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
Since
Inception
1
Year
Since
Inception
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(0.54)%
(8.27)%
1.95%
(8.27)%
5.23%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(0.60)
(8.32)
1.94
(8.32)
5.20
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(0.53)
(8.28)
2.00
(8.28)
5.36
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(08/01/22)
Ending
Account
Value
(01/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(08/01/22)
Ending
Account
Value
(01/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
$
994.60
$
0.25
$
1,000.00
$
1,024.95
$
0.26
0.05%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
The
fees
and
expenses
of
the
underlying
funds
in
which
the
Fund
invests
are
not
included
in
the
Fund's
annualized
expense
ratio.
PORTFOLIO
COMPOSITION
Asset
Class
Percent
of
Total
Investments
(a)
Domestic
Fixed
Income
............................
58.7
%
Domestic
Equity
.................................
26.7
International
Equity
...............................
14.6
FIVE
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
iShares
ESG
Aware
US
Aggregate
Bond
ETF
...............
58.7
%
iShares
ESG
Aware
MSCI
USA
ETF
.....................
23.8
iShares
ESG
Aware
MSCI
EAFE
ETF
....................
10.2
iShares
ESG
Aware
MSCI
EM
ETF
......................
4.4
iShares
ESG
Aware
MSCI
USA
Small-Cap
ETF
.............
2.9
(a)
Excludes
money
market
funds.
About
Fund
Performance
2023
iShares
Semi-Annual
Report
to
Shareholders
8
Past
performance
is
not
an
indication
of
future
results.
Financial
markets
have
experienced
extreme
volatility
and
trading
in
many
instruments
has
been
disrupted.
These
circumstances
may
continue
for
an
extended
period
of
time
and
may
continue
to
affect
adversely
the
value
and
liquidity
of
each
Fund’s
investments.
As
a
result,
current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Performance
data
current
to
the
most
recent
month-end
is
available
at
iShares.com
.
Performance
results
assume
reinvestment
of
all
dividends
and
capital
gain
distributions
and
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
The
investment
return
and
principal
value
of
shares
will
vary
with
changes
in
market
conditions.
Shares
may
be
worth
more
or
less
than
their
original
cost
when
they
are
redeemed
or
sold
in
the
market.
Performance
for
certain
funds
may
reflect
a
waiver
of
a
portion
of
investment
advisory
fees.
Without
such
a
waiver,
performance
would
have
been
lower.
Net
asset
value
or
“NAV”
is
the
value
of
one
share
of
a
fund
as
calculated
in
accordance
with
the
standard
formula
for
valuing
mutual
fund
shares.
Beginning
August
10,
2020,
the
price
used
to
calculate
market
return
(“Market
Price”)
is
the
closing
price.
Prior
to
August
10,
2020,
Market Price
was
determined
using
the
midpoint
between
the
highest
bid
and
the
lowest
ask
on
the
primary
stock
exchange
on
which
shares
of
a
fund
are
listed
for
trading,
as
of
the
time
that
such
fund’s
NAV
is
calculated. Since
shares
of
a
fund
may
not
trade
in
the
secondary
market
until
after
the
fund’s
inception,
for
the
period
from
inception
to
the
first
day
of
secondary
market
trading
in
shares
of
the
fund,
the
NAV
of
the
fund
is
used
as
a
proxy
for
the
Market
Price
to
calculate
market
returns.
Market
and
NAV
returns
assume
that
dividends
and
capital
gain
distributions
have
been
reinvested
at
Market
Price
and
NAV,
respectively.
An
index
is
a
statistical
composite
that
tracks
a
specified
financial
market
or
sector.
Unlike
a
fund,
an
index
does
not
actually
hold
a
portfolio
of
securities
and
therefore
does
not
incur
the
expenses
incurred
by
a
fund.
These
expenses
negatively
impact
fund
performance.
Also,
market
returns
do
not
include
brokerage
commissions
that
may
be
payable
on
secondary
market
transactions.
If
brokerage
commissions
were
included,
market
returns
would
be
lower.
Disclosure
of Expenses
Shareholders
of each
Fund
may
incur
the
following
charges: (1)
transactional
expenses,
including
brokerage
commissions
on
purchases
and
sales
of
fund
shares
and
(2)
ongoing
expenses,
including
management
fees
and
other
fund
expenses.
The
expense
examples
shown (which are
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period) are
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in each
Fund and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
funds.
The
expense
examples
provide information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to estimate
the
expenses
a
shareholder paid during
the period
covered
by
this
report,
shareholders
can divide their
account
value
by
$1,000 and
then
multiply
the
result
by
the
number
under
the
heading
entitled
“Expenses
Paid
During
the
Period.”
The
expense
examples also
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on a
fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the ongoing expenses
of
investing
in the
Funds
and
other
funds, compare
the
5%
hypothetical
examples
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
expenses
shown
in
the
expense
examples are
intended
to highlight shareholders’
ongoing
costs
only
and
do
not
reflect
any
transactional
expenses,
such
as
brokerage
commissions
and
other
fees
paid
on
purchases
and
sales
of
fund
shares.
Therefore,
the
hypothetical
examples are
useful
in
comparing
ongoing expenses
only
and
will
not
help
shareholders determine
the
relative
total expenses
of
owning
different
funds. If
these
transactional expenses
were
included, shareholder
expenses would
have
been
higher.
Schedule
of
Investments
(unaudited)
January
31,
2023
iShares
®
ESG
Aware
Aggressive
Allocation
ETF
Schedules
of
Investments
9
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
January
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Value
Investment
Companies
Domestic
Equity
—
52.2%
(a)
iShares
ESG
Aware
MSCI
USA
ETF
.......
114,430
$
10,326,163
iShares
ESG
Aware
MSCI
USA
Small-Cap
ETF
34,540
1,254,493
11,580,656
Domestic
Fixed
Income
—
19.1%
iShares
ESG
Aware
US
Aggregate
Bond
ETF
(a)
88,028
4,252,632
International
Equity
—
28.6%
(a)
iShares
ESG
Aware
MSCI
EAFE
ETF
......
61,765
4,431,639
iShares
ESG
Aware
MSCI
EM
ETF
(b)
.......
58,581
1,933,759
6,365,398
Total
Long-Term
Investments
—
99.9%
(Cost:
$23,537,454)
...............................
22,198,686
Security
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
4.0%
(a)(c)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
4.56%
(d)
...................
866,260
$
866,779
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
4.18%
....................
21,423
21,423
Total
Short-Term
Securities
—
4.0%
(Cost:
$888,115)
.................................
888,202
Total
Investments
—
103.9%
(Cost:
$24,425,569)
...............................
23,086,888
Liabilities
in
Excess
of
Other
Assets
—
(3.9)
%
.............
(865,789)
Net
Assets
—
100.0%
...............................
$
22,221,099
(a)
Affiliate
of
the
Fund.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Annualized
7-day
yield
as
of
period
end.
(d)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
07/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
01/31/23
Shares
Held
at
01/31/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
—
$
866,490
(a)
$
—
$
202
$
87
$
866,779
866,260
$
1,569
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
20,000
1,423
(a)
—
—
—
21,423
21,423
504
—
iShares
ESG
Aware
MSCI
EAFE
ETF
..................
3,785,623
350,547
(33,213)
(9,308)
337,990
4,431,639
61,765
17,781
—
iShares
ESG
Aware
MSCI
EM
ETF
..................
1,687,296
195,077
(14,496)
(7,431)
73,313
1,933,759
58,581
29,042
—
iShares
ESG
Aware
MSCI
USA
ETF
..................
9,687,455
874,147
(83,657)
(22,167)
(129,615)
10,326,163
114,430
79,036
—
iShares
ESG
Aware
MSCI
USA
Small-Cap
ETF
..........
1,139,735
91,717
(28,451)
(7,580)
59,072
1,254,493
34,540
9,551
—
iShares
ESG
Aware
US
Aggregate
Bond
ETF
..............
4,312,148
318,185
(209,029)
(44,711)
(123,961)
4,252,632
88,028
48,776
—
$
(90,995)
$
216,886
$
23,086,888
$
186,259
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
iShares
®
ESG
Aware
Aggressive
Allocation
ETF
10
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Investment
Companies
....................................
$
22,198,686
$
—
$
—
$
22,198,686
Short-Term
Securities
Money
Market
Funds
......................................
888,202
—
—
888,202
$
23,086,888
$
—
$
—
$
23,086,888
Schedule
of
Investments
(unaudited)
January
31,
2023
iShares
®
ESG
Aware
Conservative
Allocation
ETF
Schedules
of
Investments
11
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
January
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Value
Investment
Companies
Domestic
Equity
—
20.1%
(a)
iShares
ESG
Aware
MSCI
USA
ETF
.......
14,470
$
1,305,773
iShares
ESG
Aware
MSCI
USA
Small-Cap
ETF
4,368
158,646
1,464,419
Domestic
Fixed
Income
—
68.8%
iShares
ESG
Aware
US
Aggregate
Bond
ETF
(a)
103,892
5,019,022
International
Equity
—
11.0%
(a)
iShares
ESG
Aware
MSCI
EAFE
ETF
......
7,810
560,367
iShares
ESG
Aware
MSCI
EM
ETF
........
7,408
244,539
804,906
Total
Long-Term
Investments
—
99.9%
(Cost:
$8,434,486)
................................
7,288,347
Security
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
0.1%
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
4.18%
(a)(b)
..................
7,163
$
7,163
Total
Short-Term
Securities
—
0.1%
(Cost:
$7,163)
...................................
7,163
Total
Investments
—
100.0%
(Cost:
$8,441,649)
................................
7,295,510
Other
Assets
Less
Liabilities
—
0.0
%
....................
231
Net
Assets
—
100.0%
...............................
$
7,295,741
(a)
Affiliate
of
the
Fund.
(b)
Annualized
7-day
yield
as
of
period
end.
Affiliated
Issuer
Value
at
07/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
01/31/23
Shares
Held
at
01/31/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
(a)
..............
$
—
$
—
$
(353)
(b)
$
353
$
—
$
—
—
$
675
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
—
7,163
(b)
—
—
—
7,163
7,163
193
—
iShares
ESG
Aware
MSCI
EAFE
ETF
..................
581,920
20,737
(86,177)
(13,412)
57,299
560,367
7,810
2,407
—
iShares
ESG
Aware
MSCI
EM
ETF
..................
259,520
15,196
(37,837)
(7,451)
15,111
244,539
7,408
3,932
—
iShares
ESG
Aware
MSCI
USA
ETF
..................
1,488,596
62,533
(215,742)
(25,106)
(4,508)
1,305,773
14,470
11,459
—
iShares
ESG
Aware
MSCI
USA
Small-Cap
ETF
..........
175,322
2,290
(25,422)
(4,188)
10,644
158,646
4,368
1,385
—
iShares
ESG
Aware
US
Aggregate
Bond
ETF
..............
6,183,545
11,423
(910,222)
(183,332)
(82,392)
5,019,022
103,892
67,298
—
$
(233,136)
$
(3,846)
$
7,295,510
$
87,349
$
—
—
—
(a)
As
of
period
end,
the
entity
is
no
longer
held.
(b)
Represents
net
amount
purchased
(sold).
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
iShares
®
ESG
Aware
Conservative
Allocation
ETF
12
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Investment
Companies
....................................
$
7,288,347
$
—
$
—
$
7,288,347
Short-Term
Securities
Money
Market
Funds
......................................
7,163
—
—
7,163
$
7,295,510
$
—
$
—
$
7,295,510
Schedule
of
Investments
(unaudited)
January
31,
2023
iShares
®
ESG
Aware
Growth
Allocation
ETF
Schedule
of
Investments
13
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
January
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
.
Security
Shares
Value
Investment
Companies
Domestic
Equity
—
39.5%
(a)
iShares
ESG
Aware
MSCI
USA
ETF
.......
64,275
$
5,800,176
iShares
ESG
Aware
MSCI
USA
Small-Cap
ETF
19,402
704,681
6,504,857
Domestic
Fixed
Income
—
38.7%
iShares
ESG
Aware
US
Aggregate
Bond
ETF
(a)
131,855
6,369,915
International
Equity
—
21.7%
(a)
iShares
ESG
Aware
MSCI
EAFE
ETF
......
34,694
2,489,294
iShares
ESG
Aware
MSCI
EM
ETF
(b)
.......
32,905
1,086,194
3,575,488
Total
Long-Term
Investments
—
99.9%
(Cost:
$16,939,645)
...............................
16,450,260
Security
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
6.8%
(a)(c)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
4.56%
(d)
...................
1,107,102
$
1,107,766
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
4.18%
....................
15,768
15,768
Total
Short-Term
Securities
—
6.8%
(Cost:
$1,123,423)
................................
1,123,534
Total
Investments
—
106.7%
(Cost:
$18,063,068)
...............................
17,573,794
Liabilities
in
Excess
of
Other
Assets
—
(6.7)
%
.............
(1,106,516)
Net
Assets
—
100.0%
...............................
$
16,467,278
(a)
Affiliate
of
the
Fund.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Annualized
7-day
yield
as
of
period
end.
(d)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
07/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
01/31/23
Shares
Held
at
01/31/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
—
$
1,107,270
(a)
$
—
$
385
$
111
$
1,107,766
1,107,102
$
1,578
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
20,000
—
(4,232)
(a)
—
—
15,768
15,768
438
—
iShares
ESG
Aware
MSCI
EAFE
ETF
..................
1,877,583
967,660
(548,623)
5,523
187,151
2,489,294
34,694
9,811
—
iShares
ESG
Aware
MSCI
EM
ETF
..................
837,344
455,007
(246,017)
(5,225)
45,085
1,086,194
32,905
16,025
—
iShares
ESG
Aware
MSCI
USA
ETF
..................
4,802,786
2,433,180
(1,364,946)
161,605
(232,449)
5,800,176
64,275
45,476
—
iShares
ESG
Aware
MSCI
USA
Small-Cap
ETF
..........
565,918
274,916
(166,673)
27,658
2,862
704,681
19,402
5,497
—
iShares
ESG
Aware
US
Aggregate
Bond
ETF
..............
5,700,450
2,693,310
(1,808,412)
(67,090)
(148,343)
6,369,915
131,855
71,497
—
$
122,856
$
(145,583)
$
17,573,794
$
150,322
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
iShares
®
ESG
Aware
Growth
Allocation
ETF
14
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Investment
Companies
....................................
$
16,450,260
$
—
$
—
$
16,450,260
Short-Term
Securities
Money
Market
Funds
......................................
1,123,534
—
—
1,123,534
$
17,573,794
$
—
$
—
$
17,573,794
Schedule
of
Investments
(unaudited)
January
31,
2023
iShares
®
ESG
Aware
Moderate
Allocation
ETF
Schedules
of
Investments
15
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
January
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Value
Investment
Companies
Domestic
Equity
—
26.6%
(a)
iShares
ESG
Aware
MSCI
USA
ETF
.......
13,354
$
1,205,065
iShares
ESG
Aware
MSCI
USA
Small-Cap
ETF
4,031
146,406
1,351,471
Domestic
Fixed
Income
—
58.7%
iShares
ESG
Aware
US
Aggregate
Bond
ETF
(a)
61,639
2,977,780
International
Equity
—
14.6%
(a)
iShares
ESG
Aware
MSCI
EAFE
ETF
......
7,208
517,174
iShares
ESG
Aware
MSCI
EM
ETF
........
6,837
225,689
742,863
Total
Long-Term
Investments
—
99.9%
(Cost:
$5,784,766)
................................
5,072,114
Security
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
0.1%
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
4.18%
(a)(b)
..................
5,073
$
5,073
Total
Short-Term
Securities
—
0.1%
(Cost:
$5,073)
...................................
5,073
Total
Investments
—
100.0%
(Cost:
$5,789,839)
................................
5,077,187
Other
Assets
Less
Liabilities
—
0.0
%
....................
213
Net
Assets
—
100.0%
...............................
$
5,077,400
(a)
Affiliate
of
the
Fund.
(b)
Annualized
7-day
yield
as
of
period
end.
Affiliated
Issuer
Value
at
07/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
01/31/23
Shares
Held
at
01/31/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
(a)
..............
$
—
$
—
$
(23)
(b)
$
23
$
—
$
—
—
$
867
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
10,000
—
(4,927)
(b)
—
—
5,073
5,073
157
—
iShares
ESG
Aware
MSCI
EAFE
ETF
..................
462,609
133,759
(124,226)
3,855
41,177
517,174
7,208
2,787
—
iShares
ESG
Aware
MSCI
EM
ETF
..................
206,304
63,158
(54,065)
1,680
8,612
225,689
6,837
4,552
—
iShares
ESG
Aware
MSCI
USA
ETF
..................
1,183,396
345,262
(294,993)
(9,890)
(18,710)
1,205,065
13,354
10,967
—
iShares
ESG
Aware
MSCI
USA
Small-Cap
ETF
..........
139,444
36,900
(34,471)
(1,778)
6,311
146,406
4,031
1,327
—
iShares
ESG
Aware
US
Aggregate
Bond
ETF
..............
3,160,152
744,267
(813,335)
(11,864)
(101,440)
2,977,780
61,639
39,462
—
$
(17,974)
$
(64,050)
$
5,077,187
$
60,119
$
—
—
—
(a)
As
of
period
end,
the
entity
is
no
longer
held.
(b)
Represents
net
amount
purchased
(sold).
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
iShares
®
ESG
Aware
Moderate
Allocation
ETF
16
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Investment
Companies
....................................
$
5,072,114
$
—
$
—
$
5,072,114
Short-Term
Securities
Money
Market
Funds
......................................
5,073
—
—
5,073
$
5,077,187
$
—
$
—
$
5,077,187
Statements
of
Assets
and
Liabilities
(unaudited)
January
31,
2023
17
Financial
Statements
See
notes
to
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,
at
value
—
affiliated
(a)
(b)
...........................................
$
23,086,888
$
7,295,510
$
17,573,794
$
5,077,187
Receivables:
–
–
–
–
Securities
lending
income
—
affiliated
........................................
988
555
1,191
406
Dividends
—
affiliated
...................................................
73
25
57
18
Total
assets
...........................................................
23,087,949
7,296,090
17,575,042
5,077,611
LIABILITIES
Collateral
on
securities
loaned
...............................................
866,490
—
1,107,270
—
Payables:
–
–
–
–
Investment
advisory
fees
.................................................
360
349
494
211
Total
liabilities
..........................................................
866,850
349
1,107,764
211
NET
ASSETS
..........................................................
$
22,221,099
$
7,295,741
$
16,467,278
$
5,077,400
NET
ASSETS
CONSIST
OF:
Paid-in
capital
..........................................................
$
23,684,614
$
8,726,853
$
16,841,642
$
5,840,546
Accumulated
loss
.......................................................
(1,463,515)
(1,431,112)
(374,364)
(763,146)
NET
ASSETS
..........................................................
$
22,221,099
$
7,295,741
$
16,467,278
$
5,077,400
NET
ASSET
VALUE
Shares
outstanding
......................................................
750,000
300,000
600,000
200,000
Net
asset
value
.........................................................
$
29.63
$
24.32
$
27.45
$
25.39
Shares
authorized
.......................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
.............................................................
None
None
None
None
(a)
Investments,
at
cost
—
affiliated
............................................
$
24,425,569
$
8,441,649
$
18,063,068
$
5,789,839
(b)
Securities
loaned,
at
value
—
affiliated
.......................................
$
841,260
$
—
$
1,075,301
$
—
Statements
of
Operations
(unaudited)
Six
Months
Ended
January
31,
2023
2023
iShares
Semi-Annual
Report
to
Shareholders
18
See
notes
to
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
...................................................
$
184,690
$
86,674
$
148,744
$
59,252
Securities
lending
income
—
affiliated
—
net
...................................
1,569
675
1,578
867
Total
investment
income
...................................................
186,259
87,349
150,322
60,119
EXPENSES
Investment
advisory
....................................................
17,974
7,036
13,178
4,749
Total
expenses
.........................................................
17,974
7,036
13,178
4,749
Less:
–
–
–
–
Investment
advisory
fees
waived
...........................................
(15,785)
(4,746)
(10,493)
(3,397)
Total
expenses
after
fees
waived
.............................................
2,189
2,290
2,685
1,352
Net
investment
income
....................................................
184,070
85,059
147,637
58,767
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
125,891
$
(236,982)
$
(22,727)
$
(82,024)
Net
realized
gain
(loss)
from:
Investments
—
affiliated
...............................................
$
(90,995)
$
(24,566)
$
(63,530)
$
(22,409)
In-kind
redemptions
—
affiliated
(a)
.........................................
—
(208,570)
186,386
4,435
(90,995)
(233,136)
122,856
(17,974)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
affiliated
...............................................
216,886
(3,846)
(145,583)
(64,050)
Net
realized
and
unrealized
gain
(loss)
.........................................
125,891
(236,982)
(22,727)
(82,024)
NET
INCREASE
(DECREASE)
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..........
$
309,961
$
(151,923)
$
124,910
$
(23,257)
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
Statements
of
Changes
in
Net
Assets
19
Financial
Statements
See
notes
to
financial
statements.
iShares
ESG
Aware
Aggressive
Allocation
ETF
iShares
ESG
Aware
Conservative
Allocation
ETF
Six
Months
Ended
01/31/23
(unaudited)
Year
Ended
07/31/22
Six
Months
Ended
01/31/23
(unaudited)
Year
Ended
07/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
....................................................
$
184,070
$
374,326
$
85,059
$
442,525
Net
realized
gain
(loss)
....................................................
(90,995)
506,060
(233,136)
(3,662,192)
Net
change
in
unrealized
appreciation
(depreciation)
................................
216,886
(3,163,772)
(3,846)
(1,382,720)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...........................
309,961
(2,283,386)
(151,923)
(4,602,387)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(182,935)
(374,625)
(85,790)
(b)
(442,927)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.................
1,454,858
3,156,575
(1,163,332)
8,147,760
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...........................................
1,581,884
498,564
(1,401,045)
3,102,446
Beginning
of
period
........................................................
20,639,215
20,140,651
8,696,786
5,594,340
End
of
period
............................................................
$
22,221,099
$
20,639,215
$
7,295,741
$
8,696,786
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
Statements
of
Changes
in
Net
Assets
(continued)
2023
iShares
Semi-Annual
Report
to
Shareholders
20
See
notes
to
financial
statements.
iShares
ESG
Aware
Growth
Allocation
ETF
iShares
ESG
Aware
Moderate
Allocation
ETF
Six
Months
Ended
01/31/23
(unaudited)
Year
Ended
07/31/22
Six
Months
Ended
01/31/23
(unaudited)
Year
Ended
07/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
....................................................
$
147,637
$
160,841
$
58,767
$
91,784
Net
realized
gain
(loss)
....................................................
122,856
(4,367)
(17,974)
231,351
Net
change
in
unrealized
appreciation
(depreciation)
................................
(145,583)
(1,174,268)
(64,050)
(1,005,012)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...........................
124,910
(1,017,794)
(23,257)
(681,877)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(150,118)
(b)
(161,159)
(62,299)
(b)
(92,019)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
.........................
2,680,125
7,180,313
498
126,056
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...........................................
2,654,917
6,001,360
(85,058)
(647,840)
Beginning
of
period
........................................................
13,812,361
7,811,001
5,162,458
5,810,298
End
of
period
............................................................
$
16,467,278
$
13,812,361
$
5,077,400
$
5,162,458
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
21
Financial
Highlights
iShares
ESG
Aware
Aggressive
Allocation
ETF
Six
Months
Ended
01/31/23
(unaudited)
Year
Ended
07/31/22
Year
Ended
07/31/21
Period
from
06/12/20
(a)
to
07/31/20
Net
asset
value,
beginning
of
period
............................................
$
29.48
$
33.57
$
26.74
$
25.32
Net
investment
income
(b)
....................................................
0.26
0.58
0.49
0.10
Net
realized
and
unrealized
gain
(loss)
(c)
..........................................
0.15
(4.10
)
6.78
1.44
Net
increase
(decrease)
from
investment
operations
...................................
0.41
(3.52
)
7.27
1.54
Distributions
from
net
investment
income
(d)
..........................................
(0.26
)
(0.57
)
(0.44
)
(0.12
)
Net
asset
value,
end
of
period
.................................................
$
29.63
$
29.48
$
33.57
$
26.74
Total
Return
(e)
1.44%
—
—
—
Based
on
net
asset
value
.....................................................
1.44
%
(f)
(10.57
)%
27.32
%
6.10
%
(f)
Ratios
to
Average
Net
Assets
(g)
Total
expenses
............................................................
0.18
%
(h)
0.18
%
0.18
%
0.18
%
(h)
Total
expenses
after
fees
waived
................................................
0.02
%
(h)
0.02
%
0.02
%
0.03
%
(h)
Net
investment
income
.......................................................
1.84
%
(h)
1.81
%
1.53
%
2.74
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
.................................................
$
22,221
$
20,639
$
20,141
$
4,011
Portfolio
turnover
rate
(i)
.......................................................
2
%
2
%
5
%
0
%
(j)
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions.
(j)
Rounds
to
less
than
0.01%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
iShares
Semi-Annual
Report
to
Shareholders
22
iShares
ESG
Aware
Conservative
Allocation
ETF
Six
Months
Ended
01/31/23
(unaudited)
Year
Ended
07/31/22
Year
Ended
07/31/21
Period
from
06/12/20
(a)
to
07/31/20
Net
asset
value,
beginning
of
period
...........................................
$
24.85
$
27.97
$
25.95
$
25.14
Net
investment
income
(b)
...................................................
0.26
0.38
0.33
0.06
Net
realized
and
unrealized
gain
(loss)
(c)
.........................................
(0.53
)
(3.06
)
2.05
0.82
Net
increase
(decrease)
from
investment
operations
..................................
(0.27
)
(2.68
)
2.38
0.88
Distributions
(d)
–
–
–
–
From
net
investment
income
................................................
(0.26
)
(e)
(0.44
)
(0.36
)
(0.07
)
Return
of
capital
.........................................................
—
—
—
(0.00
)
(f)
Total
distributions
.........................................................
(0.26
)
(0.44
)
(0.36
)
(0.07
)
Net
asset
value,
end
of
period
................................................
$
24.32
$
24.85
$
27.97
$
25.95
Total
Return
(g)
(1.03)%
—
—
—
Based
on
net
asset
value
....................................................
(1.03
)%
(h)
(9.65
)%
9.23
%
3.50
%
(h)
Ratios
to
Average
Net
Assets
(i)
Total
expenses
...........................................................
0.18
%
(j)
0.18
%
0.18
%
0.18
%
(j)
Total
expenses
after
fees
waived
...............................................
0.06
%
(j)
0.06
%
0.06
%
0.06
%
(j)
Net
investment
income
......................................................
2.18
%
(j)
1.41
%
1.21
%
1.63
%
(j)
Supplemental
Data
Net
assets,
end
of
period
(000)
................................................
$
7,296
$
8,697
$
5,594
$
3,893
Portfolio
turnover
rate
(k)
......................................................
1
%
3
%
4
%
0
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
(f)
Rounds
to
less
than
$0.01.
(g)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(h)
Not
annualized.
(i)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(j)
Annualized.
(k)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
23
Financial
Highlights
iShares
ESG
Aware
Growth
Allocation
ETF
Six
Months
Ended
01/31/23
(unaudited)
Year
Ended
07/31/22
Year
Ended
07/31/21
Period
from
06/12/20
(a)
to
07/31/20
Net
asset
value,
beginning
of
period
............................................
$
27.62
$
31.24
$
26.43
$
25.25
Net
investment
income
(b)
....................................................
0.27
0.50
0.40
0.08
Net
realized
and
unrealized
gain
(loss)
(c)
..........................................
(0.16
)
(3.64
)
4.81
1.20
Net
increase
(decrease)
from
investment
operations
...................................
0.11
(3.14
)
5.21
1.28
Distributions
from
net
investment
income
(d)
..........................................
(0.28
)
(e)
(0.48
)
(0.40
)
(0.10
)
Net
asset
value,
end
of
period
.................................................
$
27.45
$
27.62
$
31.24
$
26.43
Total
Return
(f)
0.45%
—
—
—
Based
on
net
asset
value
.....................................................
0.45
%
(g)
(10.11
)%
19.83
%
5.08
%
(g)
Ratios
to
Average
Net
Assets
(h)
Total
expenses
............................................................
0.18
%
(i)
0.18
%
0.18
%
0.18
%
(i)
Total
expenses
after
fees
waived
................................................
0.04
%
(i)
0.04
%
0.03
%
0.04
%
(i)
Net
investment
income
.......................................................
2.01
%
(i)
1.68
%
1.37
%
2.29
%
(i)
Supplemental
Data
Net
assets,
end
of
period
(000)
.................................................
$
16,467
$
13,812
$
7,811
$
3,965
Portfolio
turnover
rate
(j)
.......................................................
2
%
4
%
15
%
0
%
(k)
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
(f)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(g)
Not
annualized.
(h)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(i)
Annualized.
(j)
Portfolio
turnover
rate
excludes
in-kind
transactions.
(k)
Rounds
to
less
than
0.01%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
iShares
Semi-Annual
Report
to
Shareholders
24
iShares
ESG
Aware
Moderate
Allocation
ETF
Six
Months
Ended
01/31/23
(unaudited)
Year
Ended
07/31/22
Year
Ended
07/31/21
Period
from
06/12/20
(a)
to
07/31/20
Net
asset
value,
beginning
of
period
...........................................
$
25.81
$
29.05
$
26.11
$
25.18
Net
investment
income
(b)
...................................................
0.28
0.42
0.35
0.06
Net
realized
and
unrealized
gain
(loss)
(c)
.........................................
(0.43
)
(3.25
)
2.96
0.95
Net
increase
(decrease)
from
investment
operations
..................................
(0.15
)
(2.83
)
3.31
1.01
Distributions
(d)
–
–
–
–
From
net
investment
income
................................................
(0.27
)
(e)
(0.41
)
(0.37
)
(0.08
)
Return
of
capital
.........................................................
—
—
—
(0.00
)
(f)
Total
distributions
.........................................................
(0.27
)
(0.41
)
(0.37
)
(0.08
)
Net
asset
value,
end
of
period
................................................
$
25.39
$
25.81
$
29.05
$
26.11
Total
Return
(g)
(0.54)%
—
—
—
Based
on
net
asset
value
....................................................
(0.54
)%
(h)
(9.79
)%
12.76
%
4.02
%
(h)
Ratios
to
Average
Net
Assets
(i)
Total
expenses
...........................................................
0.18
%
(j)
0.18
%
0.18
%
0.18
%
(j)
Total
expenses
after
fees
waived
...............................................
0.05
%
(j)
0.05
%
0.05
%
0.05
%
(j)
Net
investment
income
......................................................
2.23
%
(j)
1.51
%
1.25
%
1.82
%
(j)
Supplemental
Data
Net
assets,
end
of
period
(000)
................................................
$
5,077
$
5,162
$
5,810
$
3,917
Portfolio
turnover
rate
(k)
......................................................
2
%
15
%
4
%
0
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
(f)
Rounds
to
less
than
$0.01.
(g)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(h)
Not
annualized.
(i)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(j)
Annualized.
(k)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
25
Notes
to
Financial
Statements
1.
ORGANIZATION
iShares
Trust
(the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Delaware
statutory
trust
and
is
authorized
to
have
multiple
series
or
portfolios.
These
financial
statements
relate
only
to
the
following
funds
(each,
a
“Fund”
and
collectively,
the
“Funds”):
Each
Fund
is
a
fund
of
funds
and
seeks
to
achieve
its
investment
objective
by
investing
primarily
in
other
iShares
funds
(each,
an
“underlying
fund”
and
collectively,
the
“underlying
funds”).
The
financial
statements,
including
the
accounting
policies,
and
Schedules
of
Investments
for
the
underlying
funds
are
available
on
iShares.com
and
should
be
read
in
conjunction
with
the
Funds’
financial
statements.
2.
Significant
Accounting
Policies
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates. Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment
Transactions
and
Income
Recognition
:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method. Dividend
income
and
capital
gain
distributions
from
the
underlying
funds,
if
any,
are
recorded
on
the
ex-dividend
date.
Interest
income
is
recognized
daily
on
an
accrual
basis.
In-kind
Redemptions:
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Funds.
Because
such
gains
or
losses
are
not
taxable
to
the
Funds
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
Funds’
tax
year.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
(“NAV”)
per
share.
Distributions:
Dividends
and
distributions
paid
by
each
Fund
are
recorded
on
the
ex-dividend
dates.
Distributions
are
determined
on
a
tax
basis
and
may
differ
from
net
investment
income
and
net
realized
capital
gains
for
financial
reporting
purposes.
Dividends
and
distributions
are
paid
in
U.S.
dollars
and
cannot
be
automatically
reinvested
in
additional
shares
of
the
Funds.
The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
Indemnifications:
In
the
normal
course
of
business,
each
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Funds,
which
cannot
be
predicted
with
any
certainty.
3.
Investment
Valuation
and
Fair
Value
Measurements
Investment
Valuation
Policies:
Each
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund’s
listing
exchange
is
open
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Trustees
of
the
Trust
(the
“Board”)
of each
Fund
has
approved
the
designation
of
BlackRock
Fund
Advisors
(“BFA”),
the
Funds’
investment
adviser, as
the
valuation
designee
for
each
Fund. Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
BFA’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
BFA’s policies
and
procedures as
reflecting
fair
value. BFA
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
each
Fund’s
assets
and
liabilities:
Exchange-traded
funds
and
closed-end
funds
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s official
closing
price,
as
applicable,
on
the
exchange
where
the
fund
is
primarily
traded.
Funds
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
may
be
valued
at
the
last
traded
price.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds)
are
valued
at
that
day’s
published
NAV.
If
events
(e.g.,
market
volatility,
company
announcement
or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that
application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the Valuation
Committee,
in
accordance
with
BFA’s
policies
and
procedures as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the Valuation
Committee
include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
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
to
Financial
Statements
(unaudited)
(continued)
2023
iShares
Semi-Annual
Report
to
Shareholders
26
the
price
for
Fair
Valued
Investments,
the Valuation
Committee
seeks
to
determine
the
price
that each
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
Fair
value
pricing
could
result
in
a
difference
between
the
prices
used
to
calculate
a
fund’s
NAV
and
the
prices
used
by
the
fund’s
underlying
index,
which
in
turn
could
result
in
a
difference
between
the
fund’s
performance
and
the
performance
of
the
fund’s
underlying
index.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
–
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that each
Fund
has
the
ability
to
access;
Level
2
–
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market-corroborated
inputs);
and
Level
3
–
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available,
(including
the Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
4.
Securities
and
Other
Investments
Securities
Lending:
Each
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
an
approved
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
government.
The
initial
collateral
received
by
each
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
market
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of
the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund
or
excess
collateral
is
returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
each
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
in
money
market
funds
managed
by
BFA,
or
its
affiliates
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
also
disclosed
in
each
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
any
related
cash
collateral
are
disclosed
in
the
Statements
of
Assets
and
Liabilities.
Securities
lending
transactions
are
entered
into
by
the
Funds
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”)
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency)
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Funds,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the
Funds
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
As
of
period
end,
the
following
table
is
a
summary
of
the
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
ESG
Aware
Aggressive
Allocation
J.P.
Morgan
Securities
LLC
...............................
$
841,260
$
(841,260)
$
–
$
–
ESG
Aware
Growth
Allocation
Barclays
Bank
PLC
.....................................
$
89,094
$
(89,094)
$
–
$
–
J.P.
Morgan
Securities
LLC
...............................
986,207
(986,207)
–
–
$
1,075,301
$
(1,075,301)
$
–
$
–
(a)
Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
each
Fund
is
disclosed
in
the
Fund’s
Statements
of
Assets
and
Liabilities.
Notes
to
Financial
Statements
(unaudited)
(continued)
27
Notes
to
Financial
Statements
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
each
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BlackRock,
Inc.
(“BlackRock”).
BlackRock’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent
the
collateral
received
does
not
cover
the
value
of
the
securities
loaned
in
the
event
of
borrower
default.
Each
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
the
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by
each
Fund.
5.
Investment
Advisory
Agreement
and
Other
Transactions
with
Affiliates
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the
Trust
,
BFA
manages
the
investment
of each
Fund’s
assets.
BFA
is
a
California
corporation
indirectly owned
by
BlackRock. Under
the
Investment
Advisory
Agreement,
BFA
is
responsible
for
substantially
all
expenses
of
the
Funds,
except
(
i
)
interest
and
taxes;
(ii)
brokerage
commissions
and
other
expenses
connected
with
the
execution
of
portfolio
transactions;
(iii)
distribution
fees;
(iv)
the
advisory
fee
payable
to
BFA;
and
(v)
litigation
expenses
and
any
extraordinary
expenses
(in
each
case
as
determined
by
a
majority
of
the
independent
trustees
).
For
its
investment
advisory
services
to each of
the
following Funds,
BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Funds,
based
on
the
average
daily
net
assets
of each
Fund
as
follows:
Expense
Waivers:
A
fund
may
incur
its
pro
rata
share
of
fees
and
expenses
attributable
to
its
investments
in
other
investment
companies
(“acquired
fund
fees
and
expenses”).
The
total
of
the
investment
advisory
fee
and
acquired
fund
fees
and
expenses,
if
any,
is
a
fund’s
total
annual
operating
expenses.
Total
expenses
as
shown
in
the
Statements
of
Operations
does
not
include
acquired
fund
fees
and
expenses.
BFA
has
contractually
agreed
to
waive
a
portion
of
its
investment
advisory
fee
for
each
Fund
through
November
30,
2025,
in
an
amount
equal
to
the
acquired
fund
fees
and
expenses,
if
any,
attributable
to
each
Fund’s
investments
in
other
iShares
funds.
These
amounts are
included
in
investment
advisory
fees
waived
in
the
Statements
of
Operations.
For
the
six
months ended January
31,
2023,
the
amounts
waived
in
investment
advisory
fees
pursuant
to
this
arrangement
were
as
follows:
Distributor:
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
is
the
distributor
for
each
Fund.
Pursuant
to
the
distribution
agreement,
BFA
is
responsible
for
any
fees
or
expenses
for
distribution
services
provided
to
the
Funds.
ETF
Servicing
Fees:
Each
Fund
has
entered
into
an
ETF
Services
Agreement
with
BRIL
to
perform
certain
order
processing,
Authorized
Participant
communications,
and
related
services
in
connection
with
the
issuance
and
redemption
of
Creation
Units
(“ETF
Services”).
BRIL
is
entitled
to
a
transaction
fee
from
Authorized
Participants
on
each
creation
or
redemption
order
for
the
ETF
Services
provided. The Funds
do
not
pay
BRIL
for
ETF
Services.
Securities
Lending:
The
U.S.
Securities
and
Exchange
Commission
(the
“SEC”)
has
issued
an
exemptive
order
which
permits
BlackRock
Institutional
Trust
Company,
N.A.
(“BTC”),
an
affiliate
of
BFA,
to
serve
as
securities
lending
agent
for
the
Funds,
subject
to
applicable
conditions.
As
securities
lending
agent,
BTC
bears
all
operational
costs
directly
related
to
securities
lending,
including
any
custodial
costs.
Each
Fund
is
responsible
for
fees
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
fees”).
The
cash
collateral
is
invested
in
a
money
market
fund,
BlackRock
Cash
Funds:
Institutional
or
BlackRock
Cash
Funds:
Treasury,
managed
by
BFA,
or
its
affiliates.
However,
BTC
has
agreed
to
reduce
the
amount
of
securities
lending
income
it
receives
in
order
to
effectively
limit
the
collateral
investment
fees
each
Fund
bears
to
an
annual
rate
of
0.04%.
The
SL
Agency
Shares
of
such
money
market
fund
will
not
be
subject
to
a
sales
load,
distribution
fee
or
service
fee.
The
money
market
fund
in
which
the
cash
collateral
has
been
invested
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
redeemed
or
temporarily
restrict
redemptions
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
money
market
fund’s
weekly
liquid
assets
fall
below
certain
thresholds.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
fees.
Each
Fund
retains
a
portion
of
securities
lending
income
and
remits
the
remaining
portion
to
BTC
as
compensation
for
its
services
as
securities
lending
agent.
Pursuant
to
the
current
securities
lending
agreement,
each
Fund
retains
82%
of
securities
lending
income
(which
excludes
collateral
investment
fees)
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
plus
the
collateral
investment
fees
generated
across
all
1940
Act
iShares
exchange-traded
funds
(the
“iShares
ETF
Complex”)
in
that
calendar
year
exceeds
a
specified
threshold,
each
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
85%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
iShares
ETF
Investment
Advisory
Fees
ESG
Aware
Aggressive
Allocation
.......................................................................................
0.18
%
ESG
Aware
Conservative
Allocation
.....................................................................................
0.18
ESG
Aware
Growth
Allocation
.........................................................................................
0.18
ESG
Aware
Moderate
Allocation
........................................................................................
0.18
iShares
ETF
Amounts
Waived
ESG
Aware
Aggressive
Allocation
..........................................................................................
$
15,785
ESG
Aware
Conservative
Allocation
........................................................................................
4,746
ESG
Aware
Growth
Allocation
............................................................................................
10,493
ESG
Aware
Moderate
Allocation
...........................................................................................
3,397
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
iShares
Semi-Annual
Report
to
Shareholders
28
The
share
of
securities
lending
income
earned
by each
Fund
is
shown
as
securities
lending
income
–
affiliated
–
net
in
its
Statements
of
Operations.
For
the six
months ended
January
31,
2023,
the
Funds
paid
BTC
the
following
amounts
for
securities
lending
agent
services:
Officers
and
Trustees:
Certain
officers
and/or
trustees
of
the
Trust
are
officers
and/or
trustees
of
BlackRock
or
its
affiliates.
Other
Transactions:
Each
Fund
may
invest
its
positive
cash
balances
in
certain
money
market
funds
managed
by
BFA
or
an
affiliate.
The
income
earned
on
these
temporary
cash
investments
is
shown
as
dividends
–
affiliated
in
the
Statements
of
Operations.
6.
Purchases
and
Sales
For
the six
months ended
January
31,
2023,
purchases
and
sales
of
investments,
excluding
short-term securities
and
in-kind
transactions,
were
as
follows:
For
the six
months ended
January
31,
2023,
in-kind
transactions
were
as
follows:
7.
Income
Tax
Information
Each
Fund
is
treated
as
an
entity
separate
from
the
Trust’s other
funds
for
federal
income
tax
purposes.
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the
Funds
as
of
January
31,
2023,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
As
of
July
31,
2022,
the
Funds
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
as
follows:
As
of
January
31,
2023,
gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
8.
Principal
Risks
In
the
normal
course
of
business,
each
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including,
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and
their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject.
iShares
ETF
Amounts
ESG
Aware
Aggressive
Allocation
..............................................................................................
$
335
ESG
Aware
Conservative
Allocation
............................................................................................
143
ESG
Aware
Growth
Allocation
................................................................................................
344
ESG
Aware
Moderate
Allocation
...............................................................................................
187
iShares
ETF
Purchases
Sales
ESG
Aware
Aggressive
Allocation
...........................................................................
$
376,171
$
368,844
ESG
Aware
Conservative
Allocation
.........................................................................
112,179
113,982
ESG
Aware
Growth
Allocation
.............................................................................
296,872
286,086
ESG
Aware
Moderate
Allocation
............................................................................
111,903
108,653
iShares
ETF
In-kind
Purchases
In-kind
Sales
ESG
Aware
Aggressive
Allocation
...........................................................................
$
1,453,501
$
—
ESG
Aware
Conservative
Allocation
.........................................................................
—
1,161,418
ESG
Aware
Growth
Allocation
.............................................................................
6,527,200
3,848,585
ESG
Aware
Moderate
Allocation
............................................................................
1,211,441
1,212,435
iShares
ETF
Amounts
ESG
Aware
Aggressive
Allocation
.............................................................................................
$
33,156
ESG
Aware
Conservative
Allocation
...........................................................................................
48,055
ESG
Aware
Growth
Allocation
...............................................................................................
5,465
ESG
Aware
Moderate
Allocation
..............................................................................................
28,988
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
ESG
Aware
Aggressive
Allocation
......................................
$
24,427,387
$
87
$
(1,340,586)
$
(1,340,499)
ESG
Aware
Conservative
Allocation
.....................................
8,444,700
–
(1,149,190)
(1,149,190)
ESG
Aware
Growth
Allocation
.........................................
18,063,068
111,873
(601,147)
(489,274)
ESG
Aware
Moderate
Allocation
.......................................
5,789,839
–
(712,652)
(712,652)
Notes
to
Financial
Statements
(unaudited)
(continued)
29
Notes
to
Financial
Statements
BFA
uses
a
“passive”
or
index
approach
to
try
to
achieve
each
Fund’s
investment
objective
following
the
securities
included
in
its
underlying
index
during
upturns
as
well
as
downturns.
BFA
does
not
take
steps
to
reduce
market
exposure
or
to
lessen
the
effects
of
a
declining
market.
Divergence
from
the
underlying
index
and
the
composition
of
the
portfolio
is
monitored
by
BFA.
The
Funds
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Infectious
Illness
Risk:
An
outbreak
of
an
infectious
illness,
such
as
the
COVID-19
pandemic,
may
adversely
impact
the
economies
of
many
nations
and
the
global
economy,
and
may
impact
individual
issuers
and
capital
markets
in
ways
that
cannot
be
foreseen.
An
infectious
illness
outbreak
may
result
in,
among
other
things,
closed
international
borders,
prolonged
quarantines,
supply
chain
disruptions,
market
volatility
or
disruptions
and
other
significant
economic,
social
and
political
impacts.
Counterparty
Credit
Risk:
The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that BFA
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds.
Concentration
Risk:
A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
LIBOR
Transition
Risk:
The
United
Kingdom’s
Financial
Conduct
Authority
announced
a
phase
out
of
the
London
Interbank
Offered
Rate
(“LIBOR”).
Although
many
LIBOR
rates
ceased
to
be
published
or
no
longer
are
representative
of
the
underlying
market
they
seek
to
measure
after
December
31, 2021,
a
selection
of
widely
used
USD
LIBOR
rates
will
continue
to
be
published
through
June
2023
in
order
to
assist
with
the
transition.
The
Funds
may
be
exposed
to
financial
instruments
tied
to
LIBOR
to
determine
payment
obligations,
financing
terms,
hedging
strategies
or
investment
value.
The
transition
process
away
from
LIBOR
might
lead
to
increased
volatility
and
illiquidity
in
markets
for,
and
reduce
the
effectiveness
of
new
hedges
placed
against,
instruments
whose
terms
currently
include
LIBOR.
The
ultimate
effect
of
the
LIBOR
transition
process
on
the
Funds
is
uncertain.
9.
Capital
Share
Transactions
Capital
shares
are
issued
and
redeemed
by
each
Fund
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”)
at
NAV.
Except
when
aggregated
in
Creation
Units,
shares
of
each
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
The
consideration
for
the
purchase
of
Creation
Units
of
a
fund
in
the Trust
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the Trust
may
be
offered
in
Creation
Units
solely
or
partially
for
cash
in
U.S.
dollars.
Investors
purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
BRIL,
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Investors
transacting
in
Creation
Units
for
cash
may
also
pay
an
additional
variable
charge
to
compensate
the
relevant
Six
Months
Ended
01/31/23
Year
Ended
07/31/22
iShares
ETF
Shares
Amount
Shares
Amount
ESG
Aware
Aggressive
Allocation
Shares
sold
50,000
$
1,454,858
150,000
$
4,873,742
Shares
redeemed
—
—
(50,000)
(1,717,167)
50,000
$
1,454,858
100,000
$
3,156,575
ESG
Aware
Conservative
Allocation
Shares
sold
—
$
—
1,450,000
$
40,573,011
Shares
redeemed
(50,000)
(1,163,332)
(1,300,000)
(32,425,251)
(50,000)
$
(1,163,332)
150,000
$
8,147,760
ESG
Aware
Growth
Allocation
Shares
sold
250,000
$
6,539,588
250,000
$
7,180,313
Shares
redeemed
(150,000)
(3,859,463)
—
—
100,000
$
2,680,125
250,000
$
7,180,313
ESG
Aware
Moderate
Allocation
Shares
sold
50,000
$
1,214,151
100,000
$
2,837,198
Shares
redeemed
(50,000)
(1,213,653)
(100,000)
(2,711,142)
—
$
498
—
$
126,056
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
iShares
Semi-Annual
Report
to
Shareholders
30
fund
for
certain
transaction
costs
(i.e.,
stamp
taxes,
taxes
on
currency
or
other
financial
transactions,
and
brokerage
costs)
and
market
impact
expenses
relating
to
investing
in
portfolio
securities.
Such
variable
charges,
if
any,
are
included
in
shares
sold
in
the
table
above.
From
time
to
time,
settlement
of
securities
related
to
in-kind
contributions
or
in-kind
redemptions
may
be
delayed.
In
such
cases,
securities
related
to
in-kind
transactions
are
reflected
as
a
receivable
or
a
payable
in
the
Statements
of
Assets
and
Liabilities.
10.
Subsequent
Events
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Funds
through
the
date
the
financial
statements
were
available
to
be
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Statement
Regarding
Liquidity
Risk
Management
Program
(unaudited)
31
Statement
Regarding
Liquidity
Risk
Management
Program
In
compliance
with
Rule
22e-4
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Liquidity
Rule”),
iShares
Trust
(the
“Trust”)
has
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Program”)
for iShares
ESG
Aware
Aggressive
Allocation
ETF,
iShares
ESG
Aware
Conservative
Allocation
ETF,
iShares
ESG
Aware
Growth
Allocation
ETF
and
iShares
ESG
Aware
Moderate
Allocation
ETF (the
“Funds”
or
“ETFs”),
each
a
series
of
the
Trust,
which
is
reasonably
designed
to
assess
and
manage
each
Fund’s
liquidity
risk.
The
Board
of
Trustees
(the
“Board”)
of
the
Trust,
on
behalf
of
the
Funds,
met
on
December
9,
2022
(the
“Meeting”)
to
review
the
Program.
The
Board
previously
appointed
BlackRock
Fund
Advisors
(“BlackRock”),
the
investment
adviser
to
the
Funds,
as
the
program
administrator
for
each
Fund’s
Program.
BlackRock
also
previously
delegated
oversight
of
the
Program
to
the
40
Act
Liquidity
Risk
Management
Committee
(the
“Committee”).
At
the
Meeting,
the
Committee,
on
behalf
of
BlackRock,
provided
the
Board
with
a
report
that
addressed
the
operation
of
the
Program
and
assessed
its
adequacy
and
effectiveness
of
implementation,
including
the
management
of
each
Fund’s
Highly
Liquid
Investment
Minimum
(“HLIM”)
where
applicable,
and
any
material
changes
to
the
Program
(the
“Report”).
The
Report
covered
the
period
from
October
1,
2021
through
September
30,
2022
(the
“Program
Reporting
Period”).
The
Report
described
the
Program’s
liquidity
classification
methodology
for
categorizing each
Fund’s
investments
(including
derivative
transactions)
into
one
of
four
liquidity
buckets.
It
also
referenced
the
methodology
used
by
BlackRock
to
establish each
Fund’s
HLIM
and
noted
that
the
Committee
reviews
and
ratifies
the
HLIM
assigned
to
each
Fund
no
less
frequently
than
annually.
The
Report
also
discussed
notable
events
affecting
liquidity
over
the
Program
Reporting
Period,
including
extended
market
holidays, the
imposition
of
capital
controls
in
certain
non-U.S.
countries,
Russian
sanctions
and
the
closure
of
the
Russian
securities
market.
The
Report
noted
that
the
Program
complied
with
the
key
factors
for
consideration
under
the
Liquidity
Rule
for
assessing,
managing
and
periodically
reviewing each
Fund’s
liquidity
risk,
as
follows:
a)
The
Fund’s
investment
strategy
and
liquidity
of
portfolio
investments
during
both
normal
and
reasonably
foreseeable
stressed
conditions
.
During
the
Program
Reporting
Period,
the
Committee
reviewed
whether
each
Fund’s
strategy
is
appropriate
for
an
open-end
fund
structure,
with
a
focus
on
funds
with
more
significant
and
consistent
holdings
of
less
liquid
and
illiquid
assets.
The
Committee
also
factored
a
fund’s
concentration
in
an
issuer
into
the
liquidity
classification
methodology
by
taking
issuer
position
sizes
into
account.
Derivative
exposure
was
also
considered
in
the
calculation
of
a
fund’s
liquidity
bucketing.
Finally,
a
factor
for
consideration
under
the
Liquidity
Rule
is
a
Fund’s
use
of
borrowings
for
investment
purposes.
However,
the
Funds
do
not
borrow
for
investment
purposes.
b)
Short-term
and
long-term
cash
flow
projections
during
both
normal
and
reasonably
foreseeable
stressed
conditions.
During
the
Program
Reporting
Period,
the
Committee
reviewed
historical
redemption
activity
and
used
this
information
as
a
component
to
establish
each
ETF’s
reasonably
anticipated
trading
size
(“RATS”).
The
Committee
may
also
take
into
consideration
a
fund’s
shareholder
ownership
concentration
(which,
depending
on
product
type
and
distribution
channel,
may
or
may
not
be
available),
a
fund’s
distribution
channels,
and
the
degree
of
certainty
associated
with
a
fund’s
short-term
and
long-term
cash
flow
projections.
c)
Holdings
of
cash
and
cash
equivalents,
as
well
as
borrowing
arrangements.
The
Committee
considered
that
ETFs
generally
do
not
hold
more
than
de
minimis
amounts
of
cash.
The
Committee
also
considered
that
ETFs
generally
do
not
engage
in
borrowing.
d)
The
relationship
between
an
ETF’s
portfolio
liquidity
and
the
way
in
which,
and
the
prices
and
spreads
at
which,
ETF
shares
trade,
including
the
efficiency
of
the
arbitrage
function
and
the
level
of
active
participation
by
market
participants,
including
authorized
participants.
The
Committee
monitored
the
prevailing
bid/ask
spread
and
the
ETF
price
premium
(or
discount)
to
NAV
for
all
ETFs.
However,
there
were
no
ETFs
with
persistent
deviations
of
fund
premium/discount
or
bid/ask
spreads
from
long-term
averages
over
the
Program
Reporting
Period.
e)
The
effect
of
the
composition
of
baskets
on
the
overall
liquidity
of
an
ETF’s
portfolio.
In
reviewing
the
linkage
between
the
composition
of
custom
baskets
accepted
by
an
ETF
and
any
significant
change
in
the
liquidity
profile
of
such
ETF,
the
Committee
reviewed
changes
in
the
proportion
of
each
ETF’s
portfolio
comprised
of
less
liquid
and
illiquid
holdings
to
determine
if
applicable
thresholds
were
met
requiring
enhanced
review.
There
were
no
material
changes
to
the
Program
during
the
Program
Reporting
Period
other
than
the
enhancement
of
certain
model
components
in
the
Program’s
classification
methodology.
The
Report
provided
to
the
Board
stated
that
the
Committee
concluded
that
based
on
the
operation
of
the
functions,
as
described
in
the
Report,
the
Program
is
operating
as
intended
and
is
effective
in
implementing
the
requirements
of
the
Liquidity
Rule.
Supplemental
Information
(unaudited)
2023
iShares
Semi-Annual
Report
to
Shareholders
32
Section
19(a)
Notices
The
amounts
and
sources
of
distributions
reported
are
estimates
and
are
being
provided
pursuant
to
regulatory
requirements
and
are
not
being
provided
for
tax
reporting
purposes.
The
actual
amounts
and
sources
for
tax
reporting
purposes
will
depend
upon
each
Fund’s
investment
experience
during
the
year
and
may
be
subject
to
changes
based
on
tax
regulations.
Shareholders
will
receive
a
Form
1099-DIV
each
calendar
year
that
will
inform
them
how
to
report
these
distributions
for
federal
income
tax
purposes.
January
31,
2023
Total
Cumulative
Distributions
for
the
Fiscal
Year-to-Date
%
Breakdown
of
the
Total
Cumulative
Distributions
for
the
Fiscal
Year-to-Date
iShares
ETF
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
ESG
Aware
Conservative
Allocation
(a)
........
$
0.257907
$
—
$
0.003552
$
0.261459
99%
—%
1%
100%
ESG
Aware
Growth
Allocation
(a)
............
0.277610
—
0.006593
0.284203
98
—
2
100
ESG
Aware
Moderate
Allocation
(a)
...........
0.256585
—
0.014915
0.271500
95
—
5
100
(a)
Each
Fund
estimates
that
it
has
distributed
more
than
its
net
investment
income
and
net
realized
capital
gains;
therefore,
a
portion
of
the
distribution
may
be
a
return
of
capital.
A
return
of
capital
may
occur,
for
example,
when
some
or
all
of
the
shareholder’s
investment
in
each
Fund
is
returned
to
the
shareholder.
A
return
of
capital
does
not
necessarily
reflect
each
Fund’s
investment
performance
and
should
not
be
confused
with
“yield”
or
“income”.
When
distributions
exceed
total
return
performance,
the
difference
will
incrementally
reduce
each
Fund’s
net
asset
value
per
share.
General
Information
33
General
Information
Electronic
Delivery
Shareholders
can
sign
up
for
e-mail
notifications
announcing
that
the
shareholder
report
or
prospectus
has
been
posted
on
the
iShares
website
at
iShares.com
.
Once
you
have
enrolled,
you
will
no
longer
receive
prospectuses
and
shareholder
reports
in
the
mail.
To
enroll
in
electronic
delivery:
•
Go
to
icsdelivery.com
.
•
If
your
brokerage
firm
is
not
listed,
electronic
delivery
may
not
be
available.
Please
contact
your
broker-dealer
or
financial
advisor.
Householding
Householding
is
an
option
available
to
certain
fund
investors.
Householding
is
a
method
of
delivery,
based
on
the
preference
of
the
individual
investor,
in
which
a
single
copy
of
certain
shareholder
documents
and
Rule
30e-3
notices
can
be
delivered
to
investors
who
share
the
same
address,
even
if
their
accounts
are
registered
under
different
names.
Please
contact
your
broker-dealer
if
you
are
interested
in
enrolling
in
householding
and
receiving
a
single
copy
of
prospectuses
and
other
shareholder
documents,
or
if
you
are
currently
enrolled
in
householding
and
wish
to
change
your
householding
status.
Availability
of
Quarterly
Schedule
of
Investments
The
Funds
file
their
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
their
reports
on
Form
N-PORT.
The
Funds’
Forms
N-PORT
are
available
on
the
SEC’s
website
at
sec.gov
.
Additionally,
each
Fund
makes
its
portfolio
holdings
for
the
first
and
third
quarters
of
each
fiscal
year
available
at
iShares.com/fundreports
.
Availability
of
Proxy
Voting
Policies
and
Proxy
Voting
Records
A
description
of
the
policies
and
procedures
that
the
iShares
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
iShares
Funds
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
twelve-month
period
ending
June
30
is
available
without
charge,
upon
request
(1)
by
calling
toll-free
1-800-474-2737;
(2)
on
the
iShares
website
at
iShares.com
;
and
(3)
on
the
SEC
website
at
sec.gov
.
A
description
of
the
Trust’s policies
and
procedures
with
respect
to
the
disclosure
of each
Fund’s
portfolio
securities
is
available
in
the
Fund
Prospectus. Each
Fund
discloses
its
portfolio
holdings
daily
and
provides
information
regarding
its
top
holdings
in
Fund
fact
sheets
at
iShares.com
.
Glossary
of
Terms
Used
in
this
Report
2022
iShares
Semi-Annual
Report
to
Shareholders
34
Portfolio
Abbre
viation
EAFE
Europe,
Australasia
and
Far
East
EM
Emerging
Markets
ESG
Environmental,
Social
And
Governance
ETF
Exchange-Traded
Fund
MSCI
Morgan
Stanley
Capital
International
iS-SAR-716-0123
Want
to
know
more?
iShares.com
|
1-800-474-2737
This
report
is
intended
for
the
Funds’
shareholders.
It
may
not
be
distributed
to
prospective
investors
unless
it
is
preceded
or
accompanied
by
the
current
prospectus.
Investing
involves
risk,
including
possible
loss
of
principal.
The
iShares
Funds
are
distributed
by
BlackRock
Investments,
LLC
(together
with
its
affiliates,
“BlackRock”).
The
iShares
Funds
are
not
sponsored,
endorsed,
issued,
sold
or
promoted
by
BlackRock
Index
Services,
LLC,
nor
does
this
company
make
any
representation
regarding
the
advisability
of
investing
in
the
iShares
Funds.
BlackRock
is
not
affiliated
with
the
company
listed
above.
©2023
BlackRock,
Inc.
All
rights
reserved.
iSHARES
and
BLACKROCK
are
registered
trademarks
of
BlackRock,
Inc.
or
its
subsidiaries.
All
other
marks
are
the
property
of
their
respective
owners.
JANUARY
31,
2023
2023
Semi-Annual
Report
(Unaudited)
iShares
Trust
iShares
MSCI
USA
Small-Cap
Min
Vol
Factor
ETF
|
SMMV
|Cboe
BZX
iShares
MSCI
USA
Small-Cap
Multifactor
ETF
|
SMLF
|
NYSE
Arca
iShares
U.S.
Equity
Factor
ETF
|
LRGF
|
NYSE
Arca
iShares
U.S.
Tech
Breakthrough
Multisector
ETF
|
TECB
|
NYSE
Arca
Dear
Shareholder,
Significant
economic
headwinds
emerged
during
the
12-month
reporting
period
ended
January
31,
2023,
as
investors
navigated
changing
economic
conditions
and
volatile
markets.
The
U.S.
economy
shrank
in
the
first
half
of
2022
before
returning
to
modest
growth
in
the
second
half
of
the
year,
marking
a
shift
to
a
more
challenging
post-reopening
economic
environment.
Changes
in
consumer
spending
patterns
and
a
tight
labor
market
led
to
elevated
inflation,
which
reached
a
40-year
high
before
beginning
to
moderate.
Moreover,
while
the
foremost
effect
of
Russia’s
invasion
of
Ukraine
has
been
a
severe
humanitarian
crisis,
the
ongoing
war
continued
to
present
challenges
for
both
investors
and
policymakers.
Equity
prices
fell
as
interest
rates
rose,
particularly
during
the
first
half
of
the
reporting
period.
Both
large-
and
small-capitalization
U.S.
stocks
fell,
although
equities
began
to
recover
in
the
second
half
of
the
period
as
inflation
eased
and
economic
growth
resumed.
Emerging
market
stocks
and
international
equities
from
developed
markets
declined
overall,
pressured
by
rising
interest
rates
and
a
strong
U.S.
dollar.
The
10-year
U.S.
Treasury
yield
rose
notably
during
the
reporting
period,
driving
its
price
down,
as
investors
reacted
to
fluctuating
inflation
data
and
attempted
to
anticipate
its
impact
on
future
interest
rate
changes.
The
corporate
bond
market
also
faced
inflationary
headwinds,
and
higher
interest
rates
led
to
rising
borrowing
costs
for
corporate
issuers.
The
U.S.
Federal
Reserve
(the
“Fed”),
acknowledging
that
inflation
has
been
more
persistent
than
expected,
raised
interest
rates
seven
times.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
is
accelerating
the
reduction
of
its
balance
sheet.
While
the
Fed
suggested
that
additional
rate
hikes
were
likely,
it
also
gave
indications
that
the
pace
of
increases
would
slow
if
inflation
continued
to
subside.
Restricted
labor
supply
kept
inflation
elevated
even
as
other
inflation
drivers,
such
as
goods
prices
and
energy
costs,
moderated.
While
economic
growth
slowed
in
the
last
year,
we
believe
that
taming
inflation
requires
a
more
substantial
decline
that
lowers
demand
to
a
level
more
in
line
with
the
economy’s
productive
capacity.
Although
the
Fed
has
decelerated
the
pace
of
interest
rate
hikes,
it
still
seems
determined
to
get
inflation
back
to
target.
With
this
in
mind,
we
believe
the
possibility
of
a
U.S.
recession
in
the
near-term
is
high,
but
the
dimming
economic
outlook
has
not
yet
been
fully
reflected
in
current
market
prices.
Investors
should
expect
a
period
of
higher
volatility
as
markets
adjust
to
the
new
economic
reality
and
policymakers
attempt
to
adapt
to
rapidly
changing
conditions.
While
we
favor
an
overweight
to
equities
in
the
long-term,
several
factors
lead
us
to
take
an
underweight
stance
on
equities
overall
in
the
near
term.
We
believe
that
higher
input
costs
and
a
deteriorating
economic
backdrop
are
likely
to
challenge
corporate
earnings,
while
the
market’s
concerns
over
excessive
rate
hikes
could
remain
until
the
Fed
indicates
that
its
tightening
cycle
has
ended.
Nevertheless,
we
see
opportunities
in
credit,
where
valuations
are
attractive
and
higher
yields
provide
income
opportunities.
We
believe
that
global
investment-
grade
corporates,
global
inflation-linked
bonds,
and
U.S.
mortgage-backed
securities
offer
strong
opportunities
for
a
six-
to
twelve-month
horizon.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
iShares.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock,
Inc.
The
Markets
in
Review
Rob
Kapito
President,
BlackRock,
Inc.
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Total
Returns
as
of
January
31,
2023
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
(0.44
)%
(8.22
)%
U.S.
small
cap
equities
(Russell
2000
®
Index)
3.25
(3.38
)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
9.52
(2.83
)
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
4.92
(12.12
)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
1.58
1.79
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
(5.60
)
(11.62
)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
(2.37
)
(8.36
)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
0.73
(3.25
)
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
1.46
(5.22
)
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Semi-Annual
Report:
Fund
Summary
........................................................................................................
4
About
Fund
Performance
..................................................................................................
8
Disclosure
of Expenses
...................................................................................................
8
Schedules
of
Investments
.................................................................................................
9
Financial
Statements:
Statements
of
Assets
and
Liabilities
.........................................................................................
35
Statements
of
Operations
................................................................................................
36
Statements
of
Changes
in
Net
Assets
........................................................................................
37
Financial
Highlights
.....................................................................................................
39
Notes
to
Financial
Statements
...............................................................................................
43
Statement
Regarding
Liquidity
Risk
Management
Program
.............................................................................
52
Supplemental
Information
.................................................................................................
53
General
Information
.....................................................................................................
54
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
55
Fund
Summary
as
of
January
31,
2023
2023
iShares
Semi-Annual
Report
To
Shareholders
4
iShares
®
MSCI
USA
Small-Cap
Min
Vol
Factor
ETF
Investment
Objective
The
iShares
MSCI
USA
Small-Cap
Min
Vol
Factor
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
small-capitalization
U.S.
equities
that,
in
the
aggregate,
have
lower
volatility
characteristics
relative
to
the
small-capitalization
U.S.
equity
market,
as
represented
by
the
MSCI
USA
Small
Cap
Minimum
Volatility
(USD)
Index
(the
"Index").
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
The
inception
date
of
the
Fund
was
September
7,
2016.
The
first
day
of
secondary
market
trading
was
September
9,
2016.
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
Since
Inception
1
Year
5
Years
Since
Inception
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.65%
0.55%
5.78%
7.55%
0.55%
32.45%
59.36%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.72
0.63
5.79
7.56
0.63
32.52
59.44
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.60
0.56
5.96
7.74
0.56
33.57
61.13
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(08/01/22)
Ending
Account
Value
(01/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(08/01/22)
Ending
Account
Value
(01/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
$
1,016.50
$
1.02
$
1,000.00
$
1,024.20
$
1.02
0.20%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
SECTOR
ALLOCATION
—
%
Sector
Percent
of
Total
Investments
(a)
—
Financials
......................................
19.7
%
Health
Care
....................................
18.8
Industrials
......................................
12.9
Consumer
Discretionary
............................
8.6
Consumer
Staples
................................
8.4
Utilities
........................................
7.7
Information
Technology
.............................
7.5
Materials
......................................
6.6
Communication
Services
............................
5.7
Real
Estate
.....................................
2.7
Energy
........................................
1.4
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Royal
Gold,
Inc.
...................................
1.8
%
Landstar
System,
Inc.
...............................
1.5
United
Therapeutics
Corp.
............................
1.4
Murphy
USA,
Inc.
.................................
1.4
Flowers
Foods,
Inc.
................................
1.4
Chemed
Corp.
....................................
1.3
FTI
Consulting,
Inc.
................................
1.3
IDACORP,
Inc.
...................................
1.3
Service
Corp.
International
...........................
1.2
Hanover
Insurance
Group,
Inc.
(The)
....................
1.2
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
January
31,
2023
5
Fund
Summary
iShares
®
MSCI
USA
Small-Cap
Multifactor
ETF
Investment
Objective
The
iShares
MSCI
USA
Small-Cap
Multifactor
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
small-capitalization
stocks
that
have
favorable
exposure
to
target
style
factors
subject
to
constraints,
as
represented
by
the
MSCI
USA
Small
Cap
Diversified
Multiple-Factor
Index
(the
"Index").
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
On
December
12,
2022,
the
Board
approved
a
proposal
to
change
the
Fund's
index
to
STOXX
U.S.
Small-Cap
Equity
Factor
Index
and
change
the
name
of
the
Fund
to
iShares
U.S.
Small-Cap
Equity
Factor
ETF.
These
changes
became
effective
on
March
1,
2023.
Performance
The
inception
date
of
the
Fund
was
April
28,
2015.
The
first
day
of
secondary
market
trading
was
April
30,
2015.
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
Since
Inception
1
Year
5
Years
Since
Inception
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
6.11%
3.26%
7.46%
9.19%
3.26%
43.31%
97.86%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
6.07
3.37
7.43
9.17
3.37
43.08
97.70
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
6.26
3.56
7.80
9.56
3.56
45.60
103.05
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(08/01/22)
Ending
Account
Value
(01/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(08/01/22)
Ending
Account
Value
(01/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
$
1,061.10
$
1.35
$
1,000.00
$
1,023.89
$
1.33
0.26%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
SECTOR
ALLOCATION
—
%
Sector
Percent
of
Total
Investments
(a)
—
Health
Care
....................................
18.1
%
Information
Technology
.............................
16.9
Financials
......................................
16.3
Industrials
......................................
15.5
Consumer
Discretionary
............................
10.8
Energy
........................................
7.9
Materials
......................................
4.4
Real
Estate
.....................................
4.2
Consumer
Staples
................................
3.0
Communication
Services
............................
2.6
Utilities
........................................
0.3
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
United
Therapeutics
Corp.
............................
1.2
%
Jabil,
Inc.
.......................................
1.1
Unum
Group
.....................................
1.0
Jones
Lang
LaSalle,
Inc.
.............................
1.0
Acadia
Healthcare
Co.,
Inc.
...........................
0.9
Jefferies
Financial
Group,
Inc.
.........................
0.9
Ciena
Corp.
.....................................
0.8
Chemed
Corp.
....................................
0.8
Matador
Resources
Co.
.............................
0.8
PDC
Energy,
Inc.
..................................
0.8
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
January
31,
2023
2023
iShares
Semi-Annual
Report
To
Shareholders
6
iShares
®
U.S.
Equity
Factor
ETF
Investment
Objective
The
iShares
U.S.
Equity
Factor
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
large-
and
mid-capitalization
stocks
that
have
favorable
exposure
to
target
style
factors
subject
to
constraints,
as
represented
by
the
STOXX
U.S.
Equity
Factor
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
The
inception
date
of
the
Fund
was
April
28,
2015.
The
first
day
of
secondary
market
trading
was
April
30,
2015.
Index
performance
through
May
31,
2022
reflects
the
performance
of
the
MSCI
USA
Diversified
Multiple-Factor
Index.
Index
performance
beginning
on
June
01,
2022
reflects
the
performance
of
the
STOXX
U.S.
Equity
Factor
Index.
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
Since
Inception
1
Year
5
Years
Since
Inception
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.00%
(3.64)%
6.62%
8.59%
(3.64)%
37.80%
89.60%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.01
(3.63)
6.63
8.59
(3.63)
37.85
89.66
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.02
(3.60)
6.80
8.81
(3.60)
38.97
92.46
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(08/01/22)
Ending
Account
Value
(01/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(08/01/22)
Ending
Account
Value
(01/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
$
1,010.00
$
0.41
$
1,000.00
$
1,024.80
$
0.41
0.08%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
SECTOR
ALLOCATION
—
%
Sector
Percent
of
Total
Investments
(a)
—
Information
Technology
.............................
27.9
%
Health
Care
....................................
14.5
Financials
......................................
13.8
Consumer
Discretionary
............................
11.1
Consumer
Staples
................................
7.2
Industrials
......................................
6.8
Communication
Services
............................
6.0
Energy
........................................
4.8
Utilities
........................................
3.1
Real
Estate
.....................................
2.6
Materials
......................................
2.2
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Apple,
Inc.
......................................
5.8
%
Microsoft
Corp.
...................................
5.1
Amazon.com,
Inc.
.................................
2.1
Alphabet,
Inc.,
Class
C
..............................
1.8
Procter
&
Gamble
Co.
(The)
..........................
1.6
UnitedHealth
Group,
Inc.
.............................
1.4
JPMorgan
Chase
&
Co.
.............................
1.4
Johnson
&
Johnson
................................
1.4
NVIDIA
Corp.
....................................
1.2
Visa,
Inc.,
Class
A
.................................
1.1
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
January
31,
2023
7
Fund
Summary
iShares
®
U.S.
Tech
Breakthrough
Multisector
ETF
Investment
Objective
The
iShares
U.S.
Tech
Breakthrough
Multisector
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
companies
that
could
benefit
from
various
breakthrough
technologies,
including
robotics
and
artificial
intelligence,
cloud
and
data
tech,
cybersecurity,
genomics
and
immunology,
and
financial
technology,
as
represented
by
the
NYSE
®
FactSet
®
U.S.
Tech
Breakthrough
Index
TM
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
The
inception
date
of
the
Fund
was
January
8,
2020.
The
first
day
of
secondary
market
trading
was
January
10,
2020.
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
Since
Inception
1
Year
Since
Inception
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(0.08)%
(17.72)%
7.38%
(17.72)%
24.40%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(0.12)
(17.68)
7.37
(17.68)
24.35
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.08
(17.49)
7.73
(17.49)
25.60
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(08/01/22)
Ending
Account
Value
(01/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(08/01/22)
Ending
Account
Value
(01/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
$
999.20
$
1.51
$
1,000.00
$
1,023.69
$
1.53
0.30%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
SECTOR
ALLOCATION
—
%
Sector
Percent
of
Total
Investments
(a)
—
Information
Technology
.............................
65.1
%
Communication
Services
............................
11.8
Health
Care
....................................
10.7
Consumer
Discretionary
............................
7.4
Real
Estate
.....................................
2.7
Industrials
......................................
1.8
Financials
......................................
0.4
Materials
......................................
0.1
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Meta
Platforms,
Inc.,
Class
A
..........................
4.6
%
NVIDIA
Corp.
....................................
4.5
Salesforce,
Inc.
...................................
4.4
Amazon.com,
Inc.
.................................
4.2
Regeneron
Pharmaceuticals,
Inc.
.......................
3.8
Alphabet,
Inc.,
Class
A
..............................
3.8
Apple,
Inc.
......................................
3.8
Microsoft
Corp.
...................................
3.7
Oracle
Corp.
.....................................
3.7
Moderna,
Inc.
....................................
3.5
(a)
Excludes
money
market
funds.
About
Fund
Performance
2023
iShares
Semi-Annual
Report
to
Shareholders
8
Past
performance
is
not
an
indication
of
future
results.
Financial
markets
have
experienced
extreme
volatility
and
trading
in
many
instruments
has
been
disrupted.
These
circumstances
may
continue
for
an
extended
period
of
time
and
may
continue
to
affect
adversely
the
value
and
liquidity
of
each
Fund’s
investments.
As
a
result,
current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Performance
data
current
to
the
most
recent
month-end
is
available
at
iShares.com
.
Performance
results
assume
reinvestment
of
all
dividends
and
capital
gain
distributions
and
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
The
investment
return
and
principal
value
of
shares
will
vary
with
changes
in
market
conditions.
Shares
may
be
worth
more
or
less
than
their
original
cost
when
they
are
redeemed
or
sold
in
the
market.
Performance
for
certain
funds
may
reflect
a
waiver
of
a
portion
of
investment
advisory
fees.
Without
such
a
waiver,
performance
would
have
been
lower.
Net
asset
value
or
“NAV”
is
the
value
of
one
share
of
a
fund
as
calculated
in
accordance
with
the
standard
formula
for
valuing
mutual
fund
shares.
Beginning
August
10,
2020,
the
price
used
to
calculate
market
return
(“Market
Price”)
is
the
closing
price.
Prior
to
August
10,
2020,
Market Price
was
determined
using
the
midpoint
between
the
highest
bid
and
the
lowest
ask
on
the
primary
stock
exchange
on
which
shares
of
a
fund
are
listed
for
trading,
as
of
the
time
that
such
fund’s
NAV
is
calculated. Since
shares
of
a
fund
may
not
trade
in
the
secondary
market
until
after
the
fund’s
inception,
for
the
period
from
inception
to
the
first
day
of
secondary
market
trading
in
shares
of
the
fund,
the
NAV
of
the
fund
is
used
as
a
proxy
for
the
Market
Price
to
calculate
market
returns.
Market
and
NAV
returns
assume
that
dividends
and
capital
gain
distributions
have
been
reinvested
at
Market
Price
and
NAV,
respectively.
An
index
is
a
statistical
composite
that
tracks
a
specified
financial
market
or
sector.
Unlike
a
fund,
an
index
does
not
actually
hold
a
portfolio
of
securities
and
therefore
does
not
incur
the
expenses
incurred
by
a
fund.
These
expenses
negatively
impact
fund
performance.
Also,
market
returns
do
not
include
brokerage
commissions
that
may
be
payable
on
secondary
market
transactions.
If
brokerage
commissions
were
included,
market
returns
would
be
lower.
Disclosure
of Expenses
Shareholders
of each
Fund
may
incur
the
following
charges: (1)
transactional
expenses,
including
brokerage
commissions
on
purchases
and
sales
of
fund
shares
and
(2)
ongoing
expenses,
including
management
fees
and
other
fund
expenses.
The
expense
examples
shown (which are
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period) are
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in each
Fund and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
funds.
The
expense
examples
provide information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to estimate
the
expenses
a
shareholder paid during
the period
covered
by
this
report,
shareholders
can divide their
account
value
by
$1,000 and
then
multiply
the
result
by
the
number
under
the
heading
entitled
“Expenses
Paid
During
the
Period.”
The
expense
examples also
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on a
fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the ongoing expenses
of
investing
in the
Funds
and
other
funds, compare
the
5%
hypothetical
examples
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
expenses
shown
in
the
expense
examples are
intended
to highlight shareholders’
ongoing
costs
only
and
do
not
reflect
any
transactional
expenses,
such
as
brokerage
commissions
and
fees
paid
on
purchases
and
sales
of
fund
shares.
Therefore,
the
hypothetical
examples are
useful
in
comparing
ongoing expenses
only
and
will
not
help
shareholders determine
the
relative
total expenses
of
owning
different
funds. If
these
transactional expenses
were
included, shareholder
expenses would
have
been
higher.
Schedule
of
Investments
(unaudited)
January
31,
2023
iShares
®
MSCI
USA
Small-Cap
Min
Vol
Factor
ETF
Schedule
of
Investments
9
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
0.9%
Aerojet
Rocketdyne
Holdings,
Inc.
(a)
......
41,039
$
2,294,901
AerSale
Corp.
(a)
....................
31,257
581,693
BWX
Technologies,
Inc.
..............
49,687
3,023,951
National
Presto
Industries,
Inc.
..........
12,686
971,874
Parsons
Corp.
(a)
....................
14,751
641,964
7,514,383
Air
Freight
&
Logistics
—
0.5%
Air
Transport
Services
Group,
Inc.
(a)(b)
.....
20,016
566,653
Atlas
Air
Worldwide
Holdings,
Inc.
(a)
......
14,253
1,456,799
Forward
Air
Corp.
..................
5,387
580,988
Hub
Group,
Inc.,
Class
A
(a)
.............
21,872
1,865,026
4,469,466
Auto
Components
—
1.1%
Dorman
Products,
Inc.
(a)(b)
.............
46,152
4,479,513
Gentex
Corp.
.....................
122,370
3,611,139
Standard
Motor
Products,
Inc.
..........
23,627
955,948
9,046,600
Banks
—
9.9%
Amalgamated
Financial
Corp.
..........
30,871
708,489
Arrow
Financial
Corp.
................
40,765
1,341,576
Bank
First
Corp.
...................
17,702
1,413,682
Bank
of
Marin
Bancorp
...............
25,934
790,209
Brookline
Bancorp,
Inc.
...............
36,696
479,984
Byline
Bancorp,
Inc.
.................
42,361
1,050,553
Cambridge
Bancorp
.................
16,346
1,307,680
Camden
National
Corp.
..............
35,188
1,485,989
Capital
City
Bank
Group,
Inc.
...........
32,896
1,068,133
City
Holding
Co.
...................
28,295
2,682,083
Commerce
Bancshares,
Inc.
...........
70,814
4,713,380
Community
Bank
System,
Inc.
..........
5,186
299,284
Community
Trust
Bancorp,
Inc.
.........
38,825
1,672,581
CrossFirst
Bankshares
,
Inc.
(a)
...........
107,039
1,445,027
CVB
Financial
Corp.
.................
275,123
6,663,479
Eastern
Bankshares
,
Inc.
.............
329,648
5,330,408
Equity
Bancshares,
Inc.,
Class
A
........
32,818
979,617
Farmers
National
Banc
Corp.
...........
73,928
1,063,085
First
Bancshares,
Inc.
(The)
............
50,981
1,562,568
First
Financial
Corp.
.................
28,552
1,282,556
First
Interstate
BancSystem
,
Inc.,
Class
A
..
20,949
751,650
First
Mid
Bancshares,
Inc.
.............
20,081
645,203
First
of
Long
Island
Corp.
(The)
.........
59,411
1,049,198
Five
Star
Bancorp
..................
29,714
801,089
Flushing
Financial
Corp.
..............
65,893
1,264,487
German
American
Bancorp,
Inc.
.........
54,384
2,094,872
Great
Southern
Bancorp,
Inc.
...........
24,074
1,406,885
HarborOne
Bancorp,
Inc.
.............
101,894
1,389,834
Lakeland
Financial
Corp.
..............
28,570
2,020,185
Mid
Penn
Bancorp,
Inc.
...............
32,896
1,035,237
NBT
Bancorp,
Inc.
..................
82,441
3,240,756
Nicolet
Bankshares
,
Inc.
(a)(b)
............
22,285
1,624,354
Northwest
Bancshares,
Inc.
............
219,866
3,108,905
Origin
Bancorp,
Inc.
.................
46,791
1,754,662
Park
National
Corp.
.................
30,647
3,838,537
Seacoast
Banking
Corp.
of
Florida
.......
1,035
33,234
SmartFinancial
,
Inc.
.................
36,594
986,940
South
Plains
Financial,
Inc.
............
28,941
813,242
Stellar
Bancorp,
Inc.
.................
93,567
2,630,168
Stock
Yards
Bancorp,
Inc.
.............
54,703
3,279,992
TriCo
Bancshares
..................
49,264
2,490,295
Trustmark
Corp.
...................
7,268
211,644
Umpqua
Holdings
Corp.
..............
59,722
1,086,940
Security
Shares
Shares
Value
Banks
(continued)
Univest
Financial
Corp.
...............
67,143
$
1,822,932
Washington
Trust
Bancorp,
Inc.
.........
40,181
1,718,541
Westamerica
BanCorp
...............
52,026
2,890,565
81,330,710
Biotechnology
—
8.7%
(a)
2seventy
bio,
Inc.
...................
37,466
509,538
Albireo
Pharma,
Inc.
.................
35,535
1,586,993
Alkermes
plc
(b)
.....................
330,667
9,470,303
AnaptysBio
,
Inc.
...................
34,349
854,947
Anika
Therapeutics,
Inc.
..............
29,554
916,469
Arcutis
Biotherapeutics
,
Inc.
(b)
..........
33,806
560,165
Eagle
Pharmaceuticals,
Inc.
...........
24,165
820,160
Enanta
Pharmaceuticals,
Inc.
...........
39,719
2,120,200
Exelixis
,
Inc.
......................
439,929
7,751,549
Halozyme
Therapeutics,
Inc.
...........
121,721
6,301,496
HilleVax
,
Inc.
......................
23,921
409,049
Ideaya
Biosciences,
Inc.
..............
23,477
399,813
Ionis
Pharmaceuticals,
Inc.
............
116,872
4,659,687
Ironwood
Pharmaceuticals,
Inc.
.........
277,628
3,198,275
iTeos
Therapeutics,
Inc.
(b)
.............
39,438
824,254
Kiniksa
Pharmaceuticals
Ltd.,
Class
A
(b)
....
49,391
714,194
Madrigal
Pharmaceuticals,
Inc.
(b)
........
7,323
2,110,855
Mirum
Pharmaceuticals,
Inc.
...........
20,853
489,628
ProKidney
Corp.
(b)
..................
61,965
646,295
PTC
Therapeutics,
Inc.
(b)
..............
51,624
2,369,025
Sarepta
Therapeutics,
Inc.
(b)
...........
13,957
1,744,206
Syndax
Pharmaceuticals,
Inc.
..........
76,558
2,197,215
Travere
Therapeutics,
Inc.
(b)
............
101,447
2,272,413
United
Therapeutics
Corp.
.............
45,324
11,927,917
Vanda
Pharmaceuticals,
Inc.
...........
113,866
874,491
Vera
Therapeutics,
Inc.
(b)
..............
30,485
258,513
Vir
Biotechnology,
Inc.
...............
57,254
1,691,856
Xencor
,
Inc.
(b)
.....................
114,172
3,758,542
71,438,048
Building
Products
—
0.5%
AAON,
Inc.
.......................
5,258
401,291
CSW
Industrials,
Inc.
................
29,331
3,965,844
4,367,135
Capital
Markets
—
1.8%
Diamond
Hill
Investment
Group,
Inc.
......
6,470
1,219,142
Freedom
Holding
Corp.
(a)(b)
............
35,011
2,254,709
Houlihan
Lokey
,
Inc.
.................
45,385
4,496,292
PJT
Partners,
Inc.,
Class
A
............
41,301
3,305,319
Virtu
Financial,
Inc.,
Class
A
............
177,265
3,422,987
14,698,449
Chemicals
—
1.8%
Ashland,
Inc.
......................
20,000
2,185,400
Balchem
Corp.
....................
36,355
4,749,054
NewMarket
Corp.
...................
15,118
5,208,302
Stepan
Co.
.......................
21,892
2,404,617
14,547,373
Commercial
Services
&
Supplies
—
1.2%
Brady
Corp.,
Class
A,
NVS
............
45,725
2,444,916
Casella
Waste
Systems,
Inc.,
Class
A
(a)
....
47,644
3,817,237
Ennis,
Inc.
.......................
52,046
1,105,457
UniFirst
Corp.
.....................
11,600
2,301,904
9,669,514
Communications
Equipment
—
1.0%
ADTRAN
Holdings,
Inc.
..............
19,549
368,889
Lumentum
Holdings,
Inc.
(a)
............
7,317
440,337
NETGEAR,
Inc.
(a)
...................
44,409
886,848
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
iShares
®
MSCI
USA
Small-Cap
Min
Vol
Factor
ETF
10
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Communications
Equipment
(continued)
NetScout
Systems,
Inc.
(a)
.............
95,671
$
3,071,039
Viavi
Solutions,
Inc.
(a)
................
338,519
3,825,265
8,592,378
Construction
&
Engineering
—
0.7%
Argan
,
Inc.
.......................
29,017
1,131,373
MDU
Resources
Group,
Inc.
...........
139,964
4,326,287
5,457,660
Consumer
Finance
—
0.2%
PRA
Group,
Inc.
(a)
..................
45,385
1,826,292
Containers
&
Packaging
—
2.0%
AptarGroup,
Inc.
...................
47,309
5,470,813
Silgan
Holdings,
Inc.
.................
113,055
6,092,534
Sonoco
Products
Co.
................
77,234
4,719,769
16,283,116
Diversified
Consumer
Services
—
3.2%
Frontdoor
,
Inc.
(a)(b)
..................
29,008
788,438
Graham
Holdings
Co.,
Class
B
..........
4,081
2,666,158
Grand
Canyon
Education,
Inc.
(a)(b)
........
44,726
5,213,263
H&R
Block,
Inc.
....................
90,138
3,513,579
Laureate
Education,
Inc.
..............
283,899
3,117,211
Perdoceo
Education
Corp.
(a)
...........
54,987
823,155
Service
Corp.
International
............
134,956
10,006,987
26,128,791
Diversified
Telecommunication
Services
—
1.6%
Anterix
,
Inc.
(a)
.....................
27,483
991,312
ATN
International,
Inc.
...............
22,270
1,088,558
Cogent
Communications
Holdings,
Inc.
....
84,471
5,792,177
EchoStar
Corp.,
Class
A
(a)(b)
............
37,327
698,388
Frontier
Communications
Parent,
Inc.
(a)(b)
...
117,531
3,480,093
Iridium
Communications,
Inc.
(a)
..........
9,417
563,513
Radius
Global
Infrastructure,
Inc.,
Class
A
(a)(b)
38,154
513,934
13,127,975
Electric
Utilities
—
3.6%
IDACORP,
Inc.
....................
99,307
10,507,674
MGE
Energy,
Inc.
...................
43,490
3,179,554
PNM
Resources,
Inc.
................
167,778
8,301,655
Portland
General
Electric
Co.
...........
162,672
7,739,934
29,728,817
Electronic
Equipment,
Instruments
&
Components
—
1.2%
Insight
Enterprises,
Inc.
(a)(b)
............
5,222
588,624
National
Instruments
Corp.
............
10,217
551,718
OSI
Systems,
Inc.
(a)
.................
32,348
3,063,679
Rogers
Corp.
(a)
....................
37,786
5,274,548
9,478,569
Entertainment
—
1.9%
Liberty
Media
Corp.-Liberty
Braves,
Class
A
(a)
17,208
604,517
Liberty
Media
Corp.-Liberty
Braves,
Class
C,
NVS
(a)
........................
79,537
2,758,343
Madison
Square
Garden
Sports
Corp.
.....
29,739
5,407,740
World
Wrestling
Entertainment,
Inc.,
Class
A
82,781
7,004,928
15,775,528
Equity
Real
Estate
Investment
Trusts
(REITs)
—
2.6%
Agree
Realty
Corp.
.................
70,985
5,297,611
Alexander's,
Inc.
...................
5,052
1,198,739
Americold
Realty
Trust,
Inc.
............
64,969
2,040,676
Centerspace
......................
8,970
606,551
Easterly
Government
Properties,
Inc.
(b)
....
178,299
2,895,576
Elme
Communities
..................
36,779
706,157
Equity
Commonwealth
...............
224,091
5,718,802
Security
Shares
Shares
Value
Equity
Real
Estate
Investment
Trusts
(REITs)
(continued)
Indus
Realty
Trust,
Inc.
...............
8,283
$
530,940
NETSTREIT
Corp.
..................
101,344
2,040,055
21,035,107
Food
&
Staples
Retailing
—
3.0%
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
......
87,070
6,309,963
Casey's
General
Stores,
Inc.
...........
10,840
2,557,264
Grocery
Outlet
Holding
Corp.
(a)
..........
37,905
1,151,933
Ingles
Markets,
Inc.,
Class
A
...........
27,487
2,611,265
SpartanNash
Co.
...................
70,538
2,234,644
Sprouts
Farmers
Market,
Inc.
(a)
..........
212,089
6,776,243
Weis
Markets,
Inc.
(b)
.................
32,490
2,805,187
24,446,499
Food
Products
—
4.9%
Cal-Maine
Foods,
Inc.
................
75,764
4,335,216
Flowers
Foods,
Inc.
(b)
................
412,600
11,424,894
Hostess
Brands,
Inc.
(a)
...............
151,078
3,494,434
J
&
J
Snack
Foods
Corp.
..............
7,415
1,062,570
John
B
Sanfilippo
&
Son,
Inc.
...........
18,043
1,524,814
Lancaster
Colony
Corp.
..............
38,355
7,360,708
Post
Holdings,
Inc.
(a)
.................
24,857
2,360,172
Seaboard
Corp.
....................
454
1,779,907
Seneca
Foods
Corp.,
Class
A
(a)
.........
12,017
751,062
Tootsie
Roll
Industries,
Inc.
............
32,094
1,435,565
TreeHouse
Foods,
Inc.
(a)
..............
101,539
4,917,534
40,446,876
Gas
Utilities
—
1.8%
Chesapeake
Utilities
Corp.
............
9,724
1,226,002
Northwest
Natural
Holding
Co.
..........
16,009
802,691
ONE
Gas,
Inc.
.....................
45,333
3,733,626
South
Jersey
Industries,
Inc.
...........
135,318
4,883,627
Spire,
Inc.
........................
41,328
2,984,708
Star
Group
LP
.....................
66,712
797,208
14,427,862
Health
Care
Equipment
&
Supplies
—
0.8%
Atrion
Corp.
......................
2,826
1,942,310
Meridian
Bioscience,
Inc.
(a)
............
86,875
2,951,144
QuidelOrtho
Corp.
(a)(b)
................
23,487
2,010,722
6,904,176
Health
Care
Providers
&
Services
—
5.3%
Acadia
Healthcare
Co.,
Inc.
(a)
...........
10,092
847,930
AMN
Healthcare
Services,
Inc.
(a)
.........
9,561
916,326
Chemed
Corp.
.....................
21,990
11,108,029
CorVel
Corp.
(a)
.....................
17,397
3,099,450
HealthEquity
,
Inc.
(a)
..................
42,912
2,611,195
LHC
Group,
Inc.
(a)
..................
34,475
5,467,735
National
HealthCare
Corp.
.............
30,148
1,795,012
National
Research
Corp.
..............
30,386
1,410,518
Option
Care
Health,
Inc.
(a)
.............
78,470
2,265,429
Patterson
Cos.,
Inc.
.................
176,354
5,324,127
Pediatrix
Medical
Group,
Inc.
(a)
..........
29,203
448,266
Premier,
Inc.,
Class
A
................
239,961
8,005,099
43,299,116
Health
Care
Technology
—
0.8%
(a)
Computer
Programs
&
Systems,
Inc.
......
28,300
831,454
HealthStream
,
Inc.
..................
49,290
1,191,832
NextGen
Healthcare,
Inc.
.............
116,392
2,213,776
Veradigm
,
Inc.
(b)
....................
119,497
2,140,191
6,377,253
Hotels,
Restaurants
&
Leisure
—
0.4%
Papa
John's
International,
Inc.
..........
34,023
3,051,523
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
iShares
®
MSCI
USA
Small-Cap
Min
Vol
Factor
ETF
Schedule
of
Investments
11
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Household
Durables
—
0.2%
Helen
of
Troy
Ltd.
(a)
.................
12,955
$
1,465,340
Household
Products
—
0.5%
Reynolds
Consumer
Products,
Inc.
.......
127,608
3,798,890
Insurance
—
6.2%
AMERISAFE,
Inc.
..................
42,634
2,348,281
Axis
Capital
Holdings
Ltd.
.............
101,961
6,379,700
Donegal
Group,
Inc.,
Class
A
...........
47,403
719,578
Employers
Holdings,
Inc.
..............
50,700
2,224,209
Enstar
Group
Ltd.
(a)(b)
................
22,961
5,563,450
Hanover
Insurance
Group,
Inc.
(The)
.....
71,867
9,671,861
Mercury
General
Corp.
...............
59,929
2,141,263
ProAssurance
Corp.
.................
61,078
1,184,302
RenaissanceRe
Holdings
Ltd.
..........
31,347
6,134,295
RLI
Corp.
........................
4,083
540,793
Safety
Insurance
Group,
Inc.
...........
28,010
2,363,764
Selective
Insurance
Group,
Inc.
.........
42,090
3,998,550
White
Mountains
Insurance
Group
Ltd.
(b)
...
5,174
7,905,665
51,175,711
Interactive
Media
&
Services
—
0.1%
Ziff
Davis,
Inc.
(a)(b)
...................
4,731
423,330
Internet
&
Direct
Marketing
Retail
—
0.1%
PetMed
Express,
Inc.
................
43,679
938,225
IT
Services
—
3.4%
Cass
Information
Systems,
Inc.
.........
9,418
457,338
CSG
Systems
International,
Inc.
.........
64,587
3,853,906
EVERTEC,
Inc.
....................
80,661
2,979,617
Evo
Payments,
Inc.,
Class
A
(a)
..........
96,541
3,269,844
Hackett
Group,
Inc.
(The)
.............
50,251
1,110,547
International
Money
Express,
Inc.
(a)
.......
64,811
1,475,098
Maximus,
Inc.
.....................
120,621
9,028,482
MoneyGram
International,
Inc.
(a)
.........
156,592
1,686,496
Verra
Mobility
Corp.
(a)
................
277,543
4,282,489
28,143,817
Leisure
Products
—
0.7%
Mattel,
Inc.
(a)
......................
108,005
2,209,782
Sturm
Ruger
&
Co.,
Inc.
..............
35,570
2,023,933
Vista
Outdoor,
Inc.
(a)
.................
45,868
1,346,226
5,579,941
Life
Sciences
Tools
&
Services
—
0.1%
OmniAb
,
Inc.
(a)(b)
...................
167,206
692,233
Machinery
—
1.1%
Graco
,
Inc.
.......................
79,290
5,417,093
Toro
Co.
(The)
.....................
34,099
3,802,720
9,219,813
Marine
—
0.3%
Eagle
Bulk
Shipping,
Inc.
.............
19,402
1,111,347
Genco
Shipping
&
Trading
Ltd.
..........
37,454
679,415
Matson,
Inc.
......................
7,006
463,237
2,253,999
Media
—
1.6%
John
Wiley
&
Sons,
Inc.,
Class
A
........
17,597
805,943
New
York
Times
Co.
(The),
Class
A
.......
44,480
1,549,683
Scholastic
Corp.,
NVS
...............
53,680
2,374,803
TEGNA,
Inc.
......................
427,415
8,518,381
13,248,810
Metals
&
Mining
—
2.7%
Reliance
Steel
&
Aluminum
Co.
.........
20,580
4,680,921
Royal
Gold,
Inc.
....................
117,257
14,895,157
Security
Shares
Shares
Value
Metals
&
Mining
(continued)
Warrior
Met
Coal,
Inc.
................
60,412
$
2,288,406
21,864,484
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.7%
AGNC
Investment
Corp.
(b)
.............
349,628
4,055,685
Dynex
Capital,
Inc.
..................
89,619
1,291,410
5,347,095
Multi-Utilities
—
1.3%
Avista
Corp.
......................
129,988
5,186,521
NorthWestern
Corp.
.................
92,891
5,276,209
10,462,730
Oil,
Gas
&
Consumable
Fuels
—
1.4%
Antero
Midstream
Corp.
..............
218,306
2,379,535
Chord
Energy
Corp.
.................
5,957
853,817
Dorian
LPG
Ltd.
....................
64,664
1,283,580
Excelerate
Energy,
Inc.,
Class
A
.........
19,423
452,556
Hess
Midstream
LP,
Class
A
(b)
..........
88,584
2,735,474
International
Seaways,
Inc.
............
44,335
1,721,971
Kimbell
Royalty
Partners
LP
...........
108,371
1,765,364
11,192,297
Paper
&
Forest
Products
—
0.2%
Clearwater
Paper
Corp.
(a)
.............
19,637
758,185
Sylvamo
Corp.
....................
21,569
1,025,174
1,783,359
Personal
Products
—
0.1%
USANA
Health
Sciences,
Inc.
(a)
.........
16,521
965,487
Pharmaceuticals
—
3.2%
Amphastar
Pharmaceuticals,
Inc.
(a)
.......
78,940
2,388,724
Cara
Therapeutics,
Inc.
(a)(b)
............
51,602
602,711
Collegium
Pharmaceutical,
Inc.
(a)
........
65,266
1,832,669
Corcept
Therapeutics,
Inc.
(a)(b)
..........
133,171
3,044,289
Harmony
Biosciences
Holdings,
Inc.
(a)
.....
7,283
350,822
Innoviva
,
Inc.
(a)
....................
126,294
1,597,619
Organon
&
Co.
....................
16,894
509,016
Pacira
BioSciences
,
Inc.
(a)
.............
29,199
1,146,645
Perrigo
Co.
plc
....................
97,831
3,660,836
Phibro
Animal
Health
Corp.,
Class
A
......
36,437
561,130
Prestige
Consumer
Healthcare,
Inc.
(a)
.....
100,179
6,587,771
SIGA
Technologies,
Inc.
..............
88,341
647,540
Supernus
Pharmaceuticals,
Inc.
(a)
........
57,544
2,359,880
Theravance
Biopharma,
Inc.
(a)
..........
95,364
1,030,885
26,320,537
Professional
Services
—
3.5%
CACI
International,
Inc.,
Class
A
(a)
.......
14,625
4,505,816
CBIZ,
Inc.
(a)
.......................
93,101
4,430,677
CRA
International,
Inc.
...............
5,036
598,478
Dun
&
Bradstreet
Holdings,
Inc.
.........
82,723
1,211,892
Exponent,
Inc.
.....................
13,939
1,429,305
FTI
Consulting,
Inc.
(a)
................
67,261
10,729,475
Heidrick
&
Struggles
International,
Inc.
....
17,406
535,408
Huron
Consulting
Group,
Inc.
(a)(b)
........
41,842
2,846,930
ICF
International,
Inc.
................
15,265
1,559,930
Kforce
,
Inc.
.......................
18,492
1,037,956
28,885,867
Real
Estate
Management
&
Development
—
0.2%
(a)
FRP
Holdings,
Inc.
..................
13,991
785,874
Tejon
Ranch
Co.
...................
42,946
859,779
1,645,653
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
iShares
®
MSCI
USA
Small-Cap
Min
Vol
Factor
ETF
12
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Road
&
Rail
—
3.2%
Heartland
Express,
Inc.
...............
119,182
$
2,004,641
Landstar
System,
Inc.
................
73,334
12,674,315
Marten
Transport
Ltd.
................
130,482
2,882,347
Schneider
National,
Inc.,
Class
B
........
115,479
3,060,194
Werner
Enterprises,
Inc.
..............
114,903
5,396,994
26,018,491
Software
—
1.9%
CommVault
Systems,
Inc.
(a)
............
24,392
1,517,914
Dolby
Laboratories,
Inc.,
Class
A
........
99,629
7,926,483
InterDigital
,
Inc.
....................
32,245
2,255,538
Progress
Software
Corp.
..............
30,996
1,644,028
Verint
Systems,
Inc.
(a)
................
64,022
2,430,915
15,774,878
Specialty
Retail
—
2.7%
Arko
Corp.
.......................
99,382
833,815
AutoNation,
Inc.
(a)
...................
50,331
6,377,944
Murphy
USA,
Inc.
..................
42,350
11,520,471
ODP
Corp.
(The)
(a)
..................
13,065
674,154
Penske
Automotive
Group,
Inc.
(b)
........
3,329
425,513
Sportsman's
Warehouse
Holdings,
Inc.
(a)
...
89,587
844,805
Winmark
Corp.
....................
5,887
1,653,070
22,329,772
Textiles,
Apparel
&
Luxury
Goods
—
0.3%
Columbia
Sportswear
Co.
.............
27,905
2,676,090
Thrifts
&
Mortgage
Finance
—
1.0%
Bridgewater
Bancshares,
Inc.
(a)
.........
52,431
815,826
Capitol
Federal
Financial,
Inc.
..........
158,540
1,326,980
Columbia
Financial,
Inc.
(a)(b)
............
83,477
1,657,019
Hingham
Institution
for
Savings
(The)
.....
2,959
865,034
Kearny
Financial
Corp.
...............
138,072
1,295,115
Northfield
Bancorp,
Inc.
..............
86,076
1,286,836
Waterstone
Financial,
Inc.
.............
51,318
826,220
8,073,030
Trading
Companies
&
Distributors
—
1.0%
McGrath
RentCorp
..................
9,215
917,261
MSC
Industrial
Direct
Co.,
Inc.,
Class
A
....
46,885
3,877,390
Watsco
,
Inc.
(b)
.....................
13,285
3,817,710
8,612,361
Security
Shares
Shares
Value
Water
Utilities
—
1.1%
American
States
Water
Co.
............
24,409
$
2,298,596
California
Water
Service
Group
.........
84,350
5,159,690
SJW
Group
.......................
20,489
1,586,053
9,044,339
Wireless
Telecommunication
Services
—
0.6%
Shenandoah
Telecommunications
Co.
.....
99,267
1,940,670
Telephone
and
Data
Systems,
Inc.
.......
137,061
1,832,505
United
States
Cellular
Corp.
(a)
..........
33,506
819,557
4,592,732
Total
Common
Stocks
—
100.8%
(Cost:
$759,395,422)
.............................
825,998,527
Rights
Pharmaceuticals
—
0.0%
Zogenix
,
Inc.,
CVR
(Expires
12/31/23)
(a)(b)(c)
.
43,886
29,842
Total
Rights
—
0.0%
(Cost:
$29,842)
................................
29,842
Total
Long-Term
Investments
—
100.8%
(Cost:
$759,425,264)
.............................
826,028,369
Short-Term
Securities
Money
Market
Funds
—
3.9%
(d)(e)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
4.56%
(f)
............
30,396,958
30,415,196
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
4.18%
..................
1,759,972
1,759,972
Total
Short-Term
Securities
—
3.9%
(Cost:
$32,154,072)
..............................
32,175,168
Total
Investments
—
104.7%
(Cost:
$791,579,336
)
.............................
858,203,537
Liabilities
in
Excess
of
Other
Assets
—
(4.7)%
............
(38,498,861)
Net
Assets
—
100.0%
..............................
$
819,704,676
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(d)
Affiliate
of
the
Fund.
(e)
Annualized
7-day
yield
as
of
period
end.
(f)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
iShares
®
MSCI
USA
Small-Cap
Min
Vol
Factor
ETF
Schedule
of
Investments
13
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
January
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
Affiliated
Issuer
Value
at
07/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
01/31/23
Shares
Held
at
01/31/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
29,772,890
$
622,410
(a)
$
—
$
3,588
$
16,308
$
30,415,196
30,396,958
$
495,401
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
1,800,000
—
(40,028)
(a)
—
—
1,759,972
1,759,972
34,628
1
$
3,588
$
16,308
$
32,175,168
$
530,029
$
1
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Dow
Jones
U.S.
Real
Estate
Index
..............................................
5
03/17/23
$
180
$
5,670
S&P
Mid
400
E-Mini
Index
....................................................
4
03/17/23
1,065
43,139
$
48,809
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
......
$
—
$
—
$
48,809
$
—
$
—
$
—
$
48,809
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
January
31,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
199,325
$
—
$
—
$
—
$
199,325
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(57,166)
$
—
$
—
$
—
$
(57,166)
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
iShares
®
MSCI
USA
Small-Cap
Min
Vol
Factor
ETF
14
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
1,681,160
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
823,047,383
$
2,951,144
$
—
$
825,998,527
Rights
................................................
—
—
29,842
29,842
Short-Term
Securities
Money
Market
Funds
......................................
32,175,168
—
—
32,175,168
$
855,222,551
$
2,951,144
$
29,842
$
858,203,537
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
48,809
$
—
$
—
$
48,809
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
(unaudited)
January
31,
2023
iShares
®
MSCI
USA
Small-Cap
Multifactor
ETF
Schedule
of
Investments
15
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
0.4%
AAR
Corp.
(a)
......................
42,799
$
2,201,581
Cadre
Holdings,
Inc.
.................
15,790
361,433
Ducommun,
Inc.
(a)
..................
13,858
800,715
Kaman
Corp.
.....................
30,464
768,302
National
Presto
Industries,
Inc.
..........
6,396
489,998
4,622,029
Air
Freight
&
Logistics
—
0.5%
Atlas
Air
Worldwide
Holdings,
Inc.
(a)(b)
.....
8,553
874,202
Forward
Air
Corp.
..................
5,331
574,948
Hub
Group,
Inc.,
Class
A
(a)
.............
40,859
3,484,047
4,933,197
Airlines
—
0.0%
SkyWest,
Inc.
(a)
....................
15,292
317,462
Auto
Components
—
0.9%
American
Axle
&
Manufacturing
Holdings,
Inc.
(a)
(b)
...........................
138,460
1,228,140
Dana,
Inc.
........................
136,938
2,484,055
Gentherm
,
Inc.
(a)
...................
40,072
2,982,559
Modine
Manufacturing
Co.
(a)
...........
56,557
1,351,147
Standard
Motor
Products,
Inc.
..........
23,284
942,071
8,987,972
Banks
—
3.4%
1st
Source
Corp.
...................
22,351
1,099,446
Amalgamated
Financial
Corp.
..........
18,547
425,654
Amerant
Bancorp,
Inc.
...............
30,619
852,433
Arrow
Financial
Corp.
................
19,949
656,522
Bancorp,
Inc.
(The)
(a)
................
63,457
2,153,096
Bar
Harbor
Bankshares
..............
18,178
564,790
Camden
National
Corp.
..............
17,674
746,373
Capital
City
Bank
Group,
Inc.
...........
13,088
424,967
Central
Pacific
Financial
Corp.
..........
15,358
347,091
Community
Trust
Bancorp,
Inc.
.........
19,467
838,638
Customers
Bancorp,
Inc.
(a)
.............
38,315
1,163,627
First
Community
Bankshares
,
Inc.
.......
17,857
580,531
First
Financial
Corp.
.................
13,808
620,255
First
Foundation,
Inc.
................
40,820
633,935
First
of
Long
Island
Corp.
(The)
.........
27,624
487,840
Great
Southern
Bancorp,
Inc.
...........
11,906
695,787
Hanmi
Financial
Corp.
...............
37,845
881,410
Heritage
Financial
Corp.
..............
43,681
1,246,219
HomeStreet
,
Inc.
...................
22,844
629,809
Hope
Bancorp,
Inc.
.................
149,010
1,920,739
Independent
Bank
Corp.
..............
25,454
564,315
Lakeland
Bancorp,
Inc.
...............
74,418
1,434,035
Mercantile
Bank
Corp.
...............
18,215
625,321
Metrocity
Bankshares
,
Inc.
............
23,069
466,455
Midland
States
Bancorp,
Inc.
...........
24,992
636,796
MidWestOne
Financial
Group,
Inc.
.......
17,943
558,924
OFG
Bancorp
.....................
56,845
1,609,282
Pathward
Financial,
Inc.
..............
29,892
1,483,241
Peapack
-Gladstone
Financial
Corp.
......
19,793
734,122
QCR
Holdings,
Inc.
.................
19,392
1,019,244
Republic
Bancorp,
Inc.,
Class
A
.........
11,686
525,636
S&T
Bancorp,
Inc.
..................
46,609
1,695,635
South
Plains
Financial,
Inc.
............
13,646
383,453
Tompkins
Financial
Corp.
.............
16,347
1,231,419
Univest
Financial
Corp.
...............
35,477
963,201
Washington
Federal,
Inc.
..............
78,925
2,798,680
Washington
Trust
Bancorp,
Inc.
.........
20,752
887,563
34,586,484
Security
Shares
Shares
Value
Beverages
—
0.1%
MGP
Ingredients,
Inc.
................
14,115
$
1,376,777
Biotechnology
—
2.4%
(a)
Aerovate
Therapeutics,
Inc.
(b)
...........
10,348
236,452
Alkermes
plc
......................
5,646
161,701
Anika
Therapeutics,
Inc.
..............
17,642
547,078
Avid
Bioservices
,
Inc.
(b)
...............
65,718
1,040,316
Catalyst
Pharmaceuticals,
Inc.
..........
118,023
1,828,176
Eagle
Pharmaceuticals,
Inc.
...........
14,454
490,569
Emergent
BioSolutions
,
Inc.
............
54,244
715,478
Ironwood
Pharmaceuticals,
Inc.
(b)
........
166,488
1,917,942
Myriad
Genetics,
Inc.
................
80,692
1,591,246
United
Therapeutics
Corp.
.............
48,019
12,637,160
Vanda
Pharmaceuticals,
Inc.
...........
67,466
518,139
Veracyte
,
Inc.
.....................
86,550
2,175,002
Vericel
Corp.
......................
41,906
1,151,158
25,010,417
Building
Products
—
0.6%
Apogee
Enterprises,
Inc.
..............
26,778
1,254,282
AZZ,
Inc.
........................
29,965
1,272,913
Gibraltar
Industries,
Inc.
(a)
.............
38,235
2,048,249
Insteel
Industries,
Inc.
................
23,582
707,224
Quanex
Building
Products
Corp.
(b)
.......
40,265
1,042,461
6,325,129
Capital
Markets
—
4.7%
Affiliated
Managers
Group,
Inc.
.........
44,288
7,650,309
Artisan
Partners
Asset
Management,
Inc.,
Class
A
.......................
69,744
2,567,974
BGC
Partners,
Inc.,
Class
A
............
376,300
1,636,905
Brightsphere
Investment
Group,
Inc.
......
40,064
939,501
Cowen,
Inc.,
Class
A
................
27,978
1,087,785
Diamond
Hill
Investment
Group,
Inc.
......
3,744
705,482
Donnelley
Financial
Solutions,
Inc.
(a)(b)
.....
32,320
1,474,115
Evercore
,
Inc.,
Class
A
...............
44,929
5,832,234
Federated
Hermes,
Inc.,
Class
B
........
102,305
4,020,587
Janus
Henderson
Group
plc
...........
170,133
4,409,847
Jefferies
Financial
Group,
Inc.
..........
224,694
8,825,980
Moelis
&
Co.,
Class
A
................
77,415
3,619,151
Piper
Sandler
Cos.
..................
21,063
2,993,052
PJT
Partners,
Inc.,
Class
A
............
2,149
171,985
TPG,
Inc.
........................
47,221
1,520,988
Victory
Capital
Holdings,
Inc.,
Class
A
.....
17,241
511,023
47,966,918
Chemicals
—
1.5%
AdvanSix
,
Inc.
.....................
33,855
1,463,890
American
Vanguard
Corp.
.............
33,578
758,527
Chase
Corp.
......................
9,724
917,751
FutureFuel
Corp.
...................
31,737
294,202
Hawkins,
Inc.
.....................
22,858
891,462
Intrepid
Potash,
Inc.
(a)(b)
...............
13,159
430,694
Koppers
Holdings,
Inc.
...............
25,255
874,076
LSB
Industries,
Inc.
(a)
................
61,673
783,864
Mativ
Holdings,
Inc.
.................
33,530
924,087
Minerals
Technologies,
Inc.
............
39,398
2,736,191
Orion
Engineered
Carbons
SA
(b)
.........
73,516
1,545,306
Stepan
Co.
.......................
22,472
2,468,325
Tronox
Holdings
plc
.................
79,528
1,363,905
15,452,280
Commercial
Services
&
Supplies
—
1.4%
ACCO
Brands
Corp.
.................
113,937
723,500
Brady
Corp.,
Class
A,
NVS
............
52,161
2,789,049
BrightView
Holdings,
Inc.
(a)
............
39,344
312,785
CoreCivic
,
Inc.
(a)
...................
142,114
1,512,093
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
iShares
®
MSCI
USA
Small-Cap
Multifactor
ETF
16
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Commercial
Services
&
Supplies
(continued)
Deluxe
Corp.
......................
52,073
$
1,040,939
Ennis,
Inc.
.......................
31,204
662,773
GEO
Group,
Inc.
(The)
(a)
..............
154,646
1,778,429
Healthcare
Services
Group,
Inc.
.........
79,982
1,077,357
Heritage-Crystal
Clean,
Inc.
(a)
...........
18,993
706,539
HNI
Corp.
........................
49,945
1,586,753
Interface,
Inc.
.....................
71,069
808,765
Liquidity
Services,
Inc.
(a)
..............
34,409
515,791
Matthews
International
Corp.,
Class
A
.....
33,291
1,233,099
14,747,872
Communications
Equipment
—
1.9%
ADTRAN
Holdings,
Inc.
..............
52,024
981,693
Calix,
Inc.
(a)
.......................
40,521
2,133,025
Cambium
Networks
Corp.
(a)
............
14,663
314,228
Ciena
Corp.
(a)(b)
....................
166,335
8,652,747
Clearfield,
Inc.
(a)(b)
...................
14,170
1,012,588
Digi
International,
Inc.
(a)
...............
42,667
1,450,251
Extreme
Networks,
Inc.
(a)
..............
116,967
2,108,915
NetScout
Systems,
Inc.
(a)
.............
79,618
2,555,738
19,209,185
Construction
&
Engineering
—
1.0%
Construction
Partners,
Inc.,
Class
A
(a)
.....
31,022
877,613
Dycom
Industries,
Inc.
(a)
..............
35,595
3,394,695
IES
Holdings,
Inc.
(a)
.................
10,095
401,882
MYR
Group,
Inc.
(a)
..................
18,069
1,789,915
Primoris
Services
Corp.
..............
64,295
1,710,247
Sterling
Infrastructure,
Inc.
(a)
...........
36,608
1,332,165
Tutor
Perini
Corp.
(a)
.................
49,446
453,420
9,959,937
Construction
Materials
—
0.0%
United
States
Lime
&
Minerals,
Inc.
.......
2,747
416,995
Consumer
Finance
—
1.5%
Atlanticus
Holdings
Corp.
(a)(b)
...........
6,128
199,160
Bread
Financial
Holdings,
Inc.
..........
60,588
2,485,926
Encore
Capital
Group,
Inc.
(a)(b)
..........
28,875
1,608,915
Enova
International,
Inc.
(a)
.............
38,698
1,766,564
EZCORP,
Inc.,
Class
A,
NVS
(a)
..........
64,859
590,866
Navient
Corp.
.....................
171,420
3,251,837
OneMain
Holdings,
Inc.
...............
85,153
3,673,500
PROG
Holdings,
Inc.
(a)
...............
61,015
1,360,024
World
Acceptance
Corp.
(a)(b)
............
4,177
399,822
15,336,614
Containers
&
Packaging
—
0.4%
Myers
Industries,
Inc.
................
32,802
789,872
O-I
Glass,
Inc.
(a)
....................
188,140
3,621,695
4,411,567
Distributors
—
0.0%
Funko
,
Inc.,
Class
A
(a)(b)
...............
42,855
518,546
Diversified
Consumer
Services
—
1.3%
Adtalem
Global
Education,
Inc.
(a)
........
54,638
2,086,079
European
Wax
Center,
Inc.,
Class
A
......
31,037
584,737
Graham
Holdings
Co.,
Class
B
..........
4,347
2,839,939
Grand
Canyon
Education,
Inc.
(a)(b)
........
38,621
4,501,664
Perdoceo
Education
Corp.
(a)
...........
81,862
1,225,474
Stride,
Inc.
(a)
......................
44,536
1,911,930
13,149,823
Diversified
Financial
Services
—
0.3%
Jackson
Financial,
Inc.,
Class
A
.........
61,550
2,710,662
Security
Shares
Shares
Value
Diversified
Telecommunication
Services
—
0.2%
ATN
International,
Inc.
...............
11,944
$
583,823
EchoStar
Corp.,
Class
A
(a)
.............
40,743
762,302
IDT
Corp.,
Class
B
(a)
.................
23,865
701,392
2,047,517
Electrical
Equipment
—
1.9%
Acuity
Brands,
Inc.
..................
38,370
7,233,513
Allied
Motion
Technologies,
Inc.
(b)
........
16,422
667,390
Atkore
,
Inc.
(a)(b)
.....................
49,927
6,502,992
Encore
Wire
Corp.
(b)
.................
23,110
3,730,647
GrafTech
International
Ltd.
............
89,330
584,218
Thermon
Group
Holdings,
Inc.
(a)
.........
40,461
935,458
19,654,218
Electronic
Equipment,
Instruments
&
Components
—
6.2%
Avnet,
Inc.
.......................
106,939
4,906,361
Badger
Meter,
Inc.
..................
35,358
4,097,992
Benchmark
Electronics,
Inc.
...........
42,514
1,189,967
CTS
Corp.
.......................
38,511
1,714,125
ePlus
,
Inc.
(a)
......................
32,507
1,618,199
Fabrinet
(a)
........................
44,033
5,797,385
Insight
Enterprises,
Inc.
(a)(b)
............
37,462
4,222,717
Jabil,
Inc.
........................
148,891
11,707,299
Kimball
Electronics,
Inc.
(a)
.............
30,042
766,672
Knowles
Corp.
(a)(b)
..................
110,761
2,129,934
Lightwave
Logic,
Inc.
(a)(b)
..............
135,482
852,182
Methode
Electronics,
Inc.
.............
44,418
2,120,515
Mirion
Technologies,
Inc.
(a)
.............
157,180
1,249,581
Napco
Security
Technologies,
Inc.
(a)(b)
.....
37,737
1,093,241
OSI
Systems,
Inc.
(a)
.................
18,065
1,710,936
PC
Connection,
Inc.
.................
14,300
701,129
Plexus
Corp.
(a)
.....................
30,366
2,914,832
Sanmina
Corp.
(a)
...................
69,838
4,255,229
ScanSource
,
Inc.
(a)
..................
31,571
1,039,633
TTM
Technologies,
Inc.
(a)
..............
117,375
1,845,135
Vishay
Intertechnology
,
Inc.
............
157,890
3,614,102
Vishay
Precision
Group,
Inc.
(a)
..........
15,273
659,488
Vontier
Corp.
......................
140,661
3,239,423
63,446,077
Energy
Equipment
&
Services
—
1.5%
Cactus,
Inc.,
Class
A
................
62,376
3,375,165
Dril
-Quip,
Inc.
(a)
....................
41,546
1,275,878
Helix
Energy
Solutions
Group,
Inc.
(a)
......
174,156
1,381,057
Nabors
Industries
Ltd.
(a)(b)
.............
10,805
1,918,320
Patterson-UTI
Energy,
Inc.
............
261,974
4,401,163
ProPetro
Holding
Corp.
(a)
..............
94,593
941,200
RPC,
Inc.
........................
69,621
690,640
TETRA
Technologies,
Inc.
(a)
............
139,520
552,499
US
Silica
Holdings,
Inc.
(a)
.............
91,285
1,117,329
15,653,251
Entertainment
—
0.4%
Playstudios
,
Inc.
(a)(b)
.................
102,137
471,873
World
Wrestling
Entertainment,
Inc.,
Class
A
48,524
4,106,101
4,577,974
Equity
Real
Estate
Investment
Trusts
(REITs)
—
2.7%
Brandywine
Realty
Trust
..............
189,874
1,245,573
Chatham
Lodging
Trust
...............
56,046
796,414
City
Office
REIT,
Inc.
................
50,247
494,431
Empire
State
Realty
Trust,
Inc.,
Class
A
(b)
...
165,676
1,381,738
Getty
Realty
Corp.
..................
49,494
1,803,066
Industrial
Logistics
Properties
Trust
.......
70,261
309,851
InvenTrust
Properties
Corp.
............
81,512
2,027,203
LTC
Properties,
Inc.
.................
48,966
1,868,053
LXP
Industrial
Trust
.................
298,431
3,446,878
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
iShares
®
MSCI
USA
Small-Cap
Multifactor
ETF
Schedule
of
Investments
17
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Equity
Real
Estate
Investment
Trusts
(REITs)
(continued)
National
Health
Investors,
Inc.
..........
53,951
$
3,173,937
Necessity
Retail
REIT,
Inc.
(The)
........
161,202
1,101,010
One
Liberty
Properties,
Inc.
............
20,399
491,820
Paramount
Group,
Inc.
...............
217,913
1,405,539
Piedmont
Office
Realty
Trust,
Inc.,
Class
A
..
149,120
1,580,672
Retail
Opportunity
Investments
Corp.
.....
150,549
2,383,191
RPT
Realty
.......................
89,648
939,511
Saul
Centers,
Inc.
..................
17,316
741,298
Universal
Health
Realty
Income
Trust
.....
15,846
868,519
Urstadt
Biddle
Properties,
Inc.,
Class
A
....
36,463
684,775
Whitestone
REIT
...................
56,689
590,133
27,333,612
Food
&
Staples
Retailing
—
1.4%
Andersons,
Inc.
(The)
................
38,865
1,429,455
Ingles
Markets,
Inc.,
Class
A
...........
16,499
1,567,405
PriceSmart
,
Inc.
....................
29,917
2,223,132
SpartanNash
Co.
...................
43,211
1,368,924
Sprouts
Farmers
Market,
Inc.
(a)(b)
........
122,721
3,920,936
United
Natural
Foods,
Inc.
(a)
............
60,582
2,521,423
Weis
Markets,
Inc.
..................
19,503
1,683,889
14,715,164
Food
Products
—
0.3%
Fresh
Del
Monte
Produce,
Inc.
..........
46,257
1,322,950
John
B
Sanfilippo
&
Son,
Inc.
...........
10,787
911,609
Seneca
Foods
Corp.,
Class
A
(a)
.........
7,146
446,625
Tootsie
Roll
Industries,
Inc.
............
19,517
872,996
3,554,180
Gas
Utilities
—
0.0%
Star
Group
LP
.....................
39,521
472,276
Health
Care
Equipment
&
Supplies
—
6.4%
AngioDynamics
,
Inc.
(a)
...............
47,097
613,203
Atrion
Corp.
......................
1,723
1,184,218
Avanos
Medical,
Inc.
(a)
...............
56,176
1,721,233
AxoGen
,
Inc.
(a)
.....................
48,558
459,844
Bioventus
,
Inc.,
Class
A
(a)
.............
37,260
73,030
CONMED
Corp.
....................
31,155
2,983,403
Embecta
Corp.
....................
69,960
1,846,244
Envista
Holdings
Corp.
(a)(b)
.............
173,314
6,757,513
Establishment
Labs
Holdings,
Inc.
(a)(b)
.....
23,467
1,596,695
Globus
Medical,
Inc.,
Class
A
(a)(b)
........
93,083
7,027,767
Haemonetics
Corp.
(a)
................
62,003
5,245,454
ICU
Medical,
Inc.
(a)(b)
.................
24,544
4,742,637
Inogen
,
Inc.
(a)
.....................
26,263
612,716
Integer
Holdings
Corp.
(a)
..............
40,019
2,633,650
Lantheus
Holdings,
Inc.
(a)
.............
83,053
4,775,548
LeMaitre
Vascular,
Inc.
(b)
..............
23,901
1,127,649
LivaNova
plc
(a)
.....................
43,550
2,447,510
Meridian
Bioscience,
Inc.
(a)
............
52,856
1,795,518
Merit
Medical
Systems,
Inc.
(a)
...........
68,591
4,893,968
NuVasive
,
Inc.
(a)
....................
62,917
2,869,015
Omnicell
,
Inc.
(a)
....................
46,718
2,591,448
Orthofix
Medical,
Inc.
(a)
...............
24,940
539,452
OrthoPediatrics
Corp.
(a)
...............
17,162
808,845
Paragon
28,
Inc.
(a)
..................
32,478
547,254
SI-BONE,
Inc.
(a)
....................
35,248
600,273
Surmodics
,
Inc.
(a)
...................
16,925
475,762
TransMedics
Group,
Inc.
(a)
.............
35,992
2,268,216
Treace
Medical
Concepts,
Inc.
(a)
.........
20,092
463,924
UFP
Technologies,
Inc.
(a)
..............
8,688
988,086
Varex
Imaging
Corp.
(a)
...............
47,758
1,026,319
65,716,394
Security
Shares
Shares
Value
Health
Care
Providers
&
Services
—
6.0%
Acadia
Healthcare
Co.,
Inc.
(a)
...........
109,763
$
9,222,287
Addus
HomeCare
Corp.
(a)(b)
............
19,446
2,090,834
AMN
Healthcare
Services,
Inc.
(a)
.........
50,800
4,868,672
Apollo
Medical
Holdings,
Inc.
(a)
..........
47,766
1,702,380
Chemed
Corp.
.....................
16,903
8,538,381
CorVel
Corp.
(a)
.....................
11,563
2,060,064
Cross
Country
Healthcare,
Inc.
(a)
........
43,939
1,219,307
DocGo
,
Inc.
(a)(b)
....................
97,692
976,920
Encompass
Health
Corp.
.............
120,555
7,528,660
Enhabit
,
Inc.
(a)
.....................
59,968
921,109
ModivCare
,
Inc.
(a)
...................
12,023
1,289,587
National
HealthCare
Corp.
.............
17,785
1,058,919
National
Research
Corp.
..............
17,955
833,471
Owens
&
Minor,
Inc.
(a)
................
1,821
35,947
Pediatrix
Medical
Group,
Inc.
(a)
..........
96,886
1,487,200
Pennant
Group,
Inc.
(The)
(a)
............
33,929
439,041
Premier,
Inc.,
Class
A
................
131,958
4,402,119
Privia
Health
Group,
Inc.
(a)(b)
............
94,185
2,546,762
Select
Medical
Holdings
Corp.
..........
115,709
3,363,661
Tenet
Healthcare
Corp.
(a)
..............
97,148
5,328,568
US
Physical
Therapy,
Inc.
.............
15,720
1,558,638
61,472,527
Health
Care
Technology
—
1.2%
Certara
,
Inc.
(a)
.....................
125,684
2,438,270
Computer
Programs
&
Systems,
Inc.
(a)
.....
16,864
495,464
Definitive
Healthcare
Corp.
(a)(b)
..........
42,524
526,447
Evolent
Health,
Inc.,
Class
A
(a)(b)
.........
99,681
3,211,722
HealthStream
,
Inc.
(a)
.................
29,558
714,712
NextGen
Healthcare,
Inc.
(a)
............
69,869
1,328,908
OptimizeRx
Corp.
(a)
.................
17,058
306,191
Simulations
Plus,
Inc.
................
19,562
804,781
Veradigm
,
Inc.
(a)
....................
133,716
2,394,854
12,221,349
Hotels,
Restaurants
&
Leisure
—
0.6%
Bloomin
'
Brands,
Inc.
................
102,555
2,486,959
Chuy's
Holdings,
Inc.
(a)
...............
22,782
779,828
El
Pollo
Loco
Holdings,
Inc.
............
24,599
301,830
Monarch
Casino
&
Resort,
Inc.
(a)(b)
.......
17,131
1,312,577
RCI
Hospitality
Holdings,
Inc.
(b)
..........
10,050
912,440
Ruth's
Hospitality
Group,
Inc.
...........
38,795
671,541
6,465,175
Household
Durables
—
0.8%
Dream
Finders
Homes,
Inc.,
Class
A
(a)
.....
23,484
296,838
Ethan
Allen
Interiors,
Inc.
.............
27,555
791,931
GoPro,
Inc.,
Class
A
(a)
................
156,497
962,457
La-Z-Boy,
Inc.
.....................
52,012
1,478,701
M/I
Homes,
Inc.
(a)
...................
33,538
2,005,572
Tri
Pointe
Homes,
Inc.
(a)
..............
122,828
2,713,270
Tupperware
Brands
Corp.
(a)
............
50,871
225,359
8,474,128
Household
Products
—
0.2%
(a)
Central
Garden
&
Pet
Co.
.............
10,368
434,834
Central
Garden
&
Pet
Co.,
Class
A,
NVS
...
43,035
1,705,477
2,140,311
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
Montauk
Renewables,
Inc.
(a)(b)
..........
9,517
105,734
Insurance
—
4.3%
American
Equity
Investment
Life
Holding
Co.
90,007
4,288,833
Assured
Guaranty
Ltd.
...............
71,101
4,450,923
Brighthouse
Financial,
Inc.
(a)
...........
86,767
4,882,379
CNO
Financial
Group,
Inc.
.............
138,216
3,560,444
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
iShares
®
MSCI
USA
Small-Cap
Multifactor
ETF
18
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Insurance
(continued)
Donegal
Group,
Inc.,
Class
A
...........
15,188
$
230,554
Employers
Holdings,
Inc.
..............
33,995
1,491,361
First
American
Financial
Corp.
..........
118,128
7,308,579
Genworth
Financial,
Inc.,
Class
A
(a)
.......
480,416
2,651,896
National
Western
Life
Group,
Inc.,
Class
A
..
2,902
803,274
Safety
Insurance
Group,
Inc.
...........
18,360
1,549,400
Stewart
Information
Services
Corp.
.......
27,489
1,313,149
United
Fire
Group,
Inc.
...............
26,836
845,066
Universal
Insurance
Holdings,
Inc.
.......
34,563
440,333
Unum
Group
......................
241,653
10,156,676
43,972,867
Interactive
Media
&
Services
—
1.1%
Cars.com,
Inc.
(a)
....................
77,955
1,333,031
Shutterstock
,
Inc.
...................
30,430
2,290,466
Yelp,
Inc.
(a)
.......................
84,951
2,676,806
Ziff
Davis,
Inc.
(a)
....................
49,219
4,404,116
ZipRecruiter,
Inc.,
Class
A
(a)
............
45,431
892,265
11,596,684
Internet
&
Direct
Marketing
Retail
—
0.1%
Lands'
End,
Inc.
(a)(b)
.................
16,151
145,843
PetMed
Express,
Inc.
................
24,127
518,248
664,091
IT
Services
—
1.8%
Cass
Information
Systems,
Inc.
.........
15,686
761,712
Conduent
,
Inc.
(a)
...................
208,663
995,322
CSG
Systems
International,
Inc.
.........
38,611
2,303,918
DXC
Technology
Co.
(a)
...............
51,516
1,480,055
EVERTEC,
Inc.
....................
65,807
2,430,911
ExlService
Holdings,
Inc.
(a)
............
35,991
6,140,065
Hackett
Group,
Inc.
(The)
.............
30,636
677,056
International
Money
Express,
Inc.
(a)
.......
38,912
885,637
Perficient
,
Inc.
(a)
....................
35,394
2,624,111
18,298,787
Leisure
Products
—
0.4%
Clarus
Corp.
(b)
.....................
23,786
239,049
Johnson
Outdoors,
Inc.,
Class
A
.........
7,038
481,822
Smith
&
Wesson
Brands,
Inc.
...........
55,318
612,923
Sturm
Ruger
&
Co.,
Inc.
..............
21,360
1,215,384
Vista
Outdoor,
Inc.
(a)
.................
61,822
1,814,476
4,363,654
Life
Sciences
Tools
&
Services
—
0.7%
(a)
MaxCyte
,
Inc.
.....................
86,062
502,602
Medpace
Holdings,
Inc.
..............
29,967
6,624,805
OmniAb
,
Inc.
(b)
.....................
99,865
413,441
7,540,848
Machinery
—
1.9%
Energy
Recovery,
Inc.
(a)(b)
.............
60,689
1,343,048
Gorman-Rupp
Co.
(The)
..............
25,229
724,829
Greenbrier
Cos.,
Inc.
(The)
............
34,667
1,071,904
Luxfer
Holdings
plc
.................
33,135
548,384
Manitowoc
Co.,
Inc.
(The)
(a)
............
42,526
582,606
Mueller
Industries,
Inc.
...............
55,286
3,623,997
Omega
Flex,
Inc.
(b)
..................
4,274
454,326
Proto
Labs,
Inc.
(a)
...................
33,242
1,017,205
REV
Group,
Inc.
...................
40,537
519,279
Shyft
Group,
Inc.
(The)
...............
34,223
1,139,284
Standex
International
Corp.
............
14,464
1,671,604
Terex
Corp.
.......................
81,915
4,175,207
Titan
International,
Inc.
(a)
..............
60,724
1,013,484
Security
Shares
Shares
Value
Machinery
(continued)
Wabash
National
Corp.
...............
58,689
$
1,511,829
19,396,986
Marine
—
0.2%
Eagle
Bulk
Shipping,
Inc.
.............
11,579
663,245
Genco
Shipping
&
Trading
Ltd.
..........
45,990
834,259
Matson,
Inc.
......................
11,777
778,695
2,276,199
Media
—
0.7%
AMC
Networks,
Inc.,
Class
A
(a)
..........
34,201
633,061
John
Wiley
&
Sons,
Inc.,
Class
A
........
47,630
2,181,454
Scholastic
Corp.,
NVS
...............
35,343
1,563,574
TechTarget
,
Inc.
(a)(b)
.................
27,344
1,354,348
Thryv
Holdings,
Inc.
(a)(b)
...............
24,976
558,713
WideOpenWest
,
Inc.
(a)
...............
63,628
731,086
7,022,236
Metals
&
Mining
—
1.7%
Alpha
Metallurgical
Resources,
Inc.
......
19,880
3,199,288
Commercial
Metals
Co.
...............
129,219
7,012,715
Haynes
International,
Inc.
.............
15,095
840,641
Ramaco
Resources,
Inc.
..............
26,641
277,866
Ryerson
Holding
Corp.
...............
20,159
769,469
Schnitzer
Steel
Industries,
Inc.,
Class
A
....
31,286
1,058,718
SunCoke
Energy,
Inc.
................
100,789
918,188
TimkenSteel
Corp.
(a)
.................
47,485
934,030
Tredegar
Corp.
....................
32,858
398,567
Warrior
Met
Coal,
Inc.
................
62,424
2,364,621
17,774,103
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.1%
Ares
Commercial
Real
Estate
Corp.
......
48,034
589,858
Multiline
Retail
—
1.5%
Dillard's,
Inc.,
Class
A
(b)
...............
6,549
2,575,787
Kohl's
Corp.
......................
155,207
5,024,051
Macy's,
Inc.
......................
327,426
7,737,076
15,336,914
Multi-Utilities
—
0.1%
Unitil
Corp.
.......................
19,386
1,011,368
Oil,
Gas
&
Consumable
Fuels
—
6.3%
Alto
Ingredients,
Inc.
(a)(b)
..............
74,010
250,894
Antero
Resources
Corp.
(a)
.............
96,447
2,781,531
Arch
Resources,
Inc.
................
21,301
3,152,974
Berry
Corp.
.......................
67,693
622,776
California
Resources
Corp.
............
43,835
1,873,069
Centrus
Energy
Corp.,
Class
A
(a)
.........
11,391
467,601
CONSOL
Energy,
Inc.
................
40,021
2,314,414
Denbury,
Inc.
(a)
....................
27,704
2,404,153
Dorian
LPG
Ltd.
....................
38,793
770,041
Earthstone
Energy,
Inc.,
Class
A
(a)
.......
57,311
796,623
Gran
Tierra
Energy,
Inc.
(a)
.............
445,853
432,388
Matador
Resources
Co.
..............
125,721
8,317,701
Murphy
Oil
Corp.
...................
165,979
7,238,344
Northern
Oil
&
Gas,
Inc.
..............
81,053
2,716,897
PDC
Energy,
Inc.
...................
116,360
7,881,063
Permian
Resources
Corp.
(b)
............
241,092
2,620,670
Range
Resources
Corp.
..............
265,230
6,636,055
Ranger
Oil
Corp.
...................
23,949
1,005,858
REX
American
Resources
Corp.
(a)(b)
......
19,436
635,946
SandRidge
Energy,
Inc.
(a)
.............
39,146
618,898
SilverBow
Resources,
Inc.
(a)
............
16,174
424,891
SM
Energy
Co.
....................
148,121
4,868,737
Talos
Energy,
Inc.
(a)
.................
69,833
1,383,392
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
iShares
®
MSCI
USA
Small-Cap
Multifactor
ETF
Schedule
of
Investments
19
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
VAALCO
Energy,
Inc.
................
125,315
$
582,715
Vital
Energy,
Inc.
(a)
..................
17,576
989,177
Vitesse
Energy,
Inc.
(a)
................
26,444
422,046
W&T
Offshore,
Inc.
(a)
................
121,080
753,118
World
Fuel
Services
Corp.
.............
67,999
1,924,372
64,886,344
Paper
&
Forest
Products
—
0.7%
Clearwater
Paper
Corp.
(a)
.............
17,957
693,320
Louisiana-Pacific
Corp.
...............
89,257
6,077,509
Mercer
International,
Inc.
..............
51,977
661,667
7,432,496
Personal
Products
—
0.7%
elf
Beauty,
Inc.
(a)
...................
60,177
3,463,186
Nu
Skin
Enterprises,
Inc.,
Class
A
........
60,873
2,610,234
USANA
Health
Sciences,
Inc.
(a)
.........
13,915
813,193
6,886,613
Pharmaceuticals
—
1.3%
Amphastar
Pharmaceuticals,
Inc.
(a)
.......
47,396
1,434,203
ANI
Pharmaceuticals,
Inc.
(a)
............
15,794
706,466
Corcept
Therapeutics,
Inc.
(a)
...........
116,518
2,663,601
DICE
Therapeutics,
Inc.
(a)
.............
36,477
1,158,874
Innoviva
,
Inc.
(a)
....................
75,822
959,148
Phibro
Animal
Health
Corp.,
Class
A
......
24,582
378,563
Prestige
Consumer
Healthcare,
Inc.
(a)
.....
53,806
3,538,283
Supernus
Pharmaceuticals,
Inc.
(a)(b)
.......
64,646
2,651,132
13,490,270
Professional
Services
—
1.3%
Barrett
Business
Services,
Inc.
..........
8,563
850,991
CRA
International,
Inc.
(b)
..............
8,661
1,029,273
Forrester
Research,
Inc.
(a)
.............
13,770
510,316
Franklin
Covey
Co.
(a)
................
15,073
699,387
Heidrick
&
Struggles
International,
Inc.
....
23,849
733,595
HireRight
Holdings
Corp.
(a)
............
28,805
329,529
ICF
International,
Inc.
................
20,287
2,073,128
Kelly
Services,
Inc.,
Class
A,
NVS
.......
39,717
718,878
Kforce
,
Inc.
.......................
24,320
1,365,082
Korn
Ferry
.......................
65,974
3,561,936
Resources
Connection,
Inc.
............
38,417
663,462
TrueBlue
,
Inc.
(a)
....................
39,501
775,405
13,310,982
Real
Estate
Management
&
Development
—
1.6%
Anywhere
Real
Estate,
Inc.
(a)
...........
138,241
1,172,284
Douglas
Elliman
,
Inc.
................
88,411
411,995
Jones
Lang
LaSalle,
Inc.
(a)
.............
54,493
10,074,121
Marcus
&
Millichap,
Inc.
..............
31,396
1,137,791
Newmark
Group,
Inc.,
Class
A
..........
190,781
1,634,993
RE/MAX
Holdings,
Inc.,
Class
A
.........
22,688
517,513
RMR
Group,
Inc.
(The),
Class
A
.........
18,730
581,005
Tejon
Ranch
Co.
(a)
..................
25,613
512,772
16,042,474
Road
&
Rail
—
2.4%
ArcBest
Corp.
.....................
29,664
2,475,461
Covenant
Logistics
Group,
Inc.,
Class
A
....
11,703
388,071
Heartland
Express,
Inc.
(b)
.............
71,568
1,203,774
Marten
Transport
Ltd.
................
78,342
1,730,575
PAM
Transportation
Services,
Inc.
(a)(b)
.....
8,080
233,916
Ryder
System,
Inc.
(b)
................
57,791
5,456,048
Saia,
Inc.
(a)(b)
......................
28,302
7,720,220
Schneider
National,
Inc.,
Class
B
........
68,890
1,825,585
Universal
Logistics
Holdings,
Inc.
........
9,531
342,353
Security
Shares
Shares
Value
Road
&
Rail
(continued)
Werner
Enterprises,
Inc.
..............
68,968
$
3,239,427
24,615,430
Semiconductors
&
Semiconductor
Equipment
—
3.9%
Allegro
MicroSystems
,
Inc.
(a)(b)
..........
80,907
3,088,220
Alpha
&
Omega
Semiconductor
Ltd.
(a)
.....
28,126
927,033
Amkor
Technology,
Inc.
...............
133,123
3,895,179
Axcelis
Technologies,
Inc.
(a)
............
39,907
4,387,775
Cirrus
Logic,
Inc.
(a)(b)
.................
67,587
6,109,189
Diodes,
Inc.
(a)
.....................
54,957
4,901,615
FormFactor
,
Inc.
(a)
..................
93,250
2,624,055
Ichor
Holdings
Ltd.
(a)(b)
................
34,736
1,174,077
Kulicke
&
Soffa
Industries,
Inc.
..........
66,603
3,403,413
Magnachip
Semiconductor
Corp.
(a)(b)
......
54,269
575,252
Photronics
,
Inc.
(a)
...................
74,511
1,350,139
SMART
Global
Holdings,
Inc.
(a)(b)
........
37,412
643,112
Synaptics
,
Inc.
(a)
...................
37,597
4,700,753
Ultra
Clean
Holdings,
Inc.
(a)
............
54,931
1,848,428
39,628,240
Software
—
2.6%
A10
Networks,
Inc.
..................
62,018
960,039
Adeia
,
Inc.
.......................
59,145
647,638
Agilysys
,
Inc.
(a)
....................
28,733
2,400,929
American
Software,
Inc.,
Class
A
........
44,021
669,559
CommVault
Systems,
Inc.
(a)
............
44,375
2,761,456
Consensus
Cloud
Solutions,
Inc.
(a)
.......
16,117
947,196
Ebix
,
Inc.
(b)
.......................
29,885
569,608
Manhattan
Associates,
Inc.
(a)
...........
3,933
512,706
Progress
Software
Corp.
..............
47,047
2,495,373
Qualys
,
Inc.
(a)
.....................
41,722
4,813,050
Rimini
Street,
Inc.
(a)(b)
................
63,491
285,709
SPS
Commerce,
Inc.
(a)(b)
..............
38,508
5,240,169
Teradata
Corp.
(a)
...................
117,257
4,089,924
Xperi
,
Inc.
(a)(b)
.....................
23,653
244,809
26,638,165
Specialty
Retail
—
4.5%
Aaron's
Co.,
Inc.
(The)
...............
38,479
563,717
Abercrombie
&
Fitch
Co.,
Class
A
(a)
.......
59,820
1,732,387
Academy
Sports
&
Outdoors,
Inc.
........
90,871
5,308,684
America's
Car-Mart,
Inc.
(a)(b)
............
7,055
607,718
Boot
Barn
Holdings,
Inc.
(a)
.............
31,617
2,639,703
Buckle,
Inc.
(The)
..................
36,329
1,598,476
Caleres
,
Inc.
......................
44,411
1,155,574
Chico's
FAS,
Inc.
(a)
..................
156,861
826,657
Children's
Place,
Inc.
(The)
(a)
...........
14,962
678,826
Container
Store
Group,
Inc.
(The)
(a)
.......
40,488
210,942
Designer
Brands,
Inc.,
Class
A
..........
71,953
741,835
Foot
Locker,
Inc.
...................
100,154
4,357,701
Genesco,
Inc.
(a)
....................
15,760
761,050
Group
1
Automotive,
Inc.
(b)
.............
18,121
3,875,176
Guess?,
Inc.
......................
43,224
1,001,500
Haverty
Furniture
Cos.,
Inc.
............
17,279
603,383
Hibbett,
Inc.
......................
14,854
985,711
MarineMax
,
Inc.
(a)
...................
26,992
843,500
ODP
Corp.
(The)
(a)
..................
52,899
2,729,588
Sally
Beauty
Holdings,
Inc.
(a)
...........
129,304
2,014,556
Shoe
Carnival,
Inc.
..................
21,679
592,054
Signet
Jewelers
Ltd.
(b)
................
56,196
4,316,415
Sonic
Automotive,
Inc.,
Class
A
.........
23,843
1,280,608
TravelCenters
of
America,
Inc.
(a)
.........
16,163
735,740
Victoria's
Secret
&
Co.
(a)
..............
100,373
4,230,722
Winmark
Corp.
....................
3,537
993,190
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
iShares
®
MSCI
USA
Small-Cap
Multifactor
ETF
20
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Specialty
Retail
(continued)
Zumiez
,
Inc.
(a)(b)
....................
19,990
$
516,342
45,901,755
Technology
Hardware,
Storage
&
Peripherals
—
0.5%
(a)
Avid
Technology,
Inc.
................
43,185
1,308,937
Super
Micro
Computer,
Inc.
(b)
...........
56,917
4,116,807
5,425,744
Textiles,
Apparel
&
Luxury
Goods
—
0.6%
G-III
Apparel
Group
Ltd.
(a)
.............
52,457
887,572
Kontoor
Brands,
Inc.
.................
52,373
2,501,335
Movado
Group,
Inc.
.................
19,202
678,983
Oxford
Industries,
Inc.
...............
18,300
2,145,126
6,213,016
Thrifts
&
Mortgage
Finance
—
2.1%
Enact
Holdings,
Inc.
.................
39,367
990,080
Essent
Group
Ltd.
..................
130,128
5,729,536
Hingham
Institution
for
Savings
(The)
.....
1,615
472,129
Kearny
Financial
Corp.
...............
74,195
695,949
Luther
Burbank
Corp.
................
18,520
217,425
MGIC
Investment
Corp.
..............
380,208
5,368,537
NMI
Holdings,
Inc.,
Class
A
(a)
...........
97,233
2,258,722
Radian
Group,
Inc.
..................
195,261
4,315,268
Southern
Missouri
Bancorp,
Inc.
.........
9,483
459,167
TrustCo
Bank
Corp.
.................
23,975
860,942
Waterstone
Financial,
Inc.
.............
22,986
370,075
21,737,830
Tobacco
—
0.2%
Universal
Corp.
....................
29,733
1,616,583
Trading
Companies
&
Distributors
—
3.8%
Air
Lease
Corp.
....................
127,282
5,723,871
BlueLinx
Holdings,
Inc.
(a)
..............
11,215
973,686
Boise
Cascade
Co.
.................
47,663
3,573,295
DXP
Enterprises,
Inc.
(a)
...............
19,366
586,790
Global
Industrial
Co.
.................
20,623
542,179
GMS,
Inc.
(a)(b)
......................
46,135
2,736,728
H&E
Equipment
Services,
Inc.
..........
39,321
2,001,046
Herc
Holdings,
Inc.
..................
28,913
4,490,767
Security
Shares
Shares
Value
Trading
Companies
&
Distributors
(continued)
McGrath
RentCorp
..................
29,454
$
2,931,851
MRC
Global,
Inc.
(a)
..................
101,015
1,373,804
NOW,
Inc.
(a)
......................
133,940
1,880,518
Rush
Enterprises,
Inc.,
Class
A
.........
51,811
2,787,950
Rush
Enterprises,
Inc.,
Class
B
.........
6,592
383,456
Titan
Machinery,
Inc.
(a)
...............
24,549
1,078,683
Transcat
,
Inc.
(a)
....................
8,665
723,701
Triton
International
Ltd.
...............
74,940
5,293,762
Veritiv
Corp.
......................
16,046
2,006,392
39,088,479
Water
Utilities
—
0.1%
Artesian
Resources
Corp.,
Class
A,
NVS
...
10,759
633,705
York
Water
Co.
(The)
................
14,000
636,300
1,270,005
Wireless
Telecommunication
Services
—
0.2%
Telephone
and
Data
Systems,
Inc.
.......
104,094
1,391,737
United
States
Cellular
Corp.
(a)
..........
14,451
353,471
1,745,208
Total
Long-Term
Investments
—
99.5%
(Cost:
$899,104,375)
.............................
1,023,863,982
Short-Term
Securities
Money
Market
Funds
—
5.6%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
4.56%
(e)
............
53,425,601
53,457,656
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
4.18%
..................
3,958,065
3,958,065
Total
Short-Term
Securities
—
5.6%
(Cost:
$57,372,381)
..............................
57,415,721
Total
Investments
—
105.1%
(Cost:
$956,476,756
)
.............................
1,081,279,703
Liabilities
in
Excess
of
Other
Assets
—
(5.1)%
............
(52,867,976)
Net
Assets
—
100.0%
..............................
$
1,028,411,727
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
iShares
®
MSCI
USA
Small-Cap
Multifactor
ETF
Schedule
of
Investments
21
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
January
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
(a)
The
Fund
receives
the
total
return
on
a
portfolio
of
long
positions
underlying the
total
return
swap.
The
Fund
pays
the
total
return
on
a
portfolio
of
short
positions
underlying
the
total
return
swap.
In
addition,
the
Fund
pays
or
receives
a
variable
rate
of
interest,
based
on
a
specified
benchmark.
The
benchmark
and
spread
are
determined
based
upon
the
country
and/or
currency
of
the
individual
underlying
positions.
The
following
are
the
specified
benchmarks
(plus
or
minus
a
range)
used
in
determining
the
variable
rate
of
interest:
Affiliated
Issuer
Value
at
07/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
01/31/23
Shares
Held
at
01/31/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
54,176,591
$
—
$
(762,508)
(a)
$
9,546
$
34,027
$
53,457,656
53,425,601
$
120,681
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
8,530,000
—
(4,571,935)
(a)
—
—
3,958,065
3,958,065
126,695
7
$
9,546
$
34,027
$
57,415,721
$
247,376
$
7
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Russell
2000
E-Mini
Index
....................................................
13
03/17/23
$
1,261
$
50,956
S&P
Mid
400
E-Mini
Index
....................................................
5
03/17/23
1,331
38,050
$
89,006
OTC
Total
Return
Swaps
Reference
Entity
Payment
Frequency
Counterparty
(a)
Termination
Date
Net
Notional
Accrued
Unrealized
Appreciation
(Depreciation)
Net
Value
of
Reference
Entity
Gross
Notional
Amount
Net
Asset
Percentage
Equity
Securities
Long/Short
...
Monthly
Goldman
Sachs
Bank
USA
(b)
02/27/23
$
458,540
$
10,084
(c)
$
468,584
0.0
%
(d)
Monthly
HSBC
Bank
plc
(e)
02/10/23
1,513,018
115,914
(f)
1,633,99
0
0.1
Monthly
JPMorgan
Chase
Bank
NA
(g)
02/08/23
1,443,029
17,768
(h)
1,457,324
0.1
$
143,766
$
3,559,89
8
(b)
(e)
(g)
Range:
65
basis
points
65
basis
points
65
basis
points
Benchmarks:
USD
-
1D
Overnight
Fed
Funds
Effective
Rate
(FEDL01)
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
(c)
Amount
includes
$40
of
net
dividends
and
financing
fees.
(d)
Rounds
to
less
than
0.1%.
(f)
Amount
includes
$(5,058)
of
net
dividends
and
financing
fees.
(h)
Amount
includes
$3,473
of
net
dividends
and
financing
fees.
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
iShares
®
MSCI
USA
Small-Cap
Multifactor
ETF
22
The
following
table
represents
the
individual
long
positions
and
related
values
of
the
equity
securities
underlying
the
total
return
swap
with
Goldman
Sachs
Bank
USA,
as
of
period
end,
termination
date
February
27,
2023:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Common
Stocks
Banks
HomeStreet
,
Inc.
..........
617
$
17,011
3.6
%
OFG
Bancorp
............
2,755
77,994
16.6
Preferred
Bank/Los
Angeles
CA
1,472
104,703
22.4
199,708
Insurance
Genworth
Financial,
Inc.,
Class
A
..................
19,794
109,263
23.3
Stewart
Information
Services
Corp.
...............
1,293
61,766
13.2
171,029
Commercial
Services
&
Supplies
GEO
Group,
Inc.
(The)
......
860
9,890
2.1
Consumer
Finance
Bread
Financial
Holdings,
Inc.
.
1,896
77,793
16.6
Equity
Real
Estate
Investment
Trusts
(REITs)
Getty
Realty
Corp.
........
279
10,164
2.2
Total
Reference
Entity
—
Long
............
468,584
Net
Value
of
Reference
Entity
—
Goldman
Sachs
Bank
USA
.........................
$
468,584
The
following
table
represents
the
individual
long
positions
and
related
values
of
the
equity
securities
underlying
the
total
return
swap
with
HSBC
Bank
plc,
as
of
period
end,
termination
date
February
10,
2023:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Common
Stocks
Banks
Bancorp,
Inc.
(The)
........
339
11,502
0.7
Central
Pacific
Financial
Corp.
18,248
412,405
25.2
Shares
Value
%
of
Basket
Value
Banks
(continued)
Customers
Bancorp,
Inc.
....
345
$
10,478
0.6
%
Hanmi
Financial
Corp.
......
393
9,153
0.6
Heritage
Financial
Corp.
.....
314
8,958
0.6
Hope
Bancorp,
Inc.
........
751
9,680
0.6
Pathward
Financial,
Inc.
.....
6,366
315,881
19.3
Preferred
Bank/Los
Angeles
CA
777
55,268
3.4
S&T
Bancorp,
Inc.
.........
281
10,223
0.6
843,548
Insurance
Employers
Holdings,
Inc.
....
225
9,871
0.6
Genworth
Financial,
Inc.,
Class
A
..................
92,908
512,852
31.4
Safety
Insurance
Group,
Inc.
..
111
9,367
0.6
Stewart
Information
Services
Corp.
...............
5,195
248,165
15.2
780,255
Equity
Real
Estate
Investment
Trusts
(REITs)
RPT
Realty
.............
972
10,187
0.6
Total
Reference
Entity
—
Long
............
1,633,990
Net
Value
of
Reference
Entity
—
HSBC
Bank
plc
$
1,633,990
The
following
table
represents
the
individual
long
positions
and
related
values
of
the
equity
securities
underlying
the
total
return
swap
with
JPMorgan
Chase
Bank
NA,
as
of
period
end,
termination
date
February
8,
2023:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Common
Stocks
Banks
Central
Pacific
Financial
Corp.
717
16,204
1.1
Pathward
Financial,
Inc.
.....
153
7,592
0.5
Preferred
Bank/Los
Angeles
CA
16,088
1,144,339
78.5
S&T
Bancorp,
Inc.
.........
2,178
79,236
5.5
1,247,371
Insurance
Genworth
Financial,
Inc.,
Class
A
..................
38,035
209,953
14.4
Total
Reference
Entity
—
Long
............
1,457,324
Net
Value
of
Reference
Entity
—
JPMorgan
Chase
Bank
NA
..........................
$
1,457,324
Balances
Reported
in
the
Statements
of
Assets
and
Liabilities
for
OTC
Swaps
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
OTC
Swaps
...................................................................
$
—
$
—
$
143,766
$
—
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
iShares
®
MSCI
USA
Small-Cap
Multifactor
ETF
Schedule
of
Investments
23
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
......
$
—
$
—
$
89,006
$
—
$
—
$
—
$
89,006
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
—
143,766
—
—
—
143,766
$
—
$
—
$
232,772
$
—
$
—
$
—
$
232,772
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
January
31,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
171,073
$
—
$
—
$
—
$
171,073
Swaps
..............................
—
—
937,570
—
—
—
937,570
$
—
$
—
$
1,108,643
$
—
$
—
$
—
$
1,108,643
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(73,053)
$
—
$
—
$
—
$
(73,053)
Swaps
..............................
—
—
(403,463)
—
—
—
(403,463)
$
—
$
—
$
(476,516)
$
—
$
—
$
—
$
(476,516)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
2,735,120
Total
return
swaps
Average
notional
value
...............................................................................................
$
4,393,125
The
Fund’s
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
60,772
$
—
Swaps
—
OTC
(a)
....................................................................................
143,766
—
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
204,538
$
—
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
(“MNA”)
.........................................
(60,772)
—
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
143,766
$
—
(a)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
paid/(received)
in
the
Statements
of
Assets
and
Liabilities.
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
iShares
®
MSCI
USA
Small-Cap
Multifactor
ETF
24
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
The
following
table
presents
the
Fund's
derivative
assets
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
received
by
the
Fund:
Counterparty
Derivative
Assets
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-Cash
Collateral
Received
Cash
Collateral
Received
Net
Amount
of
Derivative
Assets
(b)
Goldman
Sachs
Bank
USA
..........................
$
10,084
$
—
$
—
$
—
$
10,084
HSBC
Bank
plc
..................................
115,914
—
—
—
115,914
JPMorgan
Chase
Bank
NA
..........................
17,768
—
—
—
17,768
$
143,766
$
—
$
—
$
—
$
143,766
(a)
The
amount
of
derivatives
available
for
offset
is
limited
to
the
amount
of
derivative
assets
and/or
liabilities
that
are
subject
to
an
MNA.
(b)
Net
amount
represents
the
net
amount
receivable
from
the
counterparty
in
the
event
of
default.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
1,022,068,464
$
1,795,518
$
—
$
1,023,863,982
Short-Term
Securities
Money
Market
Funds
......................................
57,415,721
—
—
57,415,721
$
1,079,484,185
$
1,795,518
$
—
$
1,081,279,703
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
89,006
$
143,766
$
—
$
232,772
$
89,006
$
143,766
$
—
$
232,772
(a)
Derivative
financial
instruments
are
swaps
and
futures
contracts.
Swaps
and
futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
(unaudited)
January
31,
2023
iShares
®
U.S.
Equity
Factor
ETF
Schedule
of
Investments
25
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
0.9%
General
Dynamics
Corp.
..............
3,163
$
737,169
L3Harris
Technologies,
Inc.
............
5,645
1,212,659
Lockheed
Martin
Corp.
...............
12,559
5,818,082
Northrop
Grumman
Corp.
.............
10,190
4,565,528
12,333,438
Air
Freight
&
Logistics
—
0.3%
Expeditors
International
of
Washington,
Inc.
.
1,322
142,974
United
Parcel
Service,
Inc.,
Class
B
......
22,497
4,167,120
4,310,094
Automobiles
—
1.5%
Ford
Motor
Co.
....................
90,801
1,226,722
General
Motors
Co.
.................
77,688
3,054,692
Harley-Davidson,
Inc.
................
40,211
1,850,912
Tesla,
Inc.
(a)
.......................
73,437
12,720,757
Thor
Industries,
Inc.
.................
5,268
502,199
19,355,282
Banks
—
3.2%
Bank
of
America
Corp.
...............
279,224
9,906,868
Citigroup,
Inc.
.....................
95,720
4,998,498
Fifth
Third
Bancorp
.................
14,218
515,971
JPMorgan
Chase
&
Co.
..............
127,421
17,833,843
Popular,
Inc.
......................
50,575
3,471,468
Regions
Financial
Corp.
..............
17,684
416,281
SVB
Financial
Group
(a)
...............
1,079
326,333
US
Bancorp
......................
24,732
1,231,654
Wells
Fargo
&
Co.
..................
48,878
2,290,912
40,991,828
Beverages
—
1.6%
Coca-Cola
Co.
(The)
................
133,039
8,157,952
Coca-Cola
Europacific
Partners
plc
.......
8,272
465,052
PepsiCo,
Inc.
.....................
74,219
12,692,933
21,315,937
Biotechnology
—
2.4%
AbbVie,
Inc.
......................
96,627
14,276,639
Amgen,
Inc.
......................
17,489
4,414,224
Biogen,
Inc.
(a)
.....................
2,364
687,688
Gilead
Sciences,
Inc.
................
32,959
2,766,578
Moderna
,
Inc.
(a)
....................
29,905
5,265,074
Vertex
Pharmaceuticals,
Inc.
(a)
..........
11,093
3,584,148
30,994,351
Building
Products
—
0.5%
Builders
FirstSource
,
Inc.
(a)
............
8,887
708,294
Carrier
Global
Corp.
.................
15,014
683,587
Lennox
International,
Inc.
.............
838
218,400
Trex
Co.,
Inc.
(a)(b)
...................
19,820
1,044,910
UFP
Industries,
Inc.
.................
42,864
4,009,927
6,665,118
Capital
Markets
—
6.1%
Affiliated
Managers
Group,
Inc.
.........
17,735
3,063,544
Ameriprise
Financial,
Inc.
.............
14,498
5,076,040
Bank
of
New
York
Mellon
Corp.
(The)
.....
75,734
3,829,868
BlackRock,
Inc.
(c)
...................
4,450
3,378,485
Blackstone,
Inc.,
NVS
................
53,229
5,107,855
Charles
Schwab
Corp.
(The)
...........
34,905
2,702,345
Goldman
Sachs
Group,
Inc.
(The)
.......
14,919
5,457,519
Interactive
Brokers
Group,
Inc.,
Class
A
....
67,205
5,372,368
Janus
Henderson
Group
plc
...........
115,269
2,987,772
Jefferies
Financial
Group,
Inc.
..........
132,136
5,190,302
LPL
Financial
Holdings,
Inc.
............
4,969
1,178,249
Security
Shares
Shares
Value
Capital
Markets
(continued)
Moody's
Corp.
.....................
2,930
$
945,658
Morgan
Stanley
....................
75,416
7,340,239
MSCI,
Inc.
.......................
10,188
5,415,533
Nasdaq,
Inc.
......................
24,802
1,492,832
Northern
Trust
Corp.
.................
19,499
1,890,818
Raymond
James
Financial,
Inc.
.........
41,511
4,681,195
S&P
Global,
Inc.
...................
19,425
7,283,210
State
Street
Corp.
..................
47,245
4,314,886
Stifel
Financial
Corp.
................
26,755
1,803,555
T.
Rowe
Price
Group,
Inc.
.............
1,044
121,595
XP,
Inc.,
Class
A
(a)(b)
.................
74,660
1,330,441
79,964,309
Chemicals
—
0.8%
CF
Industries
Holdings,
Inc.
............
1,240
105,028
Chemours
Co.
(The)
.................
86,014
3,130,050
Dow,
Inc.
........................
21,503
1,276,203
LyondellBasell
Industries
NV,
Class
A
.....
8,126
785,703
Mosaic
Co.
(The)
...................
6,057
300,064
Olin
Corp.
........................
52,563
3,395,044
Sherwin-Williams
Co.
(The)
............
6,480
1,533,103
10,525,195
Commercial
Services
&
Supplies
—
0.5%
Cintas
Corp.
......................
10,073
4,469,793
Tetra
Tech,
Inc.
....................
9,025
1,403,568
5,873,361
Communications
Equipment
—
1.0%
Arista
Networks,
Inc.
(a)
...............
14,895
1,877,068
Cisco
Systems,
Inc.
.................
103,683
5,046,252
Motorola
Solutions,
Inc.
..............
22,710
5,836,697
12,760,017
Construction
&
Engineering
—
0.2%
EMCOR
Group,
Inc.
.................
16,265
2,411,286
Consumer
Finance
—
1.3%
Ally
Financial,
Inc.
..................
152,339
4,949,494
American
Express
Co.
...............
2,244
392,543
Capital
One
Financial
Corp.
............
17,112
2,036,328
Credit
Acceptance
Corp.
(a)(b)
............
269
124,450
OneMain
Holdings,
Inc.
...............
84,569
3,648,307
SLM
Corp.
.......................
171,927
3,020,757
Synchrony
Financial
.................
82,067
3,014,321
17,186,200
Containers
&
Packaging
—
0.4%
Amcor
plc
........................
293,744
3,542,553
Avery
Dennison
Corp.
................
9,953
1,885,496
5,428,049
Diversified
Consumer
Services
—
0.3%
H&R
Block,
Inc.
....................
108,010
4,210,230
Diversified
Telecommunication
Services
—
0.9%
AT&T,
Inc.
........................
294,148
5,991,795
Liberty
Global
plc,
Class
C,
NVS
(a)
.......
12,660
282,951
Lumen
Technologies,
Inc.
.............
48,288
253,512
Verizon
Communications,
Inc.
..........
128,876
5,357,375
11,885,633
Electric
Utilities
—
1.6%
Constellation
Energy
Corp.
............
25,793
2,201,690
Duke
Energy
Corp.
.................
36,100
3,698,445
Exelon
Corp.
......................
56,450
2,381,625
FirstEnergy
Corp.
..................
30,645
1,254,913
NextEra
Energy,
Inc.
................
56,981
4,252,492
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
iShares
®
U.S.
Equity
Factor
ETF
26
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Electric
Utilities
(continued)
NRG
Energy,
Inc.
...................
72,503
$
2,481,053
Southern
Co.
(The)
.................
76,513
5,178,400
21,448,618
Electrical
Equipment
—
1.1%
Atkore
,
Inc.
(a)
......................
28,736
3,742,864
Eaton
Corp.
plc
....................
19,925
3,232,034
Emerson
Electric
Co.
................
58,114
5,243,045
nVent
Electric
plc
...................
15,700
624,075
Rockwell
Automation,
Inc.
.............
6,077
1,713,897
14,555,915
Electronic
Equipment,
Instruments
&
Components
—
0.6%
CDW
Corp.
.......................
1,067
209,164
Jabil,
Inc.
........................
36,144
2,842,003
Keysight
Technologies,
Inc.
(a)
...........
21,648
3,882,569
Zebra
Technologies
Corp.,
Class
A
(a)
......
3,906
1,234,999
8,168,735
Energy
Equipment
&
Services
—
0.6%
Baker
Hughes
Co.
..................
54,795
1,739,193
ChampionX
Corp.
..................
94,457
3,118,970
Helmerich
&
Payne,
Inc.
..............
13,396
648,902
Schlumberger
Ltd.
..................
40,311
2,296,921
7,803,986
Entertainment
—
0.3%
Electronic
Arts,
Inc.
.................
12,250
1,576,330
Live
Nation
Entertainment,
Inc.
(a)
........
13,723
1,104,564
Spotify
Technology
SA
(a)
..............
9,899
1,115,816
3,796,710
Equity
Real
Estate
Investment
Trusts
(REITs)
—
2.4%
American
Tower
Corp.
...............
3,758
839,500
Brixmor
Property
Group,
Inc.
...........
101,100
2,378,883
Crown
Castle,
Inc.
..................
12,667
1,876,109
Equity
Residential
..................
32,085
2,042,210
First
Industrial
Realty
Trust,
Inc.
.........
15,280
815,188
Lamar
Advertising
Co.,
Class
A
.........
27,960
2,978,858
Mid-America
Apartment
Communities,
Inc.
..
21,609
3,602,652
Prologis,
Inc.
......................
50,234
6,494,252
Public
Storage
.....................
7,501
2,282,854
Simon
Property
Group,
Inc.
............
22,174
2,848,472
Vornado
Realty
Trust
................
37,597
916,991
Weyerhaeuser
Co.
..................
120,571
4,151,260
31,227,229
Food
&
Staples
Retailing
—
1.6%
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
......
7,191
521,132
Costco
Wholesale
Corp.
..............
11,174
5,711,478
Kroger
Co.
(The)
...................
113,024
5,044,261
Walmart,
Inc.
......................
69,520
10,001,843
21,278,714
Food
Products
—
1.0%
Archer-Daniels-Midland
Co.
............
24,818
2,056,171
General
Mills,
Inc.
..................
67,446
5,285,069
Hershey
Co.
(The)
..................
15,574
3,497,920
Kraft
Heinz
Co.
(The)
................
3,392
137,478
Mondelez
International,
Inc.,
Class
A
......
28,283
1,850,840
Tyson
Foods,
Inc.,
Class
A
............
3,622
238,146
13,065,624
Health
Care
Equipment
&
Supplies
—
1.8%
Abbott
Laboratories
.................
79,017
8,735,329
Dentsply
Sirona,
Inc.
................
44,093
1,623,945
Hologic
,
Inc.
(a)
.....................
46,211
3,760,189
IDEXX
Laboratories,
Inc.
(a)
.............
2,459
1,181,550
Security
Shares
Shares
Value
Health
Care
Equipment
&
Supplies
(continued)
Lantheus
Holdings,
Inc.
(a)
.............
25,687
$
1,477,003
Medtronic
plc
.....................
54,690
4,577,006
Stryker
Corp.
.....................
6,457
1,638,851
22,993,873
Health
Care
Providers
&
Services
—
3.9%
AMN
Healthcare
Services,
Inc.
(a)
.........
30,146
2,889,193
Cigna
Corp.
......................
1,454
460,438
CVS
Health
Corp.
..................
78,055
6,886,012
DaVita,
Inc.
(a)
......................
17,976
1,481,043
Elevance
Health,
Inc.
................
12,723
6,361,373
HCA
Healthcare,
Inc.
................
2,313
589,977
Humana,
Inc.
.....................
8,422
4,309,537
Laboratory
Corp.
of
America
Holdings
.....
2,102
529,956
McKesson
Corp.
...................
9,378
3,551,261
Molina
Healthcare,
Inc.
(a)
..............
16,162
5,039,796
Quest
Diagnostics,
Inc.
...............
3,146
467,118
UnitedHealth
Group,
Inc.
..............
36,435
18,187,988
50,753,692
Health
Care
Technology
—
0.1%
Veeva
Systems,
Inc.,
Class
A
(a)
.........
4,159
709,317
Hotels,
Restaurants
&
Leisure
—
2.1%
Airbnb,
Inc.,
Class
A
(a)
................
41,511
4,612,287
Booking
Holdings,
Inc.
(a)
..............
1,447
3,522,143
McDonald's
Corp.
..................
33,199
8,877,412
Starbucks
Corp.
....................
47,777
5,214,382
Yum!
Brands,
Inc.
..................
42,018
5,483,769
27,709,993
Household
Durables
—
0.1%
Newell
Brands,
Inc.
.................
9,737
155,402
Tempur
Sealy
International,
Inc.
.........
44,176
1,800,172
1,955,574
Household
Products
—
1.6%
Procter
&
Gamble
Co.
(The)
...........
144,871
20,626,733
Independent
Power
and
Renewable
Electricity
Producers
—
0.2%
Vistra
Corp.
......................
88,202
2,033,938
Industrial
Conglomerates
—
0.2%
Honeywell
International,
Inc.
...........
10,552
2,199,881
Insurance
—
3.0%
Aflac,
Inc.
........................
66,139
4,861,216
Allstate
Corp.
(The)
.................
25,921
3,330,071
American
Financial
Group,
Inc.
.........
11,994
1,710,224
Everest
Re
Group
Ltd.
...............
2,359
824,919
Fidelity
National
Financial,
Inc.
..........
85,173
3,750,167
First
American
Financial
Corp.
..........
71,382
4,416,404
Hartford
Financial
Services
Group,
Inc.
(The)
17,577
1,364,151
Lincoln
National
Corp.
...............
57,097
2,022,947
MetLife,
Inc.
......................
97,245
7,100,830
Old
Republic
International
Corp.
.........
52,138
1,375,922
Principal
Financial
Group,
Inc.
..........
1,314
121,611
Progressive
Corp.
(The)
..............
11,529
1,571,979
Prudential
Financial,
Inc.
..............
17,966
1,885,352
RenaissanceRe
Holdings
Ltd.
..........
1,112
217,607
RLI
Corp.
........................
9,675
1,281,454
Travelers
Cos.,
Inc.
(The)
.............
14,516
2,774,298
38,609,152
Interactive
Media
&
Services
—
2.7%
(a)
Alphabet,
Inc.,
Class
C,
NVS
...........
228,192
22,789,535
Match
Group,
Inc.
..................
42,614
2,306,270
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
iShares
®
U.S.
Equity
Factor
ETF
Schedule
of
Investments
27
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Interactive
Media
&
Services
(continued)
Meta
Platforms,
Inc.,
Class
A
...........
65,951
$
9,824,720
34,920,525
Internet
&
Direct
Marketing
Retail
—
2.8%
Amazon.com,
Inc.
(a)
.................
268,039
27,642,862
eBay,
Inc.
........................
55,316
2,738,142
Etsy,
Inc.
(a)(b)
......................
30,181
4,152,302
MercadoLibre
,
Inc.
(a)
.................
1,865
2,203,852
36,737,158
IT
Services
—
4.3%
Accenture
plc,
Class
A
...............
31,275
8,727,289
Amdocs
Ltd.
......................
22,820
2,097,843
Automatic
Data
Processing,
Inc.
.........
9,684
2,186,744
Concentrix
Corp.
...................
15,952
2,262,153
EPAM
Systems,
Inc.
(a)
................
380
126,407
ExlService
Holdings,
Inc.
(a)
............
17,075
2,912,995
Fiserv,
Inc.
(a)
......................
15,602
1,664,421
Gartner,
Inc.
(a)
.....................
8,460
2,860,664
GoDaddy
,
Inc.,
Class
A
(a)
..............
3,499
287,373
International
Business
Machines
Corp.
....
31,421
4,233,351
Mastercard
,
Inc.,
Class
A
..............
26,256
9,730,474
MongoDB,
Inc.
(a)
...................
3,640
779,724
Okta
,
Inc.,
Class
A
(a)
.................
10,068
741,106
Paychex,
Inc.
.....................
10,185
1,180,034
PayPal
Holdings,
Inc.
(a)
...............
12,931
1,053,747
VeriSign,
Inc.
(a)
....................
2,702
589,171
Visa,
Inc.,
Class
A
..................
64,109
14,758,533
56,192,029
Life
Sciences
Tools
&
Services
—
1.8%
Agilent
Technologies,
Inc.
.............
23,912
3,636,537
Danaher
Corp.
....................
22,122
5,848,614
IQVIA
Holdings,
Inc.
(a)
................
6,056
1,389,307
Medpace
Holdings,
Inc.
(a)
.............
4,696
1,038,145
Mettler
-Toledo
International,
Inc.
(a)
.......
2,033
3,116,426
Thermo
Fisher
Scientific,
Inc.
...........
14,178
8,086,139
West
Pharmaceutical
Services,
Inc.
......
765
203,184
23,318,352
Machinery
—
1.8%
AGCO
Corp.
......................
6,388
882,374
Caterpillar,
Inc.
....................
9,390
2,369,003
Deere
&
Co.
......................
7,665
3,241,069
Dover
Corp.
......................
3,291
499,673
Illinois
Tool
Works,
Inc.
...............
23,956
5,654,574
Otis
Worldwide
Corp.
................
125,083
10,285,575
Parker-Hannifin
Corp.
................
2,891
942,466
23,874,734
Media
—
2.1%
Charter
Communications,
Inc.,
Class
A
(a)
...
5,132
1,972,279
Comcast
Corp.,
Class
A
..............
135,478
5,331,059
DISH
Network
Corp.,
Class
A
(a)
.........
26,738
384,760
Fox
Corp.,
Class
A,
NVS
..............
134,641
4,569,716
Interpublic
Group
of
Cos.,
Inc.
(The)
......
162,557
5,926,828
News
Corp.,
Class
A,
NVS
............
125,273
2,538,031
Nexstar
Media
Group,
Inc.
.............
4,781
979,005
Omnicom
Group,
Inc.
................
28,648
2,463,441
Sirius
XM
Holdings,
Inc.
(b)
.............
458,907
2,657,072
26,822,191
Metals
&
Mining
—
0.8%
Alcoa
Corp.
.......................
18,916
988,172
Commercial
Metals
Co.
...............
3,494
189,619
Nucor
Corp.
......................
11,385
1,924,293
Reliance
Steel
&
Aluminum
Co.
.........
16,301
3,707,663
Security
Shares
Shares
Value
Metals
&
Mining
(continued)
Southern
Copper
Corp.
...............
40,063
$
3,013,138
9,822,885
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.2%
AGNC
Investment
Corp.
(b)
.............
181,388
2,104,101
Multiline
Retail
—
0.5%
Macy's,
Inc.
......................
188,357
4,450,876
Target
Corp.
......................
15,502
2,668,514
7,119,390
Multi-Utilities
—
1.0%
Ameren
Corp.
.....................
39,680
3,447,002
DTE
Energy
Co.
...................
39,608
4,609,183
Public
Service
Enterprise
Group,
Inc.
.....
15,736
974,530
Sempra
Energy
....................
2,299
368,599
WEC
Energy
Group,
Inc.
..............
40,366
3,794,000
13,193,314
Oil,
Gas
&
Consumable
Fuels
—
4.2%
Antero
Resources
Corp.
(a)
.............
55,047
1,587,555
APA
Corp.
.......................
72,479
3,212,994
Chesapeake
Energy
Corp.
............
34,331
2,977,184
Chevron
Corp.
.....................
63,862
11,113,265
Chord
Energy
Corp.
.................
2,506
359,185
ConocoPhillips
....................
8,552
1,042,232
Devon
Energy
Corp.
.................
45,928
2,904,487
DT
Midstream,
Inc.
..................
2,166
118,394
EOG
Resources,
Inc.
................
7,944
1,050,594
Exxon
Mobil
Corp.
..................
123,804
14,362,502
Kinder
Morgan,
Inc.
.................
76,945
1,408,094
Marathon
Oil
Corp.
..................
60,304
1,656,551
Murphy
Oil
Corp.
...................
64,517
2,813,586
Occidental
Petroleum
Corp.
............
12,007
777,934
Ovintiv
,
Inc.
.......................
25,599
1,260,239
PDC
Energy,
Inc.
...................
15,563
1,054,082
Range
Resources
Corp.
..............
122,514
3,065,300
SM
Energy
Co.
....................
80,997
2,662,371
Texas
Pacific
Land
Corp.
..............
270
538,880
Valero
Energy
Corp.
.................
2,813
393,904
54,359,333
Paper
&
Forest
Products
—
0.3%
Louisiana-Pacific
Corp.
...............
49,873
3,395,853
Personal
Products
—
0.6%
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
....
26,109
7,234,282
Pharmaceuticals
—
4.6%
Bristol-Myers
Squibb
Co.
..............
117,760
8,555,264
Eli
Lilly
&
Co.
.....................
28,365
9,761,815
Johnson
&
Johnson
.................
109,110
17,830,756
Merck
&
Co.,
Inc.
...................
111,025
11,925,195
Pfizer,
Inc.
.......................
219,805
9,706,589
Royalty
Pharma
plc,
Class
A
...........
38,195
1,496,862
Zoetis,
Inc.
.......................
985
163,008
59,439,489
Professional
Services
—
0.5%
ASGN,
Inc.
(a)
......................
19,409
1,765,248
Robert
Half
International,
Inc.
...........
50,427
4,233,851
5,999,099
Real
Estate
Management
&
Development
—
0.2%
CBRE
Group,
Inc.,
Class
A
(a)
...........
23,693
2,025,988
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
iShares
®
U.S.
Equity
Factor
ETF
28
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Road
&
Rail
—
0.4%
Avis
Budget
Group,
Inc.
(a)
.............
16,033
$
3,207,241
Landstar
System,
Inc.
................
5,470
945,380
Union
Pacific
Corp.
.................
3,661
747,540
4,900,161
Semiconductors
&
Semiconductor
Equipment
—
5.3%
Advanced
Micro
Devices,
Inc.
(a)
.........
8,414
632,312
Applied
Materials,
Inc.
...............
37,765
4,210,420
Broadcom,
Inc.
....................
20,298
11,874,533
Enphase
Energy,
Inc.
(a)
...............
7,547
1,670,755
Intel
Corp.
.......................
94,722
2,676,844
KLA
Corp.
........................
9,645
3,785,469
Lam
Research
Corp.
................
4,197
2,098,920
Lattice
Semiconductor
Corp.
(a)
..........
47,806
3,623,217
NVIDIA
Corp.
.....................
81,943
16,009,204
Qorvo
,
Inc.
(a)
......................
12,837
1,394,868
QUALCOMM,
Inc.
..................
54,846
7,306,036
Synaptics
,
Inc.
(a)
...................
27,741
3,468,457
Teradyne,
Inc.
.....................
12,079
1,228,434
Texas
Instruments,
Inc.
...............
50,019
8,863,867
68,843,336
Software
—
10.4%
Adobe,
Inc.
(a)
......................
10,372
3,841,167
Atlassian
Corp.,
Class
A
(a)(b)
............
39,716
6,418,900
Cadence
Design
Systems,
Inc.
(a)
........
32,973
6,028,454
Crowdstrike
Holdings,
Inc.,
Class
A
(a)
......
26,406
2,796,395
Datadog
,
Inc.,
Class
A
(a)
..............
15,114
1,130,678
DocuSign,
Inc.
(a)
...................
66,100
4,008,304
Dynatrace
,
Inc.
(a)
...................
31,543
1,212,198
Elastic
NV
(a)
......................
39,479
2,322,944
Fair
Isaac
Corp.
(a)
...................
6,574
4,377,955
Fortinet,
Inc.
(a)
.....................
104,362
5,462,307
HubSpot
,
Inc.
(a)
....................
4,432
1,537,948
Intuit,
Inc.
........................
13,543
5,724,220
Manhattan
Associates,
Inc.
(a)
...........
33,904
4,419,725
Microsoft
Corp.
....................
265,047
65,681,297
Nutanix
,
Inc.,
Class
A
(a)
...............
31,011
864,277
Oracle
Corp.
......................
74,356
6,577,532
Palo
Alto
Networks,
Inc.
(a)
.............
22,438
3,559,564
Qualys
,
Inc.
(a)
.....................
22,639
2,611,635
ServiceNow
,
Inc.
(a)
..................
2,994
1,362,659
Synopsys,
Inc.
(a)
...................
12,385
4,381,194
Zscaler
,
Inc.
(a)
.....................
10,725
1,331,616
135,650,969
Specialty
Retail
—
2.8%
AutoNation,
Inc.
(a)(b)
.................
29,831
3,780,184
AutoZone,
Inc.
(a)
...................
261
636,540
Bath
&
Body
Works,
Inc.
..............
67,952
3,126,471
Best
Buy
Co.,
Inc.
..................
27,562
2,445,301
Dick's
Sporting
Goods,
Inc.
............
38,643
5,052,959
Home
Depot,
Inc.
(The)
..............
33,177
10,754,988
Security
Shares
Shares
Value
Specialty
Retail
(continued)
Lowe's
Cos.,
Inc.
...................
17,756
$
3,697,687
Murphy
USA,
Inc.
(b)
.................
8,171
2,222,757
Williams-Sonoma,
Inc.
...............
39,558
5,337,957
37,054,844
Technology
Hardware,
Storage
&
Peripherals
—
6.2%
Apple,
Inc.
.......................
518,473
74,810,469
Dell
Technologies,
Inc.,
Class
C
.........
12,977
527,126
Hewlett
Packard
Enterprise
Co.
.........
212,363
3,425,415
HP,
Inc.
.........................
55,683
1,622,603
NetApp,
Inc.
......................
4,333
286,975
Pure
Storage,
Inc.,
Class
A
(a)
...........
4,344
125,715
Seagate
Technology
Holdings
plc
........
4,949
335,443
81,133,746
Textiles,
Apparel
&
Luxury
Goods
—
0.8%
Crocs,
Inc.
(a)
......................
36,728
4,472,369
Deckers
Outdoor
Corp.
(a)(b)
.............
6,342
2,711,078
NIKE,
Inc.,
Class
B
.................
20,537
2,614,976
Tapestry,
Inc.
......................
11,935
543,878
10,342,301
Tobacco
—
0.7%
Altria
Group,
Inc.
...................
18,653
840,131
Philip
Morris
International,
Inc.
..........
83,765
8,731,664
9,571,795
Trading
Companies
&
Distributors
—
0.4%
(a)
Univar
Solutions,
Inc.
................
113,401
3,910,067
WESCO
International,
Inc.
.............
12,325
1,836,548
5,746,615
Water
Utilities
—
0.3%
American
Water
Works
Co.,
Inc.
.........
20,995
3,285,508
Total
Long-Term
Investments
—
99.8%
(Cost:
$1,255,346,718)
...........................
1,298,236,010
Short-Term
Securities
Money
Market
Funds
—
1.8%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
4.56%
(e)
............
19,098,137
19,109,596
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
4.18%
..................
3,893,237
3,893,237
Total
Short-Term
Securities
—
1.8%
(Cost:
$22,993,237)
..............................
23,002,833
Total
Investments
—
101.6%
(Cost:
$1,278,339,955
)
...........................
1,321,238,843
Liabilities
in
Excess
of
Other
Assets
—
(1.6)%
............
(20,404,645)
Net
Assets
—
100.0%
..............................
$
1,300,834,198
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
iShares
®
U.S.
Equity
Factor
ETF
Schedule
of
Investments
29
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
January
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
Affiliated
Issuer
Value
at
07/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
01/31/23
Shares
Held
at
01/31/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
11,854,615
$
7,237,708
(a)
$
—
$
8,561
$
8,712
$
19,109,596
19,098,137
$
122,724
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
2,280,000
1,613,237
(a)
—
—
—
3,893,237
3,893,237
40,145
1
BlackRock,
Inc.
............
2,686,758
526,113
(229,585)
21,438
373,761
3,378,485
4,450
39,801
—
$
29,999
$
382,473
$
26,381,318
$
202,670
$
1
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
S&P
500
E-Mini
Index
.......................................................
8
03/17/23
$
1,636
$
68,925
S&P
Mid
400
E-Mini
Index
....................................................
2
03/17/23
533
15,835
$
84,760
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
......
$
—
$
—
$
84,760
$
—
$
—
$
—
$
84,760
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
January
31,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
209,050
$
—
$
—
$
—
$
209,050
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(164,193)
$
—
$
—
$
—
$
(164,193)
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
iShares
®
U.S.
Equity
Factor
ETF
30
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
2,931,260
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
1,298,236,010
$
—
$
—
$
1,298,236,010
Short-Term
Securities
Money
Market
Funds
......................................
23,002,833
—
—
23,002,833
$
1,321,238,843
$
—
$
—
$
1,321,238,843
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
84,760
$
—
$
—
$
84,760
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
(unaudited)
January
31,
2023
iShares
®
U.S.
Tech
Breakthrough
Multisector
ETF
Schedule
of
Investments
31
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Banks
—
0.0%
Pathward
Financial,
Inc.
..............
711
$
35,280
Biotechnology
—
9.0%
(a)
Adicet
Bio,
Inc.
....................
5,735
52,475
Allogene
Therapeutics,
Inc.
............
16,258
125,512
Arcus
Biosciences,
Inc.
...............
9,470
204,836
Beam
Therapeutics,
Inc.
..............
11,710
508,799
BioCryst
Pharmaceuticals,
Inc.
..........
37,267
393,167
Blueprint
Medicines
Corp.
(b)
............
11,837
553,261
Coherus
Biosciences,
Inc.
.............
14,782
125,351
Editas
Medicine,
Inc.
................
13,854
137,016
Exelixis,
Inc.
......................
64,011
1,127,874
Fate
Therapeutics,
Inc.
...............
18,552
110,570
ImmunityBio,
Inc.
...................
16,836
63,977
Intellia
Therapeutics,
Inc.
.............
16,102
683,369
Iovance
Biotherapeutics,
Inc.
...........
28,791
229,176
Moderna,
Inc.
.....................
67,247
11,839,507
Regeneron
Pharmaceuticals,
Inc.
........
16,961
12,864,410
SpringWorks
Therapeutics,
Inc.
.........
8,975
281,815
Twist
Bioscience
Corp.
(b)
..............
11,101
318,488
Vir
Biotechnology,
Inc.
...............
16,254
480,306
Xencor,
Inc.
(b)
.....................
11,906
391,945
30,491,854
Capital
Markets
—
0.3%
Avantax,
Inc.
(a)
.....................
1,346
39,222
Coinbase
Global,
Inc.,
Class
A
(a)(b)
........
4,141
242,166
Donnelley
Financial
Solutions,
Inc.
(a)
......
801
36,534
MarketAxess
Holdings,
Inc.
............
993
361,303
Open
Lending
Corp.,
Class
A
(a)
..........
2,780
24,380
Tradeweb
Markets,
Inc.,
Class
A
.........
2,972
221,533
Virtu
Financial,
Inc.,
Class
A
............
2,713
52,388
977,526
Chemicals
—
0.1%
Ginkgo
Bioworks
Holdings,
Inc.
(a)(b)
.......
191,671
373,758
Communications
Equipment
—
0.6%
ADTRAN
Holdings,
Inc.
..............
9,300
175,491
Calix,
Inc.
(a)
.......................
7,681
404,328
Juniper
Networks,
Inc.
...............
42,850
1,384,055
1,963,874
Consumer
Finance
—
0.1%
Bread
Financial
Holdings,
Inc.
..........
1,235
50,672
Enova
International,
Inc.
(a)
.............
825
37,661
Green
Dot
Corp.,
Class
A
(a)
............
1,254
22,672
OneMain
Holdings,
Inc.
...............
3,295
142,146
SoFi
Technologies,
Inc.
(a)(b)
............
20,520
142,204
Upstart
Holdings,
Inc.
(a)(b)
..............
1,817
33,942
429,297
Diversified
Consumer
Services
—
0.0%
OmniAb,
Inc.,
NVS
(a)(c)
...............
934
—
Diversified
Telecommunication
Services
—
0.1%
Lumen
Technologies,
Inc.
.............
61,097
320,759
Electrical
Equipment
—
0.8%
AMETEK,
Inc.
.....................
13,651
1,978,303
Regal
Rexnord
Corp.
................
3,924
546,221
2,524,524
Electronic
Equipment,
Instruments
&
Components
—
0.2%
Cognex
Corp.
.....................
9,951
544,718
FARO
Technologies,
Inc.
(a)
.............
1,109
30,475
Security
Shares
Shares
Value
Electronic
Equipment,
Instruments
&
Components
(continued)
MicroVision,
Inc.
(a)(b)
.................
9,811
$
24,626
599,819
Entertainment
—
2.7%
Netflix,
Inc.
(a)
......................
26,138
9,249,193
Equity
Real
Estate
Investment
Trusts
(REITs)
—
2.7%
Digital
Realty
Trust,
Inc.
..............
26,133
2,995,364
Equinix,
Inc.
......................
8,396
6,197,340
9,192,704
Health
Care
Equipment
&
Supplies
—
1.5%
Intuitive
Surgical,
Inc.
(a)
...............
20,950
5,147,205
Health
Care
Providers
&
Services
—
0.0%
Invitae
Corp.
(a)(b)
....................
48,246
113,861
Household
Durables
—
0.0%
iRobot
Corp.
(a)
.....................
1,589
71,505
Interactive
Media
&
Services
—
9.0%
(a)
Alphabet,
Inc.,
Class
A
...............
129,420
12,791,873
Bumble,
Inc.,
Class
A
................
4,904
126,278
fuboTV,
Inc.
(b)
.....................
10,925
28,077
Meta
Platforms,
Inc.,
Class
A
...........
105,263
15,681,029
Pinterest,
Inc.,
Class
A
...............
34,282
901,274
Rumble,
Inc.
(b)
.....................
5,850
58,793
Snap,
Inc.,
Class
A,
NVS
..............
59,538
688,259
Vimeo,
Inc.
.......................
11,662
52,945
30,328,528
Internet
&
Direct
Marketing
Retail
—
7.3%
Amazon.com,
Inc.
(a)
.................
138,095
14,241,737
Coupang,
Inc.
(a)
....................
95,846
1,618,839
eBay,
Inc.
........................
49,350
2,442,825
Etsy,
Inc.
(a)(b)
......................
11,311
1,556,168
MercadoLibre,
Inc.
(a)
.................
4,045
4,779,936
24,639,505
IT
Services
—
11.7%
Affirm
Holdings,
Inc.
(a)(b)
...............
5,455
88,316
Akamai
Technologies,
Inc.
(a)
............
20,660
1,837,707
AvidXchange
Holdings,
Inc.
(a)
...........
3,358
37,341
Block,
Inc.,
Class
A
(a)
................
14,365
1,173,908
Broadridge
Financial
Solutions,
Inc.
......
3,150
473,634
DigitalOcean
Holdings,
Inc.
(a)
...........
5,478
160,779
Euronet
Worldwide,
Inc.
(a)
.............
1,266
142,653
Evo
Payments,
Inc.,
Class
A
(a)
..........
1,249
42,304
Fastly,
Inc.,
Class
A
(a)
................
10,002
103,521
Fidelity
National
Information
Services,
Inc.
..
15,915
1,194,261
Fiserv,
Inc.
(a)
......................
16,765
1,788,490
FleetCor
Technologies,
Inc.
(a)
...........
1,927
402,377
Flywire
Corp.
(a)
....................
2,301
62,058
Global
Payments,
Inc.
...............
7,214
813,162
GoDaddy,
Inc.,
Class
A
(a)
..............
14,163
1,163,207
I3
Verticals,
Inc.,
Class
A
(a)
.............
597
17,265
Jack
Henry
&
Associates,
Inc.
..........
1,963
353,517
Marqeta,
Inc.,
Class
A
(a)
..............
10,737
71,186
Mastercard,
Inc.,
Class
A
..............
22,958
8,508,235
MongoDB,
Inc.
(a)
...................
6,010
1,287,402
Okta,
Inc.,
Class
A
(a)
.................
19,634
1,445,259
Paya
Holdings,
Inc.,
Class
A
(a)
..........
2,428
23,600
Payoneer
Global,
Inc.
(a)
...............
5,390
32,124
PayPal
Holdings,
Inc.
(a)
...............
30,561
2,490,416
Repay
Holdings
Corp.
(a)
..............
2,069
20,152
Shift4
Payments,
Inc.,
Class
A
(a)
.........
1,412
90,424
Snowflake,
Inc.,
Class
A
(a)
.............
24,940
3,901,614
SS&C
Technologies
Holdings,
Inc.
.......
5,939
358,419
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
iShares
®
U.S.
Tech
Breakthrough
Multisector
ETF
32
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
IT
Services
(continued)
Toast,
Inc.,
Class
A
(a)(b)
...............
7,877
$
175,736
Twilio,
Inc.,
Class
A
(a)
................
15,690
938,890
Visa,
Inc.,
Class
A
..................
43,837
10,091,716
WEX,
Inc.
(a)(b)
......................
1,153
213,270
39,502,943
Leisure
Products
—
0.1%
Peloton
Interactive,
Inc.,
Class
A
(a)
.......
17,413
225,150
Life
Sciences
Tools
&
Services
—
0.0%
Bionano
Genomics,
Inc.
(a)(b)
............
59,071
106,919
Machinery
—
0.1%
3D
Systems
Corp.
(a)
.................
7,613
82,677
Altra
Industrial
Motion
Corp.
...........
3,851
235,181
Proto
Labs,
Inc.
(a)
...................
1,603
49,052
366,910
Pharmaceuticals
—
0.1%
(a)
Ligand
Pharmaceuticals,
Inc.
...........
3,236
225,549
OmniAb,
Inc.,
NVS
(c)
.................
934
—
225,549
Professional
Services
—
1.0%
Booz
Allen
Hamilton
Holding
Corp.
.......
17,339
1,640,963
CACI
International,
Inc.,
Class
A
(a)
.......
3,095
953,538
Science
Applications
International
Corp.
...
7,292
756,764
3,351,265
Semiconductors
&
Semiconductor
Equipment
—
17.3%
Advanced
Micro
Devices,
Inc.
(a)
.........
95,417
7,170,587
Analog
Devices,
Inc.
.................
30,272
5,190,740
CEVA,
Inc.
(a)
......................
1,342
44,447
Intel
Corp.
.......................
246,133
6,955,719
Lattice
Semiconductor
Corp.
(a)
..........
8,063
611,095
Marvell
Technology,
Inc.
..............
50,657
2,185,849
MaxLinear,
Inc.
(a)
...................
4,305
177,366
Microchip
Technology,
Inc.
.............
32,157
2,496,026
NVIDIA
Corp.
(b)
....................
77,026
15,048,570
QUALCOMM,
Inc.
..................
66,755
8,892,433
Silicon
Laboratories,
Inc.
(a)
.............
1,934
303,464
Texas
Instruments,
Inc.
...............
54,084
9,584,226
58,660,522
Software
—
29.6%
A10
Networks,
Inc.
..................
8,890
137,617
ACI
Worldwide,
Inc.
(a)
................
3,016
84,237
Adobe,
Inc.
(a)
......................
27,535
10,197,312
Alarm.com
Holdings,
Inc.
(a)
............
6,308
338,109
Altair
Engineering,
Inc.,
Class
A
(a)
........
3,096
164,398
Alteryx,
Inc.,
Class
A
(a)
...............
5,307
294,485
ANSYS,
Inc.
(a)
.....................
5,181
1,380,011
Appian
Corp.,
Class
A
(a)
..............
3,629
150,114
Atlassian
Corp.,
Class
A
(a)
.............
13,401
2,165,870
Autodesk,
Inc.
(a)
....................
12,841
2,762,870
AvePoint,
Inc.
(a)
....................
9,445
42,219
Bentley
Systems,
Inc.,
Class
B
..........
12,047
470,435
Bill.com
Holdings,
Inc.
(a)
..............
2,689
310,902
Black
Knight,
Inc.
(a)
..................
4,070
246,601
Blackline,
Inc.
(a)
....................
1,320
94,776
C3.ai,
Inc.,
Class
A
(a)(b)
...............
7,690
152,647
CCC
Intelligent
Solutions
Holdings,
Inc.
(a)
...
3,385
31,311
Clear
Secure,
Inc.,
Class
A
............
8,621
270,613
Clearwater
Analytics
Holdings,
Inc.,
Class
A
(a)(b)
1,438
28,156
CommVault
Systems,
Inc.
(a)
............
3,965
246,742
Confluent,
Inc.,
Class
A
(a)(b)
............
13,033
301,062
Crowdstrike
Holdings,
Inc.,
Class
A
(a)
......
28,613
3,030,117
Security
Shares
Shares
Value
Software
(continued)
Dropbox,
Inc.,
Class
A
(a)
..............
24,341
$
565,441
Duck
Creek
Technologies,
Inc.
(a)
.........
2,015
38,144
Everbridge,
Inc.
(a)
...................
5,249
167,758
ForgeRock,
Inc.,
Class
A
(a)
.............
5,047
100,233
Fortinet,
Inc.
(a)
.....................
86,515
4,528,195
Freshworks,
Inc.,
Class
A
(a)(b)
...........
12,252
198,237
Gitlab,
Inc.,
Class
A
(a)
................
6,462
319,287
Guidewire
Software,
Inc.
(a)
.............
2,275
166,621
HubSpot,
Inc.
(a)(b)
...................
4,203
1,458,483
Informatica,
Inc.,
Class
A
(a)(b)
...........
10,084
179,495
Intuit,
Inc.
........................
7,372
3,115,923
KnowBe4,
Inc.,
Class
A
(a)(b)
............
11,041
274,811
Matterport,
Inc.
(a)(b)
..................
13,996
49,266
Microsoft
Corp.
....................
50,972
12,631,371
MicroStrategy,
Inc.,
Class
A
(a)(b)
..........
850
213,971
nCino,
Inc.
(a)(b)
.....................
1,826
52,224
Nutanix,
Inc.,
Class
A
(a)
...............
20,788
579,362
Oracle
Corp.
......................
140,550
12,433,053
Palo
Alto
Networks,
Inc.
(a)
.............
39,552
6,274,529
Pegasystems,
Inc.
..................
3,511
136,508
Progress
Software
Corp.
..............
3,845
203,939
PTC,
Inc.
(a)
.......................
6,414
865,120
Q2
Holdings,
Inc.
(a)
..................
1,438
47,051
Qualys,
Inc.
(a)
.....................
4,536
523,273
Rapid7,
Inc.
(a)
.....................
7,677
306,082
Salesforce,
Inc.
(a)
...................
87,890
14,762,883
SentinelOne,
Inc.,
Class
A
(a)
............
25,410
383,437
ServiceNow,
Inc.
(a)
..................
18,330
8,342,533
Splunk,
Inc.
(a)
.....................
13,624
1,304,770
Sprinklr,
Inc.,
Class
A
(a)
...............
6,473
64,342
Sprout
Social,
Inc.,
Class
A
(a)
...........
4,142
264,964
Sumo
Logic,
Inc.
(a)
..................
8,231
97,373
Tenable
Holdings,
Inc.
(a)
..............
14,321
576,134
Teradata
Corp.
(a)
...................
9,105
317,582
Varonis
Systems,
Inc.
(a)
...............
14,229
367,677
Vertex,
Inc.,
Class
A
(a)
................
999
13,487
VMware,
Inc.,
Class
A
(a)
..............
30,133
3,690,389
Workiva,
Inc.
(a)
.....................
1,243
107,557
Zscaler,
Inc.
(a)
.....................
11,298
1,402,760
Zuora,
Inc.,
Class
A
(a)
................
11,157
88,363
100,113,232
Technology
Hardware,
Storage
&
Peripherals
—
5.5%
Apple,
Inc.
.......................
87,943
12,689,296
HP,
Inc.
.........................
91,474
2,665,552
NetApp,
Inc.
......................
19,606
1,298,505
Pure
Storage,
Inc.,
Class
A
(a)
...........
25,423
735,742
Western
Digital
Corp.
(a)
...............
28,383
1,247,433
18,636,528
Total
Long-Term
Investments
—
99.8%
(Cost:
$339,165,109)
.............................
337,648,210
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
iShares
®
U.S.
Tech
Breakthrough
Multisector
ETF
Schedule
of
Investments
33
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
January
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
6.4%
(d)(e)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
4.56%
(f)
............
21,151,705
$
21,164,396
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
4.18%
..................
483,613
483,613
Total
Short-Term
Securities
—
6.4%
(Cost:
$21,644,327)
..............................
21,648,009
Total
Investments
—
106.2%
(Cost:
$360,809,436
)
.............................
359,296,219
Liabilities
in
Excess
of
Other
Assets
—
(6.2)%
............
(21,127,094)
Net
Assets
—
100.0%
..............................
$
338,169,125
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(d)
Affiliate
of
the
Fund.
(e)
Annualized
7-day
yield
as
of
period
end.
(f)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
07/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
01/31/23
Shares
Held
at
01/31/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
15,948,237
$
5,210,258
(a)
$
—
$
2,436
$
3,465
$
21,164,396
21,151,705
$
36,926
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
350,000
133,613
(a)
—
—
—
483,613
483,613
6,775
—
$
2,436
$
3,465
$
21,648,009
$
43,701
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Technology
Select
Sector
Index
...........................................
1
03/17/23
$
138
$
7,658
NASDAQ
100
E-Mini
Index
...................................................
1
03/17/23
243
18,533
$
26,191
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
iShares
®
U.S.
Tech
Breakthrough
Multisector
ETF
34
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
......
$
—
$
—
$
26,191
$
—
$
—
$
—
$
26,191
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
January
31,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
(62,049)
$
—
$
—
$
—
$
(62,049)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(1,323)
$
—
$
—
$
—
$
(1,323)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
304,793
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
337,648,210
$
—
$
—
$
337,648,210
Short-Term
Securities
Money
Market
Funds
......................................
21,648,009
—
—
21,648,009
$
359,296,219
$
—
$
—
$
359,296,219
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
26,191
$
—
$
—
$
26,191
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Statements
of
Assets
and
Liabilities
(unaudited)
January
31,
2023
35
Financial
Statements
See
notes
to
financial
statements.
iShares
MSCI
USA
Small-Cap
Min
Vol
Factor
ETF
iShares
MSCI
USA
Small-Cap
Multifactor
ETF
iShares
U.S.
Equity
Factor
ETF
iShares
U.S.
Tech
Breakthrough
Multisector
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.........................................
$
826,028,369
$
1,023,863,982
$
1,294,857,525
$
337,648,210
Investments,
at
value
—
affiliated
(c)
............................................
32,175,168
57,415,721
26,381,318
21,648,009
Cash
...............................................................
—
28,736
—
—
Cash
pledged:
Futures
contracts
......................................................
78,000
159,000
125,000
29,000
Receivables:
–
–
–
–
Securities
lending
income
—
affiliated
........................................
55,155
22,235
22,890
11,734
Swaps
............................................................
—
32,374
—
—
Capital
shares
sold
.....................................................
106,658
—
32,116
—
Dividends
—
unaffiliated
.................................................
428,862
238,054
1,170,256
80,514
Dividends
—
affiliated
...................................................
12,012
21,217
10,077
1,437
Variation
margin
on
futures
contracts
.........................................
28,075
60,772
35,344
5,625
Unrealized
appreciation
on:
–
–
–
–
OTC
swaps
..........................................................
—
143,766
—
—
Total
assets
...........................................................
858,912,299
1,081,985,857
1,322,634,526
359,424,529
LIABILITIES
Collateral
on
securities
loaned
...............................................
30,424,571
53,446,529
19,098,256
21,170,167
Payables:
–
–
–
–
Investments
purchased
..................................................
8,647,761
—
2,619,397
—
Capital
shares
redeemed
.................................................
—
—
—
3,613
Investment
advisory
fees
.................................................
135,291
127,601
82,675
81,624
Total
liabilities
..........................................................
39,207,623
53,574,130
21,800,328
21,255,404
NET
ASSETS
..........................................................
$
819,704,676
$
1,028,411,727
$
1,300,834,198
$
338,169,125
NET
ASSETS
CONSIST
OF:
Paid-in
capital
..........................................................
$
858,940,790
$
931,178,734
$
1,337,657,123
$
353,850,776
Accumulated
earnings
(loss)
................................................
(39,236,114)
97,232,993
(36,822,925)
(15,681,651)
NET
ASSETS
..........................................................
$
819,704,676
$
1,028,411,727
$
1,300,834,198
$
338,169,125
NET
ASSET
VALUE
Shares
outstanding
......................................................
22,700,000
18,900,000
31,350,000
11,000,000
Net
asset
value
.........................................................
$
36.11
$
54.41
$
41.49
$
30.74
Shares
authorized
.......................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
.............................................................
None
None
None
None
(a)
Investments,
at
cost
—
unaffiliated
..........................................
$
759,425,264
$
899,104,375
$
1,252,351,584
$
339,165,109
(b)
Securities
loaned,
at
value
................................................
$
30,254,205
$
53,456,283
$
19,063,132
$
21,063,509
(c)
Investments,
at
cost
—
affiliated
............................................
$
32,154,072
$
57,372,381
$
25,988,371
$
21,644,327
Statements
of
Operations
(unaudited)
Six
Months
Ended
January
31,
2023
2023
iShares
Semi-Annual
Report
to
Shareholders
36
See
notes
to
financial
statements.
iShares
MSCI
USA
Small-Cap
Min
Vol
Factor
ETF
iShares
MSCI
USA
Small-Cap
Multifactor
ETF
iShares
U.S.
Equity
Factor
ETF
iShares
U.S.
Tech
Breakthrough
Multisector
ETF
INVESTMENT
INCOME
–
–
–
–
Dividends
—
unaffiliated
.................................................
$
9,020,875
$
7,941,809
$
10,759,350
$
1,520,803
Dividends
—
affiliated
...................................................
34,628
126,695
79,946
6,775
Securities
lending
income
—
affiliated
—
net
...................................
495,401
120,681
122,724
36,926
Foreign
taxes
withheld
..................................................
—
(2,613)
(5,364)
—
Total
investment
income
...................................................
9,550,904
8,186,572
10,956,656
1,564,504
EXPENSES
Investment
advisory
....................................................
770,794
1,280,446
462,636
644,552
Total
expenses
.........................................................
770,794
1,280,446
462,636
644,552
Less:
–
–
–
–
Investment
advisory
fees
waived
...........................................
—
—
—
(161,138)
Total
expenses
after
fees
waived
.............................................
770,794
1,280,446
462,636
483,414
Net
investment
income
....................................................
8,780,110
6,906,126
10,494,020
1,081,090
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
5,968,569
$
55,124,827
$
7,024,733
$
(2,003,905)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.............................................
(19,078,303)
(15,140,562)
(2,575,400)
(7,589,945)
Investments
—
affiliated
...............................................
3,588
9,546
8,154
2,436
Capital
gain
distributions
from
underlying
funds
—
affiliated
........................
1
7
1
—
Foreign
currency
transactions
...........................................
—
—
(394)
—
Futures
contracts
....................................................
199,325
171,073
209,050
(62,049)
In-kind
redemptions
—
unaffiliated
(a)
.......................................
2,734,437
16,325,196
12,539,206
1,101,874
In-kind
redemptions
—
affiliated
(a)
.........................................
—
—
21,845
—
Swaps
..........................................................
—
937,570
—
—
(16,140,952)
2,302,830
10,202,462
(6,547,684)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.............................................
22,150,379
53,264,487
(3,396,008)
4,541,637
Investments
—
affiliated
...............................................
16,308
34,027
382,473
3,465
Futures
contracts
....................................................
(57,166)
(73,053)
(164,193)
(1,323)
Swaps
..........................................................
—
(403,463)
—
—
22,109,521
52,821,998
(3,177,728)
4,543,779
Net
realized
and
unrealized
gain
(loss)
.........................................
5,968,569
55,124,828
7,024,734
(2,003,905)
NET
INCREASE
(DECREASE)
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..........
$
14,748,679
$
62,030,954
$
17,518,754
$
(922,815)
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
Statements
of
Changes
in
Net
Assets
37
Financial
Statements
See
notes
to
financial
statements.
iShares
MSCI
USA
Small-Cap
Min
Vol
Factor
ETF
iShares
MSCI
USA
Small-Cap
Multifactor
ETF
Six
Months
Ended
01/31/23
(unaudited)
Year
Ended
07/31/22
Six
Months
Ended
01/31/23
(unaudited)
Year
Ended
07/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
....................................................
$
8,780,110
$
10,284,820
$
6,906,126
$
10,649,190
Net
realized
gain
(loss)
....................................................
(16,140,952)
23,374,540
2,302,830
99,969,663
Net
change
in
unrealized
appreciation
(depreciation)
................................
22,109,521
(68,944,625)
52,821,998
(161,097,998)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...........................
14,748,679
(35,285,265)
62,030,954
(50,479,145)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(7,898,244)
(10,526,720)
(7,899,221)
(b)
(12,443,279)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.................
42,686,315
(57,006,388)
(16,179,116)
36,940,830
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...........................................
49,536,750
(102,818,373)
37,952,617
(25,981,594)
Beginning
of
period
........................................................
770,167,926
872,986,299
990,459,110
1,016,440,704
End
of
period
............................................................
$
819,704,676
$
770,167,926
$
1,028,411,727
$
990,459,110
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
Statements
of
Changes
in
Net
Assets
(continued)
2023
iShares
Semi-Annual
Report
to
Shareholders
38
See
notes
to
financial
statements.
iShares
U.S.
Equity
Factor
ETF
iShares
U.S.
Tech
Breakthrough
Multisector
ETF
Six
Months
Ended
01/31/23
(unaudited)
Year
Ended
07/31/22
Six
Months
Ended
01/31/23
(unaudited)
Year
Ended
07/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
....................................................
$
10,494,020
$
17,799,946
$
1,081,090
$
1,624,016
Net
realized
gain
(loss)
....................................................
10,202,462
148,688,630
(6,547,684)
11,961,329
Net
change
in
unrealized
appreciation
(depreciation)
................................
(3,177,728)
(204,723,793)
4,543,779
(119,299,251)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...........................
17,518,754
(38,235,217)
(922,815)
(105,713,906)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(10,832,360)
(16,912,315)
(1,027,582)
(1,652,218)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.................
122,172,199
131,646,806
(5,599,596)
20,767,865
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...........................................
128,858,593
76,499,274
(7,549,993)
(86,598,259)
Beginning
of
period
........................................................
1,171,975,605
1,095,476,331
345,719,118
432,317,377
End
of
period
............................................................
$
1,300,834,198
$
1,171,975,605
$
338,169,125
$
345,719,118
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
39
Financial
Highlights
iShares
MSCI
USA
Small-Cap
Min
Vol
Factor
ETF
Six
Months
Ended
01/31/23
(unaudited)
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Year
Ended
07/31/18
Net
asset
value,
beginning
of
period
................
$
35.91
$
37.96
$
29.91
$
34.10
$
31.53
$
27.82
Net
investment
income
(a)
........................
0.40
0.47
0.40
0.54
0.60
0.52
Net
realized
and
unrealized
gain
(loss)
(b)
..............
0.16
(2.04
)
8.09
(4.17
)
2.48
3.66
Net
increase
(decrease)
from
investment
operations
.......
0.56
(1.57
)
8.49
(3.63
)
3.08
4.18
Distributions
from
net
investment
income
(c)
..............
(0.36
)
(0.48
)
(0.44
)
(0.56
)
(0.51
)
(0.47
)
Net
asset
value,
end
of
period
.....................
$
36.11
$
35.91
$
37.96
$
29.91
$
34.10
$
31.53
Total
Return
(d)
1.65%
—
—
—
—
—
Based
on
net
asset
value
.........................
1.65
%
(e)
(4.17
)%
28.66
%
(10.73
)%
9.91
%
15.19
%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
................................
0.20
%
(g)
0.20
%
0.20
%
0.20
%
0.20
%
0.20
%
Net
investment
income
...........................
2.28
%
(g)
1.27
%
1.16
%
1.72
%
1.85
%
1.76
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
819,705
$
770,168
$
872,986
$
829,866
$
211,435
$
39,418
Portfolio
turnover
rate
(h)
...........................
29
%
51
%
50
%
43
%
48
%
47
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
iShares
Semi-Annual
Report
to
Shareholders
40
iShares
MSCI
USA
Small-Cap
Multifactor
ETF
Six
Months
Ended
01/31/23
(unaudited)
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Year
Ended
07/31/18
Net
asset
value,
beginning
of
period
................
$
51.72
$
54.65
$
37.38
$
40.96
$
42.97
$
36.56
Net
investment
income
(a)
........................
0.36
0.56
0.42
0.49
0.53
0.43
Net
realized
and
unrealized
gain
(loss)
(b)
..............
2.74
(2.84
)
17.43
(3.53
)
(2.04
)
6.38
Net
increase
(decrease)
from
investment
operations
.......
3.10
(2.28
)
17.85
(3.04
)
(1.51
)
6.81
Distributions
from
net
investment
income
(c)
..............
(0.41
)
(d)
(0.65
)
(0.58
)
(0.54
)
(0.50
)
(0.40
)
Net
asset
value,
end
of
period
.....................
$
54.41
$
51.72
$
54.65
$
37.38
$
40.96
$
42.97
Total
Return
(e)
6.11%
(4.23)%
48.13%
(7.39)%
(3.45)%
18.73%
Based
on
net
asset
value
.........................
6.11
%
(f)
(4.23
)%
48.13
%
(7.39
)%
(3.45
)%
18.73
%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
................................
0.26
%
(h)
0.30
%
0.30
%
0.30
%
0.30
%
0.30
%
Total
expenses
after
fees
waived
....................
0.26
%
(h)
0.30
%
0.30
%
0.30
%
0.30
%
0.30
%
Net
investment
income
...........................
1.41
%
(h)
1.04
%
0.87
%
1.31
%
1.31
%
1.07
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
1,028,412
$
990,459
$
1,016,441
$
540,110
$
258,075
$
161,132
Portfolio
turnover
rate
(i)
...........................
21
%
46
%
46
%
48
%
45
%
46
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
41
Financial
Highlights
iShares
U.S.
Equity
Factor
ETF
Six
Months
Ended
01/31/23
(unaudited)
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Year
Ended
07/31/18
Net
asset
value,
beginning
of
period
.................
$
41.49
$
43.64
$
32.57
$
32.13
$
33.01
$
29.24
Net
investment
income
(a)
.........................
0.36
0.65
0.46
0.57
0.58
0.55
Net
realized
and
unrealized
gain
(loss)
(b)
...............
0.02
(2.19
)
11.03
0.50
(0.55
)
3.76
Net
increase
(decrease)
from
investment
operations
........
0.38
(1.54
)
11.49
1.07
0.03
4.31
Distributions
from
net
investment
income
(c)
...............
(0.38
)
(0.61
)
(0.42
)
(0.63
)
(0.91
)
(0.54
)
Net
asset
value,
end
of
period
......................
$
41.49
$
41.49
$
43.64
$
32.57
$
32.13
$
33.01
Total
Return
(d)
1.00%
—
—
—
—
—
Based
on
net
asset
value
..........................
1.00
%
(e)
(3.58
)%
35.53
%
3.50
%
0.38
%
14.87
%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
.................................
0.08
%
(g)
0.16
%
0.20
%
0.20
%
0.20
%
0.20
%
Total
expenses
after
fees
waived
.....................
0.08
%
(g)
0.16
%
0.20
%
0.20
%
0.20
%
0.20
%
Net
investment
income
............................
1.81
%
(g)
1.50
%
1.20
%
1.79
%
1.84
%
1.73
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......................
$
1,300,834
$
1,171,976
$
1,095,476
$
832,254
$
1,049,184
$
1,117,224
Portfolio
turnover
rate
(h)
............................
11
%
95
%
43
%
42
%
45
%
46
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
iShares
Semi-Annual
Report
to
Shareholders
42
iShares
U.S.
Tech
Breakthrough
Multisector
ETF
Six
Months
Ended
01/31/23
(unaudited)
Year
Ended
07/31/22
Year
Ended
07/31/21
Period
from
01/08/20
(a)
to
07/31/20
Net
asset
value,
beginning
of
period
............................................
$
30.87
$
41.17
$
30.72
$
25.21
Net
investment
income
(b)
....................................................
0.10
0.15
0.15
0.07
Net
realized
and
unrealized
gain
(loss)
(c)
..........................................
(0.14
)
(10.29
)
10.48
5.60
Net
increase
(decrease)
from
investment
operations
...................................
(0.04
)
(10.14
)
10.63
5.67
Distributions
(d)
–
–
–
–
From
net
investment
income
.................................................
(0.09
)
(0.16
)
(0.15
)
(0.16
)
From
net
realized
gain
......................................................
—
—
(0.03
)
—
Total
distributions
..........................................................
(0.09
)
(0.16
)
(0.18
)
(0.16
)
Net
asset
value,
end
of
period
.................................................
$
30.74
$
30.87
$
41.17
$
30.72
Total
Return
(e)
(0.08)%
—
—
—
Based
on
net
asset
value
.....................................................
(0.08
)%
(f)
(24.71
)%
34.72
%
22.73
%
(f)
Ratios
to
Average
Net
Assets
(g)
Total
expenses
............................................................
0.40
%
(h)
0.40
%
0.40
%
0.40
%
(h)
Total
expenses
after
fees
waived
................................................
0.30
%
(h)
0.30
%
0.30
%
0.30
%
(h)
Net
investment
income
.......................................................
0.67
%
(h)
0.41
%
0.43
%
0.43
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
.................................................
$
338,169
$
345,719
$
432,317
$
344,073
Portfolio
turnover
rate
(
i
)
.......................................................
15
%
10
%
11
%
12
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
43
Notes
to
Financial
Statements
1.
ORGANIZATION
iShares
Trust
(the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Delaware
statutory
trust
and
is
authorized
to
have
multiple
series
or
portfolios.
These
financial
statements
relate
only
to
the
following
funds
(each,
a
“Fund”
and
collectively,
the
“Funds”):
2.
Significant
Accounting
Policies
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates. Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
date
at
fair
value.
Dividends
from
foreign
securities
where
the
ex-dividend
date
may
have
passed
are
subsequently
recorded
when
the
Funds
are
informed
of
the
ex-dividend
date.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest.
Upon
notification
from
issuers
or
as
estimated
by
management,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain.
Foreign
Currency
Translation:
Each
Fund’s
books
and
records
are
maintained
in
U.S.
dollars.
Securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
prevailing
market
rates
as
quoted
by
one
or
more
data
service
providers.
Purchases
and
sales
of
investments
are
recorded
at
the
rates
of
exchange
prevailing
on
the
respective
dates
of
such
transactions.
Generally,
when
the
U.S.
dollar
rises
in
value
against
a
foreign
currency,
the
investments
denominated
in
that
currency
will
lose
value;
the
opposite
effect
occurs
if
the
U.S.
dollar
falls
in
relative
value.
Each
Fund
does
not
isolate
the
effect
of
fluctuations
in
foreign
exchange
rates
from
the
effect
of
fluctuations
in
the
market
prices
of
investments
for
financial
reporting
purposes.
Accordingly,
the
effects
of
changes
in
exchange
rates
on
investments
are
not
segregated
in
the
Statements
of
Operations
from
the
effects
of
changes
in
market
prices
of
those
investments,
but
are
included
as
a
component
of
net
realized
and
unrealized
gain
(loss)
from
investments.
Each
Fund
reports
realized
currency
gains
(losses)
on
foreign
currency
related
transactions
as
components
of
net
realized
gain
(loss)
for
financial
reporting
purposes,
whereas
such
components
are
generally
treated
as
ordinary
income
for
U.S.
federal
income
tax
purposes.
Foreign
Taxes:
Certain
Funds
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
each
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
each
Fund
and
are
reflected
in
its Statements
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Other
foreign
taxes”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
January
31,
2023
,
if
any,
are
disclosed
in
the Statements
of
Assets
and
Liabilities.
The
Funds
file
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Funds
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statements
of
Operations
includes
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the Funds
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments.
In-kind
Redemptions:
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Funds.
Because
such
gains
or
losses
are
not
taxable
to
the
Funds
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
Funds’
tax
year.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
(“NAV”)
per
share.
Distributions:
Dividends
and
distributions
paid
by
each
Fund
are
recorded
on
the
ex-dividend
dates.
Distributions
are
determined
on
a
tax
basis
and
may
differ
from
net
investment
income
and
net
realized
capital
gains
for
financial
reporting
purposes.
Dividends
and
distributions
are
paid
in
U.S.
dollars
and
cannot
be
automatically
reinvested
in
additional
shares
of
the
Funds.
The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
Indemnifications:
In
the
normal
course
of
business,
each
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Funds,
which
cannot
be
predicted
with
any
certainty.
iShares
ETF
Diversification
Classification
MSCI
USA
Small-Cap
Min
Vol
Factor
.......................................................................................
Diversified
MSCI
USA
Small-Cap
Multifactor
..........................................................................................
Diversified
U.S.
Equity
Factor
....................................................................................................
Diversified
U.S.
Tech
Breakthrough
Multisector
........................................................................................
Non-diversified
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
iShares
Semi-Annual
Report
to
Shareholders
44
3.
Investment
Valuation
and
Fair
Value
Measurements
Investment
Valuation
Policies:
Each
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund’s
listing
exchange
is
open
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Trustees
of
the
Trust
(the
“Board”)
of each
Fund
has
approved
the
designation
of
BlackRock
Fund
Advisors
(“BFA”),
the
Funds’
investment
adviser, as
the
valuation
designee
for
each
Fund. Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
BFA’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
BFA’s policies
and
procedures as
reflecting
fair
value. BFA
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
each
Fund’s
assets
and
liabilities:
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s
official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
are valued
at
the
last
traded
price.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds)
are
valued
at
that
day’s
published
NAV.
Futures
contracts
are
valued
based
on
that
day’s
last
reported
settlement
or
trade
price
on
the
exchange
where
the
contract
is
traded.
Swap
agreements
are
valued
utilizing
quotes
received
daily
by
independent
pricing
services
or
through
brokers,
which
are
derived
using
daily
swap
curves
and
models
that
incorporate
a
number
of
market
data
factors,
such
as
discounted
cash
flows,
trades
and
values
of
the
underlying
reference
instruments.
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the
New
York
Stock
Exchange
(“NYSE”).
Each
business
day,
the
Funds
use
current
market
factors
supplied
by
independent
pricing
services
to
value
certain
foreign
instruments
(“Systematic
Fair
Value
Price”).
The
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which
follows
the
close
of
the
local
markets.
If
events
(e.g.,
market
volatility,
company
announcement
or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that
application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the Valuation
Committee,
in
accordance
with
BFA’s
policies
and
procedures as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the Valuation
Committee
include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the Valuation
Committee
seeks
to
determine
the
price
that each
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
Fair
value
pricing
could
result
in
a
difference
between
the
prices
used
to
calculate
a
fund’s
NAV
and
the
prices
used
by
the
fund’s
underlying
index,
which
in
turn
could
result
in
a
difference
between
the
fund’s
performance
and
the
performance
of
the
fund’s
underlying
index.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
–
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that each
Fund
has
the
ability
to
access;
Level
2
–
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market-corroborated
inputs);
and
Level
3
–
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available,
(including
the Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
4.
Securities
and
Other
Investments
Securities
Lending:
Each
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
an
approved
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
government.
The
initial
collateral
received
by
each
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
market
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of
the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund
or
excess
collateral
is
returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
each
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities
Notes
to
Financial
Statements
(unaudited)
(continued)
45
Notes
to
Financial
Statements
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
in
money
market
funds
managed
by
BFA,
or
its
affiliates
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
also
disclosed
in
each
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
any
related
cash
collateral
are
disclosed
in
the
Statements
of
Assets
and
Liabilities.
Securities
lending
transactions
are
entered
into
by
the
Funds
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”)
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency)
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Funds,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the
Funds
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
As
of
period
end,
the
following
table
is
a
summary
of
the
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
(b)
MSCI
USA
Small-Cap
Min
Vol
Factor
Barclays
Bank
PLC
.....................................
$
483,500
$
(483,500)
$
–
$
–
BMO
Capital
Markets
Corp.
...............................
8,634
(8,634)
–
–
BNP
Paribas
SA
.......................................
199,337
(199,337)
–
–
Citigroup
Global
Markets,
Inc.
..............................
3,147,944
(3,147,944)
–
–
HSBC
Bank
PLC
......................................
2,375,097
(2,375,097)
–
–
J.P.
Morgan
Securities
LLC
...............................
10,327,750
(10,327,750)
–
–
Jefferies
LLC
.........................................
29,787
(29,666)
–
121
Morgan
Stanley
.......................................
3,912,902
(3,880,072)
–
32,830
Pershing
LLC
.........................................
194,310
(194,310)
–
–
Scotia
Capital
(USA),
Inc.
................................
104,500
(104,500)
–
–
State
Street
Bank
&
Trust
Co.
..............................
393,448
(393,040)
–
408
Toronto-Dominion
Bank
..................................
3,908,228
(3,837,179)
–
71,049
UBS
AG
............................................
2,884,371
(2,884,371)
–
–
UBS
Securities
LLC
....................................
1,651,978
(1,651,978)
–
–
Wells
Fargo
Bank
N.A.
..................................
516,516
(515,066)
–
1,450
Wells
Fargo
Securities
LLC
...............................
115,903
(115,903)
–
–
$
30,254,205
$
(30,148,347)
$
–
$
105,858
MSCI
USA
Small-Cap
Multifactor
Barclays
Bank
PLC
.....................................
$
3,406,014
$
(3,379,391)
$
–
$
26,623
BMO
Capital
Markets
Corp.
...............................
2,102
(2,025)
–
77
BNP
Paribas
SA
.......................................
5,840,513
(5,825,825)
–
14,688
BofA
Securities,
Inc.
....................................
2,934,250
(2,821,231)
–
113,019
Citadel
Clearing
LLC
....................................
2,955,753
(2,955,753)
–
–
Citigroup
Global
Markets,
Inc.
..............................
847,593
(847,593)
–
–
Credit
Suisse
Securities
(USA)
LLC
..........................
321,776
(319,583)
–
2,193
Goldman
Sachs
&
Co.
LLC
...............................
14,687,716
(14,687,716)
–
–
HSBC
Bank
PLC
......................................
451,087
(444,772)
–
6,315
J.P.
Morgan
Securities
LLC
...............................
11,330,442
(11,330,442)
–
–
Jefferies
LLC
.........................................
1,722,853
(1,722,853)
–
–
National
Financial
Services
LLC
............................
913,339
(910,289)
–
3,050
Natixis
SA
...........................................
23,730
(22,755)
–
975
Scotia
Capital
(USA),
Inc.
................................
518,751
(518,751)
–
–
State
Street
Bank
&
Trust
Co.
..............................
5,286,232
(5,286,232)
–
–
UBS
AG
............................................
394,141
(388,826)
–
5,315
UBS
Securities
LLC
....................................
1,485,968
(1,485,058)
–
910
Virtu
Americas
LLC
.....................................
45,698
(45,640)
–
58
Wells
Fargo
Bank
N.A.
..................................
255,332
(255,162)
–
170
Wells
Fargo
Securities
LLC
...............................
32,993
(32,993)
–
–
$
53,456,283
$
(53,282,890)
$
–
$
173,393
U.S.
Equity
Factor
Barclays
Bank
PLC
.....................................
$
544,127
$
(544,127)
$
–
$
–
BNP
Paribas
SA
.......................................
3,474
(3,474)
–
–
BofA
Securities,
Inc.
....................................
34,422
(34,422)
–
–
Citigroup
Global
Markets,
Inc.
..............................
879,240
(879,240)
–
–
J.P.
Morgan
Securities
LLC
...............................
5,799,182
(5,799,182)
–
–
Jefferies
LLC
.........................................
248,877
(248,877)
–
–
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
iShares
Semi-Annual
Report
to
Shareholders
46
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
each
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BlackRock,
Inc.
(“BlackRock”).
BlackRock’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent
the
collateral
received
does
not
cover
the
value
of
the
securities
loaned
in
the
event
of
borrower
default.
Each
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
the
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by
each
Fund.
5.
Derivative
Financial
Instruments
Futures
Contracts:
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk).
Futures
contracts
are
exchange-traded
agreements
between
the
Funds
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the
Funds
are
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any,
are
shown
as
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Funds
agree
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
Swaps:
Swap
contracts
are
entered
into
to
manage
exposure
to
issuers,
markets
and
securities.
Such
contracts
are
agreements
between
the
Funds
and
a
counterparty
to
make
periodic
net
payments
on
a
specified
notional
amount
or
a
net
payment
upon
termination.
Swap
agreements
are
privately
negotiated
in
the
over-the-counter
("OTC")
market
and
may
be
entered
into
as
a
bilateral
contract
(“OTC
swaps”)
or
centrally
cleared
(“centrally
cleared
swaps”).
For
OTC
swaps,
any
upfront
premiums
paid
and
any
upfront
fees
received
are
shown
as
swap
premiums
paid
and
swap
premiums
received,
respectively,
in
the
Statements
of
Assets
and
Liabilities
and
amortized
over
the
term
of
the
contract.
The
daily
fluctuation
in
market
value
is
recorded
as
unrealized
appreciation
(depreciation)
on
OTC
Swaps
in
the
Statements
of
Assets
and
Liabilities.
Payments
received
or
paid
are
recorded
in
the
Statements
of
Operations
as
realized
gains
or
losses,
respectively.
When
an
OTC
swap
is
terminated,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
proceeds
from
(or
cost
of)
the
closing
transaction
and
the
Funds’
basis
in
the
contract,
if
any.
Generally,
the
basis
of
the
contract
is
the
premium
received
or
paid.
Total
return
swaps
are
entered
into by
the
MSCI
USA
Small-Cap
Multifactor
to
obtain
exposure
to
a
security
or
market
without
owning
such
security
or
investing
directly
in
such
market
or
to
exchange
the
risk/return
of
one
security
or
market
(e.g.,
fixed-income)
with
another
security
or
market
(e.g.,
equity
or
commodity
prices)
(equity
risk,
commodity
price
risk
and/or
interest
rate
risk).
Total
return
swaps
are
agreements
in
which
there
is
an
exchange
of
cash
flows
whereby
one
party
commits
to
make
payments
based
on
the
total
return
(distributions
plus
capital
gains/losses)
of
an
underlying
instrument,
or
basket
or
underlying
instruments,
in
exchange
for
fixed
or
floating
rate
interest
payments.
If
the
total
return
of
the
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
(b)
U.S.
Equity
Factor
(continued)
National
Financial
Services
LLC
............................
26,634
(26,634)
–
–
Scotia
Capital
(USA),
Inc.
................................
892,497
(863,892)
–
28,605
Toronto-Dominion
Bank
..................................
9,910,456
(9,863,613)
–
46,843
UBS
Securities
LLC
....................................
698,174
(698,174)
–
–
Wells
Fargo
Securities
LLC
...............................
26,049
(26,049)
–
–
$
19,063,132
$
(18,987,684)
$
–
$
75,448
U.S.
Tech
Breakthrough
Multisector
Barclays
Bank
PLC
.....................................
$
43,201
$
(43,201)
$
–
$
–
Barclays
Capital,
Inc.
...................................
206,611
(205,475)
–
1,136
BNP
Paribas
SA
.......................................
148,237
(148,237)
–
–
BofA
Securities,
Inc.
....................................
105,946
(105,946)
–
–
Citigroup
Global
Markets,
Inc.
..............................
149,790
(149,790)
–
–
J.P.
Morgan
Securities
LLC
...............................
1,941,160
(1,941,160)
–
–
Jefferies
LLC
.........................................
350,494
(350,494)
–
–
Morgan
Stanley
.......................................
1,761,040
(1,761,040)
–
–
State
Street
Bank
&
Trust
Co.
..............................
58,365
(58,365)
–
–
Toronto-Dominion
Bank
..................................
16,298,665
(16,298,665)
–
–
$
21,063,509
$
(21,062,373)
$
–
$
1,136
(a)
Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
each
Fund
is
disclosed
in
the
Fund’s
Statements
of
Assets
and
Liabilities.
(b)
The
market
value
of
the
loaned
securities
is
determined
as
of
January
31,
2023.
Additional
collateral
is
delivered
to
the
Fund
on
the
next
business
day
in
accordance
with
the
MSLA.
The
net
amount
would
be
subject
to
the
borrower
default
indemnity
in
the
event
of
default
by
the
counterparty.
Notes
to
Financial
Statements
(unaudited)
(continued)
47
Notes
to
Financial
Statements
instruments
or
index
underlying
the
transaction
exceeds
or
falls
short
of
the
offsetting
fixed
or
floating
interest
rate
obligation,
the
Fund
receives
payment
from
or
makes
a
payment
to
the
counterparty.
Certain
total
return
swaps
are
designed
to
function
as
a
portfolio
of
direct
investments
in
long
and
short
equity
positions.
This
means
that
the
Fund
has
the
ability
to
trade
in
and
out
of
these
long
and
short
positions
within
the
swap
and
will
receive
the
economic
benefits
and
risks
equivalent
to
direct
investment
in
these
positions,
subject
to
certain
adjustments
due
to
events
related
to
the
counterparty.
Benefits
and
risks
include
capital
appreciation
(depreciation),
corporate
actions
and
dividends
received
and
paid,
all
of
which
are
reflected
in
the
swap’s
market
value.
The
market
value
also
includes
interest
charges
and
credits
(“financing
fees”)
related
to
the
notional
values
of
the
long
and
short
positions
and
cash
balances
within
the
swap.
These
interest
charges
and
credits
are
based
on
a
specified
benchmark
rate
plus
or
minus
a
specified
spread
determined
based
upon
the
country
and/or
currency
of
the
positions
in
the
portfolio.
Positions
within
the
swap
and
financing
fees
are
reset
periodically.
During
a
reset,
any
unrealized
appreciation
(depreciation)
on
positions
and
accrued
financing
fees
become
available
for
cash
settlement
between
the
Fund
and
the
counterparty.
The
amounts
that
are
available
for
cash
settlement
are
recorded
as
realized
gains
or
losses
in
the
Statements
of
Operations.
Cash
settlement
in
and
out
of
the
swap
may
occur
at
a
reset
date
or
any
other
date,
at
the
discretion
of
the
Fund
and
the
counterparty,
over
the
life
of
the
agreement.
Certain
swaps
have
no
stated
expiration
and
can
be
terminated
by
either
party
at
any
time.
Swap
transactions
involve,
to
varying
degrees,
elements
of
interest
rate,
credit
and
market
risks
in
excess
of
the
amounts
recognized
in
the
Statements
of
Assets
and
Liabilities.
Such
risks
involve
the
possibility
that
there
will
be
no
liquid
market
for
these
agreements,
that
the
counterparty
to
the
agreements
may
default
on
its
obligation
to
perform
or
disagree
as
to
the
meaning
of
the
contractual
terms
in
the
agreements,
and
that
there
may
be
unfavorable
changes
in
interest
rates
and/or
market
values
associated
with
these
transactions.
Master
Netting
Arrangements:
In
order
to
define
its
contractual
rights
and
to
secure
rights
that
will
help
mitigate
its
counterparty
risk,
a
Fund
may
enter
into
an
International
Swaps
and
Derivatives
Association,
Inc.
Master
Agreement
(“ISDA
Master
Agreement”)
or
similar
agreement
with
its
derivative
contract
counterparties.
An
ISDA
Master
Agreement
is
a
bilateral
agreement
between
a
Fund
and
a
counterparty
that
governs
certain
OTC
derivatives
and
typically
contains,
among
other
things,
collateral
posting
terms
and
netting
provisions
in
the
event
of
a
default
and/or
termination
event.
Under
an
ISDA
Master
Agreement,
a
Fund
may,
under
certain
circumstances,
offset
with
the
counterparty
certain
derivative
financial
instruments’
payables
and/or
receivables
with
collateral
held
and/or
posted
and
create
one
single
net
payment.
The
provisions
of
the
ISDA
Master
Agreement
typically
permit
a
single
net
payment
in
the
event
of
default
including
the
bankruptcy
or
insolvency
of
the
counterparty.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
the
right
of
offset
in
bankruptcy,
insolvency,
or
other
events.
For
derivatives
traded
under
an
ISDA
Master
Agreement,
the
collateral
requirements
are
typically
calculated
by
netting
the
mark-to-market
amount
for
each
transaction
under
such
agreement,
and
comparing
that
amount
to
the
value
of
any
collateral
currently
pledged
by
a
fund
and
the
counterparty.
Cash
collateral
that
has
been
pledged
to
cover
obligations
of
the
Funds
and
cash
collateral
received
from
the
counterparty,
if
any,
is
reported
separately
in
the
Statements
of
Assets
and
Liabilities
as
cash
pledged
as
collateral
and
cash
received
as
collateral,
respectively.
Non-cash
collateral
pledged
by
the
Funds,
if
any,
is
noted
in
the
Schedules
of
Investments.
Generally,
the
amount
of
collateral
due
from
or
to
a
counterparty
is
subject
to
a
certain
minimum
transfer
amount
threshold
before
a
transfer
is
required,
which
is
determined
at
the
close
of
business
of
the
Funds.
Any
additional
required
collateral
is
delivered
to/pledged
by
the
Funds
on
the
next
business
day.
Typically,
the
counterparty
is
not
permitted
to
sell,
re-pledge
or
use
cash
and
non-cash
collateral
it
receives.
A
fund
generally
agrees
not
to
use
non-cash
collateral
that
it
receives
but
may,
absent
default
or
certain
other
circumstances
defined
in
the
underlying
ISDA
Master
Agreement,
be
permitted
to
use
cash
collateral
received.
In
such
cases,
interest
may
be
paid
pursuant
to
the
collateral
arrangement
with
the
counterparty.
To
the
extent
amounts
due
to
the
Funds
from
the
counterparty
are
not
fully
collateralized,
each
Fund
bears
the
risk
of
loss
from
counterparty
non-performance.
Likewise,
to
the
extent
the
Funds
have
delivered
collateral
to
a
counterparty
and
stand
ready
to
perform
under
the
terms
of their
agreement
with
such
counterparty,
each
Fund
bears
the
risk
of
loss
from
a
counterparty
in
the
amount
of
the
value
of
the
collateral
in
the
event
the
counterparty
fails
to
return
such
collateral.
Based
on
the
terms
of
agreements,
collateral
may
not
be
required
for
all
derivative
contracts.
For
financial
reporting
purposes,
each
Fund
does
not
offset
derivative
assets
and
derivative
liabilities
that
are
subject
to
netting
arrangements,
if
any,
in
the
Statements
of
Assets
and
Liabilities.
6.
Investment
Advisory
Agreement
and
Other
Transactions
with
Affiliates
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the
Trust
,
BFA
manages
the
investment
of each
Fund’s
assets.
BFA
is
a
California
corporation
indirectly owned
by
BlackRock. Under
the
Investment
Advisory
Agreement,
BFA
is
responsible
for
substantially
all
expenses
of
the
Funds,
except
(
i
)
interest
and
taxes;
(ii)
brokerage
commissions
and
other
expenses
connected
with
the
execution
of
portfolio
transactions;
(iii)
distribution
fees;
(iv)
the
advisory
fee
payable
to
BFA;
and
(v)
litigation
expenses
and
any
extraordinary
expenses
(in
each
case
as
determined
by
a
majority
of
the
independent
trustees
).
For
its
investment
advisory
services
to each of
the
following Funds,
BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Funds,
based
on
the
average
daily
net
assets
of each
Fund
as
follows:
Effective
December
16,
2022,
for
its
investment
advisory
services
to
the
iShares
MSCI
USA
Small-Cap
Multifactor
ETF,
BFA
is
entitled
to
an
annual
investment
advisory
fee
of
0.15%,
accrued
daily
and
paid
monthly
by
the
Fund,
based
on
the
average
daily
net
assets
of
the
Fund.
Prior
to
December
16,
2022,
BFA
was
entitled
to
an
annual
investment
advisory
fee
of
0.30%,
accrued
daily
and
paid
monthly
by
the
Fund,
based
on
the
average
daily
net
assets
of
the
Fund.
Expense
Waivers
:
BFA
may
from
time
to
time
voluntarily
waive
and/or
reimburse
fees
or
expenses
in
order
to
limit
total
annual
fund
operating
expenses
(excluding
acquired
fund
fees
and
expenses,
if
any). For
the
iShares
U.S.
Tech
Breakthrough
Multisector
ETF,
BFA
has
elected
to
implement
a
voluntary
fee
waiver
in
order
to
limit
the
Fund’s
iShares
ETF
Investment
Advisory
Fees
MSCI
USA
Small-Cap
Min
Vol
Factor
....................................................................................
0.20
%
MSCI
USA
Small-Cap
Multifactor
.......................................................................................
0.15
U.S.
Equity
Factor
.................................................................................................
0.08
U.S.
Tech
Breakthrough
Multisector
.....................................................................................
0.40
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
iShares
Semi-Annual
Report
to
Shareholders
48
total
annual
operating
expenses
after
fee
waiver
to
0.30%,
and
currently
intends
to
keep
such
voluntary
fee
waiver
for
the
Fund
in
place
through
December
31,
2023.
Any
such
voluntary
waiver
or
reimbursement
may
be
eliminated
by
BFA
at
any
time.
These
amounts are
included
in
investment
advisory
fees
waived
in
the
Statements
of
Operations.
For
the
six
months ended January
31,
2023,
the
amounts
waived
in
investment
advisory
fees
pursuant
to
this
arrangement
were
as
follows:
Distributor:
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
is
the
distributor
for
each
Fund.
Pursuant
to
the
distribution
agreement,
BFA
is
responsible
for
any
fees
or
expenses
for
distribution
services
provided
to
the
Funds.
ETF
Servicing
Fees:
Each
Fund
has
entered
into
an
ETF
Services
Agreement
with
BRIL
to
perform
certain
order
processing,
Authorized
Participant
communications,
and
related
services
in
connection
with
the
issuance
and
redemption
of
Creation
Units
(“ETF
Services”).
BRIL
is
entitled
to
a
transaction
fee
from
Authorized
Participants
on
each
creation
or
redemption
order
for
the
ETF
Services
provided. The Funds
do
not
pay
BRIL
for
ETF
Services.
Securities
Lending:
The
U.S.
Securities
and
Exchange
Commission
(the
“SEC”)
has
issued
an
exemptive
order
which
permits
BlackRock
Institutional
Trust
Company,
N.A.
(“BTC”),
an
affiliate
of
BFA,
to
serve
as
securities
lending
agent
for
the
Funds,
subject
to
applicable
conditions.
As
securities
lending
agent,
BTC
bears
all
operational
costs
directly
related
to
securities
lending,
including
any
custodial
costs.
Each
Fund
is
responsible
for
fees
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
fees”).
The
cash
collateral
is
invested
in
a
money
market
fund,
BlackRock
Cash
Funds:
Institutional
or
BlackRock
Cash
Funds:
Treasury,
managed
by
BFA,
or
its
affiliates.
However,
BTC
has
agreed
to
reduce
the
amount
of
securities
lending
income
it
receives
in
order
to
effectively
limit
the
collateral
investment
fees
each
Fund
bears
to
an
annual
rate
of
0.04%.
The
SL
Agency
Shares
of
such
money
market
fund
will
not
be
subject
to
a
sales
load,
distribution
fee
or
service
fee.
The
money
market
fund
in
which
the
cash
collateral
has
been
invested
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
redeemed
or
temporarily
restrict
redemptions
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
money
market
fund’s
weekly
liquid
assets
fall
below
certain
thresholds.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
fees.
Each
Fund
retains
a
portion
of
securities
lending
income
and
remits
the
remaining
portion
to
BTC
as
compensation
for
its
services
as
securities
lending
agent.
Pursuant
to
the
current
securities
lending
agreement,
each
Fund
retains
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees)
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
plus
the
collateral
investment
fees
generated
across
all
1940
Act
iShares
exchange-traded
funds
(the
“iShares
ETF
Complex”)
in
that
calendar
year
exceeds
a
specified
threshold,
each
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
The
share
of
securities
lending
income
earned
by each
Fund
is
shown
as
securities
lending
income
–
affiliated
–
net
in
its
Statements
of
Operations.
For
the six
months ended
January
31,
2023,
the
Funds
paid
BTC
the
following
amounts
for
securities
lending
agent
services:
Officers
and
Trustees:
Certain
officers
and/or
trustees
of
the
Trust
are
officers
and/or
trustees
of
BlackRock
or
its
affiliates.
Other
Transactions:
Cross
trading
is
the
buying
or
selling
of
portfolio
securities
between
funds
to
which
BFA
(or
an
affiliate)
serves
as
investment
adviser.
At
its
regularly
scheduled
quarterly
meetings,
the
Board
reviews
such
transactions
as
of
the
most
recent
calendar
quarter
for
compliance
with
the
requirements
and
restrictions
set
forth
by
Rule
17a-7.
For
the six
months ended January
31,
2023,
transactions
executed
by
the
Funds
pursuant
to
Rule
17a-7
under
the
1940
Act
were
as
follows:
Each
Fund
may
invest
its
positive
cash
balances
in
certain
money
market
funds
managed
by
BFA
or
an
affiliate.
The
income
earned
on
these
temporary
cash
investments
is
shown
as
dividends
–
affiliated
in
the
Statements
of
Operations.
A
fund,
in
order
to
improve
its
portfolio
liquidity
and
its
ability
to
track
its
underlying
index,
may
invest
in
shares
of
other
iShares
funds
that
invest
in
securities
in
the
fund’s
underlying
index.
iShares
ETF
Amounts
Waived
U.S.
Tech
Breakthrough
Multisector
........................................................................................
$
161,138
iShares
ETF
Amounts
MSCI
USA
Small-Cap
Min
Vol
Factor
...........................................................................................
$
122,185
MSCI
USA
Small-Cap
Multifactor
..............................................................................................
37,734
U.S.
Equity
Factor
........................................................................................................
31,453
U.S.
Tech
Breakthrough
Multisector
............................................................................................
9,981
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
MSCI
USA
Small-Cap
Min
Vol
Factor
........................................................
$
12,986,883
$
29,484,921
$
1,618,422
MSCI
USA
Small-Cap
Multifactor
...........................................................
12,391,985
49,999,173
728,027
U.S.
Equity
Factor
.....................................................................
35,113,961
30,774,578
(3,510,313)
U.S.
Tech
Breakthrough
Multisector
.........................................................
22,971,174
23,362,029
(1,778,443)
Notes
to
Financial
Statements
(unaudited)
(continued)
49
Notes
to
Financial
Statements
7.
Purchases
and
Sales
For
the six
months ended
January
31,
2023,
purchases
and
sales
of
investments,
excluding
short-term securities
and
in-kind
transactions,
were
as
follows:
For
the six
months ended
January
31,
2023,
in-kind
transactions
were
as
follows:
8.
Income
Tax
Information
Each
Fund
is
treated
as
an
entity
separate
from
the
Trust’s other
funds
for
federal
income
tax
purposes.
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the
Funds
as
of
January
31,
2023,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’ financial
statements.
As
of
July
31,
2022,
the
Funds
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
as
follows:
A
fund
may
own
shares
in
certain
foreign
investment
entities,
referred
to,
under
U.S.
tax
law,
as
“passive
foreign
investment
companies.”
Such
fund
may
elect
to
mark-to-
market
annually
the
shares
of
each
passive
foreign
investment
company
and
would
be
required
to
distribute
to
shareholders
any
such
marked-to-market
gains.
As
of
January
31,
2023,
gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
9.
Principal
Risks
In
the
normal
course
of
business,
each
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including,
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and
their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject.
BFA
uses
a
“passive”
or
index
approach
to
try
to
achieve
each
Fund’s
investment
objective
following
the
securities
included
in
its
underlying
index
during
upturns
as
well
as
downturns.
BFA
does
not
take
steps
to
reduce
market
exposure
or
to
lessen
the
effects
of
a
declining
market.
Divergence
from
the
underlying
index
and
the
composition
of
the
portfolio
is
monitored
by
BFA.
The
Funds
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Infectious
Illness
Risk:
An
outbreak
of
an
infectious
illness,
such
as
the
COVID-19
pandemic,
may
adversely
impact
the
economies
of
many
nations
and
the
global
economy,
and
may
impact
individual
issuers
and
capital
markets
in
ways
that
cannot
be
foreseen.
An
infectious
illness
outbreak
may
result
in,
among
other
things,
closed
international
borders,
prolonged
quarantines,
supply
chain
disruptions,
market
volatility
or
disruptions
and
other
significant
economic,
social
and
political
impacts.
iShares
ETF
Purchases
Sales
MSCI
USA
Small-Cap
Min
Vol
Factor
........................................................................
$
230,868,593
$
219,875,821
MSCI
USA
Small-Cap
Multifactor
...........................................................................
211,153,682
207,443,069
U.S.
Equity
Factor
.....................................................................................
123,948,905
122,346,012
U.S.
Tech
Breakthrough
Multisector
.........................................................................
47,104,415
47,290,127
iShares
ETF
In-kind
Purchases
In-kind
Sales
MSCI
USA
Small-Cap
Min
Vol
Factor
........................................................................
$
53,966,135
$
13,300,238
MSCI
USA
Small-Cap
Multifactor
...........................................................................
41,843,501
57,185,735
U.S.
Equity
Factor
.....................................................................................
212,432,694
90,937,849
U.S.
Tech
Breakthrough
Multisector
.........................................................................
—
5,586,289
iShares
ETF
Amounts
MSCI
USA
Small-Cap
Min
Vol
Factor
..........................................................................................
$
86,817,352
MSCI
USA
Small-Cap
Multifactor
.............................................................................................
27,718,924
U.S.
Equity
Factor
.......................................................................................................
90,858,028
U.S.
Tech
Breakthrough
Multisector
...........................................................................................
7,591,811
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
MSCI
USA
Small-Cap
Min
Vol
Factor
....................................
$
795,306,047
$
93,857,189
$
(30,910,890)
$
62,946,299
MSCI
USA
Small-Cap
Multifactor
.......................................
958,717,055
181,709,987
(58,914,567)
122,795,420
U.S.
Equity
Factor
.................................................
1,278,968,521
96,882,439
(54,527,357)
42,355,082
U.S.
Tech
Breakthrough
Multisector
.....................................
360,923,812
42,513,256
(44,114,658)
(1,601,402)
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
iShares
Semi-Annual
Report
to
Shareholders
50
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries.
A
fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that
a
fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment.
A
fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that
it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
a
fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of
a
fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which
a
fund
invests.
The
price
each
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from
each
Fund’s
valuation
of
the
investment,
particularly
for
securities
that
trade
in
thin
or
volatile
markets
or
that
are
valued
using
a
fair
valuation
technique
or
a
price
provided
by
an
independent
pricing
service.
Changes
to
significant
unobservable
inputs
and
assumptions
(i.e.,
publicly
traded
company
multiples,
growth
rate,
time
to
exit)
due
to
the
lack
of
observable
inputs.
Counterparty
Credit
Risk:
The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that BFA
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds.
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
With
exchange-traded
futures,
there
is
less
counterparty
credit
risk
to
the
Funds
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, a
fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in
exchange-traded
futures with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Funds.
Concentration
Risk:
A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments.
Certain
Funds
invest
a
significant
portion
of
their
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
fund’s
portfolio.
Investment
percentages
in
specific
sectors
are
presented
in
the
Schedule
of
Investments.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
LIBOR
Transition
Risk:
The
United
Kingdom’s
Financial
Conduct
Authority
announced
a
phase
out
of
the
London
Interbank
Offered
Rate
(“LIBOR”).
Although
many
LIBOR
rates
ceased
to
be
published
or
no
longer
are
representative
of
the
underlying
market
they
seek
to
measure
after
December
31, 2021,
a
selection
of
widely
used
USD
LIBOR
rates
will
continue
to
be
published
through
June
2023
in
order
to
assist
with
the
transition.
The
Funds
may
be
exposed
to
financial
instruments
tied
to
LIBOR
to
determine
payment
obligations,
financing
terms,
hedging
strategies
or
investment
value.
The
transition
process
away
from
LIBOR
might
lead
to
increased
volatility
and
illiquidity
in
markets
for,
and
reduce
the
effectiveness
of
new
hedges
placed
against,
instruments
whose
terms
currently
include
LIBOR.
The
ultimate
effect
of
the
LIBOR
transition
process
on
the
Funds
is
uncertain.
10.
Capital
Share
Transactions
Capital
shares
are
issued
and
redeemed
by
each
Fund
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”)
at
NAV.
Except
when
aggregated
in
Creation
Units,
shares
of
each
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
Six
Months
Ended
01/31/23
Year
Ended
07/31/22
iShares
ETF
Shares
Amount
Shares
Amount
MSCI
USA
Small-Cap
Min
Vol
Factor
Shares
sold
1,650,000
$
56,670,998
3,800,000
$
142,110,395
Shares
redeemed
(400,000
)
(13,984,683
)
(5,350,000
)
(199,116,783
)
1,250,000
$
42,686,315
(1,550,000
)
$
(57,006,388
)
Notes
to
Financial
Statements
(unaudited)
(continued)
51
Notes
to
Financial
Statements
The
consideration
for
the
purchase
of
Creation
Units
of
a
fund
in
the Trust
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the Trust
may
be
offered
in
Creation
Units
solely
or
partially
for
cash
in
U.S.
dollars.
Investors
purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
BRIL,
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Investors
transacting
in
Creation
Units
for
cash
may
also
pay
an
additional
variable
charge
to
compensate
the
relevant
fund
for
certain
transaction
costs
(i.e.,
stamp
taxes,
taxes
on
currency
or
other
financial
transactions,
and
brokerage
costs)
and
market
impact
expenses
relating
to
investing
in
portfolio
securities.
Such
variable
charges,
if
any,
are
included
in
shares
sold
in
the
table
above.
From
time
to
time,
settlement
of
securities
related
to
in-kind
contributions
or
in-kind
redemptions
may
be
delayed.
In
such
cases,
securities
related
to
in-kind
transactions
are
reflected
as
a
receivable
or
a
payable
in
the
Statements
of
Assets
and
Liabilities.
11.
Subsequent
Events
Management's
evaluation
of
the
impact
of
all
subsequent
events
on
the
Funds'
financial
statements
was
completed
through
the
date
the
financial
statements
were
available
to
be
issued
and
the
following
items
were
noted:
On
December
12,
2022,
the
Board
approved
a
proposal
to
change
MSCI
USA
Small-Cap
Multifactor's
index
to
STOXX
U.S.
Small-Cap
Equity
Factor
Index
and
change
the
name
of
the
Fund
to
iShares
U.S.
Small-Cap
Equity
Factor
ETF.
These
changes
became
effective
on
March
1,
2023.
Six
Months
Ended
01/31/23
Year
Ended
07/31/22
iShares
ETF
Shares
Amount
Shares
Amount
MSCI
USA
Small-Cap
Multifactor
Shares
sold
900,000
$
43,765,698
5,650,000
$
308,921,820
Shares
redeemed
(1,150,000
)
(59,944,814
)
(5,100,000
)
(271,980,990
)
(250,000
)
$
(16,179,116
)
550,000
$
36,940,830
U.S.
Equity
Factor
Shares
sold
5,450,000
$
213,555,069
15,650,000
$
661,128,396
Shares
redeemed
(2,350,000
)
(91,382,870
)
(12,500,000
)
(529,481,590
)
3,100,000
$
122,172,199
3,150,000
$
131,646,806
U.S.
Tech
Breakthrough
Multisector
Shares
sold
—
$
—
2,150,000
$
74,576,481
Shares
redeemed
(200,000
)
(5,599,596
)
(1,450,000
)
(53,808,616
)
(200,000
)
$
(5,599,596
)
700,000
$
20,767,865
Statement
Regarding
Liquidity
Risk
Management
Program
2023
iShares
Semi-Annual
Report
to
Shareholders
52
In
compliance
with
Rule
22e-4
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Liquidity
Rule”),
iShares
Trust
(the
“Trust”)
has
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Program”)
for iShares
MSCI
USA
Small-Cap
Min
Vol
Factor
ETF,
iShares
MSCI
USA
Small-Cap
Multifactor
ETF,
iShares
U.S.
Equity
Factor
ETF
and
iShares
U.S.
Tech
Breakthrough
Multisector
ETF (the
“Funds”
or
“ETFs”),
each
a
series
of
the
Trust,
which
is
reasonably
designed
to
assess
and
manage
each
Fund’s
liquidity
risk.
The
Board
of
Trustees
(the
“Board”)
of
the
Trust,
on
behalf
of
the
Funds,
met
on
December
9,
2022
(the
“Meeting”)
to
review
the
Program.
The
Board
previously
appointed
BlackRock
Fund
Advisors
(“BlackRock”),
the
investment
adviser
to
the
Funds,
as
the
program
administrator
for
each
Fund’s
Program.
BlackRock
also
previously
delegated
oversight
of
the
Program
to
the
40
Act
Liquidity
Risk
Management
Committee
(the
“Committee”).
At
the
Meeting,
the
Committee,
on
behalf
of
BlackRock,
provided
the
Board
with
a
report
that
addressed
the
operation
of
the
Program
and
assessed
its
adequacy
and
effectiveness
of
implementation,
including
the
management
of
each
Fund’s
Highly
Liquid
Investment
Minimum
(“HLIM”)
where
applicable,
and
any
material
changes
to
the
Program
(the
“Report”).
The
Report
covered
the
period
from
October
1,
2021
through
September
30,
2022
(the
“Program
Reporting
Period”).
The
Report
described
the
Program’s
liquidity
classification
methodology
for
categorizing each
Fund’s
investments
(including
derivative
transactions)
into
one
of
four
liquidity
buckets.
It
also
referenced
the
methodology
used
by
BlackRock
to
establish each
Fund’s
HLIM
and
noted
that
the
Committee
reviews
and
ratifies
the
HLIM
assigned
to
each
Fund
no
less
frequently
than
annually.
The
Report
also
discussed
notable
events
affecting
liquidity
over
the
Program
Reporting
Period,
including
extended
market
holidays, the
imposition
of
capital
controls
in
certain
non-U.S.
countries,
Russian
sanctions
and
the
closure
of
the
Russian
securities
market.
The
Report
noted
that
the
Program
complied
with
the
key
factors
for
consideration
under
the
Liquidity
Rule
for
assessing,
managing
and
periodically
reviewing each
Fund’s
liquidity
risk,
as
follows:
a)
The
Fund’s
investment
strategy
and
liquidity
of
portfolio
investments
during
both
normal
and
reasonably
foreseeable
stressed
conditions
.
During
the
Program
Reporting
Period,
the
Committee
reviewed
whether
each
Fund’s
strategy
is
appropriate
for
an
open-end
fund
structure,
with
a
focus
on
funds
with
more
significant
and
consistent
holdings
of
less
liquid
and
illiquid
assets.
The
Committee
also
factored
a
fund’s
concentration
in
an
issuer
into
the
liquidity
classification
methodology
by
taking
issuer
position
sizes
into
account.
Derivative
exposure
was
also
considered
in
the
calculation
of
a
fund’s
liquidity
bucketing.
Finally,
a
factor
for
consideration
under
the
Liquidity
Rule
is
a
Fund’s
use
of
borrowings
for
investment
purposes.
However,
the
Funds
do
not
borrow
for
investment
purposes.
b)
Short-term
and
long-term
cash
flow
projections
during
both
normal
and
reasonably
foreseeable
stressed
conditions.
During
the
Program
Reporting
Period,
the
Committee
reviewed
historical
redemption
activity
and
used
this
information
as
a
component
to
establish
each
ETF’s
reasonably
anticipated
trading
size
(“RATS”).
The
Committee
may
also
take
into
consideration
a
fund’s
shareholder
ownership
concentration
(which,
depending
on
product
type
and
distribution
channel,
may
or
may
not
be
available),
a
fund’s
distribution
channels,
and
the
degree
of
certainty
associated
with
a
fund’s
short-term
and
long-term
cash
flow
projections.
c)
Holdings
of
cash
and
cash
equivalents,
as
well
as
borrowing
arrangements.
The
Committee
considered
that
ETFs
generally
do
not
hold
more
than
de
minimis
amounts
of
cash.
The
Committee
also
considered
that
ETFs
generally
do
not
engage
in
borrowing.
d)
The
relationship
between
an
ETF’s
portfolio
liquidity
and
the
way
in
which,
and
the
prices
and
spreads
at
which,
ETF
shares
trade,
including
the
efficiency
of
the
arbitrage
function
and
the
level
of
active
participation
by
market
participants,
including
authorized
participants.
The
Committee
monitored
the
prevailing
bid/ask
spread
and
the
ETF
price
premium
(or
discount)
to
NAV
for
all
ETFs.
However,
there
were
no
ETFs
with
persistent
deviations
of
fund
premium/discount
or
bid/ask
spreads
from
long-term
averages
over
the
Program
Reporting
Period.
e)
The
effect
of
the
composition
of
baskets
on
the
overall
liquidity
of
an
ETF’s
portfolio.
In
reviewing
the
linkage
between
the
composition
of
custom
baskets
accepted
by
an
ETF
and
any
significant
change
in
the
liquidity
profile
of
such
ETF,
the
Committee
reviewed
changes
in
the
proportion
of
each
ETF’s
portfolio
comprised
of
less
liquid
and
illiquid
holdings
to
determine
if
applicable
thresholds
were
met
requiring
enhanced
review.
There
were
no
material
changes
to
the
Program
during
the
Program
Reporting
Period
other
than
the
enhancement
of
certain
model
components
in
the
Program’s
classification
methodology.
The
Report
provided
to
the
Board
stated
that
the
Committee
concluded
that
based
on
the
operation
of
the
functions,
as
described
in
the
Report,
the
Program
is
operating
as
intended
and
is
effective
in
implementing
the
requirements
of
the
Liquidity
Rule.
Supplemental
Information
(unaudited)
53
Supplemental
Information
Section
19(a)
Notices
The
amounts
and
sources
of
distributions
reported
are
estimates
and
are
being
provided
pursuant
to
regulatory
requirements
and
are
not
being
provided
for
tax
reporting
purposes.
The
actual
amounts
and
sources
for
tax
reporting
purposes
will
depend
upon
each
Fund’s
investment
experience
during
the
year
and
may
be
subject
to
changes
based
on
tax
regulations.
Shareholders
will
receive
a
Form
1099-DIV
each
calendar
year
that
will
inform
them
how
to
report
these
distributions
for
federal
income
tax
purposes.
January
31,
2023
Total
Cumulative
Distributions
for
the
Fiscal
Year-to-Date
%
Breakdown
of
the
Total
Cumulative
Distributions
for
the
Fiscal
Year-to-Date
iShares
ETF
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
MSCI
USA
Small-Cap
Min
Vol
Factor
........
$
0.359266
$
—
$
—
$
0.359266
100%
—%
—%
100%
MSCI
USA
Small-Cap
Multifactor
(a)
..........
0.400255
—
0.006355
0.406610
98
—
2
100
U.S.
Tech
Breakthrough
Multisector
.........
0.092112
—
—
0.092112
100
—
—
100
(a)
The
Fund
estimates
that
it
has
distributed
more
than
its
net
investment
income
and
net
realized
capital
gains;
therefore,
a
portion
of
the
distribution
may
be
a
return
of
capital.
A
return
of
capital
may
occur,
for
example,
when
some
or
all
of
the
shareholder’s
investment
in
the
Fund
is
returned
to
the
shareholder.
A
return
of
capital
does
not
necessarily
reflect
the
Fund’s
investment
performance
and
should
not
be
confused
with
“yield”
or
“income”.
When
distributions
exceed
total
return
performance,
the
difference
will
incrementally
reduce
the
Fund’s
net
asset
value
per
share.
General
Information
2023
iShares
Semi-Annual
Report
to
Shareholders
54
Electronic
Delivery
Shareholders
can
sign
up
for
e-mail
notifications
announcing
that
the
shareholder
report
or
prospectus
has
been
posted
on
the
iShares
website
at
iShares.com
.
Once
you
have
enrolled,
you
will
no
longer
receive
prospectuses
and
shareholder
reports
in
the
mail.
To
enroll
in
electronic
delivery:
•
Go
to
icsdelivery.com
.
•
If
your
brokerage
firm
is
not
listed,
electronic
delivery
may
not
be
available.
Please
contact
your
broker-dealer
or
financial
advisor.
Householding
Householding
is
an
option
available
to
certain
fund
investors.
Householding
is
a
method
of
delivery,
based
on
the
preference
of
the
individual
investor,
in
which
a
single
copy
of
certain
shareholder
documents
and
Rule
30e-3
notices
can
be
delivered
to
investors
who
share
the
same
address,
even
if
their
accounts
are
registered
under
different
names.
Please
contact
your
broker-dealer
if
you
are
interested
in
enrolling
in
householding
and
receiving
a
single
copy
of
prospectuses
and
other
shareholder
documents,
or
if
you
are
currently
enrolled
in
householding
and
wish
to
change
your
householding
status.
Availability
of
Quarterly
Schedule
of
Investments
The
Funds
file
their
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
their
reports
on
Form
N-PORT.
The
Funds’
Forms
N-PORT
are
available
on
the
SEC’s
website
at
sec.gov
.
Additionally,
each
Fund
makes
its
portfolio
holdings
for
the
first
and
third
quarters
of
each
fiscal
year
available
at
iShares.com/fundreports
.
Availability
of
Proxy
Voting
Policies
and
Proxy
Voting
Records
A
description
of
the
policies
and
procedures
that
the
iShares
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
iShares
Funds
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
twelve-month
period
ending
June
30
is
available
without
charge,
upon
request
(1)
by
calling
toll-free
1-800-474-2737;
(2)
on
the
iShares
website
at
iShares.com
;
and
(3)
on
the
SEC
website
at
sec.gov
.
A
description
of
the
Trust’s policies
and
procedures
with
respect
to
the
disclosure
of each
Fund’s
portfolio
securities
is
available
in
the
Fund
Prospectus. Each
Fund
discloses
its
portfolio
holdings
daily
and
provides
information
regarding
its
top
holdings
in
Fund
fact
sheets
at
iShares.com
.
Glossary
of
Terms
Used
in
this
Report
55
Glossary
of
Terms
Used
in
this
Report
Portfolio
Abbreviation
CVR
Contingent
Value
Rights
MSCI
Morgan
Stanley
Capital
International
NASDAQ
National
Association
of
Securities
Dealers
Automated
NVS
Non-Voting
Shares
OTC
Over-the-counter
REIT
Real
Estate
Investment
Trust
S&P
Standard
&
Poor's
iS-SAR-720-0123
Want
to
know
more?
iShares.com
|
1-800-474-2737
This
report
is
intended
for
the
Funds’
shareholders.
It
may
not
be
distributed
to
prospective
investors
unless
it
is
preceded
or
accompanied
by
the
current
prospectus.
Investing
involves
risk,
including
possible
loss
of
principal.
The
iShares
Funds
are
distributed
by
BlackRock
Investments,
LLC
(together
with
its
affiliates,
“BlackRock”).
The
iShares
Funds
are
not
sponsored,
endorsed,
issued,
sold
or
promoted
by MSCI,
Inc.,
STOXX
Ltd.,
or
ICE
Data
Indices
LLC
nor
do
these
companies
make
any
representation
regarding
the
advisability
of
investing
in
the
iShares
Funds.
BlackRock
is
not
affiliated
with
the
companies
listed
above.
©2023
BlackRock,
Inc.
All
rights
reserved.
iSHARES
and
BLACKROCK
are
registered
trademarks
of
BlackRock,
Inc.
or
its
subsidiaries.
All
other
marks
are
the
property
of
their
respective
owners.
(b) Not Applicable
Item 2. Code of Ethics.
Not applicable to this semi-annual report.
Item 3. Audit Committee Financial Expert.
Not applicable to this semi-annual report.
Item 4. Principal Accountant Fees and Services.
Not applicable to this semi-annual report.
Item 5. Audit Committee of Listed Registrants.
Not applicable to this semi-annual report.
Item 6. Investments.
(a) Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to the registrant.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to the registrant.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to the registrant.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.
Item 11. Controls and Procedures.
(a) The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable to the registrant.
Item 13. Exhibits.
(a) (1) Not applicable to this semi-annual report.
(a)
(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a) (4) Change in Registrant’s independent public accountant – Not Applicable
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. | ||||||||
iShares Trust | ||||||||
By: /s/ Dominik Rohe | ||||||||
Dominik Rohe, President (Principal Executive Officer) | ||||||||
Date: | March 31, 2023 | |||||||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | ||||||||
By: /s/ Dominik Rohe | ||||||||
Dominik Rohe, President (Principal Executive Officer) | ||||||||
Date: | March 31, 2023 | |||||||
By: /s/ Trent Walker | ||||||||
Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer) | ||||||||
Date: | March 31, 2023 | |||||||