UNITED STATESSECURITIES AND EXCHANGE COMMISSION Washington , D.C. 20549 | |
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number | 811-09729 | |||||
iShares Trust | ||||||
(Exact name of registrant as specified in charter) | ||||||
c/o BlackRock Fund Advisors | ||||||
400 Howard Street, San Francisco, CA | 94105 | |||||
(Address of principal executive offices) | (Zip code) | |||||
The Corporation Trust Company 1209 Orange Street, Wilmington, DE 19801 | ||||||
| (Name and address of agent for service) | ||||||
Registrant’s telephone number, including area code: | (415) 670-2000 | |||||
Date of fiscal year end: | July 31, 2024 | |||||
Date of reporting period: | January 31, 2024 | |||||
Item 1. Reports to Stockholders.
(a) The Report to Shareholders is attached herewith.
JANUARY
31,
2024
2024
Semi-Annual
Report
(Unaudited)
iShares
Trust
iShares
ESG
Aware
Aggressive
Allocation
ETF
|
EAOA
|
Cboe
BZX
iShares
ESG
Aware
Conservative
Allocation
ETF
|
EAOK
|
Cboe
BZX
iShares
ESG
Aware
Growth
Allocation
ETF
|
EAOR
|
Cboe
BZX
iShares
ESG
Aware
Moderate
Allocation
ETF
|
EAOM
|
Cboe
BZX
Dear
Shareholder,
The
combination
of
continued
economic
growth
and
cooling
inflation
provided
a
supportive
backdrop
for
investors
during
the
12-month
reporting
period
ended
January
31,
2024.
Significantly
tighter
monetary
policy
helped
to
rein
in
inflation,
and
the
Consumer
Price
Index
decelerated
substantially
in
the
first
half
of
the
period
before
stalling
between
3%
and
4%
in
the
second
half.
A
moderating
labor
market
helped
ease
inflationary
pressure,
although
wages
continued
to
grow.
Wage
and
job
growth
powered
robust
consumer
spending,
backstopping
the
economy.
On
October
7,
2023,
Hamas
launched
a
horrific
attack
on
Israel.
The
ensuing
war
will
have
a
significant
humanitarian
impact
and
could
lead
to
heightened
economic
and
market
volatility.
We
see
geopolitics
as
a
structural
market
risk
going
forward.
See
our
geopolitical
risk
dashboard
at
blackrock.com
for
more
details.
Equity
returns
were
robust
during
the
period,
as
interest
rates
stabilized
and
the
economy
proved
to
be
more
resilient
than
many
investors
expected.
The
U.S.
economy
continued
to
show
strength,
and
growth
further
accelerated
in
the
second
half
of
2023.
Large-capitalization
U.S.
stocks
posted
particularly
substantial
gains,
supported
by
the
performance
of
a
few
notable
technology
companies,
while
small-capitalization
U.S.
stocks
advanced
at
a
significantly
slower
pace.
Meanwhile,
international
developed
market
equities
also
gained,
while
emerging
market
stocks
declined
overall.
The
10-year
U.S.
Treasury
yield
rose
during
the
reporting
period,
driving
its
price
down,
as
investors
reacted
to
elevated
inflation
and
attempted
to
anticipate
future
interest
rate
changes.
However,
shorter-duration
U.S.
Treasuries
gained,
as
higher
yields
boosted
returns.
The
corporate
bond
market
benefited
from
improving
economic
sentiment,
although
high-yield
corporate
bond
prices
fared
significantly
better
than
investment-grade
bonds
as
demand
from
yield-seeking
investors
remained
strong.
The
U.S.
Federal
Reserve
(the
“Fed”),
attempting
to
manage
persistent
inflation,
raised
interest
rates
four
times
during
the
12-month
period,
but
paused
its
tightening
in
the
second
half
of
the
period.
The
Fed
also
wound
down
its
bond-buying
programs
and
incrementally
reduced
its
balance
sheet
by
not
replacing
securities
that
reach
maturity.
Supply
constraints
appear
to
have
become
an
embedded
feature
of
the
new
macroeconomic
environment,
making
it
difficult
for
developed
economies
to
increase
production
without
sparking
higher
inflation.
Geopolitical
fragmentation
and
an
aging
population
risk
further
exacerbating
these
constraints,
keeping
the
labor
market
tight
and
wage
growth
high.
Although
the
Fed
has
stopped
tightening
for
now,
we
believe
that
the
new
economic
regime
means
that
the
Fed
will
need
to
maintain
high
rates
for
an
extended
period
despite
the
market’s
hopes
for
interest
rate
cuts,
as
reflected
in
the
recent
rally.
In
this
new
regime,
we
anticipate
greater
volatility
and
dispersion
of
returns,
creating
more
opportunities
for
selective
portfolio
management.
Looking
at
developed
market
stocks,
we
have
an
overweight
stance
on
U.S.
stocks
overall,
particularly
given
the
promise
of
emerging
AI
technologies.
We
are
also
overweight
Japanese
stocks
as
shareholder-friendly
policies
generate
increased
investor
interest,
although
we
maintain
an
underweight
stance
on
European
stocks.
In
credit,
there
are
selective
opportunities
in
the
near
term
despite
tighter
credit
and
financial
conditions.
For
fixed
income
investing
with
a
six-
to
twelve-month
horizon,
we
see
the
most
attractive
investments
in
short-term
U.S.
Treasuries
and
hard-currency
emerging
market
bonds.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
iShares.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock,
Inc.
The
Markets
in
Review
Rob
Kapito
President,
BlackRock,
Inc.
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Total
Returns
as
of
January
31,
2024
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
6.43
%
20.82
%
U.S.
small
cap
equities
(Russell
2000
®
Index)
(2.02
)
2.40
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
3.15
10.01
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
(6.00
)
(2.94
)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
2.73
5.13
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
1.74
(0.38
)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
3.15
2.10
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
2.70
2.90
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
6.18
9.28
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Semi-Annual
Report:
Fund
Summary
........................................................................................................
4
About
Fund
Performance
..................................................................................................
8
Disclosure
of Expenses
...................................................................................................
8
Schedules
of
Investments
.................................................................................................
9
Financial
Statements:
Statements
of
Assets
and
Liabilities
.........................................................................................
17
Statements
of
Operations
................................................................................................
18
Statements
of
Changes
in
Net
Assets
........................................................................................
19
Financial
Highlights
.....................................................................................................
21
Notes
to
Financial
Statements
...............................................................................................
25
Statement
Regarding
Liquidity
Risk
Management
Program
.............................................................................
31
Supplemental
Information
.................................................................................................
32
General
Information
.....................................................................................................
33
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
34
Fund
Summary
as
of
January
31,
2024
2024
iShares
Semi-Annual
Report
to
Shareholders
4
iShares
®
ESG
Aware
Aggressive
Allocation
ETF
Investment
Objective
The
iShares
ESG
Aware
Aggressive
Allocation
ETF
(the
“
Fund
”
)
seeks
to
track
the
investment
results
of
an
index
composed
of
a
portfolio
of
underlying
equity
and
fixed
income
funds
with
positive
environmental,
social
and
governance
characteristics
intended
to
represent
an
aggressive
risk
profile,
as
represented
by
the
BlackRock
ESG
Aware
Aggressive
Allocation
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
The
inception
date
of
the
Fund
was
June
12,
2020.
The
first
day
of
secondary
market
trading
was
June
18,
2020.
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
Since
Inception
1
Year
Since
Inception
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
3.20%
10.71%
8.74%
10.71%
35.68%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
3.38
10.89
8.78
10.89
35.86
BlackRock
ESG
Aware
Aggressive
Allocation
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
3.21
10.73
8.80
10.73
35.85
S&P
Target
Risk
Aggressive
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
3.54
11.12
9.39
11.12
38.54
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(08/01/23)
Ending
Account
Value
(01/31/24)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(08/01/23)
Ending
Account
Value
(01/31/24)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
$
1,032.00
$
0.10
$
1,000.00
$
1,025.04
$
0.10
0.02%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/366
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
The
fees
and
expenses
of
the
underlying
funds
in
which
the
Fund
invests
are
not
included
in
the
Fund's
annualized
expense
ratio.
PORTFOLIO
COMPOSITION
Asset
Class
Percent
of
Total
Investments
(a)
Domestic
Equity
.................................
54.8
%
International
Equity
...............................
26.1
Domestic
Fixed
Income
............................
19.1
FIVE
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
iShares
ESG
Aware
MSCI
USA
ETF
.....................
49.9
%
iShares
ESG
Aware
U.S.
Aggregate
Bond
ETF
..............
19.1
iShares
ESG
Aware
MSCI
EAFE
ETF
....................
18.6
iShares
ESG
Aware
MSCI
EM
ETF
......................
7.5
iShares
ESG
Aware
MSCI
USA
Small-Cap
ETF
.............
4.9
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
January
31,
2024
5
Fund
Summary
iShares
®
ESG
Aware
Conservative
Allocation
ETF
Investment
Objective
The
iShares
ESG
Aware
Conservative
Allocation
ETF
(the
“
Fund
”
)
seeks
to
track
the
investment
results
of
an
index
composed
of
a
portfolio
of
underlying
equity
and
fixed
income
funds
with
positive
environmental,
social
and
governance
characteristics
intended
to
represent
a
conservative
risk
profile,
as
represented
by
the
BlackRock
ESG
Aware
Conservative
Allocation
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
The
inception
date
of
the
Fund
was
June
12,
2020.
The
first
day
of
secondary
market
trading
was
June
18,
2020.
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
Since
Inception
1
Year
Since
Inception
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
3.08%
5.12%
1.68%
5.12%
6.26%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
3.10
5.19
1.69
5.19
6.29
BlackRock
ESG
Aware
Conservative
Allocation
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
3.09
5.15
1.73
5.15
6.45
S&P
Target
Risk
Conservative
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
3.85
6.44
2.55
6.44
9.57
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(08/01/23)
Ending
Account
Value
(01/31/24)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(08/01/23)
Ending
Account
Value
(01/31/24)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
$
1,030.80
$
0.31
$
1,000.00
$
1,024.83
$
0.31
0.06%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/366
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
The
fees
and
expenses
of
the
underlying
funds
in
which
the
Fund
invests
are
not
included
in
the
Fund's
annualized
expense
ratio.
PORTFOLIO
COMPOSITION
Asset
Class
Percent
of
Total
Investments
(a)
Domestic
Fixed
Income
............................
68.8
%
Domestic
Equity
.................................
21.2
International
Equity
...............................
10.0
FIVE
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
iShares
ESG
Aware
U.S.
Aggregate
Bond
ETF
..............
68.8
%
iShares
ESG
Aware
MSCI
USA
ETF
.....................
19.2
iShares
ESG
Aware
MSCI
EAFE
ETF
....................
7.2
iShares
ESG
Aware
MSCI
EM
ETF
......................
2.9
iShares
ESG
Aware
MSCI
USA
Small-Cap
ETF
.............
1.9
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
January
31,
2024
2024
iShares
Semi-Annual
Report
to
Shareholders
6
iShares
®
ESG
Aware
Growth
Allocation
ETF
Investment
Objective
The
iShares
ESG
Aware
Growth
Allocation
ETF
(the
“
Fund
”
)
seeks
to
track
the
investment
results
of
an
index
composed
of
a
portfolio
of
underlying
equity
and
fixed
income
funds
with
positive
environmental,
social
and
governance
characteristics
intended
to
represent
a
growth
risk
profile,
as
represented
by
the
BlackRock
ESG
Aware
Growth
Allocation
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
The
inception
date
of
the
Fund
was
June
12,
2020.
The
first
day
of
secondary
market
trading
was
June
18,
2020.
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
Since
Inception
1
Year
Since
Inception
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
3.14%
8.45%
5.92%
8.45%
23.32%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
3.25
8.66
5.95
8.66
23.44
BlackRock
ESG
Aware
Growth
Allocation
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
3.15
8.47
5.98
8.47
23.51
S&P
Target
Risk
Growth
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
3.65
9.23
6.66
9.23
26.38
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(08/01/23)
Ending
Account
Value
(01/31/24)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(08/01/23)
Ending
Account
Value
(01/31/24)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
$
1,031.40
$
0.20
$
1,000.00
$
1,024.94
$
0.20
0.04%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/366
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
The
fees
and
expenses
of
the
underlying
funds
in
which
the
Fund
invests
are
not
included
in
the
Fund's
annualized
expense
ratio.
PORTFOLIO
COMPOSITION
Asset
Class
Percent
of
Total
Investments
(a)
Domestic
Equity
.................................
41.5
%
Domestic
Fixed
Income
............................
38.7
International
Equity
...............................
19.8
FIVE
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
iShares
ESG
Aware
U.S.
Aggregate
Bond
ETF
..............
38.7
%
iShares
ESG
Aware
MSCI
USA
ETF
.....................
37.8
iShares
ESG
Aware
MSCI
EAFE
ETF
....................
14.1
iShares
ESG
Aware
MSCI
EM
ETF
......................
5.7
iShares
ESG
Aware
MSCI
USA
Small-Cap
ETF
.............
3.7
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
January
31,
2024
7
Fund
Summary
iShares
®
ESG
Aware
Moderate
Allocation
ETF
Investment
Objective
The
iShares
ESG
Aware
Moderate
Allocation
ETF
(the
“
Fund
”
)
seeks
to
track
the
investment
results
of
an
index
composed
of
a
portfolio
of
underlying
equity
and
fixed
income
funds
with
positive
environmental,
social
and
governance
characteristics
intended
to
represent
a
moderate
risk
profile,
as
represented
by
the
BlackRock
ESG
Aware
Moderate
Allocation
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
The
inception
date
of
the
Fund
was
June
12,
2020.
The
first
day
of
secondary
market
trading
was
June
18,
2020.
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
Since
Inception
1
Year
Since
Inception
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
3.09%
6.22%
3.10%
6.22%
11.77%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
3.17
6.32
3.12
6.32
11.85
BlackRock
ESG
Aware
Moderate
Allocation
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
3.10
6.25
3.15
6.25
11.94
S&P
Target
Risk
Moderate
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
3.78
7.37
3.92
7.37
14.99
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(08/01/23)
Ending
Account
Value
(01/31/24)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(08/01/23)
Ending
Account
Value
(01/31/24)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
$
1,030.90
$
0.26
$
1,000.00
$
1,024.89
$
0.25
0.05%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/366
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
The
fees
and
expenses
of
the
underlying
funds
in
which
the
Fund
invests
are
not
included
in
the
Fund's
annualized
expense
ratio.
PORTFOLIO
COMPOSITION
Asset
Class
Percent
of
Total
Investments
(a)
Domestic
Fixed
Income
............................
58.7
%
Domestic
Equity
.................................
28.0
International
Equity
...............................
13.3
FIVE
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
iShares
ESG
Aware
U.S.
Aggregate
Bond
ETF
..............
58.7
%
iShares
ESG
Aware
MSCI
USA
ETF
.....................
25.5
iShares
ESG
Aware
MSCI
EAFE
ETF
....................
9.5
iShares
ESG
Aware
MSCI
EM
ETF
......................
3.8
iShares
ESG
Aware
MSCI
USA
Small-Cap
ETF
.............
2.5
(a)
Excludes
money
market
funds.
About
Fund
Performance
2024
iShares
Semi-Annual
Report
to
Shareholders
8
Past
performance
is
not
an
indication
of
future
results.
Financial
markets
have
experienced
extreme
volatility
and
trading
in
many
instruments
has
been
disrupted.
These
circumstances
may
continue
for
an
extended
period
of
time
and
may
continue
to
affect
adversely
the
value
and
liquidity
of
each
Fund’s
investments.
As
a
result,
current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Performance
data
current
to
the
most
recent
month-end
is
available
at
iShares.com
.
Performance
results
assume
reinvestment
of
all
dividends
and
capital
gain
distributions
and
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
The
investment
return
and
principal
value
of
shares
will
vary
with
changes
in
market
conditions.
Shares
may
be
worth
more
or
less
than
their
original
cost
when
they
are
redeemed
or
sold
in
the
market.
Performance
for
certain
funds
may
reflect
a
waiver
of
a
portion
of
investment
advisory
fees.
Without
such
a
waiver,
performance
would
have
been
lower.
Net
asset
value
or
“NAV”
is
the
value
of
one
share
of
a
fund
as
calculated
in
accordance
with
the
standard
formula
for
valuing
mutual
fund
shares.
Beginning
August
10,
2020,
the
price
used
to
calculate
market
return
(“Market
Price”)
is
the
closing
price.
Prior
to
August
10,
2020,
Market Price
was
determined
using
the
midpoint
between
the
highest
bid
and
the
lowest
ask
on
the
primary
stock
exchange
on
which
shares
of
a
fund
are
listed
for
trading,
as
of
the
time
that
such
fund’s
NAV
is
calculated. Since
shares
of
a
fund
may
not
trade
in
the
secondary
market
until
after
the
fund’s
inception,
for
the
period
from
inception
to
the
first
day
of
secondary
market
trading
in
shares
of
the
fund,
the
NAV
of
the
fund
is
used
as
a
proxy
for
the
Market
Price
to
calculate
market
returns.
Market
and
NAV
returns
assume
that
dividends
and
capital
gain
distributions
have
been
reinvested
at
Market
Price
and
NAV,
respectively.
An
index
is
a
statistical
composite
that
tracks
a
specified
financial
market
or
sector.
Unlike
a
fund,
an
index
does
not
actually
hold
a
portfolio
of
securities
and
therefore
does
not
incur
the
expenses
incurred
by
a
fund.
These
expenses
negatively
impact
fund
performance.
Also, index
returns
do
not
include
brokerage
commissions
that
may
be
payable
on
secondary
market
transactions.
If
brokerage
commissions
were
included, index
returns
would
be
lower.
Disclosure
of Expenses
Shareholders
of each
Fund
may
incur
the
following
charges: (1)
transactional
expenses,
including
brokerage
commissions
on
purchases
and
sales
of
fund
shares
and
(2)
ongoing
expenses,
including
management
fees
and
other
fund
expenses.
The
expense
examples
shown (which are
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period) are
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in each
Fund and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
funds.
The
expense
examples
provide information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to estimate
the
expenses
a
shareholder paid during
the period
covered
by
this
report,
shareholders
can divide their
account
value
by
$1,000 and
then
multiply
the
result
by
the
number
under
the
heading
entitled
“Expenses
Paid
During
the
Period.”
The
expense
examples also
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on a
fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the ongoing expenses
of
investing
in the
Funds
and
other
funds, compare
the
5%
hypothetical
examples
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
expenses
shown
in
the
expense
examples are
intended
to highlight shareholders’
ongoing
costs
only
and
do
not
reflect
any
transactional
expenses,
such
as
brokerage
commissions
and
other
fees
paid
on
purchases
and
sales
of
fund
shares.
Therefore,
the
hypothetical
examples are
useful
in
comparing
ongoing expenses
only
and
will
not
help
shareholders determine
the
relative
total expenses
of
owning
different
funds. If
these
transactional expenses
were
included, shareholder
expenses would
have
been
higher.
Schedule
of
Investments
(unaudited)
January
31,
2024
iShares
®
ESG
Aware
Aggressive
Allocation
ETF
Schedule
of
Investments
9
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
January
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Value
Investment
Companies
Domestic
Equity
—
54.8%
(a)
iShares
ESG
Aware
MSCI
USA
ETF
.......
120,282
$
12,785,977
iShares
ESG
Aware
MSCI
USA
Small-Cap
ETF
34,214
1,258,733
14,044,710
Domestic
Fixed
Income
—
19.1%
iShares
ESG
Aware
U.S.
Aggregate
Bond
ETF
(a)
..........................
102,951
4,902,527
International
Equity
—
26.1%
(a)
iShares
ESG
Aware
MSCI
EAFE
ETF
......
63,262
4,760,465
iShares
ESG
Aware
MSCI
EM
ETF
(b)
.......
62,948
1,916,137
6,676,602
Total
Long-Term
Investments
—
100
.0
%
(Cost:
$
25,001,719
)
...............................
25,623,839
Security
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
2
.8
%
(a)
(c)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.51
%
(d)
...................
711,473
$
711,900
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.32
%
....................
13,828
13,828
Total
Short-Term
Securities
—
2
.8
%
(Cost:
$
725,728
)
.................................
725,728
Total
Investments
—
102
.8
%
(Cost:
$
25,727,447
)
...............................
26,349,567
Liabilities
in
Excess
of
Other
Assets
—
(
2.8
)
%
.............
(
711,188
)
Net
Assets
—
100.0%
...............................
$
25,638,379
(a)
Affiliate
of
the
Fund.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Annualized
7-day
yield
as
of
period
end.
(d)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
07/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
01/31/24
Shares
Held
at
01/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..............
$
—
$
712,428
(a)
$
—
$
(
528
)
$
—
$
711,900
711,473
$
2,045
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
37,051
—
(
23,223
)
(a)
—
—
13,828
13,828
1,204
—
iShares
ESG
Aware
MSCI
EAFE
ETF
...........
4,794,882
17,766
(
75,770
)
(
13,986
)
37,573
4,760,465
63,262
58,105
—
iShares
ESG
Aware
MSCI
EM
ETF
................
2,124,818
7,616
(
14,918
)
(
786
)
(
200,593
)
1,916,137
62,948
39,079
—
iShares
ESG
Aware
MSCI
USA
ETF
................
12,226,753
45,601
(
131,196
)
(
15,435
)
660,254
12,785,977
120,282
88,943
—
iShares
ESG
Aware
MSCI
USA
Small-Cap
ETF
........
1,305,484
4,735
(
27,193
)
(
6,760
)
(
17,533
)
1,258,733
34,214
9,361
—
iShares
ESG
Aware
U.S.
Aggregate
Bond
ETF
....
4,647,269
201,716
(
17,481
)
(
1,071
)
72,094
4,902,527
102,951
83,573
—
$
(
38,566
)
$
551,795
$
26,349,567
$
282,310
$
—
—
—
(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.
2024
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
iShares
®
ESG
Aware
Aggressive
Allocation
ETF
10
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Investment
Companies
....................................
$
25,623,839
$
—
$
—
$
25,623,839
Short-Term
Securities
Money
Market
Funds
......................................
725,728
—
—
725,728
$
26,349,567
$
—
$
—
$
26,349,567
Schedule
of
Investments
(unaudited)
January
31,
2024
iShares
®
ESG
Aware
Conservative
Allocation
ETF
Schedule
of
Investments
11
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
January
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Value
Investment
Companies
Domestic
Equity
—
21.1%
(a)
iShares
ESG
Aware
MSCI
USA
ETF
.......
13,468
$
1,431,648
iShares
ESG
Aware
MSCI
USA
Small-Cap
ETF
3,831
140,943
1,572,591
Domestic
Fixed
Income
—
68.8%
iShares
ESG
Aware
U.S.
Aggregate
Bond
ETF
(a)
..........................
107,590
5,123,436
International
Equity
—
10.0%
(a)(b)
iShares
ESG
Aware
MSCI
EAFE
ETF
......
7,084
533,071
iShares
ESG
Aware
MSCI
EM
ETF
........
7,048
214,541
747,612
Total
Long-Term
Investments
—
99
.9
%
(Cost:
$
8,397,001
)
................................
7,443,639
Security
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
5
.0
%
(a)
(c)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.51
%
(d)
...................
366,287
$
366,507
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.32
%
....................
5,945
5,945
Total
Short-Term
Securities
—
5
.0
%
(Cost:
$
372,452
)
.................................
372,452
Total
Investments
—
104
.9
%
(Cost:
$
8,769,453
)
................................
7,816,091
Liabilities
in
Excess
of
Other
Assets
—
(
4.9
)
%
.............
(
366,098
)
Net
Assets
—
100.0%
...............................
$
7,449,993
(a)
Affiliate
of
the
Fund.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Annualized
7-day
yield
as
of
period
end.
(d)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
07/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
01/31/24
Shares
Held
at
01/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..............
$
—
$
366,554
(a)
$
—
$
(
47
)
$
—
$
366,507
366,287
$
241
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
20,602
—
(
14,657
)
(a)
—
—
5,945
5,945
420
—
iShares
ESG
Aware
MSCI
EAFE
ETF
...........
549,860
1,457
(
19,548
)
(
3,795
)
5,097
533,071
7,084
6,507
—
iShares
ESG
Aware
MSCI
EM
ETF
................
243,678
604
(
6,467
)
(
2,046
)
(
21,228
)
214,541
7,048
4,375
—
iShares
ESG
Aware
MSCI
USA
ETF
................
1,402,155
3,676
(
43,383
)
(
6,051
)
75,251
1,431,648
13,468
10,090
—
iShares
ESG
Aware
MSCI
USA
Small-Cap
ETF
........
149,704
372
(
5,859
)
(
1,652
)
(
1,622
)
140,943
3,831
1,061
—
iShares
ESG
Aware
U.S.
Aggregate
Bond
ETF
....
4,974,128
94,465
(
13,078
)
(
801
)
68,722
5,123,436
107,590
88,302
—
$
(
14,392
)
$
126,220
$
7,816,091
$
110,996
$
—
—
—
(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.
2024
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
iShares
®
ESG
Aware
Conservative
Allocation
ETF
12
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Investment
Companies
....................................
$
7,443,639
$
—
$
—
$
7,443,639
Short-Term
Securities
Money
Market
Funds
......................................
372,452
—
—
372,452
$
7,816,091
$
—
$
—
$
7,816,091
Schedule
of
Investments
(unaudited)
January
31,
2024
iShares
®
ESG
Aware
Growth
Allocation
ETF
Schedule
of
Investments
13
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
January
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Value
Investment
Companies
Domestic
Equity
—
41.5%
(a)
iShares
ESG
Aware
MSCI
USA
ETF
.......
61,934
$
6,583,584
iShares
ESG
Aware
MSCI
USA
Small-Cap
ETF
17,618
648,166
7,231,750
Domestic
Fixed
Income
—
38.6%
iShares
ESG
Aware
U.S.
Aggregate
Bond
ETF
(a)
..........................
141,361
6,731,611
International
Equity
—
19.8%
(a)
iShares
ESG
Aware
MSCI
EAFE
ETF
(b)
.....
32,574
2,451,194
iShares
ESG
Aware
MSCI
EM
ETF
........
32,413
986,652
3,437,846
Total
Long-Term
Investments
—
99
.9
%
(Cost:
$
17,173,085
)
...............................
17,401,207
Security
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
2
.8
%
(a)
(c)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.51
%
(d)
...................
470,011
$
470,293
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.32
%
....................
17,325
17,325
Total
Short-Term
Securities
—
2
.8
%
(Cost:
$
487,618
)
.................................
487,618
Total
Investments
—
102
.7
%
(Cost:
$
17,660,703
)
...............................
17,888,825
Liabilities
in
Excess
of
Other
Assets
—
(
2.7
)
%
.............
(
470,286
)
Net
Assets
—
100.0%
...............................
$
17,418,539
(a)
Affiliate
of
the
Fund.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Annualized
7-day
yield
as
of
period
end.
(d)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
07/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
01/31/24
Shares
Held
at
01/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..............
$
—
$
470,590
(a)
$
—
$
(
297
)
$
—
$
470,293
470,011
$
1,775
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
33,818
—
(
16,493
)
(a)
—
—
17,325
17,325
835
—
iShares
ESG
Aware
MSCI
EAFE
ETF
...........
2,492,499
413,141
(
468,535
)
46,112
(
32,023
)
2,451,194
32,574
32,489
—
iShares
ESG
Aware
MSCI
EM
ETF
................
1,104,518
177,356
(
192,178
)
(
3,363
)
(
99,681
)
986,652
32,413
21,851
—
iShares
ESG
Aware
MSCI
USA
ETF
................
6,355,794
1,089,399
(
1,202,428
)
155,933
184,886
6,583,584
61,934
47,881
—
iShares
ESG
Aware
MSCI
USA
Small-Cap
ETF
........
678,639
109,853
(
128,118
)
3,255
(
15,463
)
648,166
17,618
5,058
—
iShares
ESG
Aware
U.S.
Aggregate
Bond
ETF
....
6,442,028
1,330,184
(
1,146,678
)
24,172
81,905
6,731,611
141,361
117,037
—
$
225,812
$
119,624
$
17,888,825
$
226,926
$
—
—
—
(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.
2024
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
iShares
®
ESG
Aware
Growth
Allocation
ETF
14
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Investment
Companies
....................................
$
17,401,207
$
—
$
—
$
17,401,207
Short-Term
Securities
Money
Market
Funds
......................................
487,618
—
—
487,618
$
17,888,825
$
—
$
—
$
17,888,825
Schedule
of
Investments
(unaudited)
January
31,
2024
iShares
®
ESG
Aware
Moderate
Allocation
ETF
Schedule
of
Investments
15
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
January
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Value
Investment
Companies
Domestic
Equity
—
28.0%
(a)
iShares
ESG
Aware
MSCI
USA
ETF
.......
12,570
$
1,336,191
iShares
ESG
Aware
MSCI
USA
Small-Cap
ETF
3,575
131,524
1,467,715
Domestic
Fixed
Income
—
58.6%
iShares
ESG
Aware
U.S.
Aggregate
Bond
ETF
(a)
..........................
64,552
3,073,966
International
Equity
—
13.3%
(a)
iShares
ESG
Aware
MSCI
EAFE
ETF
......
6,611
497,478
iShares
ESG
Aware
MSCI
EM
ETF
........
6,578
200,234
697,712
Total
Long-Term
Investments
—
99
.9
%
(Cost:
$
5,759,807
)
................................
5,239,393
Security
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
0
.1
%
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.32
%
(a)
(b)
..................
5,156
$
5,156
Total
Short-Term
Securities
—
0
.1
%
(Cost:
$
5,156
)
...................................
5,156
Total
Investments
—
100
.0
%
(Cost:
$
5,764,963
)
................................
5,244,549
Liabilities
in
Excess
of
Other
Assets
—
(
0.0
)
%
.............
(
37
)
Net
Assets
—
100.0%
...............................
$
5,244,512
(a)
Affiliate
of
the
Fund.
(b)
Annualized
7-day
yield
as
of
period
end.
Affiliated
Issuer
Value
at
07/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
01/31/24
Shares
Held
at
01/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
(a)
............
$
—
$
—
$
(
21
)
(b)
$
21
$
—
$
—
—
$
251
(c)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
12,797
—
(
7,641
)
(b)
—
—
5,156
5,156
274
—
iShares
ESG
Aware
MSCI
EAFE
ETF
...........
511,284
3,882
(
19,105
)
(
3,159
)
4,576
497,478
6,611
6,090
—
iShares
ESG
Aware
MSCI
EM
ETF
................
226,565
1,722
(
6,394
)
(
2,432
)
(
19,227
)
200,234
6,578
4,096
—
iShares
ESG
Aware
MSCI
USA
ETF
................
1,303,716
10,023
(
42,678
)
(
5,022
)
70,152
1,336,191
12,570
9,425
—
iShares
ESG
Aware
MSCI
USA
Small-Cap
ETF
........
139,203
1,044
(
5,758
)
(
1,428
)
(
1,537
)
131,524
3,575
991
—
iShares
ESG
Aware
U.S.
Aggregate
Bond
ETF
....
2,973,048
85,595
(
26,137
)
(
666
)
42,126
3,073,966
64,552
52,995
—
$
(
12,686
)
$
96,090
$
5,244,549
$
74,122
$
—
—
—
(a)
As
of
period
end,
the
entity
is
no
longer
held.
(b)
Represents
net
amount
purchased
(sold).
(c)
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.
2024
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
iShares
®
ESG
Aware
Moderate
Allocation
ETF
16
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Investment
Companies
....................................
$
5,239,393
$
—
$
—
$
5,239,393
Short-Term
Securities
Money
Market
Funds
......................................
5,156
—
—
5,156
$
5,244,549
$
—
$
—
$
5,244,549
Statements
of
Assets
and
Liabilities
(unaudited)
January
31,
2024
17
Financial
Statements
See
notes
to
financial
statements.
iShares
ESG
Aware
Aggressive
Allocation
ETF
iShares
ESG
Aware
Conservative
Allocation
ETF
iShares
ESG
Aware
Growth
Allocation
ETF
iShares
ESG
Aware
Moderate
Allocation
ETF
ASSETS
Investments,
at
value
—
affiliated
(a)
(b)
...........................................
$
26,349,567
$
7,816,091
$
17,888,825
$
5,244,549
Cash
...............................................................
528
11
—
—
Receivables:
–
–
–
–
Securities
lending
income
—
affiliated
........................................
921
212
598
51
Dividends
—
affiliated
...................................................
63
27
79
23
Other
assets
...........................................................
—
—
—
106
Total
a
ssets
...........................................................
26,351,079
7,816,341
17,889,502
5,244,729
LIABILITIES
Collateral
on
securities
loaned
...............................................
712,261
365,991
470,446
—
Payables:
–
–
–
–
Investment
advisory
fees
.................................................
439
357
517
217
Total
li
abilities
..........................................................
712,700
366,348
470,963
217
Commitments
and
contingent
liabilities
—
—
—
—
NET
ASSETS
..........................................................
$
25,638,379
$
7,449,993
$
17,418,539
$
5,244,512
NET
ASSETS
CONSIST
OF:
Paid-in
capital
..........................................................
$
25,246,839
$
8,516,634
$
17,080,154
$
5,848,365
Accumulated
earnings
(loss)
................................................
391,540
(
1,066,641
)
338,385
(
603,853
)
NET
ASSETS
..........................................................
$
25,638,379
$
7,449,993
$
17,418,539
$
5,244,512
NET
ASSET
VALUE
Shares
outstanding
......................................................
800,000
300,000
600,000
200,000
Net
asset
value
.........................................................
$
32.05
$
24.83
$
29.03
$
26.22
Shares
authorized
.......................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
.............................................................
None
None
None
None
(a)
Investments,
at
cost
—
affiliated
.........................................
$
25,727,447
$
8,769,453
$
17,660,703
$
5,764,963
(b)
Securities
loaned,
at
value
—
affiliated
.....................................
$
687,944
$
354,215
$
457,821
$
—
Statements
of
Operations
(unaudited)
Six
Months
Ended
January
31,
2024
2024
iShares
Semi-Annual
Report
to
Shareholders
18
See
notes
to
financial
statements.
iShares
ESG
Aware
Aggressive
Allocation
ETF
iShares
ESG
Aware
Conservative
Allocation
ETF
iShares
ESG
Aware
Growth
Allocation
ETF
iShares
ESG
Aware
Moderate
Allocation
ETF
INVESTMENT
INCOME
–
–
–
–
Dividends
—
affiliated
...................................................
$
280,265
$
110,755
$
225,151
$
73,871
Securities
lending
income
—
affiliated
—
net
...................................
2,045
241
1,775
251
Total
investment
income
...................................................
282,310
110,996
226,926
74,122
EXPENSES
Investment
advisory
....................................................
22,083
6,492
15,388
4,568
Total
e
xpenses
.........................................................
22,083
6,492
15,388
4,568
Less:
–
–
–
–
Investment
advisory
fees
waived
...........................................
(
19,453
)
(
4,416
)
(
12,342
)
(
3,295
)
Total
ex
penses
after
fees
waived
.............................................
2,630
2,076
3,046
1,273
Net
investment
income
....................................................
279,680
108,920
223,880
72,849
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
513,229
$
111,828
$
345,437
$
83,404
Net
realized
gain
(loss)
from:
Investments
—
affiliated
...............................................
$
(
38,566
)
$
(
14,392
)
$
(
37,124
)
$
(
12,686
)
In-kind
redemptions
—
affiliated
(a)
.........................................
—
—
262,936
—
(38,566)
(14,392)
225,812
(12,686)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
affiliated
...............................................
551,795
126,220
119,624
96,090
Net
realized
and
unrealized
gain
.............................................
513,229
111,828
345,436
83,404
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
....................
$
792,909
$
220,748
$
569,316
$
156,253
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
Statements
of
Changes
in
Net
Assets
19
Financial
Statements
See
notes
to
financial
statements.
iShares
ESG
Aware
Aggressive
Allocation
ETF
iShares
ESG
Aware
Conservative
Allocation
ETF
Six
Months
Ended
01/31/24
(unaudited)
Year
Ended
07/31/23
Six
Months
Ended
01/31/24
(unaudited)
Year
Ended
07/31/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................
$
279,680
$
442,939
$
108,920
$
183,603
Net
realized
loss
................................................
(
38,566
)
(
146,122
)
(
14,392
)
(
259,487
)
Net
change
in
unrealized
appreciation
(depreciation)
........................
551,795
1,625,892
126,220
62,711
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...................
792,909
1,922,709
220,748
(13,173)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................
(291,174)
(b)
(442,363)
(111,272)
(b)
(183,635)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.........
—
3,017,083
—
(1,159,461)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...................................
501,735
4,497,429
109,476
(
1,356,269
)
Beginning
of
period
................................................
25,136,644
20,639,215
7,340,517
8,696,786
End
of
period
....................................................
$
25,638,379
$
25,136,644
$
7,449,993
$
7,340,517
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
Statements
of
Changes
in
Net
Assets
(continued)
2024
iShares
Semi-Annual
Report
to
Shareholders
20
See
notes
to
financial
statements.
iShares
ESG
Aware
Growth
Allocation
ETF
iShares
ESG
Aware
Moderate
Allocation
ETF
Six
Months
Ended
01/31/24
(unaudited)
Year
Ended
07/31/23
Six
Months
Ended
01/31/24
(unaudited)
Year
Ended
07/31/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................
$
223,880
$
361,179
$
72,849
$
125,839
Net
realized
gain
(loss)
............................................
225,812
209,098
(
12,686
)
(
41,207
)
Net
change
in
unrealized
appreciation
(depreciation)
........................
119,624
452,189
96,090
32,098
Net
increase
in
net
assets
resulting
from
operations
...........................
569,316
1,022,466
156,253
116,730
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................
(227,089)
(b)
(361,288)
(78,295)
(b)
(125,927)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.........
(31,171)
2,633,944
—
13,293
NET
ASSETS
Total
increase
in
net
assets
...........................................
311,056
3,295,122
77,958
4,096
Beginning
of
period
................................................
17,107,483
13,812,361
5,166,554
5,162,458
End
of
period
....................................................
$
17,418,539
$
17,107,483
$
5,244,512
$
5,166,554
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
21
Financial
Highlights
iShares
ESG
Aware
Aggressive
Allocation
ETF
Six
Months
Ended
01/31/24
(unaudited)
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Period
from
06/12/20
(a)
to
07/31/20
Net
asset
value,
beginning
of
period
..............................
$
31.42
$
29.48
$
33.57
$
26.74
$
25.32
Net
investment
income
(b)
......................................
0
.35
0
.61
0
.58
0
.49
0
.10
Net
realized
and
unrealized
gain
(loss)
(c)
............................
0.64
1.94
(4.10
)
6.78
1.44
Net
increase
(decrease)
from
investment
operations
.....................
0.99
2.55
(3.52
)
7.27
1.54
Distributions
from
net
investment
income
(d)
............................
(0.36
)
(e)
(0.61
)
(0.57
)
(0.44
)
(0.12
)
Net
asset
value,
end
of
period
...................................
$
32.05
$
31.42
$
29.48
$
33.57
$
26.74
Total
Return
(f)
—
—
—
—
—
Based
on
net
asset
value
.......................................
3.20
%
(g)
8.82
%
(10.57
)%
27.32
%
6.10
%
(g)
Ratios
to
Average
Net
Assets
(h)
Total
expen
ses
..............................................
0.18
%
(i)
0.18
%
0.18
%
0.18
%
0.18
%
(i)
Total
expenses
after
fees
waived
..................................
0.02
%
(i)
0.02
%
0.02
%
0.02
%
0.03
%
(i)
Net
investment
income
.........................................
2.28
%
(i)
2.10
%
1.81
%
1.53
%
2.74
%
(i)
Supplemental
Data
Net
assets,
end
of
period
(000)
...................................
$
25,638
$
25,137
$
20,639
$
20,141
$
4,011
Portfolio
turnover
rate
(j)
.........................................
1
%
4
%
2
%
5
%
0
%
(k)
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
(f)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(g)
Not
annualized.
(h)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(i)
Annualized.
(j)
Portfolio
turnover
rate
excludes
in-kind
transactions.
(k)
Rounds
to
less
than
0.01%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
iShares
Semi-Annual
Report
to
Shareholders
22
iShares
ESG
Aware
Conservative
Allocation
ETF
Six
Months
Ended
01/31/24
(unaudited)
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Period
from
06/12/20
(a)
to
07/31/20
Net
asset
value,
beginning
of
period
..............................
$
24.47
$
24.85
$
27.97
$
25.95
$
25.14
Net
investment
income
(b)
......................................
0.36
0.58
0.38
0.33
0.06
Net
realized
and
unrealized
gain
(loss)
(c)
............................
0.37
(0.37
)
(3.06
)
2.05
0.82
Net
increase
(decrease)
from
investment
operations
.....................
0.73
0.21
(2.68
)
2.38
0.88
Distributions
(d)
–
–
–
–
–
From
net
investment
income
...................................
(0.37
)
(e)
(0.59
)
(0.44
)
(0.36
)
(0.07
)
Return
of
capital
............................................
—
—
—
—
(0.00
)
(f)
Total
distributions
............................................
(0.37
)
(0.59
)
(0.44
)
(0.36
)
(0.07
)
Net
asset
value,
end
of
period
...................................
$
24.83
$
24.47
$
24.85
$
27.97
$
25.95
Total
Return
(g)
—
—
—
—
—
Based
on
net
asset
value
.......................................
3.08
%
(h)
0.93
%
(9.65
)%
9.23
%
3.50
%
(h)
Ratios
to
Average
Net
Assets
(i)
Total
expenses
..............................................
0.18
%
(j)
0.18
%
0.18
%
0.18
%
0.18
%
(j)
Total
expenses
after
fees
waived
..................................
0.06
%
(j)
0.06
%
0.06
%
0.06
%
0.06
%
(j)
Net
investment
income
.........................................
3.02
%
(j)
2.42
%
1.41
%
1.21
%
1.63
%
(j)
Supplemental
Data
Net
assets,
end
of
period
(000)
...................................
$
7,450
$
7,341
$
8,697
$
5,594
$
3,893
Portfolio
turnover
rate
(k)
.........................................
1
%
4
%
3
%
4
%
0
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
(f)
Rounds
to
less
than
$0.01.
(g)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(h)
Not
annualized.
(i)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(j)
Annualized.
(k)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
23
Financial
Highlights
iShares
ESG
Aware
Growth
Allocation
ETF
Six
Months
Ended
01/31/24
(unaudited)
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Period
from
06/12/20
(a)
to
07/31/20
Net
asset
value,
beginning
of
period
..............................
$
28.51
$
27.62
$
31.24
$
26.43
$
25.25
Net
investment
income
(b)
......................................
0
.36
0
.62
0
.50
0
.40
0
.08
Net
realized
and
unrealized
gain
(loss)
(c)
............................
0.52
0.89
(3.64
)
4.81
1.20
Net
increase
(decrease)
from
investment
operations
.....................
0.88
1.51
(3.14
)
5.21
1.28
Distributions
from
net
investment
income
(d)
............................
(0.36
)
(e)
(0.62
)
(0.48
)
(0.40
)
(0.10
)
Net
asset
value,
end
of
period
...................................
$
29.03
$
28.51
$
27.62
$
31.24
$
26.43
Total
Return
(f)
—
—
—
—
—
Based
on
net
asset
value
.......................................
3.14
%
(g)
5.62
%
(10.11
)%
19.83
%
5.08
%
(g)
Ratios
to
Average
Net
Assets
(h)
Total
expen
ses
..............................................
0.18
%
(i)
0.18
%
0.18
%
0.18
%
0.18
%
(i)
Total
expenses
after
fees
waived
..................................
0.04
%
(i)
0.04
%
0.04
%
0.03
%
0.04
%
(i)
Net
investment
income
.........................................
2.62
%
(i)
2.30
%
1.68
%
1.37
%
2.29
%
(i)
Supplemental
Data
Net
assets,
end
of
period
(000)
...................................
$
17,419
$
17,107
$
13,812
$
7,811
$
3,965
Portfolio
turnover
rate
(j)
.........................................
2
%
5
%
4
%
15
%
0
%
(k)
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
(f)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(g)
Not
annualized.
(h)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(i)
Annualized.
(j)
Portfolio
turnover
rate
excludes
in-kind
transactions.
(k)
Rounds
to
less
than
0.01%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
iShares
Semi-Annual
Report
to
Shareholders
24
iShares
ESG
Aware
Moderate
Allocation
ETF
Six
Months
Ended
01/31/24
(unaudited)
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Period
from
06/12/20
(a)
to
07/31/20
Net
asset
value,
beginning
of
period
..............................
$
25.83
$
25.81
$
29.05
$
26.11
$
25.18
Net
investment
income
(b)
......................................
0.36
0.59
0.42
0.35
0.06
Net
realized
and
unrealized
gain
(loss)
(c)
............................
0.42
0.02
(3.25
)
2.96
0.95
Net
increase
(decrease)
from
investment
operations
.....................
0.78
0.61
(2.83
)
3.31
1.01
Distributions
(d)
–
–
–
–
–
From
net
investment
income
...................................
(0.39
)
(e)
(0.59
)
(0.41
)
(0.37
)
(0.08
)
Return
of
capital
............................................
—
—
—
—
(0.00
)
(f)
Total
distributions
............................................
(0.39
)
(0.59
)
(0.41
)
(0.37
)
(0.08
)
Net
asset
value,
end
of
period
...................................
$
26.22
$
25.83
$
25.81
$
29.05
$
26.11
Total
Return
(g)
—
—
—
—
—
Based
on
net
asset
value
.......................................
3.09
%
(h)
2.48
%
(9.79
)%
12.76
%
4.02
%
(h)
Ratios
to
Average
Net
Assets
(i)
Total
expenses
..............................................
0.18
%
(j)
0.18
%
0.18
%
0.18
%
0.18
%
(j)
Total
expenses
after
fees
waived
..................................
0.05
%
(j)
0.05
%
0.05
%
0.05
%
0.05
%
(j)
Net
investment
income
.........................................
2.87
%
(j)
2.37
%
1.51
%
1.25
%
1.82
%
(j)
Supplemental
Data
Net
assets,
end
of
period
(000)
...................................
$
5,245
$
5,167
$
5,162
$
5,810
$
3,917
Portfolio
turnover
rate
(k)
.........................................
2
%
5
%
15
%
4
%
0
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
(f)
Rounds
to
less
than
$0.01.
(g)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(h)
Not
annualized.
(i)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(j)
Annualized.
(k)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
25
Notes
to
Financial
Statements
1.
ORGANIZATION
iShares
Trust
(the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Delaware
statutory
trust
and
is
authorized
to
have
multiple
series
or
portfolios.
These
financial
statements
relate
only
to
the
following
funds
(each,
a
“Fund”
and
collectively,
the
“Funds”):
Each
Fund
is
a
fund
of
funds
and
seeks
to
achieve
its
investment
objective
by
investing
primarily
in
other
iShares
funds
(each,
an
“underlying
fund”
and
collectively,
the
“underlying
funds”).
The
financial
statements,
including
the
accounting
policies,
and
Schedules
of
Investments
for
the
underlying
funds
are
available
on
iShares.com
and
should
be
read
in
conjunction
with
the
Funds’
financial
statements.
2.
Significant
Accounting
Policies
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates. Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment
Transactions
and
Income
Recognition
:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions
from
the
underlying
funds,
if
any,
are
recorded
on
the
ex-dividend
date.
Interest
income
is
recognized
daily
on
an
accrual
basis.
In-kind
Redemptions:
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Funds.
Because
such
gains
or
losses
are
not
taxable
to
the
Funds
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
Funds’
tax
year.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
(“NAV”)
per
share.
Distributions:
Dividends
and
distributions
paid
by
each
Fund
are
recorded
on
the
ex-dividend
dates.
Distributions
are
determined
on
a
tax
basis
and
may
differ
from
net
investment
income
and
net
realized
capital
gains
for
financial
reporting
purposes.
Dividends
and
distributions
are
paid
in
U.S.
dollars
and
cannot
be
automatically
reinvested
in
additional
shares
of
the
Funds.
The
portion
of
distributions
that
exceeds
each
Fund’s
current
and
accumulated
earnings
and
profits
will
constitute
a
non-taxable
return
of
capital.
Distributions
in
excess
of
each
Fund’s
minimum
distribution
requirements,
but
not
in
excess
of
the
Fund’s
earning
and
profits,
will
be
taxable
to
the
Fund’s
shareholders
and
will
not
constitute
non-
taxable
returns
of
capital.
Return
of
capital
distributions
will
reduce
a
shareholder’s
cost
basis
and
will
result
in
higher
capital
gains
or
lower
capital
losses
when
each
Fund’s
shares
on
which
distributions
were
received
are
sold.
Once
a
shareholder’s
cost
basis
is
reduced
to
zero,
further
distributions
will
be
treated
as
capital
gains
Indemnifications:
In
the
normal
course
of
business,
each
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Funds,
which
cannot
be
predicted
with
any
certainty.
3.
Investment
Valuation
and
Fair
Value
Measurements
Investment
Valuation
Policies:
Each
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund’s
listing
exchange
is
open
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Trustees
of
the
Trust
(the
“Board”)
of each
Fund
has
approved
the
designation
of
BlackRock
Fund
Advisors
(“BFA”),
the
Funds’
investment
adviser, as
the
valuation
designee
for
each
Fund. Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
BFA’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
BFA’s policies
and
procedures as
reflecting
fair
value. BFA
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
each
Fund’s
assets
and
liabilities:
Exchange-traded
funds
and
closed-end
funds
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s official
closing
price,
as
applicable,
on
the
exchange
where
the
fund
is
primarily
traded.
Funds
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
may
be
valued
at
the
last
traded
price.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds)
are
valued
at
that
day’s
published
NAV.
If
events
(e.g.,
market
volatility,
company
announcement
or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that
application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
iShares
ETF
Diversification
Classification
ESG
Aware
Aggressive
Allocation
..........................................................................................
Diversified
ESG
Aware
Conservative
Allocation
........................................................................................
Diversified
ESG
Aware
Growth
Allocation
............................................................................................
Diversified
ESG
Aware
Moderate
Allocation
...........................................................................................
Diversified
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
iShares
Semi-Annual
Report
to
Shareholders
26
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)
27
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:
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
each
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BlackRock,
Inc.
(“BlackRock”).
BlackRock’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent
the
collateral
received
does
not
cover
the
value
of
the
securities
loaned
in
the
event
of
borrower
default.
Each
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
the
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by
each
Fund.
5.
Investment
Advisory
Agreement
and
Other
Transactions
with
Affiliates
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the
Trust
,
BFA
manages
the
investment
of each
Fund’s
assets.
BFA
is
a
California
corporation
indirectly owned
by
BlackRock. Under
the
Investment
Advisory
Agreement,
BFA
is
responsible
for
substantially
all
expenses
of
the
Funds,
except
(i)
interest
and
taxes;
(ii)
brokerage
commissions
and
other
expenses
connected
with
the
execution
of
portfolio
transactions;
(iii)
distribution
fees;
(iv)
the
advisory
fee
payable
to
BFA;
and
(v)
litigation
expenses
and
any
extraordinary
expenses
(in
each
case
as
determined
by
a
majority
of
the
independent
trustees
).
For
its
investment
advisory
services
to each of
the
following Funds,
BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Funds,
based
on
the
average
daily
net
assets
of each
Fund
as
follows:
Expense
Waivers:
A
fund
may
incur
its
pro
rata
share
of
fees
and
expenses
attributable
to
its
investments
in
other
investment
companies
(“acquired
fund
fees
and
expenses”).
The
total
of
the
investment
advisory
fee
and
acquired
fund
fees
and
expenses,
if
any,
is
a
fund’s
total
annual
operating
expenses.
Total
expenses
as
shown
in
the
Statements
of
Operations
does
not
include
acquired
fund
fees
and
expenses.
BFA
has
contractually
agreed
to
waive
a
portion
of
its
investment
advisory
fee
for
each
Fund
through
November
30,
2025,
in
an
amount
equal
to
the
acquired
fund
fees
and
expenses,
if
any,
attributable
to
each
Fund’s
investments
in
other
iShares
funds.
These
amounts are
included
in
investment
advisory
fees
waived
in
the
Statements
of
Operations.
For
the
six
months ended January
31,
2024,
the
amounts
waived
in
investment
advisory
fees
pursuant
to
this
arrangement
were
as
follows:
Distributor:
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
is
the
distributor
for
each
Fund.
Pursuant
to
the
distribution
agreement,
BFA
is
responsible
for
any
fees
or
expenses
for
distribution
services
provided
to
the
Funds.
ETF
Servicing
Fees:
Each
Fund
has
entered
into
an
ETF
Services
Agreement
with
BRIL
to
perform
certain
order
processing,
Authorized
Participant
communications,
and
related
services
in
connection
with
the
issuance
and
redemption
of
Creation
Units
(“ETF
Services”).
BRIL
is
entitled
to
a
transaction
fee
from
Authorized
Participants
on
each
creation
or
redemption
order
for
the
ETF
Services
provided. The Funds
do
not
pay
BRIL
for
ETF
Services.
Index
Provider:
BlackRock
Index
Services,
LLC,
an
affiliate
of
BFA,
created,
sponsors
and
publishes
the
underlying
index used
by each
Fund.
Each
Fund
uses
its
underlying
index
at
no
charge
pursuant
to
a
license
agreement
between
BlackRock
Index
Services,
LLC
(or
one
or
more
of
its
affiliates)
and
the
Trust,
on
behalf
of
the
Funds.
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
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
ESG
Aware
Aggressive
Allocation
RBC
Capital
Markets
LLC
................................
$
687,944
$
(687,944)
$
–
$
–
m
ESG
Aware
Conservative
Allocation
HSBC
Bank
plc
.......................................
$
112,875
$
(112,875)
$
–
$
–
RBC
Capital
Markets
LLC
................................
210,036
(210,036)
–
–
UBS
AG
............................................
31,304
(31,304)
–
–
$
354,215
$
(354,215)
$
–
$
–
ESG
Aware
Growth
Allocation
UBS
AG
............................................
$
457,821
$
(457,821)
$
–
$
–
m
(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.
iShares
ETF
Investment
Advisory
Fees
ESG
Aware
Aggressive
Allocation
.......................................................................................
0.18
%
ESG
Aware
Conservative
Allocation
.....................................................................................
0.18
ESG
Aware
Growth
Allocation
.........................................................................................
0.18
ESG
Aware
Moderate
Allocation
........................................................................................
0.18
iShares
ETF
Amounts
Waived
ESG
Aware
Aggressive
Allocation
..........................................................................................
$
19,453
ESG
Aware
Conservative
Allocation
........................................................................................
4,416
ESG
Aware
Growth
Allocation
............................................................................................
12,342
ESG
Aware
Moderate
Allocation
...........................................................................................
3,295
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
iShares
Semi-Annual
Report
to
Shareholders
28
securities
on
loan
(the
“collateral
investment
fees”).
The
cash
collateral
is
invested
in
a
money
market
fund,
BlackRock
Cash
Funds:
Institutional
or
BlackRock
Cash
Funds:
Treasury,
managed
by
BFA,
or
its
affiliates.
However,
BTC
has
agreed
to
reduce
the
amount
of
securities
lending
income
it
receives
in
order
to
effectively
limit
the
collateral
investment
fees
each
Fund
bears
to
an
annual
rate
of
0.04%.
The
SL
Agency
Shares
of
such
money
market
fund
will
not
be
subject
to
a
sales
load,
distribution
fee
or
service
fee.
The
money
market
fund
in
which
the
cash
collateral
has
been
invested
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
redeemed
or
temporarily
restrict
redemptions
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
money
market
fund’s
weekly
liquid
assets
fall
below
certain
thresholds.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
fees.
Each
Fund
retains
a
portion
of
securities
lending
income
and
remits
the
remaining
portion
to
BTC
as
compensation
for
its
services
as
securities
lending
agent.
Pursuant
to
the
current
securities
lending
agreement,
each
Fund
retains
82%
of
securities
lending
income
(which
excludes
collateral
investment
fees)
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
plus
the
collateral
investment
fees
generated
across
all
1940
Act
iShares
exchange-traded
funds
(the
“iShares
ETF
Complex”)
in
that
calendar
year
exceeds
a
specified
threshold,
each
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
85%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
The
share
of
securities
lending
income
earned
by each
Fund
is
shown
as
securities
lending
income
–
affiliated
–
net
in
its
Statements
of
Operations.
For
the six
months ended
January
31,
2024,
the
Funds
paid
BTC
the
following
amounts
for
securities
lending
agent
services:
Officers
and
Trustees:
Certain
officers
and/or
trustees
of
the
Trust
are
officers
and/or
trustees
of
BlackRock
or
its
affiliates.
Other
Transactions:
Each
Fund
may
invest
its
positive
cash
balances
in
certain
money
market
funds
managed
by
BFA
or
an
affiliate.
The
income
earned
on
these
temporary
cash
investments
is
shown
as
dividends
–
affiliated
in
the
Statements
of
Operations.
6.
Purchases
and
Sales
For
the six
months ended
January
31,
2024,
purchases
and
sales
of
investments,
excluding
short-term securities
and
in-kind
transactions,
were
as
follows:
For
the six
months ended
January
31,
2024,
in-kind
transactions
were
as
follows:
7.
Income
Tax
Information
Each
Fund
is
treated
as
an
entity
separate
from
the
Trust’s other
funds
for
federal
income
tax
purposes.
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the
Funds
as
of
January
31,
2024,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
As
of
July
31,
2023,
the
Funds
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains as
follows:
iShares
ETF
Amounts
ESG
Aware
Aggressive
Allocation
..............................................................................................
$
496
ESG
Aware
Conservative
Allocation
............................................................................................
71
ESG
Aware
Growth
Allocation
................................................................................................
430
ESG
Aware
Moderate
Allocation
...............................................................................................
67
iShares
ETF
Purchases
Sales
ESG
Aware
Aggressive
Allocation
...........................................................................
$
277,434
$
266,559
ESG
Aware
Conservative
Allocation
.........................................................................
100,573
88,335
ESG
Aware
Growth
Allocation
.............................................................................
335,241
320,982
ESG
Aware
Moderate
Allocation
............................................................................
102,266
100,072
iShares
ETF
In-kind
Purchases
In-kind
Sales
ESG
Aware
Growth
Allocation
.............................................................................
$
2,784,692
$
2,816,955
iShares
ETF
Non-Expiring
Capital
Loss
Carryforwards
ESG
Aware
Aggressive
Allocation
..........................................................................................
$
(
120,188
)
ESG
Aware
Conservative
Allocation
........................................................................................
(
87,819
)
ESG
Aware
Growth
Allocation
............................................................................................
(
84,368
)
ESG
Aware
Moderate
Allocation
...........................................................................................
(
58,991
)
Notes
to
Financial
Statements
(unaudited)
(continued)
29
Notes
to
Financial
Statements
As
of
January
31,
2024,
gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
8.
Principal
Risks
In
the
normal
course
of
business,
each
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including,
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and
their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject.
BFA
uses
a
“passive”
or
index
approach
to
try
to
achieve
each
Fund’s
investment
objective
following
the
securities
included
in
its
underlying
index
during
upturns
as
well
as
downturns.
BFA
does
not
take
steps
to
reduce
market
exposure
or
to
lessen
the
effects
of
a
declining
market.
Divergence
from
the
underlying
index
and
the
composition
of
the
portfolio
is
monitored
by
BFA.
The
Funds
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
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.
Geographic/Asset
Class
Risk:
A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments.
The
Funds
invest
a
significant
portion
of
their
assets
in
securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the Funds
invest.
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.
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
ESG
Aware
Aggressive
Allocation
......................................
$
25,788,355
$
1,664,799
$
(1,103,587)
$
561,212
ESG
Aware
Conservative
Allocation
.....................................
8,778,169
23,002
(985,080)
(962,078)
ESG
Aware
Growth
Allocation
.........................................
17,688,675
967,253
(767,103)
200,150
ESG
Aware
Moderate
Allocation
.......................................
5,771,279
52,474
(579,204)
(526,730)
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
iShares
Semi-Annual
Report
to
Shareholders
30
9.
Capital
Share
Transactions
Capital
shares
are
issued
and
redeemed
by
each
Fund
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”)
at
NAV.
Except
when
aggregated
in
Creation
Units,
shares
of
each
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
The
consideration
for
the
purchase
of
Creation
Units
of
a
fund
in
the Trust
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the Trust
may
be
offered
in
Creation
Units
solely
or
partially
for
cash
in
U.S.
dollars. Authorized
Participants purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
BRIL,
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Authorized
Participants
transacting
in
Creation
Units
for
cash
may
also
pay
an
additional
variable
charge
to
compensate
the
relevant
fund
for
certain
transaction
costs
(i.e.,
stamp
taxes,
taxes
on
currency
or
other
financial
transactions,
and
brokerage
costs)
and
market
impact
expenses
relating
to
investing
in
portfolio
securities.
Such
variable
charges,
if
any,
are
included
in
shares
sold
in
the
table
above.
From
time
to
time,
settlement
of
securities
related
to
in-kind
contributions
or
in-kind
redemptions
may
be
delayed.
In
such
cases,
securities
related
to
in-kind
transactions
are
reflected
as
a
receivable
or
a
payable
in
the
Statements
of
Assets
and
Liabilities.
10.
Subsequent
Events
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Funds
through
the
date
the
financial
statements
were
available
to
be
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Six
Months
Ended
01/31/24
Year
Ended
07/31/23
iShares
ETF
Shares
Amount
Shares
Amount
ESG
Aware
Aggressive
Allocation
Shares
sold
—
$
—
100,000
$
3,017,083
—
$
—
100,000
$
3,017,083
ESG
Aware
Conservative
Allocation
Shares
sold
—
$
—
150,000
$
3,624,706
Shares
redeemed
—
—
(200,000)
(4,784,167)
—
$
—
(50,000)
$
(1,159,461)
ESG
Aware
Growth
Allocation
Shares
sold
100,000
$
2,790,440
300,000
$
7,909,238
Shares
redeemed
(100,000)
(2,821,611)
(200,000)
(5,275,294)
—
$
(31,171)
100,000
$
2,633,944
ESG
Aware
Moderate
Allocation
Shares
sold
—
$
—
400,000
$
9,927,889
Shares
redeemed
—
—
(400,000)
(9,914,596)
—
$
—
—
$
13,293
Statement
Regarding
Liquidity
Risk
Management
Program
(unaudited)
31
Statement
Regarding
Liquidity
Risk
Management
Program
In
compliance
with
Rule
22e-4
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Liquidity
Rule”),
iShares
Trust
(the
“Trust”)
has
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Program”)
for iShares
ESG
Aware
Aggressive
Allocation
ETF,
iShares
ESG
Aware
Conservative
Allocation
ETF,
iShares
ESG
Aware
Growth
Allocation
ETF
and
iShares
ESG
Aware
Moderate
Allocation
ETF (the
“Funds”
or
“ETFs”), each
series
of
the
Trust,
which
is
reasonably
designed
to
assess
and
manage each
Fund’s
liquidity
risk.
The
Board
of
Trustees
(the
“Board”)
of
the
Trust,
on
behalf
of
the
Funds,
met
on
December
8,
2023
(the
“Meeting”)
to
review
the
Program.
The
Board
previously
appointed
BlackRock
Fund
Advisors
(“BlackRock”),
the
investment
adviser
to
the
Funds,
as
the
program
administrator
for
each
Fund’s
Program.
BlackRock
also
previously
delegated
oversight
of
the
Program
to
the
40
Act
Liquidity
Risk
Management
Committee
(the
“Committee”).
At
the
Meeting,
the
Committee,
on
behalf
of
BlackRock,
provided
the
Board
with
a
report
that
addressed
the
operation
of
the
Program
and
assessed
its
adequacy
and
effectiveness
of
implementation,
including
the
management
of
each
Fund’s
Highly
Liquid
Investment
Minimum
(“HLIM”)
where
applicable,
and
any
material
changes
to
the
Program
(the
“Report”).
The
Report
covered
the
period
from
October
1,
2022
through
September
30,
2023
(the
“Program
Reporting
Period”).
The
Report
described
the
Program’s
liquidity
classification
methodology
for
categorizing each
Fund’s
investments
(including
derivative
transactions)
into
one
of
four
liquidity
buckets.
It
also
referenced
the
methodology
used
by
BlackRock
to
establish each
Fund’s
HLIM
and
noted
that
the
Committee
reviews
and
ratifies
the
HLIM
assigned
to
each
Fund
no
less
frequently
than
annually.
The
Report
also
discussed
notable
events
affecting
liquidity
over
the
Program
Reporting
Period,
including
extended
market
holidays,
delays
in
the
repatriation
of
the
local
currency
in
certain
non-U.S.
countries,
the
continued
illiquidity
of
Russian
equity
securities
and
the
suspension
of
select
sanctions
in
Venezuela.
The
Report
noted
that
the
Program
complied
with
the
key
factors
for
consideration
under
the
Liquidity
Rule
for
assessing,
managing
and
periodically
reviewing each
Fund’s
liquidity
risk,
as
follows:
a)
The
Fund’s
investment
strategy
and
liquidity
of
portfolio
investments
during
both
normal
and
reasonably
foreseeable
stressed
conditions
.
During
the
Program
Reporting
Period,
the
Committee
reviewed
whether
each
Fund’s
strategy
is
appropriate
for
an
open-end
fund
structure,
with
a
focus
on
funds
with
more
significant
and
consistent
holdings
of
less
liquid
and
illiquid
assets.
The
Committee
also
factored
a
fund’s
concentration
in
an
issuer
into
the
liquidity
classification
methodology
by
taking
issuer
position
sizes
into
account.
Derivative
exposure
was
also
considered
in
the
calculation
of
a
fund’s
liquidity
bucketing.
Finally,
a
factor
for
consideration
under
the
Liquidity
Rule
is
a
Fund’s
use
of
borrowings
for
investment
purposes.
However,
the
Funds
do
not
borrow
for
investment
purposes.
b)
Short-term
and
long-term
cash
flow
projections
during
both
normal
and
reasonably
foreseeable
stressed
conditions.
During
the
Program
Reporting
Period,
the
Committee
reviewed
historical
redemption
activity
and
used
this
information
as
a
component
to
establish
each
ETF’s
reasonably
anticipated
trading
size
utilized
for
liquidity
classifications.
The
Committee
may
also
take
into
consideration
a
fund’s
shareholder
ownership
concentration
(which,
depending
on
product
type
and
distribution
channel,
may
or
may
not
be
available),
a
fund’s
distribution
channels,
and
the
degree
of
certainty
associated
with
a
fund’s
short-term
and
long-term
cash
flow
projections.
c)
Holdings
of
cash
and
cash
equivalents,
as
well
as
borrowing
arrangements.
The
Committee
considered
that
ETFs
generally
do
not
hold
more
than
de
minimis
amounts
of
cash.
The
Committee
also
considered
that
ETFs
generally
do
not
engage
in
borrowing.
d)
The
relationship
between
an
ETF’s
portfolio
liquidity
and
the
way
in
which,
and
the
prices
and
spreads
at
which,
ETF
shares
trade,
including
the
efficiency
of
the
arbitrage
function
and
the
level
of
active
participation
by
market
participants,
including
authorized
participants.
The
Committee
monitored
the
prevailing
bid/ask
spread
and
the
ETF
price
premium
(or
discount)
to
NAV
for
all
ETFs.
However,
there
were
no
ETFs
with
persistent
deviations
of
fund
premium/discount
or
bid/ask
spreads
from
long-term
averages
over
the
Program
Reporting
Period.
e)
The
effect
of
the
composition
of
baskets
on
the
overall
liquidity
of
an
ETF’s
portfolio.
In
reviewing
the
linkage
between
the
composition
of
custom
baskets
accepted
by
an
ETF
and
any
significant
change
in
the
liquidity
profile
of
such
ETF,
the
Committee
reviewed
changes
in
the
proportion
of
each
ETF’s
portfolio
comprised
of
less
liquid
and
illiquid
holdings
to
determine
if
applicable
thresholds
were
met
requiring
enhanced
review.
There
were
no
ETFs
for
which
the
custom
baskets
accepted
by
the
ETF
had
a
significant
change
in
its
liquidity
profile.
There
were
no
material
changes
to
the
Program
during
the
Program
Reporting
Period
other
than
the
enhancement
of
certain
model
components
in
the
Program’s
classification
methodology.
The
Report
provided
to
the
Board
stated
that
the
Committee
concluded
that
based
on
the
operation
of
the
functions,
as
described
in
the
Report,
the
Program
is
operating
as
intended
and
is
effective
in
implementing
the
requirements
of
the
Liquidity
Rule.
Supplemental
Information
(unaudited)
2024
iShares
Semi-Annual
Report
to
Shareholders
32
Section
19(a)
Notices
The
amounts
and
sources
of
distributions
reported
are
estimates
and
are
being
provided
pursuant
to
regulatory
requirements
and
are
not
being
provided
for
tax
reporting
purposes.
The
actual
amounts
and
sources
for
tax
reporting
purposes
will
depend
upon
each
Fund’s
investment
experience
during
the
year
and
may
be
subject
to
changes
based
on
tax
regulations.
Shareholders
will
receive
a
Form
1099-DIV
each
calendar
year
that
will
inform
them
how
to
report
these
distributions
for
federal
income
tax
purposes.
January
31,
2024
Tailored
Shareholder
Reports
for
Open-End
Mutual
Funds
and
ETFs
Effective
January
24,
2023,
the
SEC
adopted
rule
and
form
amendments
to
require
open-end
mutual
funds
and
ETFs
to
transmit
concise
and
visually
engaging
streamlined
annual
and
semiannual
reports
to
shareholders
that
highlight
key
information.
Other
information,
including
financial
statements,
will
no
longer
appear
in
a
streamlined
shareholder
report
but
must
be
available
online,
delivered
free
of
charge
upon
request,
and
filed
on
a
semiannual
basis
on
Form
N-CSR.
The
rule
and
form
amendments
have
a
compliance
date
of
July
24,
2024.
At
this
time,
management
is
evaluating
the
impact
of
these
amendments
on
the
shareholder
reports
for
the
Funds.
Total
Cumulative
Distributions
for
the
Fiscal
Year-to-Date
%
Breakdown
of
the
Total
Cumulative
Distributions
for
the
Fiscal
Year-to-Date
iShares
ETF
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
ESG
Aware
Aggressive
Allocation
(a)
..........
$
0.349270
$
—
$
0.014697
$
0.363967
96
%
—
%
4
%
100
%
ESG
Aware
Conservative
Allocation
(a)
........
0.363339
—
0.007568
0.370907
98
—
2
100
ESG
Aware
Growth
Allocation
(a)
............
0.345137
—
0.014694
0.359831
96
—
4
100
ESG
Aware
Moderate
Allocation
(a)
...........
0.364801
—
0.026674
0.391475
93
—
7
100
(a)
The
Fund
estimates
that
it
has
distributed
more
than
its
net
investment
income
and
net
realized
capital
gains;
therefore,
a
portion
of
the
distribution
may
be
a
return
of
capital.
A
return
of
capital
may
occur,
for
example,
when
some
or
all
of
the
shareholder’s
investment
in
the
Fund
is
returned
to
the
shareholder.
A
return
of
capital
does
not
necessarily
reflect
the
Fund’s
investment
performance
and
should
not
be
confused
with
“yield”
or
“income”.
When
distributions
exceed
total
return
performance,
the
difference
will
incrementally
reduce
the
Fund’s
net
asset
value
per
share.
General
Information
33
General
Information
Electronic
Delivery
Shareholders
can
sign
up
for
e-mail
notifications
announcing
that
the
shareholder
report
or
prospectus
has
been
posted
on
the
iShares
website
at
iShares.com
.
Once
you
have
enrolled,
you
will
no
longer
receive
prospectuses
and
shareholder
reports
in
the
mail.
To
enroll
in
electronic
delivery:
•
Go
to
icsdelivery.com
.
•
If
your
brokerage
firm
is
not
listed,
electronic
delivery
may
not
be
available.
Please
contact
your
broker-dealer
or
financial
advisor.
Householding
Householding
is
an
option
available
to
certain
fund
investors.
Householding
is
a
method
of
delivery,
based
on
the
preference
of
the
individual
investor,
in
which
a
single
copy
of
certain
shareholder
documents
and
Rule
30e-3
notices
can
be
delivered
to
investors
who
share
the
same
address,
even
if
their
accounts
are
registered
under
different
names.
Please
contact
your
broker-dealer
if
you
are
interested
in
enrolling
in
householding
and
receiving
a
single
copy
of
prospectuses
and
other
shareholder
documents,
or
if
you
are
currently
enrolled
in
householding
and
wish
to
change
your
householding
status.
Availability
of
Quarterly
Schedule
of
Investments
The
Funds
file
their
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
their
reports
on
Form
N-PORT.
The
Funds’
Forms
N-PORT
are
available
on
the
SEC’s
website
at
sec.gov
.
Additionally,
each
Fund
makes
its
portfolio
holdings
for
the
first
and
third
quarters
of
each
fiscal
year
available
at
iShares.com/fundreports
.
Availability
of
Proxy
Voting
Policies
and
Proxy
Voting
Records
A
description
of
the
policies
and
procedures
that
the
iShares
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
iShares
Funds
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
twelve-month
period
ending
June
30
is
available
without
charge,
upon
request
(1)
by
calling
toll-free
1-800-474-2737;
(2)
on
the
iShares
website
at
iShares.com
;
and
(3)
on
the
SEC
website
at
sec.gov
.
A
description
of
the
Trust’s
policies
and
procedures
with
respect
to
the
disclosure
of each
Fund’s
portfolio
securities
is
available
in
the
Fund
Prospectus. Each
Fund
discloses
its
portfolio
holdings
daily
and
provides
information
regarding
its
top
holdings
in
Fund
fact
sheets
at
iShares.com
.
Glossary
of
Terms
Used
in
this
Report
2024
iShares
Semi-Annual
Report
to
Shareholders
34
Portfolio
Abbreviation
EAFE
Europe,
Australasia
and
Far
East
EM
Emerging
Markets
ESG
Environmental,
Social
And
Governance
ETF
Exchange-Traded
Fund
MSCI
Morgan
Stanley
Capital
International
iS-SAR-716-0124
Want
to
know
more?
iShares.com
|
1-800-474-2737
This
report
is
intended
for
the
Funds’
shareholders.
It
may
not
be
distributed
to
prospective
investors
unless
it
is
preceded
or
accompanied
by
the
current
prospectus.
Investing
involves
risk,
including
possible
loss
of
principal.
The
iShares
Funds
are
distributed
by
BlackRock
Investments,
LLC
(together
with
its
affiliates,
“BlackRock”).
The
iShares
Funds
are
not
sponsored,
endorsed,
issued,
sold
or
promoted
by BlackRock
Index
Services,
LLC,
nor
does
this
company
make
any
representation
regarding
the
advisability
of
investing
in
the
iShares
Funds.
BlackRock
is
affiliated
with
the
company
listed
above.
©2024
BlackRock,
Inc.
All
rights
reserved.
iSHARES
and
BLACKROCK
are
registered
trademarks
of
BlackRock,
Inc.
or
its
subsidiaries.
All
other
marks
are
the
property
of
their
respective
owners.
JANUARY
31,
2024
2024
Semi-Annual
Report
(Unaudited)
iShares
Trust
iShares
MSCI
USA
Small-Cap
Min
Vol
Factor
ETF
|
SMMV
|Cboe
BZX
iShares
U.S.
Equity
Factor
ETF
|
LRGF
|
NYSE
Arca
iShares
U.S.
Small-Cap
Equity
Factor
ETF
|
SMLF
|
NYSE
Arca
iShares
U.S.
Tech
Breakthrough
Multisector
ETF
|
TECB
|
NYSE
Arca
Dear
Shareholder,
The
combination
of
continued
economic
growth
and
cooling
inflation
provided
a
supportive
backdrop
for
investors
during
the
12-month
reporting
period
ended
January
31,
2024.
Significantly
tighter
monetary
policy
helped
to
rein
in
inflation,
and
the
Consumer
Price
Index
decelerated
substantially
in
the
first
half
of
the
period
before
stalling
between
3%
and
4%
in
the
second
half.
A
moderating
labor
market
helped
ease
inflationary
pressure,
although
wages
continued
to
grow.
Wage
and
job
growth
powered
robust
consumer
spending,
backstopping
the
economy.
On
October
7,
2023,
Hamas
launched
a
horrific
attack
on
Israel.
The
ensuing
war
will
have
a
significant
humanitarian
impact
and
could
lead
to
heightened
economic
and
market
volatility.
We
see
geopolitics
as
a
structural
market
risk
going
forward.
See
our
geopolitical
risk
dashboard
at
blackrock.com
for
more
details.
Equity
returns
were
robust
during
the
period,
as
interest
rates
stabilized
and
the
economy
proved
to
be
more
resilient
than
many
investors
expected.
The
U.S.
economy
continued
to
show
strength,
and
growth
further
accelerated
in
the
second
half
of
2023.
Large-capitalization
U.S.
stocks
posted
particularly
substantial
gains,
supported
by
the
performance
of
a
few
notable
technology
companies,
while
small-capitalization
U.S.
stocks
advanced
at
a
significantly
slower
pace.
Meanwhile,
international
developed
market
equities
also
gained,
while
emerging
market
stocks
declined
overall.
The
10-year
U.S.
Treasury
yield
rose
during
the
reporting
period,
driving
its
price
down,
as
investors
reacted
to
elevated
inflation
and
attempted
to
anticipate
future
interest
rate
changes.
However,
shorter-duration
U.S.
Treasuries
gained,
as
higher
yields
boosted
returns.
The
corporate
bond
market
benefited
from
improving
economic
sentiment,
although
high-yield
corporate
bond
prices
fared
significantly
better
than
investment-grade
bonds
as
demand
from
yield-seeking
investors
remained
strong.
The
U.S.
Federal
Reserve
(the
“Fed”),
attempting
to
manage
persistent
inflation,
raised
interest
rates
four
times
during
the
12-month
period,
but
paused
its
tightening
in
the
second
half
of
the
period.
The
Fed
also
wound
down
its
bond-buying
programs
and
incrementally
reduced
its
balance
sheet
by
not
replacing
securities
that
reach
maturity.
Supply
constraints
appear
to
have
become
an
embedded
feature
of
the
new
macroeconomic
environment,
making
it
difficult
for
developed
economies
to
increase
production
without
sparking
higher
inflation.
Geopolitical
fragmentation
and
an
aging
population
risk
further
exacerbating
these
constraints,
keeping
the
labor
market
tight
and
wage
growth
high.
Although
the
Fed
has
stopped
tightening
for
now,
we
believe
that
the
new
economic
regime
means
that
the
Fed
will
need
to
maintain
high
rates
for
an
extended
period
despite
the
market’s
hopes
for
interest
rate
cuts,
as
reflected
in
the
recent
rally.
In
this
new
regime,
we
anticipate
greater
volatility
and
dispersion
of
returns,
creating
more
opportunities
for
selective
portfolio
management.
Looking
at
developed
market
stocks,
we
have
an
overweight
stance
on
U.S.
stocks
overall,
particularly
given
the
promise
of
emerging
AI
technologies.
We
are
also
overweight
Japanese
stocks
as
shareholder-friendly
policies
generate
increased
investor
interest,
although
we
maintain
an
underweight
stance
on
European
stocks.
In
credit,
there
are
selective
opportunities
in
the
near
term
despite
tighter
credit
and
financial
conditions.
For
fixed
income
investing
with
a
six-
to
twelve-month
horizon,
we
see
the
most
attractive
investments
in
short-term
U.S.
Treasuries
and
hard-currency
emerging
market
bonds.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
iShares.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock,
Inc.
The
Markets
in
Review
Rob
Kapito
President,
BlackRock,
Inc.
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Total
Returns
as
of
January
31,
2024
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
6.43
%
20.82
%
U.S.
small
cap
equities
(Russell
2000
®
Index)
(2.02
)
2.40
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
3.15
10.01
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
(6.00
)
(2.94
)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
2.73
5.13
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
1.74
(0.38
)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
3.15
2.10
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
2.70
2.90
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
6.18
9.28
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Semi-Annual
Report:
Fund
Summary
........................................................................................................
4
About
Fund
Performance
..................................................................................................
8
Disclosure
of Expenses
...................................................................................................
8
Schedules
of
Investments
.................................................................................................
9
Financial
Statements:
Statements
of
Assets
and
Liabilities
.........................................................................................
38
Statements
of
Operations
................................................................................................
39
Statements
of
Changes
in
Net
Assets
........................................................................................
40
Financial
Highlights
.....................................................................................................
42
Notes
to
Financial
Statements
...............................................................................................
46
Statement
Regarding
Liquidity
Risk
Management
Program
.............................................................................
55
Supplemental
Information
.................................................................................................
56
General
Information
.....................................................................................................
57
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
58
Fund
Summary
as
of
January
31,
2024
2024
iShares
Semi-Annual
Report
to
Shareholders
4
iShares
®
MSCI
USA
Small-Cap
Min
Vol
Factor
ETF
Investment
Objective
The
iShares
MSCI
USA
Small-Cap
Min
Vol
Factor
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
small-capitalization
U.S.
equities
that,
in
the
aggregate,
have
lower
volatility
characteristics
relative
to
the
small-capitalization
U.S.
equity
market,
as
represented
by
the
MSCI
USA
Small
Cap
Minimum
Volatility
(USD)
Index
(the
"Index").
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
index.
Performance
The
inception
date
of
the
Fund
was
September
7,
2016.
The
first
day
of
secondary
market
trading
was
September
9,
2016.
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
Since
Inception
1
Year
5
Years
Since
Inception
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.60%
(0.17)%
4.30%
6.47%
(0.17)%
23.42%
59.10%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.77
(0.03)
4.30
6.50
(0.03)
23.41
59.39
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.64
(0.08)
4.44
6.65
(0.08)
24.23
61.00
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(08/01/23)
Ending
Account
Value
(01/31/24)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(08/01/23)
Ending
Account
Value
(01/31/24)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
$
1,016.00
$
1.01
$
1,000.00
$
1,024.13
$
1.02
0.20%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/366
(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
....................................
17.5
%
Financials
......................................
15.9
Industrials
......................................
14.9
Consumer
Discretionary
............................
8.9
Consumer
Staples
................................
8.8
Information
Technology
.............................
8.0
Utilities
........................................
6.7
Materials
......................................
6.2
Communication
Services
............................
5.2
Energy
........................................
4.1
Real
Estate
.....................................
3.8
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Landstar
System,
Inc.
...............................
1.6
%
Chemed
Corp.
....................................
1.5
Royal
Gold,
Inc.
...................................
1.5
Old
Republic
International
Corp.
........................
1.4
Murphy
USA,
Inc.
.................................
1.4
Agree
Realty
Corp.
................................
1.4
Selective
Insurance
Group,
Inc.
........................
1.3
Dolby
Laboratories,
Inc.,
Class
A
.......................
1.2
RLI
Corp.
.......................................
1.2
Exelixis,
Inc.
.....................................
1.1
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
January
31,
2024
5
Fund
Summary
iShares
®
U.S.
Equity
Factor
ETF
Investment
Objective
The
iShares
U.S.
Equity
Factor
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
large-
and
mid-capitalization
stocks
that
have
favorable
exposure
to
target
style
factors
subject
to
constraints,
as
represented
by
the
STOXX
U.S.
Equity
Factor
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
The
inception
date
of
the
Fund
was
April
28,
2015.
The
first
day
of
secondary
market
trading
was
April
30,
2015.
Index
performance
through
May
31,
2022
reflects
the
performance
of
the
MSCI
USA
Diversified
Multiple-Factor
Index.
Index
performance
beginning
on
June
01,
2022
reflects
the
performance
of
the
STOXX
U.S.
Equity
Factor
Index.
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
Since
Inception
1
Year
5
Years
Since
Inception
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
7
.55
%
20
.42
%
11
.96
%
9
.88
%
20
.42
%
75
.92
%
128
.32
%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
7
.58
20
.42
11
.96
9
.88
20
.42
75
.92
128
.39
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
7
.61
20
.53
12
.13
10
.09
20
.53
77
.27
131
.97
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(08/01/23)
Ending
Account
Value
(01/31/24)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(08/01/23)
Ending
Account
Value
(01/31/24)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
$
1,075.50
$
0.42
$
1,000.00
$
1,024.73
$
0.41
0
.08
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/366
(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
.............................
31
.9
%
Financials
......................................
13
.1
Health
Care
....................................
12
.7
Consumer
Discretionary
............................
12
.3
Industrials
......................................
6
.8
Consumer
Staples
................................
6
.5
Communication
Services
............................
5
.9
Energy
........................................
3
.8
Utilities
........................................
2
.5
Materials
......................................
2
.4
Real
Estate
.....................................
2
.1
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Microsoft
Corp.
...................................
6
.7
%
Apple,
Inc.
......................................
6
.2
NVIDIA
Corp.
....................................
3
.3
Amazon.com,
Inc.
.................................
2
.6
Alphabet,
Inc.
,
Class
C
,
NVS
..........................
1
.9
Broadcom,
Inc.
...................................
1
.8
Meta
Platforms,
Inc.
,
Class
A
..........................
1
.6
Procter
&
Gamble
Co.
(The)
..........................
1
.5
Visa,
Inc.
,
Class
A
.................................
1
.4
JPMorgan
Chase
&
Co.
.............................
1
.4
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
January
31,
2024
2024
iShares
Semi-Annual
Report
to
Shareholders
6
iShares
®
U.S.
Small-Cap
Equity
Factor
ETF
Investment
Objective
The
iShares
U.S.
Small-Cap
Equity
Factor
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
small-capitalization
stocks
that
have
favorable
exposure
to
target
style
factors
subject
to
constraints,
as
represented
by
the
STOXX
U.S.
Small-Cap
Equity
Factor
Index(USD)
(the
"Index").
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
The
inception
date
of
the
Fund
was
April
28,
2015.
The
first
day
of
secondary
market
trading
was
April
30,
2015.
Index
performance
through
February
28,
2023
reflects
the
performance
of
the
MSCI
USA
Small
Cap
Diversified
Multiple-Factor
Index.
Index
performance
beginning
on
March
1,
2023
reflects
the
performance
of
the
STOXX
U.S.
Small-Cap
Equity
Factor
Index,
which,
effective
as
of
March
1,
2023,
replaced
the
MSCI
USA
Small
Cap
Diversified
Multiple-Factor
Index
as
the
underlying
index
of
the
fund.
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
Since
Inception
1
Year
5
Years
Since
Inception
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
2.38%
7.33%
9.30%
8.97%
7.33%
55.97%
112.36%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
2.42
7.51
9.31
8.98
7.51
56.03
112.54
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
2.43
7.43
9.62
9.32
7.43
58.27
118.13
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(08/01/23)
Ending
Account
Value
(01/31/24)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(08/01/23)
Ending
Account
Value
(01/31/24)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
$
1,023.80
$
0.76
$
1,000.00
$
1,024.38
$
0.76
0.15%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/366
(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
......................................
19.2
%
Financials
......................................
16.7
Consumer
Discretionary
............................
14.7
Information
Technology
.............................
14.4
Health
Care
....................................
11.0
Real
Estate
.....................................
6.8
Energy
........................................
4.9
Materials
......................................
4.6
Consumer
Staples
................................
3.7
Communication
Services
............................
2.3
Utilities
........................................
1.7
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Builders
FirstSource,
Inc.
............................
0.7
%
First
Industrial
Realty
Trust,
Inc.
........................
0.7
Nutanix,
Inc.,
Class
A
...............................
0.7
Deckers
Outdoor
Corp.
..............................
0.6
Jabil,
Inc.
.......................................
0.6
Super
Micro
Computer,
Inc.
...........................
0.6
Manhattan
Associates,
Inc.
...........................
0.6
Popular,
Inc.
.....................................
0.6
Evercore,
Inc.,
Class
A
..............................
0.6
Reliance
Steel
&
Aluminum
Co.
........................
0.5
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
January
31,
2024
7
Fund
Summary
iShares
®
U.S.
Tech
Breakthrough
Multisector
ETF
Investment
Objective
The
iShares
U.S.
Tech
Breakthrough
Multisector
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
companies
that
could
benefit
from
various
breakthrough
technologies,
including
robotics
and
artificial
intelligence,
cloud
and
data
tech,
cybersecurity,
genomics
and
immunology,
and
financial
technology,
as
represented
by
the
NYSE
®
FactSet
®
U.S.
Tech
Breakthrough
Index
TM
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
Certain
sectors
and
markets
performed
exceptionally
well
based
on
market
conditions
during
the
one-year
period.
Achieving
such
exceptional
returns
involves
the
risk
of
volatility
and
investors
should
not
expect
that
such
exceptional
returns
will
be
repeated.
The
inception
date
of
the
Fund
was
January
8,
2020.
The
first
day
of
secondary
market
trading
was
January
10,
2020.
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
Since
Inception
1
Year
Since
Inception
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
14.02%
46.37%
15.88%
46.37%
82.08%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
13.96
46.38
15.87
46.38
82.02
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
13.78
46
.26
16.15
46.26
83.71
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(08/01/23)
Ending
Account
Value
(01/31/24)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(08/01/23)
Ending
Account
Value
(01/31/24)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
$
1,140.20
$
1.61
$
1,000.00
$
1,023.63
$
1.53
0.30%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/366
(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
.............................
57.1
%
Communication
Services
............................
12.4
Health
Care
....................................
12.0
Financials
......................................
8.1
Consumer
Discretionary
............................
6.1
Real
Estate
.....................................
2.5
Industrials
......................................
1.8
Materials
......................................
—
(b)
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
NVIDIA
Corp.
....................................
4.8
%
Meta
Platforms,
Inc.,
Class
A
..........................
4.4
Merck
&
Co.,
Inc.
..................................
4.3
Salesforce,
Inc.
...................................
3.9
Alphabet,
Inc.,
Class
A
..............................
3.9
Microsoft
Corp.
...................................
3.9
Amazon.com,
Inc.
.................................
3.8
Advanced
Micro
Devices,
Inc.
.........................
3.7
Adobe,
Inc.
......................................
3.7
Apple,
Inc.
......................................
3.5
(a)
Excludes
money
market
funds.
(b)
Represents
less
than
0.1%.
About
Fund
Performance
2024
iShares
Semi-Annual
Report
to
Shareholders
8
Past
performance
is
not
an
indication
of
future
results.
Financial
markets
have
experienced
extreme
volatility
and
trading
in
many
instruments
has
been
disrupted.
These
circumstances
may
continue
for
an
extended
period
of
time
and
may
continue
to
affect
adversely
the
value
and
liquidity
of
each
Fund’s
investments.
As
a
result,
current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Performance
data
current
to
the
most
recent
month-end
is
available
at
iShares.com
.
Performance
results
assume
reinvestment
of
all
dividends
and
capital
gain
distributions
and
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
The
investment
return
and
principal
value
of
shares
will
vary
with
changes
in
market
conditions.
Shares
may
be
worth
more
or
less
than
their
original
cost
when
they
are
redeemed
or
sold
in
the
market.
Performance
for
certain
funds
may
reflect
a
waiver
of
a
portion
of
investment
advisory
fees.
Without
such
a
waiver,
performance
would
have
been
lower.
Net
asset
value
or
“NAV”
is
the
value
of
one
share
of
a
fund
as
calculated
in
accordance
with
the
standard
formula
for
valuing
mutual
fund
shares.
Beginning
August
10,
2020,
the
price
used
to
calculate
market
return
(“Market
Price”)
is
the
closing
price.
Prior
to
August
10,
2020,
Market Price
was
determined
using
the
midpoint
between
the
highest
bid
and
the
lowest
ask
on
the
primary
stock
exchange
on
which
shares
of
a
fund
are
listed
for
trading,
as
of
the
time
that
such
fund’s
NAV
is
calculated. Since
shares
of
a
fund
may
not
trade
in
the
secondary
market
until
after
the
fund’s
inception,
for
the
period
from
inception
to
the
first
day
of
secondary
market
trading
in
shares
of
the
fund,
the
NAV
of
the
fund
is
used
as
a
proxy
for
the
Market
Price
to
calculate
market
returns.
Market
and
NAV
returns
assume
that
dividends
and
capital
gain
distributions
have
been
reinvested
at
Market
Price
and
NAV,
respectively.
An
index
is
a
statistical
composite
that
tracks
a
specified
financial
market
or
sector.
Unlike
a
fund,
an
index
does
not
actually
hold
a
portfolio
of
securities
and
therefore
does
not
incur
the
expenses
incurred
by
a
fund.
These
expenses
negatively
impact
fund
performance.
Also, index
returns
do
not
include
brokerage
commissions
that
may
be
payable
on
secondary
market
transactions.
If
brokerage
commissions
were
included, index
returns
would
be
lower.
Disclosure
of Expenses
Shareholders
of each
Fund
may
incur
the
following
charges: (1)
transactional
expenses,
including
brokerage
commissions
on
purchases
and
sales
of
fund
shares
and
(2)
ongoing
expenses,
including
management
fees
and
other
fund
expenses.
The
expense
examples
shown (which are
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period) are
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in each
Fund and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
funds.
The
expense
examples
provide information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to estimate
the
expenses
a
shareholder paid during
the period
covered
by
this
report,
shareholders
can divide their
account
value
by
$1,000 and
then
multiply
the
result
by
the
number
under
the
heading
entitled
“Expenses
Paid
During
the
Period.”
The
expense
examples also
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on a
fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the ongoing expenses
of
investing
in the
Funds
and
other
funds, compare
the
5%
hypothetical
examples
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
expenses
shown
in
the
expense
examples are
intended
to highlight shareholders’
ongoing
costs
only
and
do
not
reflect
any
transactional
expenses,
such
as
brokerage
commissions
and
other
fees
paid
on
purchases
and
sales
of
fund
shares.
Therefore,
the
hypothetical
examples are
useful
in
comparing
ongoing expenses
only
and
will
not
help
shareholders determine
the
relative
total expenses
of
owning
different
funds. If
these
transactional expenses
were
included, shareholder
expenses would
have
been
higher.
Schedule
of
Investments
(unaudited)
January
31,
2024
iShares
®
MSCI
USA
Small-Cap
Min
Vol
Factor
ETF
Schedule
of
Investments
9
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
1.8%
AerSale
Corp.
(a)
.....................
29,116
$
270,779
BWX
Technologies,
Inc.
...............
62,865
5,122,240
Curtiss-Wright
Corp.
..................
3,529
785,449
Leonardo
DRS,
Inc.
(a)
(b)
................
107,704
2,090,535
National
Presto
Industries,
Inc.
...........
10,962
867,862
Parsons
Corp.
(a)
.....................
86,537
5,637,886
V2X,
Inc.
(a)
........................
23,578
916,948
15,691,699
Air
Freight
&
Logistics
—
0.2%
Hub
Group,
Inc.
,
Class
A
(a)
..............
29,108
1,318,010
Automobile
Components
—
1.0%
Dorman
Products,
Inc.
(a)
...............
7,120
579,639
Garrett
Motion,
Inc.
(a)
(b)
................
104,116
894,356
Gentex
Corp.
......................
166,850
5,527,741
Standard
Motor
Products,
Inc.
...........
37,247
1,502,917
8,504,653
Banks
—
2.0%
Bank
First
Corp.
....................
18,255
1,541,452
Capital
City
Group,
Inc.
............
28,058
801,898
City
Holding
Co.
....................
30,527
3,120,165
Community
Trust
Bancorp,
Inc.
..........
31,654
1,313,641
Farmers
National
Banc
Corp.
............
77,378
1,061,626
First
Financial
Corp.
..................
24,835
978,996
Great
Southern
Bancorp,
Inc.
............
19,734
1,027,944
HarborOne
Bancorp,
Inc.
..............
76,996
840,796
NBT
Bancorp,
Inc.
...................
11,179
397,637
Peoples
Bancorp,
Inc.
................
69,339
2,031,633
South
Plains
Financial,
Inc.
.............
26,388
714,587
Stellar
Bancorp,
Inc.
..................
21,781
545,178
Westamerica
BanCorp
................
54,208
2,586,806
16,962,359
Biotechnology
—
7.2%
(a)
ADMA
Biologics,
Inc.
.................
113,376
588,421
Alkermes
plc
.......................
320,104
8,658,813
Amicus
Therapeutics,
Inc.
(b)
.............
37,133
461,563
Arcellx,
Inc.
........................
18,139
1,121,716
Biomea
Fusion,
Inc.
..................
47,624
861,042
Crinetics
Pharmaceuticals,
Inc.
..........
38,677
1,410,937
Deciphera
Pharmaceuticals,
Inc.
.........
39,138
560,456
Disc
Medicine,
Inc.
...................
16,526
1,086,584
Dynavax
Technologies
Corp.
(b)
...........
128,136
1,655,517
Exelixis,
Inc.
.......................
444,696
9,676,585
Halozyme
Therapeutics,
Inc.
(b)
...........
21,370
723,374
Ideaya
Biosciences,
Inc.
(b)
..............
71,643
3,118,620
Insmed,
Inc.
.......................
29,942
832,388
Ionis
Pharmaceuticals,
Inc.
.............
91,868
4,721,097
Ironwood
Pharmaceuticals,
Inc.
,
Class
A
....
290,139
4,117,072
iTeos
Therapeutics,
Inc.
...............
47,826
475,869
Karuna
Therapeutics,
Inc.
..............
7,617
2,387,320
Kiniksa
Pharmaceuticals
Ltd.
,
Class
A
......
57,968
1,021,976
Krystal
Biotech,
Inc.
..................
6,261
696,536
Mirum
Pharmaceuticals,
Inc.
............
62,112
1,643,484
MoonLake
Immunotherapeutics
(b)
.........
18,494
1,033,445
Sarepta
Therapeutics,
Inc.
..............
14,244
1,694,894
Ultragenyx
Pharmaceutical,
Inc.
..........
41,611
1,835,461
Vaxcyte,
Inc.
(b)
......................
55,394
3,956,239
Viridian
Therapeutics,
Inc.
..............
43,319
833,891
Xencor,
Inc.
.......................
112,593
2,105,489
Xenon
Pharmaceuticals,
Inc.
(b)
...........
87,700
3,965,794
Security
Shares
Shares
Value
Biotechnology
(continued)
Zymeworks,
Inc.
....................
60,343
$
654,118
61,898,701
Broadline
Retail
—
0.1%
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
......
14,884
1,070,606
Building
Products
—
0.3%
CSW
Industrials,
Inc.
.................
11,579
2,449,769
Capital
Markets
—
1.3%
Diamond
Hill
Investment
Group,
Inc.
.......
6,081
970,102
Houlihan
Lokey,
Inc.
,
Class
A
............
25,870
3,098,709
P10,
Inc.
,
Class
A
(b)
..................
71,350
656,420
PJT
Partners,
Inc.
,
Class
A
.............
41,178
3,960,088
Virtu
Financial,
Inc.
,
Class
A
.............
105,741
1,775,391
WisdomTree,
Inc.
....................
104,120
704,893
11,165,603
Chemicals
—
1.5%
Ashland,
Inc.
.......................
31,029
2,904,935
Hawkins,
Inc.
......................
30,120
2,005,088
NewMarket
Corp.
....................
14,833
8,273,996
13,184,019
Commercial
Services
&
Supplies
—
1.6%
Brady
Corp.
,
Class
A,
NVS
.............
92,461
5,568,926
Casella
Waste
Systems,
Inc.
,
Class
A
(a)
(b)
....
49,173
4,196,424
Ennis,
Inc.
........................
53,405
1,087,860
UniFirst
Corp.
......................
17,198
2,913,685
13,766,895
Communications
Equipment
—
0.8%
(a)
Ciena
Corp.
.......................
22,731
1,204,743
NETGEAR,
Inc.
.....................
31,996
454,343
NetScout
Systems,
Inc.
................
148,804
3,200,774
Viavi
Solutions,
Inc.
..................
234,400
2,304,152
7,164,012
Construction
&
Engineering
—
1.2%
Argan,
Inc.
........................
26,116
1,157,722
EMCOR
Group,
Inc.
..................
5,624
1,282,891
MDU
Resources
Group,
Inc.
............
398,971
7,783,924
10,224,537
Construction
Materials
—
0.2%
Knife
River
Corp.
(a)
...................
12,524
820,197
United
States
Lime
&
Minerals,
Inc.
........
4,703
1,216,525
2,036,722
Consumer
Finance
—
0.4%
FirstCash
Holdings,
Inc.
...............
27,547
3,161,569
Consumer
Staples
Distribution
&
Retail
—
3.1%
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
(b)
......
100,541
6,468,808
Casey's
General
Stores,
Inc.
............
12,663
3,436,232
Grocery
Outlet
Holding
Corp.
(a)
...........
160,012
3,965,097
Ingles
Markets,
Inc.
,
Class
A
............
28,425
2,394,806
SpartanNash
Co.
....................
71,446
1,602,534
Sprouts
Farmers
Market,
Inc.
(a)
...........
129,744
6,535,205
Weis
Markets,
Inc.
...................
36,149
2,196,052
26,598,734
Containers
&
Packaging
—
2.2%
AptarGroup,
Inc.
....................
71,973
9,347,853
Graphic
Packaging
Holding
Co.
..........
68,517
1,747,868
Myers
Industries,
Inc.
.................
23,381
438,394
Silgan
Holdings,
Inc.
..................
53,388
2,452,645
2024
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
iShares
®
MSCI
USA
Small-Cap
Min
Vol
Factor
ETF
10
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Containers
&
Packaging
(continued)
Sonoco
Products
Co.
.................
89,209
$
5,075,992
19,062,752
Diversified
Consumer
Services
—
3.9%
Adtalem
Global
Education,
Inc.
(a)
.........
18,006
908,943
Graham
Holdings
Co.
,
Class
B
...........
7,222
5,202,729
Grand
Canyon
Education,
Inc.
(a)
..........
54,502
7,117,416
H&R
Block,
Inc.
.....................
63,498
2,974,246
Laureate
Education,
Inc.
...............
276,054
3,483,802
OneSpaWorld
Holdings
Ltd.
(a)
(b)
..........
150,736
2,054,532
Perdoceo
Education
Corp.
..............
135,371
2,450,215
Service
Corp.
International
.............
49,761
3,339,958
Strategic
Education,
Inc.
...............
31,930
3,003,336
Stride,
Inc.
(a)
.......................
49,056
2,940,907
33,476,084
Diversified
Telecommunication
Services
—
1.5%
Anterix,
Inc.
(a)
......................
27,705
826,163
ATN
International,
Inc.
................
22,538
831,652
Cogent
Communications
Holdings,
Inc.
.....
90,740
7,005,128
IDT
Corp.
,
Class
B
(a)
..................
28,507
985,772
Iridium
Communications,
Inc.
............
35,302
1,280,051
Shenandoah
Telecommunications
Co.
(b)
.....
98,545
2,019,187
12,947,953
Electric
Utilities
—
3.5%
IDACORP,
Inc.
.....................
104,392
9,664,612
MGE
Energy,
Inc.
....................
45,719
2,948,418
OGE
Energy
Corp.
...................
81,839
2,720,328
Pinnacle
West
Capital
Corp.
............
66,898
4,609,272
PNM
Resources,
Inc.
.................
168,181
6,093,198
Portland
General
Electric
Co.
............
106,325
4,351,882
30,387,710
Electrical
Equipment
—
0.1%
LSI
Industries,
Inc.
...................
50,571
690,800
Electronic
Equipment,
Instruments
&
Components
—
3.1%
Arrow
Electronics,
Inc.
(a)
...............
13,779
1,531,536
Avnet,
Inc.
........................
113,840
5,156,952
Benchmark
Electronics,
Inc.
............
15,986
433,540
CTS
Corp.
(b)
.......................
10,432
428,338
Insight
Enterprises,
Inc.
(a)
(b)
.............
47,021
8,686,660
Knowles
Corp.
(a)
....................
53,771
877,005
OSI
Systems,
Inc.
(a)
..................
13,471
1,724,692
PC
Connection,
Inc.
..................
24,385
1,573,076
Plexus
Corp.
(a)
......................
7,288
690,319
Rogers
Corp.
(a)
.....................
24,880
2,867,918
Vishay
Intertechnology,
Inc.
.............
125,623
2,729,788
26,699,824
Entertainment
—
2.4%
Atlanta
Braves
Holdings,
Inc.
,
Class
A
(a)
.....
13,990
602,549
Atlanta
Braves
Holdings,
Inc.
,
Class
C,
NVS
(a)
88,556
3,569,693
Liberty
Media
Corp.-Liberty
Live
,
Class
A
(a)
...
42,201
1,554,263
Liberty
Media
Corp.-Liberty
Live
,
Class
C,
NVS
(a)
.........................
93,843
3,497,528
Madison
Square
Garden
Sports
Corp.
(a)
.....
31,951
5,914,130
Marcus
Corp.
(The)
..................
48,460
658,087
TKO
Group
Holdings,
Inc.
..............
60,482
5,061,739
20,857,989
Financial
Services
—
0.2%
Cass
Information
Systems,
Inc.
..........
22,107
954,138
International
Money
Express,
Inc.
(a)
........
46,779
963,648
1,917,786
Security
Shares
Shares
Value
Food
Products
—
5.2%
Cal-Maine
Foods,
Inc.
.................
86,610
$
4,799,926
Flowers
Foods,
Inc.
..................
414,050
9,440,340
Ingredion,
Inc.
......................
40,457
4,351,960
J
&
J
Snack
Foods
Corp.
...............
31,836
5,069,246
John
B
Sanfilippo
&
Son,
Inc.
............
18,518
1,983,833
Lancaster
Colony
Corp.
...............
24,807
4,559,030
Post
Holdings,
Inc.
(a)
..................
73,481
6,824,181
Seaboard
Corp.
.....................
184
662,952
Seneca
Foods
Corp.
,
Class
A
(a)
(b)
.........
10,889
581,255
Simply
Good
Foods
Co.
(The)
(a)
..........
25,452
962,086
Sovos
Brands,
Inc.
(a)
..................
40,061
883,345
Tootsie
Roll
Industries,
Inc.
.............
21,534
701,793
TreeHouse
Foods,
Inc.
(a)
...............
66,534
2,801,081
Utz
Brands,
Inc.
,
Class
A
...............
31,801
562,878
44,183,906
Gas
Utilities
—
0.9%
Chesapeake
Utilities
Corp.
.............
12,799
1,296,283
New
Jersey
Resources
Corp.
............
50,251
2,051,748
ONE
Gas,
Inc.
......................
50,101
3,074,698
Southwest
Gas
Holdings,
Inc.
...........
6,851
402,017
Spire,
Inc.
.........................
9,748
553,394
7,378,140
Ground
Transportation
—
3.0%
Heartland
Express,
Inc.
(b)
..............
97,869
1,267,404
Landstar
System,
Inc.
.................
71,070
13,625,540
Marten
Transport
Ltd.
.................
125,788
2,327,078
RXO,
Inc.
(a)
(b)
.......................
38,690
804,752
Schneider
National,
Inc.
,
Class
B
.........
106,533
2,612,189
Werner
Enterprises,
Inc.
...............
124,235
4,913,494
25,550,457
Health
Care
Equipment
&
Supplies
—
0.4%
(a)
QuidelOrtho
Corp.
(b)
..................
17,983
1,232,015
UFP
Technologies,
Inc.
................
3,899
657,021
Varex
Imaging
Corp.
..................
83,386
1,606,848
3,495,884
Health
Care
Providers
&
Services
—
7.2%
Acadia
Healthcare
Co.,
Inc.
(a)
............
17,259
1,417,654
Addus
HomeCare
Corp.
(a)
..............
33,442
2,896,077
Amedisys,
Inc.
(a)
....................
22,758
2,145,397
AMN
Healthcare
Services,
Inc.
(a)
..........
14,400
1,065,744
Chemed
Corp.
(b)
....................
21,246
12,594,416
CorVel
Corp.
(a)
......................
7,371
1,734,691
Cross
Country
Healthcare,
Inc.
(a)
(b)
........
21,922
465,842
Encompass
Health
Corp.
..............
97,434
6,921,711
Ensign
Group,
Inc.
(The)
...............
76,040
8,609,249
HealthEquity,
Inc.
(a)
...................
71,439
5,399,360
National
HealthCare
Corp.
..............
28,442
2,646,244
National
Research
Corp.
...............
30,427
1,198,824
Option
Care
Health,
Inc.
(a)
..............
102,516
3,202,600
Patterson
Cos.,
Inc.
..................
177,517
5,300,658
Premier,
Inc.
,
Class
A
.................
246,858
5,337,070
US
Physical
Therapy,
Inc.
..............
10,789
995,393
61,930,930
Health
Care
REITs
—
0.7%
CareTrust
REIT,
Inc.
..................
71,513
1,496,052
LTC
Properties,
Inc.
..................
29,459
918,237
Omega
Healthcare
Investors,
Inc.
.........
121,551
3,524,979
5,939,268
Health
Care
Technology
—
0.2%
HealthStream,
Inc.
...................
50,666
1,348,729
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
iShares
®
MSCI
USA
Small-Cap
Min
Vol
Factor
ETF
Schedule
of
Investments
11
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Hotels,
Restaurants
&
Leisure
—
1.2%
Accel
Entertainment,
Inc.
,
Class
A
(a)
.......
39,462
$
404,485
Choice
Hotels
International,
Inc.
..........
7,139
864,676
Target
Hospitality
Corp.
(a)
..............
35,819
346,370
Texas
Roadhouse,
Inc.
................
25,776
3,240,559
Wendy's
Co.
(The)
...................
299,557
5,715,547
10,571,637
Household
Durables
—
0.0%
iRobot
Corp.
(a)
(b)
.....................
14,930
203,048
Household
Products
—
0.4%
Reynolds
Consumer
Products,
Inc.
........
130,176
3,536,882
Industrial
REITs
—
0.2%
Americold
Realty
Trust,
Inc.
.............
68,259
1,877,122
Insurance
—
12.0%
AMERISAFE,
Inc.
...................
39,590
1,973,166
Axis
Capital
Holdings
Ltd.
..............
152,934
9,102,632
Donegal
Group,
Inc.
,
Class
A
............
34,605
519,421
Employers
Holdings,
Inc.
...............
52,730
2,199,896
Enstar
Group
Ltd.
(a)
..................
23,145
6,177,169
Hanover
Insurance
Group,
Inc.
(The)
......
60,805
8,026,868
Horace
Mann
Educators
Corp.
...........
82,983
3,056,264
James
River
Group
Holdings
Ltd.
.........
77,727
743,847
Mercury
General
Corp.
................
57,144
2,288,617
Old
Republic
International
Corp.
..........
434,419
12,181,109
ProAssurance
Corp.
..................
96,713
1,301,757
Reinsurance
Group
of
America,
Inc.
.......
22,019
3,828,884
RenaissanceRe
Holdings
Ltd.
...........
36,163
8,275,179
RLI
Corp.
.........................
72,789
9,926,236
Ryan
Specialty
Holdings,
Inc.
,
Class
A
(a)
(b)
...
99,264
4,300,116
Safety
Insurance
Group,
Inc.
............
30,090
2,506,798
Selective
Insurance
Group,
Inc.
..........
102,221
10,718,894
SiriusPoint
Ltd.
(a)
....................
172,490
2,035,382
Skyward
Specialty
Insurance
Group,
Inc.
(a)
...
27,215
846,386
Tiptree,
Inc.
.......................
45,512
861,542
United
Fire
Group,
Inc.
................
20,478
458,912
Universal
Insurance
Holdings,
Inc.
........
55,875
928,642
Unum
Group
.......................
45,476
2,198,310
White
Mountains
Insurance
Group
Ltd.
(b)
....
5,281
8,322,698
102,778,725
IT
Services
—
0.1%
Hackett
Group,
Inc.
(The)
..............
50,556
1,168,855
Leisure
Products
—
0.2%
Sturm
Ruger
&
Co.,
Inc.
...............
36,577
1,596,952
Life
Sciences
Tools
&
Services
—
0.1%
Fortrea
Holdings,
Inc.
(a)
(b)
...............
27,144
840,378
Machinery
—
0.1%
Donaldson
Co.,
Inc.
..................
6,831
441,214
Marine
Transportation
—
0.1%
Eagle
Bulk
Shipping,
Inc.
..............
14,363
791,832
Media
—
1.1%
Daily
Journal
Corp.
(a)
.................
2,556
821,294
New
York
Times
Co.
(The)
,
Class
A
........
33,938
1,648,029
Scholastic
Corp.
,
NVS
................
23,134
889,271
TEGNA,
Inc.
.......................
394,852
6,155,743
9,514,337
Metals
&
Mining
—
2.1%
Arch
Resources,
Inc.
,
Class
A
...........
9,685
1,713,858
Royal
Gold,
Inc.
.....................
109,095
12,479,377
Security
Shares
Shares
Value
Metals
&
Mining
(continued)
Warrior
Met
Coal,
Inc.
.................
53,630
$
3,441,437
17,634,672
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.1%
Dynex
Capital,
Inc.
...................
82,931
1,015,075
Multi-Utilities
—
1.3%
Avista
Corp.
.......................
153,527
5,221,453
Northwestern
Energy
Group,
Inc.
.........
126,311
6,078,086
11,299,539
Office
REITs
—
0.5%
Equity
Commonwealth
................
226,497
4,328,358
Oil,
Gas
&
Consumable
Fuels
—
4.1%
Antero
Midstream
Corp.
...............
466,102
5,705,088
California
Resources
Corp.
.............
14,528
692,695
CNX
Resources
Corp.
(a)
...............
42,626
861,045
CONSOL
Energy,
Inc.
.................
6,872
650,091
Delek
US
Holdings,
Inc.
...............
21,359
577,334
Dorian
LPG
Ltd.
.....................
66,699
2,497,211
DT
Midstream,
Inc.
...................
37,260
2,000,489
Gulfport
Energy
Corp.
(a)
(b)
..............
4,811
610,516
Hess
Midstream
LP
,
Class
A
............
141,086
4,770,118
International
Seaways,
Inc.
.............
70,638
3,789,022
Kimbell
Royalty
Partners
LP
............
137,176
2,060,384
Kinetik
Holdings,
Inc.
,
Class
A
...........
32,180
1,046,494
Par
Pacific
Holdings,
Inc.
(a)
.............
45,524
1,665,723
PBF
Energy,
Inc.
,
Class
A
..............
23,500
1,186,985
Plains
GP
Holdings
LP
,
Class
A
..........
334,490
5,412,048
REX
American
Resources
Corp.
(a)
........
28,885
1,195,550
Viper
Energy,
Inc.
...................
15,583
486,501
35,207,294
Paper
&
Forest
Products
—
0.1%
Clearwater
Paper
Corp.
(a)
..............
30,483
1,005,025
Personal
Care
Products
—
0.1%
BellRing
Brands,
Inc.
(a)
................
11,155
616,537
Pharmaceuticals
—
2.5%
Amphastar
Pharmaceuticals,
Inc.
(a)
........
26,090
1,392,162
Collegium
Pharmaceutical,
Inc.
(a)
.........
71,638
2,361,188
Corcept
Therapeutics,
Inc.
(a)
............
59,001
1,244,921
Innoviva,
Inc.
(a)
(b)
....................
120,924
1,958,969
Intra-Cellular
Therapies,
Inc.
(a)
(b)
..........
27,502
1,851,985
Pacira
BioSciences,
Inc.
(a)
..............
19,636
639,937
Perrigo
Co.
plc
.....................
90,705
2,909,816
Prestige
Consumer
Healthcare,
Inc.
(a)
......
102,174
6,287,788
Supernus
Pharmaceuticals,
Inc.
(a)
.........
49,241
1,362,991
Tarsus
Pharmaceuticals,
Inc.
(a)
(b)
..........
23,473
639,405
Theravance
Biopharma,
Inc.
(a)
(b)
..........
87,206
826,713
21,475,875
Professional
Services
—
5.0%
Barrett
Business
Services,
Inc.
...........
13,893
1,559,767
CACI
International,
Inc.
,
Class
A
(a)
........
17,415
5,986,058
CBIZ,
Inc.
(a)
........................
17,629
1,122,262
CRA
International,
Inc.
................
14,453
1,549,940
CSG
Systems
International,
Inc.
..........
29,020
1,459,996
FTI
Consulting,
Inc.
(a)
.................
29,553
5,662,650
Huron
Consulting
Group,
Inc.
(a)
...........
39,284
4,067,073
ICF
International,
Inc.
.................
7,777
1,081,314
KBR,
Inc.
.........................
69,067
3,599,081
Kelly
Services,
Inc.
,
Class
A,
NVS
........
19,598
402,739
Kforce,
Inc.
........................
21,109
1,442,800
Maximus,
Inc.
......................
55,804
4,526,821
Science
Applications
International
Corp.
....
50,768
6,481,043
2024
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
iShares
®
MSCI
USA
Small-Cap
Min
Vol
Factor
ETF
12
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Professional
Services
(continued)
Verra
Mobility
Corp.
,
Class
A
(a)
...........
171,780
$
4,107,260
43,048,804
Real
Estate
Management
&
Development
—
0.2%
FRP
Holdings,
Inc.
(a)
..................
15,677
910,834
RMR
Group,
Inc.
(The)
,
Class
A
..........
22,159
578,128
1,488,962
Retail
REITs
—
2.1%
Agree
Realty
Corp.
..................
198,552
11,835,685
Getty
Realty
Corp.
...................
76,590
2,118,479
NETSTREIT
Corp.
...................
138,222
2,511,494
Phillips
Edison
&
Co.,
Inc.
..............
31,587
1,096,385
17,562,043
Semiconductors
&
Semiconductor
Equipment
—
0.1%
(a)
Cirrus
Logic,
Inc.
....................
5,371
414,641
Magnachip
Semiconductor
Corp.
(b)
........
66,104
431,659
846,300
Software
—
3.8%
Adeia,
Inc.
........................
41,453
503,239
Blackbaud,
Inc.
(a)
....................
15,053
1,218,089
CCC
Intelligent
Solutions
Holdings,
Inc.
(a)
....
140,665
1,545,908
Clearwater
Analytics
Holdings,
Inc.
,
Class
A
(a)
.
76,952
1,450,545
CommVault
Systems,
Inc.
(a)
.............
85,966
7,881,363
Dolby
Laboratories,
Inc.
,
Class
A
.........
122,832
10,217,166
InterDigital,
Inc.
.....................
37,892
3,980,555
Mitek
Systems,
Inc.
(a)
(b)
................
36,612
461,311
Model
N,
Inc.
(a)
(b)
....................
21,718
585,300
Progress
Software
Corp.
...............
79,181
4,498,273
32,341,749
Specialized
REITs
—
0.1%
Farmland
Partners,
Inc.
...............
90,867
1,019,528
Specialty
Retail
—
2.4%
Arko
Corp.
........................
122,189
953,074
Murphy
USA,
Inc.
...................
33,746
11,896,140
ODP
Corp.
(The)
(a)
...................
51,605
2,639,080
Valvoline,
Inc.
(a)
.....................
76,198
2,780,465
Winmark
Corp.
.....................
6,118
2,206,579
20,475,338
Trading
Companies
&
Distributors
—
1.5%
McGrath
RentCorp
...................
50,505
6,345,953
MSC
Industrial
Direct
Co.,
Inc.
,
Class
A
.....
69,812
6,889,048
13,235,001
Water
Utilities
—
1.0%
American
States
Water
Co.
.............
26,843
2,002,488
California
Water
Service
Group
..........
55,422
2,508,954
SJW
Group
........................
49,263
2,933,119
York
Water
Co.
(The)
.................
29,537
1,059,787
8,504,348
Wireless
Telecommunication
Services
—
0.1%
United
States
Cellular
Corp.
(a)
...........
18,206
808,346
Total
Common
Stocks
—
99
.8
%
(Cost:
$
776,847,467
)
..............................
856,299,876
Security
Shares
Shares
Value
Rights
Pharmaceuticals
—
0.0%
Contra
Chinook
Therape,
CVR
(a)
(c)
........
72,502
$
31,901
Total
Rights
—
0
.0
%
(Cost:
$
28,276
)
.................................
31,901
Total
Long-Term
Investments
—
99.8%
(Cost:
$
776,875,743
)
..............................
856,331,777
Short-Term
Securities
Money
Market
Funds
—
3.4%
(d)(e)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.51
%
(f)
..................
27,503,805
27,520,307
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.32
%
...................
1,252,977
1,252,977
Total
Short-Term
Securities
—
3
.4
%
(Cost:
$
28,753,623
)
...............................
28,773,284
Total
Investments
—
103
.2
%
(Cost:
$
805,629,366
)
..............................
885,105,061
Liabilities
in
Excess
of
Other
Assets
—
(
3.2
)
%
.............
(
27,079,347
)
Net
Assets
—
100.0%
...............................
$
858,025,714
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(d)
Affiliate
of
the
Fund.
(e)
Annualized
7-day
yield
as
of
period
end.
(f)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
iShares
®
MSCI
USA
Small-Cap
Min
Vol
Factor
ETF
Schedule
of
Investments
13
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
January
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
Affiliated
Issuer
Value
at
07/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
01/31/24
Shares
Held
at
01/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..............
$
23,686,593
$
3,823,796
(a)
$
—
$
792
$
9,126
$
27,520,307
27,503,805
$
370,732
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
2,436,774
—
(
1,183,797
)
(a)
—
—
1,252,977
1,252,977
44,100
—
$
792
$
9,126
$
28,773,284
$
414,832
$
—
—
—
(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
..............................................
15
03/15/24
$
505
$
(
29,629
)
S&P
Midcap
400
E-Mini
Index
.................................................
4
03/15/24
1,097
(
24,103
)
$
(
53,732
)
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
$
—
$
—
$
53,732
$
—
$
—
$
—
$
53,732
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
January
31,
2024,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
c
ontracts
.......................
$
—
$
—
$
27,775
$
—
$
—
$
—
$
27,775
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
c
ontracts
.......................
$
—
$
—
$
(
95,708
)
$
—
$
—
$
—
$
(
95,708
)
2024
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
iShares
®
MSCI
USA
Small-Cap
Min
Vol
Factor
ETF
14
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
1,792,700
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
856,299,876
$
—
$
—
$
856,299,876
Rights
................................................
—
—
31,901
31,901
Short-Term
Securities
Money
Market
Funds
......................................
28,773,284
—
—
28,773,284
$
885,073,160
$
—
$
31,901
$
885,105,061
Derivative
Financial
Instruments
(a)
Liabilities
Equity
contracts
...........................................
$
(
53,732
)
$
—
$
—
$
(
53,732
)
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
(unaudited)
January
31,
2024
iShares
®
U.S.
Equity
Factor
ETF
Schedule
of
Investments
15
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
0.2%
Lockheed
Martin
Corp.
................
7,082
$
3,041,082
Air
Freight
&
Logistics
—
0.0%
Expeditors
International
of
Washington,
Inc.
..
1,359
171,682
Automobiles
—
1.4%
Ford
Motor
Co.
.....................
220,952
2,589,557
General
Motors
Co.
..................
119,443
4,634,388
Harley-Davidson,
Inc.
.................
46,428
1,506,589
Tesla,
Inc.
(a)
........................
68,265
12,785,352
Thor
Industries,
Inc.
..................
9,828
1,110,761
22,626,647
Banks
—
2.8%
Bank
of
America
Corp.
................
161,095
5,478,841
Citigroup,
Inc.
......................
97,551
5,479,440
Fifth
Third
Bancorp
..................
14,751
505,074
JPMorgan
Chase
&
Co.
...............
125,487
21,879,913
NU
Holdings
Ltd.
,
Class
A
(a)
.............
298,423
2,569,422
Popular,
Inc.
.......................
51,178
4,373,160
US
Bancorp
.......................
28,175
1,170,389
Wells
Fargo
&
Co.
...................
53,192
2,669,175
44,125,414
Beverages
—
1.4%
Coca-Cola
Co.
(The)
.................
150,202
8,935,517
PepsiCo,
Inc.
......................
83,117
14,007,708
22,943,225
Biotechnology
—
2.3%
AbbVie,
Inc.
.......................
99,624
16,378,186
Amgen,
Inc.
.......................
17,362
5,456,182
Biogen,
Inc.
(a)
......................
785
193,628
Gilead
Sciences,
Inc.
.................
68,709
5,377,166
Moderna,
Inc.
(a)
(b)
....................
44,562
4,502,990
Vertex
Pharmaceuticals,
Inc.
(a)
...........
11,413
4,946,166
36,854,318
Broadline
Retail
—
3.4%
Amazon.com,
Inc.
(a)
..................
270,029
41,908,501
Coupang,
Inc.
,
Class
A
(a)
(b)
..............
44,840
627,760
eBay,
Inc.
.........................
46,940
1,927,826
Etsy,
Inc.
(a)
........................
57,173
3,805,435
MercadoLibre,
Inc.
(a)
..................
3,665
6,273,783
54,543,305
Building
Products
—
0.9%
Builders
FirstSource,
Inc.
(a)
.............
46,067
8,003,220
Carrier
Global
Corp.
..................
18,981
1,038,451
Lennox
International,
Inc.
..............
844
361,367
Simpson
Manufacturing
Co.,
Inc.
.........
4,647
841,061
Trane
Technologies
plc
................
7,569
1,907,766
UFP
Industries,
Inc.
..................
21,289
2,415,237
14,567,102
Capital
Markets
—
4.5%
Affiliated
Managers
Group,
Inc.
..........
18,085
2,691,771
Ameriprise
Financial,
Inc.
..............
14,958
5,786,203
Bank
of
New
York
Mellon
Corp.
(The)
......
105,296
5,839,716
BlackRock,
Inc.
(c)
....................
4,609
3,568,795
Blackstone,
Inc.
.....................
4,188
521,197
Charles
Schwab
Corp.
(The)
............
6,005
377,835
Evercore,
Inc.
,
Class
A
................
26,850
4,610,951
Goldman
Sachs
Group,
Inc.
(The)
........
19,762
7,588,806
Interactive
Brokers
Group,
Inc.
,
Class
A
.....
62,290
5,528,237
Janus
Henderson
Group
plc
............
117,994
3,393,507
Security
Shares
Shares
Value
Capital
Markets
(continued)
Jefferies
Financial
Group,
Inc.
...........
124,743
$
5,084,525
Morgan
Stanley
.....................
35,856
3,128,077
MSCI,
Inc.
........................
10,518
6,296,285
Nasdaq,
Inc.
.......................
56,185
3,245,807
Raymond
James
Financial,
Inc.
..........
12,126
1,336,043
S&P
Global,
Inc.
....................
16,513
7,403,604
State
Street
Corp.
...................
45,524
3,362,858
XP,
Inc.
,
Class
A
....................
56,078
1,378,397
71,142,614
Chemicals
—
1.2%
CF
Industries
Holdings,
Inc.
.............
6,717
507,201
Dow,
Inc.
.........................
22,116
1,185,418
Linde
plc
.........................
34,910
14,132,615
LyondellBasell
Industries
NV
,
Class
A
......
8,373
788,067
Olin
Corp.
.........................
59,688
3,107,954
19,721,255
Commercial
Services
&
Supplies
—
0.7%
Cintas
Corp.
.......................
8,549
5,168,469
Tetra
Tech,
Inc.
.....................
9,300
1,471,074
Veralto
Corp.
.......................
54,781
4,201,155
10,840,698
Communications
Equipment
—
0.9%
Arista
Networks,
Inc.
(a)
................
16,978
4,391,869
Cisco
Systems,
Inc.
..................
138,422
6,946,016
Motorola
Solutions,
Inc.
...............
8,887
2,839,397
14,177,282
Construction
&
Engineering
—
0.2%
EMCOR
Group,
Inc.
..................
16,727
3,815,596
Consumer
Finance
—
1.1%
Ally
Financial,
Inc.
...................
179,593
6,587,471
American
Express
Co.
................
16,221
3,256,203
Capital
One
Financial
Corp.
.............
24,196
3,274,203
Credit
Acceptance
Corp.
(a)
(b)
.............
551
298,130
OneMain
Holdings,
Inc.
................
19,029
905,780
Synchrony
Financial
..................
79,480
3,089,388
17,411,175
Consumer
Staples
Distribution
&
Retail
—
1.8%
Albertsons
Cos.,
Inc.
,
Class
A
...........
32,524
690,159
Costco
Wholesale
Corp.
...............
11,535
8,015,441
Kroger
Co.
(The)
....................
116,505
5,375,541
Target
Corp.
.......................
15,977
2,222,081
Walmart,
Inc.
.......................
77,011
12,726,068
29,029,290
Diversified
Consumer
Services
—
0.6%
Duolingo,
Inc.
,
Class
A
(a)
...............
25,522
4,565,630
H&R
Block,
Inc.
.....................
102,608
4,806,159
9,371,789
Diversified
Telecommunication
Services
—
0.9%
AT&T,
Inc.
.........................
521,280
9,221,443
Verizon
Communications,
Inc.
...........
132,868
5,626,960
14,848,403
Electric
Utilities
—
1.1%
Constellation
Energy
Corp.
.............
7,075
863,150
Duke
Energy
Corp.
..................
37,187
3,563,630
Exelon
Corp.
.......................
81,088
2,822,673
FirstEnergy
Corp.
...................
21,797
799,514
NextEra
Energy,
Inc.
.................
51,787
3,036,272
NRG
Energy,
Inc.
....................
28,239
1,497,797
2024
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
iShares
®
U.S.
Equity
Factor
ETF
16
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Electric
Utilities
(continued)
Southern
Co.
(The)
..................
78,817
$
5,479,358
18,062,394
Electrical
Equipment
—
1.2%
Acuity
Brands,
Inc.
...................
3,232
769,733
Atkore,
Inc.
(a)
.......................
26,933
4,108,090
Eaton
Corp.
plc
.....................
20,535
5,053,253
Emerson
Electric
Co.
.................
56,909
5,220,263
nVent
Electric
plc
....................
61,281
3,679,311
18,830,650
Electronic
Equipment,
Instruments
&
Components
—
0.5%
Jabil,
Inc.
.........................
48,395
6,063,409
Keysight
Technologies,
Inc.
(a)
............
9,165
1,404,628
7,468,037
Energy
Equipment
&
Services
—
0.4%
ChampionX
Corp.
...................
22,606
619,631
Schlumberger
NV
...................
21,282
1,036,433
Weatherford
International
plc
(a)
...........
48,035
4,301,534
5,957,598
Entertainment
—
0.1%
(a)
Live
Nation
Entertainment,
Inc.
...........
3,284
291,784
Spotify
Technology
SA
................
3,044
655,525
947,309
Financial
Services
—
2.5%
Fidelity
National
Information
Services,
Inc.
...
26,285
1,636,504
Fiserv,
Inc.
(a)
.......................
10,436
1,480,555
Mastercard,
Inc.
,
Class
A
...............
27,070
12,160,656
Visa,
Inc.
,
Class
A
...................
82,417
22,521,269
Voya
Financial,
Inc.
..................
31,942
2,311,643
40,110,627
Food
Products
—
0.8%
Archer-Daniels-Midland
Co.
.............
25,635
1,424,793
General
Mills,
Inc.
...................
69,455
4,508,324
Hershey
Co.
(The)
...................
20,953
4,055,244
Kraft
Heinz
Co.
(The)
.................
4,409
163,706
Mondelez
International,
Inc.
,
Class
A
.......
29,212
2,198,787
12,350,854
Ground
Transportation
—
0.3%
Avis
Budget
Group,
Inc.
...............
14,310
2,342,690
Landstar
System,
Inc.
.................
1,600
306,752
Uber
Technologies,
Inc.
(a)
..............
29,442
1,921,679
4,571,121
Health
Care
Equipment
&
Supplies
—
1.7%
Abbott
Laboratories
..................
90,948
10,290,766
Becton
Dickinson
&
Co.
...............
1,447
345,558
Boston
Scientific
Corp.
(a)
...............
4,028
254,811
Dentsply
Sirona,
Inc.
.................
45,164
1,569,449
GE
HealthCare
Technologies,
Inc.
(b)
.......
58,149
4,265,811
Hologic,
Inc.
(a)
......................
92,593
6,892,623
Lantheus
Holdings,
Inc.
(a)
(b)
.............
38,804
2,015,092
Medtronic
plc
......................
15,596
1,365,274
26,999,384
Health
Care
Providers
&
Services
—
3.2%
Cigna
Group
(The)
...................
6,237
1,877,025
CVS
Health
Corp.
...................
98,636
7,335,559
DaVita,
Inc.
(a)
.......................
6,563
709,854
Elevance
Health,
Inc.
.................
13,120
6,473,933
Humana,
Inc.
......................
11,012
4,163,197
McKesson
Corp.
....................
16,236
8,116,214
Molina
Healthcare,
Inc.
(a)
(b)
..............
14,894
5,308,817
Security
Shares
Shares
Value
Health
Care
Providers
&
Services
(continued)
UnitedHealth
Group,
Inc.
...............
34,052
$
17,425,771
51,410,370
Hotels,
Restaurants
&
Leisure
—
2.8%
Airbnb,
Inc.
,
Class
A
(a)
.................
43,968
6,337,548
Booking
Holdings,
Inc.
(a)
...............
3,094
10,852,112
Hyatt
Hotels
Corp.
,
Class
A
.............
7,151
917,974
McDonald's
Corp.
...................
34,602
10,128,697
Starbucks
Corp.
.....................
49,088
4,566,657
Wingstop,
Inc.
......................
20,972
5,895,439
Yum!
Brands,
Inc.
...................
43,292
5,605,881
44,304,308
Household
Durables
—
0.1%
Whirlpool
Corp.
.....................
9,613
1,052,816
Household
Products
—
1.5%
Procter
&
Gamble
Co.
(The)
............
149,362
23,470,745
Independent
Power
and
Renewable
Electricity
Producers
—
0.3%
Vistra
Corp.
.......................
111,814
4,587,728
Industrial
Conglomerates
—
0.2%
3M
Co.
...........................
27,570
2,601,230
Industrial
REITs
—
0.3%
Prologis,
Inc.
.......................
33,262
4,213,963
Insurance
—
2.2%
Aflac,
Inc.
.........................
68,099
5,743,470
American
International
Group,
Inc.
........
67,175
4,669,334
Arch
Capital
Group
Ltd.
(a)
..............
4,819
397,230
Everest
Group
Ltd.
...................
2,878
1,107,944
Fidelity
National
Financial,
Inc.
,
Class
A
.....
78,115
3,908,094
Hartford
Financial
Services
Group,
Inc.
(The)
.
4,456
387,494
MetLife,
Inc.
.......................
146,747
10,172,502
Principal
Financial
Group,
Inc.
...........
6,714
531,077
Prudential
Financial,
Inc.
...............
36,670
3,847,783
Travelers
Cos.,
Inc.
(The)
..............
14,948
3,159,409
Unum
Group
.......................
28,526
1,378,947
35,303,284
Interactive
Media
&
Services
—
3.5%
(a)
Alphabet,
Inc.
,
Class
C,
NVS
............
212,951
30,196,452
Meta
Platforms,
Inc.
,
Class
A
............
65,365
25,501,501
55,697,953
IT
Services
—
1.5%
Accenture
plc
,
Class
A
................
20,377
7,414,783
Amdocs
Ltd.
.......................
23,540
2,158,147
Gartner,
Inc.
(a)
......................
13,297
6,082,580
International
Business
Machines
Corp.
.....
7,663
1,407,387
MongoDB,
Inc.
,
Class
A
(a)
..............
1,649
660,457
Okta,
Inc.
,
Class
A
(a)
..................
8,996
743,519
Wix.com
Ltd.
(a)
......................
36,815
4,671,087
23,137,960
Life
Sciences
Tools
&
Services
—
1.5%
Agilent
Technologies,
Inc.
..............
21,912
2,850,751
Danaher
Corp.
.....................
12,241
2,936,738
Medpace
Holdings,
Inc.
(a)
..............
15,474
4,511,909
Mettler-Toledo
International,
Inc.
(a)
........
4,165
4,986,296
Thermo
Fisher
Scientific,
Inc.
............
14,631
7,885,817
23,171,511
Machinery
—
1.6%
AGCO
Corp.
.......................
6,546
800,772
Caterpillar,
Inc.
.....................
13,529
4,062,894
Crane
Co.
.........................
34,942
4,336,652
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
iShares
®
U.S.
Equity
Factor
ETF
Schedule
of
Investments
17
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Machinery
(continued)
Deere
&
Co.
.......................
7,932
$
3,121,877
Illinois
Tool
Works,
Inc.
................
15,776
4,115,958
Otis
Worldwide
Corp.
.................
54,310
4,803,176
PACCAR,
Inc.
......................
7,260
728,832
Parker-Hannifin
Corp.
.................
2,968
1,378,636
Watts
Water
Technologies,
Inc.
,
Class
A
.....
9,412
1,863,670
25,212,467
Media
—
1.4%
Charter
Communications,
Inc.
,
Class
A
(a)
....
3,674
1,361,989
Comcast
Corp.
,
Class
A
...............
134,378
6,253,952
Fox
Corp.
,
Class
A,
NVS
...............
138,636
4,477,943
Interpublic
Group
of
Cos.,
Inc.
(The)
.......
130,372
4,300,972
News
Corp.
,
Class
A,
NVS
.............
121,449
2,992,503
Omnicom
Group,
Inc.
.................
29,522
2,668,198
22,055,557
Metals
&
Mining
—
0.9%
Commercial
Metals
Co.
................
23,459
1,225,029
Nucor
Corp.
.......................
24,912
4,656,800
Reliance
Steel
&
Aluminum
Co.
..........
16,087
4,591,552
Steel
Dynamics,
Inc.
..................
37,119
4,479,892
14,953,273
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.1%
AGNC
Investment
Corp.
...............
88,574
839,682
Multi-Utilities
—
0.9%
Ameren
Corp.
......................
40,991
2,851,744
Consolidated
Edison,
Inc.
..............
30,692
2,789,903
DTE
Energy
Co.
....................
40,760
4,296,919
Public
Service
Enterprise
Group,
Inc.
......
7,920
459,280
Sempra
..........................
14,823
1,060,734
WEC
Energy
Group,
Inc.
...............
41,780
3,374,153
14,832,733
Office
REITs
—
0.0%
Boston
Properties,
Inc.
................
5,258
349,657
Oil,
Gas
&
Consumable
Fuels
—
3.4%
Antero
Resources
Corp.
(a)
..............
105,925
2,366,364
APA
Corp.
........................
95,161
2,981,394
Chesapeake
Energy
Corp.
.............
3,781
291,553
Chevron
Corp.
......................
65,720
9,689,100
ConocoPhillips
.....................
8,870
992,287
Devon
Energy
Corp.
..................
32,578
1,368,928
EOG
Resources,
Inc.
.................
6,561
746,576
Exxon
Mobil
Corp.
...................
153,597
15,791,308
Kinder
Morgan,
Inc.
..................
36,779
622,301
Marathon
Oil
Corp.
...................
62,137
1,419,830
Marathon
Petroleum
Corp.
.............
53,116
8,796,010
Murphy
Oil
Corp.
....................
12,131
469,470
Ovintiv,
Inc.
........................
12,203
517,651
Phillips
66
.........................
1,184
170,863
Range
Resources
Corp.
...............
153,462
4,456,536
Valero
Energy
Corp.
..................
21,487
2,984,544
53,664,715
Paper
&
Forest
Products
—
0.2%
Louisiana-Pacific
Corp.
................
51,453
3,424,197
Personal
Care
Products
—
0.4%
elf
Beauty,
Inc.
(a)
....................
37,843
6,037,094
Pharmaceuticals
—
3.9%
Bristol-Myers
Squibb
Co.
...............
129,882
6,347,333
Eli
Lilly
&
Co.
......................
26,869
17,346,895
Johnson
&
Johnson
..................
113,092
17,970,319
Security
Shares
Shares
Value
Pharmaceuticals
(continued)
Merck
&
Co.,
Inc.
....................
114,470
$
13,825,686
Pfizer,
Inc.
........................
234,935
6,362,040
Royalty
Pharma
plc
,
Class
A
............
6,412
182,037
62,034,310
Professional
Services
—
0.8%
Automatic
Data
Processing,
Inc.
..........
10,272
2,524,652
Paychex,
Inc.
......................
58,221
7,087,242
Robert
Half,
Inc.
....................
47,475
3,776,162
13,388,056
Residential
REITs
—
0.7%
AvalonBay
Communities,
Inc.
...........
18,994
3,400,116
Equity
Residential
...................
78,531
4,726,781
Mid-America
Apartment
Communities,
Inc.
...
20,019
2,530,001
10,656,898
Retail
REITs
—
0.4%
Brixmor
Property
Group,
Inc.
............
104,138
2,336,857
Simon
Property
Group,
Inc.
.............
32,394
4,490,132
6,826,989
Semiconductors
&
Semiconductor
Equipment
—
7.8%
Advanced
Micro
Devices,
Inc.
(a)
..........
8,441
1,415,471
Applied
Materials,
Inc.
................
31,281
5,139,468
Axcelis
Technologies,
Inc.
(a)
.............
23,308
3,031,205
Broadcom,
Inc.
.....................
24,409
28,802,620
Enphase
Energy,
Inc.
(a)
(b)
...............
10,255
1,067,853
Intel
Corp.
........................
45,597
1,964,319
KLA
Corp.
.........................
9,524
5,657,637
Lam
Research
Corp.
.................
3,769
3,110,066
Lattice
Semiconductor
Corp.
(a)
(b)
..........
31,796
1,935,105
Microchip
Technology,
Inc.
..............
15,440
1,315,179
NVIDIA
Corp.
......................
84,877
52,222,272
QUALCOMM,
Inc.
...................
53,642
7,966,373
Rambus,
Inc.
(a)
.....................
76,644
5,252,413
Texas
Instruments,
Inc.
................
29,205
4,676,305
123,556,286
Software
—
14.2%
Adobe,
Inc.
(a)
.......................
10,633
6,568,855
AppLovin
Corp.
,
Class
A
(a)
..............
54,733
2,251,168
Atlassian
Corp.
,
Class
A
(a)
..............
41,541
10,375,696
Cadence
Design
Systems,
Inc.
(a)
.........
27,203
7,846,977
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
.......
15,528
4,541,940
DocuSign,
Inc.
(a)
....................
72,728
4,430,590
Elastic
NV
(a)
.......................
27,305
3,196,323
Fair
Isaac
Corp.
(a)
....................
8,457
10,138,505
Fortinet,
Inc.
(a)
......................
123,662
7,974,962
HubSpot,
Inc.
(a)
.....................
4,211
2,572,921
Intuit,
Inc.
.........................
12,966
8,185,825
Manhattan
Associates,
Inc.
(a)
............
27,654
6,707,754
Microsoft
Corp.
.....................
267,298
106,272,339
Monday.com
Ltd.
(a)
...................
25,597
5,376,394
Nutanix,
Inc.
,
Class
A
(a)
................
125,962
7,079,064
Oracle
Corp.
.......................
32,434
3,622,878
Palo
Alto
Networks,
Inc.
(a)
..............
15,706
5,316,638
Procore
Technologies,
Inc.
(a)
............
32,942
2,351,729
Qualys,
Inc.
(a)
......................
23,333
4,413,904
Salesforce,
Inc.
(a)
....................
3,031
851,984
ServiceNow,
Inc.
(a)
...................
1,687
1,291,230
Smartsheet,
Inc.
,
Class
A
(a)
.............
24,197
1,088,139
Synopsys,
Inc.
(a)
....................
11,690
6,234,862
Workiva,
Inc.
,
Class
A
(a)
................
35,762
3,323,720
Zscaler,
Inc.
(a)
......................
10,676
2,516,013
224,530,410
2024
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
iShares
®
U.S.
Equity
Factor
ETF
18
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Specialized
REITs
—
0.7%
Lamar
Advertising
Co.
,
Class
A
..........
4,311
$
451,276
Public
Storage
......................
13,728
3,887,632
Weyerhaeuser
Co.
...................
200,996
6,586,639
10,925,547
Specialty
Retail
—
3.1%
AutoNation,
Inc.
(a)
(b)
..................
26,196
3,658,533
AutoZone,
Inc.
(a)
(b)
...................
909
2,510,776
Bath
&
Body
Works,
Inc.
...............
101,502
4,330,075
Best
Buy
Co.,
Inc.
...................
28,398
2,058,571
Dick's
Sporting
Goods,
Inc.
.............
37,790
5,633,355
Home
Depot,
Inc.
(The)
...............
29,484
10,406,673
Lowe's
Cos.,
Inc.
....................
46,559
9,909,618
Murphy
USA,
Inc.
...................
6,688
2,357,654
Wayfair,
Inc.
,
Class
A
(a)
(b)
...............
25,657
1,289,264
Williams-Sonoma,
Inc.
................
38,997
7,541,630
49,696,149
Technology
Hardware,
Storage
&
Peripherals
—
7.1%
Apple,
Inc.
........................
534,548
98,570,651
Dell
Technologies,
Inc.
,
Class
C
..........
38,022
3,151,263
Hewlett
Packard
Enterprise
Co.
..........
350,423
5,357,968
HP,
Inc.
..........................
100,840
2,895,116
Super
Micro
Computer,
Inc.
(a)
............
4,932
2,612,037
112,587,035
Textiles,
Apparel
&
Luxury
Goods
—
0.8%
Crocs,
Inc.
(a)
.......................
30,149
3,059,521
Deckers
Outdoor
Corp.
(a)
...............
4,628
3,488,262
PVH
Corp.
........................
14,534
1,747,859
Tapestry,
Inc.
.......................
109,394
4,243,393
12,539,035
Tobacco
—
0.5%
Altria
Group,
Inc.
....................
13,809
554,017
Philip
Morris
International,
Inc.
...........
86,361
7,845,897
8,399,914
Trading
Companies
&
Distributors
—
0.7%
Applied
Industrial
Technologies,
Inc.
.......
8,711
1,537,143
Ferguson
plc
.......................
39,122
7,349,459
WW
Grainger,
Inc.
...................
1,755
1,571,848
10,458,450
Water
Utilities
—
0.1%
American
Water
Works
Co.,
Inc.
..........
12,908
1,600,850
Total
Long-Term
Investments
—
99
.7
%
(Cost:
$
1,323,070,335
)
............................
1,582,050,023
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
1.4%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.51
%
(e)
..................
19,492,575
$
19,504,271
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.32
%
...................
3,793,020
3,793,020
Total
Short-Term
Securities
—
1
.4
%
(Cost:
$
23,292,897
)
...............................
23,297,291
Total
Investments
—
101
.1
%
(Cost:
$
1,346,363,232
)
............................
1,605,347,314
Liabilities
in
Excess
of
Other
Assets
—
(
1.1
)
%
.............
(
18,051,136
)
Net
Assets
—
100.0%
...............................
$
1,587,296,178
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
iShares
®
U.S.
Equity
Factor
ETF
Schedule
of
Investments
19
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
January
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
Affiliated
Issuer
Value
at
07/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
01/31/24
Shares
Held
at
01/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..............
$
5,273,814
$
14,221,202
(a)
$
—
$
5,410
$
3,845
$
19,504,271
19,492,575
$
47,192
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
2,245,623
1,547,397
(a)
—
—
—
3,793,020
3,793,020
89,231
—
BlackRock,
Inc.
..........
3,257,590
256,144
(
127,346
)
15,099
167,308
3,568,795
4,609
45,545
—
$
20,509
$
171,153
$
26,866,086
$
181,968
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
S&P
500
E-Mini
Index
.......................................................
18
03/15/24
$
4,383
$
151,807
S&P
Midcap
400
E-Mini
Index
.................................................
2
03/15/24
549
(
5,948
)
$
145,859
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)
......
$
—
$
—
$
151,807
$
—
$
—
$
—
$
151,807
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
—
—
5,948
—
—
—
5,948
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
January
31,
2024,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
c
ontracts
.......................
$
—
$
—
$
(
317
)
$
—
$
—
$
—
$
(
317
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
c
ontracts
.......................
$
—
$
—
$
38,581
$
—
$
—
$
—
$
38,581
2024
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
iShares
®
U.S.
Equity
Factor
ETF
20
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
4,914,997
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
1,582,050,023
$
—
$
—
$
1,582,050,023
Short-Term
Securities
Money
Market
Funds
......................................
23,297,291
—
—
23,297,291
$
1,605,347,314
$
—
$
—
$
1,605,347,314
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
151,807
$
—
$
—
$
151,807
Liabilities
Equity
contracts
...........................................
(
5,948
)
—
—
(
5,948
)
$
145,859
$
—
$
—
$
145,859
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
(unaudited)
January
31,
2024
iShares
®
U.S.
Small-Cap
Equity
Factor
ETF
Schedule
of
Investments
21
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
0.6%
AeroVironment,
Inc.
(a)
.................
1,718
$
207,260
Axon
Enterprise,
Inc.
(a)
................
9,551
2,378,772
BWX
Technologies,
Inc.
...............
10,521
857,251
Curtiss-Wright
Corp.
..................
6,370
1,417,771
Hexcel
Corp.
.......................
2,362
156,813
Moog,
Inc.
,
Class
A
..................
1,289
180,202
5,198,069
Automobile
Components
—
0.4%
Autoliv,
Inc.
........................
5,878
629,651
Dana,
Inc.
.........................
24,019
325,698
Modine
Manufacturing
Co.
(a)
(b)
...........
21,296
1,471,341
Visteon
Corp.
(a)
.....................
8,247
950,796
3,377,486
Automobiles
—
0.4%
Harley-Davidson,
Inc.
.................
46,275
1,501,624
Thor
Industries,
Inc.
..................
11,858
1,340,191
Winnebago
Industries,
Inc.
.............
8,879
583,528
3,425,343
Banks
—
6.2%
1st
Source
Corp.
....................
24,225
1,266,241
Associated
Banc-Corp.
................
36,403
764,827
Axos
Financial,
Inc.
(a)
.................
28,763
1,594,333
BancFirst
Corp.
.....................
11,275
997,950
Bancorp,
Inc.
(The)
(a)
(b)
................
29,125
1,271,015
Bank
of
Hawaii
Corp.
.................
15,527
981,772
Bank
of
NT
Butterfield
&
Son
Ltd.
(The)
.....
19,071
578,423
Bank
OZK
........................
16,821
758,795
BankUnited,
Inc.
....................
56,562
1,598,442
BOK
Financial
Corp.
..................
1,712
143,534
Capitol
Federal
Financial,
Inc.
...........
64,741
410,458
City
Holding
Co.
....................
1,743
178,152
Comerica,
Inc.
......................
32,591
1,713,635
Commerce
Bancshares,
Inc.
............
34,419
1,793,918
Community
Trust
Bancorp,
Inc.
..........
10,031
416,286
Cullen/Frost
Bankers,
Inc.
..............
19,915
2,113,380
Customers
Bancorp,
Inc.
(a)
..............
17,219
920,183
CVB
Financial
Corp.
..................
20,831
349,336
Eagle
Bancorp,
Inc.
..................
13,473
333,996
East
West
Bancorp,
Inc.
...............
38,456
2,799,981
First
Bancorp
......................
124,634
2,156,584
First
Citizens
BancShares,
Inc.
,
Class
A
.....
1,286
1,941,860
First
Financial
Bankshares,
Inc.
..........
11,295
352,743
First
Foundation,
Inc.
.................
47,656
453,685
First
Hawaiian,
Inc.
..................
77,306
1,676,767
First
Horizon
Corp.
...................
22,274
317,182
Fulton
Financial
Corp.
.................
35,607
555,113
Hancock
Whitney
Corp.
...............
13,096
590,761
Hilltop
Holdings,
Inc.
..................
34,981
1,101,552
HomeStreet,
Inc.
....................
26,755
368,149
International
Bancshares
Corp.
..........
15,447
816,528
Kearny
Financial
Corp.
................
24,173
174,771
Metropolitan
Bank
Holding
Corp.
(a)
........
24,233
1,175,058
NBT
Bancorp,
Inc.
...................
7,109
252,867
New
York
Community
Bancorp,
Inc.
.......
136,289
881,790
Northfield
Bancorp,
Inc.
...............
8,084
97,251
OFG
Bancorp
......................
76,455
2,811,250
Pathward
Financial,
Inc.
...............
22,126
1,145,684
Pinnacle
Financial
Partners,
Inc.
..........
8,004
707,394
Popular,
Inc.
.......................
58,996
5,041,208
Preferred
Bank
.....................
19,822
1,424,012
ServisFirst
Bancshares,
Inc.
............
14,568
978,096
Security
Shares
Shares
Value
Banks
(continued)
SouthState
Corp.
....................
1,551
$
128,888
Synovus
Financial
Corp.
...............
8,517
320,750
Texas
Capital
Bancshares,
Inc.
(a)
.........
3,765
229,665
Trustmark
Corp.
....................
27,697
747,542
UMB
Financial
Corp.
.................
11,172
921,690
WaFd,
Inc.
........................
28,956
840,882
Webster
Financial
Corp.
...............
8,849
437,849
Western
Alliance
Bancorp
..............
20,186
1,291,097
Wintrust
Financial
Corp.
...............
1,650
160,017
Zions
Bancorp
NA
...................
41,802
1,751,504
52,834,846
Beverages
—
0.4%
Boston
Beer
Co.,
Inc.
(The)
,
Class
A
(a)
......
645
225,279
Celsius
Holdings,
Inc.
(a)
(b)
...............
17,158
856,184
Coca-Cola
Consolidated,
Inc.
............
1,867
1,608,215
Duckhorn
Portfolio,
Inc.
(The)
(a)
..........
78,283
675,583
3,365,261
Biotechnology
—
4.9%
(a)
ACADIA
Pharmaceuticals,
Inc.
...........
39,280
1,017,745
Agenus,
Inc.
.......................
167,492
111,751
Alkermes
plc
.......................
74,530
2,016,036
Amicus
Therapeutics,
Inc.
..............
16,069
199,738
AnaptysBio,
Inc.
....................
35,202
830,767
Anavex
Life
Sciences
Corp.
(b)
............
46,641
278,447
Apellis
Pharmaceuticals,
Inc.
(b)
...........
19,285
1,220,548
Arcus
Biosciences,
Inc.
................
29,072
440,150
Arrowhead
Pharmaceuticals,
Inc.
.........
16,690
535,749
Beam
Therapeutics,
Inc.
(b)
..............
37,869
924,004
BioCryst
Pharmaceuticals,
Inc.
...........
74,516
394,935
Blueprint
Medicines
Corp.
(b)
.............
9,400
747,582
Catalyst
Pharmaceuticals,
Inc.
...........
110,998
1,598,371
CRISPR
Therapeutics
AG
(b)
.............
1,650
103,867
Cullinan
Oncology,
Inc.
................
45,400
687,356
Cytokinetics,
Inc.
....................
25,650
2,004,034
Denali
Therapeutics,
Inc.
...............
71,855
1,150,398
Dynavax
Technologies
Corp.
............
30,706
396,721
Dyne
Therapeutics,
Inc.
...............
15,640
334,696
Eagle
Pharmaceuticals,
Inc.
............
14,452
84,689
Erasca,
Inc.
.......................
46,207
77,166
Exelixis,
Inc.
.......................
70,434
1,532,644
Halozyme
Therapeutics,
Inc.
............
45,615
1,544,068
ImmunoGen,
Inc.
....................
2,907
85,233
Insmed,
Inc.
.......................
6,417
178,393
Intellia
Therapeutics,
Inc.
(b)
.............
4,045
96,352
Ionis
Pharmaceuticals,
Inc.
(b)
............
37,747
1,939,818
Ironwood
Pharmaceuticals,
Inc.
,
Class
A
....
206,256
2,926,773
Karuna
Therapeutics,
Inc.
..............
6,601
2,068,885
Kinnate
Biopharma,
Inc.
...............
67,401
159,740
Legend
Biotech
Corp.
,
ADR
.............
14,527
799,857
Madrigal
Pharmaceuticals,
Inc.
...........
1,875
406,331
MiMedx
Group,
Inc.
..................
47,616
368,548
Natera,
Inc.
........................
31,117
2,051,855
Precigen,
Inc.
......................
192,332
265,418
Prothena
Corp.
plc
...................
10,085
286,313
PTC
Therapeutics,
Inc.
(b)
...............
4,854
126,641
REGENXBIO,
Inc.
...................
43,803
539,653
Roivant
Sciences
Ltd.
(b)
................
9,906
99,060
Sana
Biotechnology,
Inc.
(b)
..............
196,357
1,078,000
Sarepta
Therapeutics,
Inc.
..............
17,593
2,093,391
SpringWorks
Therapeutics,
Inc.
..........
3,663
161,648
Sutro
Biopharma,
Inc.
(b)
................
41,764
181,256
Syndax
Pharmaceuticals,
Inc.
...........
5,470
112,080
Travere
Therapeutics,
Inc.
..............
33,389
298,164
2024
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
iShares
®
U.S.
Small-Cap
Equity
Factor
ETF
22
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Biotechnology
(continued)
United
Therapeutics
Corp.
..............
10,092
$
2,167,560
Vanda
Pharmaceuticals,
Inc.
............
55,651
200,344
Vaxcyte,
Inc.
.......................
9,683
691,560
Veracyte,
Inc.
......................
24,445
611,614
Vericel
Corp.
.......................
5,372
230,888
Vir
Biotechnology,
Inc.
................
160,574
1,509,396
Xencor,
Inc.
.......................
105,580
1,974,346
41,940,579
Broadline
Retail
—
0.8%
Dillard's,
Inc.
,
Class
A
(b)
................
6,862
2,657,447
Global-e
Online
Ltd.
(a)
.................
11,289
426,386
Kohl's
Corp.
.......................
42,569
1,096,577
Macy's,
Inc.
.......................
118,693
2,170,895
Qurate
Retail,
Inc.
(a)
..................
88,527
71,698
6,423,003
Building
Products
—
2.6%
Advanced
Drainage
Systems,
Inc.
(b)
.......
8,100
1,056,402
Allegion
plc
........................
11,312
1,401,444
Apogee
Enterprises,
Inc.
...............
13,971
737,808
AZEK
Co.,
Inc.
(The)
,
Class
A
(a)
..........
13,850
534,056
Builders
FirstSource,
Inc.
(a)
.............
35,580
6,181,313
Carlisle
Cos.,
Inc.
...................
9,183
2,885,850
CSW
Industrials,
Inc.
.................
2,104
445,143
Griffon
Corp.
.......................
13,496
786,277
Masonite
International
Corp.
(a)
...........
1,467
135,037
Owens
Corning
.....................
9,411
1,426,049
Quanex
Building
Products
Corp.
..........
9,407
293,687
Simpson
Manufacturing
Co.,
Inc.
.........
8,022
1,451,902
Trex
Co.,
Inc.
(a)
.....................
34,019
2,771,868
UFP
Industries,
Inc.
..................
17,763
2,015,212
22,122,048
Capital
Markets
—
3.6%
Affiliated
Managers
Group,
Inc.
..........
12,588
1,873,598
Brightsphere
Investment
Group,
Inc.
.......
4,417
97,704
Cohen
&
Steers,
Inc.
.................
3,443
242,456
Donnelley
Financial
Solutions,
Inc.
(a)
.......
18,788
1,167,111
Evercore,
Inc.
,
Class
A
................
27,913
4,793,499
Federated
Hermes,
Inc.
,
Class
B
.........
25,960
907,562
Houlihan
Lokey,
Inc.
,
Class
A
............
19,576
2,344,813
Interactive
Brokers
Group,
Inc.
,
Class
A
.....
25,812
2,290,815
Invesco
Ltd.
.......................
55,374
876,570
Janus
Henderson
Group
plc
............
68,049
1,957,089
Jefferies
Financial
Group,
Inc.
...........
91,249
3,719,309
Lazard,
Inc.
(b)
......................
19,864
774,299
Moelis
&
Co.
,
Class
A
.................
17,816
979,345
Piper
Sandler
Cos.
...................
14,236
2,469,804
Stifel
Financial
Corp.
.................
15,449
1,127,005
StoneX
Group,
Inc.
(a)
.................
10,792
709,574
TPG,
Inc.
,
Class
A
...................
42,282
1,760,200
Virtu
Financial,
Inc.
,
Class
A
.............
8,770
147,248
XP,
Inc.
,
Class
A
....................
111,608
2,743,325
30,981,326
Chemicals
—
1.6%
Ashland,
Inc.
.......................
9,388
878,904
Avient
Corp.
.......................
36,709
1,329,233
Axalta
Coating
Systems
Ltd.
(a)
...........
6,469
209,725
Balchem
Corp.
.....................
2,586
362,454
Cabot
Corp.
.......................
11,538
831,890
Chemours
Co.
(The)
..................
45,751
1,380,308
Element
Solutions,
Inc.
................
55,608
1,236,166
Huntsman
Corp.
....................
52,229
1,281,699
Ingevity
Corp.
(a)
.....................
2,037
88,732
Security
Shares
Shares
Value
Chemicals
(continued)
Innospec,
Inc.
......................
3,727
$
432,742
Mativ
Holdings,
Inc.
..................
69,806
839,766
Olin
Corp.
.........................
22,867
1,190,685
RPM
International,
Inc.
................
16,486
1,758,397
Scotts
Miracle-Gro
Co.
(The)
............
25,651
1,443,125
Trinseo
plc
........................
50,873
306,764
Tronox
Holdings
plc
..................
10,659
146,987
13,717,577
Commercial
Services
&
Supplies
—
1.2%
ACCO
Brands
Corp.
..................
86,868
528,157
Brady
Corp.
,
Class
A,
NVS
.............
23,129
1,393,060
Brink's
Co.
(The)
....................
6,622
535,322
Cimpress
plc
(a)
......................
12,387
931,750
Clean
Harbors,
Inc.
(a)
.................
2,649
444,926
CoreCivic,
Inc.
(a)
....................
53,955
767,240
Deluxe
Corp.
.......................
35,229
666,180
GEO
Group,
Inc.
(The)
(a)
...............
112,680
1,253,002
HNI
Corp.
.........................
5,833
237,520
Interface,
Inc.
......................
19,864
246,512
Matthews
International
Corp.
,
Class
A
......
2,324
76,460
MSA
Safety,
Inc.
....................
1,127
185,989
SP
Plus
Corp.
(a)
.....................
3,164
163,674
Steelcase,
Inc.
,
Class
A
...............
36,537
463,289
Tetra
Tech,
Inc.
.....................
14,382
2,274,945
10,168,026
Communications
Equipment
—
0.4%
(a)
Calix,
Inc.
.........................
18,460
612,503
Ciena
Corp.
.......................
4,257
225,621
Extreme
Networks,
Inc.
................
109,591
1,480,574
Lumentum
Holdings,
Inc.
...............
7,832
430,290
NetScout
Systems,
Inc.
................
11,502
247,408
Viavi
Solutions,
Inc.
..................
26,676
262,225
3,258,621
Construction
&
Engineering
—
1.6%
AECOM
..........................
18,286
1,612,642
API
Group
Corp.
(a)
...................
24,642
776,716
Arcosa,
Inc.
.......................
9,451
739,824
Argan,
Inc.
........................
6,246
276,885
Comfort
Systems
USA,
Inc.
.............
10,168
2,211,235
Dycom
Industries,
Inc.
(a)
...............
1,236
138,061
EMCOR
Group,
Inc.
..................
20,140
4,594,136
Fluor
Corp.
(a)
.......................
15,513
584,995
MDU
Resources
Group,
Inc.
............
21,937
427,991
Valmont
Industries,
Inc.
................
4,515
1,019,081
WillScot
Mobile
Mini
Holdings
Corp.
(a)
......
24,962
1,180,703
13,562,269
Consumer
Finance
—
1.1%
Bread
Financial
Holdings,
Inc.
...........
4,515
163,759
Credit
Acceptance
Corp.
(a)
(b)
.............
1,869
1,011,260
Enova
International,
Inc.
(a)
..............
17,798
968,745
Navient
Corp.
......................
128,666
2,215,629
OneMain
Holdings,
Inc.
................
34,101
1,623,208
PROG
Holdings,
Inc.
(a)
................
36,482
1,117,808
SLM
Corp.
........................
114,113
2,268,566
SoFi
Technologies,
Inc.
(a)
(b)
.............
20,439
160,037
9,529,012
Consumer
Staples
Distribution
&
Retail
—
1.2%
Albertsons
Cos.,
Inc.
,
Class
A
...........
73,103
1,551,246
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
(b)
......
25,390
1,633,593
Casey's
General
Stores,
Inc.
............
501
135,951
Grocery
Outlet
Holding
Corp.
(a)
(b)
..........
3,713
92,008
Ingles
Markets,
Inc.
,
Class
A
............
33,954
2,860,624
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
iShares
®
U.S.
Small-Cap
Equity
Factor
ETF
Schedule
of
Investments
23
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Consumer
Staples
Distribution
&
Retail
(continued)
Sprouts
Farmers
Market,
Inc.
(a)
(b)
.........
45,511
$
2,292,389
United
Natural
Foods,
Inc.
(a)
(b)
...........
5,563
82,944
US
Foods
Holding
Corp.
(a)
..............
27,686
1,273,833
9,922,588
Containers
&
Packaging
—
0.6%
Berry
Global
Group,
Inc.
...............
15,777
1,032,762
Graphic
Packaging
Holding
Co.
..........
93,814
2,393,195
Greif,
Inc.
,
Class
A,
NVS
...............
1,844
115,453
O-I
Glass,
Inc.
(a)
.....................
11,997
174,676
Sealed
Air
Corp.
....................
8,365
289,011
Sonoco
Products
Co.
.................
19,194
1,092,139
5,097,236
Diversified
Consumer
Services
—
1.4%
ADT,
Inc.
.........................
73,939
482,822
Coursera,
Inc.
(a)
.....................
40,605
777,180
Duolingo,
Inc.
,
Class
A
(a)
...............
11,590
2,073,335
H&R
Block,
Inc.
.....................
68,617
3,214,020
Perdoceo
Education
Corp.
..............
109,867
1,988,593
Service
Corp.
International
.............
23,599
1,583,965
Stride,
Inc.
(a)
.......................
16,235
973,288
Udemy,
Inc.
(a)
......................
38,417
522,087
11,615,290
Diversified
Telecommunication
Services
—
0.8%
Bandwidth,
Inc.
,
Class
A
(a)
..............
60,060
831,230
EchoStar
Corp.
,
Class
A
(a)
..............
128,398
1,719,249
Frontier
Communications
Parent,
Inc.
(a)
(b)
....
39,286
967,614
IDT
Corp.
,
Class
B
(a)
..................
25,817
892,752
IHS
Holding
Ltd.
(a)
(b)
..................
36,306
144,498
Iridium
Communications,
Inc.
............
10,386
376,596
Liberty
Latin
America
Ltd.
,
Class
A
(a)
.......
100,674
708,745
Lumen
Technologies,
Inc.
(a)
.............
682,075
832,132
6,472,816
Electric
Utilities
—
0.8%
Hawaiian
Electric
Industries,
Inc.
.........
38,237
495,934
IDACORP,
Inc.
.....................
44,995
4,165,637
OGE
Energy
Corp.
...................
29,676
986,430
Otter
Tail
Corp.
.....................
8,178
739,455
Portland
General
Electric
Co.
............
15,049
615,956
7,003,412
Electrical
Equipment
—
2.3%
Acuity
Brands,
Inc.
...................
10,131
2,412,799
Array
Technologies,
Inc.
(a)
..............
38,488
509,581
Atkore,
Inc.
(a)
.......................
26,362
4,020,996
Encore
Wire
Corp.
(b)
..................
10,537
2,376,093
EnerSys
..........................
4,172
398,718
nVent
Electric
plc
....................
67,938
4,078,998
Regal
Rexnord
Corp.
.................
14,903
1,988,954
Thermon
Group
Holdings,
Inc.
(a)
..........
17,623
577,682
Vertiv
Holdings
Co.
,
Class
A
............
57,708
3,250,692
19,614,513
Electronic
Equipment,
Instruments
&
Components
—
2.2%
Advanced
Energy
Industries,
Inc.
(b)
........
1,343
139,914
Arrow
Electronics,
Inc.
(a)
...............
15,630
1,737,274
Badger
Meter,
Inc.
...................
5,322
766,315
Belden,
Inc.
.......................
7,167
531,648
Crane
NXT
Co.
.....................
15,753
918,085
ePlus,
Inc.
(a)
.......................
9,120
688,925
Flex
Ltd.
(a)
.........................
84,566
2,007,597
Insight
Enterprises,
Inc.
(a)
(b)
.............
4,018
742,285
Jabil,
Inc.
.........................
43,293
5,424,180
Knowles
Corp.
(a)
....................
44,276
722,142
Security
Shares
Shares
Value
Electronic
Equipment,
Instruments
&
Components
(continued)
Littelfuse,
Inc.
......................
2,137
$
516,940
Novanta,
Inc.
(a)
.....................
8,227
1,271,483
OSI
Systems,
Inc.
(a)
..................
1,056
135,200
Sanmina
Corp.
(a)
....................
28,292
1,692,427
Vishay
Intertechnology,
Inc.
.............
54,447
1,183,133
Vontier
Corp.
.......................
13,564
469,179
18,946,727
Energy
Equipment
&
Services
—
1.6%
Archrock,
Inc.
......................
19,860
324,512
ChampionX
Corp.
...................
37,238
1,020,694
Expro
Group
Holdings
NV
(a)
.............
12,756
224,506
Helmerich
&
Payne,
Inc.
...............
28,694
1,155,220
Nabors
Industries
Ltd.
(a)
...............
9,690
819,580
NOV,
Inc.
.........................
84,565
1,649,863
Oceaneering
International,
Inc.
(a)
.........
40,631
844,312
Oil
States
International,
Inc.
(a)
............
17,548
108,271
Patterson-UTI
Energy,
Inc.
.............
134,088
1,487,036
Select
Water
Solutions,
Inc.
,
Class
A
.......
49,833
387,202
Transocean
Ltd.
(a)
(b)
..................
247,636
1,352,093
Valaris
Ltd.
(a)
.......................
1,650
102,086
Weatherford
International
plc
(a)
...........
42,460
3,802,293
13,277,668
Entertainment
—
0.2%
Endeavor
Group
Holdings,
Inc.
,
Class
A
.....
57,359
1,419,635
TKO
Group
Holdings,
Inc.
..............
5,937
496,868
1,916,503
Financial
Services
—
1.7%
AvidXchange
Holdings,
Inc.
(a)
............
53,607
587,533
Banco
Latinoamericano
de
Comercio
Exterior
SA
,
Class
E
.....................
72,840
1,751,802
Euronet
Worldwide,
Inc.
(a)
..............
8,510
848,022
EVERTEC,
Inc.
.....................
8,187
328,790
Federal
Agricultural
Mortgage
Corp.
,
Class
C,
NVS
..........................
4,940
920,273
Flywire
Corp.
(a)
.....................
18,385
392,887
Jackson
Financial,
Inc.
,
Class
A
..........
22,402
1,121,668
MGIC
Investment
Corp.
...............
38,391
761,677
Mr
Cooper
Group,
Inc.
(a)
...............
48,059
3,237,254
Payoneer
Global,
Inc.
(a)
................
18,244
85,382
PennyMac
Financial
Services,
Inc.
........
3,818
333,006
Radian
Group,
Inc.
...................
16,691
483,705
Rocket
Cos.,
Inc.
,
Class
A
(a)
.............
25,072
308,636
StoneCo
Ltd.
,
Class
A
(a)
...............
31,151
535,486
Voya
Financial,
Inc.
..................
20,781
1,503,921
Walker
&
Dunlop,
Inc.
.................
4,548
439,291
WEX,
Inc.
(a)
(b)
.......................
5,294
1,082,041
14,721,374
Food
Products
—
0.5%
Adecoagro
SA
(b)
.....................
78,184
799,823
Darling
Ingredients,
Inc.
(a)
..............
8,126
351,856
Flowers
Foods,
Inc.
..................
28,404
647,611
Hain
Celestial
Group,
Inc.
(The)
(a)
.........
20,921
224,064
John
B
Sanfilippo
&
Son,
Inc.
............
21,233
2,274,691
Lancaster
Colony
Corp.
...............
1,372
252,146
Tootsie
Roll
Industries,
Inc.
.............
3,346
109,046
4,659,237
Gas
Utilities
—
0.4%
National
Fuel
Gas
Co.
................
21,603
1,018,798
New
Jersey
Resources
Corp.
............
7,727
315,493
Northwest
Natural
Holding
Co.
...........
2,139
78,844
ONE
Gas,
Inc.
......................
17,864
1,096,314
Southwest
Gas
Holdings,
Inc.
...........
1,630
95,648
2024
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
iShares
®
U.S.
Small-Cap
Equity
Factor
ETF
24
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Gas
Utilities
(continued)
Spire,
Inc.
.........................
18,160
$
1,030,943
UGI
Corp.
.........................
3,880
85,903
3,721,943
Ground
Transportation
—
1.2%
ArcBest
Corp.
......................
7,930
944,701
Avis
Budget
Group,
Inc.
...............
6,694
1,095,875
Hertz
Global
Holdings,
Inc.
(a)
............
16,882
140,965
Knight-Swift
Transportation
Holdings,
Inc.
...
7,119
408,488
Landstar
System,
Inc.
.................
5,328
1,021,484
Lyft,
Inc.
,
Class
A
(a)
...................
52,167
651,566
Marten
Transport
Ltd.
.................
5,086
94,091
Ryder
System,
Inc.
...................
17,411
1,977,367
Saia,
Inc.
(a)
........................
3,666
1,651,826
Schneider
National,
Inc.
,
Class
B
.........
48,023
1,177,524
XPO,
Inc.
(a)
(b)
.......................
11,720
1,001,357
10,165,244
Health
Care
Equipment
&
Supplies
—
2.3%
AtriCure,
Inc.
(a)
.....................
7,648
260,491
Atrion
Corp.
.......................
469
159,460
Axonics,
Inc.
(a)
......................
22,041
1,496,143
Cerus
Corp.
(a)
......................
278,317
503,754
CONMED
Corp.
.....................
9,238
883,153
Embecta
Corp.
.....................
15,300
262,242
Envista
Holdings
Corp.
(a)
...............
27,531
646,979
Establishment
Labs
Holdings,
Inc.
(a)
(b)
......
16,009
616,347
Globus
Medical,
Inc.
,
Class
A
(a)
..........
3,260
172,095
Haemonetics
Corp.
(a)
.................
21,974
1,680,132
Inari
Medical,
Inc.
(a)
(b)
.................
14,980
853,111
Inmode
Ltd.
(a)
(b)
.....................
55,751
1,320,741
Inspire
Medical
Systems,
Inc.
(a)
(b)
.........
12,758
2,690,279
Integer
Holdings
Corp.
(a)
...............
3,513
355,937
iRhythm
Technologies,
Inc.
(a)
............
7,323
877,149
Lantheus
Holdings,
Inc.
(a)
..............
21,152
1,098,423
LivaNova
plc
(a)
......................
25,584
1,245,429
Masimo
Corp.
(a)
.....................
5,091
656,434
Merit
Medical
Systems,
Inc.
(a)
............
2,742
214,699
Nevro
Corp.
(a)
......................
6,073
100,569
Orthofix
Medical,
Inc.
(a)
................
18,962
263,382
Paragon
28,
Inc.
(a)
...................
40,424
512,576
Penumbra,
Inc.
(a)
....................
2,913
734,630
QuidelOrtho
Corp.
(a)
(b)
.................
9,624
659,340
Shockwave
Medical,
Inc.
(a)
..............
6,268
1,418,135
STAAR
Surgical
Co.
(a)
.................
11,731
328,585
20,010,215
Health
Care
Providers
&
Services
—
1.6%
Acadia
Healthcare
Co.,
Inc.
(a)
............
11,209
920,707
Accolade,
Inc.
(a)
.....................
25,404
287,573
Alignment
Healthcare,
Inc.
(a)
............
34,705
232,524
AMN
Healthcare
Services,
Inc.
(a)
..........
13,931
1,031,033
Brookdale
Senior
Living,
Inc.
(a)
...........
66,826
365,538
Chemed
Corp.
......................
5,568
3,300,655
Encompass
Health
Corp.
..............
4,867
345,752
Ensign
Group,
Inc.
(The)
(b)
..............
9,783
1,107,631
Guardant
Health,
Inc.
(a)
(b)
...............
53,654
1,176,632
HealthEquity,
Inc.
(a)
...................
1,217
91,981
Hims
&
Hers
Health,
Inc.
,
Class
A
(a)
........
13,801
118,413
National
Research
Corp.
...............
18,557
731,146
Option
Care
Health,
Inc.
(a)
..............
35,009
1,093,681
Owens
&
Minor,
Inc.
(a)
.................
29,663
584,658
Patterson
Cos.,
Inc.
..................
13,234
395,167
Tenet
Healthcare
Corp.
(a)
...............
19,893
1,645,947
13,429,038
Security
Shares
Shares
Value
Health
Care
REITs
—
0.1%
Medical
Properties
Trust,
Inc.
............
51,041
$
158,227
National
Health
Investors,
Inc.
...........
5,709
303,605
Omega
Healthcare
Investors,
Inc.
.........
23,672
686,488
1,148,320
Health
Care
Technology
—
0.5%
(a)
Doximity,
Inc.
,
Class
A
(b)
...............
29,675
799,741
Evolent
Health,
Inc.
,
Class
A
............
13,963
410,652
Health
Catalyst,
Inc.
..................
12,608
123,180
Teladoc
Health,
Inc.
..................
112,812
2,191,937
Veradigm,
Inc.
(b)
.....................
119,774
1,093,537
4,619,047
Hotel
&
Resort
REITs
—
0.2%
Park
Hotels
&
Resorts,
Inc.
.............
36,608
552,049
Pebblebrook
Hotel
Trust
(b)
..............
6,132
93,329
RLJ
Lodging
Trust
...................
22,354
258,859
Ryman
Hospitality
Properties,
Inc.
........
1,229
135,067
Service
Properties
Trust
...............
83,228
643,353
Sunstone
Hotel
Investors,
Inc.
...........
15,133
161,469
Xenia
Hotels
&
Resorts,
Inc.
............
20,030
267,000
2,111,126
Hotels,
Restaurants
&
Leisure
—
2.8%
Arcos
Dorados
Holdings,
Inc.
,
Class
A
......
90,960
1,126,085
Bloomin'
Brands,
Inc.
.................
36,566
973,387
Boyd
Gaming
Corp.
..................
1,909
121,202
Cava
Group,
Inc.
(a)
(b)
..................
40,105
1,876,914
Cheesecake
Factory,
Inc.
(The)
..........
2,404
82,626
Churchill
Downs,
Inc.
(b)
................
6,839
827,314
Dine
Brands
Global,
Inc.
...............
11,266
525,559
Everi
Holdings,
Inc.
(a)
.................
49,103
511,162
International
Game
Technology
plc
........
66,635
1,729,845
Jack
in
the
Box,
Inc.
..................
18,913
1,474,647
Life
Time
Group
Holdings,
Inc.
(a)
..........
11,558
153,721
Light
&
Wonder,
Inc.
,
Class
A
(a)
...........
18,536
1,489,924
MakeMyTrip
Ltd.
(a)
(b)
..................
16,081
890,727
Marriott
Vacations
Worldwide
Corp.
........
7,394
620,283
Papa
John's
International,
Inc.
...........
9,953
731,346
Planet
Fitness,
Inc.
,
Class
A
(a)
...........
9,586
649,547
PlayAGS,
Inc.
(a)
.....................
61,589
536,440
SeaWorld
Entertainment,
Inc.
(a)
..........
30,076
1,485,754
Six
Flags
Entertainment
Corp.
(a)
..........
22,178
559,107
Texas
Roadhouse,
Inc.
................
3,717
467,301
Travel
+
Leisure
Co.
..................
30,597
1,236,731
Wendy's
Co.
(The)
...................
67,841
1,294,406
Wingstop,
Inc.
......................
12,440
3,497,008
Wyndham
Hotels
&
Resorts,
Inc.
.........
12,974
1,011,064
23,872,100
Household
Durables
—
1.7%
Cavco
Industries,
Inc.
(a)
(b)
...............
3,484
1,156,409
GoPro,
Inc.
,
Class
A
(a)
.................
149,661
445,990
Helen
of
Troy
Ltd.
(a)
(b)
.................
6,391
731,769
Hovnanian
Enterprises,
Inc.
,
Class
A
(a)
......
6,643
1,122,468
Lovesac
Co.
(The)
(a)
..................
37,488
868,222
SharkNinja,
Inc.
.....................
27,062
1,264,337
Skyline
Champion
Corp.
(a)
(b)
.............
16,312
1,117,046
Sonos,
Inc.
(a)
.......................
35,578
554,305
Taylor
Morrison
Home
Corp.
(a)
...........
4,282
223,263
Tempur
Sealy
International,
Inc.
..........
43,575
2,173,957
Toll
Brothers,
Inc.
....................
5,101
506,784
TopBuild
Corp.
(a)
....................
5,993
2,212,196
TRI
Pointe
Homes,
Inc.
(a)
...............
34,813
1,202,093
Worthington
Enterprises,
Inc.
............
20,065
1,144,508
14,723,347
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
iShares
®
U.S.
Small-Cap
Equity
Factor
ETF
Schedule
of
Investments
25
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Household
Products
—
0.2%
Central
Garden
&
Pet
Co.
,
Class
A,
NVS
(a)
...
13,882
$
573,049
Energizer
Holdings,
Inc.
...............
3,795
119,998
Spectrum
Brands
Holdings,
Inc.
..........
16,576
1,303,205
1,996,252
Independent
Power
and
Renewable
Electricity
Producers
—
0.3%
Atlantica
Sustainable
Infrastructure
plc
.....
65,672
1,259,589
Clearway
Energy,
Inc.
,
Class
A
...........
60,770
1,364,894
2,624,483
Industrial
REITs
—
1.0%
EastGroup
Properties,
Inc.
.............
5,392
956,702
First
Industrial
Realty
Trust,
Inc.
..........
110,328
5,684,099
Industrial
Logistics
Properties
Trust
........
160,308
638,026
LXP
Industrial
Trust
..................
74,574
677,878
STAG
Industrial,
Inc.
.................
10,614
392,081
8,348,786
Insurance
—
3.3%
American
Equity
Investment
Life
Holding
Co.
(a)
30,482
1,682,911
AMERISAFE,
Inc.
...................
4,161
207,384
Assurant,
Inc.
......................
7,982
1,340,577
Assured
Guaranty
Ltd.
................
29,461
2,390,171
Axis
Capital
Holdings
Ltd.
..............
1,491
88,744
CNO
Financial
Group,
Inc.
..............
42,272
1,148,953
Employers
Holdings,
Inc.
...............
22,225
927,227
First
American
Financial
Corp.
...........
26,781
1,616,233
Genworth
Financial,
Inc.
,
Class
A
(a)
........
172,123
1,061,999
Hanover
Insurance
Group,
Inc.
(The)
......
10,060
1,328,021
Horace
Mann
Educators
Corp.
...........
979
36,057
Kinsale
Capital
Group,
Inc.
.............
3,771
1,499,236
Mercury
General
Corp.
................
8,752
350,518
National
Western
Life
Group,
Inc.
,
Class
A
...
2,929
1,417,636
Old
Republic
International
Corp.
..........
112,212
3,146,424
Oscar
Health,
Inc.
,
Class
A
(a)
............
39,522
494,815
Primerica,
Inc.
......................
9,575
2,242,082
RenaissanceRe
Holdings
Ltd.
...........
11,319
2,590,127
RLI
Corp.
.........................
1,976
269,467
Ryan
Specialty
Holdings,
Inc.
,
Class
A
(a)
(b)
...
22,155
959,755
Universal
Insurance
Holdings,
Inc.
........
29,458
489,592
Unum
Group
.......................
26,356
1,274,049
White
Mountains
Insurance
Group
Ltd.
.....
838
1,320,663
27,882,641
Interactive
Media
&
Services
—
0.6%
Angi,
Inc.
,
Class
A
(a)
(b)
.................
123,665
293,086
Bumble,
Inc.
,
Class
A
(a)
................
25,640
351,781
Cargurus,
Inc.
,
Class
A
(a)
(b)
..............
19,896
462,383
Cars.com,
Inc.
(a)
.....................
45,129
786,598
Shutterstock,
Inc.
....................
35,172
1,652,029
Yelp,
Inc.
(a)
........................
15,693
686,255
ZipRecruiter,
Inc.
,
Class
A
(a)
.............
51,987
723,659
4,955,791
IT
Services
—
0.8%
(a)
BigCommerce
Holdings,
Inc.
............
10,297
84,229
Couchbase,
Inc.
....................
30,361
759,025
DigitalOcean
Holdings,
Inc.
.............
14,851
500,776
Kyndryl
Holdings,
Inc.
.................
23,117
474,361
Rackspace
Technology,
Inc.
.............
59,222
99,493
Squarespace,
Inc.
,
Class
A
.............
33,971
1,053,101
Wix.com
Ltd.
.......................
29,561
3,750,700
6,721,685
Leisure
Products
—
0.8%
Acushnet
Holdings
Corp.
...............
19,756
1,251,345
Brunswick
Corp.
....................
11,548
931,693
Security
Shares
Shares
Value
Leisure
Products
(continued)
Mattel,
Inc.
(a)
.......................
62,525
$
1,118,572
Polaris,
Inc.
........................
10,807
972,198
Topgolf
Callaway
Brands
Corp.
(a)
.........
27,015
355,787
Vista
Outdoor,
Inc.
(a)
..................
48,000
1,347,360
YETI
Holdings,
Inc.
(a)
(b)
................
20,991
922,974
6,899,929
Life
Sciences
Tools
&
Services
—
0.8%
AbCellera
Biologics,
Inc.
(a)
(b)
.............
16,561
84,627
Adaptive
Biotechnologies
Corp.
(a)
.........
18,220
66,867
Bruker
Corp.
.......................
26,097
1,866,197
Medpace
Holdings,
Inc.
(a)
..............
12,837
3,743,012
Repligen
Corp.
(a)
....................
6,311
1,195,303
6,956,006
Machinery
—
4.1%
AGCO
Corp.
.......................
22,025
2,694,318
Alamo
Group,
Inc.
...................
1,905
404,393
Albany
International
Corp.
,
Class
A
........
1,299
115,494
Allison
Transmission
Holdings,
Inc.
........
48,716
2,949,267
Chart
Industries,
Inc.
(a)
................
3,714
433,498
Donaldson
Co.,
Inc.
..................
24,342
1,572,250
Federal
Signal
Corp.
.................
2,423
186,523
Graco,
Inc.
........................
34,803
2,968,696
Hillenbrand,
Inc.
....................
28,136
1,310,294
ITT,
Inc.
..........................
26,240
3,169,267
Kadant,
Inc.
.......................
4,668
1,335,048
Lincoln
Electric
Holdings,
Inc.
...........
2,654
589,772
Manitowoc
Co.,
Inc.
(The)
(a)
.............
19,964
321,420
Middleby
Corp.
(The)
(a)
................
6,295
888,036
Mueller
Industries,
Inc.
................
54,896
2,635,008
Nordson
Corp.
......................
7,832
1,971,471
SPX
Technologies,
Inc.
(a)
...............
18,614
1,873,313
Tennant
Co.
.......................
1,813
171,365
Terex
Corp.
........................
35,980
2,210,251
Timken
Co.
(The)
....................
25,440
2,083,790
Toro
Co.
(The)
......................
31,700
2,931,616
Trinity
Industries,
Inc.
.................
15,857
398,645
Wabash
National
Corp.
................
39,333
995,125
Watts
Water
Technologies,
Inc.
,
Class
A
.....
4,741
938,765
35,147,625
Marine
Transportation
—
0.6%
Matson,
Inc.
.......................
13,730
1,538,172
ZIM
Integrated
Shipping
Services
Ltd.
......
222,911
3,343,665
4,881,837
Media
—
0.7%
AMC
Networks,
Inc.
,
Class
A
(a)
(b)
..........
31,159
563,666
EW
Scripps
Co.
(The)
,
Class
A,
NVS
(a)
.....
21,292
169,697
John
Wiley
&
Sons,
Inc.
,
Class
A
.........
13,072
442,357
Magnite,
Inc.
(a)
......................
19,251
170,371
New
York
Times
Co.
(The)
,
Class
A
........
22,765
1,105,469
Nexstar
Media
Group,
Inc.
..............
4,630
822,797
Scholastic
Corp.
,
NVS
................
4,745
182,398
Sinclair,
Inc.
,
Class
A
.................
69,095
1,084,792
Stagwell,
Inc.
,
Class
A
(a)
(b)
..............
15,582
101,595
TechTarget,
Inc.
(a)
(b)
..................
10,401
355,402
TEGNA,
Inc.
.......................
55,843
870,592
5,869,136
Metals
&
Mining
—
1.9%
Alcoa
Corp.
........................
42,370
1,260,507
Algoma
Steel
Group,
Inc.
(b)
.............
10,925
91,115
Alpha
Metallurgical
Resources,
Inc.
.......
7,348
2,933,616
Arch
Resources,
Inc.
,
Class
A
...........
1,952
345,426
ATI,
Inc.
(a)
(b)
........................
24,579
1,004,544
2024
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
iShares
®
U.S.
Small-Cap
Equity
Factor
ETF
26
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Metals
&
Mining
(continued)
Commercial
Metals
Co.
................
23,788
$
1,242,209
Kaiser
Aluminum
Corp.
................
1,783
115,717
Lithium
Americas
Corp.
(a)
(b)
.............
33,820
147,455
Materion
Corp.
.....................
10,765
1,259,182
Nexa
Resources
SA
..................
57,284
418,746
Reliance
Steel
&
Aluminum
Co.
..........
16,167
4,614,385
Royal
Gold,
Inc.
.....................
9,905
1,133,033
United
States
Steel
Corp.
..............
27,793
1,306,827
Warrior
Met
Coal,
Inc.
.................
8,701
558,343
16,431,105
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.7%
AGNC
Investment
Corp.
...............
173,178
1,641,728
ARMOUR
Residential
REIT,
Inc.
..........
4,315
82,201
BrightSpire
Capital,
Inc.
,
Class
A
.........
51,082
365,236
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.
.....................
24,476
582,284
Invesco
Mortgage
Capital,
Inc.
...........
40,960
360,858
KKR
Real
Estate
Finance
Trust,
Inc.
.......
34,717
424,936
Ladder
Capital
Corp.
,
Class
A
...........
51,466
562,523
MFA
Financial,
Inc.
...................
86,297
955,308
Starwood
Property
Trust,
Inc.
............
30,497
620,004
Two
Harbors
Investment
Corp.
...........
20,307
253,025
5,848,103
Multi-Utilities
—
0.0%
Black
Hills
Corp.
....................
1,586
82,091
Office
REITs
—
1.9%
Brandywine
Realty
Trust
...............
252,390
1,196,328
COPT
Defense
Properties
..............
10,626
250,348
Cousins
Properties,
Inc.
...............
27,293
625,283
Douglas
Emmett,
Inc.
.................
76,984
1,043,133
Equity
Commonwealth
................
33,607
642,230
Highwoods
Properties,
Inc.
.............
57,776
1,327,115
Hudson
Pacific
Properties,
Inc.
...........
58,793
481,515
Kilroy
Realty
Corp.
...................
31,676
1,132,734
Office
Properties
Income
Trust
...........
172,599
633,438
Paramount
Group,
Inc.
................
260,201
1,235,955
Piedmont
Office
Realty
Trust,
Inc.
,
Class
A
...
180,419
1,226,849
SL
Green
Realty
Corp.
................
68,817
3,093,324
Vornado
Realty
Trust
.................
118,958
3,234,468
16,122,720
Oil,
Gas
&
Consumable
Fuels
—
3.3%
Antero
Midstream
Corp.
...............
251,738
3,081,273
Antero
Resources
Corp.
(a)
..............
71,356
1,594,093
APA
Corp.
........................
98,397
3,082,778
Berry
Corp.
........................
11,741
78,782
California
Resources
Corp.
.............
17,006
810,846
Chesapeake
Energy
Corp.
.............
23,380
1,802,832
Chord
Energy
Corp.
..................
2,117
325,510
CNX
Resources
Corp.
(a)
(b)
..............
15,229
307,626
CONSOL
Energy,
Inc.
.................
7,835
741,191
CVR
Energy,
Inc.
....................
12,919
435,758
DT
Midstream,
Inc.
...................
29,082
1,561,413
Equitrans
Midstream
Corp.
.............
164,333
1,674,553
Kosmos
Energy
Ltd.
(a)
.................
128,192
776,844
Murphy
Oil
Corp.
....................
58,652
2,269,832
Ovintiv,
Inc.
........................
56,479
2,395,839
PBF
Energy,
Inc.
,
Class
A
..............
7,318
369,632
Permian
Resources
Corp.
,
Class
A
........
65,061
877,022
Range
Resources
Corp.
...............
59,090
1,715,974
SFL
Corp.
Ltd.
......................
61,705
750,950
SM
Energy
Co.
.....................
16,606
615,750
Targa
Resources
Corp.
................
32,016
2,720,079
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
W&T
Offshore,
Inc.
...................
51,239
$
155,767
28,144,344
Paper
&
Forest
Products
—
0.5%
Louisiana-Pacific
Corp.
................
44,609
2,968,729
Mercer
International,
Inc.
...............
81,618
690,488
Sylvamo
Corp.
.....................
10,719
497,683
4,156,900
Passenger
Airlines
—
0.1%
Joby
Aviation,
Inc.
,
Class
A
(a)
(b)
...........
89,107
486,524
Personal
Care
Products
—
0.9%
BellRing
Brands,
Inc.
(a)
................
8,110
448,240
Coty,
Inc.
,
Class
A
(a)
(b)
.................
75,646
913,804
Edgewell
Personal
Care
Co.
............
2,739
101,480
elf
Beauty,
Inc.
(a)
(b)
...................
16,309
2,601,775
Herbalife
Ltd.
(a)
(b)
....................
57,260
689,983
Inter
Parfums,
Inc.
...................
10,101
1,405,554
Medifast,
Inc.
......................
13,001
710,505
Nu
Skin
Enterprises,
Inc.
,
Class
A
.........
28,094
521,424
USANA
Health
Sciences,
Inc.
(a)
..........
6,452
302,082
7,694,847
Pharmaceuticals
—
0.7%
(a)
Amphastar
Pharmaceuticals,
Inc.
.........
6,712
358,152
Athira
Pharma,
Inc.
..................
116,117
368,091
Axsome
Therapeutics,
Inc.
(b)
............
20,313
1,828,779
Corcept
Therapeutics,
Inc.
..............
58,479
1,233,907
Innoviva,
Inc.
(b)
.....................
48,892
792,050
Ligand
Pharmaceuticals,
Inc.
............
5,997
438,381
Prestige
Consumer
Healthcare,
Inc.
(b)
......
10,757
661,986
Tilray
Brands,
Inc.
,
Class
2
(b)
............
224,550
410,927
6,092,273
Professional
Services
—
2.7%
Alight,
Inc.
,
Class
A
(a)
.................
118,698
1,058,786
ASGN,
Inc.
(a)
.......................
7,064
655,680
CACI
International,
Inc.
,
Class
A
(a)
........
323
111,025
Clarivate
plc
(a)
(b)
.....................
49,218
440,009
Conduent,
Inc.
(a)
....................
145,096
522,346
Dun
&
Bradstreet
Holdings,
Inc.
..........
23,606
273,594
ExlService
Holdings,
Inc.
(a)
.............
52,085
1,629,219
Exponent,
Inc.
......................
20,029
1,766,358
Fiverr
International
Ltd.
(a)
(b)
..............
28,037
754,756
FTI
Consulting,
Inc.
(a)
.................
1,918
367,508
Heidrick
&
Struggles
International,
Inc.
.....
71,526
2,143,634
Huron
Consulting
Group,
Inc.
(a)
...........
13,021
1,348,064
ICF
International,
Inc.
.................
6,457
897,781
Insperity,
Inc.
.......................
15,430
1,769,667
KBR,
Inc.
.........................
23,934
1,247,201
Kforce,
Inc.
........................
30,660
2,095,611
Korn
Ferry
........................
2,548
149,491
Legalzoom.com,
Inc.
(a)
(b)
...............
27,420
282,700
ManpowerGroup,
Inc.
.................
6,003
445,062
Maximus,
Inc.
......................
5,559
450,946
Paycor
HCM,
Inc.
(a)
(b)
.................
8,082
157,033
Paylocity
Holding
Corp.
(a)
(b)
.............
7,053
1,117,266
Robert
Half,
Inc.
....................
23,105
1,837,772
TriNet
Group,
Inc.
(a)
(b)
.................
14,513
1,650,128
TrueBlue,
Inc.
(a)
.....................
5,586
76,975
Upwork,
Inc.
(a)
......................
8,982
123,143
23,371,755
Real
Estate
Management
&
Development
—
0.6%
Anywhere
Real
Estate,
Inc.
(a)
............
148,373
1,056,416
DigitalBridge
Group,
Inc.
,
Class
A
.........
16,807
330,089
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
iShares
®
U.S.
Small-Cap
Equity
Factor
ETF
Schedule
of
Investments
27
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Real
Estate
Management
&
Development
(continued)
eXp
World
Holdings,
Inc.
(b)
..............
72,299
$
895,062
Kennedy-Wilson
Holdings,
Inc.
...........
22,453
234,634
Opendoor
Technologies,
Inc.
(a)
...........
68,044
232,710
St.
Joe
Co.
(The)
....................
38,175
2,107,260
4,856,171
Residential
REITs
—
0.4%
American
Homes
4
Rent
,
Class
A
.........
66,626
2,335,241
Apartment
Investment
&
Management
Co.
,
Class
A
(a)
.......................
74,772
555,556
Veris
Residential,
Inc.
.................
5,425
82,731
2,973,528
Retail
REITs
—
1.6%
Alexander's,
Inc.
....................
4,683
1,029,277
Brixmor
Property
Group,
Inc.
............
131,619
2,953,530
InvenTrust
Properties
Corp.
.............
53,273
1,322,769
Kimco
Realty
Corp.
..................
64,042
1,293,648
Kite
Realty
Group
Trust
................
64,615
1,382,761
Macerich
Co.
(The)
..................
165,658
2,615,740
NNN
REIT,
Inc.
.....................
23,914
964,691
SITE
Centers
Corp.
..................
59,335
790,342
Tanger,
Inc.
........................
60,709
1,633,072
13,985,830
Semiconductors
&
Semiconductor
Equipment
—
2.4%
Allegro
MicroSystems,
Inc.
(a)
............
17,581
456,051
Axcelis
Technologies,
Inc.
(a)
.............
15,512
2,017,336
Canadian
Solar,
Inc.
(a)
(b)
................
3,731
82,455
Cirrus
Logic,
Inc.
(a)
...................
10,299
795,083
Entegris,
Inc.
.......................
22,796
2,683,089
Impinj,
Inc.
(a)
(b)
......................
11,386
1,104,214
Kulicke
&
Soffa
Industries,
Inc.
...........
22,951
1,154,894
Lattice
Semiconductor
Corp.
(a)
(b)
..........
47,679
2,901,744
MACOM
Technology
Solutions
Holdings,
Inc.
(a)
(b)
.........................
6,875
592,831
MKS
Instruments,
Inc.
................
7,146
760,692
Onto
Innovation,
Inc.
(a)
(b)
...............
9,440
1,524,560
Power
Integrations,
Inc.
...............
1,192
89,352
Rambus,
Inc.
(a)
.....................
44,140
3,024,914
Silicon
Laboratories,
Inc.
(a)
..............
3,054
376,742
Synaptics,
Inc.
(a)
....................
13,484
1,440,226
Universal
Display
Corp.
...............
2,157
366,194
Veeco
Instruments,
Inc.
(a)
..............
23,016
733,750
20,104,127
Software
—
7.4%
A10
Networks,
Inc.
...................
71,577
956,985
Adeia,
Inc.
........................
52,715
639,960
Agilysys,
Inc.
(a)
.....................
3,491
292,232
Alarm.com
Holdings,
Inc.
(a)
.............
4,531
275,575
Amplitude,
Inc.
,
Class
A
(a)
..............
31,657
410,275
AppLovin
Corp.
,
Class
A
(a)
..............
62,521
2,571,489
Asana,
Inc.
,
Class
A
(a)
(b)
................
37,652
655,898
Aspen
Technology,
Inc.
(a)
...............
9,373
1,799,522
Bentley
Systems,
Inc.
,
Class
B
(b)
..........
29,706
1,497,182
Blackbaud,
Inc.
(a)
....................
15,262
1,235,001
BlackLine,
Inc.
(a)
(b)
...................
26,506
1,555,372
Box,
Inc.
,
Class
A
(a)
..................
65,941
1,713,147
Clear
Secure,
Inc.
,
Class
A
.............
42,149
802,096
CommVault
Systems,
Inc.
(a)
.............
4,598
421,545
Confluent,
Inc.
,
Class
A
(a)
(b)
.............
18,373
410,820
CyberArk
Software
Ltd.
(a)
...............
2,896
676,158
Domo,
Inc.
,
Class
B
(a)
.................
94,357
1,025,661
Elastic
NV
(a)
.......................
30,224
3,538,021
Five9,
Inc.
(a)
.......................
19,769
1,499,676
Security
Shares
Shares
Value
Software
(continued)
Gitlab,
Inc.
,
Class
A
(a)
(b)
................
31,060
$
2,208,677
InterDigital,
Inc.
.....................
5,097
535,440
Jamf
Holding
Corp.
(a)
.................
4,856
90,030
JFrog
Ltd.
(a)
........................
39,548
1,286,497
LiveRamp
Holdings,
Inc.
(a)
..............
6,411
253,106
Manhattan
Associates,
Inc.
(a)
............
20,896
5,068,534
MicroStrategy,
Inc.
,
Class
A
(a)
(b)
...........
974
488,179
Mitek
Systems,
Inc.
(a)
.................
11,035
139,041
Model
N,
Inc.
(a)
.....................
37,398
1,007,876
Monday.com
Ltd.
(a)
...................
16,001
3,360,850
Nutanix,
Inc.
,
Class
A
(a)
................
100,810
5,665,522
PagerDuty,
Inc.
(a)
(b)
...................
41,387
980,044
Pegasystems,
Inc.
...................
9,040
440,610
Progress
Software
Corp.
...............
33,524
1,904,498
PROS
Holdings,
Inc.
(a)
................
7,477
257,358
Qualys,
Inc.
(a)
(b)
.....................
9,095
1,720,501
Rapid7,
Inc.
(a)
......................
8,377
460,986
RingCentral,
Inc.
,
Class
A
(a)
(b)
............
51,933
1,760,009
Smartsheet,
Inc.
,
Class
A
(a)
.............
46,655
2,098,075
SolarWinds
Corp.
(a)
..................
6,804
80,423
Sprout
Social,
Inc.
,
Class
A
(a)
(b)
...........
50,486
3,096,306
SPS
Commerce,
Inc.
(a)
................
6,326
1,162,719
Tenable
Holdings,
Inc.
(a)
...............
18,306
862,213
Teradata
Corp.
(a)
....................
17,436
805,195
Varonis
Systems,
Inc.
(a)
................
28,244
1,267,591
Workiva,
Inc.
,
Class
A
(a)
(b)
..............
37,547
3,489,618
Yext,
Inc.
(a)
........................
118,385
702,023
63,168,536
Specialized
REITs
—
1.0%
CubeSmart
........................
23,647
1,022,023
EPR
Properties
.....................
4,727
209,264
Gaming
&
Leisure
Properties,
Inc.
........
37,987
1,734,107
Lamar
Advertising
Co.
,
Class
A
(b)
.........
26,270
2,749,944
Outfront
Media,
Inc.
..................
21,308
277,430
PotlatchDeltic
Corp.
..................
10,693
478,298
Rayonier,
Inc.
......................
20,998
636,239
Safehold,
Inc.
......................
35,210
699,271
Uniti
Group,
Inc.
....................
73,281
385,458
8,192,034
Specialty
Retail
—
4.5%
1-800-Flowers.com,
Inc.
,
Class
A
(a)
(b)
.......
12,649
131,550
Aaron's
Co.,
Inc.
(The)
................
80,689
830,290
Abercrombie
&
Fitch
Co.
,
Class
A
(a)
(b)
.......
29,490
3,005,031
Academy
Sports
&
Outdoors,
Inc.
.........
31,187
1,956,361
American
Eagle
Outfitters,
Inc.
...........
27,893
552,839
Asbury
Automotive
Group,
Inc.
(a)
..........
5,921
1,237,844
AutoNation,
Inc.
(a)
....................
14,606
2,039,874
Bath
&
Body
Works,
Inc.
...............
65,275
2,784,632
Buckle,
Inc.
(The)
...................
25,515
948,903
Caleres,
Inc.
.......................
26,409
828,450
Carvana
Co.
,
Class
A
(a)
(b)
...............
3,820
164,489
Chewy,
Inc.
,
Class
A
(a)
(b)
...............
4,498
80,154
Children's
Place,
Inc.
(The)
(a)
............
19,169
427,085
Citi
Trends,
Inc.
(a)
(b)
...................
16,872
454,363
Designer
Brands,
Inc.
,
Class
A
...........
24,947
213,796
Dick's
Sporting
Goods,
Inc.
.............
23,458
3,496,884
Five
Below,
Inc.
(a)
(b)
...................
2,701
484,721
Foot
Locker,
Inc.
....................
11,789
331,978
GameStop
Corp.
,
Class
A
(a)
(b)
............
85,086
1,210,774
Gap,
Inc.
(The)
.....................
58,895
1,100,748
Genesco,
Inc.
(a)
.....................
23,696
658,275
Group
1
Automotive,
Inc.
(b)
..............
7,047
1,832,643
Guess?,
Inc.
.......................
90,532
2,022,485
2024
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
iShares
®
U.S.
Small-Cap
Equity
Factor
ETF
28
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Specialty
Retail
(continued)
Hibbett,
Inc.
.......................
8,561
$
570,591
MarineMax,
Inc.
(a)
....................
2,538
71,064
ODP
Corp.
(The)
(a)
...................
18,292
935,453
Petco
Health
&
Wellness
Co.,
Inc.
(a)
(b)
......
22,974
54,908
RH
(a)
(b)
...........................
1,075
272,491
Signet
Jewelers
Ltd.
..................
30,984
3,082,288
Sleep
Number
Corp.
(a)
(b)
...............
38,780
399,434
Sonic
Automotive,
Inc.
,
Class
A
..........
6,224
314,685
Upbound
Group,
Inc.
.................
37,206
1,235,239
Wayfair,
Inc.
,
Class
A
(a)
(b)
...............
13,810
693,953
Williams-Sonoma,
Inc.
................
20,906
4,043,011
38,467,286
Technology
Hardware,
Storage
&
Peripherals
—
1.2%
Pure
Storage,
Inc.
,
Class
A
(a)
(b)
...........
82,223
3,288,098
Super
Micro
Computer,
Inc.
(a)
............
9,957
5,273,327
Xerox
Holdings
Corp.
.................
82,986
1,531,921
10,093,346
Textiles,
Apparel
&
Luxury
Goods
—
1.9%
Capri
Holdings
Ltd.
(a)
.................
16,646
811,326
Crocs,
Inc.
(a)
(b)
......................
26,005
2,638,987
Deckers
Outdoor
Corp.
(a)
...............
7,230
5,449,468
G-III
Apparel
Group
Ltd.
(a)
..............
15,191
457,097
On
Holding
AG
,
Class
A
(a)
(b)
.............
18,935
502,914
Oxford
Industries,
Inc.
................
7,398
702,292
PVH
Corp.
(b)
.......................
16,406
1,972,986
Ralph
Lauren
Corp.
..................
965
138,641
Tapestry,
Inc.
.......................
52,211
2,025,265
Under
Armour,
Inc.
,
Class
C,
NVS
(a)
.......
161,519
1,195,241
15,894,217
Tobacco
—
0.4%
Turning
Point
Brands,
Inc.
..............
6,881
167,139
Universal
Corp.
.....................
12,188
706,295
Vector
Group
Ltd.
...................
263,876
2,762,782
3,636,216
Trading
Companies
&
Distributors
—
2.1%
Applied
Industrial
Technologies,
Inc.
.......
4,659
822,127
Beacon
Roofing
Supply,
Inc.
(a)
...........
4,497
372,756
Boise
Cascade
Co.
..................
15,562
2,108,029
Core
&
Main,
Inc.
,
Class
A
(a)
.............
68,538
2,831,305
DNOW,
Inc.
(a)
......................
171,778
1,733,240
GATX
Corp.
.......................
9,769
1,198,168
Global
Industrial
Co.
..................
7,448
316,763
GMS,
Inc.
(a)
........................
8,206
690,617
H&E
Equipment
Services,
Inc.
...........
15,084
811,368
McGrath
RentCorp
...................
6,907
867,865
MRC
Global,
Inc.
(a)
...................
88,001
938,091
MSC
Industrial
Direct
Co.,
Inc.
,
Class
A
.....
1,851
182,657
Rush
Enterprises,
Inc.
,
Class
A
..........
9,706
435,896
SiteOne
Landscape
Supply,
Inc.
(a)
(b)
........
3,474
536,907
Watsco,
Inc.
.......................
5,995
2,343,925
WESCO
International,
Inc.
..............
11,306
1,961,817
18,151,531
Water
Utilities
—
0.2%
American
States
Water
Co.
.............
14,429
1,076,403
Middlesex
Water
Co.
.................
3,363
188,227
1,264,630
Wireless
Telecommunication
Services
—
0.0%
Telephone
&
Data
Systems,
Inc.
..........
14,776
283,847
Total
Long-Term
Investments
—
99
.5
%
(Cost:
$
772,459,197
)
..............................
848,737,342
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
9.8%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.51
%
(e)
..................
79,698,721
$
79,746,540
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.32
%
...................
3,861,754
3,861,754
Total
Short-Term
Securities
—
9
.8
%
(Cost:
$
83,584,199
)
...............................
83,608,294
Total
Investments
—
109
.3
%
(Cost:
$
856,043,396
)
..............................
932,345,636
Liabilities
in
Excess
of
Other
Assets
—
(
9.3
)
%
.............
(
79,173,993
)
Net
Assets
—
100.0%
...............................
$
853,171,643
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
iShares
®
U.S.
Small-Cap
Equity
Factor
ETF
Schedule
of
Investments
29
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
January
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
07/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
01/31/24
Shares
Held
at
01/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..............
$
54,600,717
$
25,122,007
(a)
$
—
$
1,425
$
22,391
$
79,746,540
79,698,721
$
221,597
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
2,452,652
1,409,102
(a)
—
—
—
3,861,754
3,861,754
80,579
—
$
1,425
$
22,391
$
83,608,294
$
302,176
$
—
—
—
(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
Micro
E-Mini
Index
................................................
144
03/15/24
$
1,408
$
(
32,182
)
S&P
Midcap
400
E-Mini
Index
.................................................
3
03/15/24
823
(
5,251
)
$
(
37,433
)
2024
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
iShares
®
U.S.
Small-Cap
Equity
Factor
ETF
30
(a)
The
Fund
receives
the
total
return
on
a
portfolio
of
long
positions
underlying the
total
return
swap.
The
Fund
pays
the
total
return
on
a
portfolio
of
short
positions
underlying
the
total
return
swap.
In
addition,
the
Fund
pays
or
receives
a
variable
rate
of
interest,
based
on
a
specified
benchmark.
The
benchmark
and
spread
are
determined
based
upon
the
country
and/or
currency
of
the
individual
underlying
positions.
The
following
are
the
specified
benchmarks
(plus
or
minus
a
range)
used
in
determining
the
variable
rate
of
interest:
OTC
Total
Return
Swaps
Reference
Entity
Payment
Frequency
Counterparty
(a)
Termination
Date
Net
Notional
Accrued
Unrealized
Appreciation
(Depreciation)
Net
Value
of
Reference
Entity
Gross
Notional
Amount
Net
Asset
Percentage
Equity
Securities
Long/Short
...
Monthly
Goldman
Sachs
Bank
USA
(b)
08/19/26
$
407,434
$
1,166
(c)
$
406,382
0
.0
%
Monthly
HSBC
Bank
plc
(d)
02/10/28
988,864
(
20,147
)
(e)
969,806
0
.1
Monthly
JPMorgan
Chase
Bank
NA
(f)
02/08/24
741,149
(
8,729
)
(g)
734,580
0
.1
$
(
27,710
)
$
2,110,768
(b)
(d)
(f)
Range:
40
basis
points
40
basis
points
40
basis
points
Benchmarks:
USD
-
1D
Overnight
Fed
Funds
Effective
Rate
(FEDL01)
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
(b)
Goldman
Sachs
USA
(c)
Amount
includes
$2,218
of
net
dividends
and
financing
fees.
(d)
HSBC
(e)
Amount
includes
$(1,089)
of
net
dividends
and
financing
fees.
(f)
JPMChase
(g)
Amount
includes
$(2,160)
of
net
dividends
and
financing
fees.
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
iShares
®
U.S.
Small-Cap
Equity
Factor
ETF
Schedule
of
Investments
31
The
following
table
represents
the
individual
long
positions
and
related
values
of
the
equity
securities
underlying
the
total
return
swap
with
Goldman
Sachs
Bank
USA,
as
of
period
end,
termination
date
August
19,
2026:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Common
Stocks
Banks
$
Bank
of
Hawaii
Corp.
.......
532
$
33,638
8
.3
%
BankUnited,
Inc.
..........
616
17,408
4
.3
City
Holding
Co.
..........
88
8,995
2
.2
CVB
Financial
Corp.
.......
403
6,758
1
.7
Eagle
Bancorp,
Inc.
........
284
7,040
1
.7
Fulton
Financial
Corp.
......
1,045
16,292
4
.0
NBT
Bancorp,
Inc.
.........
277
9,853
2
.4
Preferred
Bank
...........
3,539
254,242
62
.6
354,226
Insurance
Genworth
Financial,
Inc.
,
Class
A
..................
2,900
17,893
4
.4
Office
REITs
Douglas
Emmett,
Inc.
......
588
7,967
1
.9
SL
Green
Realty
Corp.
......
585
26,296
6
.5
34,263
Total
Reference
Entity
—
Long
............
406,382
Net
Value
of
Reference
Entity
—
Goldman
Sachs
Bank
USA
.........................
$
406,382
The
following
table
represents
the
individual
long
positions
and
related
values
of
the
equity
securities
underlying
the
total
return
swap
with
HSBC
Bank
plc,
as
of
period
end,
termination
date
February
10,
2028:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Common
Stocks
Oil,
Gas
&
Consumable
Fuels
$
SFL
Corp.
Ltd.
...........
1,129
13,740
1
.4
Banks
Axos
Financial,
Inc.
........
572
31,706
3
.3
Bancorp,
Inc.
(The)
........
1,438
62,754
6
.5
BankUnited,
Inc.
..........
1,788
50,529
5
.2
CVB
Financial
Corp.
.......
79
1,325
0
.1
First
Bancorp
............
5,474
91,306
9
.4
Fulton
Financial
Corp.
......
521
8,122
0
.8
NBT
Bancorp,
Inc.
.........
209
7,434
0
.8
OFG
Bancorp
............
2,014
74,055
7
.7
Pathward
Financial,
Inc.
.....
686
35,521
3
.7
Preferred
Bank
...........
1,195
85,849
8
.8
Trustmark
Corp.
..........
777
20,971
2
.2
WaFd,
Inc.
..............
5,005
145,345
15
.0
614,917
Consumer
Finance
Bread
Financial
Holdings,
Inc.
.
247
8,959
0
.9
Enova
International,
Inc.
.....
484
26,344
2
.7
Green
Dot
Corp.
,
Class
A
....
7,737
69,710
7
.2
105,013
Shares
Value
%
of
Basket
Value
Insurance
Genworth
Financial,
Inc.
,
Class
A
..................
9,298
$
57,369
5
.9
%
Horace
Mann
Educators
Corp.
286
10,533
1
.1
67,902
Office
REITs
Douglas
Emmett,
Inc.
......
2,627
35,596
3
.7
SL
Green
Realty
Corp.
......
2,190
98,441
10
.1
134,037
Financial
Services
Radian
Group,
Inc.
........
1,180
34,197
3
.5
Total
Reference
Entity
—
Long
............
969,806
Net
Value
of
Reference
Entity
—
HSBC
Bank
plc
$
969,806
The
following
table
represents
the
individual
long
positions
and
related
values
of
the
equity
securities
underlying
the
total
return
swap
with
JPMorgan
Chase
Bank
NA,
as
of
period
end,
termination
date
February
8,
2024:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Common
Stocks
Banks
$
Bank
of
Hawaii
Corp.
.......
134
8,473
1
.1
CVB
Financial
Corp.
.......
446
7,479
1
.0
First
Bancorp
............
1,894
35,669
4
.9
NBT
Bancorp,
Inc.
.........
1,225
43,573
5
.9
WaFd,
Inc.
..............
535
15,536
2
.1
110,730
Insurance
Assurant,
Inc.
............
50
8,398
1
.1
Employers
Holdings,
Inc.
....
416
17,356
2
.4
Genworth
Financial,
Inc.
,
Class
A
..................
2,607
16,085
2
.2
Horace
Mann
Educators
Corp.
2,747
101,172
13
.8
143,011
Consumer
Finance
Green
Dot
Corp.
,
Class
A
....
16,621
149,755
20
.4
Financial
Services
Jackson
Financial,
Inc.
,
Class
A
5,961
298,467
40
.6
Capital
Markets
Moelis
&
Co.
,
Class
A
......
305
16,766
2
.3
Office
REITs
Brandywine
Realty
Trust
....
3,344
15,851
2
.2
Total
Reference
Entity
—
Long
............
734,580
Net
Value
of
Reference
Entity
—
JPMorgan
Chase
Bank
NA
..........................
$
734,580
2024
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
iShares
®
U.S.
Small-Cap
Equity
Factor
ETF
32
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.
Balances
Reported
in
the
Statements
of
Assets
and
Liabilities
for
OTC
Swaps
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
OTC
Swaps
...................................................................
$
—
$
—
$
1,166
$
(
28,876
)
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
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
$
—
$
—
$
1,166
$
—
$
—
$
—
$
1,166
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
—
—
37,433
—
—
—
37,433
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
—
28,876
—
—
—
28,876
$
—
$
—
$
66,309
$
—
$
—
$
—
$
66,309
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
January
31,
2024,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
c
ontracts
.......................
$
—
$
—
$
140,832
$
—
$
—
$
—
$
140,832
Swaps
..............................
—
—
(
91,637
)
—
—
—
(
91,637
)
$
—
$
—
$
49,195
$
—
$
—
$
—
$
49,195
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
c
ontracts
.......................
$
—
$
—
$
(
86,898
)
$
—
$
—
$
—
$
(
86,898
)
Swaps
..............................
—
—
(
167,649
)
—
—
—
(
167,649
)
$
—
$
—
$
(
254,547
)
$
—
$
—
$
—
$
(
254,547
)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
2,147,586
Total
return
swaps
Average
notional
value
...............................................................................................
$
1,578,215
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
iShares
®
U.S.
Small-Cap
Equity
Factor
ETF
Schedule
of
Investments
33
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
The
Fund’s
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
—
$
50,784
Swaps
—
OTC
(a)
....................................................................................
1,166
28,876
Total
d
erivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
1,166
$
79,660
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
(“MNA”)
.........................................
—
(
50,784
)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
1,166
$
28,876
(a)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
(paid/received)
in
the
Statements
of
Assets
and
Liabilities.
The
following
table
presents
the
Fund's
derivative
assets
and
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
received
and
pledged
by
the
Fund:
Counterparty
Derivative
Assets
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-Cash
Collateral
Received
Cash
Collateral
Received
Net
Amount
of
Derivative
Assets
(b)
Goldman
Sachs
Bank
USA
.........................
$
1,166
$
—
$
—
$
—
$
1,166
$
1,166
$
—
$
—
$
—
$
1,166
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-Cash
Collateral
Pledged
Cash
Collateral
Pledged
Net
Amount
of
Derivative
Liabilities
(c)
HSBC
Bank
plc
.................................
$
20,147
$
—
$
—
$
—
$
20,147
JPMorgan
Chase
Bank
NA
.........................
8,729
—
—
—
8,729
$
28,876
$
—
$
—
$
—
$
28,876
(a)
The
amount
of
derivatives
available
for
offset
is
limited
to
the
amount
of
derivative
assets
and/or
liabilities
that
are
subject
to
an
MNA.
(b)
Net
amount
represents
the
net
amount
receivable
from
the
counterparty
in
the
event
of
default.
(c)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
848,737,342
$
—
$
—
$
848,737,342
Short-Term
Securities
Money
Market
Funds
......................................
83,608,294
—
—
83,608,294
$
932,345,636
$
—
$
—
$
932,345,636
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
—
$
1,166
$
—
$
1,166
Liabilities
Equity
contracts
...........................................
(
37,433
)
(
28,876
)
—
(
66,309
)
$
(
37,433
)
$
(
27,710
)
$
—
$
(
65,143
)
(a)
Derivative
financial
instruments
are
swaps
and
futures
contracts.
Swaps
and
futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
2024
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
January
31,
2024
iShares
®
U.S.
Tech
Breakthrough
Multisector
ETF
34
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Biotechnology
—
5.9%
Arcellx,
Inc.
(a)
......................
2,580
$
159,547
Arcturus
Therapeutics
Holdings,
Inc.
(a)
......
1,782
58,753
Arcus
Biosciences,
Inc.
(a)
...............
3,537
53,550
Beam
Therapeutics,
Inc.
(a)
(b)
.............
5,044
123,074
BioCryst
Pharmaceuticals,
Inc.
(a)
..........
14,585
77,300
Blueprint
Medicines
Corp.
(a)
(b)
............
4,358
346,592
Deciphera
Pharmaceuticals,
Inc.
(a)
........
3,561
50,994
Dynavax
Technologies
Corp.
(a)
...........
9,374
121,112
Editas
Medicine,
Inc.
(a)
................
5,934
41,716
Exelixis,
Inc.
(a)
......................
22,226
483,638
Geron
Corp.
(a)
......................
33,638
61,894
Gilead
Sciences,
Inc.
.................
91,401
7,153,042
Incyte
Corp.
(a)
......................
16,289
957,305
Intellia
Therapeutics,
Inc.
(a)
.............
6,427
153,091
Iovance
Biotherapeutics,
Inc.
(a)
...........
14,626
113,059
Moderna,
Inc.
(a)
.....................
24,330
2,458,546
Novavax,
Inc.
(a)
(b)
....................
8,201
32,804
Regeneron
Pharmaceuticals,
Inc.
(a)
........
7,654
7,216,038
REVOLUTION
Medicines,
Inc.
(a)
..........
10,848
301,032
Sarepta
Therapeutics,
Inc.
(a)
............
6,499
773,316
SpringWorks
Therapeutics,
Inc.
(a)
.........
3,544
156,397
Twist
Bioscience
Corp.
(a)
...............
4,041
130,928
Vir
Biotechnology,
Inc.
(a)
...............
6,451
60,639
Xencor,
Inc.
(a)
......................
4,346
81,270
21,165,637
Broadline
Retail
—
6.0%
Amazon.com,
Inc.
(a)
..................
88,257
13,697,486
Coupang,
Inc.
,
Class
A
(a)
...............
72,774
1,018,836
eBay,
Inc.
.........................
33,113
1,359,951
Etsy,
Inc.
(a)
(b)
.......................
7,580
504,525
MercadoLibre,
Inc.
(a)
..................
2,878
4,926,589
21,507,387
Capital
Markets
—
0.3%
AssetMark
Financial
Holdings,
Inc.
(a)
.......
515
15,795
Coinbase
Global,
Inc.
,
Class
A
(a)
..........
3,997
512,415
Donnelley
Financial
Solutions,
Inc.
(a)
.......
688
42,739
MarketAxess
Holdings,
Inc.
.............
890
200,704
Open
Lending
Corp.
,
Class
A
(a)
...........
2,411
17,697
Tradeweb
Markets,
Inc.
,
Class
A
..........
2,713
258,793
Virtu
Financial,
Inc.
,
Class
A
.............
2,032
34,117
1,082,260
Chemicals
—
0.0%
Ginkgo
Bioworks
Holdings,
Inc.
,
Class
A
(a)
(b)
..
96,778
117,101
Communications
Equipment
—
0.4%
Calix,
Inc.
(a)
........................
6,375
211,522
Juniper
Networks,
Inc.
................
34,686
1,281,995
1,493,517
Consumer
Finance
—
0.1%
Enova
International,
Inc.
(a)
..............
667
36,305
OneMain
Holdings,
Inc.
................
2,819
134,185
SoFi
Technologies,
Inc.
(a)
(b)
.............
21,116
165,338
Upstart
Holdings,
Inc.
(a)
(b)
...............
1,730
54,945
World
Acceptance
Corp.
(a)
..............
127
16,676
407,449
Diversified
Telecommunication
Services
—
0.0%
Lumen
Technologies,
Inc.
(a)
.............
48,063
58,637
Electrical
Equipment
—
0.5%
AMETEK,
Inc.
......................
11,329
1,835,864
Security
Shares
Shares
Value
Electronic
Equipment,
Instruments
&
Components
—
0.1%
Cognex
Corp.
......................
8,487
$
306,720
MicroVision,
Inc.
(a)
(b)
..................
9,704
23,096
PAR
Technology
Corp.
(a)
...............
656
29,874
359,690
Entertainment
—
3.4%
Netflix,
Inc.
(a)
.......................
21,264
11,995,235
Financial
Services
—
7.6%
Affirm
Holdings,
Inc.
,
Class
A
(a)
...........
5,361
217,174
AvidXchange
Holdings,
Inc.
(a)
............
3,695
40,497
Block,
Inc.
,
Class
A
(a)
.................
12,866
836,419
Euronet
Worldwide,
Inc.
(a)
..............
1,036
103,237
Fidelity
National
Information
Services,
Inc.
...
14,077
876,434
Fiserv,
Inc.
(a)
.......................
14,223
2,017,817
FleetCor
Technologies,
Inc.
(a)
............
1,615
468,237
Flywire
Corp.
(a)
.....................
2,759
58,960
Global
Payments,
Inc.
................
6,163
821,096
Jack
Henry
&
Associates,
Inc.
...........
1,724
285,891
Marqeta,
Inc.
,
Class
A
(a)
...............
9,126
54,847
Mastercard,
Inc.
,
Class
A
...............
19,859
8,921,259
Payoneer
Global,
Inc.
(a)
................
5,992
28,043
PayPal
Holdings,
Inc.
(a)
................
25,525
1,565,959
Repay
Holdings
Corp.
,
Class
A
(a)
.........
1,966
15,413
Shift4
Payments,
Inc.
,
Class
A
(a)
(b)
.........
1,337
96,010
Toast,
Inc.
,
Class
A
(a)
.................
8,523
151,454
Visa,
Inc.
,
Class
A
...................
38,260
10,454,928
WEX,
Inc.
(a)
(b)
.......................
1,024
209,295
27,222,970
Health
Care
Equipment
&
Supplies
—
1.8%
Intuitive
Surgical,
Inc.
(a)
................
17,228
6,515,974
Household
Durables
—
0.0%
iRobot
Corp.
(a)
......................
1,292
17,571
Interactive
Media
&
Services
—
8.8%
(a)
Alphabet,
Inc.
,
Class
A
................
98,411
13,787,381
Bumble,
Inc.
,
Class
A
.................
4,731
64,909
fuboTV,
Inc.
.......................
13,823
34,419
Meta
Platforms,
Inc.
,
Class
A
............
39,949
15,585,703
Pinterest,
Inc.
,
Class
A
................
28,435
1,065,460
Snap,
Inc.
,
Class
A,
NVS
...............
50,893
808,690
Vimeo,
Inc.
........................
8,942
35,500
31,382,062
IT
Services
—
3.0%
(a)
Akamai
Technologies,
Inc.
(b)
.............
16,312
2,010,128
Couchbase,
Inc.
....................
2,039
50,975
DigitalOcean
Holdings,
Inc.
.............
3,172
106,960
Fastly,
Inc.
,
Class
A
(b)
.................
7,685
154,622
GoDaddy,
Inc.
,
Class
A
................
6,881
733,927
MongoDB,
Inc.
,
Class
A
...............
4,392
1,759,084
Okta,
Inc.
,
Class
A
...................
16,875
1,394,719
Snowflake,
Inc.
,
Class
A
...............
19,290
3,773,896
Twilio,
Inc.
,
Class
A
..................
10,988
772,786
10,757,097
Leisure
Products
—
0.0%
Peloton
Interactive,
Inc.
,
Class
A
(a)
(b)
.......
15,555
86,486
Life
Sciences
Tools
&
Services
—
0.0%
(a)(c)
OmniAb,
Inc.,
12.50
Earnout
Shares
,
NVS
...
934
—
OmniAb,
Inc.,
15.00
Earnout
Shares
,
NVS
...
934
—
—
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
iShares
®
U.S.
Tech
Breakthrough
Multisector
ETF
Schedule
of
Investments
35
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Machinery
—
0.1%
(a)
3D
Systems
Corp.
(b)
..................
6,153
$
29,473
Proto
Labs,
Inc.
.....................
1,326
47,855
Symbotic,
Inc.
,
Class
A
(b)
...............
1,638
70,483
147,811
Media
—
0.2%
Paramount
Global
,
Class
B,
NVS
.........
28,339
413,466
Sirius
XM
Holdings,
Inc.
(b)
..............
30,488
155,184
568,650
Pharmaceuticals
—
4.3%
Ligand
Pharmaceuticals,
Inc.
(a)
...........
1,203
87,940
Merck
&
Co.,
Inc.
....................
125,426
15,148,952
15,236,892
Professional
Services
—
1.3%
Booz
Allen
Hamilton
Holding
Corp.
........
14,113
1,986,687
Broadridge
Financial
Solutions,
Inc.
.......
2,780
567,676
CACI
International,
Inc.
,
Class
A
(a)
........
2,426
833,889
Science
Applications
International
Corp.
....
5,778
737,620
SS&C
Technologies
Holdings,
Inc.
........
5,113
311,995
4,437,867
Semiconductors
&
Semiconductor
Equipment
—
17.4%
Advanced
Micro
Devices,
Inc.
(a)
..........
78,774
13,209,612
Analog
Devices,
Inc.
..................
24,359
4,685,697
Intel
Corp.
........................
207,633
8,944,830
Lattice
Semiconductor
Corp.
(a)
(b)
..........
6,700
407,762
Microchip
Technology,
Inc.
..............
26,094
2,222,687
NVIDIA
Corp.
......................
27,750
17,073,743
QUALCOMM,
Inc.
...................
54,787
8,136,417
Silicon
Laboratories,
Inc.
(a)
..............
1,526
188,247
Texas
Instruments,
Inc.
................
44,688
7,155,443
62,024,438
Software
—
31.3%
A10
Networks,
Inc.
...................
7,581
101,358
ACI
Worldwide,
Inc.
(a)
.................
2,522
75,836
Adobe,
Inc.
(a)
.......................
21,186
13,088,287
Alarm.com
Holdings,
Inc.
(a)
.............
5,202
316,386
Alkami
Technology,
Inc.
(a)
..............
1,177
28,978
Altair
Engineering,
Inc.
,
Class
A
(a)
(b)
........
2,646
224,963
Alteryx,
Inc.
,
Class
A
(a)
................
3,877
184,002
ANSYS,
Inc.
(a)
......................
4,271
1,400,162
Appian
Corp.
,
Class
A
(a)
...............
2,619
85,458
Atlassian
Corp.
,
Class
A
(a)
(b)
.............
9,822
2,453,241
Autodesk,
Inc.
(a)
.....................
10,497
2,664,243
AvePoint,
Inc.
,
Class
A
(a)
...............
6,200
47,740
Bentley
Systems,
Inc.
,
Class
B
...........
10,208
514,483
BILL
Holdings,
Inc.
(a)
..................
2,459
191,925
BlackLine,
Inc.
(a)
....................
1,179
69,184
C3.ai,
Inc.
,
Class
A
(a)
(b)
................
6,460
160,079
CCC
Intelligent
Solutions
Holdings,
Inc.
(a)
....
4,707
51,730
Clear
Secure,
Inc.
,
Class
A
.............
9,212
175,304
Clearwater
Analytics
Holdings,
Inc.
,
Class
A
(a)
.
2,073
39,076
CommVault
Systems,
Inc.
(a)
.............
2,741
251,295
Confluent,
Inc.
,
Class
A
(a)
(b)
.............
13,223
295,666
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
.......
24,439
7,148,407
Dropbox,
Inc.
,
Class
A
(a)
...............
16,245
514,642
Everbridge,
Inc.
(a)
....................
4,367
97,646
Fortinet,
Inc.
(a)
......................
69,856
4,505,013
Freshworks,
Inc.
,
Class
A
(a)
.............
10,089
223,976
Gitlab,
Inc.
,
Class
A
(a)
.................
6,083
432,562
Guidewire
Software,
Inc.
(a)
..............
1,943
216,994
HubSpot,
Inc.
(a)
.....................
3,079
1,881,269
Informatica,
Inc.
,
Class
A
(a)
.............
7,984
239,520
Intapp,
Inc.
(a)
(b)
......................
1,174
50,576
Security
Shares
Shares
Value
Software
(continued)
Intuit,
Inc.
.........................
6,493
$
4,099,226
Matterport,
Inc.
,
Class
A
(a)
..............
11,876
26,721
Microsoft
Corp.
.....................
34,650
13,776,147
MicroStrategy,
Inc.
,
Class
A
(a)
(b)
...........
798
399,966
nCino,
Inc.
(a)
(b)
......................
1,491
46,937
Nutanix,
Inc.
,
Class
A
(a)
................
15,548
873,798
Oracle
Corp.
.......................
101,555
11,343,693
Palo
Alto
Networks,
Inc.
(a)
..............
34,223
11,584,828
Pegasystems,
Inc.
...................
2,548
124,189
Progress
Software
Corp.
...............
2,790
158,500
Q2
Holdings,
Inc.
(a)
...................
1,329
56,549
Qualys,
Inc.
(a)
......................
3,947
746,654
Rapid7,
Inc.
(a)
......................
6,591
362,703
Salesforce,
Inc.
(a)
....................
49,910
14,029,202
SentinelOne,
Inc.
,
Class
A
(a)
.............
25,087
672,332
ServiceNow,
Inc.
(a)
...................
13,048
9,986,939
Splunk,
Inc.
(a)
......................
9,889
1,516,676
Sprinklr,
Inc.
,
Class
A
(a)
................
6,411
80,009
Tenable
Holdings,
Inc.
(a)
...............
12,631
594,920
Teradata
Corp.
(a)
....................
6,141
283,591
Varonis
Systems,
Inc.
(a)
................
11,570
519,262
Vertex,
Inc.
,
Class
A
(a)
.................
1,137
27,584
Workiva,
Inc.
,
Class
A
(a)
................
1,134
105,394
Zscaler,
Inc.
(a)
......................
9,700
2,285,999
Zuora,
Inc.
,
Class
A
(a)
.................
8,572
78,348
111,510,168
Specialized
REITs
—
2.5%
Digital
Realty
Trust,
Inc.
...............
19,345
2,717,199
Equinix,
Inc.
.......................
5,989
4,969,492
Iron
Mountain,
Inc.
...................
18,531
1,251,213
8,937,904
Technology
Hardware,
Storage
&
Peripherals
—
4.9%
Apple,
Inc.
........................
67,855
12,512,462
HP,
Inc.
..........................
63,109
1,811,859
NetApp,
Inc.
.......................
13,146
1,146,331
Pure
Storage,
Inc.
,
Class
A
(a)
(b)
...........
18,722
748,693
Western
Digital
Corp.
(a)
................
20,639
1,181,583
17,400,928
Total
Long-Term
Investments
—
99
.9
%
(Cost:
$
278,963,505
)
..............................
356,269,595
Short-Term
Securities
Money
Market
Funds
—
2.0%
(d)(e)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.51
%
(f)
..................
6,733,481
6,737,521
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.32
%
...................
478,903
478,903
Total
Short-Term
Securities
—
2
.0
%
(Cost:
$
7,214,692
)
...............................
7,216,424
Total
Investments
—
101
.9
%
(Cost:
$
286,178,197
)
..............................
363,486,019
Liabilities
in
Excess
of
Other
Assets
—
(
1.9
)
%
.............
(
6,739,101
)
Net
Assets
—
100.0%
...............................
$
356,746,918
2024
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
iShares
®
U.S.
Tech
Breakthrough
Multisector
ETF
36
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
January
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(d)
Affiliate
of
the
Fund.
(e)
Annualized
7-day
yield
as
of
period
end.
(f)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
07/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
01/31/24
Shares
Held
at
01/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..............
$
15,736,390
$
—
$
(
9,003,289
)
(a)
$
1,951
$
2,469
$
6,737,521
6,733,481
$
29,613
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
413,027
65,876
(a)
—
—
—
478,903
478,903
9,795
—
$
1,951
$
2,469
$
7,216,424
$
39,408
$
—
—
—
(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
...................................................
1
03/15/24
$
345
$
8,362
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
......
$
—
$
—
$
8,362
$
—
$
—
$
—
$
8,362
(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).
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
iShares
®
U.S.
Tech
Breakthrough
Multisector
ETF
Schedule
of
Investments
37
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
For
the
period
ended
January
31,
2024,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
c
ontracts
.......................
$
—
$
—
$
(
9,090
)
$
—
$
—
$
—
$
(
9,090
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
c
ontracts
.......................
$
—
$
—
$
(
9,232
)
$
—
$
—
$
—
$
(
9,232
)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
255,843
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
356,269,595
$
—
$
—
$
356,269,595
Short-Term
Securities
Money
Market
Funds
......................................
7,216,424
—
—
7,216,424
$
363,486,019
$
—
$
—
$
363,486,019
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
8,362
$
—
$
—
$
8,362
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Statements
of
Assets
and
Liabilities
(unaudited)
January
31,
2024
2024
iShares
Annual
Report
to
Shareholders
38
See
notes
to
financial
statements.
iShares
MSCI
USA
Small-Cap
Min
Vol
Factor
ETF
iShares
U.S.
Equity
Factor
ETF
iShares
U.S.
Small-Cap
Equity
Factor
ETF
iShares
U.S.
Tech
Breakthrough
Multisector
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.........................................
$
856,331,777
$
1,578,481,228
$
848,737,342
$
356,269,595
Investments,
at
value
—
affiliated
(c)
............................................
28,773,284
26,866,086
83,608,294
7,216,424
Cash
...............................................................
2,192
—
—
—
Cash
pledged:
Futures
contracts
......................................................
103,000
253,000
136,000
20,000
Receivables:
–
–
–
–
Investment
s
sold
......................................................
106,201
—
—
—
Securities
lending
income
—
affiliated
........................................
4,441
2,960
17,674
7,940
Swaps
............................................................
—
—
9,532
—
Capital
shares
sold
.....................................................
—
—
251,640
—
Dividends
—
unaffiliated
.................................................
401,537
1,376,733
317,364
71,036
Dividends
—
affiliated
...................................................
6,758
14,164
16,256
1,909
Unrealized
appreciation
on:
–
–
–
–
OTC
swaps
..........................................................
—
—
1,166
—
Total
a
ssets
...........................................................
885,729,190
1,606,994,171
933,095,268
363,586,904
LIABILITIES
Collateral
on
securities
loaned
...............................................
27,532,731
19,486,814
79,737,272
6,745,348
Payables:
–
–
–
–
Capital
shares
redeemed
.................................................
—
26,353
—
—
Investment
advisory
fees
.................................................
145,282
106,938
106,693
87,694
Variation
margin
on
futures
contracts
.........................................
25,463
77,888
50,784
6,944
Unrealized
depreciation
on:
–
–
–
–
OTC
swaps
..........................................................
—
—
28,876
—
Total
li
abilities
..........................................................
27,703,476
19,697,993
79,923,625
6,839,986
Commitments
and
contingent
liabilities
—
—
—
—
NET
ASSETS
..........................................................
$
858,025,714
$
1,587,296,178
$
853,171,643
$
356,746,918
NET
ASSETS
CONSIST
OF:
Paid-in
capital
..........................................................
$
917,611,080
$
1,414,471,859
$
895,376,443
$
299,433,890
Accumulated
earnings
(loss)
................................................
(
59,585,366
)
172,824,319
(
42,204,800
)
57,313,028
NET
ASSETS
..........................................................
$
858,025,714
$
1,587,296,178
$
853,171,643
$
356,746,918
NET
ASSET
VALUE
Shares
outstanding
......................................................
24,250,000
32,300,000
14,800,000
7,950,000
Net
asset
value
.........................................................
$
35.38
$
49.14
$
57.65
$
44.87
Shares
authorized
.......................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
.............................................................
None
None
None
None
(a)
Investments,
at
cost
—
unaffiliated
.......................................
$
776,875,743
$
1,319,940,453
$
772,459,197
$
278,963,505
(b)
Securities
loaned,
at
value
............................................
$
26,671,116
$
18,903,659
$
75,926,597
$
6,394,862
(c)
Investments,
at
cost
—
affiliated
.........................................
$
28,753,623
$
26,422,779
$
83,584,199
$
7,214,692
Statements
of
Operations
(unaudited)
Six
Months
Ended
January
31,
2024
39
Financial
Statements
See
notes
to
financial
statements.
iShares
MSCI
USA
Small-Cap
Min
Vol
Factor
ETF
iShares
U.S.
Equity
Factor
ETF
iShares
U.S.
Small-Cap
Equity
Factor
ETF
iShares
U.S.
Tech
Breakthrough
Multisector
ETF
INVESTMENT
INCOME
–
–
–
–
Dividends
—
unaffiliated
.................................................
$
8,396,632
$
12,339,349
$
6,827,413
$
796,804
Dividends
—
affiliated
...................................................
44,100
134,776
80,579
9,795
Interest
—
unaffiliated
...................................................
5,767
5,894
4,359
1,201
Securities
lending
income
—
affiliated
—
net
...................................
370,732
47,192
221,597
29,613
Foreign
taxes
withheld
..................................................
—
(
7,559
)
(
16,695
)
—
Total
investment
income
...................................................
8,817,231
12,519,652
7,117,253
837,413
EXPENSES
Investment
advisory
....................................................
823,241
584,880
584,739
628,244
Total
e
xpenses
.........................................................
823,241
584,880
584,739
628,244
Less:
–
–
–
–
Investment
advisory
fees
waived
...........................................
—
—
—
(
157,061
)
Total
ex
penses
after
fees
waived
.............................................
823,241
584,880
584,739
471,183
Net
investment
income
....................................................
7,993,990
11,934,772
6,532,514
366,230
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
5,478,867
$
102,800,967
$
11,668,769
$
41,690,019
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.............................................
(
20,101,809
)
861,069
(
1,375,824
)
(
3,766,020
)
Investments
—
affiliated
...............................................
792
5,410
1,425
1,951
Foreign
currency
transactions
...........................................
—
252
—
—
Futures
contracts
....................................................
27,775
(
317
)
140,832
(
9,090
)
In-kind
redemptions
—
unaffiliated
(a)
.......................................
1,834,338
16,056,050
1,454,128
4,478,983
In-kind
redemptions
—
affiliated
(a)
.........................................
—
15,099
—
—
Swaps
..........................................................
—
—
(
91,637
)
—
(18,238,904)
16,937,563
128,924
705,824
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.............................................
23,804,353
85,653,671
11,772,001
40,990,957
Investments
—
affiliated
...............................................
9,126
171,153
22,391
2,469
Futures
contracts
....................................................
(
95,708
)
38,581
(
86,898
)
(
9,232
)
Swaps
..........................................................
—
—
(
167,649
)
—
23,717,771
85,863,405
11,539,845
40,984,194
Net
realized
and
unrealized
gain
.............................................
5,478,867
102,800,968
11,668,769
41,690,018
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
....................
$
13,472,857
$
114,735,740
$
18,201,283
$
42,056,248
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
Statements
of
Changes
in
Net
Assets
2024
iShares
Semi-Annual
Report
to
Shareholders
40
See
notes
to
financial
statements.
iShares
MSCI
USA
Small-Cap
Min
Vol
Factor
ETF
iShares
U.S.
Equity
Factor
ETF
Six
Months
Ended
01/31/24
(unaudited)
Year
Ended
07/31/23
Six
Months
Ended
01/31/24
(unaudited)
Year
Ended
07/31/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................
$
7,993,990
$
15,341,638
$
11,934,772
$
21,254,678
Net
realized
gain
(loss)
............................................
(
18,238,904
)
(
25,851,619
)
16,937,563
17,639,283
Net
change
in
unrealized
appreciation
(depreciation)
........................
23,717,771
11,140,703
85,863,405
127,105,160
Net
increase
in
net
assets
resulting
from
operations
...........................
13,472,857
630,722
114,735,740
165,999,121
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................
(8,081,808)
(14,809,861)
(12,397,286)
(20,833,016)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
.................
24,348,237
72,297,641
53,947,129
113,868,885
NET
ASSETS
Total
increase
in
net
assets
...........................................
29,739,286
58,118,502
156,285,583
259,034,990
Beginning
of
period
................................................
828,286,428
770,167,926
1,431,010,595
1,171,975,605
End
of
period
....................................................
$
858,025,714
$
828,286,428
$
1,587,296,178
$
1,431,010,595
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
41
Financial
Statements
See
notes
to
financial
statements.
iShares
U.S.
Small-Cap
Equity
Factor
ETF
iShares
U.S.
Tech
Breakthrough
Multisector
ETF
Six
Months
Ended
01/31/24
(unaudited)
Year
Ended
07/31/23
Six
Months
Ended
01/31/24
(unaudited)
Year
Ended
07/31/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................
$
6,532,514
$
14,812,348
$
366,230
$
1,588,951
Net
realized
gain
................................................
128,924
82,232,494
705,824
45,206,708
Net
change
in
unrealized
appreciation
(depreciation)
........................
11,539,845
(
7,516,469
)
40,984,194
42,362,795
Net
increase
in
net
assets
resulting
from
operations
...........................
18,201,283
89,528,373
42,056,248
89,158,454
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................
(3,688,771)
(14,979,392)
(348,009)
(1,590,805)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.........
23,790,686
(250,139,646)
(2,151,233)
(116,096,855)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...................................
38,303,198
(
175,590,665
)
39,557,006
(
28,529,206
)
Beginning
of
period
................................................
814,868,445
990,459,110
317,189,912
345,719,118
End
of
period
....................................................
$
853,171,643
$
814,868,445
$
356,746,918
$
317,189,912
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2024
iShares
Semi-Annual
Report
to
Shareholders
42
iShares
MSCI
USA
Small-Cap
Min
Vol
Factor
ETF
Six
Months
Ended
01/31/24
(unaudited)
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Net
asset
value,
beginning
of
period
................
$
35.17
$
35.91
$
37.96
$
29.91
$
34.10
$
31.53
Net
investment
income
(a)
........................
0
.33
0
.68
0
.47
0
.40
0
.54
0
.60
Net
realized
and
unrealized
gain
(loss)
(b)
..............
0.22
(0.76
)
(2.04
)
8.09
(4.17
)
2.48
Net
increase
(decrease)
from
investment
operations
.......
0.55
(0.08
)
(1.57
)
8.49
(3.63
)
3.08
Distributions
from
net
investment
income
(c)
..............
(0.34
)
(0.66
)
(0.48
)
(0.44
)
(0.56
)
(0.51
)
Net
asset
value,
end
of
period
.....................
$
35.38
$
35.17
$
35.91
$
37.96
$
29.91
$
34.10
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
1.60
%
(e)
(0.12
)%
(4.17
)%
28.66
%
(10.73
)%
9.91
%
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
................................
0.20
%
(g)
0.20
%
0.20
%
0.20
%
0.20
%
0.20
%
Net
investment
income
...........................
1.94
%
(g)
1.96
%
1.27
%
1.16
%
1.72
%
1.85
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
858,026
$
828,286
$
770,168
$
872,986
$
829,866
$
211,435
Portfolio
turnover
rate
(h)
...........................
23
%
58
%
51
%
50
%
43
%
48
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
43
Financial
Highlights
iShares
U.S.
Equity
Factor
ETF
Six
Months
Ended
01/31/24
(unaudited)
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Net
asset
value,
beginning
of
period
.................
$
46.09
$
41.49
$
43.64
$
32.57
$
32.13
$
33.01
Net
investment
income
(a)
.........................
0.37
0.72
0.65
0.46
0.57
0.58
Net
realized
and
unrealized
gain
(loss)
(b)
...............
3.07
4.59
(2.19
)
11.03
0.50
(0.55
)
Net
increase
(decrease)
from
investment
operations
........
3.44
5.31
(1.54
)
11.49
1.07
0.03
Distributions
from
net
investment
income
(c)
...............
(0.39
)
(0.71
)
(0.61
)
(0.42
)
(0.63
)
(0.91
)
Net
asset
value,
end
of
period
......................
$
49.14
$
46.09
$
41.49
$
43.64
$
32.57
$
32.13
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
..........................
7.55
%
(e)
13.09
%
(3.58
)%
35.53
%
3.50
%
0.38
%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
.................................
0.08
%
(g)
0.08
%
0.16
%
0.20
%
0.20
%
0.20
%
Net
investment
income
............................
1.63
%
(g)
1.75
%
1.50
%
1.20
%
1.79
%
1.84
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......................
$
1,587,296
$
1,431,011
$
1,171,976
$
1,095,476
$
832,254
$
1,049,184
Portfolio
turnover
rate
(h)
............................
11
%
21
%
95
%
43
%
42
%
45
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
iShares
Semi-Annual
Report
to
Shareholders
44
iShares
U.S.
Small-Cap
Equity
Factor
ETF
Six
Months
Ended
01/31/24
(unaudited)
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Net
asset
value,
beginning
of
period
................
$
56.59
$
51.72
$
54.65
$
37.38
$
40.96
$
42.97
Net
investment
income
(a)
........................
0.45
0.81
0.56
0.42
0.49
0.53
Net
realized
and
unrealized
gain
(loss)
(b)
..............
0.87
4.87
(2.84
)
17.43
(3.53
)
(2.04
)
Net
increase
(decrease)
from
investment
operations
.......
1.32
5.68
(2.28
)
17.85
(3.04
)
(1.51
)
Distributions
from
net
investment
income
(c)
..............
(0.26
)
(0.81
)
(0.65
)
(0.58
)
(0.54
)
(0.50
)
Net
asset
value,
end
of
period
.....................
$
57.65
$
56.59
$
51.72
$
54.65
$
37.38
$
40.96
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
2.38
%
(e)
11.23
%
(4.23
)%
48.13
%
(7.39
)%
(3.45
)%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
................................
0.15
%
(g)
0.21
%
0.30
%
0.30
%
0.30
%
0.30
%
Net
investment
income
...........................
1.68
%
(g)
1.58
%
1.04
%
0.87
%
1.31
%
1.31
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
853,172
$
814,868
$
990,459
$
1,016,441
$
540,110
$
258,075
Portfolio
turnover
rate
(h)
...........................
12
%
108
%
46
%
46
%
48
%
45
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
45
Financial
Highlights
iShares
U.S.
Tech
Breakthrough
Multisector
ETF
Six
Months
Ended
01/31/24
(unaudited)
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Period
from
01/08/20
(a)
to
07/31/20
Net
asset
value,
beginning
of
period
..............................
$
39.40
$
30.87
$
41.17
$
30.72
$
25.21
Net
investment
income
(b)
......................................
0
.05
0
.15
0
.15
0
.15
0
.07
Net
realized
and
unrealized
gain
(loss)
(c)
............................
5.46
8.53
(10.29
)
10.48
5.60
Net
increase
(decrease)
from
investment
operations
.....................
5.51
8.68
(10.14
)
10.63
5.67
Distributions
(d)
–
–
–
–
–
From
net
investment
income
...................................
(
0
.04
)
(
0
.15
)
(
0
.16
)
(
0
.15
)
(
0
.16
)
From
net
realized
gain
........................................
—
—
—
(
0
.03
)
—
Total
distributions
............................................
(0.04
)
(0.15
)
(0.16
)
(0.18
)
(0.16
)
Net
asset
value,
end
of
period
...................................
$
44.87
$
39.40
$
30.87
$
41.17
$
30.72
Total
Return
(e)
—
—
—
—
—
Based
on
net
asset
value
.......................................
14.02
%
(f)
28.28
%
(24.71
)%
34.72
%
22.73
%
(f)
Ratios
to
Average
Net
Assets
(g)
Total
expen
ses
..............................................
0.40
%
(h)
0.40
%
0.40
%
0.40
%
0.40
%
(h)
Total
expenses
after
fees
waived
..................................
0.30
%
(h)
0.30
%
0.30
%
0.30
%
0.30
%
(h)
Net
investment
income
.........................................
0.23
%
(h)
0.47
%
0.41
%
0.43
%
0.43
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
...................................
$
356,747
$
317,190
$
345,719
$
432,317
$
344,073
Portfolio
turnover
rate
(i)
.........................................
11
%
21
%
10
%
11
%
12
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
2024
iShares
Semi-Annual
Report
to
Shareholders
46
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. Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis.
Foreign
Currency
Translation:
Each
Fund’s
books
and
records
are
maintained
in
U.S.
dollars.
Securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
prevailing
market
rates
as
quoted
by
one
or
more
data
service
providers.
Purchases
and
sales
of
investments
are
recorded
at
the
rates
of
exchange
prevailing
on
the
respective
dates
of
such
transactions.
Generally,
when
the
U.S.
dollar
rises
in
value
against
a
foreign
currency,
the
investments
denominated
in
that
currency
will
lose
value;
the
opposite
effect
occurs
if
the
U.S.
dollar
falls
in
relative
value.
Each
Fund
does
not
isolate
the
effect
of
fluctuations
in
foreign
exchange
rates
from
the
effect
of
fluctuations
in
the
market
prices
of
investments
for
financial
reporting
purposes.
Accordingly,
the
effects
of
changes
in
exchange
rates
on
investments
are
not
segregated
in
the
Statements
of
Operations
from
the
effects
of
changes
in
market
prices
of
those
investments,
but
are
included
as
a
component
of
net
realized
and
unrealized
gain
(loss)
from
investments.
Each
Fund
reports
realized
currency
gains
(losses)
on
foreign
currency
related
transactions
as
components
of
net
realized
gain
(loss)
for
financial
reporting
purposes,
whereas
such
components
are
generally
treated
as
ordinary
income
for
U.S.
federal
income
tax
purposes.
Foreign
Taxes:
Certain
Funds
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
each
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
each
Fund
and
are
reflected
in
its Statements
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Other
foreign
taxes”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
January
31,
2024
,
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
include
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the Funds
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments.
In-kind
Redemptions:
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Funds.
Because
such
gains
or
losses
are
not
taxable
to
the
Funds
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
Funds’
tax
year.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
(“NAV”)
per
share.
Distributions:
Dividends
and
distributions
paid
by
each
Fund
are
recorded
on
the
ex-dividend
dates.
Distributions
are
determined
on
a
tax
basis
and
may
differ
from
net
investment
income
and
net
realized
capital
gains
for
financial
reporting
purposes.
Dividends
and
distributions
are
paid
in
U.S.
dollars
and
cannot
be
automatically
reinvested
in
additional
shares
of
the
Funds.
Indemnifications:
In
the
normal
course
of
business,
each
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Funds,
which
cannot
be
predicted
with
any
certainty.
iShares
ETF
Diversification
Classification
MSCI
USA
Small-Cap
Min
Vol
Factor
.......................................................................................
Diversified
U.S.
Equity
Factor
....................................................................................................
Diversified
U.S.
Small-Cap
Equity
Factor
............................................................................................
Diversified
U.S.
Tech
Breakthrough
Multisector
........................................................................................
Diversified
Notes
to
Financial
Statements
(unaudited)
(continued)
47
Notes
to
Financial
Statements
3.
Investment
Valuation
and
Fair
Value
Measurements
Investment
Valuation
Policies:
Each
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund’s
listing
exchange
is
open
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Trustees
of
the
Trust
(the
“Board”)
of each
Fund
has
approved
the
designation
of
BlackRock
Fund
Advisors
(“BFA”),
the
Funds’
investment
adviser, as
the
valuation
designee
for
each
Fund. Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
BFA’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
BFA’s policies
and
procedures as
reflecting
fair
value. BFA
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
each
Fund’s
assets
and
liabilities:
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s
official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
are valued
at
the
last
traded
price.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds)
are
valued
at
that
day’s
published
NAV.
Futures
contracts
are
valued
based
on
that
day’s
last
reported
settlement
or
trade
price
on
the
exchange
where
the
contract
is
traded.
Swap
agreements
are
valued
utilizing
quotes
received
daily
by
independent
pricing
services
or
through
brokers,
which
are
derived
using
daily
swap
curves
and
models
that
incorporate
a
number
of
market
data
factors,
such
as
discounted
cash
flows,
trades
and
values
of
the
underlying
reference
instruments.
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the
New
York
Stock
Exchange
(“NYSE”).
Each
business
day,
the
Funds
use
current
market
factors
supplied
by
independent
pricing
services
to
value
certain
foreign
instruments
(“Systematic
Fair
Value
Price”).
The
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which
follows
the
close
of
the
local
markets.
If
events
(e.g.,
market
volatility,
company
announcement
or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that
application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the Valuation
Committee,
in
accordance
with
BFA’s
policies
and
procedures as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the Valuation
Committee
include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the Valuation
Committee
seeks
to
determine
the
price
that each
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
Fair
value
pricing
could
result
in
a
difference
between
the
prices
used
to
calculate
a
fund’s
NAV
and
the
prices
used
by
the
fund’s
underlying
index,
which
in
turn
could
result
in
a
difference
between
the
fund’s
performance
and
the
performance
of
the
fund’s
underlying
index.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
–
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that each
Fund
has
the
ability
to
access;
Level
2
–
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market-corroborated
inputs);
and
Level
3
–
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available,
(including
the Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
4.
Securities
and
Other
Investments
Securities
Lending:
Each
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
an
approved
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
government.
The
initial
collateral
received
by
each
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
market
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of
the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund
or
excess
collateral
is
returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
each
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
iShares
Semi-Annual
Report
to
Shareholders
48
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
in
money
market
funds
managed
by
BFA,
or
its
affiliates
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
also
disclosed
in
each
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
any
related
cash
collateral
are
disclosed
in
the
Statements
of
Assets
and
Liabilities.
Securities
lending
transactions
are
entered
into
by
the
Funds
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”)
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency)
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Funds,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the
Funds
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
As
of
period
end,
the
following
table
is
a
summary
of
the
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
MSCI
USA
Small-Cap
Min
Vol
Factor
Barclays
Bank
plc
......................................
$
909,612
$
(909,612)
$
–
$
–
BNP
Paribas
SA
.......................................
8,910,078
(8,910,078)
–
–
Citadel
Clearing
LLC
....................................
289,562
(289,562)
–
–
Citigroup
Global
Markets,
Inc.
..............................
799,622
(799,622)
–
–
J.P.
Morgan
Securities
LLC
...............................
7,448,449
(7,448,449)
–
–
Jefferies
LLC
.........................................
10,676
(10,676)
–
–
Morgan
Stanley
.......................................
1,051,227
(1,051,227)
–
–
RBC
Capital
Markets
LLC
................................
2,565,692
(2,565,692)
–
–
SG
Americas
Securities
LLC
..............................
889,185
(889,185)
–
–
State
Street
Bank
&
Trust
Co.
..............................
562,505
(562,505)
–
–
Toronto-Dominion
Bank
(The)
..............................
1,947,855
(1,947,855)
–
–
UBS
AG
............................................
38,801
(38,801)
–
–
UBS
Securities
LLC
....................................
7,563
(7,563)
–
–
Wells
Fargo
Bank
NA
...................................
1,161,731
(1,161,731)
–
–
Wells
Fargo
Securities
LLC
...............................
78,558
(78,558)
–
–
$
26,671,116
$
(26,671,116)
$
–
$
–
U.S.
Equity
Factor
Barclays
Bank
plc
......................................
$
622,426
$
(622,426)
$
–
$
–
BNP
Paribas
SA
.......................................
4,629,697
(4,629,697)
–
–
HSBC
Bank
plc
.......................................
38,670
(38,670)
–
–
J.P.
Morgan
Securities
LLC
...............................
7,399,115
(7,399,115)
–
–
Morgan
Stanley
.......................................
5,239,668
(5,239,668)
–
–
RBC
Capital
Markets
LLC
................................
328,477
(328,477)
–
–
UBS
AG
............................................
645,606
(645,606)
–
–
$
18,903,659
$
(18,903,659)
$
–
$
–
U.S.
Small-Cap
Equity
Factor
Barclays
Bank
plc
......................................
$
1,453,905
$
(1,453,905)
$
–
$
–
BNP
Paribas
SA
.......................................
12,207,683
(12,207,683)
–
–
BofA
Securities,
Inc.
....................................
6,815,099
(6,815,099)
–
–
Citadel
Clearing
LLC
....................................
2,951,196
(2,951,196)
–
–
Citigroup
Global
Markets,
Inc.
..............................
2,601,383
(2,601,383)
–
–
Goldman
Sachs
&
Co.
LLC
...............................
15,655,787
(15,655,787)
–
–
HSBC
Bank
plc
.......................................
2,651,846
(2,651,846)
–
–
J.P.
Morgan
Securities
LLC
...............................
13,693,402
(13,693,402)
–
–
Jefferies
LLC
.........................................
90,694
(90,694)
–
–
National
Financial
Services
LLC
............................
850,274
(850,274)
–
–
Natixis
SA
...........................................
1,256,292
(1,256,292)
–
–
RBC
Capital
Markets
LLC
................................
2,385,999
(2,385,999)
–
–
Scotia
Capital
(USA),
Inc.
................................
3,920,088
(3,920,088)
–
–
SG
Americas
Securities
LLC
..............................
23,575
(23,575)
–
–
State
Street
Bank
&
Trust
Co.
..............................
384,813
(384,813)
–
–
UBS
AG
............................................
7,466,458
(7,466,458)
–
–
UBS
Securities
LLC
....................................
398
(398)
–
–
Virtu
Americas
LLC
.....................................
601,300
(601,300)
–
–
Wells
Fargo
Bank
NA
...................................
243,282
(243,282)
–
–
Notes
to
Financial
Statements
(unaudited)
(continued)
49
Notes
to
Financial
Statements
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
each
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BlackRock,
Inc.
(“BlackRock”).
BlackRock’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent
the
collateral
received
does
not
cover
the
value
of
the
securities
loaned
in
the
event
of
borrower
default.
Each
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
the
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by
each
Fund.
5.
Derivative
Financial
Instruments
Futures
Contracts:
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk).
Futures
contracts
are
exchange-traded
agreements
between
the
Funds
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the
Funds
are
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any,
are
shown
as
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Funds
agree
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
Swaps:
Swap
contracts
are
entered
into
to
manage
exposure
to
issuers,
markets
and
securities.
Such
contracts
are
agreements
between
the
Funds
and
a
counterparty
to
make
periodic
net
payments
on
a
specified
notional
amount
or
a
net
payment
upon
termination.
Swap
agreements
are
privately
negotiated
in
the
over-the-counter
("OTC")
market
and
may
be
entered
into
as
a
bilateral
contract
(“OTC
swaps”)
or
centrally
cleared
(“centrally
cleared
swaps”).
For
OTC
swaps,
any
upfront
premiums
paid
and
any
upfront
fees
received
are
shown
as
swap
premiums
paid
and
swap
premiums
received,
respectively,
in
the
Statements
of
Assets
and
Liabilities
and
amortized
over
the
term
of
the
contract.
The
daily
fluctuation
in
market
value
is
recorded
as
unrealized
appreciation
(depreciation)
on
OTC
Swaps
in
the
Statements
of
Assets
and
Liabilities.
Payments
received
or
paid
are
recorded
in
the
Statements
of
Operations
as
realized
gains
or
losses,
respectively.
When
an
OTC
swap
is
terminated,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
proceeds
from
(or
cost
of)
the
closing
transaction
and
the
Funds’
basis
in
the
contract,
if
any.
Generally,
the
basis
of
the
contract
is
the
premium
received
or
paid.
Total
return
swaps
are
entered
into by
the
U.S.
Small-Cap
Equity
Factor
to
obtain
exposure
to
a
security
or
market
without
owning
such
security
or
investing
directly
in
such
market
or
to
exchange
the
risk/return
of
one
security
or
market
(e.g.,
fixed-income)
with
another
security
or
market
(e.g.,
equity
or
commodity
prices)
(equity
risk,
commodity
price
risk
and/or
interest
rate
risk).
Total
return
swaps
are
agreements
in
which
there
is
an
exchange
of
cash
flows
whereby
one
party
commits
to
make
payments
based
on
the
total
return
(distributions
plus
capital
gains/losses)
of
an
underlying
instrument,
or
basket
or
underlying
instruments,
in
exchange
for
fixed
or
floating
rate
interest
payments.
If
the
total
return
of
the
instruments
or
index
underlying
the
transaction
exceeds
or
falls
short
of
the
offsetting
fixed
or
floating
interest
rate
obligation,
the
Fund
receives
payment
from
or
makes
a
payment
to
the
counterparty.
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
U.S.
Small-Cap
Equity
Factor
(continued)
Wells
Fargo
Securities
LLC
...............................
673,123
(673,123)
–
–
$
75,926,597
$
(75,926,597)
$
–
$
–
U.S.
Tech
Breakthrough
Multisector
Barclays
Bank
plc
......................................
$
98,826
$
(98,826)
$
–
$
–
Barclays
Capital,
Inc.
...................................
148,959
(148,959)
–
–
BNP
Paribas
SA
.......................................
43,589
(43,589)
–
–
BofA
Securities,
Inc.
....................................
40,824
(40,824)
–
–
Citadel
Clearing
LLC
....................................
396,501
(396,501)
–
–
Citigroup
Global
Markets,
Inc.
..............................
1,956,944
(1,956,944)
–
–
J.P.
Morgan
Securities
LLC
...............................
1,024,065
(1,024,065)
–
–
Morgan
Stanley
.......................................
1,527,812
(1,527,812)
–
–
Scotia
Capital
(USA),
Inc.
................................
133,396
(133,396)
–
–
State
Street
Bank
&
Trust
Co.
..............................
305,438
(305,438)
–
–
UBS
AG
............................................
718,508
(718,508)
–
–
$
6,394,862
$
(6,394,862)
$
–
$
–
(a)
Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
each
Fund
is
disclosed
in
the
Fund’s
Statements
of
Assets
and
Liabilities.
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
iShares
Semi-Annual
Report
to
Shareholders
50
Certain
total
return
swaps
are
designed
to
function
as
a
portfolio
of
direct
investments
in
long
and
short
equity
positions.
This
means
that
the
Fund
has
the
ability
to
trade
in
and
out
of
these
long
and
short
positions
within
the
swap
and
will
receive
the
economic
benefits
and
risks
equivalent
to
direct
investment
in
these
positions,
subject
to
certain
adjustments
due
to
events
related
to
the
counterparty.
Benefits
and
risks
include
capital
appreciation
(depreciation),
corporate
actions
and
dividends
received
and
paid,
all
of
which
are
reflected
in
the
swap’s
market
value.
The
market
value
also
includes
interest
charges
and
credits
(“financing
fees”)
related
to
the
notional
values
of
the
long
and
short
positions
and
cash
balances
within
the
swap.
These
interest
charges
and
credits
are
based
on
a
specified
benchmark
rate
plus
or
minus
a
specified
spread
determined
based
upon
the
country
and/or
currency
of
the
positions
in
the
portfolio.
Positions
within
the
swap
and
financing
fees
are
reset
periodically.
During
a
reset,
any
unrealized
appreciation
(depreciation)
on
positions
and
accrued
financing
fees
become
available
for
cash
settlement
between
the
Fund
and
the
counterparty.
The
amounts
that
are
available
for
cash
settlement
are
recorded
as
realized
gains
or
losses
in
the
Statements
of
Operations.
Cash
settlement
in
and
out
of
the
swap
may
occur
at
a
reset
date
or
any
other
date,
at
the
discretion
of
the
Fund
and
the
counterparty,
over
the
life
of
the
agreement.
Certain
swaps
have
no
stated
expiration
and
can
be
terminated
by
either
party
at
any
time.
Swap
transactions
involve,
to
varying
degrees,
elements
of
interest
rate,
credit
and
market
risks
in
excess
of
the
amounts
recognized
in
the
Statements
of
Assets
and
Liabilities.
Such
risks
involve
the
possibility
that
there
will
be
no
liquid
market
for
these
agreements,
that
the
counterparty
to
the
agreements
may
default
on
its
obligation
to
perform
or
disagree
as
to
the
meaning
of
the
contractual
terms
in
the
agreements,
and
that
there
may
be
unfavorable
changes
in
interest
rates
and/or
market
values
associated
with
these
transactions.
Master
Netting
Arrangements:
In
order
to
define
its
contractual
rights
and
to
secure
rights
that
will
help
mitigate
its
counterparty
risk,
a
Fund
may
enter
into
an
International
Swaps
and
Derivatives
Association,
Inc.
Master
Agreement
(“ISDA
Master
Agreement”)
or
similar
agreement
with
its
derivative
contract
counterparties.
An
ISDA
Master
Agreement
is
a
bilateral
agreement
between
a
Fund
and
a
counterparty
that
governs
certain
OTC
derivatives
and
typically
contains,
among
other
things,
collateral
posting
terms
and
netting
provisions
in
the
event
of
a
default
and/or
termination
event.
Under
an
ISDA
Master
Agreement,
a
Fund
may,
under
certain
circumstances,
offset
with
the
counterparty
certain
derivative
financial
instruments’
payables
and/or
receivables
with
collateral
held
and/or
posted
and
create
one
single
net
payment.
The
provisions
of
the
ISDA
Master
Agreement
typically
permit
a
single
net
payment
in
the
event
of
default
including
the
bankruptcy
or
insolvency
of
the
counterparty.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
the
right
of
offset
in
bankruptcy,
insolvency,
or
other
events.
For
derivatives
traded
under
an
ISDA
Master
Agreement,
the
collateral
requirements
are
typically
calculated
by
netting
the
mark-to-market
amount
for
each
transaction
under
such
agreement,
and
comparing
that
amount
to
the
value
of
any
collateral
currently
pledged
by
a
fund
and
the
counterparty.
Cash
collateral
that
has
been
pledged
to
cover
obligations
of
the
Funds
and
cash
collateral
received
from
the
counterparty,
if
any,
is
reported
separately
in
the
Statements
of
Assets
and
Liabilities
as
cash
pledged
as
collateral
and
cash
received
as
collateral,
respectively.
Non-cash
collateral
pledged
by
the
Funds,
if
any,
is
noted
in
the
Schedules
of
Investments.
Generally,
the
amount
of
collateral
due
from
or
to
a
counterparty
is
subject
to
a
certain
minimum
transfer
amount
threshold
before
a
transfer
is
required,
which
is
determined
at
the
close
of
business
of
the
Funds.
Any
additional
required
collateral
is
delivered
to/pledged
by
the
Funds
on
the
next
business
day.
Typically,
the
counterparty
is
not
permitted
to
sell,
re-pledge
or
use
cash
and
non-cash
collateral
it
receives.
A
fund
generally
agrees
not
to
use
non-cash
collateral
that
it
receives
but
may,
absent
default
or
certain
other
circumstances
defined
in
the
underlying
ISDA
Master
Agreement,
be
permitted
to
use
cash
collateral
received.
In
such
cases,
interest
may
be
paid
pursuant
to
the
collateral
arrangement
with
the
counterparty.
To
the
extent
amounts
due
to
the
Funds
from
the
counterparty
are
not
fully
collateralized,
each
Fund
bears
the
risk
of
loss
from
counterparty
non-performance.
Likewise,
to
the
extent
the
Funds
have
delivered
collateral
to
a
counterparty
and
stand
ready
to
perform
under
the
terms
of their
agreement
with
such
counterparty,
each
Fund
bears
the
risk
of
loss
from
a
counterparty
in
the
amount
of
the
value
of
the
collateral
in
the
event
the
counterparty
fails
to
return
such
collateral.
Based
on
the
terms
of
agreements,
collateral
may
not
be
required
for
all
derivative
contracts.
For
financial
reporting
purposes,
each
Fund
does
not
offset
derivative
assets
and
derivative
liabilities
that
are
subject
to
netting
arrangements,
if
any,
in
the
Statements
of
Assets
and
Liabilities.
6.
Investment
Advisory
Agreement
and
Other
Transactions
with
Affiliates
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the
Trust
,
BFA
manages
the
investment
of each
Fund’s
assets.
BFA
is
a
California
corporation
indirectly owned
by
BlackRock. Under
the
Investment
Advisory
Agreement,
BFA
is
responsible
for
substantially
all
expenses
of
the
Funds,
except
(i)
interest
and
taxes;
(ii)
brokerage
commissions
and
other
expenses
connected
with
the
execution
of
portfolio
transactions;
(iii)
distribution
fees;
(iv)
the
advisory
fee
payable
to
BFA;
and
(v)
litigation
expenses
and
any
extraordinary
expenses
(in
each
case
as
determined
by
a
majority
of
the
independent
trustees
).
For
its
investment
advisory
services
to each of
the
following Funds,
BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Funds,
based
on
the
average
daily
net
assets
of each
Fund
as
follows:
Expense
Waivers
:
BFA
may
from
time
to
time
voluntarily
waive
and/or
reimburse
fees
or
expenses
in
order
to
limit
total
annual
fund
operating
expenses
(excluding
acquired
fund
fees
and
expenses,
if
any). For
the
iShares
U.S.
Tech
Breakthrough
Multisector
ETF,
BFA
has
elected
to
implement
a
voluntary
fee
waiver
in
order
to
limit
the
Fund’s
total
annual
operating
expenses
after
fee
waiver
to
0.30%,
and
currently
intends
to
keep
such
voluntary
fee
waiver
for
the
Fund
in
place
through
December
31,
2024.
Any
such
voluntary
waiver
or
reimbursement
may
be
eliminated
by
BFA
at
any
time.
iShares
ETF
Investment
Advisory
Fees
MSCI
USA
Small-Cap
Min
Vol
Factor
....................................................................................
0.20
%
U.S.
Equity
Factor
.................................................................................................
0.08
U.S.
Small-Cap
Equity
Factor
.........................................................................................
0.15
U.S.
Tech
Breakthrough
Multisector
.....................................................................................
0.40
Notes
to
Financial
Statements
(unaudited)
(continued)
51
Notes
to
Financial
Statements
These
amounts are
included
in
investment
advisory
fees
waived
in
the
Statements
of
Operations.
For
the
six
months ended January
31,
2024,
the
amounts
waived
in
investment
advisory
fees
pursuant
to
this
arrangement
were
as
follows:
Distributor:
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
is
the
distributor
for
each
Fund.
Pursuant
to
the
distribution
agreement,
BFA
is
responsible
for
any
fees
or
expenses
for
distribution
services
provided
to
the
Funds.
ETF
Servicing
Fees:
Each
Fund
has
entered
into
an
ETF
Services
Agreement
with
BRIL
to
perform
certain
order
processing,
Authorized
Participant
communications,
and
related
services
in
connection
with
the
issuance
and
redemption
of
Creation
Units
(“ETF
Services”).
BRIL
is
entitled
to
a
transaction
fee
from
Authorized
Participants
on
each
creation
or
redemption
order
for
the
ETF
Services
provided. The Funds
do
not
pay
BRIL
for
ETF
Services.
Securities
Lending:
The
U.S.
Securities
and
Exchange
Commission
(the
“SEC”)
has
issued
an
exemptive
order
which
permits
BlackRock
Institutional
Trust
Company,
N.A.
(“BTC”),
an
affiliate
of
BFA,
to
serve
as
securities
lending
agent
for
the
Funds,
subject
to
applicable
conditions.
As
securities
lending
agent,
BTC
bears
all
operational
costs
directly
related
to
securities
lending,
including
any
custodial
costs.
Each
Fund
is
responsible
for
fees
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
fees”).
The
cash
collateral
is
invested
in
a
money
market
fund,
BlackRock
Cash
Funds:
Institutional
or
BlackRock
Cash
Funds:
Treasury,
managed
by
BFA,
or
its
affiliates.
However,
BTC
has
agreed
to
reduce
the
amount
of
securities
lending
income
it
receives
in
order
to
effectively
limit
the
collateral
investment
fees
each
Fund
bears
to
an
annual
rate
of
0.04%.
The
SL
Agency
Shares
of
such
money
market
fund
will
not
be
subject
to
a
sales
load,
distribution
fee
or
service
fee.
The
money
market
fund
in
which
the
cash
collateral
has
been
invested
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
redeemed
or
temporarily
restrict
redemptions
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
money
market
fund’s
weekly
liquid
assets
fall
below
certain
thresholds.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
fees.
Each
Fund
retains
a
portion
of
securities
lending
income
and
remits
the
remaining
portion
to
BTC
as
compensation
for
its
services
as
securities
lending
agent.
Pursuant
to
the
current
securities
lending
agreement,
each
Fund
retains
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees)
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
plus
the
collateral
investment
fees
generated
across
all
1940
Act
iShares
exchange-traded
funds
(the
“iShares
ETF
Complex”)
in
that
calendar
year
exceeds
a
specified
threshold,
each
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
The
share
of
securities
lending
income
earned
by each
Fund
is
shown
as
securities
lending
income
–
affiliated
–
net
in
its
Statements
of
Operations.
For
the six
months ended
January
31,
2024,
the
Funds
paid
BTC
the
following
amounts
for
securities
lending
agent
services:
Officers
and
Trustees:
Certain
officers
and/or
trustees
of
the
Trust
are
officers
and/or
trustees
of
BlackRock
or
its
affiliates.
Other
Transactions:
Cross
trading
is
the
buying
or
selling
of
portfolio
securities
between
funds
to
which
BFA
(or
an
affiliate)
serves
as
investment
adviser.
At
its
regularly
scheduled
quarterly
meetings,
the
Board
reviews
such
transactions
as
of
the
most
recent
calendar
quarter
for
compliance
with
the
requirements
and
restrictions
set
forth
by
Rule
17a-7.
For
the six
months ended January
31,
2024,
transactions
executed
by
the
Funds
pursuant
to
Rule
17a-7
under
the
1940
Act
were
as
follows:
Each
Fund
may
invest
its
positive
cash
balances
in
certain
money
market
funds
managed
by
BFA
or
an
affiliate.
The
income
earned
on
these
temporary
cash
investments
is
shown
as
dividends
–
affiliated
in
the
Statements
of
Operations.
A
fund,
in
order
to
improve
its
portfolio
liquidity
and
its
ability
to
track
its
underlying
index,
may
invest
in
shares
of
other
iShares
funds
that
invest
in
securities
in
the
fund’s
underlying
index.
iShares
ETF
Amounts
Waived
U.S.
Tech
Breakthrough
Multisector
........................................................................................
$
157,061
iShares
ETF
Amounts
MSCI
USA
Small-Cap
Min
Vol
Factor
...........................................................................................
$
92,303
U.S.
Equity
Factor
........................................................................................................
15,601
U.S.
Small-Cap
Equity
Factor
................................................................................................
63,421
U.S.
Tech
Breakthrough
Multisector
............................................................................................
9,168
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
MSCI
USA
Small-Cap
Min
Vol
Factor
........................................................
$
19,336,164
$
7,754,552
$
(1,447,022)
U.S.
Equity
Factor
.....................................................................
54,392,917
59,649,596
(1,092,620)
U.S.
Small-Cap
Equity
Factor
.............................................................
16,030,337
21,021,408
(41,219)
U.S.
Tech
Breakthrough
Multisector
.........................................................
12,281,541
16,714,018
(4,021,960)
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
iShares
Semi-Annual
Report
to
Shareholders
52
7.
Purchases
and
Sales
For
the six
months ended
January
31,
2024,
purchases
and
sales
of
investments,
excluding
short-term securities
and
in-kind
transactions,
were
as
follows:
For
the six
months ended
January
31,
2024,
in-kind
transactions
were
as
follows:
8.
Income
Tax
Information
Each
Fund
is
treated
as
an
entity
separate
from
the
Trust’s other
funds
for
federal
income
tax
purposes.
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the
Funds
as
of
January
31,
2024,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’ financial
statements.
As
of
July
31,
2023,
the
Funds
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
and
qualified
late-year
losses as
follows:
A
fund
may
own
shares
in
certain
foreign
investment
entities,
referred
to,
under
U.S.
tax
law,
as
“passive
foreign
investment
companies.”
Such
fund
may
elect
to
mark-to-
market
annually
the
shares
of
each
passive
foreign
investment
company
and
would
be
required
to
distribute
to
shareholders
any
such
marked-to-market
gains.
As
of
January
31,
2024,
gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
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.
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.
iShares
ETF
Purchases
Sales
MSCI
USA
Small-Cap
Min
Vol
Factor
........................................................................
$
185,110,854
$
184,295,517
U.S.
Equity
Factor
.....................................................................................
157,860,821
159,345,186
U.S.
Small-Cap
Equity
Factor
.............................................................................
97,267,767
94,775,035
U.S.
Tech
Breakthrough
Multisector
.........................................................................
35,918,105
36,104,398
iShares
ETF
In-kind
Purchases
In-kind
Sales
MSCI
USA
Small-Cap
Min
Vol
Factor
........................................................................
$
32,848,348
$
9,566,531
U.S.
Equity
Factor
.....................................................................................
111,323,687
57,749,022
U.S.
Small-Cap
Equity
Factor
.............................................................................
35,237,575
12,554,061
U.S.
Tech
Breakthrough
Multisector
.........................................................................
16,374,912
18,409,874
iShares
ETF
Non-Expiring
Capital
Loss
Carryforwards
Qualified
Late-Year
Capital
Losses
MSCI
USA
Small-Cap
Min
Vol
Factor
.........................................................................
$
(
119,139,198
)
$
—
U.S.
Equity
Factor
......................................................................................
(
103,335,460
)
—
U.S.
Small-Cap
Equity
Factor
..............................................................................
(
107,699,072
)
(
1,773,671
)
U.S.
Tech
Breakthrough
Multisector
..........................................................................
(
20,026,677
)
—
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
MSCI
USA
Small-Cap
Min
Vol
Factor
....................................
$
807,886,333
$
117,573,839
$
(40,408,843)
$
77,164,996
U.S.
Equity
Factor
.................................................
1,348,113,959
307,504,007
(50,124,793)
257,379,214
U.S.
Small-Cap
Equity
Factor
.........................................
867,795,813
120,579,699
(56,095,019)
64,484,680
U.S.
Tech
Breakthrough
Multisector
.....................................
286,892,525
97,253,853
(20,651,997)
76,601,856
Notes
to
Financial
Statements
(unaudited)
(continued)
53
Notes
to
Financial
Statements
A
fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that
a
fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment.
A
fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that
it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
a
fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of
a
fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which
a
fund
invests.
The
price
each
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from
each
Fund’s
valuation
of
the
investment,
particularly
for
securities
that
trade
in
thin
or
volatile
markets
or
that
are
valued
using
a
fair
valuation
technique
or
a
price
provided
by
an
independent
pricing
service.
Changes
to
significant
unobservable
inputs
and
assumptions
(i.e.,
publicly
traded
company
multiples,
growth
rate,
time
to
exit)
due
to
the
lack
of
observable
inputs
may
significantly
impact
the
resulting
fair
value
and
therefore
each
Fund’s
results
of
operations.
As
a
result,
the
price
received
upon
the
sale
of
an
investment
may
be
less
than
the
value
ascribed
by
each
Fund,
and
each
Fund
could
realize
a
greater
than
expected
loss
or
lesser
than
expected
gain
upon
the
sale
of
the
investment.
Each
Fund’s
ability
to
value
its
investments
may
also
be
impacted
by
technological
issues
and/or
errors
by
pricing
services
or
other
third-party
service
providers.
Counterparty
Credit
Risk:
The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that BFA
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds.
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
With
exchange-traded
futures,
there
is
less
counterparty
credit
risk
to
the
Funds
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, a
fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in
exchange-traded
futures with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Funds.
Geographic/Asset
Class
Risk:
A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments.
The
Funds
invest
a
significant
portion
of
their
assets
in
securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the Funds
invest.
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.
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
iShares
Semi-Annual
Report
to
Shareholders
54
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. Authorized
Participants purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
BRIL,
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Authorized
Participants
transacting
in
Creation
Units
for
cash
may
also
pay
an
additional
variable
charge
to
compensate
the
relevant
fund
for
certain
transaction
costs
(i.e.,
stamp
taxes,
taxes
on
currency
or
other
financial
transactions,
and
brokerage
costs)
and
market
impact
expenses
relating
to
investing
in
portfolio
securities.
Such
variable
charges,
if
any,
are
included
in
shares
sold
in
the
table
above.
From
time
to
time,
settlement
of
securities
related
to
in-kind
contributions
or
in-kind
redemptions
may
be
delayed.
In
such
cases,
securities
related
to
in-kind
transactions
are
reflected
as
a
receivable
or
a
payable
in
the
Statements
of
Assets
and
Liabilities.
11.
Subsequent
Events
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Funds
through
the
date
the
financial
statements
were
available
to
be
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Six
Months
Ended
01/31/24
Year
Ended
07/31/23
iShares
ETF
Shares
Amount
Shares
Amount
MSCI
USA
Small-Cap
Min
Vol
Factor
Shares
sold
1,000,000
$
34,337,298
2,800,000
$
96,635,404
Shares
redeemed
(300,000
)
(9,989,061
)
(700,000
)
(24,337,763
)
700,000
$
24,348,237
2,100,000
$
72,297,641
U.S.
Equity
Factor
Shares
sold
2,500,000
$
112,107,409
7,600,000
$
306,932,271
Shares
redeemed
(1,250,000
)
(58,160,280
)
(4,800,000
)
(193,063,386
)
1,250,000
$
53,947,129
2,800,000
$
113,868,885
U.S.
Small-Cap
Equity
Factor
Shares
sold
650,000
$
36,825,175
10,700,000
$
567,660,550
Shares
redeemed
(250,000
)
(13,034,489
)
(15,450,000
)
(817,800,196
)
400,000
$
23,790,686
(4,750,000
)
$
(250,139,646
)
U.S.
Tech
Breakthrough
Multisector
Shares
sold
400,000
$
16,477,999
950,000
$
35,779,584
Shares
redeemed
(500,000
)
(18,629,232
)
(4,100,000
)
(151,876,439
)
(100,000
)
$
(2,151,233
)
(3,150,000
)
$
(116,096,855
)
Statement
Regarding
Liquidity
Risk
Management
Program
(unaudited)
55
Statement
Regarding
Liquidity
Risk
Management
Program
In
compliance
with
Rule
22e-4
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Liquidity
Rule”),
iShares
Trust
(the
“Trust”)
has
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Program”)
for iShares
MSCI
USA
Small-Cap
Min
Vol
Factor
ETF,
iShares
U.S.
Equity
Factor
ETF,
iShares
U.S.
Small-Cap
Equity
Factor
ETF
and
iShares
U.S.
Tech
Breakthrough
Multisector
ETF (the
“Funds”
or
“ETFs”), each
series
of
the
Trust,
which
is
reasonably
designed
to
assess
and
manage each
Fund’s
liquidity
risk.
The
Board
of
Trustees
(the
“Board”)
of
the
Trust,
on
behalf
of
the
Funds,
met
on
December
8,
2023
(the
“Meeting”)
to
review
the
Program.
The
Board
previously
appointed
BlackRock
Fund
Advisors
(“BlackRock”),
the
investment
adviser
to
the
Funds,
as
the
program
administrator
for
each
Fund’s
Program.
BlackRock
also
previously
delegated
oversight
of
the
Program
to
the
40
Act
Liquidity
Risk
Management
Committee
(the
“Committee”).
At
the
Meeting,
the
Committee,
on
behalf
of
BlackRock,
provided
the
Board
with
a
report
that
addressed
the
operation
of
the
Program
and
assessed
its
adequacy
and
effectiveness
of
implementation,
including
the
management
of
each
Fund’s
Highly
Liquid
Investment
Minimum
(“HLIM”)
where
applicable,
and
any
material
changes
to
the
Program
(the
“Report”).
The
Report
covered
the
period
from
October
1,
2022
through
September
30,
2023
(the
“Program
Reporting
Period”).
The
Report
described
the
Program’s
liquidity
classification
methodology
for
categorizing each
Fund’s
investments
(including
derivative
transactions)
into
one
of
four
liquidity
buckets.
It
also
referenced
the
methodology
used
by
BlackRock
to
establish each
Fund’s
HLIM
and
noted
that
the
Committee
reviews
and
ratifies
the
HLIM
assigned
to
each
Fund
no
less
frequently
than
annually.
The
Report
also
discussed
notable
events
affecting
liquidity
over
the
Program
Reporting
Period,
including
extended
market
holidays,
delays
in
the
repatriation
of
the
local
currency
in
certain
non-U.S.
countries,
the
continued
illiquidity
of
Russian
equity
securities
and
the
suspension
of
select
sanctions
in
Venezuela.
The
Report
noted
that
the
Program
complied
with
the
key
factors
for
consideration
under
the
Liquidity
Rule
for
assessing,
managing
and
periodically
reviewing each
Fund’s
liquidity
risk,
as
follows:
a)
The
Fund’s
investment
strategy
and
liquidity
of
portfolio
investments
during
both
normal
and
reasonably
foreseeable
stressed
conditions
.
During
the
Program
Reporting
Period,
the
Committee
reviewed
whether
each
Fund’s
strategy
is
appropriate
for
an
open-end
fund
structure,
with
a
focus
on
funds
with
more
significant
and
consistent
holdings
of
less
liquid
and
illiquid
assets.
The
Committee
also
factored
a
fund’s
concentration
in
an
issuer
into
the
liquidity
classification
methodology
by
taking
issuer
position
sizes
into
account.
Derivative
exposure
was
also
considered
in
the
calculation
of
a
fund’s
liquidity
bucketing.
Finally,
a
factor
for
consideration
under
the
Liquidity
Rule
is
a
Fund’s
use
of
borrowings
for
investment
purposes.
However,
the
Funds
do
not
borrow
for
investment
purposes.
b)
Short-term
and
long-term
cash
flow
projections
during
both
normal
and
reasonably
foreseeable
stressed
conditions.
During
the
Program
Reporting
Period,
the
Committee
reviewed
historical
redemption
activity
and
used
this
information
as
a
component
to
establish
each
ETF’s
reasonably
anticipated
trading
size
utilized
for
liquidity
classifications.
The
Committee
may
also
take
into
consideration
a
fund’s
shareholder
ownership
concentration
(which,
depending
on
product
type
and
distribution
channel,
may
or
may
not
be
available),
a
fund’s
distribution
channels,
and
the
degree
of
certainty
associated
with
a
fund’s
short-term
and
long-term
cash
flow
projections.
c)
Holdings
of
cash
and
cash
equivalents,
as
well
as
borrowing
arrangements.
The
Committee
considered
that
ETFs
generally
do
not
hold
more
than
de
minimis
amounts
of
cash.
The
Committee
also
considered
that
ETFs
generally
do
not
engage
in
borrowing.
d)
The
relationship
between
an
ETF’s
portfolio
liquidity
and
the
way
in
which,
and
the
prices
and
spreads
at
which,
ETF
shares
trade,
including
the
efficiency
of
the
arbitrage
function
and
the
level
of
active
participation
by
market
participants,
including
authorized
participants.
The
Committee
monitored
the
prevailing
bid/ask
spread
and
the
ETF
price
premium
(or
discount)
to
NAV
for
all
ETFs.
However,
there
were
no
ETFs
with
persistent
deviations
of
fund
premium/discount
or
bid/ask
spreads
from
long-term
averages
over
the
Program
Reporting
Period.
e)
The
effect
of
the
composition
of
baskets
on
the
overall
liquidity
of
an
ETF’s
portfolio.
In
reviewing
the
linkage
between
the
composition
of
custom
baskets
accepted
by
an
ETF
and
any
significant
change
in
the
liquidity
profile
of
such
ETF,
the
Committee
reviewed
changes
in
the
proportion
of
each
ETF’s
portfolio
comprised
of
less
liquid
and
illiquid
holdings
to
determine
if
applicable
thresholds
were
met
requiring
enhanced
review.
There
were
no
ETFs
for
which
the
custom
baskets
accepted
by
the
ETF
had
a
significant
change
in
its
liquidity
profile.
There
were
no
material
changes
to
the
Program
during
the
Program
Reporting
Period
other
than
the
enhancement
of
certain
model
components
in
the
Program’s
classification
methodology.
The
Report
provided
to
the
Board
stated
that
the
Committee
concluded
that
based
on
the
operation
of
the
functions,
as
described
in
the
Report,
the
Program
is
operating
as
intended
and
is
effective
in
implementing
the
requirements
of
the
Liquidity
Rule.
Supplemental
Information
(unaudited)
2024
iShares
Semi-Annual
Report
to
Shareholders
56
Section
19(a)
Notices
The
amounts
and
sources
of
distributions
reported
are
estimates
and
are
being
provided
pursuant
to
regulatory
requirements
and
are
not
being
provided
for
tax
reporting
purposes.
The
actual
amounts
and
sources
for
tax
reporting
purposes
will
depend
upon
each
Fund’s
investment
experience
during
the
year
and
may
be
subject
to
changes
based
on
tax
regulations.
Shareholders
will
receive
a
Form
1099-DIV
each
calendar
year
that
will
inform
them
how
to
report
these
distributions
for
federal
income
tax
purposes.
January
31,
2024
Tailored
Shareholder
Reports
for
Open-End
Mutual
Funds
and
ETFs
Effective
January
24,
2023,
the
SEC
adopted
rule
and
form
amendments
to
require
open-end
mutual
funds
and
ETFs
to
transmit
concise
and
visually
engaging
streamlined
annual
and
semiannual
reports
to
shareholders
that
highlight
key
information.
Other
information,
including
financial
statements,
will
no
longer
appear
in
a
streamlined
shareholder
report
but
must
be
available
online,
delivered
free
of
charge
upon
request,
and
filed
on
a
semiannual
basis
on
Form
N-CSR.
The
rule
and
form
amendments
have
a
compliance
date
of
July
24,
2024.
At
this
time,
management
is
evaluating
the
impact
of
these
amendments
on
the
shareholder
reports
for
the
Funds.
Total
Cumulative
Distributions
for
the
Fiscal
Year-to-Date
%
Breakdown
of
the
Total
Cumulative
Distributions
for
the
Fiscal
Year-to-Date
iShares
ETF
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
MSCI
USA
Small-Cap
Min
Vol
Factor
........
$
0.337101
$
—
$
—
$
0.337101
100
%
—
%
—
%
100
%
U.S.
Small-Cap
Equity
Factor
.............
0.256889
—
—
0.256889
100
—
—
100
U.S.
Tech
Breakthrough
Multisector
.........
0.043856
—
—
0.043856
100
—
—
100
General
Information
57
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
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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
2024
iShares
Semi-Annual
Report
to
Shareholders
58
Portfolio
Abbreviation
ADR
American
Depositary
Receipts
CVR
Contingent
Value
Rights
MSCI
Morgan
Stanley
Capital
International
NASDAQ
National
Association
of
Securities
Dealers
Automated
NVS
Non-Voting
Shares
OTC
Over-the-counter
REIT
Real
Estate
Investment
Trust
Currency
Abbreviation
USD
United
States
Dollar
iS-SAR-720-0124
Want
to
know
more?
iShares.com
|
1-800-474-2737
This
report
is
intended
for
the
Funds’
shareholders.
It
may
not
be
distributed
to
prospective
investors
unless
it
is
preceded
or
accompanied
by
the
current
prospectus.
Investing
involves
risk,
including
possible
loss
of
principal.
The
iShares
Funds
are
distributed
by
BlackRock
Investments,
LLC
(together
with
its
affiliates,
“BlackRock”).
The
iShares
Funds
are
not
sponsored,
endorsed,
issued,
sold
or
promoted
by
MSCI,
Inc.,
STOXX
Ltd.,
or
ICE
Data
Indices
LLC
nor
do
these
companies
make
any
representation
regarding
the
advisability
of
investing
in
the
iShares
Funds.
BlackRock
is
not
affiliated
with
the
companies
listed
above.
©2024
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. Recovery of Erroneously Awarded Compensation.
Not applicable
Item 14. Exhibits.
(a) (1) Not applicable to this semi-annual report.
(a)
(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a) (4) Change in Registrant’s independent public accountant – Not Applicable
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. | ||||||||
iShares Trust | ||||||||
By: /s/ Jessica Tan | ||||||||
Jessica Tan, President (Principal Executive Officer) | ||||||||
Date: | March 21, 2024 | |||||||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | ||||||||
By: /s/ Jessica Tan | ||||||||
Jessica Tan, President (Principal Executive Officer) | ||||||||
Date: | March 21, 2024 | |||||||
By: /s/ Trent Walker | ||||||||
Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer) | ||||||||
Date: | March 21, 2024 | |||||||