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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington

, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number		811-09729
iShares Trust
(Exact name of registrant as specified in charter)
c/o: 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:	April 30, 2023
Date of reporting period:	October 31, 2022

Item 1.      Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

OCTOBER

31,

2022

2022

Semi-Annual

Report

(Unaudited)

iShares

Trust

iShares

Cohen

&

Steers

REIT

ETF

|

ICF

|

Cboe

BZX

Dear

Shareholder,

Significant

economic

headwinds

emerged

during

the

12-month

reporting

period

ended

October

31,

2022

disrupting

the

economic

recovery

and

strong

financial

markets

of

2021.

The

U.S.

economy

shrank

in

the

first

half

of

2022

before

returning

to

moderate

growth

in

the

third

quarter,

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.

Moreover,

while

the

foremost

effect

of

Russia’s

invasion

of

Ukraine

has

been

a

severe

humanitarian

crisis,

the

ongoing

war

continued

to

present

challenges

for

both

investors

and

policymakers.

Equity

prices

fell

as

interest

rates

rose,

particularly

weighing

on

relatively

high-valuation

growth

stocks

as

inflation

decreased

the

value

of

future

cash

flows

and

investors

shifted

focus

to

balance

sheet

resilience.

Both

large-

and

small-capitalization

U.S.

stocks

fell,

although

declines

for

small-capitalization

U.S.

stocks

were

slightly

steeper.

Emerging

market

stocks

and

international

equities

from

developed

markets

also

declined

significantly,

pressured

by

rising

interest

rates

and

a

strengthening

U.S.

dollar.

The

10-year

U.S.

Treasury

yield

rose

notably

during

the

reporting

period,

driving

its

price

down,

as

investors

reacted

to

higher

inflation

and

attempted

to

anticipate

its

impact

on

future

interest

rate

changes.

The

corporate

bond

market

also

faced

inflationary

headwinds,

and

increasing

uncertainty

led

to

higher

corporate

bond

spreads

(the

difference

in

yield

between

U.S.

Treasuries

and

similarly-dated

corporate

bonds).

The

U.S.

Federal

Reserve

(the

“Fed”),

acknowledging

that

inflation

has

been

more

persistent

than

expected,

raised

interest

rates

five

times

while

indicating

that

additional

rate

hikes

were

likely.

Furthermore,

the

Fed

wound

down

its

bond-buying

programs

and

is

accelerating

the

reduction

of

its

balance

sheet.

As

investors

attempted

to

assess

the

Fed’s

future

trajectory,

the

Fed’s

statements

late

in

the

reporting

period

led

markets

to

believe

that

additional

tightening

is

likely

in

the

near

term.

The

pandemic’s

restructuring

of

the

economy

brought

an

ongoing

mismatch

between

supply

and

demand,

contributing

to

the

current

inflationary

regime.

While

growth

has

slowed

in

2022,

we

believe

that

taming

inflation

requires

a

more

dramatic

economic

decline

to

bring

demand

back

to

a

lower

level

that

is

more

in

line

with

the

economy’s

capacity.

The

Fed

has

been

raising

interest

rates

at

the

fastest

pace

in

decades,

and

seems

set

to

overtighten

in

its

effort

to

get

inflation

back

to

target.

With

this

in

mind,

we

believe

the

possibility

of

a

U.S.

recession

in

the

near-term

is

high,

and

the

outlook

for

Europe

and

the

U.K.

is

also

troubling.

Investors

should

expect

a

period

of

higher

volatility

as

markets

adjust

to

the

new

economic

reality

and

policymakers

attempt

to

adapt

to

rapidly

changing

conditions.

In

this

environment,

while

we

favor

an

overweight

to

equities

in

the

long-term,

the

market’s

concerns

over

excessive

rate

hikes

from

central

banks

moderate

our

outlook.

Rising

input

costs

and

a

deteriorating

economic

backdrop

in

China

and

Europe

are

likely

to

challenge

corporate

earnings,

so

we

are

underweight

equities

overall

in

the

near

term.

However,

we

see

better

opportunities

in

credit,

where

higher

spreads

provide

income

opportunities

and

partially

compensate

for

inflation

risk.

We

believe

that

investment-grade

corporates,

local-

currency

emerging

market

debt,

and

inflation-protected

bonds

(particularly

in

Europe)

offer

strong

opportunities

for

a

six-

to

twelve-month

horizon.

Overall,

our

view

is

that

investors

need

to

think

globally,

position

themselves

to

be

prepared

for

a

decarbonizing

economy,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

iShares.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock,

Inc.

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

October

31,

2022

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

(5.50

)%

(14.61

)%

U.S.

small

cap

equities

(Russell

2000

®

Index)

(0.20

)

(18.54

)

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

(12.70

)

(23.00

)

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

(19.66

)

(31.03

)

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

0.72

0.79

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(8.24

)

(17.68

)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

(6.86

)

(15.68

)

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

(4.43

)

(11.98

)

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

(4.71

)

(11.76

)

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

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

5

Disclosure

of Expenses

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

5

Schedule

of

Investments

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

6

Financial

Statements:

Statement

of

Assets

and

Liabilities

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

9

Statement

of

Operations

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

10

Statements

of

Changes

in

Net

Assets

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

11

Financial

Highlights

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

12

Notes

to

Financial

Statements

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

13

Board

Review

and

Approval

of

Investment

Advisory

Contract

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

19

Supplemental

Information

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

21

General

Information

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

22

Fund

Summary

as

of

October

31,

2022

2022

iShares

Semi-Annual

Report

to

Shareholders

4

iShares

®

Cohen

&

Steers

REIT

ETF

Investment

Objective

The

iShares

Cohen

&

Steers

REIT

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

real

estate

investment

trusts

(REITs),

as

represented

by

the

Cohen

&

Steers

Realty

Majors

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

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

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(19.18‌)%

(20.53‌)%

4.48‌%

6.72‌%

(20.53‌)%

24.49‌%

91.62‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(19.15‌)

(20.52‌)

4.50‌

6.73‌

(20.52‌)

24.59‌

91.85‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(19.04‌)

(20.26‌)

4.85‌

7.11‌

(20.26‌)

26.74‌

98.67‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

808.20‌

$

1.50‌

$

1,000.00‌

$

1,023.54‌

$

1.68‌

0.33‌%

(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.

INDUSTRY

ALLOCATION

Industry

Percent

of

TotaI

Investments

(a)

Specialized

REITs

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

43.7‌

%

Residential

REITs

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

19.0‌

Retail

REITs

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

14.3‌

Industrial

REITs

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

10.0‌

Health

Care

REITs

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

5.6‌

Office

REITs

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

5.5‌

Hotel

&

Resort

REITs

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

1.9‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Prologis,

Inc.

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

10.0‌

%

American

Tower

Corp.

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

7.3‌

Equinix,

Inc.

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

7.1‌

Crown

Castle,

Inc.

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

7.1‌

Public

Storage

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

6.6‌

Realty

Income

Corp.

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

5.2‌

Simon

Property

Group,

Inc.

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

5.0‌

VICI

Properties,

Inc.

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

4.3‌

SBA

Communications

Corp.,

Class

A

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

4.0‌

Digital

Realty

Trust,

Inc.

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

4.0‌

(a)

Excludes

money

market

funds.

About

Fund

Performance

5

About

Fund

Performance/Disclosure

of

Expenses

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

the

Fund’s

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Performance

data

current

to

the

most

recent

month-end

is

available

at

iShares.com

.

Performance

results

assume

reinvestment

of

all

dividends

and

capital

gain

distributions

and

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

The

investment

return

and

principal

value

of

shares

will

vary

with

changes

in

market

conditions.

Shares

may

be

worth

more

or

less

than

their

original

cost

when

they

are

redeemed

or

sold

in

the

market.

Performance

for

certain

funds

may

reflect

a

waiver

of

a

portion

of

investment

advisory

fees.

Without

such

a

waiver,

performance

would

have

been

lower.

Net

asset

value

or

“NAV”

is

the

value

of

one

share

of

a

fund

as

calculated

in

accordance

with

the

standard

formula

for

valuing

mutual

fund

shares.

Beginning

August

10,

2020,

the

price

used

to

calculate

market

return

(“Market

Price”)

is

the

closing

price.

Prior

to

August

10,

2020,

Market Price

was

determined

using

the

midpoint

between

the

highest

bid

and

the

lowest

ask

on

the

primary

stock

exchange

on

which

shares

of

a

fund

are

listed

for

trading,

as

of

the

time

that

such

fund’s

NAV

is

calculated. Market

and

NAV

returns

assume

that

dividends

and

capital

gain

distributions

have

been

reinvested

at

Market

Price

and

NAV,

respectively.

An

index

is

a

statistical

composite

that

tracks

a

specified

financial

market

or

sector.

Unlike

a

fund,

an

index

does

not

actually

hold

a

portfolio

of

securities

and

therefore

does

not

incur

the

expenses

incurred

by

a

fund.

These

expenses

negatively

impact

fund

performance.

Also,

market

returns

do

not

include

brokerage

commissions

that

may

be

payable

on

secondary

market

transactions.

If

brokerage

commissions

were

included,

market

returns

would

be

lower.

Disclosure

of Expenses

Shareholders

of the

Fund

may

incur

the

following

charges: (1)

transactional

expenses,

including

brokerage

commissions

on

purchases

and

sales

of

fund

shares

and

(2)

ongoing

expenses,

including

management

fees

and

other

fund

expenses.

The

expense

example

shown (which

is

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period)

is

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in

the

Fund and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

funds.

The

expense

example

provides information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to estimate

the

expenses

a

shareholder paid during

the period

covered

by

this

report,

shareholders

can divide their

account

value

by

$1,000 and

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

the

Period.”

The

expense

example also

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on 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

Fund

and

other

funds, compare

the

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

expenses

shown

in

the

expense

example are

intended

to highlight shareholder’s

ongoing

costs

only

and

do

not

reflect

any

transactional

expenses,

such

as

brokerage

commissions

and

other

fees

paid

on

purchases

and

sales

of

fund

shares.

Therefore,

the

hypothetical

example is

useful

in

comparing

ongoing expenses

only

and

will

not

help

shareholders determine

the

relative

total expenses

of

owning

different

funds. If

these

transactional expenses

were

included, shareholder

expenses would

have

been

higher.

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

October

31,

2022

iShares

®

Cohen

&

Steers

REIT

ETF

6

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Health

Care

REITs

—

5.6%

Healthpeak

Properties,

Inc.

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

1,627,010

$

38,608,947

Welltower

,

Inc.

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

1,368,917

83,558,694

122,167,641

Hotel

&

Resort

REITs

—

1.9%

Host

Hotels

&

Resorts,

Inc.

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

2,155,374

40,693,461

Industrial

REITs

—

10.0%

Prologis,

Inc.

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

1,968,629

218,025,662

Office

REITs

—

5.5%

Alexandria

Real

Estate

Equities,

Inc.

(a)

.....

447,878

65,076,673

Boston

Properties,

Inc.

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

430,028

31,263,036

Cousins

Properties,

Inc.

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

448,593

10,658,570

Kilroy

Realty

Corp.

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

316,419

13,523,748

120,522,027

Residential

REITs

—

19.0%

AvalonBay

Communities,

Inc.

..........

421,613

73,832,869

Equity

LifeStyle

Properties,

Inc.

.........

521,646

33,364,478

Equity

Residential

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

1,031,885

65,029,393

Essex

Property

Trust,

Inc.

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

197,006

43,782,613

Invitation

Homes,

Inc.

(a)

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

1,840,396

58,322,149

Mid-America

Apartment

Communities,

Inc.

..

348,066

54,802,992

Sun

Communities,

Inc.

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

366,718

49,451,922

UDR,

Inc.

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

902,513

35,883,917

414,470,333

Retail

REITs

—

14.2%

Federal

Realty

Investment

Trust

.........

215,537

21,333,852

Kimco

Realty

Corp.

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

1,863,572

39,843,170

Realty

Income

Corp.

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

1,814,092

112,963,509

Regency

Centers

Corp.

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

467,777

28,305,186

Simon

Property

Group,

Inc.

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

990,100

107,901,098

310,346,815

Specialized

REITs

—

43.6%

American

Tower

Corp.

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

762,057

157,890,590

Crown

Castle,

Inc.

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

1,162,695

154,940,735

Digital

Realty

Trust,

Inc.

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

858,417

86,056,304

Equinix

,

Inc.

(a)

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

274,470

155,470,787

Extra

Space

Storage,

Inc.

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

404,914

71,847,940

Public

Storage

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

460,492

142,637,397

SBA

Communications

Corp.,

Class

A

......

325,153

87,758,795

VICI

Properties,

Inc.

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

2,903,888

92,982,494

949,585,042

Total

Long-Term

Investments

—

99.8%

(Cost:

$2,180,407,420)

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

2,175,810,981

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

0.5%

(b)(c)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

3.29%

(d)

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

6,206,942

$

6,205,701

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

2.97%

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

3,742,493

3,742,493

Total

Short-Term

Securities

—

0.5%

(Cost:

$9,948,951)

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

9,948,194

Total

Investments

—

100.3%

(Cost:

$2,190,356,371

)

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

2,185,759,175

Liabilities

in

Excess

of

Other

Assets

—

(0.3)%

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

(6,062,391)

Net

Assets

—

100.0%

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

$

2,179,696,784

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Affiliate

of

the

Fund.

(c)

Annualized

7-day

yield

as

of

period

end.

(d)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

Cohen

&

Steers

REIT

ETF

Schedule

of

Investments

7

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.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

October

31,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/22

Shares

Held

at

10/31/22

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

—

$

6,205,536

(a)

$

—

$

922

$

(757)

$

6,205,701

6,206,942

$

19,326

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

5,220,000

—

(1,477,507)

(a)

—

—

3,742,493

3,742,493

28,967

—

$

922

$

(757)

$

9,948,194

$

48,293

$

—

—

—

(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

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

109

12/16/22

$

3,560

$

155,285

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statement

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

......

$

—

$

—

$

155,285

$

—

$

—

$

—

$

155,285

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statement

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

October

31,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statement

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

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

$

—

$

—

$

(1,704,527)

$

—

$

—

$

—

$

(1,704,527)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

107,181

$

—

$

—

$

—

$

107,181

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

6,981,850

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

Cohen

&

Steers

REIT

ETF

8

See

notes

to

financial

statements.

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

2,175,810,981

$

—

$

—

$

2,175,810,981

Short-Term

Securities

Money

Market

Funds

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

9,948,194

—

—

9,948,194

$

2,185,759,175

$

—

$

—

$

2,185,759,175

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

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

$

155,285

$

—

$

—

$

155,285

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Statement

of

Assets

and

Liabilities

(unaudited)

October

31,

2022

9

Financial

Statements

See

notes

to

financial

statements.

iShares

Cohen

&

Steers

REIT

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

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

$

2,175,810,981‌

Investments,

at

value

—

affiliated

(c)

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

9,948,194‌

Cash

pledged:

Futures

contracts

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

298,000‌

Receivables:

–‌

Securities

lending

income

—

affiliated

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

3,611‌

Dividends

—

unaffiliated

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

451,020‌

Dividends

—

affiliated

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

6,955‌

Total

assets

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

2,186,518,761‌

LIABILITIES

Collateral

on

securities

loaned

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

6,205,525‌

Payables:

–‌

Capital

shares

redeemed

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

8,975‌

Investment

advisory

fees

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

600,968‌

Variation

margin

on

futures

contracts

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

6,509‌

Total

liabilities

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

6,821,977‌

NET

ASSETS

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

$

2,179,696,784‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

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

$

2,312,122,800‌

Accumulated

loss

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

(132,426,016‌)

NET

ASSETS

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

$

2,179,696,784‌

NET

ASSET

VALUE

Shares

outstanding

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

39,950,000‌

Net

asset

value

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

$

54.56‌

Shares

authorized

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

Unlimited

Par

value

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

None

(a)

  Investments,

at

cost

—

unaffiliated

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

$

2,180,407,420‌

(b)

  Securities

loaned,

at

value

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

$

6,058,384‌

(c)

  Investments,

at

cost

—

affiliated

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

$

9,948,951‌

Statement

of

Operations

(unaudited)

Six

Months

Ended

October

31,

2022

2022

iShares

Semi-Annual

Report

to

Shareholders

10

See

notes

to

financial

statements.

iShares

Cohen

&

Steers

REIT

ETF

INVESTMENT

INCOME

–

Dividends

—

unaffiliated

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

$

30,319,136‌

Dividends

—

affiliated

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

28,967‌

Securities

lending

income

—

affiliated

—

net

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

19,326‌

Total

investment

income

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

30,367,429‌

EXPENSES

Investment

advisory

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

4,132,930‌

Total

expenses

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

4,132,930‌

Net

investment

income

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

26,234,499‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(563,082,281‌)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

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

(28,594,388‌)

Investments

—

affiliated

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

922‌

Futures

contracts

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

(1,704,527‌)

In-kind

redemptions

—

unaffiliated

(a)

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

45,301,605‌

15,003,612‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

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

(578,192,318‌)

Investments

—

affiliated

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

(757‌)

Futures

contracts

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

107,181‌

(578,085,894‌)

Net

realized

and

unrealized

loss

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

(563,082,282‌)

NET

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

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

$

(536,847,783‌)

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

Statements

of

Changes

in

Net

Assets

11

Financial

Statements

See

notes

to

financial

statements.

iShares

Cohen

&

Steers

REIT

ETF

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

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

$

26,234,499‌

$

38,463,959‌

Net

realized

gain

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

15,003,612‌

75,595,227‌

Net

change

in

unrealized

appreciation

(depreciation)

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

(578,085,894‌)

139,703,962‌

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

(536,847,783‌)

253,763,148‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

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

(30,434,675‌)

(50,406,231‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

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

(6,457,873‌)

292,748,055‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

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

(573,740,331‌)

496,104,972‌

Beginning

of

period

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

2,753,437,115‌

2,257,332,143‌

End

of

period

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

$

2,179,696,784‌

$

2,753,437,115‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2022

iShares

Semi-Annual

Report

to

Shareholders

12

iShares

Cohen

&

Steers

REIT

ETF

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Year

Ended

04/30/19

(a)

Year

Ended

04/30/18

(a)

Net

asset

value,

beginning

of

period

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

$

68.41

‌

$

62.62

‌

$

49.68

‌

$

55.51

‌

$

47.00

‌

$

49.84

‌

Net

investment

income

(b)

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

0.64

‌

1.01

‌

1.15

‌

1.39

‌

1.28

‌

1.30

‌

Net

realized

and

unrealized

gain

(loss)

(c)

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

(13.75

)

6.10

‌

13.04

‌

(5.78

)

8.74

‌

(2.58

)

Net

increase

(decrease)

from

investment

operations

.......

(13.11

)

7.11

‌

14.19

‌

(4.39

)

10.02

‌

(1.28

)

Distributions

from

net

investment

income

(d)

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

(0.74

)

(1.32

)

(1.25

)

(1.44

)

(1.51

)

(1.56

)

Net

asset

value,

end

of

period

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

$

54.56

‌

$

68.41

‌

$

62.62

‌

$

49.68

‌

$

55.51

‌

$

47.00

‌

Total

Return

(e)

(19.18)%

11.33%

29.11%

(8.10)%

21.70%

(2.68)%

Based

on

net

asset

value

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

(19.18

)%

(f)

11.33

%

29.11

%

(8.10

)%

21.70

%

(2.68

)%

Ratios

to

Average

Net

Assets

(g)

Total

expenses

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

0.33

%

(h)

0.32

%

0.33

%

0.34

%

0.34

%

0.34

%

Net

investment

income

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

2.09

%

(h)

1.46

%

2.15

%

2.43

%

2.51

%

2.63

%

Supplemental

Data

Net

assets,

end

of

period

(000)

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

$

2,179,697

‌

$

2,753,437

‌

$

2,257,332

‌

$

1,842,861

‌

$

2,187,126

‌

$

2,476,649

‌

Portfolio

turnover

rate

(i)

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

7

%

11

%

27

%

19

%

17

%

12

%

(a)

Per

share

amounts

reflect

a

two-for-one

stock

split

effective

after

the

close

of

trading

on

December

4,

2020.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

(unaudited)

13

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

fund

(the

“Fund”):

2.

Significant

Accounting

Policies 

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies:

Investment Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Upon

notification

from

issuers

or

as

estimated

by

management,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain. 

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the Fund

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments.

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Fund.

Because

such

gains

or

losses

are

not

taxable

to

the

Fund

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

Fund’s

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

(“NAV”)

per

share.

Distributions:

Dividends

and

distributions

paid

by

the

Fund

are

recorded

on

the

ex-dividend

dates.

Distributions

are

determined

on

a

tax

basis

and

may

differ

from

net

investment

income

and

net

realized

capital

gains

for

financial

reporting

purposes.

Dividends

and

distributions

are

paid

in

U.S.

dollars

and

cannot

be

automatically

reinvested

in

additional

shares

of

the

Fund.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Indemnifications:

In

the

normal

course

of

business,

the

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Fund,

which

cannot

be

predicted

with

any

certainty.

3.

Investment

Valuation

and

Fair

Value

Measurements

Investment

Valuation

Policies:

The

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund’s

listing

exchange

is

open

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Board

of

Trustees

of

the

Trust

 (the

“Board”)

of

the

Fund

has

approved

the

designation

of

BlackRock

Fund

Advisors

(“BFA”),

the

Fund’s

investment

adviser,

as

the

valuation

designee

for

the

Fund.

The

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under BFA’s

policies.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with BFA’s policies

and

procedures as

reflecting

fair

value.

BFA

has

formed

a

committee

(the

"Valuation

Committee")

to

develop pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

the

Fund’s

assets

and

liabilities:

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s

official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

are valued

at

the

last

traded

price.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds)

are

valued

at

that

day’s

published

NAV.

Futures

contracts

are

valued

based

on

that

day’s

last

reported

settlement

or

trade

price

on

the

exchange

where

the

contract

is

traded.

If

events

(e.g.,

market

volatility,

company

announcement

or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that

application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the Valuation

Committee,

in

accordance

with

BFA’s

policies

and

procedures as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the Valuation

Committee

seeks

to

determine

the

price

that

the

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

iShares

ETF

Diversification

Classification

Cohen

&

Steers

REIT

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

Non-diversified

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

iShares

Semi-Annual

Report

To

Shareholders

14

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

Fair

value

pricing

could

result

in

a

difference

between

the

prices

used

to

calculate

a

fund’s

NAV

and

the

prices

used

by

the

fund’s

underlying

index,

which

in

turn

could

result

in

a

difference

between

the

fund’s

performance

and

the

performance

of

the

fund’s

underlying

index.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

–

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that

the

Fund

has

the

ability

to

access;

Level

2

–

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market-corroborated

inputs);

and

Level

3

–

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

(including

the 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:

The

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

an

approved

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

government.

The

initial

collateral

received

by

the

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

market

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

or

excess

collateral

is

returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

the

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

in

money

market

funds

managed

by

BFA, or

its

affiliates

is

disclosed

in

the

Schedule

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

also

disclosed

in

the

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

cash

collateral

are

disclosed

in

the

Statement

of

Assets

and

Liabilities.

Securities

lending

transactions

are

entered

into

by

the

Fund

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”)

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency)

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Fund,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the

Fund

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

As

of

period

end,

the

following

table

is

a

summary

of

the

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

the

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BlackRock,

Inc.

(“BlackRock”).

BlackRock’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent

the

collateral

received

does

not

cover

the

value

of

the

securities

loaned

in

the

event

of

borrower

default.

The

Fund

could

incur

a

loss

if

the

value

of

an

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

BNP

Paribas

SA

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

$

4,809,430‌

$

(4,809,430‌)

$

–‌

$

–‌

National

Financial

Services

LLC

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

399,294‌

(399,294‌)

–‌

–‌

UBS

AG

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

849,660‌

(849,660‌)

–‌

–‌

$

6,058,384‌

$

(6,058,384‌)

$

–‌

$

–‌

(a)

Collateral

received,

if

any,

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

the

Fund

is

disclosed

in

the

Fund’s

Statement

of

Assets

and

Liabilities.

Notes

to

Financial

Statements

(unaudited)

(continued)

15

Notes

to

Financial

Statements

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

the

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

by

the

Fund.

5.

Derivative

Financial

Instruments

Futures

Contracts: 

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

Fund

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any,

are

shown

as

cash

pledged

for

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Fund

agrees

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

6.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the 

Trust

,

BFA

manages

the

investment

of

the

Fund’s

assets.

BFA

is

a

California

corporation

indirectly

owned

by

BlackRock. Under

the

Investment

Advisory

Agreement,

BFA

is

responsible

for

substantially

all

expenses

of

the

Fund,

except

(

i

)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

of

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

to

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

as

determined

by

a

majority

of

the

independent

trustees

).

For

its

investment

advisory

services

to

the

Fund, BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Fund,

based

on the

Fund’s

allocable

portion

of

the

aggregate

of

the

average

daily

net

assets

of

the

Fund

and

certain

other

iShares

funds,

as

follows:

Distributor:

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

is

the

distributor

for

the

Fund.

Pursuant

to

the

distribution

agreement,

BFA

is

responsible

for

any

fees

or

expenses

for

distribution

services

provided

to

the

Fund.

ETF

Servicing

Fees:

The

Fund

has

entered

into

an

ETF

Services

Agreement

with

BRIL

to

perform

certain

order

processing,

Authorized

Participant

communications,

and

related

services

in

connection

with

the

issuance

and

redemption

of

Creation

Units

(“ETF

Services”).

BRIL

is

entitled

to

a

transaction

fee

from

Authorized

Participants

on

each

creation

or

redemption

order

for

the

ETF

Services

provided.

The

Fund

does

not

pay

BRIL

for

ETF

Services.

Prior

to

April

25,

2022,

ETF

Services

were

performed

by

State

Street

Bank

and

Trust

Company. 

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(the

“SEC”)

has

issued

an

exemptive

order

which

permits

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

an

affiliate

of

BFA,

to

serve

as

securities

lending

agent

for

the

Fund,

subject

to

applicable

conditions.

As

securities

lending

agent,

BTC

bears

all

operational

costs

directly

related

to

securities

lending,

including

any

custodial

costs.

The

Fund

is

responsible

for

fees

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

fees”).

The

cash

collateral

is

invested

in

a

money

market

fund,

BlackRock

Cash

Funds:

Institutional

or

BlackRock

Cash

Funds:

Treasury,

managed

by

BFA,

or

its

affiliates.

However,

BTC

has

agreed

to

reduce

the

amount

of

securities

lending

income

it

receives

in

order

to

effectively

limit

the

collateral

investment

fees

the

Fund

bears

to

an

annual

rate

of

0.04%.

The

SL

Agency

Shares

of

such

money

market

fund

will

not

be

subject

to

a

sales

load,

distribution

fee

or

service

fee.

The

money

market

fund

in

which

the

cash

collateral

has

been

invested

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

redeemed

or

temporarily

restrict

redemptions

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

money

market

fund’s

weekly

liquid

assets

fall

below

certain

thresholds.

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

fees.

The

Fund

retains

a

portion

of

securities

lending

income

and

remits

the

remaining

portion

to

BTC

as

compensation

for

its

services

as

securities

lending

agent.

Pursuant

to

the

current

securities

lending

agreement,

the

Fund

retains

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees)

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

plus

the

collateral

investment

fees

generated

across

all

1940

Act

iShares

exchange-traded

funds

(the

“iShares

ETF

Complex”)

in

that

calendar

year

exceeds

a

specified

threshold,

the

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$121

billion

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

0.3500%

Over

$121

billion,

up

to

and

including

$181

billion

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

0.3325

Over

$181

billion,

up

to

and

including

$231

billion

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

0.3159

Over

$231

billion,

up

to

and

including

$281

billion

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

0.3001

Over

$281

billion

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

0.2851

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

iShares

Semi-Annual

Report

To

Shareholders

16

The

share

of

securities

lending

income

earned

by

the

Fund

is

shown

as

securities

lending

income

–

affiliated

–

net

in

its

Statement

of

Operations.

For

the six

months ended

October

31,

2022,

the

Fund

paid

BTC $8,030

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 October

31,

2022,

transactions

executed

by

the

Fund

pursuant

to

Rule

17a-7

under

the

1940

Act

were

as

follows:

The

Fund

may

invest

its

positive

cash

balances

in

certain

money

market

funds

managed

by

BFA

or

an

affiliate.

The

income

earned

on

these

temporary

cash

investments

is

shown

as

dividends

–

affiliated

in

the

Statement

of

Operations.

A

fund,

in

order

to

improve

its

portfolio

liquidity

and

its

ability

to

track

its

underlying

index,

may

invest

in

shares

of

other

iShares

funds

that

invest

in

securities

in

the

fund’s

underlying

index.

7.

Purchases

and

Sales

For

the six

months ended

October

31,

2022,

purchases

and

sales

of

investments,

excluding

short-term securities

and

in-kind

transactions,

were

as

follows:

For

the six

months ended

October

31,

2022,

in-kind

transactions

were

as

follows:

8.

Income

Tax

Information

The

Fund

is

treated

as

an

entity

separate

from

the Trust’s

other

funds

for

federal

income

tax

purposes.

It

is

the

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the

Fund

as

of

October

31,

2022,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Fund’s

financial

statements.

As

of

April

30,

2022,

the

Fund

had

non-expiring

capital

loss

carryforwards

of

$116,124,833

available

to

offset

future

realized

capital

gains.

As

of

October

31,

2022,

gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows:

9.

Principal

Risks

In

the

normal

course

of

business,

the

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including,

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Fund

and

its

investments.

The

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject.

BFA

uses

a

“passive”

or

index

approach

to

try

to

achieve

the

Fund’s

investment

objective

following

the

securities

included

in

its

underlying

index

during

upturns

as

well

as

downturns.

BFA

does

not

take

steps

to

reduce

market

exposure

or

to

lessen

the

effects

of

a

declining

market.

Divergence

from

the

underlying

index

and

the

composition

of

the

portfolio

is

monitored

by

BFA.

The

Fund

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

Cohen

&

Steers

REIT

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

$

24,496,245‌

$

29,837,682‌

$

(9,963,704‌)

iShares

ETF

Purchases

Sales

Cohen

&

Steers

REIT

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

$

181,312,749‌

$

173,424,065‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

Cohen

&

Steers

REIT

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

$

200,036,847‌

$

206,547,838‌

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Cohen

&

Steers

REIT

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

$

2,212,970,975‌

$

187,617,552‌

$

(214,674,067‌)

$

(27,056,515‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

17

Notes

to

Financial

Statements

Market

Risk:

An

outbreak

of

respiratory

disease

caused

by

a

novel

coronavirus

has

developed

into

a

global

pandemic

and

has

resulted

in

closing

borders,

quarantines,

disruptions

to

supply

chains

and

customer

activity,

as

well

as

general

concern

and

uncertainty.

The

impact

of

this

pandemic,

and

other

global

health

crises

that

may

arise

in

the

future,

could

affect

the

economies

of

many

nations,

individual

companies

and

the

market

in

general

in

ways

that

cannot

necessarily

be

foreseen

at

the

present

time.

This

pandemic

may

result

in

substantial

market

volatility

and

may

adversely

impact

the

prices

and

liquidity

of

a

fund’s

investments.

Although

vaccines

have

been

developed

and

approved

for

use

by

various

governments,

the

duration

of

this

pandemic

and

its

effects

cannot

be

determined

with

certainty.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries.

A

fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that

a

fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment.

A

fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that

it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

a

fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of

a

fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which

a

fund

invests.

Counterparty

Credit

Risk:

The

Fund

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Fund

manages

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that BFA

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Fund

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Fund’s

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statement

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Fund.

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

Fund

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, 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 Fund.

Concentration

Risk:

A

diversified

portfolio,

where

this

is

appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

the

Fund’s

portfolio

are

disclosed

in

its

Schedule

of

Investments

.

The

Fund

invests

a

significant

portion

of

its

assets

in

securities

within

a

single

or

limited

number

of

market

sectors.

When

a

fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

a

significant

impact

on

the

fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

fund’s

portfolio.

Investment

percentages

in

specific

sectors

are

presented

in

the

Schedule

of

Investments.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a

phase

out

of

the

London

Interbank

Offered

Rate

(“LIBOR”).

Although

many

LIBOR

rates

ceased

to

be

published

or

no

longer

are

representative

of

the

underlying

market

they

seek

to

measure

after

December

31,

2021,

a

selection

of

widely

used

USD

LIBOR

rates

will

continue

to

be

published

through

June

2023

in

order

to

assist

with

the

transition.

The

Fund

may

be

exposed

to

financial

instruments

tied

to

LIBOR

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

transition

process

away

from

LIBOR

might

lead

to

increased

volatility

and

illiquidity

in

markets

for,

and

reduce

the

effectiveness

of

new

hedges

placed

against,

instruments

whose

terms

currently

include

LIBOR.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Fund

is

uncertain.

10.

Capital

Share

Transactions

Capital

shares

are

issued

and

redeemed

by

the

Fund

only

in

aggregations

of

a

specified

number

of

shares

or

multiples

thereof

(“Creation

Units”)

at

NAV.

Except

when

aggregated

in

Creation

Units,

shares

of

the

Fund

are

not

redeemable.

Transactions

in

capital

shares

were

as

follows:

Six

Months

Ended

10/31/22

Year

Ended

04/30/22

iShares

ETF

Shares

Amount

Shares

Amount

Cohen

&

Steers

REIT

Shares

sold

3,300,000‌

$

200,738,047‌

6,750,000‌

$

468,713,265‌

Shares

redeemed

(3,600,000‌)

(207,195,920‌)

(2,550,000‌)

(175,965,210‌)

(300,000‌)

$

(6,457,873‌)

4,200,000‌

$

292,748,055‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

iShares

Semi-Annual

Report

To

Shareholders

18

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

Statement

of

Assets

and

Liabilities.

11.

Subsequent

Events

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Fund

through

the

date

the

financial

statements

were

available

to

be

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Board

Review

and

Approval

of

Investment

Advisory

Contract

19

Board

Review

and

Approval

of

Investment

Advisory

Contract

iShares

Cohen

&

Steers

REIT

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust’s

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

and

approve

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

legal

and

compliance

services;

and

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

on

May

3,

2022

and

May

18,

2022,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel,

and

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

13-15,

2022,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

material

factors,

none

of

which

was

controlling,

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

another

fund

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2021,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

factors

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

recent

enhancements

and

initiatives

with

respect

to

the

iShares

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies,

provided

at

the

May

3,

2022

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

2022

iShares

Semi-Annual

Report

to

Shareholders

20

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability,

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

relatively

low

fee

rates

established

at

inception,

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business

and

the

provision

of

improved

or

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

already

provided

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund,

on

an

aggregated

basis

with

the

assets

of

certain

other

iShares

funds,

increase.

The

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

new

or

revised

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds,

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

noted

that

BFA

and

its

affiliates

do

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Supplemental

Information

(unaudited)

21

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

the

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.

October

31,

2022

Total

Cumulative

Distributions

for

the

Fiscal

Year-to-Date

%

Breakdown

of

the

Total

Cumulative

Distributions

for

the

Fiscal

Year-to-Date

iShares

ETF

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Cohen

&

Steers

REIT

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

$

0.742920‌

$

—‌

$

—‌

$

0.742920‌

100‌%

—‌%

—‌%

100‌%

General

Information

2022

iShares

Semi-Annual

Report

to

Shareholders

22

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

Fund

files

its

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

Fund’s

Form

N-PORT

are

available

on

the

SEC’s

website

at

sec.gov

.

Additionally,

the

Fund

makes

its

portfolio

holdings

for

the

first

and

third

quarters

of

each

fiscal

year

available

at

iShares.com/fundreports

.

Availability

of

Proxy

Voting

Policies

and

Proxy

Voting

Records

A

description

of

the

policies

and

procedures

that

the

iShares

Funds

use

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and

information

about

how

the

iShares

Funds

voted

proxies

relating

to

portfolio

securities

during

the

most

recent

twelve-month

period

ending

June

30

is

available

without

charge,

upon

request

(1)

by

calling

toll-free

1-800-474-2737;

(2)

on

the

iShares

website

at

iShares.com

;

and

(3)

on

the

SEC

website

at

sec.gov

.

A

description

of

the

Trust’s policies

and

procedures

with

respect

to

the

disclosure

of

the

Fund’s

portfolio

securities

is

available

in

the

Fund

Prospectus.

The

Fund

discloses

its

portfolio

holdings

daily

and

provides

information

regarding

its

top

holdings

in

Fund

fact

sheets

at

iShares.com

.

iS-SAR-411-1022

Want

to

know

more?

iShares.com

|

1-800-474-2737

This

report

is

intended

for

the

Fund’s

shareholders.

It

may

not

be

distributed

to

prospective

investors

unless

it

is

preceded

or

accompanied

by

the

current

prospectus.

Investing

involves

risk,

including

possible

loss

of

principal.

The

iShares

Funds

are

distributed

by

BlackRock

Investments,

LLC

(together

with

its

affiliates,

“BlackRock”).

The

iShares

Funds

are

not

sponsored,

endorsed,

issued,

sold

or

promoted

by Cohen

&

Steers

Capital

Management,

Inc.,

nor

does

this

company

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

company

listed

above.

©2022

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

of

BlackRock,

Inc.

or

its

subsidiaries.

All

other

marks

are

the

property

of

their

respective

owners.

OCTOBER

31,

2022

2022

Semi-Annual

Report

(Unaudited)

iShares

Trust

iShares

Morningstar

Growth

ETF

|

ILCG

|

NYSE

Arca

iShares

Morningstar

Mid-Cap

ETF

|

IMCB

|

NYSE

Arca

iShares

Morningstar

Mid-Cap

Growth

ETF

|

IMCG

|

NYSE

Arca

iShares

Morningstar

Small-Cap

Growth

ETF

|

ISCG

|

NYSE

Arca

iShares

Morningstar

Small-Cap

Value

ETF

|

ISCV

|

NYSE

Arca

Dear

Shareholder,

Significant

economic

headwinds

emerged

during

the

12-month

reporting

period

ended

October

31,

2022

disrupting

the

economic

recovery

and

strong

financial

markets

of

2021.

The

U.S.

economy

shrank

in

the

first

half

of

2022

before

returning

to

moderate

growth

in

the

third

quarter,

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.

Moreover,

while

the

foremost

effect

of

Russia’s

invasion

of

Ukraine

has

been

a

severe

humanitarian

crisis,

the

ongoing

war

continued

to

present

challenges

for

both

investors

and

policymakers.

Equity

prices

fell

as

interest

rates

rose,

particularly

weighing

on

relatively

high-valuation

growth

stocks

as

inflation

decreased

the

value

of

future

cash

flows

and

investors

shifted

focus

to

balance

sheet

resilience.

Both

large-

and

small-capitalization

U.S.

stocks

fell,

although

declines

for

small-capitalization

U.S.

stocks

were

slightly

steeper.

Emerging

market

stocks

and

international

equities

from

developed

markets

also

declined

significantly,

pressured

by

rising

interest

rates

and

a

strengthening

U.S.

dollar.

The

10-year

U.S.

Treasury

yield

rose

notably

during

the

reporting

period,

driving

its

price

down,

as

investors

reacted

to

higher

inflation

and

attempted

to

anticipate

its

impact

on

future

interest

rate

changes.

The

corporate

bond

market

also

faced

inflationary

headwinds,

and

increasing

uncertainty

led

to

higher

corporate

bond

spreads

(the

difference

in

yield

between

U.S.

Treasuries

and

similarly-dated

corporate

bonds).

The

U.S.

Federal

Reserve

(the

“Fed”),

acknowledging

that

inflation

has

been

more

persistent

than

expected,

raised

interest

rates

five

times

while

indicating

that

additional

rate

hikes

were

likely.

Furthermore,

the

Fed

wound

down

its

bond-buying

programs

and

is

accelerating

the

reduction

of

its

balance

sheet.

As

investors

attempted

to

assess

the

Fed’s

future

trajectory,

the

Fed’s

statements

late

in

the

reporting

period

led

markets

to

believe

that

additional

tightening

is

likely

in

the

near

term.

The

pandemic’s

restructuring

of

the

economy

brought

an

ongoing

mismatch

between

supply

and

demand,

contributing

to

the

current

inflationary

regime.

While

growth

has

slowed

in

2022,

we

believe

that

taming

inflation

requires

a

more

dramatic

economic

decline

to

bring

demand

back

to

a

lower

level

that

is

more

in

line

with

the

economy’s

capacity.

The

Fed

has

been

raising

interest

rates

at

the

fastest

pace

in

decades,

and

seems

set

to

overtighten

in

its

effort

to

get

inflation

back

to

target.

With

this

in

mind,

we

believe

the

possibility

of

a

U.S.

recession

in

the

near-term

is

high,

and

the

outlook

for

Europe

and

the

U.K.

is

also

troubling.

Investors

should

expect

a

period

of

higher

volatility

as

markets

adjust

to

the

new

economic

reality

and

policymakers

attempt

to

adapt

to

rapidly

changing

conditions.

In

this

environment,

while

we

favor

an

overweight

to

equities

in

the

long-term,

the

market’s

concerns

over

excessive

rate

hikes

from

central

banks

moderate

our

outlook.

Rising

input

costs

and

a

deteriorating

economic

backdrop

in

China

and

Europe

are

likely

to

challenge

corporate

earnings,

so

we

are

underweight

equities

overall

in

the

near

term.

However,

we

see

better

opportunities

in

credit,

where

higher

spreads

provide

income

opportunities

and

partially

compensate

for

inflation

risk.

We

believe

that

investment-grade

corporates,

local-

currency

emerging

market

debt,

and

inflation-protected

bonds

(particularly

in

Europe)

offer

strong

opportunities

for

a

six-

to

twelve-month

horizon.

Overall,

our

view

is

that

investors

need

to

think

globally,

position

themselves

to

be

prepared

for

a

decarbonizing

economy,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

iShares.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock,

Inc.

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

October

31,

2022

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

(5.50

)%

(14.61

)%

U.S.

small

cap

equities

(Russell

2000

®

Index)

(0.20

)

(18.54

)

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

(12.70

)

(23.00

)

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

(19.66

)

(31.03

)

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

0.72

0.79

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(8.24

)

(17.68

)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

(6.86

)

(15.68

)

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

(4.43

)

(11.98

)

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

(4.71

)

(11.76

)

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

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

9

Disclosure

of Expenses

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

9

Schedules

of

Investments

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

10

Financial

Statements:

Statements

of

Assets

and

Liabilities

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

57

Statements

of

Operations

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

59

Statements

of

Changes

in

Net

Assets

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

61

Financial

Highlights

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

64

Notes

to

Financial

Statements

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

69

Board

Review

and

Approval

of

Investment

Advisory

Contract

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

78

Supplemental

Information

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

80

General

Information

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

81

Glossary

of

Terms

Used

in

this

Report

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

82

Fund

Summary

as

of

October

31,

2022

2022

iShares

Semi-Annual

Report

To

Shareholders

4

iShares

®

Morningstar

Growth

ETF

Investment

Objective

The

iShares

Morningstar

Growth

ETF

(the

“Fund

”

)

seeks

to

track

the

investment

results

of

an

index

composed

of

large-

and

mid-capitalization

U.S.

equities

that

exhibit

growth

characteristics,

as

represented

by

the

Morningstar

®

US

Large-Mid

Cap

Broad

Growth

Index

SM

(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

Index

performance

through

March

21,

2021

reflects

the

performance

of

the

Morningstar

®

US

Large

Growth

Index

SM

.

Index

performance

beginning

on

March

22,

2021

reflects

the

performance

of

the

Morningstar

®

US

Large-Mid

Cap

Broad

Growth

Index

SM

.

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

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(10.06‌)%

(28.58‌)%

11.35‌%

13.69‌%

(28.58‌)%

71.19‌%

260.66‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(10.05‌)

(28.58‌)

11.35‌

13.68‌

(28.58‌)

71.15‌

260.45‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(10.04‌)

(28.56‌)

11.69‌

14.02‌

(28.56‌)

73.79‌

271.33‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

899.40‌

$

0.19‌

$

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.

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Information

Technology

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

42.9‌

%

Consumer

Discretionary

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

17.1‌

Health

Care

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

11.0‌

Communication

Services

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

7.8‌

Industrials

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

5.8‌

Financials

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

4.6‌

Real

Estate

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

3.4‌

Consumer

Staples

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

3.1‌

Materials

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

2.3‌

Energy

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

1.7‌

Utilities

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

0.3‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Microsoft

Corp.

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

10.8‌

%

Apple,

Inc.

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

9.9‌

Amazon.com,

Inc.

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

5.6‌

Tesla,

Inc.

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

3.8‌

Alphabet,

Inc.,

Class

A

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

2.4‌

Alphabet,

Inc.,

Class

C,

NVS

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

2.2‌

Visa,

Inc.,

Class

A

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

2.1‌

NVIDIA

Corp.

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

2.1‌

Mastercard,

Inc.,

Class

A

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

1.7‌

UnitedHealth

Group,

Inc.

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

1.5‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

October

31,

2022

5

Fund

Summary

iShares

®

Morningstar

Mid-Cap

ETF

Investment

Objective

The

iShares

Morningstar

Mid-Cap

ETF

(the

“

Fund

”

)

seeks

to

track

the

investment

results

of

an

index

composed

of

mid-capitalization

U.S.

equities,

as

represented

by

the

Morningstar

®

US

Mid

Cap

Index

SM

(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

Index

performance

through

March

21,

2021

reflects

the

performance

of

the

Morningstar

®

US

Mid

Core

Index

SM

.

Index

performance

beginning

on

March

22,

2021

reflects

the

performance

of

the

Morningstar

®

US

Mid

Cap

Index

SM

.

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

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(5.57‌)%

(16.01‌)%

7.14‌%

10.99‌%

(16.01‌)%

41.20‌%

183.76‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(5.47‌)

(16.01‌)

7.15‌

11.00‌

(16.01‌)

41.25‌

183.87‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(5.58‌)

(16.02‌)

7.34‌

11.23‌

(16.02‌)

42.50‌

189.78‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

944.30‌

$

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.

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Industrials

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

15.5‌

%

Financials

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

14.3‌

Information

Technology

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

14.3‌

Health

Care

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

10.5‌

Consumer

Discretionary

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

10.4‌

Real

Estate

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

8.1‌

Utilities

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

6.9‌

Energy

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

6.5‌

Materials

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

5.7‌

Consumer

Staples

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

4.5‌

Communication

Services

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

3.3‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Devon

Energy

Corp.

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

0.7‌

%

Phillips

66

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

0.7‌

AutoZone,

Inc.

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

0.7‌

Cheniere

Energy,

Inc.

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

0.6‌

Motorola

Solutions,

Inc.

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

0.6‌

Enphase

Energy,

Inc.

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

0.6‌

Agilent

Technologies,

Inc.

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

0.5‌

Biogen,

Inc.

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

0.5���

Arthur

J

Gallagher

&

Co.

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

0.5‌

Hess

Corp.

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

0.5‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

October

31,

2022

2022

iShares

Semi-Annual

Report

To

Shareholders

6

iShares

®

Morningstar

Mid-Cap

Growth

ETF

Investment

Objective

The

iShares

Morningstar

Mid-Cap

Growth

ETF

(the

“

Fund

”

)

seeks

to

track

the

investment

results

of

an

index

composed

of

mid-capitalization

U.S.

equities

that

exhibit

growth

characteristics,

as

represented

by

the

Morningstar

®

US

Mid

Cap

Broad

Growth

Index

SM

(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

Index

performance

through

March

21,

2021

reflects

the

performance

of

the

Morningstar

®

US

Mid

Growth

Index

SM

.

Index

performance

beginning

on

March

22,

2021

reflects

the

performance

of

the

Morningstar

®

US

Mid

Cap

Broad

Growth

Index

SM

.

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

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(6.69‌)%

(27.03‌)%

10.99‌%

12.57‌%

(27.03‌)%

68.40‌%

226.70‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(6.58‌)

(26.96‌)

11.02‌

12.59‌

(26.96‌)

68.66‌

227.28‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(6.69‌)

(27.02‌)

11.22‌

12.80‌

(27.02‌)

70.16‌

233.60‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

933.10‌

$

0.29‌

$

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.

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Information

Technology

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

22.5‌

%

Industrials

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

18.9‌

Health

Care

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

14.2‌

Consumer

Discretionary

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

11.7‌

Financials

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

8.7‌

Real

Estate

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

7.8‌

Energy

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

4.4‌

Materials

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

4.2‌

Communication

Services

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

3.7‌

Consumer

Staples

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

2.6‌

Utilities

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

1.3‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Cheniere

Energy,

Inc.

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

1.2‌

%

Enphase

Energy,

Inc.

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

1.1‌

Agilent

Technologies,

Inc.

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

1.1‌

MSCI,

Inc.

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

1.0‌

Microchip

Technology,

Inc.

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

0.9‌

Yum!

Brands,

Inc.

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

0.9‌

Ross

Stores,

Inc.

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

0.9‌

Albemarle

Corp.

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

0.9‌

ResMed,

Inc.

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

0.9‌

CoStar

Group,

Inc.

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

0.9‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

October

31,

2022

7

Fund

Summary

iShares

®

Morningstar

Small-Cap

Growth

ETF

Investment

Objective

The

iShares

Morningstar

Small-Cap

ETF

(the

“

Fund

”

)

seeks

to

track

the

investment

results

of

an

index

composed

of

small-capitalization

U.S.

equities,

that

exhibit

growth

characteristics,

as

represented

by

the

Morningstar

®

US

Small

Cap

Broad

Growth

Extended

Index

SM

(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

Index

performance

through

March

21,

2021

reflects

the

performance

of

the

Morningstar

®

US

Small

Growth

Index

SM

.

Index

performance

beginning

on

March

22,

2021

reflects

the

performance

of

the

Morningstar

®

US

Small

Cap

Broad

Growth

Extended

Index

SM

.

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

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(4.03‌)%

(26.96‌)%

5.63‌%

10.14‌%

(26.96‌)%

31.51‌%

162.59‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(3.83‌)

(26.90‌)

5.63‌

10.16‌

(26.90‌)

31.53‌

163.10‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(4.07‌)

(27.02‌)

5.73‌

10.21‌

(27.02‌)

32.11‌

164.33‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

959.70‌

$

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.

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Health

Care

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

23.1‌

%

Information

Technology

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

20.3‌

Industrials

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

16.9‌

Consumer

Discretionary

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

12.1‌

Financials

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

6.7‌

Real

Estate

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

6.3‌

Materials

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

3.9‌

Energy

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

3.4‌

Consumer

Staples

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

3.3‌

Communication

Services

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

3.0‌

Utilities

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

1.0‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Shockwave

Medical,

Inc.

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

0.6‌

%

Sarepta

Therapeutics,

Inc.

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

0.6‌

Chart

Industries,

Inc.

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

0.5‌

WEX,

Inc.

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

0.4‌

DraftKings,

Inc.,

Class

A

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

0.4‌

Kinsale

Capital

Group,

Inc.

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

0.4‌

Toast,

Inc.,

Class

A

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

0.4‌

Texas

Roadhouse,

Inc.

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

0.4‌

Halozyme

Therapeutics,

Inc.

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

0.4‌

HealthEquity,

Inc.

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

0.4‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

October

31,

2022

2022

iShares

Semi-Annual

Report

To

Shareholders

8

iShares

®

Morningstar

Small-Cap

Value

ETF

Investment

Objective

The

iShares

Morningstar

Small-Cap

Value

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

small-capitalization

U.S.

equities

that

exhibit

value

characteristics,

as

represented

by

the

Morningstar

®

US

Small

Cap

Broad

Value

Extended

Index

SM

(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

Index

performance

through

March

21,

2021

reflects

the

performance

of

the

Morningstar

®

US

Small

Cap

Value

Index

SM

.

Index

performance

beginning

on

March

22,

2021

reflects

the

performance

of

the

Morningstar

®

US

Small

Cap

Broad

Value

Extended

Index

SM

.

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

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(1.14‌)%

(6.79‌)%

4.24‌%

8.67‌%

(6.79‌)%

23.07‌%

129.76‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(0.79‌)

(6.63‌)

4.31‌

8.72‌

(6.63‌)

23.46‌

130.65‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(1.14‌)

(6.73‌)

4.47‌

8.90‌

(6.73‌)

24.46‌

134.58‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

988.60‌

$

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.

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Financials

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

27.2‌

%

Industrials

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

17.3‌

Consumer

Discretionary

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

11.8‌

Energy

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

7.9‌

Health

Care

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

7.3‌

Real

Estate

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

6.4‌

Information

Technology

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

6.3‌

Materials

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

5.5‌

Utilities

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

4.2‌

Consumer

Staples

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

3.9‌

Communication

Services

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

2.2‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

HF

Sinclair

Corp.

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

0.5‌

%

NOV,

Inc.

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

0.5‌

Unum

Group

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

0.5‌

Omega

Healthcare

Investors,

Inc.

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

0.4‌

CACI

International,

Inc.,

Class

A

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

0.4‌

PDC

Energy,

Inc.

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

0.4‌

SouthState

Corp.

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

0.4‌

Nexstar

Media

Group,

Inc.

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

0.4‌

Stifel

Financial

Corp.

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

0.4‌

Prosperity

Bancshares,

Inc.

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

0.4‌

(a)

Excludes

money

market

funds.

About

Fund

Performance

9

About

Fund

Performance/Disclosure

of

Expenses

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time

and

may

continue

to

affect

adversely

the

value

and

liquidity

of

each

Fund’s

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Performance

data

current

to

the

most

recent

month-end

is

available

at

iShares.com

.

Performance

results

assume

reinvestment

of

all

dividends

and

capital

gain

distributions

and

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

The

investment

return

and

principal

value

of

shares

will

vary

with

changes

in

market

conditions.

Shares

may

be

worth

more

or

less

than

their

original

cost

when

they

are

redeemed

or

sold

in

the

market.

Performance

for

certain

funds

may

reflect

a

waiver

of

a

portion

of

investment

advisory

fees.

Without

such

a

waiver,

performance

would

have

been

lower.

Net

asset

value

or

“NAV”

is

the

value

of

one

share

of

a

fund

as

calculated

in

accordance

with

the

standard

formula

for

valuing

mutual

fund

shares.

Beginning

August

10,

2020,

the

price

used

to

calculate

market

return

(“Market

Price”)

is

the

closing

price.

Prior

to

August

10,

2020,

Market Price

was

determined

using

the

midpoint

between

the

highest

bid

and

the

lowest

ask

on

the

primary

stock

exchange

on

which

shares

of

a

fund

are

listed

for

trading,

as

of

the

time

that

such

fund’s

NAV

is

calculated. Market

and

NAV

returns

assume

that

dividends

and

capital

gain

distributions

have

been

reinvested

at

Market

Price

and

NAV,

respectively.

An

index

is

a

statistical

composite

that

tracks

a

specified

financial

market

or

sector.

Unlike

a

fund,

an

index

does

not

actually

hold

a

portfolio

of

securities

and

therefore

does

not

incur

the

expenses

incurred

by

a

fund.

These

expenses

negatively

impact

fund

performance.

Also,

market

returns

do

not

include

brokerage

commissions

that

may

be

payable

on

secondary

market

transactions.

If

brokerage

commissions

were

included,

market

returns

would

be

lower.

Disclosure

of Expenses

Shareholders

of each

Fund

may

incur

the

following

charges: (1)

transactional

expenses,

including

brokerage

commissions

on

purchases

and

sales

of

fund

shares

and

(2)

ongoing

expenses,

including

management

fees

and

other

fund

expenses.

The

expense

examples

shown (which are

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period) are

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in each

Fund and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

funds.

The

expense

examples

provide information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to estimate

the

expenses

a

shareholder paid during

the period

covered

by

this

report,

shareholders

can divide their

account

value

by

$1,000 and

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

the

Period.”

The

expense

examples also

provide

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on a

fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the ongoing expenses

of

investing

in the

Funds

and

other

funds, compare

the

5%

hypothetical

examples

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

expenses

shown

in

the

expense

examples are

intended

to highlight shareholders’

ongoing

costs

only

and

do

not

reflect

any

transactional

expenses,

such

as

brokerage

commissions

and

other

fees

paid

on

purchases

and

sales

of

fund

shares.

Therefore,

the

hypothetical

examples are

useful

in

comparing

ongoing expenses

only

and

will

not

help

shareholders determine

the

relative

total expenses

of

owning

different

funds. If

these

transactional expenses

were

included, shareholder

expenses would

have

been

higher.

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

October

31,

2022

iShares

®

Morningstar

Growth

ETF

10

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

0.5%

Axon

Enterprise,

Inc.

(a)

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

6,169

$

897,219

HEICO

Corp.

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

3,644

592,660

HEICO

Corp.,

Class

A

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

6,331

805,937

Howmet

Aerospace,

Inc.

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

33,795

1,201,412

Huntington

Ingalls

Industries,

Inc.

........

1,669

429,050

Textron,

Inc.

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

9,270

634,439

TransDigm

Group,

Inc.

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

4,715

2,714,708

7,275,425

Air

Freight

&

Logistics

—

0.1%

CH

Robinson

Worldwide,

Inc.

..........

3,749

366,352

Expeditors

International

of

Washington,

Inc.

.

8,309

813,036

GXO

Logistics,

Inc.

(a)

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

6,588

240,725

1,420,113

Airlines

—

0.1%

Delta

Air

Lines,

Inc.

(a)

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

36,084

1,224,330

Auto

Components

—

0.1%

Aptiv

plc

(a)

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

14,619

1,331,352

Gentex

Corp.

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

11,200

296,688

1,628,040

Automobiles

—

3.9%

(a)

Lucid

Group,

Inc.

(b)

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

53,554

765,287

Rivian

Automotive,

Inc.,

Class

A

.........

49,865

1,743,779

Tesla,

Inc.

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

244,285

55,584,609

58,093,675

Banks

—

0.2%

First

Republic

Bank

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

10,827

1,300,323

Signature

Bank

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

3,212

509,198

SVB

Financial

Group

(a)

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

1,792

413,880

Western

Alliance

Bancorp

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

4,022

270,158

2,493,559

Beverages

—

1.5%

Brown-Forman

Corp.,

Class

A

..........

5,076

349,076

Brown-Forman

Corp.,

Class

B,

NVS

......

16,870

1,147,160

Coca-Cola

Co.

(The)

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

146,990

8,797,351

Monster

Beverage

Corp.

(a)

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

23,476

2,200,171

PepsiCo,

Inc.

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

53,334

9,684,388

22,178,146

Biotechnology

—

0.8%

(a)

Alnylam

Pharmaceuticals,

Inc.

..........

10,976

2,274,886

BioMarin

Pharmaceutical,

Inc.

..........

17,018

1,474,269

Exact

Sciences

Corp.

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

16,458

572,409

Horizon

Therapeutics

plc

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

21,106

1,315,326

Incyte

Corp.

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

16,887

1,255,380

Neurocrine

Biosciences,

Inc.

...........

8,828

1,016,279

Seagen,

Inc.

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

12,492

1,588,483

Vertex

Pharmaceuticals,

Inc.

...........

9,390

2,929,680

12,426,712

Building

Products

—

0.5%

Advanced

Drainage

Systems,

Inc.

.......

5,870

680,215

Allegion

plc

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

4,032

422,433

AO

Smith

Corp.

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

4,777

261,684

Builders

FirstSource,

Inc.

(a)

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

6,131

378,037

Carlisle

Cos.,

Inc.

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

4,756

1,135,733

Carrier

Global

Corp.

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

27,466

1,092,048

Lennox

International,

Inc.

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

1,147

267,905

Owens

Corning

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

3,049

261,025

Trane

Technologies

plc

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

11,487

1,833,670

Security

Shares

Shares

Value

Building

Products

(continued)

Trex

Co.,

Inc.

(a)

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

10,267

$

493,740

6,826,490

Capital

Markets

—

2.4%

Ares

Management

Corp.,

Class

A

........

14,163

1,073,980

Blackstone,

Inc.,

Class

A,

NVS

..........

43,346

3,950,554

Charles

Schwab

Corp.

(The)

...........

75,225

5,993,176

FactSet

Research

Systems,

Inc.

.........

3,476

1,479,003

Intercontinental

Exchange,

Inc.

.........

25,099

2,398,711

KKR

&

Co.,

Inc.

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

31,083

1,511,566

LPL

Financial

Holdings,

Inc.

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

7,316

1,870,335

MarketAxess

Holdings,

Inc.

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

3,463

845,111

Moody's

Corp.

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

9,165

2,427,534

Morningstar,

Inc.

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

2,292

532,157

MSCI,

Inc.

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

7,389

3,464,407

Nasdaq,

Inc.

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

15,566

968,828

Raymond

James

Financial,

Inc.

.........

10,622

1,254,883

S&P

Global,

Inc.

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

23,330

7,494,763

SEI

Investments

Co.

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

5,101

276,984

Tradeweb

Markets,

Inc.,

Class

A

.........

9,788

539,123

36,081,115

Chemicals

—

1.5%

Air

Products

&

Chemicals,

Inc.

..........

9,029

2,260,862

Albemarle

Corp.

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

10,740

3,005,804

Corteva,

Inc.

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

33,318

2,176,998

DuPont

de

Nemours,

Inc.

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

18,850

1,078,220

Ecolab,

Inc.

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

12,261

1,925,835

FMC

Corp.

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

4,872

579,281

Linde

plc

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

22,854

6,795,637

Olin

Corp.

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

7,595

402,155

PPG

Industries,

Inc.

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

9,744

1,112,570

RPM

International,

Inc.

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

5,887

556,734

Sherwin-Williams

Co.

(The)

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

9,950

2,239,048

Westlake

Corp.

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

1,931

186,631

22,319,775

Commercial

Services

&

Supplies

—

0.6%

Cintas

Corp.

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

5,042

2,155,707

Copart,

Inc.

(a)

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

19,590

2,253,242

Republic

Services,

Inc.

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

7,895

1,047,035

Rollins,

Inc.

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

21,176

891,086

Tetra

Tech,

Inc.

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

4,896

691,707

Waste

Management,

Inc.

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

16,039

2,540,096

9,578,873

Communications

Equipment

—

0.4%

Arista

Networks,

Inc.

(a)

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

22,663

2,739,050

Ciena

Corp.

(a)

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

8,035

384,877

F5,

Inc.

(a)

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

3,220

460,170

Motorola

Solutions,

Inc.

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

7,840

1,957,726

5,541,823

Construction

&

Engineering

—

0.1%

AECOM

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

6,987

525,981

Quanta

Services,

Inc.

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

5,851

831,076

WillScot

Mobile

Mini

Holdings

Corp.

(a)

.....

19,558

831,802

2,188,859

Construction

Materials

—

0.3%

Martin

Marietta

Materials,

Inc.

..........

5,720

1,921,805

Vulcan

Materials

Co.

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

12,194

1,996,158

3,917,963

Consumer

Finance

—

0.5%

American

Express

Co.

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

34,662

5,145,574

Credit

Acceptance

Corp.

(a)(b)

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

359

167,158

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

Morningstar

Growth

ETF

Schedule

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Consumer

Finance

(continued)

Discover

Financial

Services

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

15,768

$

1,647,125

6,959,857

Containers

&

Packaging

—

0.2%

AptarGroup,

Inc.

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

2,706

268,300

Avery

Dennison

Corp.

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

4,862

824,352

Ball

Corp.

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

17,573

867,930

Crown

Holdings,

Inc.

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

6,197

425,052

Sealed

Air

Corp.

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

8,446

402,199

2,787,833

Distributors

—

0.1%

LKQ

Corp.

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

12,026

669,126

Pool

Corp.

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

3,625

1,102,834

1,771,960

Diversified

Consumer

Services

—

0.1%

Bright

Horizons

Family

Solutions,

Inc.

(a)

....

5,414

353,642

Service

Corp.

International

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

6,960

421,846

775,488

Diversified

Financial

Services

—

0.1%

Apollo

Global

Management,

Inc.

.........

20,526

1,136,319

Voya

Financial,

Inc.

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

2,994

204,670

1,340,989

Electric

Utilities

—

0.1%

Constellation

Energy

Corp.

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

11,623

1,098,838

NRG

Energy,

Inc.

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

11,582

514,241

1,613,079

Electrical

Equipment

—

0.4%

AMETEK,

Inc.

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

14,071

1,824,446

Generac

Holdings,

Inc.

(a)

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

5,889

682,594

Hubbell,

Inc.

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

2,155

511,769

Plug

Power,

Inc.

(a)(b)

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

47,442

758,123

Rockwell

Automation,

Inc.

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

5,867

1,497,845

5,274,777

Electronic

Equipment,

Instruments

&

Components

—

0.8%

Amphenol

Corp.,

Class

A

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

28,460

2,158,122

CDW

Corp.

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

6,836

1,181,329

Cognex

Corp.

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

15,820

731,359

Corning,

Inc.

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

31,715

1,020,271

Keysight

Technologies,

Inc.

(a)

...........

16,465

2,867,380

Teledyne

Technologies,

Inc.

(a)

...........

4,311

1,715,692

Trimble,

Inc.

(a)

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

22,652

1,362,744

Zebra

Technologies

Corp.,

Class

A

(a)

......

4,740

1,342,463

12,379,360

Energy

Equipment

&

Services

—

0.5%

Baker

Hughes

Co.,

Class

A

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

51,953

1,437,020

Halliburton

Co.

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

52,405

1,908,590

Schlumberger

NV

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

65,259

3,395,426

6,741,036

Entertainment

—

1.6%

Activision

Blizzard,

Inc.

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

27,943

2,034,250

Electronic

Arts,

Inc.

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

14,871

1,873,151

Liberty

Media

Corp.-Liberty

Formula

One,

Class

C,

NVS

(a)

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

11,644

672,208

Liberty

Media

Corp-Liberty

Formula

One,

Class

A

(a)

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

1,421

73,920

Live

Nation

Entertainment,

Inc.

(a)

........

8,682

691,174

Netflix,

Inc.

(a)

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

27,096

7,908,781

Playtika

Holding

Corp.

(a)

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

3,482

32,905

Roku,

Inc.,

Class

A

(a)

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

11,177

620,771

Take-Two

Interactive

Software,

Inc.

(a)

......

9,622

1,140,015

Security

Shares

Shares

Value

Entertainment

(continued)

Walt

Disney

Co.

(The)

(a)

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

86,169

$

9,180,445

24,227,620

Equity

Real

Estate

Investment

Trusts

(REITs)

—

3.3%

Alexandria

Real

Estate

Equities,

Inc.

......

6,009

873,108

American

Homes

4

Rent,

Class

A

........

27,682

884,163

American

Tower

Corp.

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

27,624

5,723,417

Apartment

Income

REIT

Corp.

..........

7,287

280,039

AvalonBay

Communities,

Inc.

..........

6,235

1,091,873

Brixmor

Property

Group,

Inc.

...........

10,321

219,940

Camden

Property

Trust

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

9,823

1,135,048

Crown

Castle,

Inc.

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

20,748

2,764,878

CubeSmart

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

13,083

547,785

Digital

Realty

Trust,

Inc.

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

13,475

1,350,869

EastGroup

Properties,

Inc.

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

3,982

623,940

Equinix,

Inc.

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

8,346

4,727,508

Equity

LifeStyle

Properties,

Inc.

.........

11,039

706,054

Equity

Residential

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

13,330

840,057

Essex

Property

Trust,

Inc.

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

2,841

631,384

Extra

Space

Storage,

Inc.

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

8,391

1,488,899

Federal

Realty

Investment

Trust

.........

3,245

321,190

Healthpeak

Properties,

Inc.

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

28,952

687,031

Host

Hotels

&

Resorts,

Inc.

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

65,869

1,243,607

Invitation

Homes,

Inc.

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

53,041

1,680,869

Kilroy

Realty

Corp.

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

4,237

181,089

Lamar

Advertising

Co.,

Class

A

.........

3,038

280,195

Life

Storage,

Inc.

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

4,740

524,291

Mid-America

Apartment

Communities,

Inc.

..

6,127

964,696

Prologis,

Inc.

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

55,513

6,148,065

Public

Storage

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

8,763

2,714,339

Realty

Income

Corp.

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

22,174

1,380,775

Regency

Centers

Corp.

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

8,019

485,230

Rexford

Industrial

Realty,

Inc.

..........

15,645

864,856

SBA

Communications

Corp.,

Class

A

......

9,920

2,677,408

Sun

Communities,

Inc.

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

11,287

1,522,052

UDR,

Inc.

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

17,646

701,605

Welltower,

Inc.

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

17,467

1,066,186

Weyerhaeuser

Co.

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

29,724

919,363

48,251,809

Food

&

Staples

Retailing

—

1.0%

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

......

4,559

352,866

Costco

Wholesale

Corp.

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

27,120

13,600,680

Performance

Food

Group

Co.

(a)

.........

14,116

734,597

US

Foods

Holding

Corp.

(a)

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

7,639

227,337

14,915,480

Food

Products

—

0.3%

Darling

Ingredients,

Inc.

(a)(b)

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

5,342

419,240

Hershey

Co.

(The)

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

8,728

2,083,985

Hormel

Foods

Corp.

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

12,218

567,526

Lamb

Weston

Holdings,

Inc.

...........

8,491

732,094

McCormick

&

Co.,

NVS

(b)

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

12,185

958,228

4,761,073

Health

Care

Equipment

&

Supplies

—

3.0%

Abbott

Laboratories

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

58,752

5,812,923

ABIOMED,

Inc.

(a)

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

4,151

1,046,384

Align

Technology,

Inc.

(a)

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

6,652

1,292,484

Baxter

International,

Inc.

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

21,584

1,173,090

Boston

Scientific

Corp.

(a)

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

49,954

2,153,517

Cooper

Cos.,

Inc.

(The)

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

4,536

1,240,097

Dentsply

Sirona,

Inc.

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

7,310

225,294

Dexcom,

Inc.

(a)

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

36,044

4,353,394

Edwards

Lifesciences

Corp.

(a)

..........

56,932

4,123,585

Hologic,

Inc.

(a)

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

12,512

848,314

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

Morningstar

Growth

ETF

12

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

IDEXX

Laboratories,

Inc.

(a)(b)

...........

7,617

$

2,739,683

Insulet

Corp.

(a)

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

6,373

1,649,396

Intuitive

Surgical,

Inc.

(a)

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

32,753

8,072,632

Novocure

Ltd.

(a)(b)

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

8,189

578,635

ResMed,

Inc.

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

13,457

3,010,196

STERIS

plc

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

9,182

1,584,630

Stryker

Corp.

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

12,548

2,876,503

Teleflex,

Inc.

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

4,277

917,673

43,698,430

Health

Care

Providers

&

Services

—

1.8%

agilon

health,

Inc.

(a)(b)

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

18,042

358,134

Chemed

Corp.

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

699

326,342

DaVita,

Inc.

(a)

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

2,063

150,620

Humana,

Inc.

(b)

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

4,813

2,686,039

Molina

Healthcare,

Inc.

(a)

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

2,691

965,692

UnitedHealth

Group,

Inc.

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

39,760

22,072,764

26,559,591

Health

Care

Technology

—

0.1%

Veeva

Systems,

Inc.,

Class

A

(a)

.........

12,804

2,150,304

Hotels,

Restaurants

&

Leisure

—

3.0%

Airbnb,

Inc.,

Class

A

(a)

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

36,652

3,918,465

Booking

Holdings,

Inc.

(a)

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

3,644

6,812,385

Caesars

Entertainment,

Inc.

(a)

..........

19,526

853,872

Chipotle

Mexican

Grill,

Inc.

(a)

...........

2,546

3,814,748

Choice

Hotels

International,

Inc.

.........

2,645

343,427

Churchill

Downs,

Inc.

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

3,038

631,631

Darden

Restaurants,

Inc.

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

5,105

730,730

Domino's

Pizza,

Inc.

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

3,314

1,101,043

Expedia

Group,

Inc.

(a)

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

6,307

589,515

Hilton

Worldwide

Holdings,

Inc.

.........

25,202

3,408,823

Marriott

International,

Inc.,

Class

A

.......

25,327

4,055,106

McDonald's

Corp.

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

25,702

7,007,907

MGM

Resorts

International

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

29,849

1,061,729

Royal

Caribbean

Cruises

Ltd.

(a)

.........

11,154

595,401

Starbucks

Corp.

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

47,074

4,076,138

Vail

Resorts,

Inc.

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

3,700

810,781

Wyndham

Hotels

&

Resorts,

Inc.

........

8,353

634,243

Yum!

Brands,

Inc.

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

26,096

3,085,852

43,531,796

Household

Durables

—

0.1%

DR

Horton,

Inc.

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

13,423

1,031,960

Garmin

Ltd.

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

5,293

465,996

NVR,

Inc.

(a)

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

165

699,229

2,197,185

Household

Products

—

0.1%

Church

&

Dwight

Co.,

Inc.

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

14,699

1,089,637

Insurance

—

1.4%

Aon

plc,

Class

A

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

8,758

2,465,289

Arch

Capital

Group

Ltd.

(a)

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

13,666

785,795

Arthur

J

Gallagher

&

Co.

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

12,290

2,299,213

Assurant,

Inc.

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

2,061

280,008

Brown

&

Brown,

Inc.

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

21,501

1,264,044

Cincinnati

Financial

Corp.

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

8,600

888,552

Erie

Indemnity

Co.,

Class

A,

NVS

........

1,144

294,019

Everest

Re

Group

Ltd.

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

1,739

561,106

Loews

Corp.

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

8,070

460,151

Markel

Corp.

(a)

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

753

908,193

Marsh

&

McLennan

Cos.,

Inc.

..........

23,977

3,872,046

Progressive

Corp.

(The)

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

30,682

3,939,569

Willis

Towers

Watson

plc

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

6,141

1,340,028

Security

Shares

Shares

Value

Insurance

(continued)

WR

Berkley

Corp.

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

11,897

$

884,899

20,242,912

Interactive

Media

&

Services

—

5.4%

(a)

Alphabet,

Inc.,

Class

A

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

376,008

35,536,516

Alphabet,

Inc.,

Class

C,

NVS

...........

336,238

31,828,289

IAC,

Inc.

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

2,692

131,047

Match

Group,

Inc.

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

25,893

1,118,578

Meta

Platforms,

Inc.,

Class

A

...........

78,984

7,358,149

Pinterest,

Inc.,

Class

A

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

53,327

1,311,844

Snap,

Inc.,

Class

A,

NVS

(b)

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

94,426

935,762

ZoomInfo

Technologies,

Inc.

(b)

..........

24,734

1,101,405

79,321,590

Internet

&

Direct

Marketing

Retail

—

6.0%

(a)

Amazon.com,

Inc.

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

812,906

83,274,091

DoorDash,

Inc.,

Class

A

(b)

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

23,903

1,040,498

Etsy,

Inc.

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

11,575

1,087,008

MercadoLibre,

Inc.

(b)

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

4,231

3,814,754

89,216,351

IT

Services

—

7.4%

Accenture

plc,

Class

A

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

36,384

10,329,418

Akamai

Technologies,

Inc.

(a)(b)

...........

8,580

757,871

Automatic

Data

Processing,

Inc.

.........

24,744

5,980,625

Block,

Inc.,

Class

A

(a)

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

48,684

2,924,448

Broadridge

Financial

Solutions,

Inc.

......

10,794

1,619,748

Cloudflare,

Inc.,

Class

A

(a)(b)

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

25,876

1,457,336

Concentrix

Corp.

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

2,452

299,708

EPAM

Systems,

Inc.

(a)

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

5,252

1,838,200

Fiserv,

Inc.

(a)

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

22,218

2,282,677

FleetCor

Technologies,

Inc.

(a)

...........

4,272

795,105

Gartner,

Inc.

(a)

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

7,242

2,186,505

Genpact

Ltd.

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

6,639

321,992

Global

Payments,

Inc.

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

12,849

1,468,127

GoDaddy,

Inc.,

Class

A

(a)

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

14,313

1,150,765

Jack

Henry

&

Associates,

Inc.

..........

6,719

1,337,484

Mastercard,

Inc.,

Class

A

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

78,255

25,681,726

MongoDB,

Inc.,

Class

A

(a)

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

6,280

1,149,428

Okta,

Inc.,

Class

A

(a)

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

13,736

770,864

Paychex,

Inc.

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

19,149

2,265,518

PayPal

Holdings,

Inc.

(a)

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

66,346

5,545,199

Snowflake,

Inc.,

Class

A

(a)

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

25,998

4,167,479

SS&C

Technologies

Holdings,

Inc.

.......

7,815

401,847

Twilio,

Inc.,

Class

A

(a)

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

15,857

1,179,285

VeriSign,

Inc.

(a)

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

8,606

1,725,159

Visa,

Inc.,

Class

A

(b)

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

149,959

31,065,506

108,702,020

Leisure

Products

—

0.0%

Hasbro,

Inc.

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

5,954

388,498

Mattel,

Inc.

(a)

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

15,607

295,909

684,407

Life

Sciences

Tools

&

Services

—

3.3%

Agilent

Technologies,

Inc.

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

27,430

3,794,941

Avantor,

Inc.

(a)

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

61,671

1,243,904

Bio-Rad

Laboratories,

Inc.,

Class

A

(a)

......

1,979

696,034

Bio-Techne

Corp.

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

3,575

1,059,130

Bruker

Corp.

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

9,347

578,018

Charles

River

Laboratories

International,

Inc.

(a)

4,694

996,302

Danaher

Corp.

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

60,047

15,112,028

Illumina,

Inc.

(a)

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

14,434

3,302,788

IQVIA

Holdings,

Inc.

(a)

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

9,337

1,957,689

Mettler-Toledo

International,

Inc.

(a)

.......

2,063

2,609,551

PerkinElmer,

Inc.

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

11,577

1,546,456

Repligen

Corp.

(a)

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

4,776

871,572

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

Morningstar

Growth

ETF

Schedule

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Life

Sciences

Tools

&

Services

(continued)

Syneos

Health,

Inc.,

Class

A

(a)

..........

3,318

$

167,161

Thermo

Fisher

Scientific,

Inc.

...........

22,854

11,746,270

Waters

Corp.

(a)

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

5,484

1,640,648

West

Pharmaceutical

Services,

Inc.

......

6,783

1,560,768

48,883,260

Machinery

—

1.7%

AGCO

Corp.

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

1,926

239,151

Caterpillar,

Inc.

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

15,149

3,279,153

Deere

&

Co.

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

12,941

5,122,307

Dover

Corp.

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

6,648

868,827

Fortive

Corp.

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

16,025

1,023,998

Graco,

Inc.

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

15,416

1,072,645

IDEX

Corp.

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

6,901

1,534,161

Illinois

Tool

Works,

Inc.

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

8,012

1,710,802

Ingersoll

Rand,

Inc.

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

36,886

1,862,743

Lincoln

Electric

Holdings,

Inc.

..........

3,570

506,940

Middleby

Corp.

(The)

(a)

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

2,420

338,461

Nordson

Corp.

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

4,983

1,121,175

Otis

Worldwide

Corp.

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

20,249

1,430,389

PACCAR,

Inc.

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

10,994

1,064,549

Parker-Hannifin

Corp.

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

4,676

1,358,939

Pentair

plc

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

5,142

220,849

Toro

Co.

(The)

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

5,494

579,233

Westinghouse

Air

Brake

Technologies

Corp.

.

6,818

635,983

Xylem,

Inc.

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

16,565

1,696,753

25,667,058

Media

—

0.4%

Cable

One,

Inc.

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

250

214,857

Charter

Communications,

Inc.,

Class

A

(a)

...

4,535

1,667,157

Liberty

Broadband

Corp.,

Class

A

(a)

.......

1,555

132,673

Liberty

Broadband

Corp.,

Class

C,

NVS

(a)

..

11,343

957,689

Sirius

XM

Holdings,

Inc.

(b)

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

40,077

242,065

Trade

Desk,

Inc.

(The),

Class

A

(a)

........

40,844

2,174,535

5,388,976

Metals

&

Mining

—

0.3%

Freeport-McMoRan,

Inc.

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

76,190

2,414,461

Nucor

Corp.

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

11,744

1,542,927

Royal

Gold,

Inc.

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

5,981

567,956

Southern

Copper

Corp.

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

3,051

143,305

4,668,649

Multiline

Retail

—

0.4%

Dollar

Tree,

Inc.

(a)

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

11,283

1,788,356

Target

Corp.

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

21,241

3,488,834

5,277,190

Multi-Utilities

—

0.0%

CMS

Energy

Corp.

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

11,402

650,484

Oil,

Gas

&

Consumable

Fuels

—

1.3%

APA

Corp.

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

16,620

755,545

Cheniere

Energy,

Inc.

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

22,940

4,046,846

ConocoPhillips

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

58,039

7,318,138

Coterra

Energy,

Inc.

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

46,041

1,433,256

EQT

Corp.

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

20,180

844,331

Hess

Corp.

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

8,882

1,253,073

New

Fortress

Energy,

Inc.,

Class

A

.......

4,376

240,986

ONEOK,

Inc.

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

17,282

1,025,168

Targa

Resources

Corp.

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

7,409

506,553

Texas

Pacific

Land

Corp.

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

570

1,313,206

18,737,102

Security

Shares

Shares

Value

Personal

Products

—

0.2%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

....

16,995

$

3,407,328

Olaplex

Holdings,

Inc.

(a)

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

8,295

36,498

3,443,826

Pharmaceuticals

—

2.0%

Catalent,

Inc.

(a)

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

16,460

1,081,916

Elanco

Animal

Health,

Inc.

(a)

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

40,764

537,677

Eli

Lilly

&

Co.

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

57,548

20,837,555

Zoetis,

Inc.,

Class

A

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

42,936

6,473,890

28,931,038

Professional

Services

—

0.7%

Booz

Allen

Hamilton

Holding

Corp.

.......

6,014

654,624

Clarivate

plc

(a)(b)

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

39,440

407,415

CoStar

Group,

Inc.

(a)

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

36,277

3,000,834

Dun

&

Bradstreet

Holdings,

Inc.

.........

6,240

80,184

Equifax,

Inc.

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

11,224

1,902,917

Jacobs

Solutions,

Inc.

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

5,629

648,573

Robert

Half

International,

Inc.

...........

5,006

382,759

TransUnion

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

17,720

1,050,264

Verisk

Analytics,

Inc.

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

14,434

2,638,968

10,766,538

Real

Estate

Management

&

Development

—

0.1%

(a)

CBRE

Group,

Inc.,

Class

A

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

10,395

737,421

Zillow

Group,

Inc.,

Class

A

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

5,399

166,991

Zillow

Group,

Inc.,

Class

C,

NVS

(b)

.......

15,403

475,337

1,379,749

Road

&

Rail

—

0.8%

AMERCO

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

465

267,463

Avis

Budget

Group,

Inc.

(a)

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

1,451

343,103

CSX

Corp.

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

72,634

2,110,744

JB

Hunt

Transport

Services,

Inc.

........

7,598

1,299,790

Knight-Swift

Transportation

Holdings,

Inc.

..

7,440

357,343

Lyft,

Inc.,

Class

A

(a)(b)

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

14,476

211,929

Norfolk

Southern

Corp.

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

6,811

1,553,385

Old

Dominion

Freight

Line,

Inc.

.........

8,417

2,311,308

Uber

Technologies,

Inc.

(a)

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

106,163

2,820,751

11,275,816

Semiconductors

&

Semiconductor

Equipment

—

6.5%

Advanced

Micro

Devices,

Inc.

(a)

.........

148,061

8,892,544

Analog

Devices,

Inc.

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

17,794

2,537,780

Applied

Materials,

Inc.

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

43,357

3,827,990

Broadcom,

Inc.

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

16,597

7,802,582

Enphase

Energy,

Inc.

(a)

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

12,424

3,814,168

Entegris,

Inc.

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

13,604

1,079,341

First

Solar,

Inc.

(a)

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

4,081

594,071

KLA

Corp.

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

7,621

2,411,665

Lam

Research

Corp.

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

6,461

2,615,284

Lattice

Semiconductor

Corp.

(a)

..........

12,539

608,267

Marvell

Technology,

Inc.

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

77,809

3,087,461

Microchip

Technology,

Inc.

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

34,197

2,111,323

Micron

Technology,

Inc.

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

48,724

2,635,968

Monolithic

Power

Systems,

Inc.

.........

4,066

1,380,204

NVIDIA

Corp.

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

229,662

30,997,480

NXP

Semiconductors

NV

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

11,346

1,657,424

ON

Semiconductor

Corp.

(a)

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

39,767

2,442,887

Qorvo,

Inc.

(a)

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

3,929

338,208

QUALCOMM,

Inc.

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

59,657

7,019,243

Skyworks

Solutions,

Inc.

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

4,741

407,773

SolarEdge

Technologies,

Inc.

(a)

..........

5,130

1,180,054

Teradyne,

Inc.

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

14,334

1,166,071

Texas

Instruments,

Inc.

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

42,335

6,800,271

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

Morningstar

Growth

ETF

14

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

Wolfspeed,

Inc.

(a)

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

4,350

$

342,562

95,750,621

Software

—

17.7%

Adobe,

Inc.

(a)

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

42,923

13,670,976

ANSYS,

Inc.

(a)

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

7,977

1,764,193

AppLovin

Corp.,

Class

A

(a)(b)

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

11,220

190,291

Aspen

Technology,

Inc.

(a)(b)

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

2,639

637,187

Autodesk,

Inc.

(a)

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

19,951

4,275,499

Bentley

Systems,

Inc.,

Class

B

..........

17,973

634,087

Bill.com

Holdings,

Inc.

(a)

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

8,658

1,154,631

Black

Knight,

Inc.

(a)

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

14,207

859,097

Cadence

Design

Systems,

Inc.

(a)

........

25,058

3,793,531

Ceridian

HCM

Holding,

Inc.

(a)(b)

..........

14,001

926,726

Crowdstrike

Holdings,

Inc.,

Class

A

(a)

......

19,612

3,161,454

Datadog,

Inc.,

Class

A

(a)

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

22,792

1,834,984

DocuSign,

Inc.

(a)

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

18,508

893,936

Dynatrace,

Inc.

(a)

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

18,409

648,733

Elastic

NV

(a)

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

7,029

449,505

Fair

Isaac

Corp.

(a)

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

2,309

1,105,642

Five9,

Inc.

(a)

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

6,329

381,386

Fortinet,

Inc.

(a)(b)

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

60,143

3,437,774

Guidewire

Software,

Inc.

(a)(b)

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

3,090

183,577

HubSpot,

Inc.

(a)(b)

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

4,386

1,300,712

Intuit,

Inc.

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

25,871

11,059,852

Manhattan

Associates,

Inc.

(a)

...........

5,742

698,629

Microsoft

Corp.

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

684,017

158,780,866

Palantir

Technologies,

Inc.,

Class

A

(a)(b)

....

159,901

1,405,530

Palo

Alto

Networks,

Inc.

(a)

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

27,435

4,707,572

Paycom

Software,

Inc.

(a)

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

4,472

1,547,312

Paylocity

Holding

Corp.

(a)

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

3,749

868,981

PTC,

Inc.

(a)

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

9,727

1,146,132

RingCentral,

Inc.,

Class

A

(a)

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

7,029

249,670

Roper

Technologies,

Inc.

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

6,103

2,529,938

Salesforce,

Inc.

(a)

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

91,259

14,837,801

ServiceNow,

Inc.

(a)

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

18,527

7,795,050

Splunk,

Inc.

(a)

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

13,545

1,125,725

Synopsys,

Inc.

(a)

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

14,047

4,109,450

Tyler

Technologies,

Inc.

(a)

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

3,828

1,237,707

UiPath,

Inc.,

Class

A

(a)(b)

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

31,722

401,283

Unity

Software,

Inc.

(a)(b)

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

16,366

482,797

VMware,

Inc.,

Class

A

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

7,045

792,774

Workday,

Inc.,

Class

A

(a)

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

18,287

2,849,480

Zendesk,

Inc.

(a)

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

11,346

870,125

Zoom

Video

Communications,

Inc.,

Class

A

(a)

20,257

1,690,244

Zscaler,

Inc.

(a)

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

7,659

1,180,252

261,671,091

Specialty

Retail

—

2.3%

Advance

Auto

Parts,

Inc.

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

2,584

490,753

AutoZone,

Inc.

(a)

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

1,079

2,732,978

Bath

&

Body

Works,

Inc.

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

6,498

216,903

Burlington

Stores,

Inc.

(a)

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

6,025

861,334

CarMax,

Inc.

(a)(b)

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

6,896

434,517

Five

Below,

Inc.

(a)

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

5,146

753,117

Floor

&

Decor

Holdings,

Inc.,

Class

A

(a)

....

9,649

707,947

GameStop

Corp.,

Class

A

(a)

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

10,260

290,461

Home

Depot,

Inc.

(The)

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

33,680

9,973,658

Lithia

Motors,

Inc.,

Class

A

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

1,241

245,904

Lowe's

Cos.,

Inc.

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

25,083

4,889,931

O'Reilly

Automotive,

Inc.

(a)

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

2,636

2,206,780

RH

(a)

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

922

234,124

Ross

Stores,

Inc.

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

22,125

2,117,141

TJX

Cos.,

Inc.

(The)

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

47,984

3,459,646

Tractor

Supply

Co.

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

6,033

1,325,872

Security

Shares

Shares

Value

Specialty

Retail

(continued)

Ulta

Beauty,

Inc.

(a)

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

4,742

$

1,988,653

Williams-Sonoma,

Inc.

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

2,821

349,325

33,279,044

Technology

Hardware,

Storage

&

Peripherals

—

10.0%

Apple,

Inc.

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

951,661

145,927,698

NetApp,

Inc.

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

7,246

501,931

Pure

Storage,

Inc.,

Class

A

(a)(b)

..........

25,540

788,164

147,217,793

Textiles,

Apparel

&

Luxury

Goods

—

1.1%

Capri

Holdings

Ltd.

(a)

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

4,346

198,525

Deckers

Outdoor

Corp.

(a)

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

2,430

850,330

Lululemon

Athletica,

Inc.

(a)

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

10,662

3,508,225

NIKE,

Inc.,

Class

B

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

115,899

10,741,519

VF

Corp.

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

30,204

853,263

16,151,862

Trading

Companies

&

Distributors

—

0.3%

Fastenal

Co.

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

31,455

1,520,220

United

Rentals,

Inc.

(a)

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

3,280

1,035,529

Watsco,

Inc.

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

1,874

507,779

WW

Grainger,

Inc.

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

2,477

1,447,435

4,510,963

Water

Utilities

—

0.1%

American

Water

Works

Co.,

Inc.

.........

10,275

1,493,368

Essential

Utilities,

Inc.

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

13,007

575,170

2,068,538

Wireless

Telecommunication

Services

—

0.4%

T-Mobile

US,

Inc.

(a)(b)

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

39,043

5,917,357

Total

Long-Term

Investments

—

99.9%

(Cost:

$1,427,073,689)

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

1,474,026,437

Short-Term

Securities

Money

Market

Funds

—

2.3%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

3.29%

(e)

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

32,855,443

32,848,872

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

2.97%

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

1,738,927

1,738,927

Total

Short-Term

Securities

—

2.3%

(Cost:

$34,586,457)

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

34,587,799

Total

Investments

—

102.2%

(Cost:

$1,461,660,146

)

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

1,508,614,236

Liabilities

in

Excess

of

Other

Assets

—

(2.2)%

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

(32,574,533)

Net

Assets

—

100.0%

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

$

1,476,039,703

(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)

October

31,

2022

iShares

®

Morningstar

Growth

ETF

Schedule

of

Investments

15

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

October

31,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/22

Shares

Held

at

10/31/22

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

31,914,376

$

935,797

(a)

$

—

$

2,786

$

(4,087)

$

32,848,872

32,855,443

$

98,966

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

3,207,000

—

(1,468,073)

(a)

—

—

1,738,927

1,738,927

27,354

—

$

2,786

$

(4,087)

$

34,587,799

$

126,320

$

—

—

—

(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

NASDAQ

100

E-Mini

Index

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

8

12/16/22

$

1,832

$

14,100

S&P

E-Mini

Communication

Services

Index

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

1

12/16/22

63

(1,189)

$

12,911

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)

......

$

—

$

—

$

14,100

$

—

$

—

$

—

$

14,100

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

—

—

1,189

—

—

—

1,189

(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

October

31,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

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

$

—

$

—

$

(616,731)

$

—

$

—

$

—

$

(616,731)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

321,742

$

—

$

—

$

—

$

321,742

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

Morningstar

Growth

ETF

16

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

See

notes

to

financial

statements.

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

2,911,228

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

1,474,026,437

$

—

$

—

$

1,474,026,437

Short-Term

Securities

Money

Market

Funds

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

34,587,799

—

—

34,587,799

$

1,508,614,236

$

—

$

—

$

1,508,614,236

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

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

$

14,100

$

—

$

—

$

14,100

Liabilities

Equity

contracts

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

(1,189)

—

—

(1,189)

$

12,911

$

—

$

—

$

12,911

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

October

31,

2022

iShares

®

Morningstar

Mid-Cap

ETF

Schedule

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.2%

Axon

Enterprise,

Inc.

(a)(b)

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

6,559

$

953,941

HEICO

Corp.

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

3,831

623,074

HEICO

Corp.,

Class

A

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

6,665

848,454

Howmet

Aerospace,

Inc.

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

35,814

1,273,188

Huntington

Ingalls

Industries,

Inc.

........

3,857

991,519

Textron,

Inc.

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

20,484

1,401,925

TransDigm

Group,

Inc.

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

4,989

2,872,467

8,964,568

Air

Freight

&

Logistics

—

0.4%

CH

Robinson

Worldwide,

Inc.

(a)

.........

12,002

1,172,836

Expeditors

International

of

Washington,

Inc.

.

15,834

1,549,357

GXO

Logistics,

Inc.

(a)(b)

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

11,419

417,250

3,139,443

Airlines

—

0.9%

(b)

American

Airlines

Group,

Inc.

...........

62,885

891,709

Delta

Air

Lines,

Inc.

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

62,074

2,106,171

Southwest

Airlines

Co.

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

57,442

2,088,017

United

Airlines

Holdings,

Inc.

...........

31,510

1,357,451

6,443,348

Auto

Components

—

0.6%

Aptiv

plc

(b)

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

26,228

2,388,584

BorgWarner,

Inc.

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

23,013

863,678

Gentex

Corp.

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

22,771

603,203

Lear

Corp.

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

5,742

796,473

4,651,938

Automobiles

—

0.4%

(a)(b)

Lucid

Group,

Inc.

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

56,941

813,687

Rivian

Automotive,

Inc.,

Class

A

.........

52,763

1,845,122

2,658,809

Banks

—

3.5%

Citizens

Financial

Group,

Inc.

..........

47,983

1,962,505

Comerica,

Inc.

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

12,663

892,742

Commerce

Bancshares,

Inc.

...........

10,601

750,975

Cullen/Frost

Bankers,

Inc.

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

6,223

964,876

East

West

Bancorp,

Inc.

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

13,666

978,076

Fifth

Third

Bancorp

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

66,430

2,370,887

First

Citizens

BancShares,

Inc.,

Class

A

....

1,279

1,051,491

First

Horizon

Corp.

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

51,916

1,272,461

First

Republic

Bank

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

17,688

2,124,329

Huntington

Bancshares,

Inc.

...........

139,617

2,119,386

KeyCorp

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

90,290

1,613,482

M&T

Bank

Corp.

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

17,001

2,862,458

Regions

Financial

Corp.

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

90,458

1,985,553

Signature

Bank

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

6,073

962,753

SVB

Financial

Group

(b)

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

5,720

1,321,091

Webster

Financial

Corp.

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

17,075

926,489

Western

Alliance

Bancorp

(a)

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

10,478

703,807

Zions

Bancorp

NA

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

14,608

758,740

25,622,101

Beverages

—

0.3%

Brown-Forman

Corp.,

Class

A

(a)

.........

5,455

375,141

Brown-Forman

Corp.,

Class

B,

NVS

......

17,727

1,205,436

Molson

Coors

Beverage

Co.,

Class

B

.....

18,224

919,036

2,499,613

Biotechnology

—

2.0%

(b)

Alnylam

Pharmaceuticals,

Inc.

..........

11,619

2,408,154

Biogen,

Inc.

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

14,048

3,981,765

BioMarin

Pharmaceutical,

Inc.

..........

17,980

1,557,608

Exact

Sciences

Corp.

(a)

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

17,230

599,259

Security

Shares

Shares

Value

Biotechnology

(continued)

Horizon

Therapeutics

plc

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

22,333

$

1,391,793

Incyte

Corp.

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

17,877

1,328,976

Neurocrine

Biosciences,

Inc.

...........

9,231

1,062,673

Seagen,

Inc.

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

13,213

1,680,165

United

Therapeutics

Corp.

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

4,408

1,016,176

15,026,569

Building

Products

—

2.1%

Advanced

Drainage

Systems,

Inc.

.......

6,234

722,396

Allegion

plc

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

8,488

889,288

AO

Smith

Corp.

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

12,369

677,574

Builders

FirstSource,

Inc.

(b)

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

15,148

934,026

Carlisle

Cos.,

Inc.

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

5,014

1,197,343

Carrier

Global

Corp.

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

81,473

3,239,366

Fortune

Brands

Home

&

Security,

Inc.

.....

12,574

758,464

Lennox

International,

Inc.

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

3,136

732,475

Masco

Corp.

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

21,862

1,011,555

Owens

Corning

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

9,352

800,625

Trane

Technologies

plc

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

22,432

3,580,820

Trex

Co.,

Inc.

(a)(b)

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

10,615

510,475

15,054,407

Capital

Markets

—

4.7%

Ameriprise

Financial,

Inc.

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

10,472

3,237,105

Ares

Management

Corp.,

Class

A

........

15,009

1,138,132

Bank

of

New

York

Mellon

Corp.

(The)

.....

71,191

2,997,853

Carlyle

Group,

Inc.

(The)

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

20,872

590,260

Coinbase

Global,

Inc.,

Class

A

(a)(b)

........

15,258

1,010,843

FactSet

Research

Systems,

Inc.

.........

3,677

1,564,527

Franklin

Resources,

Inc.

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

27,348

641,311

Invesco

Ltd.

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

43,794

670,924

Jefferies

Financial

Group,

Inc.

..........

17,903

616,042

KKR

&

Co.,

Inc.

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

55,785

2,712,825

LPL

Financial

Holdings,

Inc.

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

7,723

1,974,385

MarketAxess

Holdings,

Inc.

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

3,632

886,353

Morningstar,

Inc.

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

2,413

560,250

MSCI,

Inc.

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

7,793

3,653,826

Nasdaq,

Inc.

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

32,813

2,042,281

Northern

Trust

Corp.

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

20,173

1,701,593

Raymond

James

Financial,

Inc.

.........

18,774

2,217,960

SEI

Investments

Co.

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

9,913

538,276

State

Street

Corp.

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

35,589

2,633,586

T.

Rowe

Price

Group,

Inc.

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

21,849

2,319,490

Tradeweb

Markets,

Inc.,

Class

A

.........

10,429

574,429

34,282,251

Chemicals

—

3.0%

Albemarle

Corp.

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

11,339

3,173,446

Celanese

Corp.

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

9,676

930,057

CF

Industries

Holdings,

Inc.

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

19,259

2,046,461

DuPont

de

Nemours,

Inc.

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

48,501

2,774,257

Eastman

Chemical

Co.

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

11,921

915,652

FMC

Corp.

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

12,194

1,449,867

International

Flavors

&

Fragrances,

Inc.

....

24,681

2,409,113

LyondellBasell

Industries

NV,

Class

A

.....

24,632

1,883,116

Mosaic

Co.

(The)

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

33,425

1,796,594

Olin

Corp.

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

12,995

688,085

PPG

Industries,

Inc.

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

22,754

2,598,052

RPM

International,

Inc.

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

12,500

1,182,125

Westlake

Corp.

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

3,328

321,651

22,168,476

Commercial

Services

&

Supplies

—

0.6%

Copart,

Inc.

(b)

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

20,709

2,381,949

Rollins,

Inc.

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

22,480

945,959

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

Morningstar

Mid-Cap

ETF

18

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Commercial

Services

&

Supplies

(continued)

Tetra

Tech,

Inc.

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

5,133

$

725,190

4,053,098

Communications

Equipment

—

1.3%

Arista

Networks,

Inc.

(b)

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

23,860

2,883,720

Ciena

Corp.

(a)(b)

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

14,413

690,383

F5,

Inc.

(b)

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

5,785

826,734

Juniper

Networks,

Inc.

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

31,272

956,923

Motorola

Solutions,

Inc.

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

16,156

4,034,315

9,392,075

Construction

&

Engineering

—

0.5%

AECOM

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

13,547

1,019,818

Quanta

Services,

Inc.

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

13,846

1,966,686

WillScot

Mobile

Mini

Holdings

Corp.

(b)

.....

20,744

882,242

3,868,746

Construction

Materials

—

0.6%

Martin

Marietta

Materials,

Inc.

..........

6,038

2,028,647

Vulcan

Materials

Co.

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

12,866

2,106,164

4,134,811

Consumer

Finance

—

0.8%

Ally

Financial,

Inc.

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

29,943

825,229

Credit

Acceptance

Corp.

(a)(b)

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

586

272,853

Discover

Financial

Services

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

26,456

2,763,594

Synchrony

Financial

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

46,639

1,658,483

5,520,159

Containers

&

Packaging

—

1.4%

Amcor

plc

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

145,482

1,684,682

AptarGroup,

Inc.

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

6,327

627,322

Avery

Dennison

Corp.

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

7,866

1,333,680

Ball

Corp.

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

30,428

1,502,839

Berry

Global

Group,

Inc.

(b)

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

12,044

569,922

Crown

Holdings,

Inc.

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

11,749

805,864

International

Paper

Co.

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

35,072

1,178,770

Packaging

Corp.

of

America

...........

9,035

1,086,097

Sealed

Air

Corp.

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

14,090

670,966

WestRock

Co.

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

24,633

839,000

10,299,142

Distributors

—

0.7%

Genuine

Parts

Co.

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

13,692

2,435,259

LKQ

Corp.

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

25,221

1,403,297

Pool

Corp.

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

3,835

1,166,722

5,005,278

Diversified

Consumer

Services

—

0.2%

Bright

Horizons

Family

Solutions,

Inc.

(a)(b)

...

5,566

363,571

Service

Corp.

International

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

15,299

927,272

1,290,843

Diversified

Financial

Services

—

0.5%

Apollo

Global

Management,

Inc.

.........

42,010

2,325,674

Equitable

Holdings,

Inc.

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

33,888

1,037,650

Voya

Financial,

Inc.

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

9,427

644,430

4,007,754

Diversified

Telecommunication

Services

—

0.1%

Lumen

Technologies,

Inc.

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

91,748

675,265

Electric

Utilities

—

3.4%

Alliant

Energy

Corp.

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

24,305

1,267,992

Avangrid,

Inc.

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

6,673

271,458

Constellation

Energy

Corp.

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

31,642

2,991,435

Edison

International

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

36,926

2,217,037

Entergy

Corp.

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

19,658

2,106,158

Security

Shares

Shares

Value

Electric

Utilities

(continued)

Evergy,

Inc.

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

22,226

$

1,358,675

Eversource

Energy

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

33,548

2,559,041

FirstEnergy

Corp.

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

52,461

1,978,304

NRG

Energy,

Inc.

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

22,812

1,012,853

OGE

Energy

Corp.

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

19,383

709,999

PG&E

Corp.

(a)(b)

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

155,864

2,327,050

Pinnacle

West

Capital

Corp.

...........

10,932

734,740

PPL

Corp.

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

71,270

1,887,942

Xcel

Energy,

Inc.

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

52,954

3,447,835

24,870,519

Electrical

Equipment

—

1.4%

AMETEK,

Inc.

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

22,229

2,882,212

Generac

Holdings,

Inc.

(a)(b)

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

6,196

718,178

Hubbell,

Inc.

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

5,206

1,236,321

Plug

Power,

Inc.

(a)(b)

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

50,547

807,741

Regal

Rexnord

Corp.

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

6,438

814,665

Rockwell

Automation,

Inc.

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

11,180

2,854,254

Sensata

Technologies

Holding

plc

........

15,091

606,809

9,920,180

Electronic

Equipment,

Instruments

&

Components

—

2.2%

Arrow

Electronics,

Inc.

(b)

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

6,178

625,584

CDW

Corp.

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

13,093

2,262,601

Cognex

Corp.

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

16,758

774,722

Corning,

Inc.

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

73,651

2,369,353

Flex

Ltd.

(b)

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

44,320

867,786

Jabil,

Inc.

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

13,361

858,444

Keysight

Technologies,

Inc.

(b)

...........

17,420

3,033,693

TD

SYNNEX

Corp.

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

4,060

371,531

Teledyne

Technologies,

Inc.

(b)

...........

4,537

1,805,635

Trimble,

Inc.

(b)

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

23,978

1,442,517

Zebra

Technologies

Corp.,

Class

A

(b)

......

5,015

1,420,348

15,832,214

Energy

Equipment

&

Services

—

0.8%

Baker

Hughes

Co.,

Class

A

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

97,947

2,709,214

Halliburton

Co.

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

87,801

3,197,712

5,906,926

Entertainment

—

1.2%

AMC

Entertainment

Holdings,

Inc.,

Class

A

(a)(b)

49,848

331,988

Electronic

Arts,

Inc.

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

25,572

3,221,049

Liberty

Media

Corp.-Liberty

Formula

One,

Class

C,

NVS

(b)

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

20,027

1,156,159

Liberty

Media

Corp-Liberty

Formula

One,

Class

A

(b)

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

2,308

120,062

Live

Nation

Entertainment,

Inc.

(a)(b)

.......

13,772

1,096,389

Playtika

Holding

Corp.

(b)

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

9,767

92,298

Roku,

Inc.,

Class

A

(a)(b)

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

11,693

649,429

Take-Two

Interactive

Software,

Inc.

(b)

......

15,169

1,797,223

8,464,597

Equity

Real

Estate

Investment

Trusts

(REITs)

—

7.6%

Alexandria

Real

Estate

Equities,

Inc.

......

14,374

2,088,542

American

Homes

4

Rent,

Class

A

........

29,345

937,279

Americold

Realty

Trust,

Inc.

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

26,069

632,173

Apartment

Income

REIT

Corp.

..........

14,844

570,455

AvalonBay

Communities,

Inc.

..........

13,545

2,372,000

Boston

Properties,

Inc.

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

13,756

1,000,061

Brixmor

Property

Group,

Inc.

...........

29,056

619,183

Camden

Property

Trust

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

10,321

1,192,592

CubeSmart

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

21,670

907,323

EastGroup

Properties,

Inc.

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

4,194

657,158

Equity

LifeStyle

Properties,

Inc.

.........

16,956

1,084,506

Equity

Residential

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

32,771

2,065,228

Essex

Property

Trust,

Inc.

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

6,304

1,401,001

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

Morningstar

Mid-Cap

ETF

Schedule

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

Extra

Space

Storage,

Inc.

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

12,964

$

2,300,332

Federal

Realty

Investment

Trust

.........

7,085

701,273

Gaming

and

Leisure

Properties,

Inc.

......

24,753

1,240,620

Healthpeak

Properties,

Inc.

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

52,298

1,241,032

Host

Hotels

&

Resorts,

Inc.

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

69,308

1,308,535

Invitation

Homes,

Inc.

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

56,047

1,776,130

Iron

Mountain,

Inc.

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

28,147

1,409,320

Kilroy

Realty

Corp.

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

10,131

432,999

Kimco

Realty

Corp.

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

59,940

1,281,517

Lamar

Advertising

Co.,

Class

A

.........

8,446

778,975

Life

Storage,

Inc.

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

8,144

900,808

Medical

Properties

Trust,

Inc.

...........

58,038

664,535

Mid-America

Apartment

Communities,

Inc.

..

11,176

1,759,661

National

Retail

Properties,

Inc.

..........

17,079

717,830

Realty

Income

Corp.

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

59,787

3,722,937

Regency

Centers

Corp.

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

14,958

905,109

Rexford

Industrial

Realty,

Inc.

..........

16,607

918,035

SBA

Communications

Corp.,

Class

A

......

10,444

2,818,836

STORE

Capital

Corp.

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

25,811

820,790

Sun

Communities,

Inc.

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

11,939

1,609,974

UDR,

Inc.

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

29,590

1,176,498

Ventas,

Inc.

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

38,696

1,514,175

VICI

Properties,

Inc.

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

93,236

2,985,417

Vornado

Realty

Trust

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

15,664

369,514

Welltower,

Inc.

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

44,859

2,738,193

Weyerhaeuser

Co.

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

71,670

2,216,753

WP

Carey,

Inc.

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

20,093

1,533,096

55,370,395

Food

&

Staples

Retailing

—

1.1%

Albertsons

Cos.,

Inc.,

Class

A

..........

15,362

315,075

BJ's

Wholesale

Club

Holdings,

Inc.

(b)

......

13,035

1,008,909

Kroger

Co.

(The)

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

63,038

2,981,067

Performance

Food

Group

Co.

(b)

.........

15,005

780,860

US

Foods

Holding

Corp.

(b)

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

19,672

585,439

Walgreens

Boots

Alliance,

Inc.

..........

69,445

2,534,742

8,206,092

Food

Products

—

2.5%

Bunge

Ltd.

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

14,708

1,451,679

Campbell

Soup

Co.

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

19,533

1,033,491

Conagra

Brands,

Inc.

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

46,477

1,705,706

Darling

Ingredients,

Inc.

(b)

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

15,535

1,219,187

Hershey

Co.

(The)

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

14,219

3,395,071

Hormel

Foods

Corp.

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

28,024

1,301,715

JM

Smucker

Co.

(The)

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

10,316

1,554,208

Kellogg

Co.

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

24,694

1,896,993

Lamb

Weston

Holdings,

Inc.

...........

13,905

1,198,889

McCormick

&

Co.,

NVS

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

24,248

1,906,863

Tyson

Foods,

Inc.,

Class

A

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

28,038

1,916,397

18,580,199

Gas

Utilities

—

0.3%

Atmos

Energy

Corp.

.................

13,540

1,442,687

UGI

Corp.

........................

20,334

718,400

2,161,087

Health

Care

Equipment

&

Supplies

—

3.0%

ABIOMED,

Inc.

(b)

...................

4,406

1,110,664

Align

Technology,

Inc.

(b)

...............

7,032

1,366,318

Baxter

International,

Inc.

..............

48,754

2,649,780

Cooper

Cos.,

Inc.

(The)

..............

4,778

1,306,257

Dentsply

Sirona,

Inc.

................

20,852

642,659

Hologic,

Inc.

(b)

.....................

24,168

1,638,590

IDEXX

Laboratories,

Inc.

(b)

.............

8,060

2,899,021

Insulet

Corp.

(b)

.....................

6,719

1,738,944

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

Novocure

Ltd.

(a)(b)

...................

8,705

$

615,095

ResMed,

Inc.

.....................

14,175

3,170,806

STERIS

plc

.......................

9,683

1,671,092

Teleflex,

Inc.

......................

4,525

970,884

Zimmer

Biomet

Holdings,

Inc.

..........

20,313

2,302,479

22,082,589

Health

Care

Providers

&

Services

—

1.8%

agilon

health,

Inc.

(a)(b)

................

18,990

376,951

AmerisourceBergen

Corp.

.............

15,048

2,365,846

Cardinal

Health,

Inc.

.................

26,373

2,001,711

Chemed

Corp.

.....................

1,451

677,428

DaVita,

Inc.

(b)

......................

5,362

391,480

Henry

Schein,

Inc.

(b)

.................

13,211

904,425

Laboratory

Corp.

of

America

Holdings

.....

8,752

1,941,719

Molina

Healthcare,

Inc.

(b)

..............

5,616

2,015,358

Quest

Diagnostics,

Inc.

...............

11,289

1,621,665

Tenet

Healthcare

Corp.

(b)

..............

10,454

463,739

Universal

Health

Services,

Inc.,

Class

B

...

6,401

741,684

13,502,006

Health

Care

Technology

—

0.3%

Veeva

Systems,

Inc.,

Class

A

(b)

.........

13,561

2,277,434

Hotels,

Restaurants

&

Leisure

—

2.4%

Aramark

.........................

24,887

908,376

Caesars

Entertainment,

Inc.

(b)

..........

20,769

908,228

Carnival

Corp.

(a)(b)

...................

95,214

862,639

Choice

Hotels

International,

Inc.

.........

2,792

362,513

Churchill

Downs,

Inc.

................

3,229

671,341

Darden

Restaurants,

Inc.

.............

11,867

1,698,642

Domino's

Pizza,

Inc.

.................

3,478

1,155,531

Expedia

Group,

Inc.

(b)

................

14,719

1,375,785

Las

Vegas

Sands

Corp.

(b)

.............

31,838

1,210,162

MGM

Resorts

International

............

31,636

1,125,293

Norwegian

Cruise

Line

Holdings

Ltd.

(a)(b)

...

40,986

692,254

Royal

Caribbean

Cruises

Ltd.

(b)

.........

21,272

1,135,499

Vail

Resorts,

Inc.

...................

3,909

856,579

Wyndham

Hotels

&

Resorts,

Inc.

........

8,696

660,287

Wynn

Resorts

Ltd.

(b)

.................

9,964

636,700

Yum!

Brands,

Inc.

..................

27,547

3,257,433

17,517,262

Household

Durables

—

1.3%

DR

Horton,

Inc.

....................

30,612

2,353,451

Garmin

Ltd.

.......................

14,946

1,315,846

Lennar

Corp.,

Class

A

................

24,646

1,988,932

Lennar

Corp.,

Class

B

...............

1,488

97,048

Mohawk

Industries,

Inc.

(b)

.............

5,077

481,046

Newell

Brands,

Inc.

.................

36,235

500,405

NVR,

Inc.

(b)

.......................

298

1,262,849

PulteGroup,

Inc.

...................

22,475

898,775

Whirlpool

Corp.

....................

5,297

732,257

9,630,609

Household

Products

—

0.5%

Church

&

Dwight

Co.,

Inc.

.............

23,516

1,743,241

Clorox

Co.

(The)

...................

11,924

1,741,381

3,484,622

Independent

Power

and

Renewable

Electricity

Producers

—

0.3%

AES

Corp.

(The)

...................

64,663

1,691,584

Vistra

Corp.

......................

38,012

873,136

2,564,720

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

Morningstar

Mid-Cap

ETF

20

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Insurance

—

4.7%

Aflac,

Inc.

........................

55,670

$

3,624,674

Allstate

Corp.

(The)

.................

26,167

3,303,584

American

Financial

Group,

Inc.

.........

6,778

983,556

Arch

Capital

Group

Ltd.

(a)(b)

............

35,735

2,054,762

Arthur

J

Gallagher

&

Co.

..............

20,362

3,809,323

Assurant,

Inc.

.....................

5,124

696,147

Brown

&

Brown,

Inc.

.................

22,695

1,334,239

Cincinnati

Financial

Corp.

.............

15,412

1,592,368

CNA

Financial

Corp.

.................

2,599

108,378

Erie

Indemnity

Co.,

Class

A,

NVS

........

2,419

621,707

Everest

Re

Group

Ltd.

...............

3,810

1,229,335

Fidelity

National

Financial,

Inc.

..........

26,783

1,054,714

Globe

Life,

Inc.

....................

8,765

1,012,533

Hartford

Financial

Services

Group,

Inc.

(The)

31,283

2,265,202

Lincoln

National

Corp.

...............

15,061

811,336

Loews

Corp.

......................

19,382

1,105,162

Markel

Corp.

(b)

.....................

1,309

1,578,785

Old

Republic

International

Corp.

.........

27,815

645,586

Principal

Financial

Group,

Inc.

..........

22,439

1,977,549

Reinsurance

Group

of

America,

Inc.

......

6,504

957,194

Willis

Towers

Watson

plc

..............

10,645

2,322,845

WR

Berkley

Corp.

..................

19,774

1,470,790

34,559,769

Interactive

Media

&

Services

—

0.6%

(b)

Getty

Images

Holdings,

Inc.

............

2,764

18,795

IAC,

Inc.

.........................

7,547

367,388

Match

Group,

Inc.

..................

27,409

1,184,069

Pinterest,

Inc.,

Class

A

...............

56,423

1,388,006

ZoomInfo

Technologies,

Inc.

(a)

..........

26,189

1,166,196

4,124,454

Internet

&

Direct

Marketing

Retail

—

0.6%

DoorDash,

Inc.,

Class

A

(a)(b)

............

25,317

1,102,049

eBay,

Inc.

........................

53,275

2,122,476

Etsy,

Inc.

(a)(b)

......................

12,264

1,151,712

4,376,237

IT

Services

—

2.9%

Akamai

Technologies,

Inc.

(b)

............

15,392

1,359,575

Broadridge

Financial

Solutions,

Inc.

......

11,348

1,702,881

Cloudflare,

Inc.,

Class

A

(a)(b)

............

27,399

1,543,112

Concentrix

Corp.

...................

4,136

505,543

DXC

Technology

Co.

(b)

...............

22,131

636,266

EPAM

Systems,

Inc.

(b)

................

5,554

1,943,900

FleetCor

Technologies,

Inc.

(b)

...........

7,265

1,352,162

Gartner,

Inc.

(b)

.....................

7,658

2,312,103

Genpact

Ltd.

......................

16,404

795,594

GoDaddy,

Inc.,

Class

A

(b)

..............

15,152

1,218,221

Jack

Henry

&

Associates,

Inc.

..........

7,056

1,404,567

MongoDB,

Inc.,

Class

A

(b)

.............

6,605

1,208,913

Okta,

Inc.,

Class

A

(b)

.................

14,656

822,495

SS&C

Technologies

Holdings,

Inc.

.......

21,516

1,106,353

Twilio,

Inc.,

Class

A

(b)

................

16,792

1,248,821

VeriSign,

Inc.

(b)

....................

9,036

1,811,357

20,971,863

Leisure

Products

—

0.2%

Hasbro,

Inc.

......................

12,604

822,411

Mattel,

Inc.

(b)

......................

34,132

647,143

1,469,554

Life

Sciences

Tools

&

Services

—

2.5%

Agilent

Technologies,

Inc.

.............

28,917

4,000,667

Avantor,

Inc.

(b)

.....................

65,253

1,316,153

Bio-Rad

Laboratories,

Inc.,

Class

A

(b)

......

2,082

732,260

Bio-Techne

Corp.

...................

3,805

1,127,269

Security

Shares

Shares

Value

Life

Sciences

Tools

&

Services

(continued)

Bruker

Corp.

......................

9,785

$

605,105

Charles

River

Laboratories

International,

Inc.

(b)

4,905

1,041,086

Mettler-Toledo

International,

Inc.

(b)

.......

2,179

2,756,283

PerkinElmer,

Inc.

...................

12,220

1,632,348

Repligen

Corp.

(b)

...................

4,974

907,705

Syneos

Health,

Inc.,

Class

A

(b)

..........

9,882

497,855

Waters

Corp.

(b)

....................

5,796

1,733,989

West

Pharmaceutical

Services,

Inc.

......

7,169

1,649,587

18,000,307

Machinery

—

4.5%

AGCO

Corp.

......................

5,961

740,177

Cummins,

Inc.

.....................

13,649

3,337,317

Dover

Corp.

......................

13,896

1,816,068

Fortive

Corp.

......................

34,435

2,200,397

Graco,

Inc.

.......................

16,312

1,134,989

IDEX

Corp.

.......................

7,307

1,624,419

Ingersoll

Rand,

Inc.

.................

39,032

1,971,116

Lincoln

Electric

Holdings,

Inc.

..........

5,597

794,774

Middleby

Corp.

(The)

(b)

...............

5,241

733,006

Nordson

Corp.

.....................

5,225

1,175,625

Otis

Worldwide

Corp.

................

40,684

2,873,918

PACCAR,

Inc.

.....................

33,662

3,259,492

Parker-Hannifin

Corp.

................

12,428

3,611,825

Pentair

plc

.......................

15,999

687,157

Snap-on,

Inc.

.....................

5,164

1,146,666

Stanley

Black

&

Decker,

Inc.

...........

14,325

1,124,369

Toro

Co.

(The)

.....................

10,098

1,064,632

Westinghouse

Air

Brake

Technologies

Corp.

.

17,607

1,642,381

Xylem,

Inc.

.......................

17,443

1,786,687

32,725,015

Media

—

1.5%

Cable

One,

Inc.

....................

471

404,792

DISH

Network

Corp.,

Class

A

(b)

.........

24,523

365,638

Fox

Corp.,

Class

A,

NVS

..............

29,506

851,838

Fox

Corp.,

Class

B

..................

13,549

368,533

Interpublic

Group

of

Cos.,

Inc.

(The)

......

37,891

1,128,773

Liberty

Broadband

Corp.,

Class

A

(a)(b)

......

1,643

140,181

Liberty

Broadband

Corp.,

Class

C,

NVS

(b)

..

12,020

1,014,848

Liberty

Media

Corp.-Liberty

SiriusXM,

Class

A

(a)

(b)

...........................

7,177

304,592

Liberty

Media

Corp.-Liberty

SiriusXM,

Class

C,

NVS

(b)

........................

14,746

622,134

News

Corp.,

Class

A,

NVS

............

37,352

630,128

News

Corp.,

Class

B

................

11,757

201,398

Omnicom

Group,

Inc.

................

19,831

1,442,705

Paramount

Global,

Class

A

............

776

16,358

Paramount

Global,

Class

B,

NVS

........

48,973

897,185

Sirius

XM

Holdings,

Inc.

(a)

.............

67,484

407,603

Trade

Desk,

Inc.

(The),

Class

A

(b)

........

43,001

2,289,373

11,086,079

Metals

&

Mining

—

0.7%

Alcoa

Corp.

.......................

17,498

682,947

Cleveland-Cliffs,

Inc.

(a)(b)

..............

50,266

652,955

Reliance

Steel

&

Aluminum

Co.

.........

5,845

1,177,651

Royal

Gold,

Inc.

....................

6,362

604,135

Steel

Dynamics,

Inc.

.................

16,795

1,579,570

United

States

Steel

Corp.

(a)

............

22,839

465,002

5,162,260

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.1%

Annaly

Capital

Management,

Inc.

........

41,909

777,412

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

Morningstar

Mid-Cap

ETF

Schedule

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Multiline

Retail

—

0.6%

Dollar

Tree,

Inc.

(b)

...................

20,434

$

3,238,789

Kohl's

Corp.

......................

12,321

369,014

Macy's,

Inc.

......................

25,968

541,433

4,149,236

Multi-Utilities

—

2.3%

Ameren

Corp.

.....................

25,013

2,039,060

CenterPoint

Energy,

Inc.

..............

60,942

1,743,551

CMS

Energy

Corp.

..................

28,094

1,602,763

Consolidated

Edison,

Inc.

.............

34,327

3,019,403

DTE

Energy

Co.

...................

18,756

2,102,735

NiSource,

Inc.

.....................

39,151

1,005,789

Public

Service

Enterprise

Group,

Inc.

.....

48,294

2,707,844

WEC

Energy

Group,

Inc.

..............

30,537

2,788,944

17,010,089

Oil,

Gas

&

Consumable

Fuels

—

5.6%

Antero

Resources

Corp.

(a)(b)

............

27,334

1,002,064

APA

Corp.

.......................

31,621

1,437,491

Cheniere

Energy,

Inc.

................

24,181

4,265,770

Chesapeake

Energy

Corp.

............

9,382

959,497

Continental

Resources,

Inc.

............

5,242

387,751

Coterra

Energy,

Inc.

.................

77,021

2,397,664

Devon

Energy

Corp.

.................

63,391

4,903,294

Diamondback

Energy,

Inc.

.............

17,208

2,703,549

EQT

Corp.

.......................

35,816

1,498,541

Hess

Corp.

.......................

26,976

3,805,774

Kinder

Morgan,

Inc.

.................

191,938

3,477,917

Marathon

Oil

Corp.

..................

65,596

1,997,398

New

Fortress

Energy,

Inc.,

Class

A

(a)

......

4,596

253,102

ONEOK,

Inc.

......................

43,260

2,566,183

Ovintiv,

Inc.

.......................

24,627

1,247,357

Phillips

66

........................

46,571

4,856,890

Southwestern

Energy

Co.

(b)

............

108,105

749,168

Targa

Resources

Corp.

...............

21,932

1,499,491

Texas

Pacific

Land

Corp.

..............

597

1,375,410

41,384,311

Personal

Products

—

0.0%

Olaplex

Holdings,

Inc.

(a)(b)

.............

8,124

35,746

Pharmaceuticals

—

0.8%

Catalent,

Inc.

(b)

....................

17,352

1,140,547

Elanco

Animal

Health,

Inc.

(b)

............

42,904

565,904

Jazz

Pharmaceuticals

plc

(b)

............

6,074

873,380

Organon

&

Co.

....................

24,569

643,216

Royalty

Pharma

plc,

Class

A

...........

35,548

1,504,391

Viatris,

Inc.

.......................

116,950

1,184,704

5,912,142

Professional

Services

—

2.0%

Booz

Allen

Hamilton

Holding

Corp.

.......

12,816

1,395,022

Clarivate

plc

(a)(b)

....................

41,497

428,664

CoStar

Group,

Inc.

(b)

.................

38,332

3,170,823

Dun

&

Bradstreet

Holdings,

Inc.

.........

20,882

268,334

Equifax,

Inc.

......................

11,849

2,008,879

Jacobs

Solutions,

Inc.

................

12,353

1,423,313

Leidos

Holdings,

Inc.

................

13,238

1,344,848

Robert

Half

International,

Inc.

...........

10,636

813,228

TransUnion

.......................

18,658

1,105,860

Verisk

Analytics,

Inc.

.................

15,199

2,778,833

14,737,804

Real

Estate

Management

&

Development

—

0.5%

(b)

CBRE

Group,

Inc.,

Class

A

............

31,092

2,205,667

Jones

Lang

LaSalle,

Inc.

..............

4,657

740,882

Zillow

Group,

Inc.,

Class

A

.............

5,677

175,590

Security

Shares

Shares

Value

Real

Estate

Management

&

Development

(continued)

Zillow

Group,

Inc.,

Class

C,

NVS

(a)

.......

15,910

$

490,982

3,613,121

Road

&

Rail

—

0.9%

AMERCO

........................

947

544,705

Avis

Budget

Group,

Inc.

(b)

.............

2,776

656,413

Hertz

Global

Holdings,

Inc.

(b)

...........

17,345

319,148

JB

Hunt

Transport

Services,

Inc.

........

8,040

1,375,403

Knight-Swift

Transportation

Holdings,

Inc.

..

15,612

749,844

Lyft,

Inc.,

Class

A

(b)

..................

29,487

431,689

Old

Dominion

Freight

Line,

Inc.

.........

8,873

2,436,526

6,513,728

Semiconductors

&

Semiconductor

Equipment

—

2.7%

Enphase

Energy,

Inc.

(b)

...............

13,113

4,025,691

Entegris,

Inc.

(a)

....................

14,444

1,145,987

First

Solar,

Inc.

(b)

...................

9,608

1,398,637

Lattice

Semiconductor

Corp.

(b)

..........

13,298

645,086

Microchip

Technology,

Inc.

.............

53,485

3,302,164

Monolithic

Power

Systems,

Inc.

.........

4,303

1,460,653

ON

Semiconductor

Corp.

(b)

............

41,941

2,576,436

Qorvo,

Inc.

(b)

......................

10,024

862,866

Skyworks

Solutions,

Inc.

..............

15,537

1,336,337

SolarEdge

Technologies,

Inc.

(b)

..........

5,363

1,233,651

Teradyne,

Inc.

.....................

15,197

1,236,276

Wolfspeed,

Inc.

(b)

...................

11,978

943,267

20,167,051

Software

—

3.9%

ANSYS,

Inc.

(b)

.....................

8,416

1,861,283

AppLovin

Corp.,

Class

A

(a)(b)

............

11,805

200,213

Aspen

Technology,

Inc.

(b)

..............

2,786

672,680

Bentley

Systems,

Inc.,

Class

B

(a)

.........

18,919

667,462

Bill.com

Holdings,

Inc.

(a)(b)

.............

9,092

1,212,509

Black

Knight,

Inc.

(b)

..................

15,055

910,376

Ceridian

HCM

Holding,

Inc.

(b)

...........

14,863

983,782

Datadog,

Inc.,

Class

A

(b)

..............

23,930

1,926,604

DocuSign,

Inc.

(b)

...................

19,405

937,262

Dynatrace,

Inc.

(b)

...................

19,364

682,387

Elastic

NV

(b)

......................

7,397

473,038

Fair

Isaac

Corp.

(b)

...................

2,449

1,172,679

Five9,

Inc.

(b)

......................

6,732

405,670

Guidewire

Software,

Inc.

(b)

.............

8,146

483,954

HubSpot,

Inc.

(b)

....................

4,649

1,378,707

Manhattan

Associates,

Inc.

(b)

...........

6,094

741,457

NortonLifeLock,

Inc.

.................

57,346

1,292,005

Palantir

Technologies,

Inc.,

Class

A

(a)(b)

....

169,202

1,487,286

Paycom

Software,

Inc.

(b)

..............

4,706

1,628,276

Paylocity

Holding

Corp.

(b)

.............

3,970

920,206

PTC,

Inc.

(b)

.......................

10,219

1,204,105

RingCentral,

Inc.,

Class

A

(b)

............

7,396

262,706

Splunk,

Inc.

(b)

.....................

14,349

1,192,545

Tyler

Technologies,

Inc.

(b)

.............

4,017

1,298,817

UiPath,

Inc.,

Class

A

(b)

...............

33,379

422,244

Unity

Software,

Inc.

(a)(b)

...............

17,223

508,079

Zendesk,

Inc.

(b)

....................

11,935

915,295

Zoom

Video

Communications,

Inc.,

Class

A

(b)

21,443

1,789,204

Zscaler,

Inc.

(b)

.....................

8,109

1,249,597

28,880,428

Specialty

Retail

—

3.0%

Advance

Auto

Parts,

Inc.

..............

5,881

1,116,920

AutoNation,

Inc.

(a)(b)

.................

3,719

395,367

AutoZone,

Inc.

(b)

...................

1,887

4,779,545

Bath

&

Body

Works,

Inc.

..............

22,196

740,902

Best

Buy

Co.,

Inc.

..................

19,404

1,327,428

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

Morningstar

Mid-Cap

ETF

22

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Specialty

Retail

(continued)

Burlington

Stores,

Inc.

(b)

..............

6,368

$

910,369

CarMax,

Inc.

(b)

.....................

15,440

972,874

Five

Below,

Inc.

(a)(b)

..................

5,350

782,973

Floor

&

Decor

Holdings,

Inc.,

Class

A

(a)(b)

...

10,236

751,015

GameStop

Corp.,

Class

A

(a)(b)

...........

24,599

696,398

Lithia

Motors,

Inc.,

Class

A

............

2,650

525,098

Penske

Automotive

Group,

Inc.

.........

2,500

279,050

RH

(a)(b)

..........................

1,925

488,815

Ross

Stores,

Inc.

...................

33,876

3,241,594

Tractor

Supply

Co.

..................

10,746

2,361,648

Ulta

Beauty,

Inc.

(b)

..................

5,008

2,100,205

Williams-Sonoma,

Inc.

...............

6,680

827,184

22,297,385

Technology

Hardware,

Storage

&

Peripherals

—

1.3%

Dell

Technologies,

Inc.,

Class

C

.........

25,790

990,336

Hewlett

Packard

Enterprise

Co.

.........

125,787

1,794,980

HP,

Inc.

.........................

88,180

2,435,532

NetApp,

Inc.

......................

21,270

1,473,373

Pure

Storage,

Inc.,

Class

A

(b)

...........

27,038

834,393

Seagate

Technology

Holdings

plc

........

18,938

940,461

Western

Digital

Corp.

(b)

...............

30,367

1,043,714

9,512,789

Textiles,

Apparel

&

Luxury

Goods

—

0.4%

Capri

Holdings

Ltd.

(b)

................

13,289

607,042

Deckers

Outdoor

Corp.

(b)

..............

2,575

901,070

Tapestry,

Inc.

......................

24,356

771,598

VF

Corp.

........................

32,045

905,271

3,184,981

Trading

Companies

&

Distributors

—

1.1%

Fastenal

Co.

......................

55,644

2,689,275

United

Rentals,

Inc.

(b)

................

6,765

2,135,778

Watsco,

Inc.

......................

3,204

868,156

WW

Grainger,

Inc.

(a)

.................

4,383

2,561,206

8,254,415

Security

Shares

Shares

Value

Water

Utilities

—

0.5%

American

Water

Works

Co.,

Inc.

.........

17,598

$

2,557,693

Essential

Utilities,

Inc.

................

23,135

1,023,030

3,580,723

Total

Long-Term

Investments

—

99.8%

(Cost:

$730,940,452)

.............................

731,617,044

Short-Term

Securities

Money

Market

Funds

—

3.8%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

3.29%

(e)

............

27,236,298

27,230,850

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

2.97%

..................

1,031,064

1,031,064

Total

Short-Term

Securities

—

3.8%

(Cost:

$28,259,186)

..............................

28,261,914

Total

Investments

—

103.6%

(Cost:

$759,199,638

)

.............................

759,878,958

Liabilities

in

Excess

of

Other

Assets

—

(3.6)%

............

(26,727,815)

Net

Assets

—

100.0%

..............................

$

733,151,143

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Non-income

producing

security.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

October

31,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/22

Shares

Held

at

10/31/22

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

36,799,614

$

—

$

(9,559,627)

(a)

$

(3,839)

$

(5,298)

$

27,230,850

27,236,298

$

141,506

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

1,172,000

—

(140,936)

(a)

—

—

1,031,064

1,031,064

11,992

—

$

(3,839)

$

(5,298)

$

28,261,914

$

153,498

$

—

—

—

(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.

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

Morningstar

Mid-Cap

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

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

......................................................

5

12/16/22

$

971

$

28,409

S&P

Midcap

400

E-Mini

Index

.................................................

2

12/16/22

488

33,700

$

62,109

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)

......

$

—

$

—

$

62,109

$

—

$

—

$

—

$

62,109

(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

October

31,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

(192,380)

$

—

$

—

$

—

$

(192,380)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

141,120

$

—

$

—

$

—

$

141,120

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

1,897,005

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

Morningstar

Mid-Cap

ETF

24

See

notes

to

financial

statements.

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

731,617,044

$

—

$

—

$

731,617,044

Short-Term

Securities

Money

Market

Funds

......................................

28,261,914

—

—

28,261,914

$

759,878,958

$

—

$

—

$

759,878,958

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

62,109

$

—

$

—

$

62,109

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

October

31,

2022

iShares

®

Morningstar

Mid-Cap

Growth

ETF

Schedule

of

Investments

25

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

2.2%

Axon

Enterprise,

Inc.

(a)

...............

21,145

$

3,075,329

HEICO

Corp.

.....................

12,486

2,030,723

HEICO

Corp.,

Class

A

................

21,680

2,759,864

Howmet

Aerospace,

Inc.

..............

115,773

4,115,730

Huntington

Ingalls

Industries,

Inc.

........

5,717

1,469,669

Textron,

Inc.

......................

31,419

2,150,316

TransDigm

Group,

Inc.

...............

16,135

9,289,888

24,891,519

Air

Freight

&

Logistics

—

0.4%

CH

Robinson

Worldwide,

Inc.

(b)

.........

13,013

1,271,630

Expeditors

International

of

Washington,

Inc.

.

28,430

2,781,876

GXO

Logistics,

Inc.

(a)

................

22,613

826,279

4,879,785

Airlines

—

0.4%

Delta

Air

Lines,

Inc.

(a)

................

122,662

4,161,922

Auto

Components

—

0.5%

Aptiv

plc

(a)

........................

49,733

4,529,184

Gentex

Corp.

.....................

37,711

998,965

5,528,149

Automobiles

—

0.7%

(a)(b)

Lucid

Group,

Inc.

...................

183,392

2,620,672

Rivian

Automotive,

Inc.,

Class

A

.........

170,672

5,968,400

8,589,072

Banks

—

0.7%

First

Republic

Bank

.................

37,091

4,454,629

Signature

Bank

....................

10,876

1,724,172

SVB

Financial

Group

(a)

...............

6,108

1,410,704

Western

Alliance

Bancorp

.............

13,382

898,869

8,488,374

Beverages

—

0.4%

Brown-Forman

Corp.,

Class

A

..........

17,438

1,199,211

Brown-Forman

Corp.,

Class

B,

NVS

......

57,256

3,893,408

5,092,619

Biotechnology

—

2.8%

(a)

Alnylam

Pharmaceuticals,

Inc.

(b)

.........

37,586

7,790,074

BioMarin

Pharmaceutical,

Inc.

..........

58,081

5,031,557

Exact

Sciences

Corp.

................

55,485

1,929,768

Horizon

Therapeutics

plc

..............

72,145

4,496,077

Incyte

Corp.

......................

57,812

4,297,744

Neurocrine

Biosciences,

Inc.

...........

29,950

3,447,844

Seagen

,

Inc.

......................

42,739

5,434,691

32,427,755

Building

Products

—

2.0%

Advanced

Drainage

Systems,

Inc.

.......

20,091

2,328,145

Allegion

plc

.......................

13,818

1,447,712

AO

Smith

Corp.

....................

16,271

891,325

Builders

FirstSource

,

Inc.

(a)(b)

...........

20,943

1,291,345

Carlisle

Cos.,

Inc.

..................

16,198

3,868,083

Carrier

Global

Corp.

.................

93,729

3,726,665

Lennox

International,

Inc.

.............

3,865

902,748

Owens

Corning

....................

10,410

891,200

Trane

Technologies

plc

...............

39,341

6,280,004

Trex

Co.,

Inc.

(a)

....................

34,423

1,655,402

23,282,629

Capital

Markets

—

4.1%

Ares

Management

Corp.,

Class

A

........

48,469

3,675,404

FactSet

Research

Systems,

Inc.

.........

11,894

5,060,778

Security

Shares

Shares

Value

Capital

Markets

(continued)

KKR

&

Co.,

Inc.

....................

106,389

$

5,173,697

LPL

Financial

Holdings,

Inc.

............

24,980

6,386,137

MarketAxess

Holdings,

Inc.

............

11,786

2,876,255

Morningstar,

Inc.

...................

7,872

1,827,721

MSCI,

Inc.

.......................

25,210

11,819,961

Nasdaq,

Inc.

......................

53,306

3,317,765

Raymond

James

Financial,

Inc.

.........

36,126

4,267,926

SEI

Investments

Co.

.................

17,723

962,359

Tradeweb

Markets,

Inc.,

Class

A

.........

33,713

1,856,912

47,224,915

Chemicals

—

2.0%

Albemarle

Corp.

...................

36,678

10,265,072

DuPont

de

Nemours,

Inc.

.............

63,946

3,657,711

FMC

Corp.

.......................

16,756

1,992,288

Olin

Corp.

........................

25,462

1,348,213

PPG

Industries,

Inc.

.................

33,035

3,771,936

RPM

International,

Inc.

...............

20,219

1,912,111

Westlake

Corp.

....................

6,478

626,099

23,573,430

Commercial

Services

&

Supplies

—

1.1%

Copart

,

Inc.

(a)

.....................

66,984

7,704,500

Rollins,

Inc.

.......................

72,474

3,049,706

Tetra

Tech,

Inc.

....................

16,707

2,360,365

13,114,571

Communications

Equipment

—

1.6%

Arista

Networks,

Inc.

(a)

...............

77,180

9,327,975

Ciena

Corp.

(a)(b)

....................

27,206

1,303,168

F5,

Inc.

(a)

........................

10,843

1,549,573

Motorola

Solutions,

Inc.

..............

26,854

6,705,712

18,886,428

Construction

&

Engineering

—

0.7%

AECOM

.........................

23,840

1,794,675

Quanta

Services,

Inc.

................

20,027

2,844,635

WillScot

Mobile

Mini

Holdings

Corp.

(a)

.....

66,921

2,846,150

7,485,460

Construction

Materials

—

1.2%

Martin

Marietta

Materials,

Inc.

..........

19,532

6,562,361

Vulcan

Materials

Co.

................

41,618

6,812,867

13,375,228

Consumer

Finance

—

0.5%

Credit

Acceptance

Corp.

(a)(b)

............

1,265

589,009

Discover

Financial

Services

............

53,978

5,638,542

6,227,551

Containers

&

Packaging

—

0.8%

AptarGroup,

Inc.

...................

9,309

922,988

Avery

Dennison

Corp.

................

16,606

2,815,547

Ball

Corp.

........................

60,334

2,979,896

Crown

Holdings,

Inc.

................

20,968

1,438,195

Sealed

Air

Corp.

...................

28,807

1,371,789

9,528,415

Distributors

—

0.5%

LKQ

Corp.

.......................

41,497

2,308,893

Pool

Corp.

.......................

12,398

3,771,844

6,080,737

Diversified

Consumer

Services

—

0.2%

Bright

Horizons

Family

Solutions,

Inc.

(a)(b)

...

18,109

1,182,880

Service

Corp.

International

............

23,736

1,438,639

2,621,519

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

Morningstar

Mid-Cap

Growth

ETF

26

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Diversified

Financial

Services

—

0.4%

Apollo

Global

Management,

Inc.

.........

70,255

$

3,889,317

Voya

Financial,

Inc.

.................

9,790

669,244

4,558,561

Electric

Utilities

—

0.5%

Constellation

Energy

Corp.

............

39,477

3,732,156

NRG

Energy,

Inc.

...................

39,375

1,748,250

5,480,406

Electrical

Equipment

—

1.6%

AMETEK,

Inc.

.....................

48,160

6,244,426

Generac

Holdings,

Inc.

(a)(b)

.............

19,988

2,316,809

Hubbell,

Inc.

......................

7,205

1,711,043

Plug

Power,

Inc.

(a)

..................

163,096

2,606,274

Rockwell

Automation,

Inc.

.............

20,080

5,126,424

18,004,976

Electronic

Equipment,

Instruments

&

Components

—

3.0%

CDW

Corp.

.......................

23,251

4,018,005

Cognex

Corp.

.....................

54,307

2,510,613

Corning,

Inc.

......................

107,560

3,460,205

Keysight

Technologies,

Inc.

(a)(b)

..........

56,350

9,813,353

Teledyne

Technologies,

Inc.

(a)

...........

14,676

5,840,755

Trimble,

Inc.

(a)

.....................

77,553

4,665,588

Zebra

Technologies

Corp.,

Class

A

(a)

......

16,218

4,593,262

34,901,781

Energy

Equipment

&

Services

—

1.0%

Baker

Hughes

Co.,

Class

A

............

177,847

4,919,248

Halliburton

Co.

....................

178,256

6,492,084

11,411,332

Entertainment

—

1.5%

Electronic

Arts,

Inc.

.................

50,878

6,408,593

Liberty

Media

Corp.-Liberty

Formula

One,

Class

C,

NVS

(a)

..................

39,468

2,278,488

Liberty

Media

Corp-Liberty

Formula

One,

Class

A

(a)(b)

.........................

4,536

235,963

Live

Nation

Entertainment,

Inc.

(a)

........

29,735

2,367,203

Playtika

Holding

Corp.

(a)

..............

11,801

111,520

Roku,

Inc.,

Class

A

(a)(b)

...............

37,847

2,102,022

Take-Two

Interactive

Software,

Inc.

(a)

......

32,911

3,899,295

17,403,084

Equity

Real

Estate

Investment

Trusts

(REITs)

—

7.4%

Alexandria

Real

Estate

Equities,

Inc.

......

20,639

2,998,847

American

Homes

4

Rent,

Class

A

........

94,736

3,025,868

Apartment

Income

REIT

Corp.

..........

24,610

945,762

AvalonBay

Communities,

Inc.

..........

21,204

3,713,244

Brixmor

Property

Group,

Inc.

...........

35,657

759,851

Camden

Property

Trust

...............

33,359

3,854,632

CubeSmart

.......................

45,075

1,887,290

EastGroup

Properties,

Inc.

............

13,665

2,141,169

Equity

LifeStyle

Properties,

Inc.

.........

37,562

2,402,466

Equity

Residential

..................

45,307

2,855,247

Essex

Property

Trust,

Inc.

.............

9,755

2,167,951

Extra

Space

Storage,

Inc.

.............

28,727

5,097,319

Federal

Realty

Investment

Trust

.........

11,186

1,107,190

Healthpeak

Properties,

Inc.

............

99,636

2,364,362

Host

Hotels

&

Resorts,

Inc.

............

223,868

4,226,628

Invitation

Homes,

Inc.

................

181,576

5,754,143

Kilroy

Realty

Corp.

..................

14,598

623,919

Lamar

Advertising

Co.,

Class

A

.........

10,467

965,371

Life

Storage,

Inc.

...................

16,086

1,779,272

Mid-America

Apartment

Communities,

Inc.

..

21,039

3,312,591

Realty

Income

Corp.

.................

75,906

4,726,667

Regency

Centers

Corp.

..............

27,337

1,654,162

Security

Shares

Shares

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

Rexford

Industrial

Realty,

Inc.

..........

53,570

$

2,961,350

SBA

Communications

Corp.,

Class

A

......

33,782

9,117,762

Sun

Communities,

Inc.

...............

38,619

5,207,772

UDR,

Inc.

........................

60,396

2,401,345

Welltower

,

Inc.

.....................

59,799

3,650,131

Weyerhaeuser

Co.

..................

101,670

3,144,653

84,846,964

Food

&

Staples

Retailing

—

0.4%

(a)

BJ's

Wholesale

Club

Holdings,

Inc.

.......

15,654

1,211,620

Performance

Food

Group

Co.

..........

48,557

2,526,906

US

Foods

Holding

Corp.

..............

26,283

782,182

4,520,708

Food

Products

—

1.4%

Darling

Ingredients,

Inc.

(a)

.............

18,212

1,429,278

Hershey

Co.

(The)

..................

29,753

7,104,124

Hormel

Foods

Corp.

.................

41,842

1,943,561

Lamb

Weston

Holdings,

Inc.

...........

29,093

2,508,398

McCormick

&

Co.,

NVS

...............

41,340

3,250,978

16,236,339

Health

Care

Equipment

&

Supplies

—

4.8%

ABIOMED,

Inc.

(a)

...................

14,236

3,588,611

Align

Technology,

Inc.

(a)

...............

22,747

4,419,742

Baxter

International,

Inc.

..............

73,281

3,982,822

Cooper

Cos.,

Inc.

(The)

..............

15,450

4,223,875

Dentsply

Sirona,

Inc.

................

25,188

776,294

Hologic

,

Inc.

(a)

.....................

42,316

2,869,025

IDEXX

Laboratories,

Inc.

(a)

.............

26,071

9,377,217

Insulet

Corp.

(a)

.....................

21,734

5,624,977

Novocure

Ltd.

(a)

....................

28,227

1,994,520

ResMed

,

Inc.

.....................

45,853

10,256,858

STERIS

plc

.......................

31,320

5,405,206

Teleflex,

Inc.

......................

14,688

3,151,457

55,670,604

Health

Care

Providers

&

Services

—

0.5%

agilon

health,

Inc.

(a)(b)

................

61,624

1,223,237

Chemed

Corp.

(b)

...................

2,382

1,112,084

DaVita,

Inc.

(a)

......................

7,032

513,406

Molina

Healthcare,

Inc.

(a)

..............

9,191

3,298,282

6,147,009

Health

Care

Technology

—

0.6%

Veeva

Systems,

Inc.,

Class

A

(a)

.........

43,866

7,366,856

Hotels,

Restaurants

&

Leisure

—

3.1%

Caesars

Entertainment,

Inc.

(a)(b)

.........

67,144

2,936,207

Choice

Hotels

International,

Inc.

(b)

........

9,083

1,179,337

Churchill

Downs,

Inc.

................

10,398

2,161,848

Darden

Restaurants,

Inc.

.............

17,318

2,478,899

Domino's

Pizza,

Inc.

.................

11,237

3,733,381

Expedia

Group,

Inc.

(a)

................

21,789

2,036,618

MGM

Resorts

International

............

102,173

3,634,294

Royal

Caribbean

Cruises

Ltd.

(a)

.........

38,656

2,063,457

Vail

Resorts,

Inc.

...................

12,604

2,761,914

Wyndham

Hotels

&

Resorts,

Inc.

........

28,344

2,152,160

Yum!

Brands,

Inc.

..................

89,104

10,536,548

35,674,663

Household

Durables

—

0.7%

DR

Horton,

Inc.

....................

45,602

3,505,882

Garmin

Ltd.

.......................

17,872

1,573,451

NVR,

Inc.

(a)

.......................

557

2,360,426

7,439,759

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

Morningstar

Mid-Cap

Growth

ETF

Schedule

of

Investments

27

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Household

Products

—

0.3%

Church

&

Dwight

Co.,

Inc.

.............

50,001

$

3,706,574

Insurance

—

2.9%

Arch

Capital

Group

Ltd.

(a)

.............

46,772

2,689,390

Arthur

J

Gallagher

&

Co.

(b)

.............

41,843

7,827,988

Assurant,

Inc.

.....................

6,908

938,521

Brown

&

Brown,

Inc.

.................

73,414

4,316,009

Cincinnati

Financial

Corp.

.............

29,457

3,043,497

Erie

Indemnity

Co.,

Class

A,

NVS

........

3,851

989,745

Everest

Re

Group

Ltd.

...............

5,883

1,898,209

Loews

Corp.

......................

27,551

1,570,958

Markel

Corp.

(a)

.....................

2,550

3,075,555

Willis

Towers

Watson

plc

..............

21,043

4,591,793

WR

Berkley

Corp.

..................

40,704

3,027,564

33,969,229

Interactive

Media

&

Services

—

1.1%

(a)

IAC,

Inc.

.........................

9,350

455,158

Match

Group,

Inc.

..................

88,617

3,828,255

Pinterest,

Inc.,

Class

A

...............

182,527

4,490,164

ZoomInfo

Technologies,

Inc.

...........

84,646

3,769,286

12,542,863

Internet

&

Direct

Marketing

Retail

—

0.6%

(a)

DoorDash

,

Inc.,

Class

A

..............

81,829

3,562,016

Etsy,

Inc.

(b)

.......................

39,647

3,723,250

7,285,266

IT

Services

—

5.0%

Akamai

Technologies,

Inc.

(a)(b)

...........

29,288

2,587,009

Broadridge

Financial

Solutions,

Inc.

......

36,709

5,508,552

Cloudflare

,

Inc.,

Class

A

(a)(b)

............

88,627

4,991,473

Concentrix

Corp.

...................

8,360

1,021,843

EPAM

Systems,

Inc.

(a)

................

17,965

6,287,750

FleetCor

Technologies,

Inc.

(a)

...........

14,605

2,718,283

Gartner,

Inc.

(a)

.....................

24,769

7,478,256

Genpact

Ltd.

......................

22,618

1,096,973

GoDaddy

,

Inc.,

Class

A

(a)

..............

48,967

3,936,947

Jack

Henry

&

Associates,

Inc.

..........

22,817

4,541,952

MongoDB,

Inc.,

Class

A

(a)(b)

............

21,331

3,904,213

Okta

,

Inc.,

Class

A

(a)

.................

47,224

2,650,211

SS&C

Technologies

Holdings,

Inc.

.......

26,756

1,375,793

Twilio

,

Inc.,

Class

A

(a)

................

54,271

4,036,134

VeriSign,

Inc.

(a)

....................

29,228

5,859,045

57,994,434

Leisure

Products

—

0.2%

Hasbro,

Inc.

......................

20,221

1,319,420

Mattel,

Inc.

(a)

......................

53,576

1,015,801

2,335,221

Life

Sciences

Tools

&

Services

—

5.0%

Agilent

Technologies,

Inc.

.............

93,540

12,941,259

Avantor

,

Inc.

(a)

.....................

211,073

4,257,342

Bio-Rad

Laboratories,

Inc.,

Class

A

(a)

......

6,712

2,360,678

Bio-

Techne

Corp.

...................

12,286

3,639,850

Bruker

Corp.

......................

31,595

1,953,835

Charles

River

Laboratories

International,

Inc.

(a)

15,928

3,380,718

Mettler

-Toledo

International,

Inc.

(a)

.......

7,048

8,915,227

PerkinElmer,

Inc.

...................

39,527

5,280,017

Repligen

Corp.

(a)

...................

16,161

2,949,221

Syneos

Health,

Inc.,

Class

A

(a)(b)

.........

11,479

578,312

Waters

Corp.

(a)

....................

18,750

5,609,437

West

Pharmaceutical

Services,

Inc.

......

23,188

5,335,559

57,201,455

Security

Shares

Shares

Value

Machinery

—

4.6%

AGCO

Corp.

(b)

.....................

6,654

$

826,227

Dover

Corp.

......................

22,741

2,972,021

Fortive

Corp.

......................

54,664

3,493,030

Graco

,

Inc.

.......................

52,958

3,684,818

IDEX

Corp.

.......................

23,635

5,254,297

Ingersoll

Rand,

Inc.

.................

126,256

6,375,928

Lincoln

Electric

Holdings,

Inc.

..........

12,270

1,742,340

Middleby

Corp.

(The)

(a)

...............

8,237

1,152,027

Nordson

Corp.

.....................

16,929

3,809,025

Otis

Worldwide

Corp.

................

69,335

4,897,824

PACCAR,

Inc.

.....................

37,319

3,613,599

Parker-Hannifin

Corp.

................

15,912

4,624,345

Pentair

plc

.......................

17,685

759,571

Toro

Co.

(The)

.....................

18,905

1,993,154

Westinghouse

Air

Brake

Technologies

Corp.

.

23,402

2,182,938

Xylem,

Inc.

.......................

56,423

5,779,408

53,160,552

Media

—

1.1%

Cable

One,

Inc.

....................

824

708,170

Liberty

Broadband

Corp.,

Class

A

(a)(b)

......

5,291

451,428

Liberty

Broadband

Corp.,

Class

C,

NVS

(a)

..

38,804

3,276,222

Sirius

XM

Holdings,

Inc.

(b)

.............

137,555

830,832

Trade

Desk,

Inc.

(The),

Class

A

(a)

........

139,044

7,402,703

12,669,355

Metals

&

Mining

—

0.2%

Royal

Gold,

Inc.

....................

20,594

1,955,606

Multiline

Retail

—

0.5%

Dollar

Tree,

Inc.

(a)

...................

38,605

6,118,892

Multi-Utilities

—

0.2%

CMS

Energy

Corp.

..................

39,269

2,240,296

Oil,

Gas

&

Consumable

Fuels

—

3.4%

APA

Corp.

.......................

56,883

2,585,901

Cheniere

Energy,

Inc.

................

78,219

13,798,615

Coterra

Energy,

Inc.

.................

157,616

4,906,586

EQT

Corp.

.......................

69,047

2,888,927

Hess

Corp.

.......................

30,332

4,279,239

New

Fortress

Energy,

Inc.,

Class

A

(b)

......

15,044

828,473

ONEOK,

Inc.

......................

58,592

3,475,677

Targa

Resources

Corp.

...............

25,282

1,728,530

Texas

Pacific

Land

Corp.

(b)

............

1,934

4,455,685

38,947,633

Personal

Products

—

0.0%

Olaplex

Holdings,

Inc.

(a)

..............

26,161

115,108

Pharmaceuticals

—

0.5%

(a)

Catalent

,

Inc.

.....................

56,121

3,688,834

Elanco

Animal

Health,

Inc.

.............

139,896

1,845,228

5,534,062

Professional

Services

—

3.2%

Booz

Allen

Hamilton

Holding

Corp.

.......

20,551

2,236,976

Clarivate

plc

(a)(b)

....................

134,771

1,392,184

CoStar

Group,

Inc.

(a)

.................

123,990

10,256,453

Dun

&

Bradstreet

Holdings,

Inc.

(b)

........

21,169

272,022

Equifax,

Inc.

......................

38,329

6,498,299

Jacobs

Solutions,

Inc.

................

19,246

2,217,524

Robert

Half

International,

Inc.

...........

17,083

1,306,166

TransUnion

.......................

60,281

3,572,855

Verisk

Analytics,

Inc.

.................

49,151

8,986,277

36,738,756

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

Morningstar

Mid-Cap

Growth

ETF

28

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Real

Estate

Management

&

Development

—

0.4%

(a)

CBRE

Group,

Inc.,

Class

A

............

35,826

$

2,541,496

Zillow

Group,

Inc.,

Class

A

(b)

...........

18,281

565,431

Zillow

Group,

Inc.,

Class

C,

NVS

(b)

.......

51,945

1,603,023

4,709,950

Road

&

Rail

—

1.4%

AMERCO

........................

1,610

926,056

Avis

Budget

Group,

Inc.

(a)(b)

............

4,949

1,170,241

JB

Hunt

Transport

Services,

Inc.

........

26,007

4,449,017

Knight-Swift

Transportation

Holdings,

Inc.

(b)

.

25,126

1,206,802

Lyft,

Inc.,

Class

A

(a)(b)

.................

50,560

740,198

Old

Dominion

Freight

Line,

Inc.

(b)

........

28,702

7,881,569

16,373,883

Semiconductors

&

Semiconductor

Equipment

—

4.9%

Enphase

Energy,

Inc.

(a)

...............

42,419

13,022,633

Entegris

,

Inc.

......................

46,647

3,700,973

First

Solar,

Inc.

(a)

...................

13,948

2,030,410

Lattice

Semiconductor

Corp.

(a)

..........

43,039

2,087,822

Microchip

Technology,

Inc.

.............

173,009

10,681,576

Monolithic

Power

Systems,

Inc.

.........

13,919

4,724,804

ON

Semiconductor

Corp.

(a)

............

135,668

8,334,085

Qorvo

,

Inc.

(a)

......................

13,474

1,159,842

Skyworks

Solutions,

Inc.

..............

16,212

1,394,394

SolarEdge

Technologies,

Inc.

(a)

..........

17,422

4,007,583

Teradyne,

Inc.

.....................

49,096

3,993,960

Wolfspeed

,

Inc.

(a)

...................

14,885

1,172,194

56,310,276

Software

—

7.7%

ANSYS,

Inc.

(a)

.....................

27,265

6,029,927

AppLovin

Corp.,

Class

A

(a)(b)

............

38,608

654,792

Aspen

Technology,

Inc.

(a)(b)

.............

9,065

2,188,744

Bentley

Systems,

Inc.,

Class

B

..........

61,608

2,173,530

Bill.com

Holdings,

Inc.

(a)(b)

.............

29,386

3,918,917

Black

Knight,

Inc.

(a)

..................

48,859

2,954,504

Ceridian

HCM

Holding,

Inc.

(a)(b)

..........

47,929

3,172,421

Datadog

,

Inc.,

Class

A

(a)

..............

77,408

6,232,118

DocuSign,

Inc.

(a)

...................

62,613

3,024,208

Dynatrace

,

Inc.

(a)

...................

63,020

2,220,825

Elastic

NV

(a)

......................

23,977

1,533,329

Fair

Isaac

Corp.

(a)

...................

7,908

3,786,667

Five9,

Inc.

(a)(b)

.....................

21,874

1,318,127

Guidewire

Software,

Inc.

(a)

.............

10,619

630,875

HubSpot

,

Inc.

(a)

....................

15,037

4,459,373

Manhattan

Associates,

Inc.

(a)

...........

19,641

2,389,720

Palantir

Technologies,

Inc.,

Class

A

(a)(b)

....

547,320

4,810,943

Paycom

Software,

Inc.

(a)

..............

15,221

5,266,466

Paylocity

Holding

Corp.

(a)

.............

12,810

2,969,230

PTC,

Inc.

(a)

.......................

33,106

3,900,880

RingCentral,

Inc.,

Class

A

(a)

............

24,138

857,382

Splunk

,

Inc.

(a)

.....................

46,355

3,852,564

Tyler

Technologies,

Inc.

(a)

.............

13,021

4,210,080

UiPath

,

Inc.,

Class

A

(a)(b)

..............

108,349

1,370,615

Unity

Software,

Inc.

(a)

................

56,142

1,656,189

Zendesk

,

Inc.

(a)

....................

38,663

2,965,065

Zoom

Video

Communications,

Inc.,

Class

A

(a)

69,362

5,787,565

Zscaler

,

Inc.

(a)(b)

....................

26,210

4,038,961

88,374,017

Specialty

Retail

—

4.1%

Advance

Auto

Parts,

Inc.

..............

8,850

1,680,792

AutoZone,

Inc.

(a)(b)

..................

3,683

9,328,597

Bath

&

Body

Works,

Inc.

..............

22,848

762,666

Burlington

Stores,

Inc.

(a)(b)

.............

20,692

2,958,128

CarMax,

Inc.

(a)(b)

....................

23,425

1,476,009

Security

Shares

Shares

Value

Specialty

Retail

(continued)

Five

Below,

Inc.

(a)

...................

17,377

$

2,543,124

Floor

&

Decor

Holdings,

Inc.,

Class

A

(a)(b)

...

33,210

2,436,618

GameStop

Corp.,

Class

A

(a)(b)

...........

35,503

1,005,090

Lithia

Motors,

Inc.,

Class

A

............

4,273

846,695

RH

(a)

...........................

3,196

811,560

Ross

Stores,

Inc.

...................

109,579

10,485,614

Tractor

Supply

Co.

..................

20,632

4,534,295

Ulta

Beauty,

Inc.

(a)

..................

16,227

6,805,117

Williams-Sonoma,

Inc.

...............

9,532

1,180,348

46,854,653

Technology

Hardware,

Storage

&

Peripherals

—

0.4%

NetApp,

Inc.

......................

24,505

1,697,461

Pure

Storage,

Inc.,

Class

A

(a)

...........

87,138

2,689,079

4,386,540

Textiles,

Apparel

&

Luxury

Goods

—

0.6%

Capri

Holdings

Ltd.

(a)

................

14,892

680,267

Deckers

Outdoor

Corp.

(a)

..............

8,308

2,907,218

VF

Corp.

........................

103,408

2,921,276

6,508,761

Trading

Companies

&

Distributors

—

1.3%

Fastenal

Co.

......................

107,005

5,171,552

United

Rentals,

Inc.

(a)

................

11,250

3,551,737

Watsco

,

Inc.

......................

6,455

1,749,047

WW

Grainger,

Inc.

..................

8,465

4,946,523

15,418,859

Water

Utilities

—

0.6%

American

Water

Works

Co.,

Inc.

.........

34,970

5,082,540

Essential

Utilities,

Inc.

................

44,590

1,971,770

7,054,310

Total

Long-Term

Investments

—

99.9%

(Cost:

$1,223,393,703)

...........................

1,153,629,671

Short-Term

Securities

Money

Market

Funds

—

7.3%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

3.29%

(e)

............

83,306,010

83,289,349

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

2.97%

..................

1,488,534

1,488,534

Total

Short-Term

Securities

—

7.3%

(Cost:

$84,773,692)

..............................

84,777,883

Total

Investments

—

107.2%

(Cost:

$1,308,167,395

)

...........................

1,238,407,554

Liabilities

in

Excess

of

Other

Assets

—

(7.2)%

............

(83,002,816)

Net

Assets

—

100.0%

..............................

$

1,155,404,738

(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)

October

31,

2022

iShares

®

Morningstar

Mid-Cap

Growth

ETF

Schedule

of

Investments

29

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

October

31,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/22

Shares

Held

at

10/31/22

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

76,809,658

$

6,491,468

(a)

$

—

$

3,182

$

(14,959)

$

83,289,349

83,306,010

$

255,178

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

1,250,000

238,534

(a)

—

—

—

1,488,534

1,488,534

15,189

—

$

3,182

$

(14,959)

$

84,777,883

$

270,367

$

—

—

—

(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

....................................................

10

12/16/22

$

927

$

32,352

Xak

Technology

Equity

Index

..................................................

5

12/16/22

646

3,599

$

35,951

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)

......

$

—

$

—

$

35,951

$

—

$

—

$

—

$

35,951

(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

October

31,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

(321,356)

$

—

$

—

$

—

$

(321,356)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

112,782

$

—

$

—

$

—

$

112,782

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

Morningstar

Mid-Cap

Growth

ETF

30

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

See

notes

to

financial

statements.

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

1,762,848

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

1,153,629,671

$

—

$

—

$

1,153,629,671

Short-Term

Securities

Money

Market

Funds

......................................

84,777,883

—

—

84,777,883

$

1,238,407,554

$

—

$

—

$

1,238,407,554

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

35,951

$

—

$

—

$

35,951

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

October

31,

2022

iShares

®

Morningstar

Small-Cap

Growth

ETF

Schedule

of

Investments

31

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.5%

Aerojet

Rocketdyne

Holdings,

Inc.

(a)

......

7,035

$

340,846

AeroVironment

,

Inc.

(a)

................

5,660

517,890

BWX

Technologies,

Inc.

..............

9,431

537,378

Cadre

Holdings,

Inc.

(b)

................

1,264

37,124

Curtiss-Wright

Corp.

.................

3,853

646,649

Ducommun,

Inc.

(a)

..................

2,498

117,931

Hexcel

Corp.

......................

19,056

1,061,419

Kaman

Corp.

.....................

3,309

106,219

Kratos

Defense

&

Security

Solutions,

Inc.

(a)

.

16,881

187,041

Maxar

Technologies,

Inc.

(b)

............

16,893

377,390

Mercury

Systems,

Inc.

(a)

..............

4,394

212,670

Rocket

Lab

USA,

Inc.

(a)

...............

48,918

248,993

Spirit

AeroSystems

Holdings,

Inc.,

Class

A

..

8,966

207,652

Terran

Orbital

Corp.

(a)

................

13,429

35,184

Triumph

Group,

Inc.

(a)

................

9,234

83,568

Virgin

Galactic

Holdings,

Inc.

(a)(b)

.........

50,907

235,190

Woodward,

Inc.

....................

8,735

800,999

5,754,143

Air

Freight

&

Logistics

—

0.2%

Air

Transport

Services

Group,

Inc.

(a)(b)

.....

6,266

182,967

Forward

Air

Corp.

..................

3,256

344,713

Hub

Group,

Inc.,

Class

A

(a)

.............

2,867

222,479

750,159

Airlines

—

0.2%

(a)

Allegiant

Travel

Co.

.................

3,496

262,375

Blade

Air

Mobility,

Inc.,

Class

A

..........

4,230

19,035

Frontier

Group

Holdings,

Inc.

(b)

..........

8,249

108,144

Hawaiian

Holdings,

Inc.

..............

5,290

76,335

SkyWest,

Inc.

.....................

4,720

83,449

Sun

Country

Airlines

Holdings,

Inc.

.......

7,314

119,072

668,410

Auto

Components

—

1.4%

Adient

plc

(a)(b)

......................

12,965

453,516

Autoliv

,

Inc.

.......................

7,258

583,180

Dana,

Inc.

........................

12,236

195,286

Dorman

Products,

Inc.

(a)

..............

4,356

355,537

Fox

Factory

Holding

Corp.

(a)

............

9,607

843,975

Gentherm

,

Inc.

(a)

...................

7,528

439,786

Holley,

Inc.

(a)(b)

.....................

5,829

23,199

LCI

Industries

.....................

2,690

285,436

Luminar

Technologies,

Inc.,

Class

A

(a)(b)

....

51,930

420,114

QuantumScape

Corp.,

Class

A

(a)(b)

.......

34,871

290,475

Solid

Power,

Inc.,

Class

A

(a)

............

24,842

139,364

Visteon

Corp.

(a)

....................

6,366

830,572

XPEL,

Inc.

(a)(c)

.....................

4,426

306,235

5,166,675

Automobiles

—

0.2%

Canoo

,

Inc.,

Class

A

(a)(b)

..............

35,159

48,168

Thor

Industries,

Inc.

.................

5,542

451,507

Winnebago

Industries,

Inc.

............

2,941

175,548

Workhorse

Group,

Inc.

(a)(b)

.............

36,701

99,093

774,316

Banks

—

1.9%

Amerant

Bancorp,

Inc.,

Class

A

.........

2,587

77,869

BancFirst

Corp.

....................

1,728

165,577

Bancorp,

Inc.

(The)

(a)

................

6,689

184,483

Byline

Bancorp,

Inc.

.................

1,866

43,142

Coastal

Financial

Corp.

(a)

.............

2,446

114,032

ConnectOne

Bancorp,

Inc.

............

3,405

85,295

CrossFirst

Bankshares

,

Inc.

(a)(b)

.........

4,770

66,351

Security

Shares

Shares

Value

Banks

(continued)

Dime

Community

Bancshares,

Inc.

.......

4,771

$

164,743

Eastern

Bankshares

,

Inc.

.............

36,904

707,450

FB

Financial

Corp.

..................

3,053

128,104

First

BanCorp

.....................

14,918

235,555

First

Financial

Bankshares

,

Inc.

.........

29,440

1,133,146

First

Internet

Bancorp

................

1,217

31,265

German

American

Bancorp,

Inc.

.........

2,502

98,304

Glacier

Bancorp,

Inc.

................

10,035

574,805

HarborOne

Bancorp,

Inc.

.............

5,977

91,030

Lakeland

Financial

Corp.

..............

2,700

223,155

Live

Oak

Bancshares,

Inc.

.............

7,486

243,070

Metropolitan

Bank

Holding

Corp.

(a)

.......

1,670

110,220

MVB

Financial

Corp.

................

1,311

32,460

Origin

Bancorp,

Inc.

.................

3,656

151,102

Pathward

Financial,

Inc.

..............

3,506

147,357

Peapack

-Gladstone

Financial

Corp.

......

2,030

80,327

Seacoast

Banking

Corp.

of

Florida

.......

12,168

375,991

ServisFirst

Bancshares,

Inc.

...........

11,045

832,020

Silvergate

Capital

Corp.,

Class

A

(a)

.......

7,200

408,672

Southern

First

Bancshares,

Inc.

(a)

........

1,046

46,735

Stock

Yards

Bancorp,

Inc.

.............

3,739

292,352

Triumph

Bancorp,

Inc.

(a)

..............

2,803

144,354

Veritex

Holdings,

Inc.

................

3,183

100,519

7,089,485

Beverages

—

0.7%

Boston

Beer

Co.,

Inc.

(The),

Class

A,

NVS

(a)

.

2,154

804,067

Celsius

Holdings,

Inc.

(a)(b)

..............

9,109

829,648

Coca-Cola

Consolidated,

Inc.

...........

733

356,978

Duckhorn

Portfolio,

Inc.

(The)

(a)(b)

........

9,741

142,413

MGP

Ingredients,

Inc.

................

3,497

391,839

National

Beverage

Corp.

..............

2,181

103,423

Vintage

Wine

Estates,

Inc.

(a)(b)

..........

4,709

13,044

Vita

Coco

Co.,

Inc.

(The)

(a)

.............

5,335

54,737

2,696,149

Biotechnology

—

8.7%

(a)

4D

Molecular

Therapeutics,

Inc.

.........

2,821

24,430

ACADIA

Pharmaceuticals,

Inc.

..........

16,209

259,830

Adicet

Bio,

Inc.

....................

7,154

117,969

ADMA

Biologics,

Inc.

................

40,561

114,382

Agenus,

Inc.

(b)

.....................

39,354

98,779

Agios

Pharmaceuticals,

Inc.

............

6,218

171,244

Albireo

Pharma,

Inc.

.................

3,798

77,935

Alkermes

plc

......................

37,295

846,597

Amicus

Therapeutics,

Inc.

.............

56,637

566,370

AnaptysBio

,

Inc.

(b)

..................

2,241

64,653

Anavex

Life

Sciences

Corp.

(b)

...........

5,473

66,606

Apellis

Pharmaceuticals,

Inc.

...........

21,201

1,282,448

Arcturus

Therapeutics

Holdings,

Inc.

(b)

.....

2,972

52,604

Arrowhead

Pharmaceuticals,

Inc.

........

24,055

837,355

Atara

Biotherapeutics

,

Inc.

.............

7,118

33,170

Avid

Bioservices

,

Inc.

................

13,986

236,923

Avidity

Biosciences,

Inc.

..............

11,846

169,161

Beam

Therapeutics,

Inc.

(b)

.............

4,658

205,231

BioCryst

Pharmaceuticals,

Inc.

..........

42,262

564,198

Bioxcel

Therapeutics,

Inc.

(b)

............

2,447

30,808

Blueprint

Medicines

Corp.

(b)

............

13,575

703,728

Bridgebio

Pharma,

Inc.

(b)

..............

24,138

251,759

C4

Therapeutics,

Inc.

................

3,980

38,288

CareDx

,

Inc.

(b)

.....................

12,121

241,329

Caribou

Biosciences,

Inc.

(b)

............

3,765

36,671

Catalyst

Pharmaceuticals,

Inc.

..........

14,684

203,667

Celldex

Therapeutics,

Inc.

.............

10,664

374,626

Cerevel

Therapeutics

Holdings,

Inc.

......

14,486

405,029

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

Morningstar

Small-Cap

Growth

ETF

32

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Biotechnology

(continued)

Chimerix

,

Inc.

.....................

9,848

$

17,431

Chinook

Therapeutics,

Inc.

(b)

...........

9,991

217,304

Coherus

Biosciences,

Inc.

.............

14,786

128,638

Crinetics

Pharmaceuticals,

Inc.

.........

9,849

181,813

CTI

BioPharma

Corp.

(b)

...............

10,811

52,974

Cytokinetics,

Inc.

...................

21,336

931,530

Deciphera

Pharmaceuticals,

Inc.

........

11,170

181,177

Denali

Therapeutics,

Inc.

..............

24,549

704,065

Dynavax

Technologies

Corp.

(b)

..........

26,552

304,020

Editas

Medicine,

Inc.

................

5,385

67,582

Emergent

BioSolutions

,

Inc.

............

4,833

100,816

Enanta

Pharmaceuticals,

Inc.

...........

1,727

77,905

Enochian

Biosciences,

Inc.

............

4,194

8,514

Exelixis

,

Inc.

......................

73,088

1,211,799

Fate

Therapeutics,

Inc.

...............

18,698

391,162

FibroGen

,

Inc.

.....................

9,545

155,393

Foghorn

Therapeutics,

Inc.

(b)

...........

4,523

39,531

Geron

Corp.

......................

73,925

164,113

Gossamer

Bio,

Inc.

.................

11,932

132,445

Halozyme

Therapeutics,

Inc.

(b)

..........

31,261

1,494,588

Heron

Therapeutics,

Inc.

..............

22,881

88,092

Ideaya

Biosciences,

Inc.

..............

7,410

125,155

ImmunityBio

,

Inc.

...................

12,125

66,688

ImmunoGen

,

Inc.

(b)

..................

45,010

267,359

Inhibrx

,

Inc.

.......................

3,040

97,827

Inovio

Pharmaceuticals,

Inc.

(b)

..........

55,604

120,105

Insmed

,

Inc.

(b)

.....................

30,309

524,952

Intellia

Therapeutics,

Inc.

(b)

............

9,753

514,763

Ionis

Pharmaceuticals,

Inc.

(b)

...........

32,203

1,423,373

Iovance

Biotherapeutics

,

Inc.

(b)

..........

30,982

289,372

IVERIC

bio,

Inc.

....................

25,111

600,655

Janux

Therapeutics,

Inc.

(b)

.............

3,900

70,512

Karuna

Therapeutics,

Inc.

.............

6,071

1,331,613

Keros

Therapeutics,

Inc.

..............

3,702

186,359

Kezar

Life

Sciences,

Inc.

..............

11,575

86,986

Kura

Oncology,

Inc.

.................

7,753

120,327

Kymera

Therapeutics,

Inc.

.............

8,405

255,008

Ligand

Pharmaceuticals,

Inc.

...........

3,656

320,448

Lyell

Immunopharma

,

Inc.

(b)

............

32,518

191,206

Madrigal

Pharmaceuticals,

Inc.

..........

1,228

86,967

MannKind

Corp.

...................

58,260

196,919

MeiraGTx

Holdings

plc

...............

3,629

26,383

MiMedx

Group,

Inc.

.................

14,764

43,701

Mirati

Therapeutics,

Inc.

..............

7,140

480,665

Mirum

Pharmaceuticals,

Inc.

...........

2,585

58,292

Morphic

Holding,

Inc.

................

6,733

188,591

Myovant

Sciences

Ltd.

(b)

..............

9,766

261,143

Myriad

Genetics,

Inc.

................

7,295

151,298

Natera

,

Inc.

.......................

21,987

1,032,510

Nurix

Therapeutics,

Inc.

..............

5,388

68,589

Organogenesis

Holdings,

Inc.,

Class

A

....

15,757

51,683

Prometheus

Biosciences,

Inc.

..........

6,597

346,474

Protagonist

Therapeutics,

Inc.

..........

10,272

83,203

Prothena

Corp.

plc

..................

3,233

198,636

PTC

Therapeutics,

Inc.

(b)

..............

16,255

614,764

RAPT

Therapeutics,

Inc.

..............

3,007

65,613

Recursion

Pharmaceuticals,

Inc.,

Class

A

(b)

.

27,166

286,601

Relay

Therapeutics,

Inc.

..............

20,167

448,111

Replimune

Group,

Inc.

...............

3,802

69,805

Rigel

Pharmaceuticals,

Inc.

............

39,046

28,449

Sage

Therapeutics,

Inc.

..............

11,706

440,848

Sarepta

Therapeutics,

Inc.

.............

19,857

2,264,095

Seres

Therapeutics,

Inc.

(b)

.............

9,858

87,342

Sorrento

Therapeutics,

Inc.

............

89,009

139,744

SpringWorks

Therapeutics,

Inc.

.........

3,321

79,737

Security

Shares

Shares

Value

Biotechnology

(continued)

Stoke

Therapeutics,

Inc.

..............

1,666

$

24,740

Syndax

Pharmaceuticals,

Inc.

..........

12,001

275,543

Tango

Therapeutics,

Inc.

..............

9,617

77,321

TG

Therapeutics,

Inc.

................

31,078

180,874

Travere

Therapeutics,

Inc.

.............

12,556

272,214

Twist

Bioscience

Corp.

(b)

..............

12,781

419,600

Ultragenyx

Pharmaceutical,

Inc.

.........

15,878

642,424

Vanda

Pharmaceuticals,

Inc.

...........

12,952

135,607

Vaxart

,

Inc.

.......................

15,975

26,678

Veracyte

,

Inc.

.....................

16,163

325,038

Vericel

Corp.

......................

10,674

286,917

Xencor

,

Inc.

(b)

.....................

13,569

379,932

Y-

mAbs

Therapeutics,

Inc.

.............

4,221

15,238

32,181,679

Building

Products

—

1.3%

AAON,

Inc.

.......................

9,556

616,266

Armstrong

World

Industries,

Inc.

.........

10,531

795,828

AZEK

Co.,

Inc.

(The),

Class

A

(a)(b)

........

24,824

434,668

Gibraltar

Industries,

Inc.

(a)

.............

3,264

166,725

Hayward

Holdings,

Inc.

(a)(b)

.............

23,003

212,778

Insteel

Industries,

Inc.

................

1,895

49,933

JELD-WEN

Holding,

Inc.

(a)

.............

6,692

71,002

Masonite

International

Corp.

(a)

..........

2,744

196,278

PGT

Innovations,

Inc.

(a)

...............

5,576

118,825

Resideo

Technologies,

Inc.

(a)

...........

16,579

391,596

Simpson

Manufacturing

Co.,

Inc.

........

9,810

838,559

Tecnoglass

,

Inc.

....................

4,463

91,625

UFP

Industries,

Inc.

.................

7,368

524,823

Zurn

Elkay

Water

Solutions

Corp.

........

20,996

493,196

5,002,102

Capital

Markets

—

1.5%

Artisan

Partners

Asset

Management,

Inc.,

Class

A

.......................

7,194

205,101

AssetMark

Financial

Holdings,

Inc.

(a)

......

2,802

58,029

Blue

Owl

Capital,

Inc.,

Class

A

..........

76,576

767,291

Bridge

Investment

Group

Holdings,

Inc.,

Class

A

...........................

3,229

50,566

Brightsphere

Investment

Group,

Inc.

......

7,441

140,040

Cohen

&

Steers,

Inc.

................

5,647

339,724

Focus

Financial

Partners,

Inc.,

Class

A

(a)(b)

..

7,027

244,469

Forge

Global

Holdings,

Inc.

(a)

...........

23,416

36,295

Freedom

Holding

Corp.

(a)(b)

............

3,784

209,861

GCM

Grosvenor,

Inc.,

Class

A

..........

6,407

52,986

Hamilton

Lane,

Inc.,

Class

A

...........

7,982

477,483

Houlihan

Lokey

,

Inc.,

Class

A

...........

6,413

572,809

Interactive

Brokers

Group,

Inc.,

Class

A

....

14,335

1,148,950

Open

Lending

Corp.,

Class

A

(a)

..........

24,112

172,883

P10,

Inc.,

Class

A

..................

7,661

79,598

Piper

Sandler

Cos.

..................

1,839

235,337

PJT

Partners,

Inc.,

Class

A

............

5,501

409,274

StepStone

Group,

Inc.,

Class

A

.........

4,469

131,925

Virtus

Investment

Partners,

Inc.

.........

826

141,651

5,474,272

Chemicals

—

2.4%

Amyris

,

Inc.

(a)(b)

....................

51,957

145,999

Ashland,

Inc.

......................

6,801

713,561

Aspen

Aerogels,

Inc.

(a)(b)

..............

6,671

84,588

Avient

Corp.

......................

12,155

419,226

Axalta

Coating

Systems

Ltd.

(a)(b)

.........

26,701

622,667

Balchem

Corp.

....................

7,286

1,018,583

Chase

Corp.

......................

813

76,593

Danimer

Scientific,

Inc.,

Class

A

(a)(b)

.......

20,466

53,621

Ecovyst

,

Inc.

(a)

.....................

10,624

105,709

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

Morningstar

Small-Cap

Growth

ETF

Schedule

of

Investments

33

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Chemicals

(continued)

Element

Solutions,

Inc.

...............

30,627

$

526,784

Ginkgo

Bioworks

Holdings,

Inc.,

Class

A

(a)(b)

.

187,730

512,503

Hawkins,

Inc.

.....................

4,307

193,944

HB

Fuller

Co.

.....................

7,059

492,083

Huntsman

Corp.

...................

14,859

397,627

Innospec

,

Inc.

.....................

3,264

326,367

Intrepid

Potash,

Inc.

(a)

................

1,407

63,667

Kronos

Worldwide,

Inc.

...............

1,605

15,248

Livent

Corp.

(a)

.....................

40,711

1,285,246

LSB

Industries,

Inc.

(a)

................

4,109

72,442

Perimeter

Solutions

SA

(a)

..............

34,533

275,919

Quaker

Chemical

Corp.

..............

3,089

502,395

Scotts

Miracle-

Gro

Co.

(The)

...........

3,502

160,777

Sensient

Technologies

Corp.

...........

4,696

335,576

Stepan

Co.

.......................

2,167

226,321

Valvoline,

Inc.

.....................

15,353

450,764

9,078,210

Commercial

Services

&

Supplies

—

1.5%

ACV

Auctions,

Inc.,

Class

A

(a)(b)

..........

26,140

238,397

Aris

Water

Solution,

Inc.,

Class

A

........

5,686

96,832

Brady

Corp.,

Class

A,

NVS

............

3,668

167,811

Brink's

Co.

(The)

...................

5,779

344,602

Casella

Waste

Systems,

Inc.,

Class

A

(a)

....

11,505

941,224

Clean

Harbors,

Inc.

(a)(b)

...............

6,722

823,176

Driven

Brands

Holdings,

Inc.

(a)(b)

.........

12,558

401,605

Harsco

Corp.

(a)

....................

6,933

36,675

Heritage-Crystal

Clean,

Inc.

(a)

...........

1,863

51,177

IAA,

Inc.

(a)

........................

19,099

724,425

KAR

Auction

Services,

Inc.

(a)(b)

..........

11,585

168,330

MillerKnoll

,

Inc.

....................

7,679

162,641

Montrose

Environmental

Group,

Inc.

(a)

.....

3,314

145,087

MSA

Safety,

Inc.

...................

4,082

547,968

Steelcase,

Inc.,

Class

A

..............

7,767

60,350

Stericycle,

Inc.

(a)

...................

7,521

335,286

UniFirst

Corp.

.....................

1,576

290,000

Viad

Corp.

(a)

......................

3,330

124,142

VSE

Corp.

.......................

985

45,596

5,705,324

Communications

Equipment

—

1.2%

(a)

Calix,

Inc.

........................

12,900

949,956

Cambium

Networks

Corp.

(b)

............

2,560

49,536

Casa

Systems,

Inc.

.................

3,995

12,584

Clearfield,

Inc.

.....................

2,619

318,130

Digi

International,

Inc.

(b)

...............

4,747

191,447

Extreme

Networks,

Inc.

...............

18,667

334,886

Harmonic,

Inc.

.....................

23,949

370,012

Infinera

Corp.

(b)

....................

42,774

239,962

Lumentum

Holdings,

Inc.

..............

8,172

608,405

NetScout

Systems,

Inc.

...............

6,490

233,121

Viasat

,

Inc.

(b)

......................

17,132

701,727

Viavi

Solutions,

Inc.

.................

29,322

442,762

4,452,528

Construction

&

Engineering

—

1.5%

Ameresco

,

Inc.,

Class

A

(a)

.............

7,652

462,793

API

Group

Corp.

(a)

..................

28,033

462,264

Arcosa

,

Inc.

......................

6,185

397,077

Comfort

Systems

USA,

Inc.

............

3,818

470,683

Construction

Partners,

Inc.,

Class

A

(a)

.....

9,316

290,100

Dycom

Industries,

Inc.

(a)

..............

3,078

363,758

EMCOR

Group,

Inc.

.................

4,592

647,931

Fluor

Corp.

(a)

......................

15,994

483,978

Granite

Construction,

Inc.

.............

3,248

109,555

Great

Lakes

Dredge

&

Dock

Corp.

(a)(b)

.....

4,828

36,500

Security

Shares

Shares

Value

Construction

&

Engineering

(continued)

IES

Holdings,

Inc.

(a)

.................

714

$

23,591

MasTec

,

Inc.

(a)(b)

....................

5,090

392,337

MYR

Group,

Inc.

(a)

..................

2,022

176,945

NV5

Global,

Inc.

(a)

..................

2,831

410,354

Valmont

Industries,

Inc.

...............

2,624

837,633

5,565,499

Construction

Materials

—

0.3%

Eagle

Materials,

Inc.

.................

6,041

738,875

Summit

Materials,

Inc.,

Class

A

(a)

........

17,071

449,821

1,188,696

Consumer

Finance

—

0.6%

Atlanticus

Holdings

Corp.

(a)(b)

...........

461

13,166

Encore

Capital

Group,

Inc.

(a)(b)

..........

2,270

115,588

FirstCash

Holdings,

Inc.

..............

3,404

335,124

Green

Dot

Corp.,

Class

A

(a)

............

3,604

68,584

LendingClub

Corp.

(a)

.................

12,726

135,404

Moneylion

,

Inc.,

Class

A

(a)(b)

............

26,948

30,182

Nelnet,

Inc.,

Class

A

.................

2,708

241,256

SoFi

Technologies,

Inc.

(a)(b)

............

184,061

1,001,292

Upstart

Holdings,

Inc.

(a)(b)

..............

15,899

368,539

World

Acceptance

Corp.

(a)(b)

............

401

32,569

2,341,704

Containers

&

Packaging

—

0.3%

Graphic

Packaging

Holding

Co.

.........

37,042

850,485

Myers

Industries,

Inc.

................

5,956

120,847

Pactiv

Evergreen,

Inc.

...............

3,989

43,520

Ranpak

Holdings

Corp.,

Class

A

(a)(b)

......

8,809

33,474

1,048,326

Distributors

—

0.0%

Funko

,

Inc.,

Class

A

(a)(b)

...............

3,787

78,202

Diversified

Consumer

Services

—

1.1%

American

Public

Education,

Inc.

(a)

........

1,730

22,161

Carriage

Services,

Inc.

...............

1,270

31,001

Chegg

,

Inc.

(a)(b)

....................

28,679

618,606

Coursera,

Inc.

(a)(b)

...................

19,162

246,998

Duolingo

,

Inc.,

Class

A

(a)

..............

5,639

461,496

European

Wax

Center,

Inc.,

Class

A

......

5,639

81,089

Frontdoor

,

Inc.

(a)

....................

7,280

160,597

Grand

Canyon

Education,

Inc.

(a)

.........

4,661

469,036

H&R

Block,

Inc.

....................

18,002

740,782

Laureate

Education,

Inc.

..............

9,487

119,916

Mister

Car

Wash,

Inc.

(a)(b)

..............

17,992

158,869

OneSpaWorld

Holdings

Ltd.

(a)(b)

.........

13,163

119,388

PowerSchool

Holdings,

Inc.,

Class

A

(a)

.....

3,794

75,880

Rover

Group,

Inc.,

Class

A

(a)(b)

..........

21,599

94,820

Strategic

Education,

Inc.

..............

2,252

155,388

Stride,

Inc.

(a)

......................

6,112

204,813

Udemy

,

Inc.

(a)

.....................

14,720

214,176

3,975,016

Diversified

Financial

Services

—

0.1%

Cannae

Holdings,

Inc.

(a)(b)

.............

9,787

226,667

Diversified

Telecommunication

Services

—

0.7%

Anterix

,

Inc.

(a)

.....................

2,210

84,754

AST

SpaceMobile

,

Inc.,

Class

A

(a)(b)

.......

9,916

71,693

Bandwidth,

Inc.,

Class

A

(a)(b)

............

4,841

57,463

Cogent

Communications

Holdings,

Inc.

....

5,927

311,227

Globalstar

,

Inc.

(a)(b)

..................

160,602

348,506

IDT

Corp.,

Class

B

(a)

.................

1,874

48,836

Iridium

Communications,

Inc.

(a)

..........

28,812

1,484,682

Liberty

Latin

America

Ltd.,

Class

A

(a)

......

3,746

29,144

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

Morningstar

Small-Cap

Growth

ETF

34

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Diversified

Telecommunication

Services

(continued)

Liberty

Latin

America

Ltd.,

Class

C,

NVS

(a)

..

14,474

$

112,752

Radius

Global

Infrastructure,

Inc.

(a)(b)

......

17,342

162,148

2,711,205

Electric

Utilities

—

0.1%

MGE

Energy,

Inc.

...................

3,363

228,987

Otter

Tail

Corp.

....................

4,014

270,624

499,611

Electrical

Equipment

—

1.9%

Acuity

Brands,

Inc.

..................

2,989

548,691

Allied

Motion

Technologies,

Inc.

.........

3,213

108,664

Array

Technologies,

Inc.

(a)

.............

10,591

191,697

Babcock

&

Wilcox

Enterprises,

Inc.

(a)

......

16,818

76,690

Blink

Charging

Co.

(a)(b)

................

5,033

74,488

Bloom

Energy

Corp.,

Class

A

(a)

..........

39,892

746,379

ChargePoint

Holdings,

Inc.,

Class

A

(a)(b)

....

58,935

823,911

Encore

Wire

Corp.

..................

1,839

253,028

EnerSys

.........................

3,398

225,253

Fluence

Energy,

Inc.,

Class

A

(a)(b)

........

4,278

63,871

FuelCell

Energy,

Inc.

(a)(b)

..............

88,383

275,755

Shoals

Technologies

Group,

Inc.,

Class

A

(a)(b)

24,036

555,472

Stem,

Inc.

(a)

.......................

32,847

446,719

SunPower

Corp.

(a)

..................

19,332

357,449

Sunrun

,

Inc.

(a)

.....................

48,044

1,081,471

TPI

Composites,

Inc.

(a)

...............

3,118

31,055

Vertiv

Holdings

Co.,

Class

A

...........

68,526

980,607

Vicor

Corp.

(a)

......................

5,027

240,140

7,081,340

Electronic

Equipment,

Instruments

&

Components

—

2.2%

908

Devices,

Inc.

(a)(b)

.................

4,858

77,679

Advanced

Energy

Industries,

Inc.

........

3,416

268,668

Aeva

Technologies,

Inc.

(a)

.............

23,307

46,614

AEye

,

Inc.,

Class

A

(a)

................

26,919

23,433

Badger

Meter,

Inc.

..................

6,637

746,530

Belden,

Inc.

......................

3,324

231,450

Benchmark

Electronics,

Inc.

...........

3,201

90,876

Cepton

,

Inc.

(a)

.....................

5,588

12,294

Coherent

Corp.

(a)

...................

11,819

397,237

CTS

Corp.

.......................

7,270

287,310

ePlus

,

Inc.

(a)

......................

3,446

167,889

Fabrinet

(a)

........................

4,273

488,831

FARO

Technologies,

Inc.

(a)

.............

4,202

122,740

IPG

Photonics

Corp.

(a)

...............

2,847

243,874

Itron

,

Inc.

(a)

.......................

10,225

499,900

Knowles

Corp.

(a)

...................

9,491

130,501

Lightwave

Logic,

Inc.

(a)(b)

..............

25,494

215,934

Littelfuse

,

Inc.

(b)

....................

5,606

1,234,722

MicroVision

,

Inc.

(a)(b)

.................

16,411

60,064

Mirion

Technologies,

Inc.,

Class

A

(a)

......

12,536

101,291

Napco

Security

Technologies,

Inc.

(a)(b)

.....

6,589

187,259

National

Instruments

Corp.

............

17,264

659,140

nLight

,

Inc.

(a)

......................

10,400

112,008

Novanta

,

Inc.

(a)

....................

8,083

1,142,936

Ouster,

Inc.,

Class

A

(a)(b)

..............

21,882

27,353

PAR

Technology

Corp.

(a)(b)

.............

6,194

178,263

Plexus

Corp.

(a)

.....................

3,554

349,714

SmartRent

,

Inc.,

Class

A

(a)

.............

27,334

75,169

Velodyne

Lidar,

Inc.

(a)(b)

...............

26,110

25,784

Vishay

Precision

Group,

Inc.

(a)

..........

1,424

48,060

8,253,523

Energy

Equipment

&

Services

—

1.4%

Cactus,

Inc.,

Class

A

................

13,737

710,478

ChampionX

Corp.

..................

25,820

738,968

Security

Shares

Shares

Value

Energy

Equipment

&

Services

(continued)

Core

Laboratories

NV

(b)

...............

10,566

$

205,614

DMC

Global,

Inc.

(a)

..................

4,339

93,896

Dril

-Quip,

Inc.

(a)

....................

5,220

129,874

Liberty

Energy,

Inc.,

Class

A

(a)

..........

36,153

611,347

Nabors

Industries

Ltd.

(a)

..............

937

163,066

Noble

Corp.

plc

(a)(b)

..................

9,300

335,172

Oceaneering

International,

Inc.

(a)

........

13,494

188,781

Patterson-UTI

Energy,

Inc.

............

49,149

867,480

ProPetro

Holding

Corp.

(a)

..............

13,608

161,119

RPC,

Inc.

........................

19,024

211,737

Select

Energy

Services,

Inc.,

Class

A

(a)

....

8,361

80,684

Solaris

Oilfield

Infrastructure,

Inc.,

Class

A

..

7,693

104,779

TETRA

Technologies,

Inc.

(a)

............

26,377

130,302

Weatherford

International

plc

(a)

..........

8,206

342,026

5,075,323

Entertainment

—

0.7%

IMAX

Corp.

(a)(b)

....................

10,630

135,320

Liberty

Media

Corp.-Liberty

Braves,

Class

A

(a)

1,504

47,963

Liberty

Media

Corp.-Liberty

Braves,

Class

C,

NVS

(a)(b)

.......................

8,372

260,871

Madison

Square

Garden

Entertainment

Corp.

(a)

(b)

...........................

2,418

118,554

Madison

Square

Garden

Sports

Corp.

.....

2,749

430,521

Playstudios

,

Inc.,

Class

A

(a)

............

19,124

86,249

Warner

Music

Group

Corp.,

Class

A

(b)

.....

26,441

687,995

World

Wrestling

Entertainment,

Inc.,

Class

A

9,792

772,491

2,539,964

Equity

Real

Estate

Investment

Trusts

(REITs)

—

5.8%

Acadia

Realty

Trust

(b)

................

8,626

120,505

Agree

Realty

Corp.

.................

10,038

689,611

Alexander

&

Baldwin,

Inc.

.............

16,609

323,543

American

Assets

Trust,

Inc.

............

5,940

163,231

Apartment

Investment

and

Management

Co.,

Class

A

.......................

19,454

154,465

Apple

Hospitality

REIT,

Inc.

............

48,193

825,064

Broadstone

Net

Lease,

Inc.

............

25,693

440,378

Centerspace

......................

1,452

100,624

Chatham

Lodging

Trust

(a)

.............

4,047

52,490

City

Office

REIT,

Inc.

................

4,787

50,838

Community

Healthcare

Trust,

Inc.

........

5,206

180,128

Corporate

Office

Properties

Trust

........

17,258

459,926

Cousins

Properties,

Inc.

..............

13,107

311,422

CTO

Realty

Growth,

Inc.

..............

3,594

72,239

DiamondRock

Hospitality

Co.

...........

47,882

447,218

Douglas

Emmett,

Inc.

................

13,387

235,477

Easterly

Government

Properties,

Inc.

.....

11,874

206,489

EPR

Properties

....................

8,740

337,364

Essential

Properties

Realty

Trust,

Inc.

.....

19,169

412,517

Farmland

Partners,

Inc.

..............

7,575

106,126

First

Industrial

Realty

Trust,

Inc.

(b)

........

20,397

971,509

Four

Corners

Property

Trust,

Inc.

........

11,665

298,857

Gladstone

Commercial

Corp.

...........

3,827

67,317

Gladstone

Land

Corp.

...............

5,071

103,195

Global

Medical

REIT,

Inc.

.............

7,844

71,694

Global

Net

Lease,

Inc.

...............

7,992

97,902

Healthcare

Realty

Trust,

Inc.,

Class

A

.....

37,892

770,344

Hudson

Pacific

Properties,

Inc.

..........

14,100

155,664

Independence

Realty

Trust,

Inc.

.........

50,375

844,285

Indus

Realty

Trust,

Inc.

...............

1,135

58,782

Innovative

Industrial

Properties,

Inc.

......

6,355

686,976

InvenTrust

Properties

Corp.

............

8,288

208,858

Kite

Realty

Group

Trust

...............

26,882

527,962

LXP

Industrial

Trust

.................

34,320

332,218

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

Morningstar

Small-Cap

Growth

ETF

Schedule

of

Investments

35

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

Macerich

Co.

(The)

.................

28,491

$

317,105

National

Storage

Affiliates

Trust

.........

19,392

827,263

NETSTREIT

Corp.

..................

11,442

215,338

NexPoint

Residential

Trust,

Inc.

.........

3,512

160,147

One

Liberty

Properties,

Inc.

............

1,360

30,654

Orion

Office

REIT,

Inc.

...............

13,004

121,848

Outfront

Media,

Inc.

.................

21,861

394,591

Pebblebrook

Hotel

Trust

..............

29,785

477,751

Phillips

Edison

&

Co.,

Inc.

.............

16,680

502,735

Physicians

Realty

Trust

...............

22,277

335,492

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

..

8,651

90,403

Plymouth

Industrial

REIT,

Inc.

..........

4,265

78,647

Rayonier,

Inc.

.....................

33,171

1,117,863

Retail

Opportunity

Investments

Corp.

.....

14,941

216,346

RLJ

Lodging

Trust

..................

24,525

298,469

RPT

Realty

.......................

10,274

95,548

Ryman

Hospitality

Properties,

Inc.

.......

12,501

1,111,589

Safehold

,

Inc.

.....................

4,016

117,468

Saul

Centers,

Inc.

..................

1,431

58,599

Service

Properties

Trust

..............

16,922

137,237

SITE

Centers

Corp.

.................

18,587

230,107

Spirit

Realty

Capital,

Inc.

..............

13,408

520,633

STAG

Industrial,

Inc.

................

25,283

798,690

Sunstone

Hotel

Investors,

Inc.

..........

48,396

539,615

Tanger

Factory

Outlet

Centers,

Inc.

.......

10,241

184,440

Terreno

Realty

Corp.

................

15,103

862,985

UMH

Properties,

Inc.

................

4,365

76,562

Uniti

Group,

Inc.

...................

16,959

131,602

Universal

Health

Realty

Income

Trust

.....

1,261

61,373

Urban

Edge

Properties

...............

16,014

226,118

Urstadt

Biddle

Properties,

Inc.,

Class

A

....

2,322

43,514

Xenia

Hotels

&

Resorts,

Inc.

...........

25,948

443,192

21,709,142

Food

&

Staples

Retailing

—

0.5%

Andersons,

Inc.

(The)

................

3,128

110,325

Casey's

General

Stores,

Inc.

...........

4,526

1,053,245

Chefs'

Warehouse,

Inc.

(The)

(a)

.........

3,426

125,494

Grocery

Outlet

Holding

Corp.

(a)

..........

9,834

339,961

Ingles

Markets,

Inc.,

Class

A

...........

1,526

144,009

PriceSmart

,

Inc.

....................

2,332

149,178

1,922,212

Food

Products

—

1.4%

Benson

Hill,

Inc.

(a)(b)

.................

28,427

96,368

Beyond

Meat,

Inc.

(a)(b)

................

13,728

215,530

BRC,

Inc.,

Class

A

(a)(b)

................

7,978

57,841

Calavo

Growers,

Inc.

................

1,311

45,348

Cal-Maine

Foods,

Inc.

................

8,648

488,698

Freshpet

,

Inc.

(a)(b)

...................

10,854

639,843

Hain

Celestial

Group,

Inc.

(The)

(a)

........

7,273

136,078

Hostess

Brands,

Inc.,

Class

A

(a)

.........

21,449

567,970

J

&

J

Snack

Foods

Corp.

..............

2,028

299,353

Lancaster

Colony

Corp.

..............

2,654

478,463

Local

Bounti

Corp.

(a)(b)

................

8,494

25,142

Mission

Produce,

Inc.

(a)

...............

3,774

62,799

Pilgrim's

Pride

Corp.

(a)

...............

3,611

83,234

Post

Holdings,

Inc.

(a)(b)

................

6,563

593,426

Seaboard

Corp.

....................

32

119,884

Simply

Good

Foods

Co.

(The)

(a)

.........

19,344

740,875

Sovos

Brands,

Inc.

(a)

.................

8,793

121,871

Tattooed

Chef,

Inc.,

Class

A

(a)(b)

.........

10,880

51,680

Tootsie

Roll

Industries,

Inc.

............

4,061

164,024

Utz

Brands,

Inc.,

Class

A

(b)

............

5,407

87,647

Security

Shares

Shares

Value

Food

Products

(continued)

Vital

Farms,

Inc.

(a)

..................

5,987

$

79,268

5,155,342

Gas

Utilities

—

0.2%

Chesapeake

Utilities

Corp.

............

1,897

235,949

ONE

Gas,

Inc.

.....................

5,013

388,407

624,356

Health

Care

Equipment

&

Supplies

—

6.8%

Alphatec

Holdings,

Inc.

(a)

..............

15,997

163,809

AngioDynamics

,

Inc.

(a)

...............

3,800

53,542

Artivion

,

Inc.

(a)

.....................

3,358

37,475

AtriCure

,

Inc.

(a)

....................

10,536

443,776

Atrion

Corp.

......................

308

184,895

Avanos

Medical,

Inc.

(a)

...............

5,107

113,120

Axonics

,

Inc.

(a)

.....................

11,164

816,535

BioLife

Solutions,

Inc.

(a)(b)

..............

3,794

89,235

Bioventus

,

Inc.,

Class

A

(a)

.............

3,032

24,680

Butterfly

Network,

Inc.,

Class

A

(a)(b)

.......

32,828

160,857

Cardiovascular

Systems,

Inc.

(a)

..........

3,888

56,143

Cerus

Corp.

(a)

.....................

40,475

148,139

CONMED

Corp.

....................

6,927

552,290

Cutera

,

Inc.

(a)(b)

....................

4,048

186,087

Enovis

Corp.

(a)

.....................

5,363

265,200

Envista

Holdings

Corp.

(a)(b)

.............

23,277

768,374

Establishment

Labs

Holdings,

Inc.

(a)(b)

.....

4,985

281,104

Figs,

Inc.,

Class

A

(a)(b)

................

28,729

212,020

Glaukos

Corp.

(a)

....................

10,808

606,005

Globus

Medical,

Inc.,

Class

A

(a)(b)

........

17,452

1,169,284

Haemonetics

Corp.

(a)(b)

...............

5,289

449,301

Heska

Corp.

(a)

.....................

2,319

166,411

ICU

Medical,

Inc.

(a)

..................

2,655

394,029

Inari

Medical,

Inc.

(a)(b)

................

10,918

839,922

Inspire

Medical

Systems,

Inc.

(a)

.........

6,262

1,220,777

Integer

Holdings

Corp.

(a)

..............

3,707

231,057

Integra

LifeSciences

Holdings

Corp.

(a)(b)

....

16,449

826,562

iRadimed

Corp.

....................

1,643

47,729

iRhythm

Technologies,

Inc.

(a)

...........

6,820

869,482

Lantheus

Holdings,

Inc.

(a)

.............

15,573

1,152,246

LeMaitre

Vascular,

Inc.

...............

4,377

189,962

LivaNova

plc

(a)

.....................

4,701

221,417

Masimo

Corp.

(a)

....................

5,876

773,282

Meridian

Bioscience,

Inc.

(a)

............

9,973

318,837

Merit

Medical

Systems,

Inc.

(a)

...........

12,850

883,695

Mesa

Laboratories,

Inc.

..............

1,138

150,455

Neogen

Corp.

(a)

....................

49,006

646,879

Nevro

Corp.

(a)

.....................

8,052

308,714

NuVasive

,

Inc.

(a)

....................

8,358

368,839

Omnicell

,

Inc.

(a)

....................

10,061

777,917

Orthofix

Medical,

Inc.

(a)(b)

..............

4,524

72,655

OrthoPediatrics

Corp.

(a)(b)

..............

3,245

137,880

Outset

Medical,

Inc.

(a)(b)

...............

10,918

169,666

Paragon

28,

Inc.

(a)

..................

5,842

116,665

Penumbra,

Inc.

(a)(b)

..................

8,596

1,473,956

PROCEPT

BioRobotics

Corp.

(a)(b)

........

7,421

337,136

Pulmonx

Corp.

(a)(b)

..................

8,417

112,451

Senseonics

Holdings,

Inc.

(a)(b)

...........

106,795

126,018

Shockwave

Medical,

Inc.

(a)

.............

8,147

2,388,293

SI-BONE,

Inc.

(a)

....................

6,919

134,505

Silk

Road

Medical,

Inc.

(a)

..............

8,013

353,213

STAAR

Surgical

Co.

(a)

................

10,920

773,900

Surmodics

,

Inc.

(a)

...................

3,239

110,579

Tandem

Diabetes

Care,

Inc.

(a)(b)

.........

14,535

816,140

TransMedics

Group,

Inc.

(a)

.............

7,154

344,966

Treace

Medical

Concepts,

Inc.

(a)

.........

7,195

176,134

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

Morningstar

Small-Cap

Growth

ETF

36

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

UFP

Technologies,

Inc.

(a)

..............

1,572

$

147,532

ViewRay

,

Inc.

(a)

....................

33,207

142,458

25,104,230

Health

Care

Providers

&

Services

—

3.9%

1Life

Healthcare,

Inc.

(a)

...............

22,318

381,638

Acadia

Healthcare

Co.,

Inc.

(a)

...........

13,466

1,094,786

Accolade,

Inc.

(a)

....................

5,438

58,622

AdaptHealth

Corp.

(a)(b)

................

9,913

226,016

Addus

HomeCare

Corp.

(a)

.............

3,656

374,448

Agiliti

,

Inc.

(a)(b)

.....................

7,628

133,261

AirSculpt

Technologies,

Inc.

............

2,083

14,123

Alignment

Healthcare,

Inc.

(a)

...........

7,509

99,419

Amedisys

,

Inc.

(a)

...................

7,347

716,994

AMN

Healthcare

Services,

Inc.

(a)

.........

3,765

472,507

Apollo

Medical

Holdings,

Inc.

(a)(b)

.........

8,931

316,693

Cano

Health,

Inc.,

Class

A

(a)

............

39,173

140,239

CareMax

,

Inc.,

Class

A

(a)

..............

15,568

109,599

Castle

Biosciences,

Inc.

(a)

.............

5,655

144,316

Clover

Health

Investments

Corp.

(a)(b)

......

30,861

48,760

CorVel

Corp.

(a)

.....................

2,085

342,378

DocGo

,

Inc.

(a)

.....................

18,453

182,685

Encompass

Health

Corp.

.............

8,869

482,828

Ensign

Group,

Inc.

(The)

..............

12,525

1,124,495

Guardant

Health,

Inc.

(a)(b)

..............

23,146

1,145,727

HealthEquity

,

Inc.

(a)

..................

19,141

1,491,275

Hims

&

Hers

Health,

Inc.,

Class

A

(a)

.......

15,992

72,604

Innovage

Holding

Corp.

(a)(b)

............

4,214

26,085

Invitae

Corp.

(a)(b)

....................

16,785

43,305

Joint

Corp.

(The)

(a)

..................

3,293

54,400

LifeStance

Health

Group,

Inc.

(a)(b)

........

21,418

161,706

ModivCare

,

Inc.

(a)

...................

1,185

115,229

National

Research

Corp.

..............

2,120

86,348

Oak

Street

Health,

Inc.

(a)(b)

.............

26,305

532,150

Option

Care

Health,

Inc.

(a)

.............

35,104

1,062,247

Pennant

Group,

Inc.

(The)

(a)

............

3,141

38,666

PetIQ

,

Inc.,

Class

A

(a)(b)

...............

5,685

46,731

Privia

Health

Group,

Inc.

(a)

.............

11,128

372,565

Progyny

,

Inc.

(a)(b)

...................

16,906

751,810

R1

RCM,

Inc.

(a)

....................

31,164

550,356

RadNet

,

Inc.

(a)

.....................

11,108

212,385

Select

Medical

Holdings

Corp.

..........

8,700

223,416

Sema4

Holdings

Corp.,

Class

A

(a)

........

24,877

25,623

Signify

Health,

Inc.,

Class

A

(a)

...........

15,611

456,310

Surgery

Partners,

Inc.

(a)(b)

.............

8,760

238,184

US

Physical

Therapy,

Inc.

.............

2,943

261,338

14,432,267

Health

Care

Technology

—

1.0%

Allscripts

Healthcare

Solutions,

Inc.

(a)

.....

13,757

202,228

American

Well

Corp.,

Class

A

(a)

.........

28,354

115,968

Certara

,

Inc.

(a)

.....................

24,090

294,621

Definitive

Healthcare

Corp.,

Class

A

(a)

.....

8,302

131,006

Doximity

,

Inc.,

Class

A

(a)(b)

.............

25,021

662,306

Evolent

Health,

Inc.,

Class

A

(a)

..........

12,138

386,110

GoodRx

Holdings,

Inc.,

Class

A

(a)(b)

.......

17,125

91,961

Health

Catalyst,

Inc.

(a)

................

5,164

45,546

HealthStream

,

Inc.

(a)

.................

3,387

83,659

Nutex

Health,

Inc.

(a)(b)

................

5,870

4,725

OptimizeRx

Corp.

(a)

.................

4,125

63,587

Pear

Therapeutics,

Inc.,

Class

A

(a)

........

6,978

19,189

Phreesia

,

Inc.

(a)

....................

11,929

325,900

Schrodinger,

Inc.

(a)

..................

12,035

288,479

Sharecare

,

Inc.,

Class

A

(a)

.............

72,036

138,309

Simulations

Plus,

Inc.

................

3,634

150,811

Security

Shares

Shares

Value

Health

Care

Technology

(continued)

Teladoc

Health,

Inc.

(a)

................

18,295

$

542,264

3,546,669

Hotels,

Restaurants

&

Leisure

—

4.2%

Accel

Entertainment,

Inc.,

Class

A

(a)

......

12,653

124,252

Bally's

Corp.

(a)(b)

....................

6,370

143,580

BJ's

Restaurants,

Inc.

(a)

...............

3,128

102,755

Bowlero

Corp.

(a)

....................

7,928

115,432

Boyd

Gaming

Corp.

.................

18,414

1,063,593

Chuy's

Holdings,

Inc.

(a)

...............

1,918

56,197

Cracker

Barrel

Old

Country

Store,

Inc.

.....

1,719

196,344

Dave

&

Buster's

Entertainment,

Inc.

(a)

.....

5,047

201,123

Denny's

Corp.

(a)(b)

...................

4,371

49,523

DraftKings

,

Inc.,

Class

A

(a)(b)

............

101,780

1,608,124

Dutch

Bros,

Inc.,

Class

A

(a)(b)

...........

5,844

215,702

Everi

Holdings,

Inc.

(a)

................

20,441

387,970

F45

Training

Holdings,

Inc.

(a)

...........

8,057

26,910

First

Watch

Restaurant

Group,

Inc.

(a)

......

2,639

44,995

Hyatt

Hotels

Corp.,

Class

A

(a)(b)

..........

11,362

1,070,414

Jack

in

the

Box,

Inc.

.................

3,074

271,219

Krispy

Kreme,

Inc.

..................

15,215

218,335

Kura

Sushi

USA,

Inc.,

Class

A

(a)

.........

819

64,726

Light

&

Wonder,

Inc.,

Class

A

(a)(b)

........

13,207

741,441

Lindblad

Expeditions

Holdings,

Inc.

(a)(b)

....

7,452

62,522

Marriott

Vacations

Worldwide

Corp.

.......

5,987

884,639

Membership

Collective

Group,

Inc.,

Class

A

(a)(b)

9,369

42,910

Monarch

Casino

&

Resort,

Inc.

(a)

.........

3,008

238,865

Papa

John's

International,

Inc.

..........

3,836

278,609

Penn

Entertainment,

Inc.

(a)(b)

...........

21,275

704,203

Planet

Fitness,

Inc.,

Class

A

(a)(b)

.........

19,133

1,252,829

Portillo's,

Inc.,

Class

A

(a)

..............

6,585

141,182

RCI

Hospitality

Holdings,

Inc.

...........

1,951

164,723

Red

Rock

Resorts,

Inc.,

Class

A

.........

11,265

469,187

Rush

Street

Interactive,

Inc.,

Class

A

(a)

....

7,330

30,420

Ruth's

Hospitality

Group,

Inc.

...........

4,087

84,928

SeaWorld

Entertainment,

Inc.

(a)(b)

........

5,468

318,019

Shake

Shack,

Inc.,

Class

A

(a)(b)

..........

8,470

470,678

Six

Flags

Entertainment

Corp.

(a)

.........

11,012

245,568

Sonder

Holdings,

Inc.,

Class

A

(a)

.........

15,551

34,057

Sweetgreen

,

Inc.,

Class

A

(a)

............

16,985

315,921

Texas

Roadhouse,

Inc.

...............

15,167

1,500,775

Vacasa

,

Inc.,

Class

A

(a)

...............

18,200

66,430

Wendy's

Co.

(The)

..................

17,578

365,271

Wingstop

,

Inc.

.....................

6,793

1,075,943

Xponential

Fitness,

Inc.,

Class

A

(a)(b)

......

4,001

77,419

15,527,733

Household

Durables

—

1.6%

Cavco

Industries,

Inc.

(a)

...............

1,882

426,593

Century

Communities,

Inc.

............

3,514

156,408

Cricut

,

Inc.,

Class

A

(a)(b)

...............

9,279

82,490

Dream

Finders

Homes,

Inc.,

Class

A

(a)(b)

....

2,348

26,063

Helen

of

Troy

Ltd.

(a)

.................

3,359

317,829

Installed

Building

Products,

Inc.

.........

5,335

458,810

iRobot

Corp.

(a)

.....................

3,701

209,107

Leggett

&

Platt,

Inc.

.................

9,877

333,349

LGI

Homes,

Inc.

(a)

..................

2,059

189,531

Lovesac

Co.

(The)

(a)(b)

................

3,372

82,075

Meritage

Homes

Corp.

(a)

..............

3,365

256,278

Skyline

Champion

Corp.

(a)

.............

11,991

697,996

Snap

One

Holdings

Corp.

(a)

............

2,372

28,274

Sonos

,

Inc.

(a)(b)

.....................

28,869

465,368

Taylor

Morrison

Home

Corp.

(a)(b)

.........

10,026

264,085

Tempur

Sealy

International,

Inc.

.........

17,083

459,362

TopBuild

Corp.

(a)

...................

7,353

1,251,039

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

Morningstar

Small-Cap

Growth

ETF

Schedule

of

Investments

37

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Household

Durables

(continued)

Traeger

,

Inc.

(a)(b)

....................

5,408

$

22,443

Vizio

Holding

Corp.,

Class

A

(a)

..........

12,851

143,931

Weber,

Inc.,

Class

A

(b)

................

1,962

13,067

5,884,098

Household

Products

—

0.3%

Energizer

Holdings,

Inc.

..............

10,343

298,809

Spectrum

Brands

Holdings,

Inc.

.........

3,766

173,763

WD-40

Co.

.......................

3,105

497,297

969,869

Independent

Power

and

Renewable

Electricity

Producers

—

0.4%

Altus

Power,

Inc.,

Class

A

(a)

............

8,189

81,562

Clearway

Energy,

Inc.,

Class

A

..........

2,832

91,558

Clearway

Energy,

Inc.,

Class

C

.........

6,546

227,408

Ormat

Technologies,

Inc.

..............

6,917

625,643

Sunnova

Energy

International,

Inc.

(a)(b)

.....

22,466

416,520

1,442,691

Insurance

—

2.2%

Assured

Guaranty

Ltd.

...............

5,725

338,863

BRP

Group,

Inc.,

Class

A

(a)

............

13,680

387,828

Goosehead

Insurance,

Inc.,

Class

A

(a)

.....

4,674

194,018

Hagerty

,

Inc.,

Class

A

(a)(b)

..............

4,348

39,523

HCI

Group,

Inc.

....................

1,219

44,664

Hippo

Holdings,

Inc.

(a)(b)

...............

3,587

61,983

Kinsale

Capital

Group,

Inc.

............

4,887

1,540,236

Lemonade,

Inc.

(a)(b)

..................

4,770

115,434

Oscar

Health,

Inc.,

Class

A

(a)

...........

25,024

93,340

Palomar

Holdings,

Inc.

(a)

..............

5,751

511,609

Primerica,

Inc.

.....................

3,669

530,904

ProAssurance

Corp.

.................

3,962

87,996

RenaissanceRe

Holdings

Ltd.

..........

5,227

808,512

RLI

Corp.

........................

9,183

1,194,433

Ryan

Specialty

Holdings,

Inc.,

Class

A

(a)(b)

..

13,103

587,670

Selective

Insurance

Group,

Inc.

.........

4,299

421,646

Stewart

Information

Services

Corp.

.......

2,250

87,660

Trupanion

,

Inc.

(a)

...................

8,001

403,810

White

Mountains

Insurance

Group

Ltd.

....

575

814,286

8,264,415

Interactive

Media

&

Services

—

0.7%

Bumble,

Inc.,

Class

A

(a)

...............

17,936

455,574

BuzzFeed

,

Inc.,

Class

A

(a)

.............

5,277

9,657

Cargurus

,

Inc.,

Class

A

(a)(b)

.............

21,267

309,648

Eventbrite,

Inc.,

Class

A

(a)(b)

............

6,415

42,147

fuboTV

,

Inc.

(a)(b)

....................

21,455

78,525

MediaAlpha

,

Inc.,

Class

A

(a)(b)

...........

2,637

28,954

Nextdoor

Holdings,

Inc.,

Class

A

(a)(b)

......

28,751

77,915

QuinStreet

,

Inc.

(a)

...................

7,193

82,072

Shutterstock

,

Inc.

...................

5,470

273,664

System1,

Inc.,

Class

A

(a)

..............

4,647

24,072

TripAdvisor,

Inc.

(a)

..................

8,300

196,046

Vimeo,

Inc.

(a)(b)

.....................

35,845

136,211

Yelp,

Inc.

(a)

.......................

9,948

382,103

Ziff

Davis,

Inc.

(a)(b)

...................

5,203

402,660

ZipRecruiter,

Inc.,

Class

A

(a)

............

6,431

107,848

2,607,096

Internet

&

Direct

Marketing

Retail

—

0.8%

1-800-Flowers.com,

Inc.,

Class

A

(a)

.......

2,985

21,761

Boxed,

Inc.

(a)

......................

5,727

2,863

Chewy,

Inc.,

Class

A

(a)(b)

..............

20,571

796,715

Duluth

Holdings,

Inc.,

Class

B

(a)(b)

........

1,360

11,832

Groupon,

Inc.

(a)(b)

...................

1,949

14,364

Lands'

End,

Inc.

(a)(b)

.................

1,002

10,501

Liquidity

Services,

Inc.

(a)

..............

6,067

104,231

Security

Shares

Shares

Value

Internet

&

Direct

Marketing

Retail

(continued)

Lulu's

Fashion

Lounge

Holdings,

Inc.

(a)

....

1,992

$

12,470

Overstock.com,

Inc.

(a)(b)

...............

10,329

240,149

PetMed

Express,

Inc.

................

1,957

41,723

Porch

Group,

Inc.

(a)

.................

19,071

25,936

Poshmark

,

Inc.,

Class

A

(a)(b)

............

9,980

178,243

RealReal

,

Inc.

(The)

(a)

................

18,845

31,848

Revolve

Group,

Inc.,

Class

A

(a)

..........

9,237

221,688

Stitch

Fix,

Inc.,

Class

A

(a)

..............

8,765

35,060

Vivid

Seats,

Inc.,

Class

A

(a)

............

5,628

46,150

Wayfair,

Inc.,

Class

A

(a)(b)

..............

17,361

658,329

Xometry

,

Inc.,

Class

A

(a)(b)

.............

6,685

401,501

2,855,364

IT

Services

—

3.8%

Affirm

Holdings,

Inc.,

Class

A

(a)(b)

.........

46,726

937,791

AvidXchange

Holdings,

Inc.

(a)

...........

30,009

273,082

BigCommerce

Holdings,

Inc.

(a)

..........

13,807

205,172

Cantaloupe,

Inc.

(a)

..................

12,207

40,893

Core

Scientific,

Inc.

(a)(b)

...............

57,508

11,502

Cyxtera

Technologies,

Inc.,

Class

A

(a)

.....

5,457

13,206

DigitalOcean

Holdings,

Inc.

(a)(b)

..........

13,898

499,216

Edgio

,

Inc.

(a)

......................

17,859

48,041

Euronet

Worldwide,

Inc.

(a)

.............

10,697

898,655

EVERTEC,

Inc.

....................

7,502

268,647

Evo

Payments,

Inc.,

Class

A

(a)

..........

10,900

367,221

ExlService

Holdings,

Inc.

(a)

............

7,508

1,365,330

Fastly

,

Inc.,

Class

A

(a)

................

25,192

213,880

Flywire

Corp.

(a)

....................

14,002

307,344

Grid

Dynamics

Holdings,

Inc.,

Class

A

(a)

....

10,689

145,477

Hackett

Group,

Inc.

(The)

.............

6,250

136,500

I3

Verticals,

Inc.,

Class

A

(a)(b)

...........

5,132

111,672

International

Money

Express,

Inc.

(a)

.......

7,661

207,077

Marqeta

,

Inc.,

Class

A

(a)(b)

.............

90,921

716,457

Maximus,

Inc.

.....................

5,345

329,626

Paya

Holdings,

Inc.,

Class

A

(a)

..........

19,738

158,693

Payoneer

Global,

Inc.

(a)

...............

23,589

182,815

Perficient

,

Inc.

(a)(b)

...................

7,872

527,188

Repay

Holdings

Corp.,

Class

A

(a)(b)

.......

17,410

106,027

Shift4

Payments,

Inc.,

Class

A

(a)

.........

11,626

534,447

SolarWinds

Corp.

(a)

.................

4,597

42,890

Squarespace,

Inc.,

Class

A

(a)(b)

..........

9,520

211,439

Switch,

Inc.,

Class

A

.................

31,276

1,064,948

TaskUS

,

Inc.,

Class

A

(a)(b)

..............

6,088

122,917

Thoughtworks

Holding,

Inc.

(a)

...........

14,895

143,141

Toast,

Inc.,

Class

A

(a)

................

68,343

1,509,697

TTEC

Holdings,

Inc.

.................

4,297

191,087

Tucows

,

Inc.,

Class

A

(a)

...............

2,245

100,913

Verra

Mobility

Corp.,

Class

A

(a)

..........

32,411

553,256

WEX,

Inc.

(a)

.......................

10,022

1,645,011

14,191,258

Leisure

Products

—

0.6%

Acushnet

Holdings

Corp.

..............

2,653

123,550

AMMO,

Inc.

(a)(b)

....................

19,938

64,799

Clarus

Corp.

......................

6,636

80,362

Latham

Group,

Inc.

(a)

................

9,402

41,557

Malibu

Boats,

Inc.,

Class

A

(a)(b)

..........

1,571

83,106

Peloton

Interactive,

Inc.,

Class

A

(a)(b)

......

69,821

586,496

Solo

Brands,

Inc.,

Class

A

(a)

............

1,939

8,008

Topgolf

Callaway

Brands

Corp.

(a)

........

31,458

588,894

YETI

Holdings,

Inc.

(a)(b)

...............

19,554

627,292

2,204,064

Life

Sciences

Tools

&

Services

—

1.3%

10X

Genomics,

Inc.,

Class

A

(a)(b)

.........

21,566

586,164

AbCellera

Biologics,

Inc.

(a)

.............

30,775

364,068

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

Morningstar

Small-Cap

Growth

ETF

38

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Life

Sciences

Tools

&

Services

(continued)

Absci

Corp.

(a)

.....................

10,351

$

32,709

Adaptive

Biotechnologies

Corp.

(a)

........

11,637

90,536

Azenta

,

Inc.

......................

16,986

754,178

Bionano

Genomics,

Inc.

(a)(b)

............

66,435

155,458

Codexis

,

Inc.

(a)

.....................

14,601

82,058

CryoPort

,

Inc.

(a)(b)

...................

6,766

187,824

Cytek

Biosciences,

Inc.

(a)

..............

8,852

137,383

Maravai

LifeSciences

Holdings,

Inc.,

Class

A

(a)

11,108

184,393

Medpace

Holdings,

Inc.

(a)

.............

5,697

1,264,620

NanoString

Technologies,

Inc.

(a)

.........

9,852

103,052

Pacific

Biosciences

of

California,

Inc.

(a)(b)

...

46,722

394,334

Quanterix

Corp.

(a)

...................

3,960

43,837

Science

37

Holdings,

Inc.

(a)

............

13,860

20,097

Seer,

Inc.,

Class

A

(a)

.................

4,423

34,632

SomaLogic

,

Inc.,

Class

A

(a)

............

34,000

117,980

Sotera

Health

Co.

(a)

.................

22,574

155,309

4,708,632

Machinery

—

4.6%

3D

Systems

Corp.

(a)(b)

................

29,458

260,114

Alamo

Group,

Inc.

..................

1,258

191,317

Albany

International

Corp.,

Class

A

.......

4,223

386,911

Altra

Industrial

Motion

Corp.

...........

4,757

286,086

Astec

Industries,

Inc.

................

2,207

96,335

Berkshire

Grey,

Inc.,

Class

A

(a)(b)

.........

11,213

15,025

Blue

Bird

Corp.

(a)(b)

..................

1,186

10,876

Chart

Industries,

Inc.

(a)(b)

..............

8,135

1,813,129

Columbus

McKinnon

Corp.

............

3,316

94,572

Crane

Holdings

Co.

.................

4,587

460,260

Desktop

Metal,

Inc.,

Class

A

(a)(b)

.........

53,476

135,294

Donaldson

Co.,

Inc.

.................

14,705

844,802

Energy

Recovery,

Inc.

(a)

..............

12,597

324,121

Enerpac

Tool

Group

Corp.,

Class

A

.......

13,160

334,396

EnPro

Industries,

Inc.

................

2,308

245,802

ESCO

Technologies,

Inc.

.............

5,857

504,698

Evoqua

Water

Technologies

Corp.

(a)

......

27,544

1,079,174

Federal

Signal

Corp.

................

7,079

330,235

Flowserve

Corp.

...................

14,587

418,355

Franklin

Electric

Co.,

Inc.

.............

8,800

721,072

Gorman-Rupp

Co.

(The)

..............

2,615

70,971

Greenbrier

Cos.,

Inc.

(The)

............

4,199

148,267

Helios

Technologies,

Inc.

..............

7,389

418,882

Hillman

Solutions

Corp.

(a)(b)

............

9,514

74,304

Hydrofarm

Holdings

Group,

Inc.

(a)(b)

.......

10,053

25,937

Hyzon

Motors,

Inc.,

Class

A

(a)(b)

.........

20,392

38,949

Ideanomics

,

Inc.

(a)(b)

.................

110,962

33,843

ITT,

Inc.

.........................

10,648

813,401

John

Bean

Technologies

Corp.

..........

7,220

658,464

Kadant

,

Inc.

......................

2,642

470,144

Lindsay

Corp.

.....................

2,497

422,742

Manitowoc

Co.,

Inc.

(The)

(a)

............

4,043

36,872

Markforged

Holding

Corp.

(a)

............

19,750

43,055

Microvast

Holdings,

Inc.

(a)

.............

43,369

106,254

Mueller

Industries,

Inc.

...............

8,061

504,941

Mueller

Water

Products,

Inc.,

Class

A

.....

17,520

204,984

Nikola

Corp.

(a)(b)

....................

73,202

277,436

Omega

Flex,

Inc.

...................

677

63,909

Oshkosh

Corp.

....................

6,869

604,472

Proterra

,

Inc.

(a)

.....................

20,815

129,886

Proto

Labs,

Inc.

(a)

...................

6,227

237,809

RBC

Bearings,

Inc.

(a)(b)

...............

4,254

1,078,517

Shyft

Group,

Inc.

(The)

...............

7,367

169,294

SPX

Technologies,

Inc.

(a)

..............

4,233

278,701

Standex

International

Corp.

............

1,585

156,994

Terex

Corp.

.......................

9,487

384,603

Security

Shares

Shares

Value

Machinery

(continued)

Titan

International,

Inc.

(a)

..............

7,959

$

119,067

Trinity

Industries,

Inc.

................

12,916

368,493

Velo3D,

Inc.

(a)(b)

....................

13,775

54,273

Wabash

National

Corp.

...............

3,720

80,538

Watts

Water

Technologies,

Inc.,

Class

A

....

3,520

515,187

Xos

,

Inc.

(a)

.......................

14,376

16,245

17,160,008

Marine

—

0.2%

Eagle

Bulk

Shipping,

Inc.

.............

1,071

51,815

Genco

Shipping

&

Trading

Ltd.

..........

3,443

46,136

Kirby

Corp.

(a)

......................

5,344

372,744

Matson,

Inc.

......................

3,600

264,888

735,583

Media

—

0.8%

AdTheorent

Holding

Co.,

Inc.

(a)(b)

.........

6,941

14,715

Boston

Omaha

Corp.,

Class

A

(a)

.........

4,418

123,130

Cardlytics,

Inc.

(a)(b)

..................

7,334

69,160

EW

Scripps

Co.

(The),

Class

A,

NVS

(a)

....

5,065

71,872

Integral

Ad

Science

Holding

Corp.

(a)

......

8,334

70,172

Magnite

,

Inc.

(a)(b)

....................

26,532

193,418

New

York

Times

Co.

(The),

Class

A

(b)

.....

37,474

1,085,247

PubMatic,

Inc.,

Class

A

(a)(b)

.............

9,709

168,937

Scholastic

Corp.,

NVS

...............

3,587

136,808

TechTarget

,

Inc.

(a)

...................

6,151

397,047

TEGNA,

Inc.

......................

24,451

510,537

WideOpenWest

,

Inc.

(a)(b)

..............

6,089

83,480

2,924,523

Metals

&

Mining

—

0.9%

Alpha

Metallurgical

Resources,

Inc.

......

2,183

368,600

ATI,

Inc.

(a)

........................

29,493

877,712

Century

Aluminum

Co.

(a)

..............

6,107

44,031

Compass

Minerals

International,

Inc.

......

7,795

308,214

Haynes

International,

Inc.

.............

1,713

83,783

Hecla

Mining

Co.

...................

63,065

288,207

Kaiser

Aluminum

Corp.

...............

1,478

119,408

Materion

Corp.

....................

3,055

261,844

MP

Materials

Corp.,

Class

A

(a)

..........

20,946

629,218

Piedmont

Lithium,

Inc.

(a)(b)

.............

3,711

230,898

Ramaco

Resources,

Inc.

..............

3,162

35,699

3,247,614

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.1%

Ellington

Financial,

Inc.

...............

5,894

78,862

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

....................

10,346

281,204

360,066

Multiline

Retail

—

0.1%

Dillard's,

Inc.,

Class

A

................

367

120,666

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

.....

4,908

274,848

395,514

Oil,

Gas

&

Consumable

Fuels

—

2.0%

Alto

Ingredients,

Inc.

(a)

...............

6,360

26,267

Arch

Resources,

Inc.,

Class

A

..........

2,652

403,873

Archaea

Energy,

Inc.,

Class

A

(a)

.........

16,636

429,375

Brigham

Minerals,

Inc.,

Class

A

.........

7,206

223,386

Clean

Energy

Fuels

Corp.

(a)(b)

...........

39,948

268,051

Denbury,

Inc.

(a)

....................

6,127

560,069

Enviva

,

Inc.

.......................

3,377

202,080

Excelerate

Energy,

Inc.,

Class

A

.........

1,981

54,715

Gevo

,

Inc.

(a)

......................

28,221

63,497

Green

Plains,

Inc.

(a)

.................

8,450

244,121

International

Seaways,

Inc.

............

3,906

165,653

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

Morningstar

Small-Cap

Growth

ETF

Schedule

of

Investments

39

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Kosmos

Energy

Ltd.

(a)

................

57,334

$

372,098

Magnolia

Oil

&

Gas

Corp.,

Class

A

.......

13,112

336,716

Matador

Resources

Co.

..............

12,842

853,351

Murphy

Oil

Corp.

...................

14,820

718,918

NextDecade

Corp.

(a)

.................

5,363

37,541

Range

Resources

Corp.

..............

31,629

900,794

REX

American

Resources

Corp.

(a)

.......

1,482

44,445

Riley

Exploration

Permian,

Inc.

..........

539

15,669

SM

Energy

Co.

....................

14,096

634,038

Tellurian,

Inc.

(a)

....................

116,354

314,156

Uranium

Energy

Corp.

(a)(b)

.............

76,625

322,591

VAALCO

Energy,

Inc.

................

9,217

47,468

Vertex

Energy,

Inc.

(a)(b)

...............

14,177

120,930

7,359,802

Paper

&

Forest

Products

—

0.0%

Glatfelter

Corp.

....................

3,876

10,969

Mercer

International,

Inc.

..............

4,033

54,123

65,092

Personal

Products

—

0.4%

Beauty

Health

Co.

(The),

Class

A

(a)(b)

......

24,103

275,497

elf

Beauty,

Inc.

(a)(b)

..................

11,291

488,449

Honest

Co.,

Inc.

(The)

(a)

..............

4,079

13,501

Inter

Parfums

,

Inc.

..................

4,070

329,182

Medifast

,

Inc.

.....................

1,639

191,747

USANA

Health

Sciences,

Inc.

(a)

.........

1,056

55,450

Veru

,

Inc.

(a)(b)

......................

11,919

145,889

1,499,715

Pharmaceuticals

—

1.4%

Aclaris

Therapeutics,

Inc.

(a)

............

11,674

182,231

Amphastar

Pharmaceuticals,

Inc.

(a)

.......

8,649

267,254

ANI

Pharmaceuticals,

Inc.

(a)

............

1,878

72,472

Arvinas

,

Inc.

(a)

.....................

10,963

544,971

Atea

Pharmaceuticals,

Inc.

(a)

...........

10,992

65,952

Axsome

Therapeutics,

Inc.

(a)

...........

7,238

326,796

Cassava

Sciences,

Inc.

(a)(b)

............

8,588

312,947

Corcept

Therapeutics,

Inc.

(a)(b)

..........

11,550

330,330

DICE

Therapeutics,

Inc.

(a)

.............

3,917

139,093

Evolus

,

Inc.

(a)

.....................

8,381

71,741

EyePoint

Pharmaceuticals,

Inc.

(a)

........

5,166

27,896

Fulcrum

Therapeutics,

Inc.

(a)

...........

7,497

41,683

Harmony

Biosciences

Holdings,

Inc.

(a)(b)

....

6,745

350,740

Intra-Cellular

Therapies,

Inc.

(a)

..........

19,907

909,153

NGM

Biopharmaceuticals,

Inc.

(a)

.........

5,567

29,728

Pacira

BioSciences

,

Inc.

(a)

.............

10,411

538,873

Phathom

Pharmaceuticals,

Inc.

(a)(b)

.......

2,235

23,691

Reata

Pharmaceuticals,

Inc.,

Class

A

(a)

....

6,310

203,182

Relmada

Therapeutics,

Inc.

(a)

...........

3,608

23,055

Revance

Therapeutics,

Inc.

(a)

...........

18,342

409,210

SIGA

Technologies,

Inc.

..............

4,813

44,231

Theravance

Biopharma,

Inc.

(a)(b)

.........

13,109

130,697

Tilray

Brands,

Inc.

(a)(b)

................

67,460

274,562

Tricida

,

Inc.

(a)(b)

....................

3,062

1,018

5,321,506

Professional

Services

—

2.0%

Alight,

Inc.,

Class

A

(a)

................

33,268

275,792

ASGN,

Inc.

(a)

......................

7,779

659,504

Barrett

Business

Services,

Inc.

..........

587

51,198

CBIZ,

Inc.

(a)(b)

......................

7,591

376,817

CRA

International,

Inc.

...............

992

101,918

Exponent,

Inc.

.....................

11,584

1,103,492

First

Advantage

Corp.

(a)

...............

13,247

186,120

Forrester

Research,

Inc.

(a)

.............

2,585

109,397

Security

Shares

Shares

Value

Professional

Services

(continued)

Franklin

Covey

Co.

(a)

................

2,759

$

139,605

FTI

Consulting,

Inc.

(a)(b)

...............

3,999

622,364

Heidrick

&

Struggles

International,

Inc.

....

1,842

51,871

HireRight

Holdings

Corp.

(a)

............

4,252

57,232

Huron

Consulting

Group,

Inc.

(a)

..........

2,994

220,448

ICF

International,

Inc.

................

2,305

275,747

Insperity

,

Inc.

......................

8,113

957,496

KBR,

Inc.

........................

11,752

584,897

Kforce

,

Inc.

.......................

3,189

201,768

Korn

Ferry

.......................

6,635

368,840

Legalzoom.com,

Inc.

(a)

...............

9,939

91,936

Planet

Labs

PBC

(a)

..................

43,394

227,819

Resources

Connection,

Inc.

............

2,829

51,686

Sterling

Check

Corp.

(a)

...............

5,333

104,154

TriNet

Group,

Inc.

(a)(b)

................

3,702

240,556

Upwork

,

Inc.

(a)

.....................

26,996

363,096

7,423,753

Real

Estate

Management

&

Development

—

0.4%

DigitalBridge

Group,

Inc.,

Class

A

........

10,770

137,856

Douglas

Elliman

,

Inc.

................

8,782

40,573

eXp

World

Holdings,

Inc.

(b)

.............

16,549

218,612

Forestar

Group,

Inc.

(a)

................

1,651

19,118

Howard

Hughes

Corp.

(The)

(a)

..........

8,140

499,389

Kennedy-Wilson

Holdings,

Inc.

..........

12,313

204,519

Marcus

&

Millichap,

Inc.

..............

2,361

86,979

St.

Joe

Co.

(The)

...................

7,786

276,637

1,483,683

Road

&

Rail

—

0.6%

ArcBest

Corp.

(b)

....................

2,952

234,477

Bird

Global,

Inc.,

Class

A

(a)(b)

...........

33,262

14,442

Landstar

System,

Inc.

................

4,133

645,657

PAM

Transportation

Services,

Inc.

(a)

......

937

26,096

Saia,

Inc.

(a)

.......................

5,999

1,192,961

TuSimple

Holdings,

Inc.,

Class

A

(a)(b)

......

30,836

105,768

2,219,401

Semiconductors

&

Semiconductor

Equipment

—

3.2%

ACM

Research,

Inc.,

Class

A

(a)

..........

9,182

58,765

Allegro

MicroSystems

,

Inc.

(a)

...........

14,827

376,754

Alpha

&

Omega

Semiconductor

Ltd.

(a)

.....

3,274

107,224

Ambarella

,

Inc.

(a)

...................

8,260

452,070

Amkor

Technology,

Inc.

...............

9,332

194,012

Axcelis

Technologies,

Inc.

(a)(b)

...........

7,481

433,898

CEVA,

Inc.

(a)

......................

5,316

147,041

Cirrus

Logic,

Inc.

(a)(b)

.................

5,933

398,223

Cohu

,

Inc.

(a)

......................

7,073

232,843

Credo

Technology

Group

Holding

Ltd.

(a)(b)

...

20,472

281,285

Diodes,

Inc.

(a)

.....................

10,301

738,273

FormFactor

,

Inc.

(a)

..................

17,591

355,514

Impinj

,

Inc.

(a)

......................

4,756

545,180

indie

Semiconductor,

Inc.,

Class

A

(a)

......

14,536

113,672

Kulicke

&

Soffa

Industries,

Inc.

..........

8,226

344,998

MACOM

Technology

Solutions

Holdings,

Inc.

(a)

11,591

670,771

Magnachip

Semiconductor

Corp.

(a)

.......

6,630

65,969

MaxLinear

,

Inc.

(a)(b)

..................

16,384

505,938

MKS

Instruments,

Inc.

...............

7,667

629,844

Navitas

Semiconductor

Corp.

(a)(b)

........

17,099

71,987

Onto

Innovation,

Inc.

(a)

...............

7,260

485,258

PDF

Solutions,

Inc.

(a)

................

6,710

158,222

Power

Integrations,

Inc.

..............

12,982

866,029

Rambus,

Inc.

(a)

....................

15,433

465,459

Rockley

Photonics

Holdings

Ltd.

(a)

.......

10,689

5,452

Semtech

Corp.

(a)

...................

14,396

398,625

Silicon

Laboratories,

Inc.

(a)(b)

............

7,760

891,779

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

Morningstar

Small-Cap

Growth

ETF

40

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

SiTime

Corp.

(a)

.....................

3,646

$

327,447

SMART

Global

Holdings,

Inc.

(a)

..........

4,522

61,183

Synaptics

,

Inc.

(a)

...................

5,426

480,744

Ultra

Clean

Holdings,

Inc.

(a)

............

4,249

132,186

Universal

Display

Corp.

..............

9,853

938,203

Veeco

Instruments,

Inc.

(a)

.............

5,594

101,979

12,036,827

Software

—

9.7%

8x8,

Inc.

(a)(b)

.......................

27,556

116,562

A10

Networks,

Inc.

..................

15,029

252,487

ACI

Worldwide,

Inc.

(a)

................

18,326

445,872

Adeia

,

Inc.

.......................

7,753

86,678

Agilysys

,

Inc.

(a)

....................

4,476

287,225

Alarm.com

Holdings,

Inc.

(a)

............

11,262

662,656

Altair

Engineering,

Inc.,

Class

A

(a)(b)

.......

11,871

582,273

Alteryx

,

Inc.,

Class

A

(a)(b)

..............

13,752

670,135

American

Software,

Inc.,

Class

A

........

4,909

84,091

Amplitude,

Inc.,

Class

A

(a)(b)

............

11,740

197,232

Appfolio

,

Inc.,

Class

A

(a)

..............

4,232

530,566

Appian

Corp.,

Class

A

(a)(b)

.............

9,293

453,684

Arteris

,

Inc.

(a)

......................

3,571

19,783

Asana,

Inc.,

Class

A

(a)(b)

...............

17,128

352,837

AvePoint

,

Inc.,

Class

A

(a)(b)

.............

19,001

83,034

Blackbaud

,

Inc.

(a)

...................

4,841

264,803

Blackline,

Inc.

(a)

....................

12,281

687,736

Blend

Labs,

Inc.,

Class

A

(a)(b)

...........

36,294

91,098

Box,

Inc.,

Class

A

(a)(b)

................

32,687

949,557

Braze,

Inc.,

Class

A

(a)(b)

...............

6,875

203,569

BTRS

Holdings,

Inc.,

Class

A

(a)

..........

13,141

124,051

C3.ai,

Inc.,

Class

A

(a)(b)

...............

18,594

243,767

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)

...

23,748

221,569

Cerence

,

Inc.

(a)

....................

4,532

77,950

ChannelAdvisor

Corp.

(a)

..............

3,030

69,811

Clear

Secure,

Inc.,

Class

A

(a)(b)

..........

16,230

438,535

Clearwater

Analytics

Holdings,

Inc.,

Class

A

(a)(b)

11,654

189,844

CommVault

Systems,

Inc.

(a)

............

6,239

379,893

Confluent,

Inc.,

Class

A

(a)(b)

............

32,084

862,418

Couchbase

,

Inc.

(a)

..................

5,461

69,901

Coupa

Software,

Inc.

(a)

...............

17,133

911,990

CS

Disco,

Inc.

(a)(b)

...................

3,792

40,650

Cvent

Holding

Corp.

(a)

................

13,991

81,847

Digimarc

Corp.

(a)(b)

..................

3,029

49,494

Digital

Turbine,

Inc.

(a)

................

20,538

299,855

Dolby

Laboratories,

Inc.,

Class

A

........

13,969

933,688

Domo,

Inc.,

Class

B

(a)

................

7,016

123,973

DoubleVerify

Holdings,

Inc.

(a)(b)

..........

14,495

423,689

Dropbox,

Inc.,

Class

A

(a)

..............

62,476

1,358,853

Duck

Creek

Technologies,

Inc.

(a)(b)

........

17,143

204,687

E2open

Parent

Holdings,

Inc.,

Class

A

(a)

...

38,915

226,874

Enfusion

,

Inc.,

Class

A

(a)(b)

.............

2,840

40,243

Envestnet

,

Inc.

(a)

...................

10,881

536,542

Everbridge

,

Inc.

(a)

...................

9,087

284,696

EverCommerce

,

Inc.

(a)

...............

6,507

56,676

Expensify,

Inc.,

Class

A

(a)(b)

............

10,095

132,144

Freshworks

,

Inc.,

Class

A

(a)(b)

...........

32,935

447,587

Gitlab

,

Inc.,

Class

A

(a)(b)

...............

12,171

589,807

HashiCorp

,

Inc.,

Class

A

(a)(b)

............

9,021

277,215

Informatica

,

Inc.,

Class

A

(a)(b)

...........

8,624

166,961

Intapp

,

Inc.

(a)

......................

3,329

74,769

InterDigital

,

Inc.

....................

6,762

337,221

Jamf

Holding

Corp.

(a)

................

10,107

239,233

JFrog

Ltd.

(a)(b)

.....................

13,600

345,440

KnowBe4,

Inc.,

Class

A

(a)

.............

18,082

444,456

Latch,

Inc.

(a)

......................

24,032

32,203

Security

Shares

Shares

Value

Software

(continued)

LivePerson

,

Inc.

(a)

..................

15,482

$

163,645

LiveRamp

Holdings,

Inc.

(a)

.............

15,350

281,826

Marathon

Digital

Holdings,

Inc.

(a)(b)

.......

25,195

330,306

Matterport

,

Inc.,

Class

A

(a)(b)

............

49,544

172,909

MeridianLink

,

Inc.

(a)

.................

4,502

81,036

MicroStrategy

,

Inc.,

Class

A

(a)(b)

..........

2,114

565,516

Mitek

Systems,

Inc.

(a)

................

10,235

115,758

Model

N,

Inc.

(a)

....................

7,629

289,902

Momentive

Global,

Inc.

(a)

..............

28,905

224,303

N-able,

Inc.

(a)

......................

15,213

164,757

nCino

,

Inc.

(a)(b)

.....................

17,268

543,597

New

Relic,

Inc.

(a)

...................

12,952

767,276

NextNav

,

Inc.

(a)

....................

4,950

16,978

Nutanix

,

Inc.,

Class

A

(a)

...............

29,453

807,012

Olo

,

Inc.,

Class

A

(a)(b)

.................

23,270

205,009

ON24,

Inc.

(a)

......................

9,529

77,566

OneSpan

,

Inc.

(a)

....................

5,040

55,390

PagerDuty

,

Inc.

(a)

...................

18,103

451,489

Paycor

HCM,

Inc.

(a)(b)

................

7,109

216,611

Pegasystems

,

Inc.

..................

9,353

348,025

Progress

Software

Corp.

..............

5,477

279,491

PROS

Holdings,

Inc.

(a)

...............

4,432

110,578

Q2

Holdings,

Inc.

(a)

..................

12,992

403,272

Qualtrics

International,

Inc.,

Class

A

(a)

.....

24,387

291,912

Qualys

,

Inc.

(a)

.....................

7,911

1,127,792

Rapid7,

Inc.

(a)

.....................

13,324

603,177

Rimini

Street,

Inc.

(a)

.................

5,134

28,802

Riot

Blockchain

,

Inc.

(a)(b)

..............

30,668

211,302

Samsara,

Inc.,

Class

A

(a)(b)

.............

18,461

227,255

SentinelOne

,

Inc.,

Class

A

(a)

............

45,246

1,033,419

Smartsheet

,

Inc.,

Class

A

(a)(b)

...........

29,343

1,024,658

Sprinklr

,

Inc.,

Class

A

(a)

...............

13,362

123,598

Sprout

Social,

Inc.,

Class

A

(a)(b)

..........

10,626

641,067

SPS

Commerce,

Inc.

(a)(b)

..............

8,162

1,032,656

Sumo

Logic,

Inc.

(a)

..................

23,952

184,670

Telos

Corp.

(a)

......................

12,255

129,903

Tenable

Holdings,

Inc.

(a)

..............

25,348

1,030,143

Teradata

Corp.

(a)

...................

23,277

735,320

Upland

Software,

Inc.

(a)

...............

2,986

24,007

Varonis

Systems,

Inc.

(a)

...............

24,904

666,680

Verint

Systems,

Inc.

(a)

................

7,680

272,102

Veritone

,

Inc.

(a)(b)

...................

7,123

52,781

Vertex,

Inc.,

Class

A

(a)(b)

...............

8,043

144,935

WM

Technology,

Inc.,

Class

A

(a)

.........

8,223

16,857

Workiva

,

Inc.,

Class

A

(a)

...............

10,353

805,567

Yext

,

Inc.

(a)

.......................

14,623

77,794

Zeta

Global

Holdings

Corp.,

Class

A

(a)

.....

28,030

233,770

Zuora

,

Inc.,

Class

A

(a)

................

27,495

211,437

35,964,266

Specialty

Retail

—

1.2%

Arko

Corp.

.......................

11,212

114,923

Asbury

Automotive

Group,

Inc.

(a)

.........

2,203

347,523

Boot

Barn

Holdings,

Inc.

(a)

.............

6,763

384,138

Camping

World

Holdings,

Inc.,

Class

A

(b)

...

3,766

104,808

Carvana

Co.,

Class

A

(a)(b)

..............

22,469

304,006

EVgo

,

Inc.,

Class

A

(a)(b)

...............

15,878

117,656

Guess?,

Inc.

......................

2,630

44,657

Leslie's,

Inc.

(a)

.....................

33,524

470,677

LL

Flooring

Holdings,

Inc.

(a)

............

2,393

19,910

MarineMax

,

Inc.

(a)

...................

1,624

52,471

Monro

,

Inc.

.......................

4,410

210,577

Murphy

USA,

Inc.

..................

3,215

1,011,150

National

Vision

Holdings,

Inc.

(a)(b)

........

9,315

345,028

Petco

Health

&

Wellness

Co.,

Inc.

(a)

......

18,064

190,214

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

Morningstar

Small-Cap

Growth

ETF

Schedule

of

Investments

41

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Specialty

Retail

(continued)

Signet

Jewelers

Ltd.

.................

5,015

$

327,179

Warby

Parker,

Inc.,

Class

A

(a)(b)

..........

14,127

226,738

Winmark

Corp.

....................

637

160,295

4,431,950

Technology

Hardware,

Storage

&

Peripherals

—

0.1%

(a)

Avid

Technology,

Inc.

................

4,555

125,217

Eastman

Kodak

Co.

(b)

................

9,035

48,337

IonQ

,

Inc.

........................

34,240

201,674

375,228

Textiles,

Apparel

&

Luxury

Goods

—

1.0%

Allbirds

,

Inc.,

Class

A

(a)(b)

..............

22,050

75,852

Carter's,

Inc.

......................

3,270

221,935

Columbia

Sportswear

Co.

.............

3,194

237,953

Crocs,

Inc.

(a)

......................

6,374

450,960

PLBY

Group,

Inc.

(a)(b)

................

7,528

27,251

Ralph

Lauren

Corp.,

Class

A

...........

5,958

552,247

Skechers

USA,

Inc.,

Class

A

(a)

..........

30,557

1,052,078

Steven

Madden

Ltd.

.................

8,153

243,530

Under

Armour

,

Inc.,

Class

A

(a)

...........

43,089

321,013

Under

Armour

,

Inc.,

Class

C,

NVS

(a)

......

45,057

295,574

Wolverine

World

Wide,

Inc.

............

6,075

104,065

3,582,458

Thrifts

&

Mortgage

Finance

—

0.3%

Axos

Financial,

Inc.

(a)

................

5,407

210,657

Columbia

Financial,

Inc.

(a)

.............

7,558

155,241

Hingham

Institution

for

Savings

(The)

.....

196

48,461

Kearny

Financial

Corp.

...............

6,205

62,919

Merchants

Bancorp

.................

3,612

86,507

Mr

Cooper

Group,

Inc.

(a)

..............

9,833

388,305

NMI

Holdings,

Inc.,

Class

A

(a)

...........

6,770

148,466

Southern

Missouri

Bancorp,

Inc.

.........

685

35,106

TFS

Financial

Corp.

.................

3,772

52,997

1,188,659

Tobacco

—

0.0%

Turning

Point

Brands,

Inc.

.............

2,211

52,091

Trading

Companies

&

Distributors

—

1.3%

Applied

Industrial

Technologies,

Inc.

......

4,937

614,064

BlueLinx

Holdings,

Inc.

(a)

..............

1,052

74,124

Core

&

Main,

Inc.,

Class

A

(a)

............

16,421

387,207

Custom

Truck

One

Source,

Inc.

(a)(b)

.......

9,797

67,893

DXP

Enterprises,

Inc.

(a)

...............

2,280

65,231

Global

Industrial

Co.

.................

2,192

69,574

H&E

Equipment

Services,

Inc.

..........

3,440

129,895

Herc

Holdings,

Inc.

..................

5,766

678,139

McGrath

RentCorp

..................

3,183

299,361

NOW,

Inc.

(a)

......................

10,274

130,788

SiteOne

Landscape

Supply,

Inc.

(a)

........

10,202

1,182,106

Titan

Machinery,

Inc.

(a)

...............

1,837

63,156

Transcat

,

Inc.

(a)

....................

1,628

134,733

WESCO

International,

Inc.

(a)

...........

5,432

748,367

4,644,638

Water

Utilities

—

0.3%

American

States

Water

Co.

............

4,621

418,016

California

Water

Service

Group

.........

6,359

394,639

Middlesex

Water

Co.

................

2,048

183,235

SJW

Group

.......................

3,034

214,443

York

Water

Co.

(The)

................

1,799

78,364

1,288,697

Security

Shares

Shares

Value

Wireless

Telecommunication

Services

—

0.1%

Gogo

,

Inc.

(a)

......................

12,327

$

175,290

Shenandoah

Telecommunications

Co.

.....

11,367

257,576

432,866

Total

Long-Term

Investments

—

99.8%

(Cost:

$426,466,086)

.............................

370,721,906

Short-Term

Securities

Money

Market

Funds

—

17.4%

(d)(e)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

3.29%

(f)

............

64,142,948

64,130,120

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

2.97%

..................

474,815

474,815

Total

Short-Term

Securities

—

17.4%

(Cost:

$64,602,269)

..............................

64,604,935

Total

Investments

—

117.2%

(Cost:

$491,068,355

)

.............................

435,326,841

Liabilities

in

Excess

of

Other

Assets

—

(17.2)%

...........

(64,034,081)

Net

Assets

—

100.0%

..............................

$

371,292,760

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(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.

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

Morningstar

Small-Cap

Growth

ETF

42

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.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

October

31,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/22

Shares

Held

at

10/31/22

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

54,627,389

$

9,517,440

(a)

$

—

$

(5,238)

$

(9,471)

$

64,130,120

64,142,948

$

489,400

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

600,000

—

(125,185)

(a)

—

—

474,815

474,815

6,396

—

$

(5,238)

$

(9,471)

$

64,604,935

$

495,796

$

—

—

—

(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

....................................................

4

12/16/22

$

371

$

22,697

Xak

Technology

Equity

Index

..................................................

1

12/16/22

129

7,438

$

30,135

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)

......

$

—

$

—

$

30,135

$

—

$

—

$

—

$

30,135

(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

October

31,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

(74,119)

$

—

$

—

$

—

$

(74,119)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

93,959

$

—

$

—

$

—

$

93,959

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

699,735

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

Morningstar

Small-Cap

Growth

ETF

Schedule

of

Investments

43

See

notes

to

financial

statements.

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

370,721,906

$

—

$

—

$

370,721,906

Short-Term

Securities

Money

Market

Funds

......................................

64,604,935

—

—

64,604,935

$

435,326,841

$

—

$

—

$

435,326,841

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

30,135

$

—

$

—

$

30,135

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

October

31,

2022

iShares

®

Morningstar

Small-Cap

Value

ETF

44

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.3%

AAR

Corp.

(a)

......................

7,726

$

342,416

Aerojet

Rocketdyne

Holdings,

Inc.

(a)

......

10,087

488,715

AerSale

Corp.

(a)

....................

3,635

77,062

BWX

Technologies,

Inc.

..............

11,285

643,019

Cadre

Holdings,

Inc.

(b)

................

2,170

63,733

Curtiss-Wright

Corp.

.................

4,891

820,857

Kaman

Corp.

.....................

3,095

99,350

Kratos

Defense

&

Security

Solutions,

Inc.

(a)

.

11,678

129,392

Mercury

Systems,

Inc.

(a)

..............

8,743

423,161

Moog,

Inc.,

Class

A

.................

6,586

558,164

National

Presto

Industries,

Inc.

..........

1,234

86,985

Parsons

Corp.

(a)(b)

...................

7,610

356,757

Spirit

AeroSystems

Holdings,

Inc.,

Class

A

..

14,924

345,640

Triumph

Group,

Inc.

(a)

................

5,369

48,589

V2X,

Inc.

(a)

.......................

2,488

101,983

Woodward,

Inc.

(b)

...................

4,919

451,072

5,036,895

Air

Freight

&

Logistics

—

0.4%

Air

Transport

Services

Group,

Inc.

(a)

......

6,965

203,378

Atlas

Air

Worldwide

Holdings,

Inc.

(a)

......

5,853

591,972

Forward

Air

Corp.

..................

2,874

304,270

Hub

Group,

Inc.,

Class

A

(a)

.............

4,781

371,006

1,470,626

Airlines

—

0.7%

Alaska

Air

Group,

Inc.

(a)

...............

28,854

1,282,849

Blade

Air

Mobility,

Inc.,

Class

A

(a)

........

6,251

28,129

Hawaiian

Holdings,

Inc.

(a)

.............

6,603

95,281

JetBlue

Airways

Corp.

(a)(b)

.............

74,020

595,121

SkyWest,

Inc.

(a)

....................

6,620

117,042

Spirit

Airlines,

Inc.

..................

24,777

545,094

Wheels

Up

Experience,

Inc.,

Class

A

(a)(b)

...

39,548

70,000

2,733,516

Auto

Components

—

1.1%

Adient

plc

(a)

.......................

8,691

304,011

American

Axle

&

Manufacturing

Holdings,

Inc.

(a)

26,139

253,287

Autoliv,

Inc.

.......................

10,618

853,156

Dana,

Inc.

........................

16,877

269,357

Dorman

Products,

Inc.

(a)

..............

2,056

167,811

Garrett

Motion,

Inc.

(a)(b)

...............

13,214

87,741

Goodyear

Tire

&

Rubber

Co.

(The)

(a)

......

64,542

819,683

Holley,

Inc.

(a)(b)

.....................

5,531

22,013

LCI

Industries

.....................

3,114

330,427

Modine

Manufacturing

Co.

(a)

...........

11,953

214,198

Patrick

Industries,

Inc.

...............

4,934

225,533

QuantumScape

Corp.,

Class

A

(a)(b)

.......

27,354

227,859

Standard

Motor

Products,

Inc.

..........

4,221

160,102

Stoneridge,

Inc.

(a)(b)

..................

6,133

127,996

Tenneco,

Inc.,

Class

A

(a)

..............

18,853

371,404

4,434,578

Automobiles

—

0.6%

Harley-Davidson,

Inc.

................

30,283

1,302,169

Lordstown

Motors

Corp.,

Class

A

(a)(b)

......

38,031

68,836

Mullen

Automotive,

Inc.

(a)(b)

............

93,664

44,621

Thor

Industries,

Inc.

.................

6,848

557,907

Winnebago

Industries,

Inc.

............

4,297

256,488

2,230,021

Banks

—

14.7%

1st

Source

Corp.

...................

3,918

227,871

Amerant

Bancorp,

Inc.,

Class

A

.........

3,599

108,330

Ameris

Bancorp

....................

14,643

754,261

Security

Shares

Shares

Value

Banks

(continued)

Associated

Banc-Corp.

...............

36,046

$

877,720

Atlantic

Union

Bankshares

Corp.

........

17,771

613,810

Banc

of

California,

Inc.

...............

12,770

213,004

BancFirst

Corp.

....................

2,296

220,003

Bancorp,

Inc.

(The)

(a)

................

5,070

139,831

Bank

of

Hawaii

Corp.

................

9,155

695,322

Bank

of

Marin

Bancorp

...............

3,952

142,667

Bank

OZK

.......................

25,319

1,088,211

BankUnited,

Inc.

...................

16,548

594,901

Banner

Corp.

.....................

7,037

526,016

Berkshire

Hills

Bancorp,

Inc.

...........

9,614

281,210

BOK

Financial

Corp.

.................

6,820

751,496

Brookline

Bancorp,

Inc.

...............

16,141

221,939

Byline

Bancorp,

Inc.

.................

4,027

93,104

Cadence

Bank

....................

38,494

1,064,359

Cambridge

Bancorp

.................

1,820

159,887

Camden

National

Corp.

..............

3,759

163,592

Carter

Bankshares,

Inc.

(a)

.............

6,201

110,998

Cathay

General

Bancorp

..............

16,952

773,011

Central

Pacific

Financial

Corp.

..........

3,937

80,787

City

Holding

Co.

...................

1,945

196,153

Columbia

Banking

System,

Inc.

.........

15,901

532,206

Community

Bank

System,

Inc.

..........

10,929

682,297

Community

Trust

Bancorp,

Inc.

.........

3,440

162,678

ConnectOne

Bancorp,

Inc.

............

5,375

134,644

CrossFirst

Bankshares,

Inc.

(a)

...........

5,969

83,029

Customers

Bancorp,

Inc.

(a)

.............

6,431

216,660

CVB

Financial

Corp.

.................

27,734

796,520

Dime

Community

Bancshares,

Inc.

.......

3,067

105,904

Eagle

Bancorp,

Inc.

.................

6,681

302,516

Enterprise

Financial

Services

Corp.

......

9,156

489,571

Equity

Bancshares,

Inc.,

Class

A

........

3,815

136,272

Farmers

National

Banc

Corp.

...........

8,044

110,525

FB

Financial

Corp.

..................

5,701

239,214

Financial

Institutions,

Inc.

.............

4,430

105,567

First

BanCorp/Puerto

Rico

.............

22,066

348,422

First

Bancorp/Southern

Pines

NC

........

7,290

324,915

First

Bancshares,

Inc.

(The)

............

6,000

196,440

First

Busey

Corp.

...................

13,462

355,531

First

Commonwealth

Financial

Corp.

......

17,358

248,914

First

Financial

Bancorp

...............

17,385

453,227

First

Financial

Corp.

.................

3,136

152,065

First

Foundation,

Inc.

................

12,721

203,027

First

Hawaiian,

Inc.

.................

29,610

757,424

First

Internet

Bancorp

................

1,056

27,129

First

Interstate

BancSystem,

Inc.,

Class

A

..

20,937

954,937

First

Merchants

Corp.

................

14,092

632,731

First

Mid

Bancshares,

Inc.

.............

3,930

140,733

First

of

Long

Island

Corp.

(The)

.........

6,429

113,022

Flushing

Financial

Corp.

..............

7,577

149,267

FNB

Corp.

.......................

79,869

1,154,107

Fulton

Financial

Corp.

................

38,133

695,165

German

American

Bancorp,

Inc.

.........

4,743

186,352

Glacier

Bancorp,

Inc.

................

15,576

892,193

Great

Southern

Bancorp,

Inc.

...........

2,606

161,520

Hancock

Whitney

Corp.

..............

20,138

1,125,110

Hanmi

Financial

Corp.

...............

5,346

143,166

HarborOne

Bancorp,

Inc.

.............

5,831

88,806

Heartland

Financial

USA,

Inc.

..........

9,422

464,693

Heritage

Commerce

Corp.

.............

16,385

234,305

Heritage

Financial

Corp.

..............

7,188

242,164

Hilltop

Holdings,

Inc.

.................

10,817

313,152

Home

BancShares,

Inc.

..............

44,582

1,136,395

HomeStreet,

Inc.

...................

3,788

98,336

HomeTrust

Bancshares,

Inc.

...........

3,898

93,669

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

Morningstar

Small-Cap

Value

ETF

Schedule

of

Investments

45

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Banks

(continued)

Hope

Bancorp,

Inc.

.................

21,811

$

295,975

Horizon

Bancorp,

Inc.

................

9,998

149,070

Independent

Bank

Corp.

..............

14,863

950,705

Independent

Bank

Group,

Inc.

..........

8,219

518,537

International

Bancshares

Corp.

.........

12,575

623,720

Lakeland

Bancorp,

Inc.

...............

16,709

311,623

Lakeland

Financial

Corp.

..............

2,834

234,230

Mercantile

Bank

Corp.

...............

4,064

142,037

Metropolitan

Bank

Holding

Corp.

(a)

.......

982

64,812

Midland

States

Bancorp,

Inc.

...........

5,703

159,912

MVB

Financial

Corp.

................

1,543

38,205

National

Bank

Holdings

Corp.,

Class

A

....

6,933

303,804

NBT

Bancorp,

Inc.

..................

9,028

427,837

Nicolet

Bankshares,

Inc.

(a)(b)

............

2,981

227,420

Northwest

Bancshares,

Inc.

............

25,856

389,391

OceanFirst

Financial

Corp.

............

15,364

346,919

OFG

Bancorp

.....................

10,059

280,445

Old

National

Bancorp

................

67,843

1,327,009

Old

Second

Bancorp,

Inc.

.............

10,032

160,512

Origin

Bancorp,

Inc.

.................

3,511

145,110

Pacific

Premier

Bancorp,

Inc.

...........

19,961

726,780

PacWest

Bancorp

..................

27,606

686,285

Park

National

Corp.

(b)

................

3,484

513,890

Pathward

Financial,

Inc.

..............

2,098

88,179

Peapack-Gladstone

Financial

Corp.

......

2,518

99,637

Peoples

Bancorp,

Inc.

...............

7,424

224,724

Pinnacle

Financial

Partners,

Inc.

.........

17,645

1,464,359

Popular,

Inc.

......................

17,307

1,223,951

Premier

Financial

Corp.

..............

9,204

265,535

Prosperity

Bancshares,

Inc.

............

20,761

1,485,865

QCR

Holdings,

Inc.

.................

4,359

221,045

Renasant

Corp.

....................

11,529

465,426

S&T

Bancorp,

Inc.

..................

7,273

274,992

Sandy

Spring

Bancorp,

Inc.

............

11,062

392,037

Simmons

First

National

Corp.,

Class

A

....

23,992

572,689

Southern

First

Bancshares,

Inc.

(a)

........

1,077

48,120

Southside

Bancshares,

Inc.

............

6,915

236,770

SouthState

Corp.

...................

17,434

1,576,557

Stellar

Bancorp,

Inc.

.................

10,269

337,234

Stock

Yards

Bancorp,

Inc.

.............

3,176

248,331

Synovus

Financial

Corp.

..............

33,107

1,319,314

Texas

Capital

Bancshares,

Inc.

(a)

........

11,576

694,560

Tompkins

Financial

Corp.

.............

3,024

250,508

Towne

Bank

......................

15,129

498,349

TriCo

Bancshares

..................

8,024

464,670

Triumph

Bancorp,

Inc.

(a)(b)

.............

2,368

121,952

Trustmark

Corp.

...................

13,375

489,124

UMB

Financial

Corp.

................

9,890

823,046

Umpqua

Holdings

Corp.

..............

49,368

981,436

United

Bankshares,

Inc.

..............

30,781

1,303,575

United

Community

Banks,

Inc.

..........

20,928

805,728

Univest

Financial

Corp.

...............

7,504

211,163

Valley

National

Bancorp

..............

97,875

1,161,776

Veritex

Holdings,

Inc.

................

7,839

247,556

Washington

Federal,

Inc.

..............

15,879

614,517

Washington

Trust

Bancorp,

Inc.

.........

4,530

219,705

WesBanco,

Inc.

....................

14,373

581,244

Westamerica

BanCorp

...............

5,755

361,011

Wintrust

Financial

Corp.

..............

14,144

1,324,161

57,006,077

Beverages

—

0.1%

Coca-Cola

Consolidated,

Inc.

...........

318

154,869

National

Beverage

Corp.

..............

3,110

147,476

Security

Shares

Shares

Value

Beverages

(continued)

Vintage

Wine

Estates,

Inc.

(a)(b)

..........

3,346

$

9,269

311,614

Biotechnology

—

2.4%

(a)

4D

Molecular

Therapeutics,

Inc.

.........

3,745

32,432

ACADIA

Pharmaceuticals,

Inc.

..........

10,817

173,396

Agenus,

Inc.

(b)

.....................

19,309

48,466

Agios

Pharmaceuticals,

Inc.

............

6,294

173,337

Akero

Therapeutics,

Inc.

..............

6,791

286,988

Alector,

Inc.

(b)

.....................

14,110

129,812

Allogene

Therapeutics,

Inc.

(b)

...........

20,649

212,685

AnaptysBio,

Inc.

(b)

..................

2,203

63,557

Anavex

Life

Sciences

Corp.

............

12,309

149,800

Arcturus

Therapeutics

Holdings,

Inc.

(b)

.....

2,525

44,692

Arcus

Biosciences,

Inc.

...............

11,827

301,352

Arcutis

Biotherapeutics,

Inc.

(b)

..........

9,059

160,163

Atara

Biotherapeutics,

Inc.

.............

14,018

65,324

Beam

Therapeutics,

Inc.

(b)

.............

8,777

386,715

Bioxcel

Therapeutics,

Inc.

(b)

............

2,018

25,407

C4

Therapeutics,

Inc.

................

5,762

55,430

Caribou

Biosciences,

Inc.

.............

8,437

82,176

Catalyst

Pharmaceuticals,

Inc.

(b)

.........

6,834

94,788

Chimerix,

Inc.

.....................

10,772

19,066

CRISPR

Therapeutics

AG

(b)

............

17,767

929,925

CTI

BioPharma

Corp.

................

10,783

52,837

Eagle

Pharmaceuticals,

Inc.

...........

2,427

76,378

Editas

Medicine,

Inc.

................

10,104

126,805

Emergent

BioSolutions,

Inc.

............

5,121

106,824

Enanta

Pharmaceuticals,

Inc.

...........

2,696

121,617

FibroGen,

Inc.

.....................

10,450

170,126

Gossamer

Bio,

Inc.

.................

5,640

62,604

IGM

Biosciences,

Inc.

................

1,971

39,420

ImmunityBio,

Inc.

(b)

..................

11,234

61,787

Immunovant,

Inc.

...................

9,979

111,765

Inhibrx,

Inc.

.......................

3,082

99,179

Intellia

Therapeutics,

Inc.

(b)

............

7,544

398,172

Intercept

Pharmaceuticals,

Inc.

.........

5,633

78,130

Ironwood

Pharmaceuticals,

Inc.,

Class

A

...

30,608

334,851

Karyopharm

Therapeutics,

Inc.

..........

17,033

81,077

Krystal

Biotech,

Inc.

.................

4,912

375,768

Kura

Oncology,

Inc.

.................

6,370

98,862

MacroGenics,

Inc.

(b)

.................

12,440

63,693

Madrigal

Pharmaceuticals,

Inc.

(b)

........

1,511

107,009

MeiraGTx

Holdings

plc

...............

2,520

18,320

MiMedx

Group,

Inc.

(b)

................

10,697

31,663

Mirati

Therapeutics,

Inc.

..............

4,252

286,245

Mirum

Pharmaceuticals,

Inc.

...........

2,799

63,117

Myriad

Genetics,

Inc.

................

11,083

229,861

Novavax,

Inc.

(b)

....................

17,803

396,473

Nurix

Therapeutics,

Inc.

..............

4,495

57,221

Ocugen,

Inc.

......................

48,678

83,726

Prothena

Corp.

plc

..................

4,807

295,342

RAPT

Therapeutics,

Inc.

..............

1,873

40,869

REGENXBIO,

Inc.

..................

8,490

200,958

Replimune

Group,

Inc.

...............

3,452

63,379

REVOLUTION

Medicines,

Inc.

..........

17,015

344,724

Rocket

Pharmaceuticals,

Inc.

(b)

..........

11,174

208,507

Sangamo

Therapeutics,

Inc.

...........

29,597

129,931

Seres

Therapeutics,

Inc.

(b)

.............

10,756

95,298

SpringWorks

Therapeutics,

Inc.

.........

3,833

92,030

Stoke

Therapeutics,

Inc.

..............

3,539

52,554

uniQure

NV

.......................

9,358

174,246

Vaxart,

Inc.

(b)

......................

12,777

21,338

Vir

Biotechnology,

Inc.

...............

17,196

377,968

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

Morningstar

Small-Cap

Value

ETF

46

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Biotechnology

(continued)

Y-mAbs

Therapeutics,

Inc.

(b)

............

3,303

$

11,924

9,278,109

Building

Products

—

0.8%

American

Woodmark

Corp.

(a)

...........

3,758

170,425

Apogee

Enterprises,

Inc.

..............

5,061

232,199

Gibraltar

Industries,

Inc.

(a)

.............

3,969

202,737

Griffon

Corp.

......................

10,769

346,116

Insteel

Industries,

Inc.

................

2,570

67,719

Janus

International

Group,

Inc.

(a)

........

17,901

172,387

JELD-WEN

Holding,

Inc.

(a)

.............

12,468

132,285

Masonite

International

Corp.

(a)

..........

2,317

165,735

PGT

Innovations,

Inc.

(a)

...............

8,134

173,336

Quanex

Building

Products

Corp.

.........

7,539

167,064

Resideo

Technologies,

Inc.

(a)

...........

16,564

391,242

UFP

Industries,

Inc.

.................

6,684

476,101

Zurn

Elkay

Water

Solutions

Corp.

........

12,190

286,343

2,983,689

Capital

Markets

—

2.7%

Affiliated

Managers

Group,

Inc.

.........

8,710

1,081,434

Artisan

Partners

Asset

Management,

Inc.,

Class

A

.......................

8,295

236,490

AssetMark

Financial

Holdings,

Inc.

(a)

......

2,431

50,346

B

Riley

Financial,

Inc.

................

3,641

148,116

BGC

Partners,

Inc.,

Class

A

............

74,608

295,448

Blucora,

Inc.

(a)

.....................

10,883

239,752

Bridge

Investment

Group

Holdings,

Inc.,

Class

A

...........................

2,801

43,864

Cowen,

Inc.,

Class

A

................

5,975

230,754

Diamond

Hill

Investment

Group,

Inc.

......

735

132,263

Donnelley

Financial

Solutions,

Inc.

(a)(b)

.....

5,831

235,747

Evercore,

Inc.,

Class

A

...............

8,197

861,505

Federated

Hermes,

Inc.,

Class

B

........

19,269

669,598

Focus

Financial

Partners,

Inc.,

Class

A

(a)(b)

..

6,164

214,445

GCM

Grosvenor,

Inc.,

Class

A

..........

3,524

29,143

Houlihan

Lokey,

Inc.,

Class

A

...........

4,909

438,472

Interactive

Brokers

Group,

Inc.,

Class

A

....

9,064

726,480

Janus

Henderson

Group

plc

...........

30,195

687,540

Moelis

&

Co.,

Class

A

................

14,660

622,464

Oppenheimer

Holdings,

Inc.,

Class

A

......

1,704

58,652

Piper

Sandler

Cos.

..................

1,313

168,025

StepStone

Group,

Inc.,

Class

A

.........

6,607

195,039

Stifel

Financial

Corp.

................

24,156

1,494,532

StoneX

Group,

Inc.

(a)

................

3,927

366,468

TPG,

Inc.,

Class

A

(b)

.................

11,650

358,237

Victory

Capital

Holdings,

Inc.,

Class

A

.....

6,327

182,977

Virtu

Financial,

Inc.,

Class

A

............

21,824

488,421

Virtus

Investment

Partners,

Inc.

.........

750

128,617

WisdomTree

Investments,

Inc.

..........

25,309

137,428

10,522,257

Chemicals

—

2.5%

AdvanSix,

Inc.

.....................

6,415

233,378

American

Vanguard

Corp.

.............

6,573

152,954

Ashland,

Inc.

......................

4,526

474,868

Avient

Corp.

......................

7,280

251,087

Axalta

Coating

Systems

Ltd.

(a)(b)

.........

23,353

544,592

Cabot

Corp.

......................

12,853

944,439

Chase

Corp.

......................

910

85,731

Chemours

Co.

(The)

.................

35,332

1,011,555

Diversey

Holdings

Ltd.

(a)

..............

17,611

95,099

Ecovyst,

Inc.

(a)

.....................

5,352

53,252

Element

Solutions,

Inc.

...............

21,490

369,628

FutureFuel

Corp.

...................

5,800

39,672

HB

Fuller

Co.

.....................

5,093

355,033

Security

Shares

Shares

Value

Chemicals

(continued)

Huntsman

Corp.

...................

28,278

$

756,719

Ingevity

Corp.

(a)(b)

...................

8,173

549,798

Innospec,

Inc.

.....................

2,387

238,676

Intrepid

Potash,

Inc.

(a)(b)

...............

771

34,888

Koppers

Holdings,

Inc.

...............

4,832

120,607

Kronos

Worldwide,

Inc.

...............

3,309

31,436

LSB

Industries,

Inc.

(a)

................

4,721

83,231

Mativ

Holdings,

Inc.

.................

12,446

295,468

Minerals

Technologies,

Inc.

............

7,411

407,679

NewMarket

Corp.

...................

1,569

477,510

Scotts

Miracle-Gro

Co.

(The)

...........

5,747

263,845

Sensient

Technologies

Corp.

...........

4,909

350,797

Stepan

Co.

.......................

2,678

279,690

Tredegar

Corp.

....................

5,827

63,456

Trinseo

plc

.......................

7,982

150,221

Tronox

Holdings

plc,

Class

A

...........

26,041

312,492

Valvoline,

Inc.

.....................

24,937

732,150

9,759,951

Commercial

Services

&

Supplies

—

1.8%

ABM

Industries,

Inc.

.................

15,187

675,973

ACCO

Brands

Corp.

.................

21,141

97,249

Brady

Corp.,

Class

A,

NVS

............

6,968

318,786

BrightView

Holdings,

Inc.

(a)

............

8,729

77,863

Brink's

Co.

(The)

...................

4,991

297,613

Cimpress

plc

(a)

.....................

4,394

102,292

Clean

Harbors,

Inc.

(a)

................

4,734

579,726

CoreCivic,

Inc.

(a)

...................

26,746

280,031

Deluxe

Corp.

......................

9,726

178,764

Ennis,

Inc.

.......................

6,012

135,631

GEO

Group,

Inc.

(The)

(a)

..............

26,591

224,960

Harsco

Corp.

(a)

....................

11,106

58,751

Healthcare

Services

Group,

Inc.

.........

16,999

237,306

Heritage-Crystal

Clean,

Inc.

(a)

...........

1,749

48,045

HNI

Corp.

........................

9,490

275,115

IAA,

Inc.

(a)(b)

.......................

11,256

426,940

Interface,

Inc.

.....................

13,334

150,807

KAR

Auction

Services,

Inc.

(a)

...........

14,898

216,468

Matthews

International

Corp.,

Class

A

.....

7,039

189,208

MillerKnoll,

Inc.

....................

9,706

205,573

Montrose

Environmental

Group,

Inc.

(a)(b)

....

2,962

129,676

MSA

Safety,

Inc.

...................

4,289

575,755

Pitney

Bowes,

Inc.

..................

4,409

13,712

SP

Plus

Corp.

(a)

....................

5,341

197,777

Steelcase,

Inc.,

Class

A

..............

13,460

104,584

Stericycle,

Inc.

(a)

...................

13,482

601,028

UniFirst

Corp.

.....................

1,852

340,786

Viad

Corp.

(a)

......................

1,467

54,690

VSE

Corp.

.......................

1,409

65,223

6,860,332

Communications

Equipment

—

0.7%

ADTRAN

Holdings,

Inc.

..............

16,127

362,213

Casa

Systems,

Inc.

(a)

................

4,895

15,419

CommScope

Holding

Co.,

Inc.

(a)

.........

47,546

629,509

Comtech

Telecommunications

Corp.

......

6,397

70,687

Digi

International,

Inc.

(a)

...............

3,252

131,153

Extreme

Networks,

Inc.

(a)

..............

10,628

190,666

Lumentum

Holdings,

Inc.

(a)(b)

...........

7,509

559,045

NETGEAR,

Inc.

(a)

...................

6,577

129,238

NetScout

Systems,

Inc.

(a)

.............

8,933

320,873

Ribbon

Communications,

Inc.

(a)(b)

........

16,415

43,500

Viavi

Solutions,

Inc.

(a)

................

22,479

339,433

2,791,736

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

Morningstar

Small-Cap

Value

ETF

Schedule

of

Investments

47

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Construction

&

Engineering

—

1.7%

API

Group

Corp.

(a)

..................

17,846

$

294,281

Arcosa,

Inc.

......................

4,806

308,545

Argan,

Inc.

.......................

3,365

116,665

Comfort

Systems

USA,

Inc.

............

4,302

530,351

Dycom

Industries,

Inc.

(a)(b)

.............

3,679

434,784

EMCOR

Group,

Inc.

.................

6,655

939,020

Fluor

Corp.

(a)

......................

16,331

494,176

Granite

Construction,

Inc.

.............

6,770

228,352

Great

Lakes

Dredge

&

Dock

Corp.

(a)

......

10,280

77,717

IES

Holdings,

Inc.

(a)

.................

1,257

41,531

MasTec,

Inc.

(a)(b)

....................

8,364

644,697

MDU

Resources

Group,

Inc.

...........

46,273

1,317,855

MYR

Group,

Inc.

(a)

..................

1,785

156,205

Primoris

Services

Corp.

..............

12,165

245,611

Sterling

Infrastructure,

Inc.

(a)

...........

6,916

186,663

Tutor

Perini

Corp.

(a)

.................

9,730

72,197

Valmont

Industries,

Inc.

...............

2,227

710,903

6,799,553

Construction

Materials

—

0.1%

Eagle

Materials,

Inc.

.................

2,535

310,056

Summit

Materials,

Inc.,

Class

A

(a)

........

9,914

261,234

571,290

Consumer

Finance

—

1.3%

Atlanticus

Holdings

Corp.

(a)

............

633

18,079

Bread

Financial

Holdings,

Inc.

..........

10,330

373,016

Curo

Group

Holdings

Corp.

............

4,906

25,364

Encore

Capital

Group,

Inc.

(a)(b)

..........

3,213

163,606

Enova

International,

Inc.

(a)

.............

7,339

275,139

EZCORP,

Inc.,

Class

A,

NVS

(a)

..........

12,212

117,968

FirstCash

Holdings,

Inc.

..............

5,297

521,490

Green

Dot

Corp.,

Class

A

(a)

............

5,076

96,596

LendingClub

Corp.

(a)

.................

10,955

116,561

LendingTree,

Inc.

(a)

..................

2,461

62,091

Navient

Corp.

.....................

25,328

383,466

Nelnet,

Inc.,

Class

A

(b)

................

1,389

123,746

OneMain

Holdings,

Inc.

...............

28,204

1,087,546

PRA

Group,

Inc.

(a)

..................

8,919

298,787

PROG

Holdings,

Inc.

(a)

...............

11,492

189,848

Regional

Management

Corp.

...........

1,972

66,969

SLM

Corp.

.......................

57,209

949,097

World

Acceptance

Corp.

(a)(b)

............

458

37,199

4,906,568

Containers

&

Packaging

—

1.1%

Graphic

Packaging

Holding

Co.

.........

32,888

755,108

Greif,

Inc.,

Class

A,

NVS

..............

6,060

401,233

Myers

Industries,

Inc.

................

2,407

48,838

O-I

Glass,

Inc.

(a)

....................

35,548

579,788

Pactiv

Evergreen,

Inc.

...............

4,833

52,728

Silgan

Holdings,

Inc.

.................

19,091

904,150

Sonoco

Products

Co.

................

22,177

1,376,748

TriMas

Corp.

......................

9,551

218,240

4,336,833

Distributors

—

0.0%

Funko,

Inc.,

Class

A

(a)

................

3,798

78,429

Diversified

Consumer

Services

—

1.0%

2U,

Inc.

(a)

........................

17,394

107,669

ADT,

Inc.

........................

48,832

413,119

Adtalem

Global

Education,

Inc.

(a)

........

10,328

430,678

American

Public

Education,

Inc.

(a)

........

2,587

33,139

Carriage

Services,

Inc.

...............

1,717

41,912

Frontdoor,

Inc.

(a)

....................

11,431

252,168

Graham

Holdings

Co.,

Class

B

..........

887

553,373

Security

Shares

Shares

Value

Diversified

Consumer

Services

(continued)

Grand

Canyon

Education,

Inc.

(a)

.........

2,615

$

263,147

H&R

Block,

Inc.

....................

18,262

751,481

Laureate

Education,

Inc.

..............

15,607

197,273

Perdoceo

Education

Corp.

(a)

...........

15,454

176,639

PowerSchool

Holdings,

Inc.,

Class

A

(a)

.....

3,349

66,980

Strategic

Education,

Inc.

..............

2,854

196,926

Stride,

Inc.

(a)

......................

3,091

103,579

Vivint

Smart

Home,

Inc.,

Class

A

(a)(b)

......

10,153

77,670

WW

International,

Inc.

(a)

..............

12,163

54,977

3,720,730

Diversified

Financial

Services

—

0.3%

A-Mark

Precious

Metals,

Inc.

...........

4,068

123,708

Cannae

Holdings,

Inc.

(a)

..............

7,180

166,289

Compass

Diversified

Holdings

..........

14,040

298,771

Jackson

Financial,

Inc.,

Class

A

.........

13,708

525,839

1,114,607

Diversified

Telecommunication

Services

—

0.2%

Anterix,

Inc.

(a)

.....................

2,118

81,225

ATN

International,

Inc.

...............

2,472

106,593

Cogent

Communications

Holdings,

Inc.

....

3,768

197,858

Consolidated

Communications

Holdings,

Inc.

(a)

17,195

88,898

EchoStar

Corp.,

Class

A

(a)(b)

............

8,150

153,790

IDT

Corp.,

Class

B

(a)

.................

2,870

74,792

Liberty

Latin

America

Ltd.,

Class

A

(a)

......

4,948

38,496

Liberty

Latin

America

Ltd.,

Class

C,

NVS

(a)

..

20,028

156,018

897,670

Electric

Utilities

—

1.4%

ALLETE,

Inc.

.....................

13,022

732,748

Hawaiian

Electric

Industries,

Inc.

........

25,075

953,853

IDACORP,

Inc.

....................

11,557

1,210,018

MGE

Energy,

Inc.

...................

4,924

335,275

Otter

Tail

Corp.

....................

5,471

368,855

PNM

Resources,

Inc.

................

19,557

908,814

Portland

General

Electric

Co.

...........

20,274

911,113

5,420,676

Electrical

Equipment

—

1.4%

Acuity

Brands,

Inc.

..................

4,440

815,051

Array

Technologies,

Inc.

(a)

.............

21,101

381,928

Atkore,

Inc.

(a)

......................

9,431

898,774

AZZ,

Inc.

........................

5,648

227,050

Blink

Charging

Co.

(a)

.................

4,180

61,864

Encore

Wire

Corp.

(b)

.................

2,511

345,488

EnerSys

.........................

5,895

390,780

Enovix

Corp.

(a)

.....................

24,958

470,957

Fluence

Energy,

Inc.,

Class

A

(a)(b)

........

4,077

60,870

GrafTech

International

Ltd.

............

44,103

224,484

nVent

Electric

plc

...................

37,889

1,382,949

Thermon

Group

Holdings,

Inc.

(a)

.........

7,733

137,338

TPI

Composites,

Inc.

(a)

...............

5,343

53,216

5,450,749

Electronic

Equipment,

Instruments

&

Components

—

2.3%

Advanced

Energy

Industries,

Inc.

........

5,127

403,239

Arlo

Technologies,

Inc.

(a)

..............

20,313

104,612

Avnet,

Inc.

.......................

21,577

867,180

Belden,

Inc.

......................

6,568

457,330

Benchmark

Electronics,

Inc.

...........

4,776

135,591

Coherent

Corp.

(a)(b)

..................

17,595

591,368

ePlus,

Inc.

(a)

......................

2,710

132,031

Fabrinet

(a)

........................

4,089

467,782

Insight

Enterprises,

Inc.

(a)

.............

6,997

661,286

IPG

Photonics

Corp.

(a)

...............

4,673

400,289

Kimball

Electronics,

Inc.

(a)

.............

5,647

116,723

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

Morningstar

Small-Cap

Value

ETF

48

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

Knowles

Corp.

(a)

...................

11,675

$

160,531

Methode

Electronics,

Inc.

.............

8,429

347,528

MicroVision,

Inc.

(a)(b)

.................

21,119

77,296

Mirion

Technologies,

Inc.,

Class

A

(a)(b)

.....

15,324

123,818

National

Instruments

Corp.

............

12,830

489,849

OSI

Systems,

Inc.

(a)

.................

3,623

297,738

PC

Connection,

Inc.

.................

2,689

142,893

Plexus

Corp.

(a)

.....................

2,755

271,092

Sanmina

Corp.

(a)

...................

13,188

739,187

ScanSource,

Inc.

(a)

..................

5,780

179,064

TTM

Technologies,

Inc.

(a)

..............

23,433

358,759

Velodyne

Lidar,

Inc.

(a)(b)

...............

15,309

15,118

Vishay

Intertechnology,

Inc.

............

29,686

620,734

Vishay

Precision

Group,

Inc.

(a)

..........

1,409

47,554

Vontier

Corp.

......................

36,045

688,460

8,897,052

Energy

Equipment

&

Services

—

1.8%

Archrock,

Inc.

.....................

30,369

228,071

ChampionX

Corp.

..................

20,297

580,900

Dril-Quip,

Inc.

(a)

....................

2,713

67,499

Helix

Energy

Solutions

Group,

Inc.

(a)

......

32,465

227,255

Helmerich

&

Payne,

Inc.

..............

23,978

1,187,151

Nabors

Industries

Ltd.

(a)

..............

1,111

193,347

NexTier

Oilfield

Solutions,

Inc.

(a)

.........

36,387

366,781

Noble

Corp.

plc

(a)

...................

13,513

487,009

NOV,

Inc.

(b)

.......................

89,339

2,001,194

Oceaneering

International,

Inc.

(a)

........

9,453

132,247

Oil

States

International,

Inc.

(a)

...........

14,799

95,750

ProPetro

Holding

Corp.

(a)

..............

6,522

77,220

Select

Energy

Services,

Inc.,

Class

A

(a)

....

9,011

86,956

Tidewater,

Inc.

(a)

...................

10,603

359,442

Transocean

Ltd.

(a)(b)

.................

147,326

542,160

US

Silica

Holdings,

Inc.

(a)

.............

17,211

247,666

Weatherford

International

plc

(a)

..........

6,631

276,380

7,157,028

Entertainment

—

0.3%

Cinemark

Holdings,

Inc.

(a)(b)

............

24,728

262,364

Liberty

Media

Corp.-Liberty

Braves,

Class

A

(a)

910

29,020

Lions

Gate

Entertainment

Corp.,

Class

A

(a)

..

14,105

113,686

Lions

Gate

Entertainment

Corp.,

Class

B,

NVS

(a)

........................

28,540

216,619

Madison

Square

Garden

Entertainment

Corp.

(a)

3,524

172,782

Madison

Square

Garden

Sports

Corp.

.....

1,408

220,507

Marcus

Corp.

(The)

.................

5,881

88,450

Skillz,

Inc.,

Class

A

(a)(b)

...............

68,031

70,072

1,173,500

Equity

Real

Estate

Investment

Trusts

(REITs)

—

5.7%

Acadia

Realty

Trust

(b)

................

10,775

150,527

Agree

Realty

Corp.

.................

8,045

552,692

Alexander's,

Inc.

...................

500

117,445

American

Assets

Trust,

Inc.

............

6,012

165,210

Apartment

Investment

and

Management

Co.,

Class

A

.......................

15,351

121,887

Armada

Hoffler

Properties,

Inc.

.........

15,364

179,605

Braemar

Hotels

&

Resorts,

Inc.

.........

13,245

65,298

Brandywine

Realty

Trust

..............

39,247

257,460

Broadstone

Net

Lease,

Inc.

............

13,639

233,772

CareTrust

REIT,

Inc.

.................

22,221

415,088

CBL

&

Associates

Properties,

Inc.

........

5,590

160,601

Centerspace

......................

2,026

140,402

Chatham

Lodging

Trust

(a)

.............

7,218

93,617

City

Office

REIT,

Inc.

................

4,706

49,978

Corporate

Office

Properties

Trust

........

8,243

219,676

Security

Shares

Shares

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

Cousins

Properties,

Inc.

..............

21,376

$

507,894

Diversified

Healthcare

Trust

............

55,003

74,804

Douglas

Emmett,

Inc.

................

26,541

466,856

Easterly

Government

Properties,

Inc.

.....

8,710

151,467

Elme

Communities

..................

19,922

380,311

Empire

State

Realty

Trust,

Inc.,

Class

A

(b)

...

30,373

223,849

EPR

Properties

....................

8,399

324,201

Equity

Commonwealth

...............

25,390

664,202

Essential

Properties

Realty

Trust,

Inc.

.....

12,933

278,318

Farmland

Partners,

Inc.

..............

3,444

48,250

First

Industrial

Realty

Trust,

Inc.

.........

9,637

459,010

Four

Corners

Property

Trust,

Inc.

........

6,904

176,881

Franklin

Street

Properties

Corp.

.........

21,425

61,704

Getty

Realty

Corp.

..................

8,421

265,177

Gladstone

Commercial

Corp.

...........

5,494

96,639

Gladstone

Land

Corp.

...............

2,186

44,485

Global

Medical

REIT,

Inc.

.............

6,366

58,185

Global

Net

Lease,

Inc.

...............

15,325

187,731

Healthcare

Realty

Trust,

Inc.,

Class

A

.....

48,733

990,742

Hersha

Hospitality

Trust,

Class

A

........

7,449

68,158

Highwoods

Properties,

Inc.

............

24,046

678,819

Hudson

Pacific

Properties,

Inc.

..........

15,412

170,148

Industrial

Logistics

Properties

Trust

.......

14,787

69,203

InvenTrust

Properties

Corp.

............

7,098

178,870

iStar,

Inc.

........................

19,638

205,806

JBG

SMITH

Properties

...............

22,598

444,729

Kite

Realty

Group

Trust

...............

22,967

451,072

LTC

Properties,

Inc.

.................

9,219

356,499

LXP

Industrial

Trust

.................

29,720

287,690

Macerich

Co.

(The)

.................

20,089

223,591

National

Health

Investors,

Inc.

..........

10,198

578,227

Necessity

Retail

REIT,

Inc.

(The),

Class

A

..

30,223

206,725

NexPoint

Residential

Trust,

Inc.

.........

1,660

75,696

Office

Properties

Income

Trust

..........

11,015

168,530

Omega

Healthcare

Investors,

Inc.

........

53,246

1,692,158

One

Liberty

Properties,

Inc.

............

2,338

52,699

Outfront

Media,

Inc.

.................

11,316

204,254

Paramount

Group,

Inc.

...............

38,457

248,817

Park

Hotels

&

Resorts,

Inc.

............

51,142

668,937

Phillips

Edison

&

Co.,

Inc.

.............

9,960

300,194

Physicians

Realty

Trust

...............

29,256

440,595

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

..

19,415

202,887

Plymouth

Industrial

REIT,

Inc.

..........

4,103

75,659

PotlatchDeltic

Corp.

.................

18,361

816,881

Retail

Opportunity

Investments

Corp.

.....

13,957

202,097

RLJ

Lodging

Trust

..................

12,359

150,409

RPT

Realty

.......................

8,877

82,556

Sabra

Health

Care

REIT,

Inc.

...........

52,791

721,125

Saul

Centers,

Inc.

..................

1,494

61,179

Service

Properties

Trust

..............

20,583

166,928

SITE

Centers

Corp.

.................

23,995

297,058

SL

Green

Realty

Corp.

...............

14,603

579,447

Spirit

Realty

Capital,

Inc.

..............

17,690

686,903

STAG

Industrial,

Inc.

................

15,368

485,475

Summit

Hotel

Properties,

Inc.

...........

24,552

212,129

Tanger

Factory

Outlet

Centers,

Inc.

.......

13,680

246,377

UMH

Properties,

Inc.

................

7,210

126,463

Uniti

Group,

Inc.

...................

37,117

288,028

Universal

Health

Realty

Income

Trust

.....

1,754

85,367

Urban

Edge

Properties

...............

10,921

154,205

Urstadt

Biddle

Properties,

Inc.,

Class

A

....

4,594

86,092

Veris

Residential,

Inc.

(a)

...............

18,095

286,444

Whitestone

REIT

...................

10,455

98,382

22,267,472

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

Morningstar

Small-Cap

Value

ETF

Schedule

of

Investments

49

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Food

&

Staples

Retailing

—

1.0%

Andersons,

Inc.

(The)

................

4,115

$

145,136

Casey's

General

Stores,

Inc.

...........

3,940

916,877

Chefs'

Warehouse,

Inc.

(The)

(a)

.........

4,339

158,938

Grocery

Outlet

Holding

Corp.

(a)(b)

.........

10,347

357,696

Ingles

Markets,

Inc.,

Class

A

...........

1,753

165,431

Natural

Grocers

by

Vitamin

Cottage,

Inc.

...

1,740

20,010

PriceSmart,

Inc.

....................

3,360

214,939

SpartanNash

Co.

...................

8,263

295,072

Sprouts

Farmers

Market,

Inc.

(a)

..........

24,532

723,694

United

Natural

Foods,

Inc.

(a)

............

13,247

561,805

Weis

Markets,

Inc.

..................

3,759

352,105

3,911,703

Food

Products

—

1.6%

B&G

Foods,

Inc.

...................

16,350

267,813

Calavo

Growers,

Inc.

................

2,743

94,880

Flowers

Foods,

Inc.

.................

43,924

1,261,058

Fresh

Del

Monte

Produce,

Inc.

..........

6,978

181,986

Hain

Celestial

Group,

Inc.

(The)

(a)

........

13,207

247,103

Hostess

Brands,

Inc.,

Class

A

(a)

.........

9,746

258,074

Ingredion,

Inc.

.....................

14,912

1,328,958

J

&

J

Snack

Foods

Corp.

..............

1,360

200,750

John

B

Sanfilippo

&

Son,

Inc.

...........

2,062

171,991

Lancaster

Colony

Corp.

..............

1,861

335,501

Mission

Produce,

Inc.

(a)

...............

5,244

87,260

Pilgrim's

Pride

Corp.

(a)

...............

6,633

152,891

Post

Holdings,

Inc.

(a)(b)

................

5,828

526,968

Seaboard

Corp.

....................

26

97,406

Seneca

Foods

Corp.,

Class

A

(a)

.........

1,292

81,538

TreeHouse

Foods,

Inc.

(a)(b)

.............

11,489

577,207

Utz

Brands,

Inc.,

Class

A

(b)

............

9,601

155,632

6,027,016

Gas

Utilities

—

1.6%

Chesapeake

Utilities

Corp.

............

1,644

204,481

National

Fuel

Gas

Co.

...............

20,815

1,404,804

New

Jersey

Resources

Corp.

...........

21,938

979,312

Northwest

Natural

Holding

Co.

..........

7,994

384,432

ONE

Gas,

Inc.

.....................

7,365

570,640

South

Jersey

Industries,

Inc.

...........

27,903

967,397

Southwest

Gas

Holdings,

Inc.

..........

14,012

1,023,857

Spire,

Inc.

........................

11,964

835,207

6,370,130

Health

Care

Equipment

&

Supplies

—

1.4%

AngioDynamics,

Inc.

(a)

...............

5,160

72,704

Artivion,

Inc.

(a)

.....................

5,789

64,605

Avanos

Medical,

Inc.

(a)

...............

5,624

124,572

BioLife

Solutions,

Inc.

(a)

...............

3,889

91,469

Bioventus,

Inc.,

Class

A

(a)

.............

3,998

32,544

Cardiovascular

Systems,

Inc.

(a)

..........

5,357

77,355

Embecta

Corp.

....................

13,227

408,979

Enovis

Corp.

(a)(b)

....................

5,496

271,777

Envista

Holdings

Corp.

(a)(b)

.............

13,865

457,684

Haemonetics

Corp.

(a)

................

6,367

540,877

ICU

Medical,

Inc.

(a)(b)

.................

1,929

286,283

Inogen,

Inc.

(a)

.....................

5,204

117,923

Integer

Holdings

Corp.

(a)

..............

3,810

237,477

LivaNova

plc

(a)

.....................

7,455

351,131

Masimo

Corp.

(a)

....................

5,137

676,029

NuVasive,

Inc.

(a)

....................

3,491

154,058

OraSure

Technologies,

Inc.

(a)

...........

16,125

70,305

QuidelOrtho

Corp.

(a)

.................

12,353

1,109,546

Varex

Imaging

Corp.

(a)

...............

9,130

201,864

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

Zimvie,

Inc.

(a)

......................

4,569

$

40,070

5,387,252

Health

Care

Providers

&

Services

—

1.8%

1Life

Healthcare,

Inc.

(a)

...............

15,846

270,967

Acadia

Healthcare

Co.,

Inc.

(a)

...........

7,139

580,401

Accolade,

Inc.

(a)

....................

8,703

93,818

AdaptHealth

Corp.

(a)(b)

................

7,495

170,886

Alignment

Healthcare,

Inc.

(a)

...........

11,046

146,249

AMN

Healthcare

Services,

Inc.

(a)

.........

6,067

761,409

Aveanna

Healthcare

Holdings,

Inc.

(a)

......

10,952

15,223

Brookdale

Senior

Living,

Inc.

(a)

..........

42,462

189,805

Clover

Health

Investments

Corp.

(a)

.......

43,534

68,784

Community

Health

Systems,

Inc.

(a)

.......

28,962

83,121

Cross

Country

Healthcare,

Inc.

(a)

........

8,261

306,401

Encompass

Health

Corp.

.............

13,841

753,504

Fulgent

Genetics,

Inc.

(a)

..............

4,623

183,210

Hims

&

Hers

Health,

Inc.,

Class

A

(a)

.......

11,023

50,044

Invitae

Corp.

(a)(b)

....................

34,039

87,821

ModivCare,

Inc.

(a)

...................

1,718

167,058

National

HealthCare

Corp.

.............

3,132

190,801

National

Research

Corp.

..............

1,139

46,392

OPKO

Health,

Inc.

(a)(b)

................

92,900

176,510

Owens

&

Minor,

Inc.

.................

17,351

294,967

Patterson

Cos.,

Inc.

.................

19,683

511,168

Pediatrix

Medical

Group,

Inc.

(a)

..........

19,268

373,799

Pennant

Group,

Inc.

(The)

(a)

............

3,046

37,496

Premier,

Inc.,

Class

A

................

26,880

937,574

Select

Medical

Holdings

Corp.

..........

14,808

380,269

Sema4

Holdings

Corp.,

Class

A

(a)

........

34,374

35,405

6,913,082

Health

Care

Technology

—

0.4%

(a)

Allscripts

Healthcare

Solutions,

Inc.

(b)

.....

11,451

168,330

American

Well

Corp.,

Class

A

..........

26,899

110,017

Computer

Programs

and

Systems,

Inc.

....

3,393

109,594

Evolent

Health,

Inc.,

Class

A

...........

6,845

217,739

Health

Catalyst,

Inc.

.................

7,348

64,809

HealthStream,

Inc.

..................

2,076

51,277

Multiplan

Corp.,

Class

A

..............

53,832

154,498

NextGen

Healthcare,

Inc.

.............

12,672

253,947

Pear

Therapeutics,

Inc.,

Class

A

(b)

........

4,477

12,312

Teladoc

Health,

Inc.

.................

18,362

544,250

1,686,773

Hotels,

Restaurants

&

Leisure

—

1.8%

BJ's

Restaurants,

Inc.

(a)(b)

.............

2,265

74,405

Bloomin'

Brands,

Inc.

................

20,263

486,515

Bluegreen

Vacations

Holding

Corp.

.......

2,458

42,548

Brinker

International,

Inc.

(a)

............

9,966

332,765

Cheesecake

Factory,

Inc.

(The)

.........

11,044

395,486

Chuy's

Holdings,

Inc.

(a)

...............

2,367

69,353

Cracker

Barrel

Old

Country

Store,

Inc.

.....

3,483

397,828

Dave

&

Buster's

Entertainment,

Inc.

(a)

.....

4,668

186,020

Denny's

Corp.

(a)

....................

8,747

99,103

Dine

Brands

Global,

Inc.

..............

3,593

259,019

El

Pollo

Loco

Holdings,

Inc.

............

4,355

43,724

Golden

Entertainment,

Inc.

(a)

...........

5,004

211,269

Hilton

Grand

Vacations,

Inc.

(a)

..........

18,526

726,960

Jack

in

the

Box,

Inc.

.................

1,706

150,520

Life

Time

Group

Holdings,

Inc.

(a)(b)

........

12,699

133,213

Light

&

Wonder,

Inc.,

Class

A

(a)

..........

8,233

462,201

Marriott

Vacations

Worldwide

Corp.

.......

2,944

435,005

Papa

John's

International,

Inc.

..........

3,477

252,535

Penn

Entertainment,

Inc.

(a)(b)

...........

14,782

489,284

Rush

Street

Interactive,

Inc.,

Class

A

(a)

....

5,671

23,535

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

Morningstar

Small-Cap

Value

ETF

50

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Hotels,

Restaurants

&

Leisure

(continued)

Ruth's

Hospitality

Group,

Inc.

...........

3,147

$

65,395

SeaWorld

Entertainment,

Inc.

(a)(b)

........

4,033

234,559

Six

Flags

Entertainment

Corp.

(a)

.........

5,920

132,016

Sonder

Holdings,

Inc.,

Class

A

(a)(b)

........

16,239

35,563

Travel

+

Leisure

Co.

.................

19,117

726,064

Wendy's

Co.

(The)

..................

21,109

438,645

6,903,530

Household

Durables

—

1.7%

Beazer

Homes

USA,

Inc.

(a)

............

6,687

75,630

Century

Communities,

Inc.

............

3,039

135,266

Dream

Finders

Homes,

Inc.,

Class

A

(a)(b)

....

2,468

27,395

Ethan

Allen

Interiors,

Inc.

.............

5,119

130,995

GoPro,

Inc.,

Class

A

(a)(b)

...............

29,783

162,317

Green

Brick

Partners,

Inc.

(a)

............

6,240

144,331

Helen

of

Troy

Ltd.

(a)

.................

2,116

200,216

iRobot

Corp.

(a)

.....................

2,469

139,498

KB

Home

........................

19,305

556,370

La-Z-Boy,

Inc.

.....................

9,880

244,728

Leggett

&

Platt,

Inc.

.................

20,370

687,487

LGI

Homes,

Inc.

(a)

..................

2,634

242,460

M/I

Homes,

Inc.

(a)

...................

6,373

264,416

MDC

Holdings,

Inc.

.................

12,991

395,706

Meritage

Homes

Corp.

(a)

..............

4,975

378,896

Snap

One

Holdings

Corp.

(a)

............

1,540

18,357

Taylor

Morrison

Home

Corp.

(a)

..........

15,882

418,332

Tempur

Sealy

International,

Inc.

.........

22,030

592,387

Toll

Brothers,

Inc.

...................

24,351

1,049,041

Traeger,

Inc.

(a)(b)

....................

7,370

30,585

Tri

Pointe

Homes,

Inc.

(a)

..............

23,104

386,992

Tupperware

Brands

Corp.

(a)

............

8,859

68,480

Universal

Electronics,

Inc.

(a)

............

2,668

54,454

Weber,

Inc.,

Class

A

.................

2,813

18,735

6,423,074

Household

Products

—

0.3%

Central

Garden

&

Pet

Co.

(a)

............

2,208

91,124

Central

Garden

&

Pet

Co.,

Class

A,

NVS

(a)

..

9,428

369,012

Energizer

Holdings,

Inc.

..............

4,823

139,336

Reynolds

Consumer

Products,

Inc.

.......

12,509

382,025

Spectrum

Brands

Holdings,

Inc.

.........

5,564

256,723

1,238,220

Independent

Power

and

Renewable

Electricity

Producers

—

0.2%

Clearway

Energy,

Inc.,

Class

A

..........

5,182

167,534

Clearway

Energy,

Inc.,

Class

C

.........

12,207

424,071

Ormat

Technologies,

Inc.

..............

3,285

297,129

888,734

Insurance

—

3.9%

American

Equity

Investment

Life

Holding

Co.

16,151

695,785

AMERISAFE,

Inc.

..................

4,769

278,557

Argo

Group

International

Holdings

Ltd.

....

7,996

198,860

Assured

Guaranty

Ltd.

...............

8,507

503,529

Axis

Capital

Holdings

Ltd.

.............

17,571

960,607

Brighthouse

Financial,

Inc.

(a)

...........

16,376

934,578

CNO

Financial

Group,

Inc.

.............

26,204

578,060

Employers

Holdings,

Inc.

..............

3,840

167,462

Enstar

Group

Ltd.

(a)

.................

3,125

626,625

First

American

Financial

Corp.

..........

23,789

1,198,966

Genworth

Financial,

Inc.,

Class

A

(a)

.......

102,936

480,711

Hagerty,

Inc.,

Class

A

(a)(b)

..............

2,987

27,152

Hanover

Insurance

Group,

Inc.

(The)

.....

8,240

1,207,078

HCI

Group,

Inc.

....................

538

19,712

Horace

Mann

Educators

Corp.

..........

8,145

321,402

James

River

Group

Holdings

Ltd.

........

7,675

193,947

Security

Shares

Shares

Value

Insurance

(continued)

Kemper

Corp.

.....................

14,574

$

694,743

Lemonade,

Inc.

(a)(b)

..................

5,697

137,867

MBIA,

Inc.

(a)

......................

10,885

117,123

Mercury

General

Corp.

...............

6,145

178,205

National

Western

Life

Group,

Inc.,

Class

A

..

583

115,446

Primerica,

Inc.

.....................

4,913

710,911

ProAssurance

Corp.

.................

4,302

95,547

RenaissanceRe

Holdings

Ltd.

..........

4,745

733,957

Ryan

Specialty

Holdings,

Inc.,

Class

A

(a)

...

5,785

259,457

Safety

Insurance

Group,

Inc.

...........

2,821

245,286

Selective

Insurance

Group,

Inc.

(b)

........

9,533

934,997

SiriusPoint

Ltd.

(a)

...................

20,251

130,011

Stewart

Information

Services

Corp.

.......

2,958

115,244

United

Fire

Group,

Inc.

...............

4,872

132,031

Universal

Insurance

Holdings,

Inc.

.......

6,221

62,459

Unum

Group

......................

42,766

1,949,702

15,006,017

Interactive

Media

&

Services

—

0.4%

(a)

BuzzFeed,

Inc.,

Class

A

..............

4,879

8,928

Cars.com,

Inc.

.....................

14,369

199,442

Eventbrite,

Inc.,

Class

A

..............

11,663

76,626

fuboTV,

Inc.

(b)

.....................

20,653

75,590

MediaAlpha,

Inc.,

Class

A

(b)

............

2,481

27,241

Outbrain,

Inc.

.....................

7,449

31,882

QuinStreet,

Inc.

....................

4,588

52,349

TripAdvisor,

Inc.

....................

15,451

364,953

Yelp,

Inc.

........................

6,029

231,574

Ziff

Davis,

Inc.

(b)

....................

5,513

426,651

ZipRecruiter,

Inc.,

Class

A

(b)

............

6,619

111,001

1,606,237

Internet

&

Direct

Marketing

Retail

—

0.1%

1-800-Flowers.com,

Inc.,

Class

A

(a)

.......

3,158

23,022

Boxed,

Inc.

(a)

......................

5,471

2,735

ContextLogic,

Inc.,

Class

A

(a)

...........

115,354

90,322

Duluth

Holdings,

Inc.,

Class

B

(a)

.........

1,583

13,772

Groupon,

Inc.

(a)(b)

...................

2,791

20,570

Lands'

End,

Inc.

(a)

..................

1,846

19,346

PetMed

Express,

Inc.

................

2,820

60,122

Qurate

Retail,

Inc.

..................

77,106

180,428

Rent

the

Runway,

Inc.,

Class

A

(a)(b)

.......

9,855

19,217

Stitch

Fix,

Inc.,

Class

A

(a)(b)

.............

7,780

31,120

460,654

IT

Services

—

1.1%

Cass

Information

Systems,

Inc.

.........

2,838

121,410

Conduent,

Inc.

(a)

...................

37,867

156,012

CSG

Systems

International,

Inc.

.........

7,311

472,802

Cyxtera

Technologies,

Inc.,

Class

A

(a)(b)

....

7,076

17,124

Edgio,

Inc.

(a)

......................

12,530

33,706

EVERTEC,

Inc.

....................

7,563

270,831

Kyndryl

Holdings,

Inc.

(a)

...............

46,425

448,930

Maximus,

Inc.

.....................

8,458

521,605

MoneyGram

International,

Inc.

(a)

.........

22,000

232,980

Payoneer

Global,

Inc.

(a)

...............

21,282

164,935

Rackspace

Technology,

Inc.

(a)(b)

.........

12,947

66,677

Sabre

Corp.

(a)

.....................

74,473

432,688

SolarWinds

Corp.

(a)

.................

6,114

57,044

Unisys

Corp.

(a)

.....................

15,618

132,753

Western

Union

Co.

(The)

.............

87,792

1,186,070

4,315,567

Leisure

Products

—

1.0%

Acushnet

Holdings

Corp.

..............

4,798

223,443

Brunswick

Corp.

...................

16,929

1,196,372

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

Morningstar

Small-Cap

Value

ETF

Schedule

of

Investments

51

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Leisure

Products

(continued)

Johnson

Outdoors,

Inc.,

Class

A

.........

1,279

$

67,301

Malibu

Boats,

Inc.,

Class

A

(a)

...........

3,071

162,456

MasterCraft

Boat

Holdings,

Inc.

(a)

........

4,152

90,348

Polaris,

Inc.

.......................

12,742

1,294,587

Smith

&

Wesson

Brands,

Inc.

...........

10,480

118,319

Solo

Brands,

Inc.,

Class

A

(a)(b)

...........

3,001

12,394

Sturm

Ruger

&

Co.,

Inc.

..............

4,027

226,036

Vista

Outdoor,

Inc.

(a)

.................

12,984

377,055

3,768,311

Life

Sciences

Tools

&

Services

—

0.3%

(a)

AbCellera

Biologics,

Inc.

(b)

.............

16,296

192,782

Adaptive

Biotechnologies

Corp.

(b)

........

13,080

101,762

CryoPort,

Inc.

.....................

4,222

117,203

Cytek

Biosciences,

Inc.

...............

9,261

143,731

Maravai

LifeSciences

Holdings,

Inc.,

Class

A

(b)

13,723

227,802

NeoGenomics,

Inc.

(b)

................

28,919

219,929

Quanterix

Corp.

....................

3,784

41,889

Seer,

Inc.,

Class

A

(b)

.................

3,849

30,137

1,075,235

Machinery

—

3.3%

Alamo

Group,

Inc.

..................

1,092

166,071

Albany

International

Corp.,

Class

A

.......

2,887

264,507

Allison

Transmission

Holdings,

Inc.

.......

21,940

926,965

Altra

Industrial

Motion

Corp.

...........

10,123

608,797

Astec

Industries,

Inc.

................

3,038

132,609

Barnes

Group,

Inc.

..................

11,504

406,896

Blue

Bird

Corp.

(a)

...................

2,643

24,236

CIRCOR

International,

Inc.

(a)

...........

4,557

94,193

Columbus

McKinnon

Corp.

............

3,187

90,893

Crane

Holdings

Co.

.................

6,240

626,122

Donaldson

Co.,

Inc.

.................

13,339

766,326

Douglas

Dynamics,

Inc.

..............

5,258

178,509

EnPro

Industries,

Inc.

................

2,426

258,369

Federal

Signal

Corp.

................

6,664

310,876

Flowserve

Corp.

...................

15,163

434,875

Gates

Industrial

Corp.

plc

(a)

............

23,414

261,066

Gorman-Rupp

Co.

(The)

..............

2,561

69,505

Greenbrier

Cos.,

Inc.

(The)

............

3,312

116,947

Hillenbrand,

Inc.

...................

15,854

700,430

Hillman

Solutions

Corp.

(a)

.............

17,597

137,433

Hyliion

Holdings

Corp.,

Class

A

(a)(b)

.......

28,328

80,735

Hyster-Yale

Materials

Handling,

Inc.

......

2,383

69,488

ITT,

Inc.

.........................

8,135

621,433

Kennametal,

Inc.

...................

18,563

495,818

Luxfer

Holdings

plc

.................

6,132

88,730

Manitowoc

Co.,

Inc.

(The)

(a)

............

4,076

37,173

Mueller

Industries,

Inc.

...............

4,792

300,171

Mueller

Water

Products,

Inc.,

Class

A

.....

18,041

211,080

Oshkosh

Corp.

....................

8,035

707,080

Proterra,

Inc.

(a)

.....................

23,125

144,300

RBC

Bearings,

Inc.

(a)(b)

...............

2,312

586,161

REV

Group,

Inc.

...................

7,457

102,459

Sarcos

Technology

&

Robotics

Corp.

(a)

....

17,972

36,303

SPX

Technologies,

Inc.

(a)

..............

6,038

397,542

Standex

International

Corp.

............

1,173

116,186

Tennant

Co.

......................

4,243

247,155

Terex

Corp.

.......................

6,019

244,010

Timken

Co.

(The)

...................

15,225

1,085,390

Titan

International,

Inc.

(a)

..............

3,745

56,025

Trinity

Industries,

Inc.

................

5,807

165,674

Wabash

National

Corp.

...............

7,151

154,819

Watts

Water

Technologies,

Inc.,

Class

A

....

2,703

395,611

12,918,968

Security

Shares

Shares

Value

Marine

—

0.3%

Eagle

Bulk

Shipping,

Inc.

.............

1,103

$

53,363

Genco

Shipping

&

Trading

Ltd.

..........

5,114

68,528

Kirby

Corp.

(a)

......................

8,270

576,832

Matson,

Inc.

......................

5,262

387,178

1,085,901

Media

—

1.2%

Advantage

Solutions,

Inc.,

Class

A

(a)(b)

.....

20,760

70,169

Altice

USA,

Inc.,

Class

A

(a)(b)

............

49,265

325,642

AMC

Networks,

Inc.,

Class

A

(a)

..........

6,421

144,537

Clear

Channel

Outdoor

Holdings,

Inc.

(a)

....

108,429

155,054

EW

Scripps

Co.

(The),

Class

A,

NVS

(a)

....

8,176

116,017

Gannett

Co.,

Inc.

(a)

..................

33,287

48,266

Gray

Television,

Inc.

.................

19,574

276,972

iHeartMedia,

Inc.,

Class

A

(a)

............

23,859

197,553

John

Wiley

&

Sons,

Inc.,

Class

A

........

9,860

415,993

Nexstar

Media

Group,

Inc.

.............

8,828

1,512,236

Scholastic

Corp.,

NVS

...............

3,353

127,883

Sinclair

Broadcast

Group,

Inc.,

Class

A

....

9,983

177,797

Stagwell,

Inc.,

Class

A

(a)(b)

.............

23,362

177,318

TEGNA,

Inc.

......................

26,363

550,459

Thryv

Holdings,

Inc.

(a)

................

7,045

144,141

WideOpenWest,

Inc.

(a)(b)

..............

5,646

77,407

4,517,444

Metals

&

Mining

—

1.2%

Alpha

Metallurgical

Resources,

Inc.

......

1,410

238,078

Arconic

Corp.

(a)

....................

23,296

483,625

Carpenter

Technology

Corp.

...........

11,010

411,774

Century

Aluminum

Co.

(a)

..............

5,484

39,540

Coeur

Mining,

Inc.

(a)(b)

................

64,360

243,281

Commercial

Metals

Co.

...............

27,427

1,247,928

Haynes

International,

Inc.

.............

1,069

52,285

Hecla

Mining

Co.

...................

65,143

297,704

Kaiser

Aluminum

Corp.

...............

2,185

176,526

Materion

Corp.

....................

1,621

138,936

Olympic

Steel,

Inc.

..................

2,080

56,597

Ramaco

Resources,

Inc.

..............

2,326

26,261

Ryerson

Holding

Corp.

...............

4,717

158,255

Schnitzer

Steel

Industries,

Inc.,

Class

A

....

5,785

156,137

SunCoke

Energy,

Inc.

................

18,725

135,943

TimkenSteel

Corp.

(a)

.................

9,453

164,860

Warrior

Met

Coal,

Inc.

................

11,787

437,769

Worthington

Industries,

Inc.

............

6,939

330,019

4,795,518

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

2.4%

AGNC

Investment

Corp.

..............

119,072

978,772

Apollo

Commercial

Real

Estate

Finance,

Inc.

29,502

332,193

Arbor

Realty

Trust,

Inc.

...............

38,941

536,218

Ares

Commercial

Real

Estate

Corp.

......

12,495

154,188

ARMOUR

Residential

REIT,

Inc.

.........

26,609

141,560

Blackstone

Mortgage

Trust,

Inc.,

Class

A

...

38,800

968,448

BrightSpire

Capital,

Inc.,

Class

A

........

21,654

166,303

Broadmark

Realty

Capital,

Inc.

..........

30,265

176,142

Chimera

Investment

Corp.

.............

52,975

357,581

Dynex

Capital,

Inc.

..................

10,252

122,409

Ellington

Financial,

Inc.

...............

7,230

96,737

Franklin

BSP

Realty

Trust,

Inc.

..........

19,337

272,458

Granite

Point

Mortgage

Trust,

Inc.

.......

12,227

96,104

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

....................

9,575

260,249

Invesco

Mortgage

Capital,

Inc.

..........

7,479

87,579

KKR

Real

Estate

Finance

Trust,

Inc.

......

13,408

233,567

Ladder

Capital

Corp.,

Class

A

..........

25,996

277,377

MFA

Financial,

Inc.

..................

20,628

205,455

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

Morningstar

Small-Cap

Value

ETF

52

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(continued)

New

York

Mortgage

Trust,

Inc.

..........

85,633

$

230,353

Orchid

Island

Capital,

Inc.

(b)

............

8,071

81,275

PennyMac

Mortgage

Investment

Trust

.....

20,702

287,137

Ready

Capital

Corp.

(b)

................

23,446

284,166

Redwood

Trust,

Inc.

.................

26,832

191,312

Rithm

Capital

Corp.

.................

106,586

898,520

Starwood

Property

Trust,

Inc.

...........

70,373

1,453,906

TPG

RE

Finance

Trust,

Inc.

............

13,856

117,360

Two

Harbors

Investment

Corp.

..........

79,180

281,881

9,289,250

Multiline

Retail

—

0.4%

Big

Lots,

Inc.

......................

6,528

123,183

Dillard's,

Inc.,

Class

A

(b)

...............

438

144,010

Franchise

Group,

Inc.

................

6,464

196,183

Nordstrom,

Inc.

(b)

...................

25,571

520,115

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)(b)

....

8,311

465,416

1,448,907

Multi-Utilities

—

0.6%

Avista

Corp.

......................

15,923

653,321

Black

Hills

Corp.

...................

14,881

972,771

NorthWestern

Corp.

.................

12,836

678,126

Unitil

Corp.

.......................

3,623

190,968

2,495,186

Oil,

Gas

&

Consumable

Fuels

—

6.1%

Alto

Ingredients,

Inc.

(a)

...............

8,754

36,154

Antero

Midstream

Corp.

..............

76,358

813,213

Arch

Resources,

Inc.,

Class

A

..........

1,568

238,791

Berry

Corp.

.......................

14,951

132,615

Brigham

Minerals,

Inc.,

Class

A

.........

5,245

162,595

California

Resources

Corp.

............

17,151

773,682

Callon

Petroleum

Co.

(a)

...............

11,641

511,738

Centrus

Energy

Corp.,

Class

A

(a)

.........

2,257

106,779

Chord

Energy

Corp.

.................

9,440

1,445,170

Civitas

Resources,

Inc.

...............

11,799

824,868

CNX

Resources

Corp.

(a)

..............

43,214

726,427

Comstock

Resources,

Inc.

(a)(b)

..........

20,738

389,460

CONSOL

Energy,

Inc.

................

7,458

470,003

Crescent

Energy,

Inc.,

Class

A

..........

7,342

101,173

CVR

Energy,

Inc.

...................

6,725

262,678

Delek

US

Holdings,

Inc.

..............

16,163

479,395

Denbury,

Inc.

(a)

....................

5,187

474,144

Dorian

LPG

Ltd.

....................

7,157

129,327

DT

Midstream,

Inc.

..................

22,018

1,314,475

Earthstone

Energy,

Inc.,

Class

A

(a)(b)

......

8,604

139,041

Enviva,

Inc.

.......................

3,612

216,142

Equitrans

Midstream

Corp.

............

98,646

830,599

Excelerate

Energy,

Inc.,

Class

A

(b)

........

2,038

56,289

Gevo,

Inc.

(a)(b)

.....................

26,660

59,985

Gran

Tierra

Energy,

Inc.

(a)

.............

84,433

113,984

Gulfport

Energy

Corp.

(a)(b)

.............

2,666

238,634

HF

Sinclair

Corp.

...................

33,044

2,021,301

International

Seaways,

Inc.

............

5,440

230,710

Kosmos

Energy

Ltd.

(a)

................

46,540

302,045

Laredo

Petroleum,

Inc.

(a)

..............

3,894

251,747

Magnolia

Oil

&

Gas

Corp.,

Class

A

.......

25,175

646,494

Matador

Resources

Co.

..............

12,689

843,184

Murphy

Oil

Corp.

...................

18,456

895,301

NextDecade

Corp.

(a)(b)

................

4,775

33,425

Northern

Oil

and

Gas,

Inc.

.............

15,592

532,311

Par

Pacific

Holdings,

Inc.

(a)

............

12,644

289,295

PBF

Energy,

Inc.,

Class

A

(a)

............

24,436

1,081,293

PDC

Energy,

Inc.

...................

21,920

1,581,309

Peabody

Energy

Corp.

(a)

..............

26,638

636,648

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Permian

Resources

Corp.,

Class

A

(a)

......

46,387

$

453,201

Range

Resources

Corp.

..............

24,792

706,076

Ranger

Oil

Corp.,

Class

A

.............

4,532

185,359

REX

American

Resources

Corp.

(a)(b)

......

2,274

68,197

Riley

Exploration

Permian,

Inc.

..........

468

13,605

Ring

Energy,

Inc.

(a)

..................

18,394

58,677

SandRidge

Energy,

Inc.

(a)

.............

6,616

124,976

SilverBow

Resources,

Inc.

(a)

............

3,057

108,432

SM

Energy

Co.

....................

13,839

622,478

Talos

Energy,

Inc.

(a)

.................

14,855

316,114

VAALCO

Energy,

Inc.

................

14,582

75,097

W&T

Offshore,

Inc.

(a)

................

21,331

161,902

World

Fuel

Services

Corp.

.............

14,147

360,607

23,647,145

Paper

&

Forest

Products

—

0.5%

Clearwater

Paper

Corp.

(a)

.............

3,770

167,690

Glatfelter

Corp.

....................

6,172

17,467

Louisiana-Pacific

Corp.

...............

16,787

950,984

Mercer

International,

Inc.

..............

5,063

67,945

Resolute

Forest

Products,

Inc.

(a)

.........

10,283

213,989

Sylvamo

Corp.

....................

7,531

362,768

1,780,843

Personal

Products

—

0.7%

BellRing

Brands,

Inc.

(a)

...............

30,904

748,495

Coty,

Inc.,

Class

A

(a)(b)

................

82,091

550,831

Edgewell

Personal

Care

Co.

(b)

..........

11,850

464,401

Herbalife

Nutrition

Ltd.

(a)

..............

22,284

473,758

Honest

Co.,

Inc.

(The)

(a)(b)

.............

9,136

30,240

Medifast,

Inc.

.....................

883

103,302

Nu

Skin

Enterprises,

Inc.,

Class

A

........

11,480

438,421

USANA

Health

Sciences,

Inc.

(a)

.........

1,531

80,393

2,889,841

Pharmaceuticals

—

1.0%

Amneal

Pharmaceuticals,

Inc.,

Class

A

(a)

...

22,022

48,448

ANI

Pharmaceuticals,

Inc.

(a)

............

791

30,525

Atea

Pharmaceuticals,

Inc.

(a)

...........

6,065

36,390

Cara

Therapeutics,

Inc.

(a)

.............

10,284

96,670

Collegium

Pharmaceutical,

Inc.

(a)

........

7,698

138,102

Corcept

Therapeutics,

Inc.

(a)(b)

..........

10,187

291,348

DICE

Therapeutics,

Inc.

(a)

.............

3,544

125,848

Innoviva,

Inc.

(a)

....................

14,266

193,447

Nektar

Therapeutics

(a)

................

42,742

160,710

NGM

Biopharmaceuticals,

Inc.

(a)

.........

2,571

13,729

Perrigo

Co.

plc

....................

30,658

1,234,904

Phathom

Pharmaceuticals,

Inc.

(a)

........

2,554

27,072

Phibro

Animal

Health

Corp.,

Class

A

......

4,587

67,383

Prestige

Consumer

Healthcare,

Inc.

(a)

.....

11,321

616,768

Relmada

Therapeutics,

Inc.

(a)

...........

2,134

13,636

SIGA

Technologies,

Inc.

..............

4,395

40,390

Supernus

Pharmaceuticals,

Inc.

(a)

........

12,170

417,066

Tilray

Brands,

Inc.

(a)(b)

................

64,844

263,915

Tricida,

Inc.

(a)(b)

....................

3,086

1,026

3,817,377

Professional

Services

—

2.1%

Alight,

Inc.,

Class

A

(a)

................

27,886

231,175

ASGN,

Inc.

(a)

......................

3,617

306,649

Atlas

Technical

Consultants,

Inc.

(a)

.......

7,081

53,674

Barrett

Business

Services,

Inc.

..........

1,105

96,378

CACI

International,

Inc.,

Class

A

(a)

.......

5,329

1,620,176

CBIZ,

Inc.

(a)

.......................

4,120

204,517

CRA

International,

Inc.

...............

669

68,733

FTI

Consulting,

Inc.

(a)

................

3,844

598,242

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

Morningstar

Small-Cap

Value

ETF

Schedule

of

Investments

53

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Professional

Services

(continued)

Heidrick

&

Struggles

International,

Inc.

....

2,587

$

72,850

Huron

Consulting

Group,

Inc.

(a)

..........

1,754

129,147

ICF

International,

Inc.

................

1,548

185,187

KBR,

Inc.

........................

19,922

991,518

Kelly

Services,

Inc.,

Class

A,

NVS

.......

7,919

129,396

Kforce,

Inc.

.......................

1,341

84,845

Korn

Ferry

.......................

5,818

323,423

Legalzoom.com,

Inc.

(a)

...............

11,942

110,463

ManpowerGroup,

Inc.

................

11,776

922,532

Resources

Connection,

Inc.

............

4,526

82,690

Science

Applications

International

Corp.

...

12,674

1,373,101

TriNet

Group,

Inc.

(a)

.................

4,648

302,027

TrueBlue,

Inc.

(a)

....................

7,451

146,487

8,033,210

Real

Estate

Management

&

Development

—

0.6%

Anywhere

Real

Estate,

Inc.

(a)

...........

26,107

193,975

Cushman

&

Wakefield

plc

(a)

............

36,870

425,848

DigitalBridge

Group,

Inc.,

Class

A

(b)

.......

22,863

292,646

Doma

Holdings,

Inc.

(a)

................

31,061

16,854

Douglas

Elliman,

Inc.

................

6,919

31,966

Forestar

Group,

Inc.

(a)

................

2,575

29,818

Kennedy-Wilson

Holdings,

Inc.

..........

14,306

237,623

Marcus

&

Millichap,

Inc.

..............

3,445

126,914

Newmark

Group,

Inc.,

Class

A

..........

29,517

241,744

Offerpad

Solutions,

Inc.,

Class

A

(a)(b)

......

16,557

16,135

Opendoor

Technologies,

Inc.

(a)(b)

.........

114,529

296,630

RE/MAX

Holdings,

Inc.,

Class

A

.........

4,241

82,530

Redfin

Corp.

(a)(b)

....................

24,886

119,702

RMR

Group,

Inc.

(The),

Class

A

.........

3,447

94,344

Seritage

Growth

Properties,

Class

A

(a)

.....

8,330

89,381

WeWork,

Inc.,

Class

A

(a)(b)

.............

53,451

137,369

2,433,479

Road

&

Rail

—

1.1%

ArcBest

Corp.

(b)

....................

2,619

208,027

Daseke,

Inc.

(a)

.....................

13,789

82,182

Heartland

Express,

Inc.

...............

10,553

157,029

Landstar

System,

Inc.

................

4,151

648,469

Marten

Transport

Ltd.

................

13,081

245,530

PAM

Transportation

Services,

Inc.

(a)

......

623

17,351

Ryder

System,

Inc.

..................

11,664

939,069

Schneider

National,

Inc.,

Class

B

........

8,405

186,927

Werner

Enterprises,

Inc.

(b)

.............

13,428

526,378

XPO

Logistics,

Inc.

(a)

................

26,180

1,354,553

4,365,515

Semiconductors

&

Semiconductor

Equipment

—

0.8%

Alpha

&

Omega

Semiconductor

Ltd.

(a)(b)

....

1,856

60,784

Amkor

Technology,

Inc.

(b)

..............

13,584

282,411

Cirrus

Logic,

Inc.

(a)

..................

6,803

456,617

Cohu,

Inc.

(a)

......................

3,975

130,857

Ichor

Holdings

Ltd.

(a)

.................

6,608

168,108

Kulicke

&

Soffa

Industries,

Inc.

..........

5,018

210,455

Magnachip

Semiconductor

Corp.

(a)

.......

2,955

29,402

MKS

Instruments,

Inc.

...............

5,345

439,092

Onto

Innovation,

Inc.

(a)

...............

4,078

272,573

Photronics,

Inc.

(a)

...................

13,836

224,420

Rambus,

Inc.

(a)

....................

9,847

296,985

Rockley

Photonics

Holdings

Ltd.

(a)(b)

......

7,484

3,818

SMART

Global

Holdings,

Inc.

(a)

..........

7,018

94,954

Synaptics,

Inc.

(a)

...................

3,600

318,960

Ultra

Clean

Holdings,

Inc.

(a)

............

6,091

189,491

Veeco

Instruments,

Inc.

(a)

.............

6,413

116,909

3,295,836

Security

Shares

Shares

Value

Software

—

0.9%

ACI

Worldwide,

Inc.

(a)

................

7,633

$

185,711

Adeia,

Inc.

.......................

15,976

178,612

American

Software,

Inc.,

Class

A

........

3,497

59,904

Avaya

Holdings

Corp.

(a)(b)

..............

18,963

29,961

Blackbaud,

Inc.

(a)

...................

5,323

291,168

BTRS

Holdings,

Inc.,

Class

A

(a)

..........

6,588

62,191

Cerence,

Inc.

(a)

....................

4,288

73,753

ChannelAdvisor

Corp.

(a)

..............

3,467

79,880

CommVault

Systems,

Inc.

(a)

............

3,959

241,063

Consensus

Cloud

Solutions,

Inc.

(a)

.......

4,048

227,255

Ebix,

Inc.

........................

5,311

105,105

NCR

Corp.

(a)

......................

31,172

662,717

Nutanix,

Inc.,

Class

A

(a)

...............

21,453

587,812

OneSpan,

Inc.

(a)

....................

3,484

38,289

Paycor

HCM,

Inc.

(a)(b)

................

3,595

109,540

Progress

Software

Corp.

..............

4,470

228,104

PROS

Holdings,

Inc.

(a)

...............

4,871

121,531

Rimini

Street,

Inc.

(a)

.................

6,093

34,182

Upland

Software,

Inc.

(a)(b)

..............

3,929

31,589

Verint

Systems,

Inc.

(a)

................

7,101

251,588

WM

Technology,

Inc.,

Class

A

(a)

.........

10,518

21,562

Yext,

Inc.

(a)

.......................

9,365

49,822

3,671,339

Specialty

Retail

—

3.0%

Aaron's

Co.,

Inc.

(The)

...............

7,060

73,565

Abercrombie

&

Fitch

Co.,

Class

A

(a)

.......

11,488

201,959

Academy

Sports

&

Outdoors,

Inc.

........

19,393

853,874

American

Eagle

Outfitters,

Inc.

..........

35,993

408,880

America's

Car-Mart,

Inc.

(a)

.............

1,351

92,354

Arhaus,

Inc.,

Class

A

(a)(b)

..............

4,832

40,251

Arko

Corp.

.......................

5,452

55,883

Asbury

Automotive

Group,

Inc.

(a)(b)

........

2,829

446,275

Bed

Bath

&

Beyond,

Inc.

(a)(b)

............

15,931

72,805

Buckle,

Inc.

(The)

..................

6,776

266,500

Caleres,

Inc.

......................

8,409

229,818

Camping

World

Holdings,

Inc.,

Class

A

(b)

...

5,253

146,191

Chico's

FAS,

Inc.

(a)

..................

28,681

168,644

Children's

Place,

Inc.

(The)

(a)

...........

3,027

122,533

Conn's,

Inc.

(a)

.....................

2,930

24,055

Container

Store

Group,

Inc.

(The)

(a)

.......

7,825

42,490

Designer

Brands,

Inc.,

Class

A

..........

12,834

195,462

Dick's

Sporting

Goods,

Inc.

............

12,946

1,472,737

Foot

Locker,

Inc.

...................

18,270

579,159

Gap,

Inc.

(The)

....................

48,490

546,482

Genesco,

Inc.

(a)

....................

2,961

139,285

Group

1

Automotive,

Inc.

..............

3,606

623,838

Guess?,

Inc.

......................

4,987

84,679

Haverty

Furniture

Cos.,

Inc.

............

3,020

80,272

Hibbett,

Inc.

......................

2,945

183,827

JOANN,

Inc.

......................

2,903

15,357

LL

Flooring

Holdings,

Inc.

(a)

............

4,342

36,125

MarineMax,

Inc.

(a)

...................

3,197

103,295

Monro,

Inc.

.......................

2,937

140,242

Murphy

USA,

Inc.

..................

1,674

526,490

National

Vision

Holdings,

Inc.

(a)(b)

........

8,670

321,137

ODP

Corp.

(The)

(a)

..................

9,816

388,419

OneWater

Marine,

Inc.,

Class

A

(a)

........

2,482

81,906

Rent-A-Center,

Inc.

.................

12,166

253,661

Sally

Beauty

Holdings,

Inc.

(a)

...........

24,574

312,336

Shoe

Carnival,

Inc.

..................

3,965

95,081

Signet

Jewelers

Ltd.

.................

5,521

360,190

Sleep

Number

Corp.

(a)

...............

5,010

138,977

Sonic

Automotive,

Inc.,

Class

A

.........

4,204

196,537

Sportsman's

Warehouse

Holdings,

Inc.

(a)

...

9,961

89,450

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

Morningstar

Small-Cap

Value

ETF

54

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Specialty

Retail

(continued)

Torrid

Holdings,

Inc.

(a)

................

2,471

$

12,182

TravelCenters

of

America,

Inc.

(a)

.........

2,815

178,978

Urban

Outfitters,

Inc.

(a)(b)

..............

13,844

330,318

Victoria's

Secret

&

Co.

(a)

..............

18,979

713,610

Zumiez,

Inc.

(a)

.....................

3,594

80,613

11,526,722

Technology

Hardware,

Storage

&

Peripherals

—

0.3%

Avid

Technology,

Inc.

(a)

...............

3,196

87,858

Corsair

Gaming,

Inc.

(a)(b)

..............

9,007

124,297

Eastman

Kodak

Co.

(a)(b)

...............

7,352

39,333

Super

Micro

Computer,

Inc.

(a)

...........

10,293

716,290

Xerox

Holdings

Corp.

................

25,572

374,118

1,341,896

Textiles,

Apparel

&

Luxury

Goods

—

1.3%

Carter's,

Inc.

......................

5,608

380,615

Columbia

Sportswear

Co.

.............

4,859

361,996

Crocs,

Inc.

(a)

......................

7,643

540,742

Fossil

Group,

Inc.

(a)

.................

10,748

45,679

G-III

Apparel

Group

Ltd.

(a)

.............

9,877

192,602

Hanesbrands,

Inc.

..................

79,648

543,199

Kontoor

Brands,

Inc.

.................

11,206

400,054

Levi

Strauss

&

Co.,

Class

A

............

22,736

340,131

Movado

Group,

Inc.

.................

3,667

121,268

Oxford

Industries,

Inc.

...............

3,438

349,748

PVH

Corp.

.......................

15,273

783,810

Ralph

Lauren

Corp.,

Class

A

...........

3,817

353,798

Steven

Madden

Ltd.

.................

8,797

262,766

Wolverine

World

Wide,

Inc.

............

12,050

206,416

4,882,824

Thrifts

&

Mortgage

Finance

—

2.0%

Axos

Financial,

Inc.

(a)

................

6,719

261,772

Capitol

Federal

Financial,

Inc.

..........

26,153

213,931

Essent

Group

Ltd.

..................

24,952

987,600

Federal

Agricultural

Mortgage

Corp.,

Class

C,

NVS

.........................

2,113

243,418

Hingham

Institution

for

Savings

(The)

.....

191

47,225

Kearny

Financial

Corp.

...............

12,931

131,120

Merchants

Bancorp

(b)

................

2,757

66,030

MGIC

Investment

Corp.

..............

69,894

954,053

Mr

Cooper

Group,

Inc.

(a)

..............

6,445

254,513

New

York

Community

Bancorp,

Inc.

......

106,389

990,482

NMI

Holdings,

Inc.,

Class

A

(a)

...........

12,739

279,366

Northfield

Bancorp,

Inc.

..............

9,717

155,861

PennyMac

Financial

Services,

Inc.

.......

7,325

390,569

Provident

Financial

Services,

Inc.

........

15,592

349,573

Radian

Group,

Inc.

..................

37,166

775,654

Rocket

Cos.,

Inc.,

Class

A

(b)

............

26,474

182,671

Southern

Missouri

Bancorp,

Inc.

.........

1,304

66,830

TFS

Financial

Corp.

.................

9,093

127,757

TrustCo

Bank

Corp.

.................

3,291

122,820

UWM

Holdings

Corp.,

Class

A

(b)

.........

21,001

68,883

Walker

&

Dunlop,

Inc.

................

7,038

633,138

Waterstone

Financial,

Inc.

.............

5,653

95,988

WSFS

Financial

Corp.

...............

8,273

385,191

7,784,445

Tobacco

—

0.2%

Turning

Point

Brands,

Inc.

.............

1,305

30,746

Universal

Corp.

....................

5,612

284,023

Vector

Group

Ltd.

..................

30,013

318,738

633,507

Security

Shares

Shares

Value

Trading

Companies

&

Distributors

—

2.3%

Air

Lease

Corp.,

Class

A

..............

23,522

$

830,091

Applied

Industrial

Technologies,

Inc.

......

3,804

473,142

Beacon

Roofing

Supply,

Inc.

(a)

..........

11,517

648,983

BlueLinx

Holdings,

Inc.

(a)

..............

1,044

73,560

Boise

Cascade

Co.

(b)

................

8,979

599,528

Custom

Truck

One

Source,

Inc.

(a)

........

4,041

28,004

DXP

Enterprises,

Inc.

(a)

...............

1,247

35,677

GATX

Corp.

(b)

.....................

8,050

842,916

Global

Industrial

Co.

.................

1,488

47,229

GMS,

Inc.

(a)

.......................

9,694

457,557

H&E

Equipment

Services,

Inc.

..........

4,296

162,217

McGrath

RentCorp

..................

2,362

222,146

MRC

Global,

Inc.

(a)

..................

18,970

190,269

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

....

10,809

896,931

NOW,

Inc.

(a)

......................

14,976

190,644

Rush

Enterprises,

Inc.,

Class

A

.........

9,808

489,321

Titan

Machinery,

Inc.

(a)

...............

2,689

92,448

Triton

International

Ltd.

...............

14,139

858,096

Univar

Solutions,

Inc.

(a)

...............

38,000

968,240

Veritiv

Corp.

(a)(b)

....................

3,193

371,218

WESCO

International,

Inc.

(a)

...........

4,735

652,341

9,130,558

Water

Utilities

—

0.3%

American

States

Water

Co.

............

3,860

349,176

California

Water

Service

Group

.........

6,086

377,697

Middlesex

Water

Co.

(b)

...............

1,501

134,294

SJW

Group

.......................

3,155

222,995

York

Water

Co.

(The)

................

1,603

69,827

1,153,989

Wireless

Telecommunication

Services

—

0.1%

Telephone

and

Data

Systems,

Inc.

.......

22,984

390,728

United

States

Cellular

Corp.

(a)

..........

3,225

100,523

491,251

Total

Long-Term

Investments

—

99.7%

(Cost:

$398,283,695)

.............................

387,624,044

Short-Term

Securities

Money

Market

Funds

—

6.1%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

3.29%

(e)

............

22,676,506

22,671,971

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

2.97%

..................

821,099

821,099

Total

Short-Term

Securities

—

6.1%

(Cost:

$23,492,656)

..............................

23,493,070

Total

Investments

—

105.8%

(Cost:

$421,776,351

)

.............................

411,117,114

Liabilities

in

Excess

of

Other

Assets

—

(5.8)%

............

(22,417,305)

Net

Assets

—

100.0%

..............................

$

388,699,809

(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)

October

31,

2022

iShares

®

Morningstar

Small-Cap

Value

ETF

Schedule

of

Investments

55

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.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

October

31,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/22

Shares

Held

at

10/31/22

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

19,595,129

$

3,082,062

(a)

$

—

$

(2,105)

$

(3,115)

$

22,671,971

22,676,506

$

84,017

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

540,000

281,099

(a)

—

—

—

821,099

821,099

6,621

—

$

(2,105)

$

(3,115)

$

23,493,070

$

90,638

$

—

—

—

(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

....................................................

6

12/16/22

$

556

$

26,463

S&P

Midcap

400

E-Mini

Index

.................................................

2

12/16/22

488

3,635

$

30,098

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)

......

$

—

$

—

$

30,098

$

—

$

—

$

—

$

30,098

(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

October

31,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

(82,934)

$

—

$

—

$

—

$

(82,934)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

73,051

$

—

$

—

$

—

$

73,051

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

930,425

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

Morningstar

Small-Cap

Value

ETF

56

See

notes

to

financial

statements.

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

387,624,044

$

—

$

—

$

387,624,044

Short-Term

Securities

Money

Market

Funds

......................................

23,493,070

—

—

23,493,070

$

411,117,114

$

—

$

—

$

411,117,114

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

30,098

$

—

$

—

$

30,098

(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)

October

31,

2022

57

Financial

Statements

See

notes

to

financial

statements.

iShares

Morningstar

Growth

ETF

iShares

Morningstar

Mid-Cap

ETF

iShares

Morningstar

Mid-Cap

Growth

ETF

iShares

Morningstar

Small-Cap

Growth

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.........................................

$

1,474,026,437‌

$

731,617,044‌

$

1,153,629,671‌

$

370,721,906‌

Investments,

at

value

—

affiliated

(c)

............................................

34,587,799‌

28,261,914‌

84,777,883‌

64,604,935‌

Cash  

...............................................................

3,328,314‌

—‌

—‌

—‌

Cash

pledged:

Futures

contracts

......................................................

127,000‌

68,000‌

117,000‌

36,000‌

Receivables:

–‌

–‌

–‌

–‌

Investments

sold

......................................................

—‌

—‌

—‌

2‌

Securities

lending

income

—

affiliated

........................................

10,697‌

18,680‌

27,241‌

61,408‌

Capital

shares

sold

.....................................................

11,459‌

—‌

—‌

—‌

Dividends

—

unaffiliated

.................................................

439,293‌

461,078‌

258,210‌

44,977‌

Dividends

—

affiliated

...................................................

6,040‌

2,190‌

3,616‌

1,451‌

Variation

margin

on

futures

contracts

.........................................

—‌

—‌

701‌

281‌

Total

assets

...........................................................

1,512,537,039‌

760,428,906‌

1,238,814,322‌

435,470,960‌

LIABILITIES

Bank

overdraft

..........................................................

—‌

11,215‌

—‌

—‌

Collateral

on

securities

loaned

...............................................

32,875,268‌

27,236,696‌

83,344,549‌

64,157,846‌

Payables:

–‌

–‌

–‌

–‌

Investments

purchased

..................................................

3,549,843‌

—‌

90‌

704‌

Investment

advisory

fees

.................................................

48,892‌

23,685‌

55,895‌

17,840‌

Variation

margin

on

futures

contracts

.........................................

23,333‌

6,167‌

9,050‌

1,810‌

Total

liabilities

..........................................................

36,497,336‌

27,277,763‌

83,409,584‌

64,178,200‌

NET

ASSETS

..........................................................

$

1,476,039,703‌

$

733,151,143‌

$

1,155,404,738‌

$

371,292,760‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

..........................................................

$

1,563,139,377‌

$

801,714,686‌

$

1,447,565,281‌

$

539,570,193‌

Accumulated

loss

.......................................................

(87,099,674‌)

(68,563,543‌)

(292,160,543‌)

(168,277,433‌)

NET

ASSETS

..........................................................

$

1,476,039,703‌

$

733,151,143‌

$

1,155,404,738‌

$

371,292,760‌

NET

ASSET

VALUE

Shares

outstanding

......................................................

29,250,000‌

12,550,000‌

21,500,000‌

9,900,000‌

Net

asset

value

.........................................................

$

50.46‌

$

58.42‌

$

53.74‌

$

37.50‌

Shares

authorized

.......................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

.............................................................

None

None

None

None

(a)

  Investments,

at

cost

—

unaffiliated

..........................................

$

1,427,073,689‌

$

730,940,452‌

$

1,223,393,703‌

$

426,466,086‌

(b)

  Securities

loaned,

at

value

................................................

$

31,957,991‌

$

26,012,853‌

$

79,901,705‌

$

62,265,684‌

(c)

  Investments,

at

cost

—

affiliated

............................................

$

34,586,457‌

$

28,259,186‌

$

84,773,692‌

$

64,602,269‌

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

October

31,

2022

2022

iShares

Semi-Annual

Report

to

Shareholders

58

See

notes

to

financial

statements.

iShares

Morningstar

Small-Cap

Value

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.......................................................................................

$

387,624,044‌

Investments,

at

value

—

affiliated

(c)

..........................................................................................

23,493,070‌

Cash

pledged:

Futures

contracts

....................................................................................................

61,000‌

Receivables:

–‌

Investments

sold

....................................................................................................

4,322‌

Securities

lending

income

—

affiliated

......................................................................................

9,406‌

Dividends

—

unaffiliated

...............................................................................................

207,441‌

Dividends

—

affiliated

.................................................................................................

1,534‌

Variation

margin

on

futures

contracts

.......................................................................................

472‌

Total

assets

.........................................................................................................

411,401,289‌

LIABILITIES

Collateral

on

securities

loaned

.............................................................................................

22,682,838‌

Payables:

–‌

Investment

advisory

fees

...............................................................................................

18,362‌

Variation

margin

on

futures

contracts

.......................................................................................

280‌

Total

liabilities

........................................................................................................

22,701,480‌

NET

ASSETS

........................................................................................................

$

388,699,809‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

........................................................................................................

$

439,252,880‌

Accumulated

loss

.....................................................................................................

(50,553,071‌)

NET

ASSETS

........................................................................................................

$

388,699,809‌

NET

ASSET

VALUE

Shares

outstanding

....................................................................................................

7,250,000‌

Net

asset

value

.......................................................................................................

$

53.61‌

Shares

authorized

.....................................................................................................

Unlimited

Par

value

...........................................................................................................

None

(a)

  Investments,

at

cost

—

unaffiliated

........................................................................................

$

398,283,695‌

(b)

  Securities

loaned,

at

value

..............................................................................................

$

21,994,563‌

(c)

  Investments,

at

cost

—

affiliated

..........................................................................................

$

23,492,656‌

Statements

of

Operations

(unaudited)

Six

Months

Ended

October

31,

2022

59

Financial

Statements

iShares

Morningstar

Growth

ETF

iShares

Morningstar

Mid-Cap

ETF

iShares

Morningstar

Mid-Cap

Growth

ETF

iShares

Morningstar

Small-Cap

Growth

ETF

INVESTMENT

INCOME

–

–

–

–

Dividends

—

unaffiliated

.................................................

$

6,117,203‌

$

6,925,090‌

$

5,334,160‌

$

1,329,436‌

Dividends

—

affiliated

...................................................

27,354‌

11,992‌

15,189‌

6,396‌

Securities

lending

income

—

affiliated

—

net

...................................

98,966‌

141,506‌

255,178‌

489,400‌

Foreign

taxes

withheld

..................................................

(3,254‌)

—‌

—‌

(1,014‌)

Total

investment

income

...................................................

6,240,269‌

7,078,588‌

5,604,527‌

1,824,218‌

EXPENSES

Investment

advisory

....................................................

320,637‌

149,633‌

333,067‌

106,256‌

Total

expenses

.........................................................

320,637‌

149,633‌

333,067‌

106,256‌

Net

investment

income

....................................................

5,919,632‌

6,928,955‌

5,271,460‌

1,717,962‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(177,506,387‌)

$

(50,943,137‌)

$

(86,840,813‌)

$

(14,581,280‌)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.............................................

$

(87,315,576‌)

$

(32,267,483‌)

$

(141,163,225‌)

$

(52,182,809‌)

Investments

—

affiliated

...............................................

2,786‌

(3,839‌)

3,182‌

(5,238‌)

Futures

contracts

....................................................

(616,731‌)

(192,380‌)

(321,356‌)

(74,119‌)

In-kind

redemptions

—

unaffiliated

(a)

.......................................

30,003,892‌

2,440,016‌

4,662,336‌

1,965,877‌

(57,925,629‌)

(30,023,686‌)

(136,819,063‌)

(50,296,289‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.............................................

(119,898,414‌)

(21,055,276‌)

49,880,430‌

35,630,521‌

Investments

—

affiliated

...............................................

(4,087‌)

(5,298‌)

(14,959‌)

(9,471‌)

Futures

contracts

....................................................

321,742‌

141,120‌

112,782‌

93,959‌

(119,580,759‌)

(20,919,454‌)

49,978,253‌

35,715,009‌

Net

realized

and

unrealized

loss

..............................................

(177,506,388‌)

(50,943,140‌)

(86,840,810‌)

(14,581,280‌)

NET

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

...................

$

(171,586,756‌)

$

(44,014,185‌)

$

(81,569,350‌)

$

(12,863,318‌)

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

See

notes

to

financial

statements.

Statements

of

Operations

(unaudited)

(continued)

Six

Months

Ended

October

31,

2022

2022

iShares

Semi-Annual

Report

to

Shareholders

60

iShares

Morningstar

Small-Cap

Value

ETF

INVESTMENT

INCOME

–

Dividends

—

unaffiliated

...............................................................................................

$

4,170,813‌

Dividends

—

affiliated

.................................................................................................

6,621‌

Securities

lending

income

—

affiliated

—

net

.................................................................................

84,017‌

Foreign

taxes

withheld

................................................................................................

(2,290‌)

Total

investment

income

.................................................................................................

4,259,161‌

EXPENSES

Investment

advisory

..................................................................................................

110,593‌

Total

expenses

.......................................................................................................

110,593‌

Net

investment

income

..................................................................................................

4,148,568‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(9,515,901‌)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

...........................................................................................

$

(6,658,551‌)

Investments

—

affiliated

.............................................................................................

(2,105‌)

Futures

contracts

..................................................................................................

(82,934‌)

In-kind

redemptions

—

unaffiliated

(a)

.....................................................................................

2,825,916‌

(3,917,674‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

...........................................................................................

(5,668,163‌)

Investments

—

affiliated

.............................................................................................

(3,115‌)

Futures

contracts

..................................................................................................

73,051‌

(5,598,227‌)

Net

realized

and

unrealized

loss

............................................................................................

(9,515,901‌)

NET

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.................................................................

$

(5,367,333‌)

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

See

notes

to

financial

statements.

Statements

of

Changes

in

Net

Assets

61

Financial

Statements

See

notes

to

financial

statements.

iShares

Morningstar

Growth

ETF

iShares

Morningstar

Mid-Cap

ETF

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

....................................................

$

5,919,632‌

$

9,208,746‌

$

6,928,955‌

$

10,708,557‌

Net

realized

gain

(loss)

....................................................

(57,925,629‌)

122,861,510‌

(30,023,686‌)

56,099,068‌

Net

change

in

unrealized

appreciation

(depreciation)

................................

(119,580,759‌)

(284,641,360‌)

(20,919,454‌)

(97,816,617‌)

Net

decrease

in

net

assets

resulting

from

operations

..................................

(171,586,756‌)

(152,571,104‌)

(44,014,185‌)

(31,008,992‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.........................

(5,366,210‌)

(9,412,555‌)

(6,035,034‌)

(11,074,412‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.................

(58,624,337‌)

(13,450,194‌)

204,311‌

(56,837,193‌)

NET

ASSETS

Total

decrease

in

net

assets

..................................................

(235,577,303‌)

(175,433,853‌)

(49,844,908‌)

(98,920,597‌)

Beginning

of

period

........................................................

1,711,617,006‌

1,887,050,859‌

782,996,051‌

881,916,648‌

End

of

period

............................................................

$

1,476,039,703‌

$

1,711,617,006‌

$

733,151,143‌

$

782,996,051‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

2022

iShares

Semi-Annual

Report

to

Shareholders

62

See

notes

to

financial

statements.

iShares

Morningstar

Mid-Cap

Growth

ETF

iShares

Morningstar

Small-Cap

Growth

ETF

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

....................................................

$

5,271,460‌

$

6,518,586‌

$

1,717,962‌

$

2,912,223‌

Net

realized

gain

(loss)

....................................................

(136,819,063‌)

157,119,447‌

(50,296,289‌)

13,290,975‌

Net

change

in

unrealized

appreciation

(depreciation)

................................

49,978,253‌

(334,493,660‌)

35,715,009‌

(128,436,975‌)

Net

decrease

in

net

assets

resulting

from

operations

..................................

(81,569,350‌)

(170,855,627‌)

(12,863,318‌)

(112,233,777‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.........................

(4,482,191‌)

(7,275,693‌)

(1,675,234‌)

(3,156,876‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.................

154,174,788‌

(254,467,058‌)

67,713,019‌

(332,806,008‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...........................................

68,123,247‌

(432,598,378‌)

53,174,467‌

(448,196,661‌)

Beginning

of

period

........................................................

1,087,281,491‌

1,519,879,869‌

318,118,293‌

766,314,954‌

End

of

period

............................................................

$

1,155,404,738‌

$

1,087,281,491‌

$

371,292,760‌

$

318,118,293‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

63

Financial

Statements

See

notes

to

financial

statements.

iShares

Morningstar

Small-Cap

Value

ETF

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..................................................................................

$

4,148,568‌

$

7,503,628‌

Net

realized

gain

(loss)

..................................................................................

(3,917,674‌)

39,582,241‌

Net

change

in

unrealized

appreciation

(depreciation)

..............................................................

(5,598,227‌)

(69,408,148‌)

Net

decrease

in

net

assets

resulting

from

operations

................................................................

(5,367,333‌)

(22,322,279‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.......................................................

(3,888,929‌)

(7,825,447‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

...............................................

30,633,421‌

(48,607,925‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

.........................................................................

21,377,159‌

(78,755,651‌)

Beginning

of

period

......................................................................................

367,322,650‌

446,078,301‌

End

of

period

..........................................................................................

$

388,699,809‌

$

367,322,650‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2022

iShares

Semi-Annual

Report

to

Shareholders

64

iShares

Morningstar

Growth

ETF

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Year

Ended

04/30/19

(a)

Year

Ended

04/30/18

(a)

Net

asset

value,

beginning

of

period

.................

$

56.30

‌

$

61.87

‌

$

42.80

‌

$

38.08

‌

$

33.00

‌

$

27.25

‌

Net

investment

income

(b)

.........................

0.20

‌

0.29

‌

0.14

‌

0.21

‌

0.23

‌

0.30

‌

Net

realized

and

unrealized

gain

(loss)

(c)

...............

(5.86

)

(5.56

)

19.07

‌

4.73

‌

5.10

‌

5.74

‌

Net

increase

(decrease)

from

investment

operations

........

(5.66

)

(5.27

)

19.21

‌

4.94

‌

5.33

‌

6.04

‌

Distributions

from

net

investment

income

(d)

...............

(0.18

)

(0.30

)

(0.14

)

(0.22

)

(0.25

)

(0.29

)

Net

asset

value,

end

of

period

......................

$

50.46

‌

$

56.30

‌

$

61.87

‌

$

42.80

‌

$

38.08

‌

$

33.00

‌

Total

Return

(e)

(10.06)%

—

—

—

—

—

Based

on

net

asset

value

..........................

(10.06

)%

(f)

(8.59

)%

44.94

%

13.04

%

16.21

%

22.26

%

Ratios

to

Average

Net

Assets

(g)

Total

expenses

.................................

0.04

%

(h)

0.04

%

0.23

%

0.25

%

0.25

%

0.25

%

Net

investment

income

............................

0.74

%

(h)

0.45

%

0.27

%

0.54

%

0.66

%

0.97

%

Supplemental

Data

Net

assets,

end

of

period

(000)

......................

$

1,476,040

‌

$

1,711,617

‌

$

1,887,051

‌

$

1,519,374

‌

$

1,104,273

‌

$

932,317

‌

Portfolio

turnover

rate

(i)

............................

13

%

22

%

97

%

28

%

23

%

48

%

(a)

Per

share

amounts

reflect

a

five-for-one

stock

split

effective

after

the

close

of

trading

on

April

16,

2021.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

65

Financial

Highlights

iShares

Morningstar

Mid-Cap

ETF

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Year

Ended

04/30/19

(a)

Year

Ended

04/30/18

(a)

Net

asset

value,

beginning

of

period

................

$

62.39

‌

$

65.81

‌

$

43.02

‌

$

49.08

‌

$

45.05

‌

$

42.00

‌

Net

investment

income

(b)

........................

0.55

‌

0.82

‌

0.57

‌

0.67

‌

0.75

‌

0.62

‌

Net

realized

and

unrealized

gain

(loss)

(c)

..............

(4.04

)

(3.38

)

22.83

‌

(6.03

)

4.05

‌

3.03

‌

Net

increase

(decrease)

from

investment

operations

.......

(3.49

)

(2.56

)

23.40

‌

(5.36

)

4.80

‌

3.65

‌

Distributions

from

net

investment

income

(d)

..............

(0.48

)

(0.86

)

(0.61

)

(0.70

)

(0.77

)

(0.60

)

Net

asset

value,

end

of

period

.....................

$

58.42

‌

$

62.39

‌

$

65.81

‌

$

43.02

‌

$

49.08

‌

$

45.05

‌

Total

Return

(e)

(5.57)%

—

—

—

—

—

Based

on

net

asset

value

.........................

(5.57

)%

(f)

(3.99

)%

54.74

%

(10.99

)%

10.79

%

8.73

%

Ratios

to

Average

Net

Assets

(g)

Total

expenses

................................

0.04

%

(h)

0.04

%

0.22

%

0.25

%

0.25

%

0.25

%

Net

investment

income

...........................

1.85

%

(h)

1.22

%

1.06

%

1.39

%

1.63

%

1.40

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

733,151

‌

$

782,996

‌

$

881,917

‌

$

567,905

‌

$

716,534

‌

$

747,858

‌

Portfolio

turnover

rate

(i)

...........................

14

%

27

%

133

%

55

%

60

%

50

%

(a)

Per

share

amounts

reflect

a

four-for-one

stock

split

effective

after

the

close

of

trading

on

April

16,

2021.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2022

iShares

Semi-Annual

Report

to

Shareholders

66

iShares

Morningstar

Mid-Cap

Growth

ETF

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Year

Ended

04/30/19

(a)

Year

Ended

04/30/18

(a)

Net

asset

value,

beginning

of

period

.................

$

57.83

‌

$

66.52

‌

$

42.27

‌

$

40.66

‌

$

34.55

‌

$

29.55

‌

Net

investment

income

(b)

.........................

0.26

‌

0.35

‌

0.07

‌

0.13

‌

0.09

‌

0.13

‌

Net

realized

and

unrealized

gain

(loss)

(c)

...............

(4.13

)

(8.65

)

24.23

‌

1.61

‌

6.13

‌

5.02

‌

Net

increase

(decrease)

from

investment

operations

........

(3.87

)

(8.30

)

24.30

‌

1.74

‌

6.22

‌

5.15

‌

Distributions

from

net

investment

income

(d)

...............

(0.22

)

(0.39

)

(0.05

)

(0.13

)

(0.11

)

(0.15

)

Net

asset

value,

end

of

period

......................

$

53.74

‌

$

57.83

‌

$

66.52

‌

$

42.27

‌

$

40.66

‌

$

34.55

‌

Total

Return

(e)

(6.69)%

—

—

—

—

—

Based

on

net

asset

value

..........................

(6.69

)%

(f)

(12.56

)%

57.51

%

4.29

%

18.03

%

17.46

%

Ratios

to

Average

Net

Assets

(g)

Total

expenses

.................................

0.06

%

(h)

0.06

%

0.27

%

0.30

%

0.30

%

0.30

%

Net

investment

income

............................

0.95

%

(h)

0.51

%

0.12

%

0.31

%

0.25

%

0.38

%

Supplemental

Data

Net

assets,

end

of

period

(000)

......................

$

1,155,405

‌

$

1,087,281

‌

$

1,519,880

‌

$

532,633

‌

$

475,724

‌

$

259,139

‌

Portfolio

turnover

rate

(i)

............................

23

%

43

%

90

%

26

%

30

%

43

%

(a)

Per

share

amounts

reflect

a

six-for-one

stock

split

effective

after

the

close

of

trading

on

April

16,

2021.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

67

Financial

Highlights

iShares

Morningstar

Small-Cap

Growth

ETF

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Year

Ended

04/30/19

(a)

Year

Ended

04/30/18

(a)

Net

asset

value,

beginning

of

period

................

$

39.27

‌

$

51.60

‌

$

31.92

‌

$

34.17

‌

$

30.51

‌

$

25.81

‌

Net

investment

income

(b)

........................

0.18

‌

0.31

‌

0.05

‌

0.08

‌

0.04

‌

0.12

‌

Net

realized

and

unrealized

gain

(loss)

(c)

..............

(1.77

)

(12.30

)

19.68

‌

(2.24

)

3.72

‌

4.71

‌

Net

increase

(decrease)

from

investment

operations

.......

(1.59

)

(11.99

)

19.73

‌

(2.16

)

3.76

‌

4.83

‌

Distributions

from

net

investment

income

(d)

..............

(0.18

)

(0.34

)

(0.05

)

(0.09

)

(0.10

)

(0.13

)

Net

asset

value,

end

of

period

.....................

$

37.50

‌

$

39.27

‌

$

51.60

‌

$

31.92

‌

$

34.17

‌

$

30.51

‌

Total

Return

(e)

(4.03)%

—

—

—

—

—

Based

on

net

asset

value

.........................

(4.03

)%

(f)

(23.36

)%

61.86

%

(6.32

)%

12.35

%

18.75

%

Ratios

to

Average

Net

Assets

(g)

Total

expenses

................................

0.06

%

(h)

0.06

%

0.26

%

0.30

%

0.30

%

0.30

%

Net

investment

income

...........................

0.97

%

(h)

0.65

%

0.11

%

0.24

%

0.12

%

0.42

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

371,293

‌

$

318,118

‌

$

766,315

‌

$

191,512

‌

$

215,251

‌

$

164,737

‌

Portfolio

turnover

rate

(i)

...........................

31

%

58

%

156

%

57

%

55

%

51

%

(a)

Per

share

amounts

reflect

a

six-for-one

stock

split

effective

after

the

close

of

trading

on

April

16,

2021.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2022

iShares

Semi-Annual

Report

to

Shareholders

68

iShares

Morningstar

Small-Cap

Value

ETF

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Year

Ended

04/30/19

(a)

Year

Ended

04/30/18

(a)

Net

asset

value,

beginning

of

period

................

$

54.82

‌

$

58.31

‌

$

32.95

‌

$

47.85

‌

$

48.08

‌

$

47.92

‌

Net

investment

income

(b)

........................

0.60

‌

1.03

‌

0.89

‌

1.02

‌

1.08

‌

0.86

‌

Net

realized

and

unrealized

gain

(loss)

(c)

..............

(1.26

)

(3.43

)

25.39

‌

(14.74

)

(0.23

)

0.20

‌

Net

increase

(decrease)

from

investment

operations

.......

(0.66

)

(2.40

)

26.28

‌

(13.72

)

0.85

‌

1.06

‌

Distributions

from

net

investment

income

(d)

..............

(0.55

)

(1.09

)

(0.92

)

(1.18

)

(1.08

)

(0.90

)

Net

asset

value,

end

of

period

.....................

$

53.61

‌

$

54.82

‌

$

58.31

‌

$

32.95

‌

$

47.85

‌

$

48.08

‌

Total

Return

(e)

(1.14)%

—

—

—

—

—

Based

on

net

asset

value

.........................

(1.14

)%

(f)

(4.19

)%

80.90

%

(29.05

)%

1.83

%

2.23

%

Ratios

to

Average

Net

Assets

(g)

Total

expenses

................................

0.06

%

(h)

0.06

%

0.26

%

0.30

%

0.30

%

0.30

%

Net

investment

income

...........................

2.25

%

(h)

1.76

%

2.07

%

2.34

%

2.24

%

1.78

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

388,700

‌

$

367,323

‌

$

446,078

‌

$

257,012

‌

$

430,681

‌

$

447,161

‌

Portfolio

turnover

rate

(i)

...........................

20

%

47

%

145

%

65

%

48

%

54

%

(a)

Per

share

amounts

reflect

a

three-for-one

stock

split

effective

after

the

close

of

trading

on

April

16,

2021.

(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)

69

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

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 

October

31,

2022

,

if

any,

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

The

Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

includes

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments.

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Funds.

Because

such

gains

or

losses

are

not

taxable

to

the

Funds

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

Funds’

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

(“NAV”)

per

share.

Distributions:

Dividends

and

distributions

paid

by

each

Fund

are

recorded

on

the

ex-dividend

dates.

Distributions

are

determined

on

a

tax

basis

and

may

differ

from

net

investment

income

and

net

realized

capital

gains

for

financial

reporting

purposes.

Dividends

and

distributions

are

paid

in

U.S.

dollars

and

cannot

be

automatically

reinvested

in

additional

shares

of

the

Funds.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Indemnifications:

In

the

normal

course

of

business,

each

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Funds,

which

cannot

be

predicted

with

any

certainty.

3.

Investment

Valuation

and

Fair

Value

Measurements

Investment

Valuation

Policies:

 Each

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund’s

listing

exchange

is

open

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Board

of

Trustees

of

the

Trust

 (the

“Board”)

of each

Fund

has

approved

the

designation

of

BlackRock

Fund

Advisors

(“BFA”),

the

Funds’

investment

adviser, as

the

valuation

designee

for

each

Fund. Each

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

BFA’s

policies.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

BFA’s policies

and

procedures as

reflecting

fair

value. BFA

has

formed

a

committee

(the

“Valuation

Committee”)

to

develop pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

iShares

ETF

Diversification

Classification

Morningstar

Growth

...................................................................................................

Non-diversified

Morningstar

Mid-Cap

..................................................................................................

Diversified

Morningstar

Mid-Cap

Growth

.............................................................................................

Diversified

Morningstar

Small-Cap

Growth

...........................................................................................

Diversified

Morningstar

Small-Cap

Value

.............................................................................................

Diversified

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

iShares

Semi-Annual

Report

to

Shareholders

70

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

each

Fund’s

assets

and

liabilities:

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s

official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

are valued

at

the

last

traded

price.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds)

are

valued

at

that

day’s

published

NAV.

Futures

contracts

are

valued

based

on

that

day’s

last

reported

settlement

or

trade

price

on

the

exchange

where

the

contract

is

traded.

If

events

(e.g.,

market

volatility,

company

announcement

or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that

application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the Valuation

Committee,

in

accordance

with

BFA’s

policies

and

procedures as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the Valuation

Committee

seeks

to

determine

the

price

that each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

Fair

value

pricing

could

result

in

a

difference

between

the

prices

used

to

calculate

a

fund’s

NAV

and

the

prices

used

by

the

fund’s

underlying

index,

which

in

turn

could

result

in

a

difference

between

the

fund’s

performance

and

the

performance

of

the

fund’s

underlying

index.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

–

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that each

Fund

has

the

ability

to

access;

Level

2

–

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market-corroborated

inputs);

and

Level

3

–

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

(including

the Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

Securities

and

Other

Investments

Securities

Lending:

 Each

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

an

approved

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

market

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

or

excess

collateral

is

returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

each

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

in

money

market

funds

managed

by

BFA,

or

its

affiliates

is

disclosed

in

the

Schedule

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

also

disclosed

in

each

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

cash

collateral

are

disclosed

in

the

Statements

of

Assets

and

Liabilities.

Securities

lending

transactions

are

entered

into

by

the

Funds

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”)

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency)

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Funds,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

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. 

Notes

to

Financial

Statements

(unaudited)

(continued)

71

Notes

to

Financial

Statements

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)

Morningstar

Growth

Barclays

Bank

PLC

...................................

$

2,715,227‌

$

(2,715,227‌)

$

–‌

$

–‌

$

–

$

–

$

–

$

–

BNP

Paribas

SA

.......................................

4,906,533‌

(4,906,533‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

1,407,257���

(1,407,257‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

327,116‌

(327,116‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

2,003,706‌

(2,003,706‌)

–‌

–‌

HSBC

Bank

PLC

......................................

728,176‌

(728,176‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

8,572,272‌

(8,572,272‌)

–‌

–‌

Jefferies

LLC

.........................................

462,996‌

(462,996‌)

–‌

–‌

Morgan

Stanley

.......................................

2,284,333‌

(2,284,333‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

259,916‌

(259,916‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

7,848‌

(7,848‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

5,344,728‌

(5,344,728‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

39,726‌

(39,726‌)

–‌

–‌

UBS

AG

............................................

2,116,845‌

(2,116,845‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

781,312‌

(781,312‌)

–‌

–‌

$

31,957,991‌

$

(31,957,991‌)

$

–‌

$

–‌

Morningstar

Mid-Cap

Barclays

Bank

PLC

...................................

$

622,417‌

$

(622,417‌)

$

–‌

$

–‌

–

–

–

–

Barclays

Capital,

Inc.

...................................

859,146‌

(859,146‌)

–‌

–‌

BNP

Paribas

SA

.......................................

3,613,762‌

(3,613,762‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

699,024‌

(699,024‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

82,524‌

(82,524‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

5,029,312‌

(5,029,312‌)

–‌

–‌

HSBC

Bank

PLC

......................................

2,530,863‌

(2,530,863‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

5,422,315‌

(5,422,315‌)

–‌

–‌

Jefferies

LLC

.........................................

369,666‌

(369,666‌)

–‌

–‌

Morgan

Stanley

.......................................

2,316,585‌

(2,316,585‌)

–‌

–‌

National

Financial

Services

LLC

............................

300,472‌

(300,472‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

222,349‌

(222,349‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

6,342‌

(6,342‌)

–‌

–‌

UBS

AG

............................................

1,841,732‌

(1,841,732‌)

–‌

–‌

UBS

Securities

LLC

....................................

802,129‌

(802,129‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

1,198,651‌

(1,198,651‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

95,564‌

(95,564‌)

–‌

–‌

$

26,012,853‌

$

(26,012,853‌)

$

–‌

$

–‌

Morningstar

Mid-Cap

Growth

Barclays

Bank

PLC

...................................

$

1,999,733‌

$

(1,999,733‌)

$

–‌

$

–‌

–

–

–

–

Barclays

Capital,

Inc.

...................................

562,266‌

(562,266‌)

–‌

–‌

BMO

Capital

Markets

Corp.

...............................

82,164‌

(82,164‌)

–‌

–‌

BNP

Paribas

SA

.......................................

13,799,698‌

(13,799,698‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

972,960‌

(972,960‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

343,988‌

(343,988‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

359,830‌

(359,830‌)

–‌

–‌

Credit

Suisse

Securities

(USA)

LLC

..........................

82,904‌

(82,904‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

12,361,657‌

(12,361,657‌)

–‌

–‌

HSBC

Bank

PLC

......................................

8,811,551‌

(8,811,551‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

10,859,050‌

(10,859,050‌)

–‌

–‌

Jefferies

LLC

.........................................

358,858‌

(358,858‌)

–‌

–‌

Morgan

Stanley

.......................................

10,595,517‌

(10,595,517‌)

–‌

–‌

National

Financial

Services

LLC

............................

803,546‌

(803,546‌)

–‌

–‌

Natixis

SA

...........................................

1,269,681‌

(1,269,681‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

7,618,502‌

(7,618,502‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

1,510,563‌

(1,510,563‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

62,542‌

(62,542‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

2,917,277‌

(2,917,277‌)

–‌

–‌

UBS

AG

............................................

4,384,935‌

(4,384,935‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

144,483‌

(144,483‌)

–‌

–‌

$

79,901,705‌

$

(79,901,705‌)

$

–‌

$

–‌

Morningstar

Small-Cap

Growth

Barclays

Bank

PLC

...................................

$

5,178,529‌

$

(5,178,529‌)

$

–‌

$

–‌

–

–

–

–

Barclays

Capital,

Inc.

...................................

333,583‌

(333,583‌)

–‌

–‌

BMO

Capital

Markets

Corp.

...............................

86,562‌

(86,562‌)

–‌

–‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

iShares

Semi-Annual

Report

to

Shareholders

72

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).

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

Morningstar

Small-Cap

Growth

(continued)

BNP

Paribas

SA

.......................................

$

10,230,380‌

$

(10,230,380‌)

$

–‌

$

–‌

BofA

Securities,

Inc.

....................................

5,054,294‌

(5,054,294‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

3,009,586‌

(3,009,586‌)

–‌

–‌

Credit

Suisse

Securities

(USA)

LLC

..........................

4,223‌

(4,223‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

12,379,294‌

(12,379,294‌)

–‌

–‌

HSBC

Bank

PLC

......................................

1,709,147‌

(1,709,147‌)

–‌

–‌

ING

Financial

Markets

LLC

...............................

15,019‌

(15,019‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

7,519,135‌

(7,519,135‌)

–‌

–‌

Jefferies

LLC

.........................................

853,148‌

(853,148‌)

–‌

–‌

Morgan

Stanley

.......................................

6,675,145‌

(6,675,145‌)

–‌

–‌

National

Financial

Services

LLC

............................

1,235,222‌

(1,235,222‌)

–‌

–‌

Natixis

SA

...........................................

615,851‌

(615,851‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

129,893‌

(129,893‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

168,825‌

(168,825‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

728,227‌

(728,227‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

1,536,513‌

(1,536,513‌)

–‌

–‌

UBS

AG

............................................

3,214,812‌

(3,214,812‌)

–‌

–‌

UBS

Securities

LLC

....................................

467,663‌

(467,663‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

199,263‌

(199,263‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

422,642‌

(422,642‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

498,728‌

(498,728‌)

–‌

–‌

$

62,265,684‌

$

(62,265,684‌)

$

–‌

$

–‌

Morningstar

Small-Cap

Value

Barclays

Bank

PLC

...................................

$

1,415,709‌

$

(1,415,709‌)

$

–‌

$

–‌

–

–

–

–

Barclays

Capital,

Inc.

...................................

173,772‌

(173,772‌)

–‌

–‌

BMO

Capital

Markets

Corp.

...............................

13,111‌

(13,111‌)

–‌

–‌

BNP

Paribas

SA

.......................................

3,089,082‌

(3,089,082‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

1,493,721‌

(1,493,721‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

1,035,422‌

(1,035,422‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

7,039,705‌

(7,039,705‌)

–‌

–‌

HSBC

Bank

PLC

......................................

1,794‌

(1,794‌)

–‌

–‌

ING

Financial

Markets

LLC

...............................

43,261‌

(43,261‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

2,572,351‌

(2,572,351‌)

–‌

–‌

Jefferies

LLC

.........................................

876,954‌

(876,954‌)

–‌

–‌

Morgan

Stanley

.......................................

1,458,757‌

(1,458,757‌)

–‌

–‌

National

Financial

Services

LLC

............................

498,859‌

(498,859‌)

–‌

–‌

Natixis

SA

...........................................

7,080‌

(7,080‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

65,899‌

(65,899‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

29,747‌

(29,747‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

1,043,768‌

(1,043,768‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

474,032‌

(474,032‌)

–‌

–‌

UBS

AG

............................................

398,196‌

(398,196‌)

–‌

–‌

UBS

Securities

LLC

....................................

101,380‌

(99,284‌)

–‌

2,096‌

Wells

Fargo

Bank

N.A.

..................................

104,189‌

(104,189‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

57,774‌

(57,774‌)

–‌

–‌

$

21,994,563‌

$

(21,992,467‌)

$

–‌

$

2,096‌

(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

October

31,

2022.

Additional

collateral

is

delivered

to

the

Fund

on

the

next

business

day

in

accordance

with

the

MSLA.

The

net

amount

would

be

subject

to

the

borrower

default

indemnity

in

the

event

of

default

by

the

counterparty.

Notes

to

Financial

Statements

(unaudited)

(continued)

73

Notes

to

Financial

Statements

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.

6.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the 

Trust

,

BFA

manages

the

investment

of each

Fund’s

assets.

BFA

is

a

California

corporation

indirectly owned

by

BlackRock. Under

the

Investment

Advisory

Agreement,

BFA

is

responsible

for

substantially

all

expenses

of

the

Funds,

except

(i)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

of

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

to

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

as

determined

by

a

majority

of

the

independent

trustees

).

For

its

investment

advisory

services

to each of

the

following Funds,

BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Funds,

based

on

the

average

daily

net

assets

of each

Fund

as

follows:

Distributor:

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

is

the

distributor

for

each

Fund.

Pursuant

to

the

distribution

agreement,

BFA

is

responsible

for

any

fees

or

expenses

for

distribution

services

provided

to

the

Funds.

ETF

Servicing

Fees:

Each

Fund

has

entered

into

an

ETF

Services

Agreement

with

BRIL

to

perform

certain

order

processing,

Authorized

Participant

communications,

and

related

services

in

connection

with

the

issuance

and

redemption

of

Creation

Units

(“ETF

Services”).

BRIL

is

entitled

to

a

transaction

fee

from

Authorized

Participants

on

each

creation

or

redemption

order

for

the

ETF

Services

provided.

Each Fund

does

not

pay

BRIL

for

ETF

Services.

Prior

to

April

25,

2022,

ETF

Services

were

performed

by

State

Street

Bank

and

Trust

Company. 

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(the

“SEC”)

has

issued

an

exemptive

order

which

permits

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

an

affiliate

of

BFA,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BTC

bears

all

operational

costs

directly

related

to

securities

lending,

including

any

custodial

costs.

Each

Fund

is

responsible

for

fees

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

fees”).

The

cash

collateral

is

invested

in

a

money

market

fund,

BlackRock

Cash

Funds:

Institutional

or

BlackRock

Cash

Funds:

Treasury,

managed

by

BFA,

or

its

affiliates.

However,

BTC

has

agreed

to

reduce

the

amount

of

securities

lending

income

it

receives

in

order

to

effectively

limit

the

collateral

investment

fees

each

Fund

bears

to

an

annual

rate

of

0.04%.

The

SL

Agency

Shares

of

such

money

market

fund

will

not

be

subject

to

a

sales

load,

distribution

fee

or

service

fee.

The

money

market

fund

in

which

the

cash

collateral

has

been

invested

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

redeemed

or

temporarily

restrict

redemptions

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

money

market

fund’s

weekly

liquid

assets

fall

below

certain

thresholds.

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

fees.

Each

Fund

retains

a

portion

of

securities

lending

income

and

remits

the

remaining

portion

to

BTC

as

compensation

for

its

services

as

securities

lending

agent.

Pursuant

to

the

current

securities

lending

agreement,

each

Fund

retains

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees)

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

plus

the

collateral

investment

fees

generated

across

all

1940

Act

iShares

exchange-traded

funds

(the

“iShares

ETF

Complex”)

in

that

calendar

year

exceeds

a

specified

threshold,

each

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

iShares

ETF

Investment

Advisory

Fees

Morningstar

Growth

................................................................................................

0.04‌

%

Morningstar

Mid-Cap

...............................................................................................

0.04‌

Morningstar

Mid-Cap

Growth

..........................................................................................

0.06‌

Morningstar

Small-Cap

Growth

........................................................................................

0.06‌

Morningstar

Small-Cap

Value

..........................................................................................

0.06‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

iShares

Semi-Annual

Report

to

Shareholders

74

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

October

31,

2022,

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 October

31,

2022,

transactions

executed

by

the

Funds

pursuant

to

Rule

17a-7

under

the

1940

Act

were

as

follows:

Each

Fund

may

invest

its

positive

cash

balances

in

certain

money

market

funds

managed

by

BFA

or

an

affiliate.

The

income

earned

on

these

temporary

cash

investments

is

shown

as

dividends

–

affiliated

in

the

Statements

of

Operations.

A

fund,

in

order

to

improve

its

portfolio

liquidity

and

its

ability

to

track

its

underlying

index,

may

invest

in

shares

of

other

iShares

funds

that

invest

in

securities

in

the

fund’s

underlying

index.

7.

Purchases

and

Sales

For

the six

months ended

October

31,

2022,

purchases

and

sales

of

investments,

excluding

short-term securities

and

in-kind

transactions,

were

as

follows:

For

the six

months ended

October

31,

2022,

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

October

31,

2022,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

financial

statements.

iShares

ETF

Amounts

Morningstar

Growth

.......................................................................................................

$

30,903‌

Morningstar

Mid-Cap

......................................................................................................

39,946‌

Morningstar

Mid-Cap

Growth

.................................................................................................

74,606‌

Morningstar

Small-Cap

Growth

...............................................................................................

129,360‌

Morningstar

Small-Cap

Value

.................................................................................................

24,511‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

Morningstar

Growth

....................................................................

$

91,359,295‌

$

71,749,224‌

$

(56,852,279‌)

Morningstar

Mid-Cap

...................................................................

24,943,547‌

44,167,478‌

(30,821,765‌)

Morningstar

Mid-Cap

Growth

..............................................................

79,357,165‌

108,215,071‌

(95,876,316‌)

Morningstar

Small-Cap

Growth

............................................................

39,470,975‌

37,422,452‌

(26,909,097‌)

Morningstar

Small-Cap

Value

..............................................................

28,187,799‌

31,847,231‌

(891,450‌)

iShares

ETF

Purchases

Sales

Morningstar

Growth

....................................................................................

$

214,643,048‌

$

212,831,408‌

Morningstar

Mid-Cap

...................................................................................

104,364,578‌

103,947,761‌

Morningstar

Mid-Cap

Growth

..............................................................................

257,673,689‌

256,804,193‌

Morningstar

Small-Cap

Growth

............................................................................

109,805,668‌

108,437,897‌

Morningstar

Small-Cap

Value

..............................................................................

75,644,669‌

73,367,490‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

Morningstar

Growth

....................................................................................

$

44,427,737‌

$

102,950,542‌

Morningstar

Mid-Cap

...................................................................................

18,146,828‌

17,890,598‌

Morningstar

Mid-Cap

Growth

..............................................................................

203,481,837‌

49,856,039‌

Morningstar

Small-Cap

Growth

............................................................................

87,788,914‌

21,072,656‌

Morningstar

Small-Cap

Value

..............................................................................

52,569,941‌

23,771,222‌

Notes

to

Financial

Statements

(unaudited)

(continued)

75

Notes

to

Financial

Statements

As

of

April

30,

2022,

the

Funds

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

as

follows:

As

of

October

31,

2022,

gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows:

9.

Principal

Risks

In

the

normal

course

of

business,

each

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including,

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and

their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject.

BFA

uses

a

“passive”

or

index

approach

to

try

to

achieve

each

Fund’s

investment

objective

following

the

securities

included

in

its

underlying

index

during

upturns

as

well

as

downturns.

BFA

does

not

take

steps

to

reduce

market

exposure

or

to

lessen

the

effects

of

a

declining

market.

Divergence

from

the

underlying

index

and

the

composition

of

the

portfolio

is

monitored

by

BFA.

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Market

Risk:

An

outbreak

of

respiratory

disease

caused

by

a

novel

coronavirus

has

developed

into

a

global

pandemic

and

has

resulted

in

closing

borders,

quarantines,

disruptions

to

supply

chains

and

customer

activity,

as

well

as

general

concern

and

uncertainty.

The

impact

of

this

pandemic,

and

other

global

health

crises

that

may

arise

in

the

future,

could

affect

the

economies

of

many

nations,

individual

companies

and

the

market

in

general

in

ways

that

cannot

necessarily

be

foreseen

at

the

present

time.

This

pandemic

may

result

in

substantial

market

volatility

and

may

adversely

impact

the

prices

and

liquidity

of

a

fund’s

investments.

Although

vaccines

have

been

developed

and

approved

for

use

by

various

governments,

the

duration

of

this

pandemic

and

its

effects

cannot

be

determined

with

certainty.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries.

A

fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that

a

fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment.

A

fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that

it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

a

fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of

a

fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which

a

fund

invests.

Counterparty

Credit

Risk:

 The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that BFA

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

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

iShares

ETF

Amounts

Morningstar

Growth

......................................................................................................

$

76,630,684‌

Morningstar

Mid-Cap

.....................................................................................................

39,318,897‌

Morningstar

Mid-Cap

Growth

................................................................................................

84,572,455‌

Morningstar

Small-Cap

Growth

..............................................................................................

62,157,054‌

Morningstar

Small-Cap

Value

................................................................................................

35,458,005‌

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Morningstar

Growth

................................................

$

1,462,363,348‌

$

212,251,466‌

$

(165,987,667‌)

$

46,263,799‌

Morningstar

Mid-Cap

...............................................

760,134,959‌

104,073,193‌

(104,267,085‌)

(193,892‌)

Morningstar

Mid-Cap

Growth

.........................................

1,310,078,630‌

96,327,423‌

(167,962,548‌)

(71,635,125‌)

Morningstar

Small-Cap

Growth

........................................

491,477,411‌

34,197,034‌

(90,317,469‌)

(56,120,435‌)

Morningstar

Small-Cap

Value

.........................................

422,348,488‌

41,800,086‌

(53,001,362‌)

(11,201,276‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

iShares

Semi-Annual

Report

to

Shareholders

76

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:

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.

Six

Months

Ended

10/31/22

Year

Ended

04/30/22

iShares

ETF

Shares

Amount

Shares

Amount

Morningstar

Growth

Shares

sold

850,000‌

$

44,657,576‌

3,350,000‌

$

208,754,686‌

Shares

redeemed

(2,000,000‌)

(103,281,913‌)

(3,450,000‌)

(222,204,880‌)

(1,150,000‌)

$

(58,624,337‌)

(100,000‌)

$

(13,450,194‌)

Morningstar

Mid-Cap

Shares

sold

300,000‌

$

18,279,111‌

2,050,000‌

$

136,072,736‌

Shares

redeemed

(300,000‌)

(18,074,800‌)

(2,900,000‌)

(192,909,929‌)

—‌

$

204,311‌

(850,000‌)

$

(56,837,193‌)

Morningstar

Mid-Cap

Growth

Shares

sold

3,650,000‌

$

204,367,644‌

8,050,000‌

$

550,847,090‌

Shares

redeemed

(950,000‌)

(50,192,856‌)

(12,100,000‌)

(805,314,148‌)

2,700,000‌

$

154,174,788‌

(4,050,000‌)

$

(254,467,058‌)

Morningstar

Small-Cap

Growth

Shares

sold

2,400,000‌

$

89,144,842‌

250,000‌

$

11,523,573‌

Shares

redeemed

(600,000‌)

(21,431,823‌)

(7,000,000‌)

(344,329,581‌)

1,800,000‌

$

67,713,019‌

(6,750,000‌)

$

(332,806,008‌)

Morningstar

Small-Cap

Value

Shares

sold

1,050,000‌

$

55,919,201‌

2,350,000‌

$

140,735,962‌

Shares

redeemed

(500,000‌)

(25,285,780‌)

(3,300,000‌)

(189,343,887‌)

550,000‌

$

30,633,421‌

(950,000‌)

$

(48,607,925‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

77

Notes

to

Financial

Statements

11.

Subsequent

Events

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

available

to

be

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Board

Review

and

Approval

of

Investment

Advisory

Contract

2022

iShares

Semi-Annual

Report

to

Shareholders

78

iShares

Morningstar

Growth

ETF,

iShares

Morningstar

Mid-Cap

ETF,

iShares

Morningstar

Mid-Cap

Growth

ETF,

iShares

Morningstar

Small-Cap

Growth

ETF,

iShares

Morningstar

Small-Cap

Val

ue

ETF

(each

the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust’s

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

and

approve

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

legal

and

compliance

services;

and

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

on

May

3,

2022

and

May

18,

2022,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel,

and

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

13-15,

2022,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

material

factors,

none

of

which

was

controlling,

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

another

fund

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2021,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

factors

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

recent

enhancements

and

initiatives

with

respect

to

the

iShares

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies,

provided

at

the

May

3,

2022

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

79

Board

Review

and

Approval

of

Investment

Advisory

Contract

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability,

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

relatively

low

fee

rates

established

at

inception,

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business

and

the

provision

of

improved

or

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund

increase.

However,

the

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds,

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

noted

that

BFA

and

its

affiliates

do

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Supplemental

Information

(unaudited)

2022

iShares

Semi-Annual

Report

To

Shareholders

80

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.

October

31,

2022

Total

Cumulative

Distributions

for

the

Fiscal

Year-to-Date

%

Breakdown

of

the

Total

Cumulative

Distributions

for

the

Fiscal

Year-to-Date

iShares

ETF

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Morningstar

Mid-Cap

(a)

..................

$

0.470527‌

$

—‌

$

0.011098‌

$

0.481625‌

98‌%

—‌%

2‌%

100‌%

Morningstar

Mid-Cap

Growth

(a)

.............

0.217153‌

—‌

0.000372‌

0.217525‌

100‌

—‌

0‌

(b)

100‌

Morningstar

Small-Cap

Value

(a)

............

0.535852‌

—‌

0.014000‌

0.549852‌

97‌

—‌

3‌

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.

(b)

Rounds

to

less

than

1%.

General

Information

81

General

Information

Electronic

Delivery

Shareholders

can

sign

up

for

e-mail

notifications

announcing

that

the

shareholder

report

or

prospectus

has

been

posted

on

the

iShares

website

at

iShares.com

.

Once

you

have

enrolled,

you

will

no

longer

receive

prospectuses

and

shareholder

reports

in

the

mail.

To

enroll

in

electronic

delivery:

•  

Go

to

icsdelivery.com

.

• 

 If

your

brokerage

firm

is

not

listed,

electronic

delivery

may

not

be

available.

Please

contact

your

broker-dealer

or

financial

advisor.

Householding

Householding

is

an

option

available

to

certain

fund

investors.

Householding

is

a

method

of

delivery,

based

on

the

preference

of

the

individual

investor,

in

which

a

single

copy

of

certain

shareholder

documents

and

Rule

30e-3

notices

can

be

delivered

to

investors

who

share

the

same

address,

even

if

their

accounts

are

registered

under

different

names.

Please

contact

your

broker-dealer

if

you

are

interested

in

enrolling

in

householding

and

receiving

a

single

copy

of

prospectuses

and

other

shareholder

documents,

or

if

you

are

currently

enrolled

in

householding

and

wish

to

change

your

householding

status.

Availability

of

Quarterly

Schedule

of

Investments

The

Funds

file

their

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

their

reports

on

Form

N-PORT.

The

Funds’

Forms

N-PORT

are

available

on

the

SEC’s

website

at

sec.gov

.

Additionally,

each

Fund

makes

its

portfolio

holdings

for

the

first

and

third

quarters

of

each

fiscal

year

available

at

iShares.com/fundreports

.

Availability

of

Proxy

Voting

Policies

and

Proxy

Voting

Records

A

description

of

the

policies

and

procedures

that

the

iShares

Funds

use

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and

information

about

how

the

iShares

Funds

voted

proxies

relating

to

portfolio

securities

during

the

most

recent

twelve-month

period

ending

June

30

is

available

without

charge,

upon

request

(1)

by

calling

toll-free

1-800-474-2737;

(2)

on

the

iShares

website

at

iShares.com

;

and

(3)

on

the

SEC

website

at

sec.gov

.

A

description

of

the

Trust’s policies

and

procedures

with

respect

to

the

disclosure

of 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

82

Portfolio

Abbreviation

CVR

Contingent

Value

Rights

MSCI

Morgan

Stanley

Capital

International

NASDAQ

National

Association

of

Securities

Dealers

Automated

NVS

Non-Voting

Shares

REIT

Real

Estate

Investment

Trust

S&P

Standard

&

Poor's

iS-SAR-404-1022

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 Morningstar,

Inc.,

nor

does

this

company

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

company

listed

above.

©2022

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

of

BlackRock,

Inc.

or

its

subsidiaries.

All

other

marks

are

the

property

of

their

respective

owners.

(b) Not Applicable

Item 2.      Code of Ethics.

Not applicable to this semi-annual report.

Item 3.      Audit Committee Financial Expert.

Not applicable to this semi-annual report.

Item 4.      Principal Accountant Fees and Services.

Not applicable to this semi-annual report.

Item 5.      Audit Committee of Listed Registrants.

Not applicable to this semi-annual report.

Item 6.      Investments.

(a)Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b)Not applicable.

Item 7.      Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

      Not applicable to the registrant.

Item 8.      Portfolio Managers of Closed-End Management Investment Companies.

      Not applicable to the registrant.

Item 9.      Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

      Not applicable to the registrant.

Item 10.    Submission of Matters to a Vote of Security Holders.

      There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 11.    Controls and Procedures.

(a)The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

(b)There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.    Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13.    Exhibits.

(a) (1) Not applicable to this semi-annual report.

(a) (2) Section 302 Certifications are attached.

(a)

(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

      (a) (4) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
iShares Trust
By: /s/ Armando Senra
Armando Senra, President (Principal Executive Officer)
Date:	December 22, 2022
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: /s/ Armando Senra
Armando Senra, President (Principal Executive Officer)
Date:		December 22, 2022
By: /s/ Trent Walker
Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)
Date:		December 22, 2022