UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number		811-09729
iShares Trust
(Exact name of registrant as specified in charter)
c/o: 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:	August 31, 2024
Date of reporting period:	February 29, 2024

Item 1.   Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

February

29,

2024

iShares

Trust

iShares

ESG

Aware

MSCI

USA

ETF

|

ESGU

|

NASDAQ

iShares

ESG

Aware

MSCI

USA

Growth

ETF

|

EGUS

|

Cboe

BZX

iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF

|

ESML

|

Cboe

BZX

iShares

ESG

Aware

MSCI

USA

Value

ETF

|

EVUS

|

Cboe

BZX

iShares

ESG

MSCI

USA

Leaders

ETF

|

SUSL

|

NASDAQ

iShares

Paris-Aligned

Climate

MSCI

USA

ETF

|

PABU

|

NASDAQ

2024

Semi-Annual

Report

(Unaudited)

Dear

Shareholder,

The

combination

of

continued

economic

growth

and

cooling

inflation

provided

a

supportive

backdrop

for

investors

during

the

12-month

reporting

period

ended

February

29,

2024.

Significantly

tighter

monetary

policy

helped

to

rein

in

inflation,

and

the

Consumer

Price

Index

decelerated

substantially

while

remaining

above

pre-pandemic

levels.

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

strongly,

while

emerging

market

stocks

advanced

at

a

more

modest

pace.

The

10-year

U.S.

Treasury

yield

rose

during

the

reporting

period,

as

investors

reacted

to

elevated

inflation

and

attempted

to

anticipate

future

interest

rate

changes.

However,

higher

yields

drove

positive

returns

overall

for

10-year

U.S.

Treasuries

and

solid

gains

in

shorter-duration

U.S.

Treasuries.

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

three

times

during

the

12-month

period,

but

paused

its

tightening

after

its

July

meeting.

The

Fed

also

continued

to

reduce

its

balance

sheet

by

not

replacing

some

of

the

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

rapid

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.

Total

Returns

as

of

February

29,

2024

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

13.93%

30.45%

U.S.

small

cap

equities

(Russell

2000

®

Index)

8.97

10.05

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

9.23

14.41

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

4.93

8.73

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

2.69

5.22

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

0.58

0.69

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

2.35

3.33

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

4.33

5.42

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

6.18

11.01

2

This

Page

is

not

Part

of

Your

Fund

Report

Table

of

Contents

Page

3

The

Markets

in

Review

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

2

Semi-Annual

Report:

Fund

Summary

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

4

About

Fund

Performance

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

10

Disclosure

of

Expenses

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

10

Schedules

of

Investments

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

11

Financial

Statements:

Statements

of

Assets

and

Liabilities

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

48

Statements

of

Operations

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

50

Statements

of

Changes

in

Net

Assets

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

52

Financial

Highlights

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

55

Notes

to

Financial

Statements

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

61

Statement

Regarding

Liquidity

Risk

Management

Program

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

70

Supplemental

Information

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

71

General

Information

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

72

Glossary

of

Terms

Used

in

this

Report

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

73

iShares

®

ESG

Aware

MSCI

USA

ETF

4

2024

iShares

Semi-Annual

Report

to

Shareholders

Fund

Summary

as

of

February

29,

2024

Investment

Objective

The

iShares

ESG

Aware

MSCI

USA

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

companies

that

have

positive

environmental,

social

and

governance

characteristics,

as

identified

by

the

index

provider

while

exhibiting

risk

and

return

characteristics

similar

to

those

of

the

parent

index,

as

represented

by

the

MSCI

USA

Extended

ESG

Focus

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

December

1,

2016.

The

first

day

of

secondary

market

trading

was

December

2,

2016.

Index

performance

through

May

31,

2018

reflects

the

performance

of

the

MSCI

USA

ESG

Focus

Index.

Index

performance

beginning

on

June

1,

2018

reflects

the

performance

of

the

MSCI

USA

Extended

ESG

Focus

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

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

13.59

%

29.27

%

14.49

%

14.16

%

29.27

%

96.74

%

161.15

%

Fund

Market

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

13.49

29.24

14.45

14.15

–

%

29.24

96.37

160.86

Index

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

13.61

29.39

14.66

14.35

29.39

98.19

164.30

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(09/01/23)

Ending

Account

Value

(02/29/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(09/01/23)

Ending

Account

Value

(02/29/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,135.90

‌

$

0.80

‌

$

1,000.00

‌

$

1,024.12

‌

$

0.75

‌

0.15

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

(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

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

31.1‌

%

Health

Care

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

12.8‌

Financials

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

11.9‌

Consumer

Discretionary

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

10.1‌

Industrials

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

9.3‌

Communication

Services

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

8.0‌

Consumer

Staples

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

6.2‌

Energy

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

3.9‌

Real

Estate

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

2.5‌

Materials

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

2.3‌

Utilities

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

1.9‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Microsoft

Corp.

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

6.8‌

%

Apple,

Inc.

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

5.7‌

NVIDIA

Corp.

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

4.5‌

Amazon.com,

Inc.

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

3.6‌

Alphabet,

Inc.,

Class

C,

NVS

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

2.6‌

Meta

Platforms,

Inc.,

Class

A

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

2.3‌

Eli

Lilly

&

Co.

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

1.4‌

Tesla,

Inc.

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

1.3‌

JPMorgan

Chase

&

Co.

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

1.2‌

Broadcom,

Inc.

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

1.2‌

      aaa

aa

iShares

®

ESG

Aware

MSCI

USA

Growth

ETF

5

Fund

Summary

Fund

Summary

as

of

February

29,

2024

Investment

Objective

The

iShares

ESG

Aware

MSCI

USA Growth

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

large-

and

mid-capitalization

equities

that

exhibit

growth

characteristics

as

well

as

positive

environmental,

social

and

governance

characteristics,

as represented

by

the

MSCI

USA

Growth

Extended

ESG

Focus

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

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

31,

2023.

The

first

day

of

secondary

market

trading

was

February

2,

2023.

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

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

17.42

%

47.48

%

41.45

%

47.48

%

45.27

%

Fund

Market

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

17.45

47.40

41.54

–

%

47.40

45.37

Index

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

17.39

47.62

‌

41.34

‌

47.62

‌

45.47

‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(09/01/23)

Ending

Account

Value

(02/29/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(09/01/23)

Ending

Account

Value

(02/29/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,174.20

‌

$

0.97

‌

$

1,000.00

‌

$

1,023.97

‌

$

0.91

‌

0.18

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/

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

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

48.9‌

%

Consumer

Discretionary

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

13.0‌

Communication

Services

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

11.3‌

Health

Care

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

9.4‌

Industrials

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

6.3‌

Financials

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

4.9‌

Real

Estate

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

2.0‌

Consumer

Staples

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

1.8‌

Energy

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

1.4‌

Materials

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

1.0‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Microsoft

Corp.

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

13.2‌

%

Apple,

Inc.

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

10.8‌

NVIDIA

Corp.

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

8.7‌

Amazon.com,

Inc.

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

6.7‌

Alphabet,

Inc.,

Class

C,

NVS

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

4.5‌

Meta

Platforms,

Inc.,

Class

A

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

4.1‌

Eli

Lilly

&

Co.

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

2.5‌

Tesla,

Inc.

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

2.5‌

Visa,

Inc.,

Class

A

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

1.8‌

Alphabet,

Inc.,

Class

A

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

1.7‌

aaa

aa

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

6

2024

iShares

Semi-Annual

Report

to

Shareholders

Fund

Summary

as

of

February

29,

2024

Investment

Objective

The

iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

optimized

index

designed

to

produce

investment

results

comparable

to

a

capitalization

weighted

index

of

small-capitalization

U.S.

companies,

while

reflecting

a

higher

allocation

to

those

companies

with

favorable

environmental,

social

and

governance

(“ESG”)

profiles

(as

determined

by

the

index

provider),

as

represented

by

the

MSCI

USA

Small

Cap

Extended

ESG

Focus

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

10,

2018.

The

first

day

of

secondary

market

trading

was

April

12,

2018.

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

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

9.04

%

10.11

%

9.19

%

8.76

%

10.11

%

55.20

%

63.99

%

Fund

Market

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

8.88

9.93

9.12

8.74

–

%

9.93

54.72

63.79

Index

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

9.07

10.09

9.27

8.86

10.09

55.77

64.89

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(09/01/23)

Ending

Account

Value

(02/29/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(09/01/23)

Ending

Account

Value

(02/29/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,090.40

‌

$

0.88

‌

$

1,000.00

‌

$

1,024.02

‌

$

0.86

‌

0.17

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

(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

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

20.1‌

%

Financials

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

15.1‌

Consumer

Discretionary

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

14.7‌

Information

Technology

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

13.8‌

Health

Care

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

13.4‌

Real

Estate

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

5.7‌

Materials

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

5.0‌

Energy

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

4.9‌

Consumer

Staples

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

3.2‌

Utilities

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

2.1‌

Communication

Services

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

2.0‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Federal

Realty

Investment

Trust

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

0.6‌

%

EMCOR

Group,

Inc.

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

0.5‌

KBR,

Inc.

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

0.4‌

Casey's

General

Stores,

Inc.

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

0.4‌

Janus

Henderson

Group

PLC

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

0.4‌

Acuity

Brands,

Inc.

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

0.4‌

U.S.

Foods

Holding

Corp.

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

0.4‌

Nutanix

,

Inc.,

Class

A

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

0.4‌

Comfort

Systems

USA,

Inc.

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

0.4‌

Ingredion,

Inc.

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

0.4‌

aaa

aa

iShares

®

ESG

Aware

MSCI

USA

Value

ETF

7

Fund

Summary

Fund

Summary

as

of

February

29,

2024

Investment

Objective

The

iShares

ESG

Aware

MSCI

USA Value

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

large-

and

mid-capitalization

equities

that

exhibit

value

characteristics

as

well

as

positive

environmental,

social

and

governance

characteristics,

as

represented

by

the

MSCI

USA

Value

Extended

ESG Focus

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

January

31,

2023.

The

first

day

of

secondary

market

trading

was

February

2,

2023.

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

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

9.24

%

12.04

%

7.16

%

12.04

%

7.73

%

Fund

Market

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

9.32

12.03

7.25

–

%

12.03

7.83

Index

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

9.35

12.28

7.32

12.28

7.95

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(09/01/23)

Ending

Account

Value

(02/29/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(09/01/23)

Ending

Account

Value

(02/29/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,092.40

‌

$

0.94

‌

$

1,000.00

‌

$

1,023.97

‌

$

0.91

‌

0.18

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

(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)

Financials

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

17.9‌

%

Health

Care

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

17.1‌

Information

Technology

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

13.2‌

Industrials

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

13.1‌

Consumer

Staples

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

10.3‌

Energy

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

7.0‌

Consumer

Discretionary

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

5.9‌

Materials

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

4.4‌

Utilities

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

3.9‌

Real

Estate

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

3.8‌

Communication

Services

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

3.4‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

JPMorgan

Chase

&

Co.

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

2.5‌

%

UnitedHealth

Group,

Inc.

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

2.5‌

Broadcom,

Inc.

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

2.4‌

Home

Depot,

Inc.

(The)

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

2.2‌

Coca-Cola

Co.

(The)

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

1.8‌

Johnson

&

Johnson

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

1.7‌

Procter

&

Gamble

Co.

(The)

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

1.6‌

Merck

&

Co.,

Inc.

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

1.5‌

Texas

Instruments,

Inc.

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

1.4‌

Chevron

Corp.

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

1.4‌

aaa

aa

iShares

®

ESG

MSCI

USA

Leaders

ETF

8

2024

iShares

Semi-Annual

Report

to

Shareholders

Fund

Summary

as

of

February

29,

2024

Investment

Objective

The

iShares

ESG

MSCI

USA

Leaders

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

large-

and

mid-capitalization

stocks

of

companies

with

high

environmental,

social,

and

governance

performance

relative

to

their

sector

peers,

as

determined

by

the

index

provider,

as

represented

by

the

MSCI

USA

Extended

ESG

Leaders

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

May

7,

2019.

The

first

day

of

secondary

market

trading

was

May

9,

2019.

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

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

15.02

%

34.01

%

15.27

%

34.01

%

98.24

%

Fund

Market

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

14.95

34.09

15.27

–

%

34.09

98.27

Index

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

15.01

34.08

15.37

34.08

99.04

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(09/01/23)

Ending

Account

Value

(02/29/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(09/01/23)

Ending

Account

Value

(02/29/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,150.20

‌

$

0.53

‌

$

1,000.00

‌

$

1,024.37

‌

$

0.50

‌

0.10

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

(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

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

33.1‌

%

Health

Care

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

12.3‌

Financials

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

12.1‌

Consumer

Discretionary

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

9.7‌

Communication

Services

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

9.6‌

Industrials

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

9.1‌

Consumer

Staples

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

5.6‌

Materials

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

2.8‌

Real

Estate

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

2.5‌

Energy

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

2.2‌

Utilities

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

1.0‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Microsoft

Corp.

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

12.7‌

%

NVIDIA

Corp.

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

8.5‌

Alphabet,

Inc.,

Class

A

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

3.6‌

Alphabet,

Inc.,

Class

C,

NVS

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

3.1‌

Eli

Lilly

&

Co.

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

2.6‌

Tesla,

Inc.

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

2.5‌

Visa,

Inc.,

Class

A

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

1.9‌

Mastercard

,

Inc.,

Class

A

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

1.7‌

Johnson

&

Johnson

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

1.7‌

Home

Depot,

Inc.

(The)

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

1.6‌

aaa

aa

iShares

®

Paris-Aligned

Climate

MSCI

USA

ETF

9

Fund

Summary

Fund

Summary

as

of

February

29,

2024

Investment

Objective

The

iShares

Paris-Aligned

Climate

MSCI

USA

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

large-

and

mid-capitalization

stocks

that

is

designed

to

be

compatible

with

the

objectives

of

the

Paris

Agreement

by,

in

aggregate,

following

a

decarbonization

trajectory,

reducing

exposure

to

climate-related

transition

and

physical

risks

and

increasing

exposure

to

companies

favorably

positioned

for

the

transition

to

a

low-carbon

economy,

as

represented

by

the

MSCI

USA

Climate

Paris

Aligned

Benchmark

Extended

Select

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

February

8,

2022.

The

first

day

of

secondary

market

trading

was

February

10,

2022.

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

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

13.21

%

31.32

%

6.51

%

31.32

%

13.84

%

Fund

Market

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

12.79

30.75

6.35

–

%

30.75

13.48

Index

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

13.25

31.41

6.56

31.41

13.98

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(09/01/23)

Ending

Account

Value

(02/29/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(09/01/23)

Ending

Account

Value

(02/29/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,132.10

‌

$

0.53

‌

$

1,000.00

‌

$

1,024.37

‌

$

0.50

‌

0.10

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

(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

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

34.9‌

%

Health

Care

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

15.3‌

Financials

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

13.0‌

Consumer

Discretionary

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

11.0‌

Communication

Services

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

7.6‌

Real

Estate

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

7.2‌

Industrials

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

6.1‌

Consumer

Staples

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

1.7‌

Utilities

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

1.7‌

Materials

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

1.5‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Microsoft

Corp.

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

7.6‌

%

Apple,

Inc.

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

6.9‌

NVIDIA

Corp.

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

5.4‌

Amazon.com,

Inc.

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

3.7‌

Meta

Platforms,

Inc.,

Class

A

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

2.4‌

Alphabet,

Inc.,

Class

C,

NVS

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

2.2‌

Eli

Lilly

&

Co.

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

2.0‌

Tesla,

Inc.

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

1.9‌

Visa,

Inc.,

Class

A

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

1.8‌

Broadcom,

Inc.

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

1.6‌

aaa

aa

About

Fund

Performance

10

2024

iShares

Semi-Annual

Report

to

Shareholders

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.

iShares

®

ESG

Aware

MSCI

USA

ETF

Schedule

of

Investments

(unaudited)

February

29,

2024

(Percentages

shown

are

based

on

Net

Assets)

11

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

0

.9

%

Axon

Enterprise,

Inc.

(a)

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

78,613

$

24,163,278

Huntington

Ingalls

Industries,

Inc.

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

135,551

39,529,382

RTX

Corp.

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

674,040

60,441,167

124,133,827

a

Air

Freight

&

Logistics

 — 

0

.8

%

CH

Robinson

Worldwide,

Inc.

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

388,515

28,781,191

Expeditors

International

of

Washington,

Inc.

.......

342,372

40,947,691

FedEx

Corp.

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

57,364

14,281,915

United

Parcel

Service,

Inc.

,

Class

B

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

173,772

25,763,437

109,774,234

a

Automobile

Components

 — 

0

.1

%

Aptiv

PLC

(a)

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

183,887

14,617,178

a

Automobiles

 — 

1

.4

%

Rivian

Automotive,

Inc.

,

Class

A

(a)

(b)

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

810,220

9,171,690

Tesla,

Inc.

(a)

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

860,930

173,804,549

182,976,239

a

Banks

 — 

2

.9

%

Bank

of

America

Corp.

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

2,205,313

76,127,405

Citigroup,

Inc.

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

817,881

45,384,217

Huntington

Bancshares,

Inc.

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

1,654,595

21,575,919

JPMorgan

Chase

&

Co.

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

854,567

159,000,736

PNC

Financial

Services

Group,

Inc.

(The)

........

256,258

37,721,177

Regions

Financial

Corp.

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

970,436

18,079,223

Truist

Financial

Corp.

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

441,644

15,448,707

U.S.

Bancorp

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

423,610

17,774,675

391,112,059

a

Beverages

 — 

1

.7

%

Coca-Cola

Co.

(The)

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

2,102,767

126,208,075

Keurig

Dr

Pepper,

Inc.

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

831,230

24,862,089

Molson

Coors

Beverage

Co.

,

Class

B

...........

325,320

20,306,475

PepsiCo,

Inc.

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

356,525

58,947,844

230,324,483

a

Biotechnology

 — 

2

.1

%

AbbVie,

Inc.

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

390,397

68,729,392

Alnylam

Pharmaceuticals,

Inc.

(a)

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

89,842

13,574,228

Amgen,

Inc.

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

206,424

56,525,084

Biogen,

Inc.

(a)

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

60,286

13,081,459

Gilead

Sciences,

Inc.

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

872,842

62,931,908

Regeneron

Pharmaceuticals,

Inc.

(a)

(b)

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

33,191

32,065,493

Vertex

Pharmaceuticals,

Inc.

(a)

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

73,291

30,836,455

277,744,019

a

Broadline

Retail

 — 

3

.7

%

Amazon.com,

Inc.

(a)

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

2,724,570

481,594,993

MercadoLibre,

Inc.

(a)

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

14,561

23,229,164

504,824,157

a

Building

Products

 — 

1

.3

%

Allegion

PLC

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

99,737

12,753,370

Carrier

Global

Corp.

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

419,639

23,323,536

Fortune

Brands

Innovations,

Inc.

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

260,664

21,202,410

Johnson

Controls

International

PLC

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

303,821

18,007,471

Lennox

International,

Inc.

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

55,168

25,995,713

Owens

Corning

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

94,374

14,135,338

Trane

Technologies

PLC

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

199,621

56,287,133

171,704,971

a

Security

Shares

Value

a

Capital

Markets

 — 

2

.8

%

Bank

of

New

York

Mellon

Corp.

(The)

...........

755,804

$

42,393,046

BlackRock,

Inc.

(c)

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

29,866

24,231,480

Cboe

Global

Markets,

Inc.

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

70,745

13,583,040

Charles

Schwab

Corp.

(The)

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

380,699

25,423,079

FactSet

Research

Systems,

Inc.

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

53,236

24,625,909

Goldman

Sachs

Group,

Inc.

(The)

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

102,843

40,011,069

Moody's

Corp.

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

108,997

41,355,642

Morgan

Stanley

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

638,478

54,934,647

Nasdaq,

Inc.

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

370,201

20,805,296

Northern

Trust

Corp.

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

165,201

13,567,958

S&P

Global,

Inc.

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

157,023

67,265,513

State

Street

Corp.

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

182,193

13,433,090

381,629,769

a

Chemicals

 — 

1

.5

%

Dow,

Inc.

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

519,540

29,031,895

Ecolab,

Inc.

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

248,708

55,919,507

International

Flavors

&

Fragrances,

Inc.

..........

199,014

15,025,557

Linde

PLC

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

108,311

48,612,143

LyondellBasell

Industries

NV

,

Class

A

...........

203,835

20,440,574

PPG

Industries,

Inc.

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

166,899

23,632,898

Sherwin-Williams

Co.

(The)

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

42,731

14,187,974

206,850,548

a

Commercial

Services

&

Supplies

 — 

0

.2

%

Veralto

Corp.

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

309,971

26,787,694

a

Communications

Equipment

 — 

0

.7

%

Arista

Networks,

Inc.

(a)

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

82,199

22,813,510

Cisco

Systems,

Inc.

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

1,220,611

59,040,954

Juniper

Networks,

Inc.

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

357,729

13,246,705

95,101,169

a

Construction

&

Engineering

 — 

0

.1

%

Quanta

Services,

Inc.

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

62,464

15,085,681

a

Construction

Materials

 — 

0

.1

%

Martin

Marietta

Materials,

Inc.

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

24,464

14,133,097

a

Consumer

Finance

 — 

0

.9

%

American

Express

Co.

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

248,015

54,419,451

Capital

One

Financial

Corp.

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

96,254

13,245,513

Discover

Financial

Services

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

214,402

25,878,322

Synchrony

Financial

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

622,847

25,723,581

119,266,867

a

Consumer

Staples

Distribution

&

Retail

 — 

1

.4

%

Costco

Wholesale

Corp.

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

137,425

102,229,083

Dollar

Tree,

Inc.

(a)

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

92,119

13,512,015

Kroger

Co.

(The)

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

581,160

28,831,347

Sysco

Corp.

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

166,145

13,452,761

Target

Corp.

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

216,590

33,120,943

191,146,149

a

Containers

&

Packaging

 — 

0

.2

%

Ball

Corp.

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

212,710

13,617,694

International

Paper

Co.

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

367,749

13,003,605

26,621,299

a

Distributors

 — 

0

.2

%

LKQ

Corp.

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

617,785

32,303,978

a

Schedule

of

Investments

(unaudited)

(continued)

February

29,

2024

iShares

®

ESG

Aware

MSCI

USA

ETF

(Percentages

shown

are

based

on

Net

Assets)

12

2024

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Diversified

Telecommunication

Services

 — 

0

.7

%

AT&T,

Inc.

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

1,464,719

$

24,797,693

Verizon

Communications,

Inc.

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

1,563,618

62,575,992

87,373,685

a

Electric

Utilities

 — 

0

.9

%

Edison

International

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

252,637

17,184,369

Eversource

Energy

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

576,932

33,865,908

Exelon

Corp.

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

611,333

21,910,175

NextEra

Energy,

Inc.

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

834,295

46,044,741

119,005,193

a

Electrical

Equipment

 — 

0

.2

%

Eaton

Corp.

PLC

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

84,162

24,322,818

a

Electronic

Equipment,

Instruments

&

Components

 — 

0

.3

%

Keysight

Technologies,

Inc.

(a)

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

216,451

33,398,389

Trimble,

Inc.

(a)

(b)

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

219,132

13,408,687

46,807,076

a

Energy

Equipment

&

Services

 — 

0

.3

%

Baker

Hughes

Co.

,

Class

A

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

465,404

13,771,304

Schlumberger

Ltd.

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

557,079

26,923,628

40,694,932

a

Entertainment

 — 

1

.2

%

Electronic

Arts,

Inc.

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

153,556

21,417,991

Netflix,

Inc.

(a)

(b)

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

114,448

69,002,988

Walt

Disney

Co.

(The)

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

640,638

71,482,388

161,903,367

a

Financial

Services

 — 

2

.8

%

Berkshire

Hathaway,

Inc.

,

Class

B

(a)

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

120,343

49,268,424

Fidelity

National

Information

Services,

Inc.

........

373,659

25,853,466

Fiserv,

Inc.

(a)

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

122,527

18,289,605

Mastercard,

Inc.

,

Class

A

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

275,450

130,772,642

PayPal

Holdings,

Inc.

(a)

(b)

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

268,243

16,185,783

Visa,

Inc.

,

Class

A

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

503,415

142,285,216

382,655,136

a

Food

Products

 — 

1

.6

%

Archer-Daniels-Midland

Co.

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

246,174

13,074,301

Bunge

Global

SA

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

271,461

25,617,775

Campbell

Soup

Co.

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

318,652

13,587,321

General

Mills,

Inc.

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

791,733

50,813,424

Hormel

Foods

Corp.

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

455,623

16,092,604

Kellanova

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

1,032,753

56,956,328

Kraft

Heinz

Co.

(The)

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

803,189

28,336,508

McCormick

&

Co.,

Inc.

,

NVS

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

199,667

13,749,070

218,227,331

a

Ground

Transportation

 — 

0

.9

%

JB

Hunt

Transport

Services,

Inc.

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

62,446

12,883,234

Old

Dominion

Freight

Line,

Inc.

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

34,970

15,473,526

Uber

Technologies,

Inc.

(a)

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

525,626

41,787,267

Union

Pacific

Corp.

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

198,674

50,401,607

120,545,634

a

Health

Care

Equipment

&

Supplies

 — 

2

.0

%

Abbott

Laboratories

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

115,846

13,743,970

Cooper

Cos.,

Inc.

The

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

278,778

26,093,621

Dexcom,

Inc.

(a)

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

116,641

13,421,880

Edwards

Lifesciences

Corp.

(a)

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

507,386

43,061,850

GE

HealthCare

Technologies,

Inc.

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

153,533

14,014,492

Hologic,

Inc.

(a)

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

178,996

13,209,905

IDEXX

Laboratories,

Inc.

(a)

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

75,483

43,420,086

Intuitive

Surgical,

Inc.

(a)

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

99,215

38,257,304

STERIS

PLC

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

103,376

24,077,304

Security

Shares

Value

a

Health

Care

Equipment

&

Supplies

(continued)

Stryker

Corp.

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

38,189

$

13,330,634

Teleflex,

Inc.

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

52,608

11,720,536

Zimmer

Biomet

Holdings,

Inc.

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

105,939

13,174,574

267,526,156

a

Health

Care

Providers

&

Services

 — 

3

.1

%

Cardinal

Health,

Inc.

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

196,793

22,036,880

Cencora,

Inc.

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

129,842

30,590,775

Centene

Corp.

(a)

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

205,039

16,081,209

Cigna

Group

(The)

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

124,959

42,003,718

Elevance

Health,

Inc.

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

92,916

46,574,145

HCA

Healthcare,

Inc.

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

56,816

17,709,547

Humana,

Inc.

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

35,994

12,609,418

Laboratory

Corp.

of

America

Holdings

...........

60,969

13,158,939

McKesson

Corp.

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

73,654

38,403,932

Molina

Healthcare,

Inc.

(a)

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

32,880

12,951,761

Quest

Diagnostics,

Inc.

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

131,737

16,452,634

UnitedHealth

Group,

Inc.

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

314,536

155,254,970

423,827,928

a

Health

Care

REITs

 — 

0

.2

%

Welltower,

Inc.

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

272,262

25,091,666

a

Health

Care

Technology

 — 

0

.1

%

Veeva

Systems,

Inc.

,

Class

A

(a)

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

60,209

13,577,732

a

Hotels,

Restaurants

&

Leisure

 — 

1

.7

%

Airbnb,

Inc.

,

Class

A

(a)

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

86,597

13,636,430

Booking

Holdings,

Inc.

(a)

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

12,948

44,914,411

Chipotle

Mexican

Grill,

Inc.

(a)

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

7,733

20,792,258

DoorDash,

Inc.

,

Class

A

(a)

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

113,841

14,181,173

Hilton

Worldwide

Holdings,

Inc.

(b)

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

98,951

20,217,668

McDonald's

Corp.

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

186,332

54,461,117

Starbucks

Corp.

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

405,203

38,453,765

Vail

Resorts,

Inc.

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

82,283

18,950,598

225,607,420

a

Household

Durables

 — 

0

.1

%

DR

Horton,

Inc.

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

93,288

13,940,959

a

Household

Products

 — 

1

.5

%

Church

&

Dwight

Co.,

Inc.

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

284,203

28,454,404

Clorox

Co.

(The)

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

201,035

30,820,676

Kimberly-Clark

Corp.

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

304,908

36,945,702

Procter

&

Gamble

Co.

(The)

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

637,986

101,401,495

197,622,277

a

Industrial

Conglomerates

 — 

1

.2

%

3M

Co.

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

463,302

42,679,380

General

Electric

Co.

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

395,121

61,990,534

Honeywell

International,

Inc.

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

295,491

58,722,926

163,392,840

a

Industrial

REITs

 — 

0

.2

%

Prologis,

Inc.

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

207,309

27,628,070

a

Insurance

 — 

2

.4

%

Assurant,

Inc.

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

76,029

13,795,462

Chubb

Ltd.

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

52,647

13,249,670

Hartford

Financial

Services

Group,

Inc.

(The)

......

356,869

34,202,325

Marsh

&

McLennan

Companies,

Inc.

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

137,416

27,795,134

MetLife,

Inc.

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

466,637

32,543,264

Principal

Financial

Group,

Inc.

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

165,018

13,343,355

Progressive

Corp.

(The)

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

276,912

52,491,439

Prudential

Financial,

Inc.

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

690,133

75,217,596

Travelers

Companies,

Inc.

(The)

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

190,330

42,055,317

iShares

®

ESG

Aware

MSCI

USA

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

29,

2024

(Percentages

shown

are

based

on

Net

Assets)

13

Schedule

of

Investments

Security

Shares

Value

a

Insurance

(continued)

Willis

Towers

Watson

PLC

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

47,632

$

12,984,960

317,678,522

a

Interactive

Media

&

Services

 — 

5

.6

%

Alphabet,

Inc.

,

Class

A

(a)

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

737,325

102,090,019

Alphabet,

Inc.

,

Class

C

,

NVS

(a)

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

2,480,023

346,657,615

Meta

Platforms,

Inc.

,

Class

A

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

622,337

305,026,034

753,773,668

a

IT

Services

 — 

1

.7

%

Accenture

PLC

,

Class

A

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

188,922

70,804,187

Akamai

Technologies,

Inc.

(a)

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

120,961

13,416,994

Gartner,

Inc.

(a)

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

49,299

22,951,643

International

Business

Machines

Corp.

..........

388,693

71,919,866

MongoDB,

Inc.

,

Class

A

(a)

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

33,735

15,099,111

Snowflake,

Inc.

,

Class

A

(a)

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

88,350

16,634,538

Twilio,

Inc.

,

Class

A

(a)

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

225,413

13,432,361

224,258,700

a

Leisure

Products

 — 

0

.1

%

Hasbro,

Inc.

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

337,797

16,987,811

a

Life

Sciences

Tools

&

Services

 — 

1

.7

%

Agilent

Technologies,

Inc.

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

139,838

19,208,148

Avantor,

Inc.

(a)

(b)

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

555,847

13,696,070

Danaher

Corp.

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

297,455

75,297,759

IQVIA

Holdings,

Inc.

(a)

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

110,096

27,211,327

Mettler-Toledo

International,

Inc.

(a)

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

11,123

13,872,828

Repligen

Corp.

(a)

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

63,366

12,292,370

Thermo

Fisher

Scientific,

Inc.

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

58,853

33,556,804

Waters

Corp.

(a)

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

63,385

21,387,367

West

Pharmaceutical

Services,

Inc.

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

38,762

13,890,750

230,413,423

a

Machinery

 — 

1

.9

%

Caterpillar,

Inc.

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

149,823

50,034,889

CNH

Industrial

N.V.

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

1,601,093

19,133,061

Cummins,

Inc.

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

136,541

36,676,278

Deere

&

Co.

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

86,311

31,507,831

Dover

Corp.

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

81,832

13,533,376

IDEX

Corp.

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

58,077

13,700,364

Ingersoll

Rand,

Inc.

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

159,036

14,524,758

Pentair

PLC

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

591,143

45,985,014

Xylem,

Inc.

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

259,988

33,031,476

258,127,047

a

Media

 — 

0

.6

%

Comcast

Corp.

,

Class

A

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

856,247

36,690,184

Fox

Corp.

,

Class

B

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

497,794

13,629,600

Interpublic

Group

of

Companies,

Inc.

(The)

.......

407,099

12,782,908

Paramount

Global

,

Class

B

,

NVS

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

1,100,568

12,150,271

75,252,963

a

Metals

&

Mining

 — 

0

.5

%

Freeport-McMoRan,

Inc.

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

340,126

12,860,164

Newmont

Corp.

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

495,435

15,482,344

Nucor

Corp.

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

117,453

22,586,212

Steel

Dynamics,

Inc.

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

107,179

14,342,694

65,271,414

a

Multi-Utilities

 — 

0

.7

%

CMS

Energy

Corp.

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

345,033

19,794,543

Consolidated

Edison,

Inc.

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

151,279

13,193,042

Public

Service

Enterprise

Group,

Inc.

...........

1,078,437

67,294,469

100,282,054

a

Security

Shares

Value

a

Oil,

Gas

&

Consumable

Fuels

 — 

3

.6

%

Cheniere

Energy,

Inc.

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

163,059

$

25,306,757

Chevron

Corp.

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

558,679

84,924,795

ConocoPhillips

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

467,267

52,586,228

EQT

Corp.

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

380,600

14,139,290

Exxon

Mobil

Corp.

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

639,050

66,793,506

Hess

Corp.

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

428,434

62,444,255

Kinder

Morgan,

Inc.

,

Class

P

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

1,966,484

34,197,157

ONEOK,

Inc.

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

468,764

35,213,552

Ovintiv,

Inc.

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

521,239

25,754,419

Phillips

66

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

172,126

24,529,676

Pioneer

Natural

Resources

Co.

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

109,393

25,728,140

Targa

Resources

Corp.

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

227,333

22,333,194

Valero

Energy

Corp.

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

94,648

13,388,906

487,339,875

a

Pharmaceuticals

 — 

3

.8

%

Bristol-Myers

Squibb

Co.

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

459,938

23,341,853

Eli

Lilly

&

Co.

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

249,107

187,746,964

Johnson

&

Johnson

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

633,548

102,241,976

Merck

&

Co.,

Inc.

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

700,882

89,117,146

Pfizer,

Inc.

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

1,458,010

38,724,746

Zoetis,

Inc.

,

Class

A

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

332,887

66,021,479

507,194,164

a

Professional

Services

 — 

1

.0

%

Automatic

Data

Processing,

Inc.

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

326,142

81,904,040

Broadridge

Financial

Solutions,

Inc.

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

153,784

31,307,347

Dayforce,

Inc.

(a)

(b)

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

180,277

12,576,124

Paychex,

Inc.

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

107,050

13,126,471

138,913,982

a

Real

Estate

Management

&

Development

 — 

0

.3

%

CBRE

Group,

Inc.

,

Class

A

(a)

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

396,890

36,470,222

a

Semiconductors

&

Semiconductor

Equipment

 — 

9

.8

%

Advanced

Micro

Devices,

Inc.

(a)

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

509,921

98,175,090

Applied

Materials,

Inc.

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

399,904

80,628,644

Broadcom,

Inc.

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

119,587

155,521,698

Enphase

Energy,

Inc.

(a)

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

100,148

12,719,797

First

Solar,

Inc.

(a)

(b)

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

84,132

12,947,073

Intel

Corp.

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

1,678,556

72,261,836

Lam

Research

Corp.

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

58,993

55,350,182

Marvell

Technology,

Inc.

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

343,413

24,608,976

Micron

Technology,

Inc.

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

284,957

25,819,954

NVIDIA

Corp.

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

759,235

600,645,993

NXP

Semiconductors

NV

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

186,870

46,667,045

QUALCOMM,

Inc.

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

253,902

40,063,197

Texas

Instruments,

Inc.

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

606,735

101,524,968

1,326,934,453

a

Software

 — 

12

.1

%

Adobe,

Inc.

(a)

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

179,787

100,731,060

ANSYS,

Inc.

(a)

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

45,270

15,127,876

Atlassian

Corp.

,

Class

A

(a)

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

70,441

14,610,872

Autodesk,

Inc.

(a)

(b)

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

187,086

48,299,993

Cadence

Design

Systems,

Inc.

(a)

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

107,832

32,821,904

Crowdstrike

Holdings,

Inc.

,

Class

A

(a)

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

40,114

13,002,953

Fair

Isaac

Corp.

(a)

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

10,302

13,082,613

Gen

Digital,

Inc.

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

618,305

13,287,374

HubSpot,

Inc.

(a)

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

25,297

15,654,037

Intuit,

Inc.

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

124,727

82,680,281

Microsoft

Corp.

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

2,208,249

913,420,116

Oracle

Corp.

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

496,368

55,434,378

Palo

Alto

Networks,

Inc.

(a)

(b)

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

103,894

32,264,282

PTC,

Inc.

(a)

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

107,994

19,763,982

Salesforce,

Inc.

(a)

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

337,957

104,367,881

Schedule

of

Investments

(unaudited)

(continued)

February

29,

2024

iShares

®

ESG

Aware

MSCI

USA

ETF

(Percentages

shown

are

based

on

Net

Assets)

14

2024

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Software

(continued)

ServiceNow,

Inc.

(a)

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

72,031

$

55,560,392

Splunk,

Inc.

(a)

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

128,296

20,042,401

Synopsys,

Inc.

(a)

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

58,831

33,753,110

Workday,

Inc.

,

Class

A

(a)

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

127,584

37,593,901

Zscaler,

Inc.

(a)

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

52,252

12,643,416

1,634,142,822

a

Specialized

REITs

 — 

1

.9

%

American

Tower

Corp.

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

254,608

50,631,347

Crown

Castle,

Inc.

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

452,884

49,790,067

Digital

Realty

Trust,

Inc.

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

215,938

31,701,858

Equinix,

Inc.

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

64,162

57,028,469

Iron

Mountain,

Inc.

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

298,142

23,445,887

SBA

Communications

Corp.

,

Class

A

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

99,533

20,825,289

Weyerhaeuser

Co.

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

486,017

16,709,264

250,132,181

a

Specialty

Retail

 — 

2

.2

%

Best

Buy

Co.,

Inc.

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

343,400

27,774,192

Home

Depot,

Inc.

(The)

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

380,357

144,767,678

Lowe's

Companies,

Inc.

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

215,543

51,874,734

TJX

Companies,

Inc.

(The)

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

134,748

13,358,917

Tractor

Supply

Co.

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

74,778

19,017,541

Ulta

Beauty,

Inc.

(a)

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

24,822

13,616,356

Williams-Sonoma,

Inc.

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

86,023

20,260,997

290,670,415

a

Technology

Hardware,

Storage

&

Peripherals

 — 

6

.3

%

Apple,

Inc.

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

4,273,445

772,425,184

Dell

Technologies,

Inc.

,

Class

C

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

156,832

14,845,717

Hewlett

Packard

Enterprise

Co.

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

1,707,810

26,009,946

HP,

Inc.

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

462,110

13,091,577

Seagate

Technology

Holdings

PLC

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

150,903

14,041,524

Western

Digital

Corp.

(a)

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

244,577

14,544,994

854,958,942

a

Textiles,

Apparel

&

Luxury

Goods

 — 

0

.5

%

Deckers

Outdoor

Corp.

(a)

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

36,870

33,020,403

Lululemon

Athletica,

Inc.

(a)

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

44,917

20,980,282

Security

Shares

Value

a

Textiles,

Apparel

&

Luxury

Goods

(continued)

Nike,

Inc.

,

Class

B

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

127,593

$

13,260,740

67,261,425

a

Trading

Companies

&

Distributors

 — 

0

.7

%

Ferguson

PLC

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

236,699

50,050,003

United

Rentals,

Inc.

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

22,588

15,659,583

WW

Grainger,

Inc.

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

30,510

29,700,265

95,409,851

a

Water

Utilities

 — 

0

.2

%

American

Water

Works

Co.,

Inc.

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

116,336

13,790,469

Essential

Utilities,

Inc.

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

405,441

14,101,238

27,891,707

a

Total

Long-Term

Investments — 99.6%

(Cost:

$

11,604,417,645

)

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

13,435,253,279

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.7

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.50

%

(c)

(d)

(e)

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

53,803,814

53,830,717

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.30

%

(c)

(d)

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

40,191,142

40,191,142

a

Total

Short-Term

Securities — 0.7%

(Cost:

$

94,011,049

)

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

94,021,859

Total

Investments

—

100.3%

(Cost:

$

11,698,428,694

)

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

13,529,275,138

Liabilities

in

Excess

of

Other

Assets

—

(

0

.3

)

%

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

(

43,589,472

)

Net

Assets

—

100.0%

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

$

13,485,685,666

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

February

29,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

08/31/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

02/29/24

  Shares

Held

at

02/29/24

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

51,503,808

$

2,334,057

(a)

$

—

$

(

11,468

)

$

4,320

$

53,830,717

53,803,814

$

73,428

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

......

68,480,952

—

(

28,289,810

)

(a)

—

—

40,191,142

40,191,142

1,151,741

—

BlackRock,

Inc.

..

21,839,335

3,384,034

(

4,183,031

)

339,298

2,851,844

24,231,480

29,866

297,750

—

$

327,830

$

2,856,164

$

118,253,339

$

1,522,919

$

—

iShares

®

ESG

Aware

MSCI

USA

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

29,

2024

15

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

February

29,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

(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.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

S&P

500

Index

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

202

03/15/24

$

51,548

$

2,945,027

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

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

$

—

$

—

$

2,945,027

$

—

$

—

$

—

$

2,945,027

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

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).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

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

$

—

$

—

$

4,228,961

$

—

$

—

$

—

$

4,228,961

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

1,216,521

$

—

$

—

$

—

$

1,216,521

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

65,248,406

a

Schedule

of

Investments

(unaudited)

(continued)

February

29,

2024

iShares

®

ESG

Aware

MSCI

USA

ETF

16

2024

iShares

Semi-Annual

Report

to

Shareholders

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

Common

Stocks

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

$

13,435,253,279

‌

$

—

‌

$

—

‌

$

13,435,253,279

‌

Short-Term

Securities

Money

Market

Funds

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

94,021,859

‌

—

‌

—

‌

94,021,859

‌

$

13,529,275,138

‌

$

—

‌

$

—

‌

$

13,529,275,138

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

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

$

2,945,027

‌

$

—

‌

$

—

‌

$

2,945,027

‌

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

ESG

Aware

MSCI

USA

Growth

ETF

Schedule

of

Investments

(unaudited)

February

29,

2024

(Percentages

shown

are

based

on

Net

Assets)

17

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

0

.3

%

Axon

Enterprise,

Inc.

(a)

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

54

$

16,598

a

Air

Freight

&

Logistics

 — 

0

.5

%

Expeditors

International

of

Washington,

Inc.

.......

259

30,976

a

Automobile

Components

 — 

0

.3

%

Aptiv

PLC

(a)

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

221

17,567

a

Automobiles

 — 

2

.5

%

Tesla,

Inc.

(a)

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

723

145,959

a

Biotechnology

 — 

0

.6

%

Alnylam

Pharmaceuticals,

Inc.

(a)

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

39

5,892

Exact

Sciences

Corp.

(a)

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

94

5,408

Regeneron

Pharmaceuticals,

Inc.

(a)

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

6

5,797

Vertex

Pharmaceuticals,

Inc.

(a)

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

41

17,250

34,347

a

Broadline

Retail

 — 

7

.0

%

Amazon.com,

Inc.

(a)

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

2,242

396,296

MercadoLibre,

Inc.

(a)

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

11

17,548

413,844

a

Building

Products

 — 

0

.6

%

Lennox

International,

Inc.

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

80

37,697

a

Capital

Markets

 — 

0

.8

%

FactSet

Research

Systems,

Inc.

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

44

20,353

MarketAxess

Holdings,

Inc.

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

26

5,549

Moody's

Corp.

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

60

22,765

48,667

a

Chemicals

 — 

0

.8

%

Ecolab,

Inc.

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

210

47,216

a

Commercial

Services

&

Supplies

 — 

0

.4

%

Veralto

Corp.

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

293

25,321

a

Communications

Equipment

 — 

0

.3

%

Arista

Networks,

Inc.

(a)

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

54

14,987

a

Construction

&

Engineering

 — 

0

.1

%

Quanta

Services,

Inc.

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

27

6,521

a

Consumer

Staples

Distribution

&

Retail

 — 

1

.1

%

Costco

Wholesale

Corp.

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

87

64,719

a

Distributors

 — 

0

.1

%

Pool

Corp.

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

21

8,361

a

Electronic

Equipment,

Instruments

&

Components

 — 

0

.6

%

Keysight

Technologies,

Inc.

(a)

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

229

35,335

a

Energy

Equipment

&

Services

 — 

0

.3

%

Schlumberger

Ltd.

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

309

14,934

a

Entertainment

 — 

0

.9

%

Netflix,

Inc.

(a)

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

80

48,233

Warner

Bros

Discovery,

Inc.

,

Series

A

(a)

..........

587

5,160

53,393

a

Financial

Services

 — 

3

.6

%

Mastercard,

Inc.

,

Class

A

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

201

95,427

PayPal

Holdings,

Inc.

(a)

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

232

13,999

Security

Shares

Value

a

Financial

Services

(continued)

Visa,

Inc.

,

Class

A

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

364

$

102,881

212,307

a

Food

Products

 — 

0

.3

%

Darling

Ingredients,

Inc.

(a)

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

186

7,869

Lamb

Weston

Holdings,

Inc.

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

70

7,155

15,024

a

Ground

Transportation

 — 

1

.2

%

Old

Dominion

Freight

Line,

Inc.

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

24

10,620

Uber

Technologies,

Inc.

(a)

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

373

29,653

Union

Pacific

Corp.

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

125

31,711

71,984

a

Health

Care

Equipment

&

Supplies

 — 

2

.1

%

Cooper

Cos.,

Inc.

The

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

211

19,750

Dexcom,

Inc.

(a)

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

49

5,638

Edwards

Lifesciences

Corp.

(a)

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

429

36,409

IDEXX

Laboratories,

Inc.

(a)

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

74

42,567

Insulet

Corp.

(a)

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

30

4,920

Intuitive

Surgical,

Inc.

(a)

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

33

12,725

122,009

a

Health

Care

Providers

&

Services

 — 

1

.5

%

DaVita,

Inc.

(a)

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

67

8,507

Elevance

Health,

Inc.

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

80

40,100

McKesson

Corp.

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

57

29,720

Molina

Healthcare,

Inc.

(a)

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

29

11,424

89,751

a

Health

Care

Technology

 — 

0

.1

%

Veeva

Systems,

Inc.

,

Class

A

(a)

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

26

5,863

a

Hotels,

Restaurants

&

Leisure

 — 

1

.2

%

Booking

Holdings,

Inc.

(a)

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

9

31,220

Chipotle

Mexican

Grill,

Inc.

(a)

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

3

8,066

DraftKings,

Inc.

,

Class

A

(a)

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

129

5,588

Starbucks

Corp.

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

287

27,236

72,110

a

Household

Products

 — 

0

.5

%

Church

&

Dwight

Co.,

Inc.

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

266

26,632

a

Industrial

Conglomerates

 — 

0

.6

%

General

Electric

Co.

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

233

36,555

a

Insurance

 — 

0

.5

%

Progressive

Corp.

(The)

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

139

26,349

a

Interactive

Media

&

Services

 — 

10

.3

%

Alphabet,

Inc.

,

Class

A

(a)

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

740

102,461

Alphabet,

Inc.

,

Class

C

,

NVS

(a)

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

1,880

262,786

Meta

Platforms,

Inc.

,

Class

A

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

495

242,614

607,861

a

IT

Services

 — 

1

.5

%

Accenture

PLC

,

Class

A

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

46

17,240

Akamai

Technologies,

Inc.

(a)

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

54

5,990

Gartner,

Inc.

(a)

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

38

17,691

MongoDB,

Inc.

,

Class

A

(a)

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

35

15,665

Okta,

Inc.

,

Class

A

(a)

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

65

6,974

Snowflake,

Inc.

,

Class

A

(a)

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

70

13,180

Twilio,

Inc.

,

Class

A

(a)

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

193

11,501

88,241

a

Schedule

of

Investments

(unaudited)

(continued)

February

29,

2024

iShares

®

ESG

Aware

MSCI

USA

Growth

ETF

(Percentages

shown

are

based

on

Net

Assets)

18

2024

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Life

Sciences

Tools

&

Services

 — 

1

.5

%

Agilent

Technologies,

Inc.

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

43

$

5,906

Danaher

Corp.

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

97

24,554

IQVIA

Holdings,

Inc.

(a)

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

80

19,773

Mettler-Toledo

International,

Inc.

(a)

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

5

6,236

Repligen

Corp.

(a)

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

29

5,626

Waters

Corp.

(a)

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

61

20,583

West

Pharmaceutical

Services,

Inc.

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

22

7,884

90,562

a

Machinery

 — 

0

.3

%

Deere

&

Co.

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

24

8,761

IDEX

Corp.

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

25

5,898

14,659

a

Metals

&

Mining

 — 

0

.2

%

Nucor

Corp.

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

49

9,423

a

Oil,

Gas

&

Consumable

Fuels

 — 

1

.2

%

Cheniere

Energy,

Inc.

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

103

15,986

Hess

Corp.

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

285

41,539

Targa

Resources

Corp.

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

109

10,708

68,233

a

Pharmaceuticals

 — 

3

.6

%

Eli

Lilly

&

Co.

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

196

147,721

Zoetis,

Inc.

,

Class

A

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

313

62,078

209,799

a

Professional

Services

 — 

1

.8

%

Automatic

Data

Processing,

Inc.

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

304

76,344

Broadridge

Financial

Solutions,

Inc.

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

92

18,729

Dayforce,

Inc.

(a)

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

83

5,790

Paylocity

Holding

Corp.

(a)

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

33

5,564

106,427

a

Real

Estate

Management

&

Development

 — 

0

.7

%

CBRE

Group,

Inc.

,

Class

A

(a)

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

426

39,145

a

Semiconductors

&

Semiconductor

Equipment

 — 

12

.3

%

Advanced

Micro

Devices,

Inc.

(a)

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

420

80,863

Applied

Materials,

Inc.

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

417

84,075

Enphase

Energy,

Inc.

(a)

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

58

7,367

NVIDIA

Corp.

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

644

509,481

NXP

Semiconductors

NV

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

169

42,204

723,990

a

Software

 — 

23

.2

%

Adobe,

Inc.

(a)

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

166

93,007

ANSYS,

Inc.

(a)

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

44

14,703

Atlassian

Corp.

,

Class

A

(a)

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

68

14,105

Autodesk,

Inc.

(a)

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

210

54,216

Cadence

Design

Systems,

Inc.

(a)

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

79

24,046

Confluent,

Inc.

,

Class

A

(a)

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

170

5,758

DocuSign,

Inc.

(a)

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

115

6,126

Fair

Isaac

Corp.

(a)

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

4

5,080

HubSpot,

Inc.

(a)

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

25

15,470

Intuit,

Inc.

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

111

73,581

Microsoft

Corp.

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

1,878

776,816

Oracle

Corp.

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

84

9,381

Security

Shares

Value

a

Software

(continued)

Palo

Alto

Networks,

Inc.

(a)

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

84

$

26,086

PTC,

Inc.

(a)

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

92

16,837

Salesforce,

Inc.

(a)

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

286

88,323

ServiceNow,

Inc.

(a)

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

57

43,966

Splunk,

Inc.

(a)

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

152

23,745

Synopsys,

Inc.

(a)

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

45

25,818

UiPath,

Inc.

,

Class

A

(a)

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

242

5,748

Workday,

Inc.

,

Class

A

(a)

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

131

38,600

Zscaler,

Inc.

(a)

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

23

5,565

1,366,977

a

Specialized

REITs

 — 

1

.3

%

American

Tower

Corp.

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

114

22,670

Equinix,

Inc.

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

45

39,997

SBA

Communications

Corp.

,

Class

A

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

78

16,320

78,987

a

Specialty

Retail

 — 

0

.9

%

Burlington

Stores,

Inc.

(a)

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

46

9,435

Ulta

Beauty,

Inc.

(a)

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

26

14,262

Williams-Sonoma,

Inc.

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

121

28,499

52,196

a

Technology

Hardware,

Storage

&

Peripherals

 — 

11

.0

%

Apple,

Inc.

(b)

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

3,501

632,806

Seagate

Technology

Holdings

PLC

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

139

12,934

645,740

a

Textiles,

Apparel

&

Luxury

Goods

 — 

0

.9

%

Deckers

Outdoor

Corp.

(a)

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

42

37,615

Lululemon

Athletica,

Inc.

(a)

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

36

16,815

54,430

a

Trading

Companies

&

Distributors

 — 

0

.4

%

WW

Grainger,

Inc.

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

27

26,284

a

Total

Long-Term

Investments — 99.9%

(Cost:

$

4,577,104

)

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

5,877,980

a

Short-Term

Securities

Money

Market

Funds

 — 

11

.8

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.50

%

(c)

(d)

(e)

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

681,753

682,094

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.30

%

(c)

(d)

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

10,169

10,169

a

Total

Short-Term

Securities — 11.8%

(Cost:

$

692,263

)

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

692,263

Total

Investments

—

111.7%

(Cost:

$

5,269,367

)

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

6,570,243

Liabilities

in

Excess

of

Other

Assets

—

(

11

.7

)

%

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

(

687,385

)

Net

Assets

—

100.0%

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

$

5,882,858

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

iShares

®

ESG

Aware

MSCI

USA

Growth

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

29,

2024

19

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

February

29,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

February

29,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

08/31/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

02/29/24

  Shares

Held

at

02/29/24

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

4,212

$

677,872

(a)

$

—

$

11

$

(

1

)

$

682,094

681,753

$

67

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.

6,805

3,364

(a)

—

—

—

10,169

10,169

283

—

$

11

$

(

1

)

$

692,263

$

350

$

—

(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.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Micro

E-Mini

Russell

2000

Index

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

1

03/15/24

$

10

$

837

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)

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

$

—

$

—

$

837

$

—

$

—

$

—

$

837

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

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).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

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

$

—

$

—

$

436

$

—

$

—

$

—

$

436

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

837

$

—

$

—

$

—

$

837

Schedule

of

Investments

(unaudited)

(continued)

February

29,

2024

iShares

®

ESG

Aware

MSCI

USA

Growth

ETF

20

2024

iShares

Semi-Annual

Report

to

Shareholders

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

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.

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

9,674

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

5,877,980

‌

$

—

‌

$

—

‌

$

5,877,980

‌

Short-Term

Securities

Money

Market

Funds

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

692,263

‌

—

‌

—

‌

692,263

‌

$

6,570,243

‌

$

—

‌

$

—

‌

$

6,570,243

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

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

$

837

‌

$

—

‌

$

—

‌

$

837

‌

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

Schedule

of

Investments

(unaudited)

February

29,

2024

(Percentages

shown

are

based

on

Net

Assets)

21

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

1

.7

%

AeroVironment,

Inc.

(a)

(b)

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

9,789

$

1,241,147

BWX

Technologies,

Inc.

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

46,108

4,649,070

Curtiss-Wright

Corp.

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

12,496

2,952,430

Ducommun,

Inc.

(a)

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

16,219

773,971

Hexcel

Corp.

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

43,999

3,276,165

Kaman

Corp.

,

Class

A

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

17,283

791,734

Kratos

Defense

&

Security

Solutions,

Inc.

(a)

.......

52,850

963,984

Leonardo

DRS,

Inc.

(a)

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

46,101

1,046,954

Mercury

Systems,

Inc.

(a)

(b)

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

45,154

1,348,750

Moog,

Inc.

,

Class

A

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

21,104

3,164,545

Rocket

Lab

USA,

Inc.

(a)

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

160,458

735,700

Spirit

AeroSystems

Holdings,

Inc.

,

Class

A

(a)

.......

29,376

840,154

Triumph

Group,

Inc.

(a)

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

53,527

744,025

V2X,

Inc.

(a)

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

21,633

832,870

Woodward,

Inc.

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

19,781

2,798,814

26,160,313

a

Air

Freight

&

Logistics

 — 

0

.2

%

GXO

Logistics,

Inc.

(a)

(b)

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

50,865

2,632,772

a

Automobile

Components

 — 

0

.9

%

American

Axle

&

Manufacturing

Holdings,

Inc.

(a)

....

94,062

650,909

Autoliv,

Inc.

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

6,956

807,105

Dana,

Inc.

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

59,087

738,587

Dorman

Products,

Inc.

(a)

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

9,392

884,914

Fox

Factory

Holding

Corp.

(a)

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

11,800

596,962

Gentherm,

Inc.

(a)

(b)

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

18,870

1,072,948

Goodyear

Tire

&

Rubber

Co.

(The)

(a)

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

68,023

808,113

LCI

Industries

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

21,468

2,704,539

Luminar

Technologies,

Inc.

,

Class

A

(a)

(b)

..........

308,750

737,913

Modine

Manufacturing

Co.

(a)

(b)

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

25,889

2,322,502

QuantumScape

Corp.

,

Class

A

(a)

(b)

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

112,036

702,466

Visteon

Corp.

(a)

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

16,345

1,848,946

XPEL,

Inc.

(a)

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

13,972

734,648

14,610,552

a

Automobiles

 — 

0

.7

%

Harley-Davidson,

Inc.

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

111,515

4,044,649

Lucid

Group,

Inc.

(a)

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

391,348

1,291,448

Thor

Industries,

Inc.

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

23,367

2,995,182

Winnebago

Industries,

Inc.

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

31,916

2,289,335

10,620,614

a

Banks

 — 

6

.4

%

Amalgamated

Financial

Corp.

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

56,034

1,293,265

Ameris

Bancorp

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

26,194

1,213,568

Associated

Banc-Corp.

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

108,045

2,251,658

Atlantic

Union

Bankshares

Corp.

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

49,416

1,643,576

Banc

of

California,

Inc.

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

70,321

1,028,796

Bancorp,

Inc.

(The)

(a)

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

28,360

1,265,990

Bank

of

Hawaii

Corp.

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

20,323

1,225,070

Bank

OZK

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

51,024

2,234,851

BankUnited,

Inc.

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

25,159

674,764

Banner

Corp.

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

41,616

1,824,445

Berkshire

Hills

Bancorp,

Inc.

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

86,779

1,864,881

Cadence

Bank

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

69,173

1,914,709

Cambridge

Bancorp

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

12,487

789,928

Camden

National

Corp.

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

28,778

914,565

Central

Pacific

Financial

Corp.

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

39,888

744,310

Columbia

Banking

System,

Inc.

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

82,182

1,487,494

Comerica,

Inc.

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

58,321

2,879,891

Commerce

Bancshares,

Inc.

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

57,479

2,991,207

Community

Bank

System,

Inc.

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

18,018

816,215

Security

Shares

Value

a

Banks

(continued)

Cullen/Frost

Bankers,

Inc.

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

12,893

$

1,399,019

Customers

Bancorp,

Inc.

(a)

(b)

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

15,069

818,397

CVB

Financial

Corp.

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

89,998

1,531,766

East

West

Bancorp,

Inc.

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

71,082

5,179,035

Enterprise

Financial

Services

Corp.

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

32,506

1,297,640

First

BanCorp

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

73,550

1,248,879

First

Financial

Bancorp

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

34,652

751,948

First

Financial

Bankshares,

Inc.

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

27,922

863,907

First

Horizon

Corp.

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

212,503

2,996,292

First

Interstate

BancSystem,

Inc.

,

Class

A

........

81,461

2,144,054

FNB

Corp.

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

77,673

1,036,158

Fulton

Financial

Corp.

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

96,992

1,493,677

Glacier

Bancorp,

Inc.

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

90,019

3,368,511

Hancock

Whitney

Corp.

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

29,617

1,291,301

Hanmi

Financial

Corp.

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

39,463

596,286

Independent

Bank

Corp.

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

92,658

2,870,560

International

Bancshares

Corp.

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

17,858

926,652

National

Bank

Holdings

Corp.

,

Class

A

..........

21,142

715,445

NBT

Bancorp,

Inc.

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

22,201

763,492

OFG

Bancorp

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

18,725

678,220

Old

National

Bancorp

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

151,991

2,497,212

Pinnacle

Financial

Partners,

Inc.

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

43,040

3,560,269

Popular,

Inc.

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

16,942

1,417,707

Provident

Financial

Services,

Inc.

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

44,398

669,522

Renasant

Corp.

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

38,719

1,223,908

Sandy

Spring

Bancorp,

Inc.

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

42,412

932,216

ServisFirst

Bancshares,

Inc.

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

13,840

874,550

SouthState

Corp.

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

42,730

3,591,029

Synovus

Financial

Corp.

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

103,518

3,927,473

Texas

Capital

Bancshares,

Inc.

(a)

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

14,934

875,879

UMB

Financial

Corp.

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

40,511

3,306,103

United

Bankshares,

Inc.

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

64,942

2,252,838

United

Community

Banks,

Inc.

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

31,596

821,812

Valley

National

Bancorp

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

293,153

2,400,923

Veritex

Holdings,

Inc.

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

38,334

752,496

Webster

Financial

Corp.

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

86,090

4,101,328

Western

Alliance

Bancorp

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

43,529

2,512,929

Wintrust

Financial

Corp.

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

10,629

1,024,104

WSFS

Financial

Corp.

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

19,419

823,171

Zions

Bancorp

NA

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

75,114

2,961,745

101,557,636

a

Beverages

 — 

0

.0

%

Coca-Cola

Consolidated,

Inc.

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

909

764,287

a

Biotechnology

 — 

5

.3

%

89Bio,

Inc.

(a)

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

79,935

916,855

Alector,

Inc.

(a)

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

122,926

856,794

Alkermes

PLC

(a)

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

57,267

1,700,257

Alpine

Immune

Sciences,

Inc.

(a)

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

24,983

879,901

Anavex

Life

Sciences

Corp.

(a)

(b)

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

138,137

710,024

Apellis

Pharmaceuticals,

Inc.

(a)

(b)

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

20,384

1,263,197

Arcellx,

Inc.

(a)

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

12,654

832,886

Arcturus

Therapeutics

Holdings,

Inc.

(a)

...........

21,168

820,472

Arcus

Biosciences,

Inc.

(a)

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

46,449

888,569

Ardelyx,

Inc.

(a)

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

86,111

802,555

Arrowhead

Pharmaceuticals,

Inc.

(a)

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

45,465

1,459,427

Beam

Therapeutics,

Inc.

(a)

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

23,772

938,756

Biohaven

Ltd.

(a)

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

34,735

1,672,143

Blueprint

Medicines

Corp.

(a)

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

14,266

1,334,156

Bridgebio

Pharma,

Inc.

(a)

(b)

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

28,023

956,986

Cabaletta

Bio,

Inc.

(a)

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

34,164

781,672

Catalyst

Pharmaceuticals,

Inc.

(a)

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

55,738

893,480

Celldex

Therapeutics,

Inc.

(a)

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

25,999

1,249,512

Schedule

of

Investments

(unaudited)

(continued)

February

29,

2024

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

(Percentages

shown

are

based

on

Net

Assets)

22

2024

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Biotechnology

(continued)

Cerevel

Therapeutics

Holdings,

Inc.

(a)

(b)

..........

28,250

$

1,158,250

Crinetics

Pharmaceuticals,

Inc.

(a)

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

22,930

938,754

CRISPR

Therapeutics

AG

(a)

(b)

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

29,307

2,468,236

Cullinan

Oncology,

Inc.

(a)

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

40,052

739,760

Cytokinetics,

Inc.

(a)

(b)

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

34,682

2,505,428

Day

One

Biopharmaceuticals,

Inc.

(a)

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

51,199

856,559

Denali

Therapeutics,

Inc.

(a)

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

55,535

1,098,482

Disc

Medicine,

Inc.

(a)

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

11,851

813,808

Dynavax

Technologies

Corp.

(a)

(b)

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

63,891

809,499

Dyne

Therapeutics,

Inc.

(a)

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

34,158

918,850

Exelixis,

Inc.

(a)

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

37,478

820,768

Geron

Corp.

(a)

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

387,922

775,844

Halozyme

Therapeutics,

Inc.

(a)

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

38,391

1,528,346

Ideaya

Biosciences,

Inc.

(a)

(b)

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

32,857

1,468,708

Immunovant,

Inc.

(a)

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

22,778

805,658

Inhibrx,

Inc.

(a)

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

20,652

756,483

Insmed,

Inc.

(a)

(b)

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

37,428

1,037,504

Intellia

Therapeutics,

Inc.

(a)

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

36,724

1,179,575

Ionis

Pharmaceuticals,

Inc.

(a)

(b)

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

17,957

811,836

Karuna

Therapeutics,

Inc.

(a)

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

13,764

4,321,483

Keros

Therapeutics,

Inc.

(a)

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

16,348

1,103,490

Krystal

Biotech,

Inc.

(a)

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

6,835

1,089,978

Kura

Oncology,

Inc.

(a)

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

37,792

796,655

Kymera

Therapeutics,

Inc.

(a)

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

20,297

866,682

Madrigal

Pharmaceuticals,

Inc.

(a)

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

3,337

788,199

Merus

NV

(a)

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

23,092

1,119,500

MoonLake

Immunotherapeutics

,

Class

A

(a)

........

13,000

627,120

Morphic

Holding,

Inc.

(a)

(b)

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

20,775

767,636

Myriad

Genetics,

Inc.

(a)

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

33,742

706,220

Natera,

Inc.

(a)

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

28,775

2,488,750

Nuvalent,

Inc.

,

Class

A

(a)

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

9,014

758,258

Protagonist

Therapeutics,

Inc.

(a)

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

27,892

847,359

Prothena

Corp.

PLC

(a)

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

34,338

947,385

PTC

Therapeutics,

Inc.

(a)

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

30,180

850,774

Recursion

Pharmaceuticals,

Inc.

,

Class

A

(a)

(b)

......

75,116

1,011,061

Relay

Therapeutics,

Inc.

(a)

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

72,497

726,420

Revolution

Medicines,

Inc.

(a)

(b)

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

29,159

859,607

Rhythm

Pharmaceuticals,

Inc.

(a)

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

15,834

687,512

Rocket

Pharmaceuticals,

Inc.

(a)

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

34,007

996,405

Roivant

Sciences,

Ltd.

(a)

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

73,679

842,888

Sarepta

Therapeutics,

Inc.

(a)

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

27,731

3,546,795

Scholar

Rock

Holding

Corp.

(a)

(b)

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

49,356

765,018

SpringWorks

Therapeutics,

Inc.

(a)

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

19,983

984,363

Syndax

Pharmaceuticals,

Inc.

(a)

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

45,521

1,067,012

Twist

Bioscience

Corp.

(a)

(b)

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

22,396

879,939

Ultragenyx

Pharmaceutical,

Inc.

(a)

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

31,321

1,619,922

Vaxcyte,

Inc.

(a)

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

38,716

2,858,015

Vera

Therapeutics,

Inc.

(a)

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

12,742

599,893

Verve

Therapeutics,

Inc.

(a)

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

59,649

1,017,016

Viking

Therapeutics,

Inc.

(a)

(b)

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

32,456

2,500,735

Viridian

Therapeutics,

Inc.

(a)

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

42,401

793,323

Xencor,

Inc.

(a)

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

33,041

758,291

Xenon

Pharmaceuticals,

Inc.

(a)

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

38,673

1,825,366

Zymeworks,

Inc.

(a)

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

64,582

775,630

83,644,690

a

Broadline

Retail

 — 

0

.4

%

Kohl's

Corp.

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

46,471

1,295,147

Macy's,

Inc.

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

144,146

2,513,906

Nordstrom,

Inc.

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

46,762

980,599

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

(b)

..........

14,740

1,181,706

5,971,358

a

Security

Shares

Value

a

Building

Products

 — 

2

.0

%

AAON,

Inc.

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

31,410

$

2,637,812

Advanced

Drainage

Systems,

Inc.

(b)

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

29,918

4,883,814

American

Woodmark

Corp.

(a)

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

12,916

1,294,700

Armstrong

World

Industries,

Inc.

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

29,909

3,607,325

AZEK

Co.,

Inc.

(The)

,

Class

A

(a)

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

50,948

2,451,108

AZZ,

Inc.

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

17,246

1,255,509

Gibraltar

Industries,

Inc.

(a)

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

13,065

1,011,884

Hayward

Holdings,

Inc.

(a)

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

59,329

877,476

JELD-WEN

Holding,

Inc.

(a)

(b)

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

45,058

820,056

Masonite

International

Corp.

(a)

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

7,884

1,026,812

Resideo

Technologies,

Inc.

(a)

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

156,098

3,485,668

Simpson

Manufacturing

Co.,

Inc.

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

10,284

2,146,065

Trex

Co.,

Inc.

(a)

(b)

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

28,215

2,589,008

Zurn

Elkay

Water

Solutions

Corp.

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

89,266

2,834,196

30,921,433

a

Capital

Markets

 — 

2

.1

%

Affiliated

Managers

Group,

Inc.

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

23,224

3,630,143

Artisan

Partners

Asset

Management,

Inc.

,

Class

A

...

34,636

1,491,772

BGC

Group,

Inc.

,

Class

A

(b)

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

108,753

755,833

Donnelley

Financial

Solutions,

Inc.

(a)

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

33,651

2,172,509

Evercore,

Inc.

,

Class

A

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

7,966

1,490,279

Interactive

Brokers

Group,

Inc.

,

Class

A

..........

31,548

3,429,899

Invesco

Ltd.

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

236,468

3,643,972

Janus

Henderson

Group

PLC

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

193,943

6,043,264

Jefferies

Financial

Group,

Inc.

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

28,003

1,171,085

Morningstar,

Inc.

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

9,173

2,738,966

Piper

Sandler

Companies

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

5,294

996,701

PJT

Partners,

Inc.

,

Class

A

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

11,734

1,236,764

Stifel

Financial

Corp.

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

26,879

2,039,041

Virtus

Investment

Partners,

Inc.

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

3,762

873,988

WisdomTree,

Inc.

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

106,743

860,349

32,574,565

a

Chemicals

 — 

1

.9

%

Arcadium

Lithium

PLC

(a)

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

326,362

1,791,727

Ashland,

Inc.

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

8,451

791,352

Avient

Corp.

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

23,660

957,757

Axalta

Coating

Systems

Ltd.

(a)

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

132,510

4,337,052

Balchem

Corp.

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

15,139

2,379,699

Cabot

Corp.

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

16,880

1,433,956

Chemours

Co.

(The)

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

46,702

918,628

Element

Solutions,

Inc.

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

83,751

1,968,149

Ginkgo

Bioworks

Holdings,

Inc.

,

Class

A

(a)

(b)

.......

530,814

806,837

Hawkins,

Inc.

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

13,989

982,727

HB

Fuller

Co.

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

22,806

1,813,761

Huntsman

Corp.

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

33,248

851,149

Innospec,

Inc.

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

18,364

2,282,094

Koppers

Holdings,

Inc.

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

36,687

2,077,218

Minerals

Technologies,

Inc.

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

26,200

1,895,832

Orion

SA

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

33,527

755,699

Sensient

Technologies

Corp.

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

16,825

1,125,256

Stepan

Co.

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

20,299

1,810,671

Tronox

Holdings

PLC

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

83,865

1,232,816

30,212,380

a

Commercial

Services

&

Supplies

 — 

1

.3

%

ABM

Industries,

Inc.

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

27,897

1,152,425

ACCO

Brands

Corp.

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

122,082

681,218

ACV

Auctions,

Inc.

,

Class

A

(a)

(b)

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

54,670

970,392

Brady

Corp.

,

Class

A

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

22,064

1,285,890

CECO

Environmental

Corp.

(a)

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

37,489

849,126

Cimpress

PLC

(a)

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

8,767

859,254

Clean

Harbors,

Inc.

(a)

(b)

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

6,347

1,155,789

Deluxe

Corp.

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

40,088

778,108

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

29,

2024

(Percentages

shown

are

based

on

Net

Assets)

23

Schedule

of

Investments

Security

Shares

Value

a

Commercial

Services

&

Supplies

(continued)

HNI

Corp.

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

44,216

$

1,981,319

Interface,

Inc.

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

65,844

1,035,068

MillerKnoll,

Inc.

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

27,888

851,978

MSA

Safety,

Inc.

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

14,539

2,677,357

OPENLANE,

Inc.

(a)

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

89,984

1,374,056

Pitney

Bowes,

Inc.

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

86,602

349,006

Tetra

Tech,

Inc.

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

11,564

2,050,528

Vestis

Corp.

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

41,763

783,474

Viad

Corp.

(a)

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

23,741

883,877

VSE

Corp.

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

11,398

844,592

20,563,457

a

Communications

Equipment

 — 

0

.6

%

Calix,

Inc.

(a)

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

28,198

983,264

Ciena

Corp.

(a)

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

45,685

2,603,131

CommScope

Holding

Co.,

Inc.

(a)

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

363,504

423,482

Digi

International,

Inc.

(a)

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

25,730

760,579

Harmonic,

Inc.

(a)

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

84,451

1,108,842

Infinera

Corp.

(a)

(b)

.........................

152,813

767,121

Lumentum

Holdings,

Inc.

(a)

..................

21,776

1,055,483

NETGEAR,

Inc.

(a)

.........................

53,612

803,644

Ribbon

Communications,

Inc.

(a)

...............

224,950

672,601

Viasat,

Inc.

(a)

............................

37,865

741,018

9,919,165

a

Construction

&

Engineering

 — 

2

.4

%

API

Group

Corp.

(a)

(b)

.......................

22,227

779,056

Arcosa,

Inc.

............................

22,735

1,887,005

Comfort

Systems

USA,

Inc.

..................

18,943

5,791,443

Dycom

Industries,

Inc.

(a)

....................

8,633

1,091,988

EMCOR

Group,

Inc.

(b)

......................

24,225

7,595,022

Fluor

Corp.

(a)

............................

35,711

1,314,165

Granite

Construction,

Inc.

...................

17,541

903,888

Great

Lakes

Dredge

&

Dock

Corp.

(a)

............

84,577

756,118

MasTec,

Inc.

(a)

...........................

22,265

1,680,117

MDU

Resources

Group,

Inc.

.................

204,299

4,429,202

MYR

Group,

Inc.

(a)

........................

18,513

3,007,622

Primoris

Services

Corp.

....................

27,248

1,076,569

Sterling

Infrastructure,

Inc.

(a)

.................

14,910

1,590,003

Valmont

Industries,

Inc.

.....................

7,715

1,635,040

WillScot

Mobile

Mini

Holdings

Corp.

,

Class

A

(a)

(b)

....

86,296

4,120,634

37,657,872

a

Construction

Materials

 — 

0

.4

%

Knife

River

Corp.

(a)

........................

24,395

1,807,425

Summit

Materials,

Inc.

,

Class

A

(a)

..............

98,587

4,210,651

6,018,076

a

Consumer

Finance

 — 

0

.7

%

Credit

Acceptance

Corp.

(a)

(b)

..................

1,442

798,291

Encore

Capital

Group,

Inc.

(a)

.................

32,927

1,580,496

Green

Dot

Corp.

,

Class

A

(a)

..................

13,074

107,338

OneMain

Holdings,

Inc.

.....................

61,980

2,927,316

PRA

Group,

Inc.

(a)

........................

28,179

720,255

SLM

Corp.

.............................

114,634

2,387,826

SoFi

Technologies,

Inc.

(a)

(b)

..................

262,635

2,358,462

Upstart

Holdings,

Inc.

(a)

(b)

....................

30,163

776,697

11,656,681

a

Consumer

Staples

Distribution

&

Retail

 — 

1

.5

%

Andersons,

Inc.

(The)

......................

21,491

1,188,022

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

(b)

...........

51,016

3,726,209

Casey's

General

Stores,

Inc.

.................

20,490

6,239,000

PriceSmart,

Inc.

..........................

10,244

861,930

Sprouts

Farmers

Market,

Inc.

(a)

................

81,381

5,081,430

U.S.

Foods

Holding

Corp.

(a)

..................

115,723

5,877,571

Security

Shares

Value

a

Consumer

Staples

Distribution

&

Retail

(continued)

United

Natural

Foods,

Inc.

(a)

..................

53,023

$

827,689

23,801,851

a

Containers

&

Packaging

 — 

1

.1

%

AptarGroup,

Inc.

.........................

27,255

3,828,237

Berry

Global

Group,

Inc.

....................

48,367

2,815,443

Graphic

Packaging

Holding

Co.

...............

181,595

4,712,390

Greif,

Inc.

,

Class

A

........................

13,096

844,168

Greif,

Inc.

,

Class

B

........................

13,605

870,992

Myers

Industries,

Inc.

......................

43,741

841,140

Sealed

Air

Corp.

.........................

36,275

1,264,909

Sonoco

Products

Co.

......................

36,101

2,046,205

17,223,484

a

Diversified

Consumer

Services

 — 

1

.6

%

ADT,

Inc.

..............................

219,942

1,596,779

Adtalem

Global

Education,

Inc.

(a)

..............

16,588

821,106

Bright

Horizons

Family

Solutions,

Inc.

(a)

(b)

.........

33,628

3,862,512

Carriage

Services,

Inc.

.....................

30,550

758,251

Chegg,

Inc.

(a)

............................

143,389

1,281,898

Coursera,

Inc.

(a)

..........................

46,385

745,407

Duolingo,

Inc.

,

Class

A

(a)

....................

8,260

1,974,140

European

Wax

Center,

Inc.

,

Class

A

(a)

...........

49,450

701,201

Frontdoor,

Inc.

(a)

..........................

84,146

2,638,818

Grand

Canyon

Education,

Inc.

(a)

...............

8,575

1,155,910

H&R

Block,

Inc.

..........................

63,949

3,130,303

Service

Corp.

International

..................

62,235

4,554,980

Stride,

Inc.

(a)

............................

24,993

1,493,332

24,714,637

a

Diversified

REITs

 — 

0

.3

%

American

Assets

Trust,

Inc.

..................

36,108

778,850

Armada

Hoffler

Properties,

Inc.

...............

71,933

732,278

Empire

State

Realty

Trust,

Inc.

,

Class

A

..........

126,883

1,265,023

Essential

Properties

Realty

Trust,

Inc.

...........

82,187

1,963,447

4,739,598

a

Diversified

Telecommunication

Services

 — 

0

.4

%

Cogent

Communications

Holdings,

Inc.

..........

12,884

1,042,444

Frontier

Communications

Parent,

Inc.

(a)

(b)

.........

63,866

1,512,347

Iridium

Communications,

Inc.

.................

81,942

2,372,221

Lumen

Technologies,

Inc.

(a)

..................

516,175

836,204

Shenandoah

Telecommunications

Co.

...........

39,678

740,391

6,503,607

a

Electrical

Equipment

 — 

1

.8

%

Acuity

Brands,

Inc.

........................

23,587

5,925,998

Array

Technologies,

Inc.

(a)

...................

58,459

797,381

Atkore,

Inc.

.............................

18,564

3,144,742

Bloom

Energy

Corp.

,

Class

A

(a)

(b)

..............

79,328

695,706

Enovix

Corp.

(a)

(b)

..........................

63,907

623,093

Generac

Holdings,

Inc.

(a)

(b)

...................

21,778

2,450,243

NEXTracker,

Inc.

,

Class

A

(a)

..................

46,112

2,593,339

nVent

Electric

PLC

........................

48,461

3,262,394

Plug

Power,

Inc.

(a)

(b)

.......................

226,857

800,805

Powell

Industries,

Inc.

......................

6,691

1,239,441

Regal

Rexnord

Corp.

......................

21,059

3,611,408

Sensata

Technologies

Holding

PLC

............

25,611

881,531

Shoals

Technologies

Group,

Inc.

,

Class

A

(a)

.......

52,159

669,200

Stem,

Inc.

(a)

(b)

...........................

250,079

670,212

Sunrun,

Inc.

(a)

(b)

..........................

82,958

998,814

28,364,307

a

Electronic

Equipment,

Instruments

&

Components

 — 

3

.6

%

Advanced

Energy

Industries,

Inc.

..............

16,268

1,646,322

Arrow

Electronics,

Inc.

(a)

....................

10,307

1,211,072

Schedule

of

Investments

(unaudited)

(continued)

February

29,

2024

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

(Percentages

shown

are

based

on

Net

Assets)

24

2024

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Electronic

Equipment,

Instruments

&

Components

(continued)

Avnet,

Inc.

.............................

83,679

$

3,898,605

Badger

Meter,

Inc.

........................

28,709

4,555,831

Belden,

Inc.

............................

30,922

2,633,936

Benchmark

Electronics,

Inc.

.................

78,629

2,414,697

Cognex

Corp.

...........................

49,775

1,963,624

Coherent

Corp.

(a)

(b)

........................

50,895

3,027,235

CTS

Corp.

.............................

23,836

1,062,132

ePlus,

Inc.

(a)

............................

14,152

1,165,983

Fabrinet

(a)

(b)

.............................

11,654

2,512,253

Flex

Ltd.

(a)

(b)

............................

194,815

5,484,042

Insight

Enterprises,

Inc.

(a)

...................

17,731

3,333,428

IPG

Photonics

Corp.

(a)

.....................

9,072

783,367

Itron,

Inc.

(a)

.............................

30,531

2,829,613

Kimball

Electronics,

Inc.

(a)

...................

53,692

1,208,607

Knowles

Corp.

(a)

.........................

48,196

787,523

Littelfuse,

Inc.

...........................

10,463

2,492,705

Methode

Electronics,

Inc.

...................

35,880

764,244

Mirion

Technologies,

Inc.

,

Class

A

(a)

............

96,903

947,711

Novanta,

Inc.

(a)

..........................

19,701

3,407,091

PAR

Technology

Corp.

(a)

(b)

...................

16,231

711,242

Plexus

Corp.

(a)

...........................

22,307

2,105,781

Rogers

Corp.

(a)

..........................

10,400

1,165,528

ScanSource,

Inc.

(a)

........................

21,367

923,695

Vontier

Corp.

............................

71,514

3,075,102

56,111,369

a

Energy

Equipment

&

Services

 — 

1

.6

%

Archrock,

Inc.

...........................

86,692

1,583,863

Cactus,

Inc.

,

Class

A

......................

30,927

1,419,549

ChampionX

Corp.

........................

104,153

3,234,992

Core

Laboratories,

Inc.

(b)

....................

54,319

813,155

Dril-Quip,

Inc.

(a)

..........................

37,211

840,969

Expro

Group

Holdings

NV

(a)

..................

66,448

1,188,755

Helix

Energy

Solutions

Group,

Inc.

(a)

............

80,745

726,705

Noble

Corp.

PLC

,

Class

A

...................

17,655

738,156

NOV,

Inc.

..............................

179,754

3,037,843

Oceaneering

International,

Inc.

(a)

..............

55,940

1,105,374

Patterson-UTI

Energy,

Inc.

..................

72,940

843,916

TechnipFMC

PLC

........................

232,508

5,043,098

Transocean,

Ltd.

(a)

(b)

.......................

159,278

747,014

Weatherford

International

PLC

(a)

...............

32,770

3,362,530

24,685,919

a

Entertainment

 — 

0

.3

%

Cinemark

Holdings,

Inc.

(a)

(b)

..................

47,292

823,354

Endeavor

Group

Holdings,

Inc.

,

Class

A

..........

31,932

767,965

IMAX

Corp.

(a)

...........................

66,613

1,141,081

Lions

Gate

Entertainment

Corp.

,

Class

A

(a)

........

85,868

833,778

TKO

Group

Holdings,

Inc.

,

Class

A

.............

19,892

1,665,557

5,231,735

a

Financial

Services

 — 

2

.0

%

Affirm

Holdings,

Inc.

,

Class

A

(a)

(b)

...............

72,149

2,707,030

AvidXchange

Holdings,

Inc.

(a)

.................

74,209

986,238

Essent

Group

Ltd.

........................

24,787

1,327,840

EVERTEC,

Inc.

..........................

18,873

681,882

Federal

Agricultural

Mortgage

Corp.

,

Class

C

......

6,217

1,112,035

Flywire

Corp.

(a)

..........................

44,561

1,265,087

Jackson

Financial,

Inc.

,

Class

A

...............

28,055

1,544,428

Marqeta,

Inc.

,

Class

A

(a)

....................

119,970

783,404

MGIC

Investment

Corp.

....................

178,181

3,544,020

Mr

Cooper

Group,

Inc.

(a)

....................

11,276

803,753

PennyMac

Financial

Services,

Inc.

.............

22,810

1,937,253

Radian

Group,

Inc.

........................

46,808

1,363,985

Remitly

Global,

Inc.

(a)

......................

42,393

874,144

Security

Shares

Value

a

Financial

Services

(continued)

Rocket

Companies,

Inc.

,

Class

A

(a)

.............

74,715

$

938,420

Shift4

Payments,

Inc.

,

Class

A

(a)

...............

10,856

892,580

Voya

Financial,

Inc.

.......................

51,273

3,505,022

Walker

&

Dunlop,

Inc.

......................

10,520

1,003,398

Western

Union

Co.

(The)

...................

136,110

1,825,235

WEX,

Inc.

(a)

(b)

............................

23,010

5,055,987

32,151,741

a

Food

Products

 — 

1

.1

%

Cal-Maine

Foods,

Inc.

......................

14,061

808,367

Flowers

Foods,

Inc.

.......................

102,116

2,289,441

Freshpet,

Inc.

(a)

..........................

24,398

2,757,706

Hain

Celestial

Group,

Inc.

(The)

(a)

..............

99,091

990,910

Ingredion,

Inc.

...........................

47,545

5,592,718

Post

Holdings,

Inc.

(a)

.......................

8,746

910,983

Simply

Good

Foods

Co.

(The)

(a)

...............

23,309

827,003

TreeHouse

Foods,

Inc.

(a)

....................

30,303

1,084,545

Vital

Farms,

Inc.

(a)

........................

54,231

974,531

WK

Kellogg

Co

..........................

51,915

760,036

16,996,240

a

Gas

Utilities

 — 

1

.4

%

Chesapeake

Utilities

Corp.

..................

15,489

1,580,343

National

Fuel

Gas

Co.

.....................

58,116

2,832,574

New

Jersey

Resources

Corp.

.................

90,043

3,746,689

Northwest

Natural

Holding

Co.

................

40,371

1,483,230

ONE

Gas,

Inc.

...........................

55,068

3,282,053

Southwest

Gas

Holdings,

Inc.

................

30,504

2,078,847

Spire,

Inc.

..............................

33,428

1,982,949

UGI

Corp.

..............................

190,660

4,667,357

21,654,042

a

Ground

Transportation

 — 

1

.8

%

ArcBest

Corp.

...........................

8,179

1,168,452

Avis

Budget

Group,

Inc.

....................

7,726

834,717

Landstar

System,

Inc.

......................

21,161

4,024,822

Lyft,

Inc.

,

Class

A

(a)

........................

105,452

1,674,578

RXO,

Inc.

(a)

.............................

67,792

1,458,884

Ryder

System,

Inc.

........................

33,789

3,855,325

Saia,

Inc.

(a)

.............................

9,536

5,487,014

Schneider

National,

Inc.

,

Class

B

..............

124,657

2,935,672

Werner

Enterprises,

Inc.

....................

48,582

1,950,082

XPO,

Inc.

(a)

.............................

39,770

4,785,126

28,174,672

a

Health

Care

Equipment

&

Supplies

 — 

2

.9

%

Alphatec

Holdings,

Inc.

(a)

....................

50,069

672,427

Artivion,

Inc.

(a)

...........................

41,323

797,534

AtriCure,

Inc.

(a)

..........................

23,946

837,392

Axonics,

Inc.

(a)

(b)

..........................

11,374

772,750

CONMED

Corp.

..........................

9,676

777,176

Dentsply

Sirona,

Inc.

......................

55,491

1,813,446

Embecta

Corp.

..........................

54,280

775,118

Enovis

Corp.

(a)

...........................

25,449

1,522,105

Envista

Holdings

Corp.

(a)

....................

65,799

1,358,749

Glaukos

Corp.

(a)

..........................

24,217

2,145,384

Globus

Medical,

Inc.

,

Class

A

(a)

...............

22,894

1,236,047

Haemonetics

Corp.

(a)

......................

20,423

1,490,471

Inari

Medical,

Inc.

(a)

.......................

24,274

1,119,517

Inspire

Medical

Systems,

Inc.

(a)

...............

7,556

1,352,826

Integer

Holdings

Corp.

(a)

(b)

...................

19,019

2,097,605

Integra

LifeSciences

Holdings

Corp.

(a)

(b)

..........

45,726

1,687,747

iRhythm

Technologies,

Inc.

(a)

(b)

................

6,829

810,261

Lantheus

Holdings,

Inc.

(a)

...................

21,197

1,385,860

LivaNova

PLC

(a)

..........................

15,578

853,830

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

29,

2024

(Percentages

shown

are

based

on

Net

Assets)

25

Schedule

of

Investments

Security

Shares

Value

a

Health

Care

Equipment

&

Supplies

(continued)

Masimo

Corp.

(a)

(b)

.........................

7,374

$

947,854

Merit

Medical

Systems,

Inc.

(a)

.................

26,569

2,024,558

Neogen

Corp.

(a)

(b)

.........................

49,538

851,558

Novocure

Ltd.

(a)

..........................

48,492

742,412

Omnicell,

Inc.

(a)

..........................

27,348

717,612

OraSure

Technologies,

Inc.

(a)

.................

115,036

827,684

Orthofix

Medical,

Inc.

(a)

.....................

56,357

736,022

Paragon

28,

Inc.

(a)

(b)

.......................

56,484

704,920

Penumbra,

Inc.

(a)

.........................

12,838

3,015,903

PROCEPT

BioRobotics

Corp.

(a)

...............

19,114

923,971

QuidelOrtho

Corp.

(a)

.......................

18,506

843,874

RxSight,

Inc.

(a)

...........................

19,372

1,057,130

Shockwave

Medical,

Inc.

(a)

...................

13,950

3,639,136

SI-BONE,

Inc.

(a)

(b)

.........................

37,352

648,057

STAAR

Surgical

Co.

(a)

(b)

.....................

25,493

796,401

Tandem

Diabetes

Care,

Inc.

(a)

................

35,404

942,809

TransMedics

Group,

Inc.

(a)

(b)

..................

10,045

819,672

Treace

Medical

Concepts,

Inc.

(a)

...............

50,099

673,331

UFP

Technologies,

Inc.

(a)

....................

4,030

839,489

Varex

Imaging

Corp.

(a)

(b)

....................

45,070

775,204

46,033,842

a

Health

Care

Providers

&

Services

 — 

2

.9

%

Acadia

Healthcare

Co.,

Inc.

(a)

.................

44,525

3,715,611

Accolade,

Inc.

(a)

..........................

63,045

646,211

Addus

HomeCare

Corp.

(a)

...................

8,285

764,540

agilon

health,

Inc.

(a)

(b)

......................

113,250

694,223

Alignment

Healthcare,

Inc.

(a)

.................

88,161

528,966

Amedisys,

Inc.

(a)

.........................

14,621

1,360,045

AMN

Healthcare

Services,

Inc.

(a)

(b)

.............

31,999

1,800,584

Astrana

Health,

Inc.

(a)

(b)

.....................

20,367

917,330

Brookdale

Senior

Living,

Inc.

(a)

................

127,390

728,671

Castle

Biosciences,

Inc.

(a)

...................

30,854

557,223

Chemed

Corp.

...........................

3,781

2,367,398

CorVel

Corp.

(a)

...........................

6,847

1,670,668

Cross

Country

Healthcare,

Inc.

(a)

(b)

.............

44,492

812,869

DocGo,

Inc.

(a)

...........................

28,843

117,391

Encompass

Health

Corp.

...................

49,156

3,657,206

Enhabit,

Inc.

(a)

...........................

80,369

723,321

Ensign

Group,

Inc.

(The)

....................

25,592

3,196,953

Fulgent

Genetics,

Inc.

(a)

....................

30,970

698,683

Guardant

Health,

Inc.

(a)

.....................

36,317

690,023

HealthEquity,

Inc.

(a)

........................

30,151

2,490,774

Hims

&

Hers

Health,

Inc.

,

Class

A

(a)

.............

77,667

1,012,778

NeoGenomics,

Inc.

(a)

(b)

.....................

55,262

862,087

Option

Care

Health,

Inc.

(a)

...................

71,608

2,310,790

Owens

&

Minor,

Inc.

(a)

......................

47,145

1,147,038

Patterson

Companies,

Inc.

..................

100,814

2,731,051

PetIQ,

Inc.

,

Class

A

(a)

......................

41,195

750,161

Premier,

Inc.

,

Class

A

......................

103,169

2,152,105

Privia

Health

Group,

Inc.

(a)

(b)

..................

51,650

1,152,828

Progyny,

Inc.

(a)

...........................

42,537

1,553,451

R1

RCM,

Inc.

(a)

..........................

106,598

1,497,702

RadNet,

Inc.

(a)

...........................

20,801

787,526

Select

Medical

Holdings

Corp.

................

28,453

774,775

Tenet

Healthcare

Corp.

(a)

....................

16,829

1,565,097

46,436,079

a

Health

Care

REITs

 — 

0

.4

%

Healthcare

Realty

Trust,

Inc.

,

Class

A

...........

70,195

967,287

Medical

Properties

Trust,

Inc.

.................

221,078

930,739

Omega

Healthcare

Investors,

Inc.

..............

132,344

4,118,545

Sabra

Health

Care

REIT,

Inc.

.................

58,943

818,129

6,834,700

a

Security

Shares

Value

a

Health

Care

Technology

 — 

0

.2

%

Certara,

Inc.

(a)

...........................

43,514

$

734,516

Doximity,

Inc.

,

Class

A

(a)

(b)

...................

28,793

812,826

Health

Catalyst,

Inc.

(a)

......................

79,684

662,971

Teladoc

Health,

Inc.

(a)

(b)

.....................

80,669

1,216,489

3,426,802

a

Hotel

&

Resort

REITs

 — 

0

.4

%

Park

Hotels

&

Resorts,

Inc.

..................

71,123

1,180,642

Ryman

Hospitality

Properties,

Inc.

.............

27,829

3,297,180

Xenia

Hotels

&

Resorts,

Inc.

.................

79,710

1,222,751

5,700,573

a

Hotels,

Restaurants

&

Leisure

 — 

2

.6

%

Accel

Entertainment,

Inc.

,

Class

A

(a)

............

107,396

1,216,797

Aramark

...............................

105,781

3,208,338

Boyd

Gaming

Corp.

.......................

15,430

1,020,386

Brinker

International,

Inc.

(a)

..................

30,939

1,433,713

Cheesecake

Factory,

Inc.

(The)

...............

22,982

813,103

Choice

Hotels

International,

Inc.

(b)

..............

9,376

1,049,549

Churchill

Downs,

Inc.

......................

16,633

2,027,064

Dave

&

Buster's

Entertainment,

Inc.

(a)

...........

18,047

1,114,222

Dine

Brands

Global,

Inc.

....................

18,126

879,292

Everi

Holdings,

Inc.

(a)

......................

180,822

2,144,549

Hilton

Grand

Vacations,

Inc.

(a)

................

27,340

1,227,019

Jack

in

the

Box,

Inc.

.......................

10,460

763,580

Light

&

Wonder,

Inc.

(a)

......................

35,954

3,613,736

Marriott

Vacations

Worldwide

Corp.

.............

16,675

1,553,943

Norwegian

Cruise

Line

Holdings

Ltd.

(a)

(b)

.........

161,663

3,134,646

Papa

John's

International,

Inc.

................

10,735

771,739

Planet

Fitness,

Inc.

,

Class

A

(a)

................

39,483

2,449,920

Playa

Hotels

&

Resorts

NV

(a)

.................

87,742

806,349

Shake

Shack,

Inc.

,

Class

A

(a)

.................

11,393

1,211,304

Travel

+

Leisure

Co.

.......................

46,291

2,068,745

United

Parks

&

Resorts,

Inc.

(a)

................

20,468

1,051,032

Wendy's

Co.

(The)

........................

88,189

1,597,103

Wingstop,

Inc.

...........................

9,992

3,507,692

Wyndham

Hotels

&

Resorts,

Inc.

..............

31,399

2,403,593

Xponential

Fitness,

Inc.

,

Class

A

(a)

.............

73,470

740,578

41,807,992

a

Household

Durables

 — 

2

.6

%

Beazer

Homes

USA,

Inc.

(a)

..................

26,665

835,414

Century

Communities,

Inc.

..................

16,544

1,427,582

Green

Brick

Partners,

Inc.

(a)

..................

14,298

836,433

Helen

of

Troy

Ltd.

(a)

.......................

14,089

1,761,125

Installed

Building

Products,

Inc.

...............

7,725

1,845,734

iRobot

Corp.

(a)

...........................

63,075

719,686

KB

Home

..............................

50,376

3,346,478

Leggett

&

Platt,

Inc.

.......................

99,787

2,037,650

MDC

Holdings,

Inc.

.......................

15,725

985,957

Meritage

Homes

Corp.

.....................

18,166

2,864,052

Mohawk

Industries,

Inc.

(a)

...................

7,898

936,861

Newell

Brands,

Inc.

.......................

148,418

1,113,135

Skyline

Champion

Corp.

(a)

...................

13,040

1,092,622

Sonos,

Inc.

(a)

............................

85,297

1,617,231

Taylor

Morrison

Home

Corp.

(a)

................

41,376

2,342,295

Tempur

Sealy

International,

Inc.

...............

54,120

2,947,916

Toll

Brothers,

Inc.

.........................

29,761

3,411,801

TopBuild

Corp.

(a)

.........................

12,962

5,215,650

Tri

Pointe

Homes,

Inc.

(a)

....................

51,255

1,813,402

Whirlpool

Corp.

..........................

33,045

3,548,703

40,699,727

a

Schedule

of

Investments

(unaudited)

(continued)

February

29,

2024

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

(Percentages

shown

are

based

on

Net

Assets)

26

2024

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Household

Products

 — 

0

.2

%

Energizer

Holdings,

Inc.

....................

35,689

$

1,018,921

Spectrum

Brands

Holdings,

Inc.

...............

15,928

1,280,930

WD-40

Co.

.............................

4,603

1,235,399

3,535,250

a

Independent

Power

and

Renewable

Electricity

Producers

 — 

0

.4

%

Clearway

Energy,

Inc.

,

Class

A

................

32,620

660,881

Clearway

Energy,

Inc.

,

Class

C

...............

63,449

1,383,188

NextEra

Energy

Partners,

LP

.................

43,338

1,190,495

Ormat

Technologies,

Inc.

....................

28,984

1,888,308

Sunnova

Energy

International,

Inc.

(a)

(b)

...........

69,123

503,215

5,626,087

a

Industrial

REITs

 — 

0

.7

%

Americold

Realty

Trust,

Inc.

..................

54,115

1,369,110

EastGroup

Properties,

Inc.

..................

9,171

1,611,253

First

Industrial

Realty

Trust,

Inc.

...............

28,963

1,535,039

LXP

Industrial

Trust

.......................

142,105

1,230,629

Rexford

Industrial

Realty,

Inc.

................

88,038

4,479,373

Terreno

Realty

Corp.

......................

24,920

1,602,356

11,827,760

a

Insurance

 — 

3

.1

%

Assured

Guaranty

Ltd.

.....................

14,904

1,365,206

Axis

Capital

Holdings

Ltd.

...................

45,638

2,855,570

BRP

Group,

Inc.

,

Class

A

(a)

(b)

.................

29,050

808,171

CNO

Financial

Group,

Inc.

...................

98,691

2,634,063

First

American

Financial

Corp.

................

47,275

2,761,333

Hanover

Insurance

Group,

Inc.

(The)

...........

16,778

2,205,804

Kemper

Corp.

...........................

15,732

901,915

Kinsale

Capital

Group,

Inc.

(b)

.................

7,756

4,003,492

Lincoln

National

Corp.

.....................

51,526

1,419,026

Old

Republic

International

Corp.

...............

61,139

1,770,585

Palomar

Holdings,

Inc.

(a)

....................

14,285

1,087,660

Primerica,

Inc.

...........................

14,435

3,540,328

Reinsurance

Group

of

America,

Inc.

............

24,268

4,291,796

RenaissanceRe

Holdings

Ltd.

................

17,898

4,023,828

RLI

Corp.

..............................

8,706

1,274,994

Ryan

Specialty

Holdings,

Inc.

,

Class

A

(a)

.........

34,395

1,801,610

Selective

Insurance

Group,

Inc.

...............

50,556

5,282,091

SiriusPoint,

Ltd.

(a)

.........................

64,715

794,053

Stewart

Information

Services

Corp.

.............

24,897

1,568,013

Unum

Group

............................

67,724

3,348,952

White

Mountains

Insurance

Group

Ltd.

..........

836

1,475,908

49,214,398

a

Interactive

Media

&

Services

 — 

0

.4

%

Vimeo,

Inc.

(a)

............................

172,127

824,488

Yelp,

Inc.

(a)

.............................

22,973

883,082

Ziff

Davis,

Inc.

(a)

(b)

.........................

25,763

1,771,464

ZoomInfo

Technologies,

Inc.

(a)

................

140,551

2,355,635

5,834,669

a

IT

Services

 — 

0

.4

%

Couchbase,

Inc.

(a)

........................

28,290

794,383

DigitalOcean

Holdings,

Inc.

(a)

.................

19,453

737,658

DXC

Technology

Co.

(a)

.....................

99,440

2,173,759

Fastly,

Inc.

,

Class

A

(a)

(b)

.....................

49,524

704,231

Kyndryl

Holdings,

Inc.

(a)

.....................

62,041

1,363,041

Squarespace,

Inc.

,

Class

A

(a)

.................

24,054

800,517

6,573,589

a

Leisure

Products

 — 

0

.7

%

Brunswick

Corp.

.........................

28,885

2,524,549

Malibu

Boats,

Inc.

,

Class

A

(a)

.................

16,365

714,168

Mattel,

Inc.

(a)

............................

140,723

2,772,243

Security

Shares

Value

a

Leisure

Products

(continued)

Polaris,

Inc.

.............................

8,459

$

784,234

Topgolf

Callaway

Brands

Corp.

(a)

..............

105,384

1,500,668

YETI

Holdings,

Inc.

(a)

(b)

.....................

60,992

2,503,112

10,798,974

a

Life

Sciences

Tools

&

Services

 — 

0

.8

%

10X

Genomics,

Inc.

,

Class

A

(a)

................

27,095

1,263,711

Azenta,

Inc.

(a)

...........................

24,510

1,596,826

Bruker

Corp.

............................

36,360

3,146,594

CryoPort,

Inc.

(a)

..........................

50,127

885,744

Fortrea

Holdings,

Inc.

(a)

(b)

....................

41,781

1,568,459

Medpace

Holdings,

Inc.

(a)

...................

6,078

2,416,127

Pacific

Biosciences

of

California,

Inc.

(a)

(b)

.........

135,824

751,107

Sotera

Health

Co.

(a)

(b)

......................

46,523

698,310

12,326,878

a

Machinery

 — 

4

.5

%

AGCO

Corp.

............................

25,098

2,753,251

Alamo

Group,

Inc.

........................

7,947

1,607,599

Albany

International

Corp.

,

Class

A

.............

8,625

809,629

Allison

Transmission

Holdings,

Inc.

.............

43,261

3,258,851

Barnes

Group,

Inc.

........................

21,588

754,285

Chart

Industries,

Inc.

(a)

.....................

18,139

2,591,337

Columbus

McKinnon

Corp.

..................

23,368

976,081

Crane

Co.

..............................

19,734

2,398,865

Donaldson

Co.,

Inc.

.......................

70,385

5,040,974

Douglas

Dynamics,

Inc.

....................

32,279

810,203

Energy

Recovery,

Inc.

(a)

....................

91,582

1,431,427

Enerpac

Tool

Group

Corp.

,

Class

A

.............

31,099

1,048,347

Enpro,

Inc.

.............................

11,475

1,788,034

ESCO

Technologies,

Inc.

...................

10,276

1,047,022

Federal

Signal

Corp.

......................

30,925

2,533,067

Flowserve

Corp.

.........................

47,697

2,018,537

Franklin

Electric

Co.,

Inc.

...................

33,199

3,451,368

Gates

Industrial

Corp.

PLC

(a)

.................

57,454

845,723

Greenbrier

Companies,

Inc.

(The)

..............

16,094

832,864

Hillenbrand,

Inc.

.........................

34,099

1,621,407

ITT,

Inc.

...............................

32,816

4,139,410

John

Bean

Technologies

Corp.

................

14,588

1,480,390

Lincoln

Electric

Holdings,

Inc.

................

19,055

4,889,513

Lindsay

Corp.

...........................

8,367

998,267

Manitowoc

Co.,

Inc.

(The)

(a)

..................

58,982

822,209

Mueller

Water

Products,

Inc.

,

Class

A

...........

170,804

2,656,002

Oshkosh

Corp.

..........................

46,337

5,136,920

Proto

Labs,

Inc.

(a)

.........................

21,509

783,573

SPX

Technologies,

Inc.

(a)

....................

20,540

2,407,083

Tennant

Co.

............................

23,098

2,614,463

Terex

Corp.

.............................

26,466

1,517,825

Timken

Co.

(The)

.........................

11,895

999,061

Trinity

Industries,

Inc.

......................

43,539

1,105,020

Wabash

National

Corp.

.....................

38,206

1,042,260

Watts

Water

Technologies,

Inc.

,

Class

A

..........

16,695

3,404,945

71,615,812

a

Media

 — 

0

.7

%

Cable

One,

Inc.

..........................

4,897

2,233,032

EW

Scripps

Co.

(The)

,

Class

A

(a)

..............

128,095

516,223

John

Wiley

&

Sons,

Inc.

,

Class

A

..............

23,642

788,461

Magnite,

Inc.

(a)

...........................

75,151

903,315

New

York

Times

Co.

(The)

,

Class

A

.............

47,683

2,111,403

Nexstar

Media

Group,

Inc.

...................

9,475

1,574,461

TEGNA,

Inc.

............................

203,140

2,845,991

10,972,886

a

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

29,

2024

(Percentages

shown

are

based

on

Net

Assets)

27

Schedule

of

Investments

Security

Shares

Value

a

Metals

&

Mining

 — 

1

.4

%

Alcoa

Corp.

.............................

63,788

$

1,735,671

ATI,

Inc.

(a)

..............................

47,111

2,316,919

Carpenter

Technology

Corp.

.................

14,364

928,633

Commercial

Metals

Co.

.....................

63,548

3,431,592

Compass

Minerals

International,

Inc.

............

34,299

782,017

Materion

Corp.

..........................

10,599

1,423,658

Olympic

Steel,

Inc.

........................

15,007

1,020,776

Radius

Recycling,

Inc.

,

Class

A

...............

80,993

1,600,422

Royal

Gold,

Inc.

..........................

42,109

4,321,647

Ryerson

Holding

Corp.

.....................

22,697

716,771

United

States

Steel

Corp.

...................

69,230

3,277,348

Warrior

Met

Coal,

Inc.

......................

13,485

768,240

22,323,694

a

Mortgage

REITs

 — 

0

.6

%

AGNC

Investment

Corp.

....................

198,169

1,894,496

Apollo

Commercial

Real

Estate

Finance,

Inc.

......

72,941

817,669

Blackstone

Mortgage

Trust,

Inc.

,

Class

A

.........

70,744

1,441,055

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

................................

65,422

1,646,672

Invesco

Mortgage

Capital,

Inc.

................

91,182

823,373

KKR

Real

Estate

Finance

Trust,

Inc.

............

100,727

982,088

Starwood

Property

Trust,

Inc.

.................

101,665

2,072,949

9,678,302

a

Multi-Utilities

 — 

0

.2

%

Avista

Corp.

............................

79,721

2,646,737

a

Office

REITs

 — 

1

.1

%

Brandywine

Realty

Trust

....................

182,089

782,983

COPT

Defense

Properties

...................

129,412

3,135,653

Cousins

Properties,

Inc.

....................

104,443

2,382,345

Easterly

Government

Properties,

Inc.

...........

89,067

1,050,991

Highwoods

Properties,

Inc.

..................

90,496

2,212,627

Hudson

Pacific

Properties,

Inc.

................

108,891

690,369

JBG

SMITH

Properties

.....................

71,579

1,186,780

Kilroy

Realty

Corp.

........................

48,081

1,821,789

Paramount

Group,

Inc.

.....................

162,091

718,063

Piedmont

Office

Realty

Trust,

Inc.

,

Class

A

........

152,560

956,551

SL

Green

Realty

Corp.

.....................

23,155

1,122,554

Vornado

Realty

Trust

......................

35,911

944,459

17,005,164

a

Oil,

Gas

&

Consumable

Fuels

 — 

3

.3

%

Antero

Midstream

Corp.

....................

191,544

2,566,690

Antero

Resources

Corp.

(a)

...................

139,804

3,592,963

Berry

Corp.

.............................

121,608

857,336

California

Resources

Corp.

..................

22,468

1,172,155

Callon

Petroleum

Co.

(a)

.....................

23,927

745,565

Chord

Energy

Corp.

.......................

5,050

820,372

Civitas

Resources,

Inc.

.....................

26,225

1,801,133

Clean

Energy

Fuels

Corp.

(a)

..................

342,826

1,011,337

CNX

Resources

Corp.

(a)

(b)

...................

132,978

2,785,889

Delek

U.S.

Holdings,

Inc.

...................

34,931

891,090

DT

Midstream,

Inc.

........................

69,039

3,978,718

EnLink

Midstream

LLC

.....................

214,202

2,641,111

Equitrans

Midstream

Corp.

..................

196,420

2,099,730

Excelerate

Energy,

Inc.

,

Class

A

...............

57,128

896,910

Green

Plains,

Inc.

(a)

.......................

13,938

296,879

Kinetik

Holdings,

Inc.

,

Class

A

................

51,571

1,821,488

Kosmos

Energy

Ltd.

(a)

......................

510,484

3,134,372

Murphy

Oil

Corp.

.........................

68,980

2,736,437

New

Fortress

Energy,

Inc.

,

Class

A

.............

24,631

865,780

Par

Pacific

Holdings,

Inc.

(a)

..................

21,973

793,665

PBF

Energy,

Inc.

,

Class

A

...................

34,590

1,615,353

Security

Shares

Value

a

Oil,

Gas

&

Consumable

Fuels

(continued)

Permian

Resources

Corp.

,

Class

A

.............

219,117

$

3,409,460

Range

Resources

Corp.

....................

125,012

3,952,879

SM

Energy

Co.

..........................

24,859

1,088,078

Southwestern

Energy

Co.

(a)

..................

528,304

3,682,279

Talos

Energy,

Inc.

(a)

.......................

83,004

1,094,823

Uranium

Energy

Corp.

(a)

....................

124,367

805,898

VAALCO

Energy,

Inc.

......................

177,747

792,752

World

Kinect

Corp.

........................

35,890

874,280

52,825,422

a

Paper

&

Forest

Products

 — 

0

.2

%

Louisiana-Pacific

Corp.

.....................

27,085

2,003,477

Sylvamo

Corp.

..........................

13,999

845,680

2,849,157

a

Passenger

Airlines

 — 

0

.2

%

Alaska

Air

Group,

Inc.

(a)

.....................

95,905

3,585,888

a

Personal

Care

Products

 — 

0

.4

%

BellRing

Brands,

Inc.

(a)

.....................

28,276

1,610,318

Coty,

Inc.

,

Class

A

(a)

.......................

65,730

825,569

elf

Beauty,

Inc.

(a)

.........................

15,681

3,269,959

5,705,846

a

Pharmaceuticals

 — 

1

.2

%

Amphastar

Pharmaceuticals,

Inc.

(a)

.............

14,367

669,071

Arvinas,

Inc.

(a)

...........................

30,358

1,395,861

Axsome

Therapeutics,

Inc.

(a)

.................

10,373

844,155

Cassava

Sciences,

Inc.

(a)

(b)

..................

32,933

756,800

Cymabay

Therapeutics,

Inc.

(a)

................

48,476

1,560,442

Edgewise

Therapeutics,

Inc.

(a)

................

44,911

733,397

Elanco

Animal

Health,

Inc.

(a)

(b)

................

206,287

3,277,900

Harmony

Biosciences

Holdings,

Inc.

(a)

...........

23,163

743,532

Intra-Cellular

Therapies,

Inc.

(a)

................

30,599

2,127,243

Organon

&

Co.

..........................

83,808

1,459,097

Perrigo

Co.

PLC

.........................

45,879

1,204,783

Phathom

Pharmaceuticals,

Inc.

(a)

..............

83,714

895,740

Phibro

Animal

Health

Corp.

,

Class

A

............

65,584

848,001

Pliant

Therapeutics,

Inc.

(a)

(b)

..................

47,016

746,144

Tarsus

Pharmaceuticals,

Inc.

(a)

(b)

...............

29,200

1,116,024

18,378,190

a

Professional

Services

 — 

2

.5

%

ASGN,

Inc.

(a)

............................

30,233

3,002,742

CACI

International,

Inc.

,

Class

A

(a)

.............

5,801

2,174,505

CBIZ,

Inc.

(a)

.............................

11,914

899,864

Clarivate

PLC

(a)

(b)

.........................

167,856

1,205,206

Concentrix

Corp.

.........................

17,812

1,290,479

CSG

Systems

International,

Inc.

...............

33,199

1,811,337

ExlService

Holdings,

Inc.

(a)

..................

86,518

2,692,440

Exponent,

Inc.

...........................

9,975

806,878

First

Advantage

Corp.

......................

64,419

1,008,802

FTI

Consulting,

Inc.

(a)

......................

17,672

3,655,983

ICF

International,

Inc.

......................

12,713

1,968,608

KBR,

Inc.

..............................

109,038

6,545,551

Kelly

Services,

Inc.

,

Class

A

,

NVS

.............

57,568

1,412,143

Korn

Ferry

.............................

17,665

1,124,554

ManpowerGroup,

Inc.

......................

17,230

1,243,317

Parsons

Corp.

(a)

..........................

15,116

1,218,501

Paycor

HCM,

Inc.

(a)

(b)

......................

47,254

998,004

TriNet

Group,

Inc.

(a)

.......................

23,559

3,015,788

TrueBlue,

Inc.

(a)

..........................

113,541

1,334,107

Upwork,

Inc.

(a)

...........................

57,031

747,106

Verra

Mobility

Corp.

,

Class

A

(a)

................

40,158

868,216

39,024,131

a

Schedule

of

Investments

(unaudited)

(continued)

February

29,

2024

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

(Percentages

shown

are

based

on

Net

Assets)

28

2024

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Real

Estate

Management

&

Development

 — 

0

.7

%

Anywhere

Real

Estate,

Inc.

(a)

.................

110,698

$

694,077

Compass,

Inc.

,

Class

A

(a)

....................

209,434

827,264

Cushman

&

Wakefield

PLC

(a)

.................

89,650

895,604

DigitalBridge

Group,

Inc.

,

Class

A

..............

39,065

717,624

Howard

Hughes

Holdings,

Inc.

(a)

(b)

..............

38,435

2,936,434

Jones

Lang

LaSalle,

Inc.

(a)

...................

24,784

4,714,908

Marcus

&

Millichap,

Inc.

....................

20,490

751,778

11,537,689

a

Residential

REITs

 — 

0

.1

%

Elme

Communities

........................

78,993

1,017,430

Veris

Residential,

Inc.

......................

66,008

963,717

1,981,147

a

Retail

REITs

 — 

1

.3

%

Agree

Realty

Corp.

.......................

24,702

1,357,375

Brixmor

Property

Group,

Inc.

.................

87,796

1,985,068

Federal

Realty

Investment

Trust

...............

90,386

9,115,428

Macerich

Co.

(The)

.......................

89,017

1,460,769

NNN

REIT,

Inc.

..........................

68,047

2,768,832

Phillips

Edison

&

Co.,

Inc.

...................

38,813

1,386,400

SITE

Centers

Corp.

.......................

111,869

1,519,181

Tanger,

Inc.

.............................

32,043

923,159

20,516,212

a

Semiconductors

&

Semiconductor

Equipment

 — 

2

.1

%

Cirrus

Logic,

Inc.

(a)

........................

32,889

3,019,868

Credo

Technology

Group

Holding,

Ltd.

(a)

.........

34,932

752,435

Ichor

Holdings,

Ltd.

(a)

......................

20,622

882,622

Kulicke

&

Soffa

Industries,

Inc.

................

61,774

2,941,678

MKS

Instruments,

Inc.

.....................

26,898

3,301,999

Onto

Innovation,

Inc.

(a)

.....................

25,312

4,661,458

PDF

Solutions,

Inc.

(a)

......................

28,084

954,575

Power

Integrations,

Inc.

....................

34,092

2,436,214

Rambus,

Inc.

(a)

..........................

52,159

3,089,899

Silicon

Laboratories,

Inc.

(a)

...................

15,158

2,084,831

SMART

Global

Holdings,

Inc.

(a)

................

38,147

811,387

SolarEdge

Technologies,

Inc.

(a)

(b)

..............

19,936

1,339,101

Synaptics,

Inc.

(a)

.........................

8,307

831,531

Universal

Display

Corp.

....................

13,231

2,307,751

Veeco

Instruments,

Inc.

(a)

...................

69,878

2,530,282

Wolfspeed,

Inc.

(a)

.........................

60,894

1,584,462

33,530,093

a

Software

 — 

6

.5

%

A10

Networks,

Inc.

........................

61,451

817,913

ACI

Worldwide,

Inc.

(a)

......................

56,303

1,852,932

Adeia,

Inc.

.............................

64,477

731,169

Agilysys,

Inc.

(a)

..........................

9,951

774,188

Altair

Engineering,

Inc.

,

Class

A

(a)

..............

23,788

2,023,883

Alteryx,

Inc.

,

Class

A

(a)

.....................

19,619

942,497

Appfolio,

Inc.

,

Class

A

(a)

....................

8,834

2,138,623

Asana,

Inc.

,

Class

A

(a)

(b)

.....................

41,333

814,260

Aurora

Innovation,

Inc.

,

Class

A

(a)

..............

267,943

680,575

Avepoint,

Inc.

(a)

..........................

98,259

786,072

Blackbaud,

Inc.

(a)

.........................

27,367

1,893,249

BlackLine,

Inc.

(a)

.........................

27,024

1,533,071

Box,

Inc.

,

Class

A

(a)

.......................

77,032

1,986,655

Braze,

Inc.

,

Class

A

(a)

......................

19,993

1,137,602

C3.ai,

Inc.

,

Class

A

(a)

(b)

.....................

29,858

1,103,850

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)

.........

72,640

850,614

Cerence,

Inc.

(a)

..........................

50,584

753,702

Cleanspark,

Inc.

(a)

........................

48,991

819,130

CommVault

Systems,

Inc.

(a)

..................

22,529

2,156,251

Digimarc

Corp.

(a)

.........................

20,470

717,678

Security

Shares

Value

a

Software

(continued)

Dolby

Laboratories,

Inc.

,

Class

A

..............

41,788

$

3,384,828

DoubleVerify

Holdings,

Inc.

(a)

.................

70,204

2,168,602

E2open

Parent

Holdings,

Inc.

,

Class

A

(a)

(b)

........

200,002

846,008

Elastic

NV

(a)

............................

33,891

4,534,955

Envestnet,

Inc.

(a)

.........................

18,920

974,948

Five9,

Inc.

(a)

............................

30,032

1,831,952

Freshworks,

Inc.

,

Class

A

(a)

(b)

.................

51,520

1,053,069

Gitlab,

Inc.

,

Class

A

(a)

......................

28,376

2,046,477

Guidewire

Software,

Inc.

(a)

...................

41,610

4,965,737

HashiCorp,

Inc.

,

Class

A

(a)

...................

34,425

897,460

Informatica,

Inc.

,

Class

A

(a)

..................

28,395

925,109

Intapp,

Inc.

(a)

............................

18,401

721,871

InterDigital,

Inc.

..........................

13,908

1,488,434

Jamf

Holding

Corp.

(a)

(b)

.....................

38,970

701,070

JFrog

Ltd.

(a)

.............................

30,709

1,375,456

LiveRamp

Holdings,

Inc.

(a)

...................

30,799

1,077,349

Marathon

Digital

Holdings,

Inc.

(a)

(b)

.............

66,274

1,716,497

Matterport,

Inc.

,

Class

A

(a)

...................

320,721

679,929

MicroStrategy,

Inc.

,

Class

A

(a)

(b)

................

4,952

5,065,104

Model

N,

Inc.

(a)

..........................

33,452

821,581

N-able,

Inc.

(a)

............................

59,364

799,633

NCR

Voyix

Corp.

(a)

(b)

.......................

53,455

780,978

Nutanix,

Inc.

,

Class

A

(a)

.....................

92,785

5,860,301

PagerDuty,

Inc.

(a)

(b)

........................

38,299

925,304

Pegasystems,

Inc.

........................

19,863

1,291,890

PowerSchool

Holdings,

Inc.

,

Class

A

(a)

(b)

.........

31,627

660,688

Procore

Technologies,

Inc.

(a)

.................

35,190

2,745,876

Progress

Software

Corp.

....................

52,369

2,794,410

PROS

Holdings,

Inc.

(a)

.....................

24,847

888,280

Q2

Holdings,

Inc.

(a)

(b)

.......................

22,493

1,039,851

Qualys,

Inc.

(a)

...........................

5,813

999,022

Rapid7,

Inc.

(a)

...........................

16,529

968,269

RingCentral,

Inc.

,

Class

A

(a)

..................

33,475

1,118,734

Riot

Platforms,

Inc.

(a)

......................

47,420

669,570

SentinelOne,

Inc.

,

Class

A

(a)

..................

74,612

2,101,820

Smartsheet,

Inc.

,

Class

A

(a)

..................

39,915

1,684,812

Sprinklr,

Inc.

,

Class

A

(a)

.....................

61,286

798,557

Sprout

Social,

Inc.

,

Class

A

(a)

(b)

................

18,075

1,117,396

SPS

Commerce,

Inc.

(a)

.....................

16,769

3,104,948

Tenable

Holdings,

Inc.

(a)

....................

41,009

1,974,993

Teradata

Corp.

(a)

.........................

51,111

1,922,796

Varonis

Systems,

Inc.

(a)

(b)

....................

27,845

1,414,526

Verint

Systems,

Inc.

(a)

......................

41,218

1,302,901

Workiva,

Inc.

,

Class

A

(a)

.....................

31,217

2,688,408

Xperi,

Inc.

(a)

.............................

70,628

774,083

Zuora,

Inc.

,

Class

A

(a)

......................

93,643

756,635

102,975,031

a

Specialized

REITs

 — 

0

.6

%

CubeSmart

.............................

73,087

3,187,324

EPR

Properties

..........................

23,697

973,473

Outfront

Media,

Inc.

.......................

77,936

1,119,940

PotlatchDeltic

Corp.

.......................

65,500

2,961,255

Uniti

Group,

Inc.

.........................

335,557

1,966,364

10,208,356

a

Specialty

Retail

 — 

3

.5

%

Abercrombie

&

Fitch

Co.

,

Class

A

(a)

.............

18,146

2,318,333

Advance

Auto

Parts,

Inc.

....................

19,805

1,337,630

American

Eagle

Outfitters,

Inc.

................

76,956

1,827,705

America's

Car-Mart,

Inc.

(a)

...................

12,446

838,114

Asbury

Automotive

Group,

Inc.

(a)

...............

7,889

1,647,460

AutoNation,

Inc.

(a)

(b)

.......................

10,072

1,508,786

Beyond,

Inc.

(a)

...........................

30,189

1,012,237

Boot

Barn

Holdings,

Inc.

(a)

(b)

..................

8,659

800,957

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

29,

2024

(Percentages

shown

are

based

on

Net

Assets)

29

Schedule

of

Investments

Security

Shares

Value

a

Specialty

Retail

(continued)

Caleres,

Inc.

............................

22,855

$

882,432

Carvana

Co.

,

Class

A

(a)

(b)

....................

31,347

2,380,178

Five

Below,

Inc.

(a)

.........................

20,580

4,129,994

Floor

&

Decor

Holdings,

Inc.

,

Class

A

(a)

..........

34,096

4,129,708

Foot

Locker,

Inc.

.........................

43,154

1,485,792

GameStop

Corp.

,

Class

A

(a)

(b)

.................

85,108

1,214,491

Gap,

Inc.

(The)

..........................

103,805

1,966,067

Genesco,

Inc.

(a)

..........................

24,289

775,305

Group

1

Automotive,

Inc.

....................

10,102

2,734,106

Hibbett,

Inc.

............................

12,987

1,064,285

Leslie's,

Inc.

(a)

(b)

..........................

141,387

1,116,957

Lithia

Motors,

Inc.

........................

10,693

3,197,849

MarineMax,

Inc.

(a)

.........................

24,596

816,587

Murphy

USA,

Inc.

........................

10,808

4,507,044

National

Vision

Holdings,

Inc.

(a)

...............

78,346

1,833,296

ODP

Corp.

(The)

(a)

........................

14,478

817,717

Petco

Health

&

Wellness

Co.,

Inc.

,

Class

A

(a)

(b)

.....

286,247

744,242

RH

(a)

(b)

................................

3,714

1,019,122

Sally

Beauty

Holdings,

Inc.

(a)

.................

66,452

839,289

Signet

Jewelers

Ltd.

.......................

18,533

1,885,918

Upbound

Group,

Inc.

......................

24,271

819,389

Urban

Outfitters,

Inc.

(a)

.....................

18,119

752,844

Valvoline,

Inc.

(a)

..........................

62,153

2,650,204

Victoria's

Secret

&

Co.

(a)

....................

26,570

758,839

Wayfair,

Inc.

,

Class

A

(a)

(b)

....................

25,177

1,500,549

55,313,426

a

Technology

Hardware,

Storage

&

Peripherals

 — 

0

.5

%

IonQ,

Inc.

(a)

(b)

............................

72,467

750,758

Pure

Storage,

Inc.

,

Class

A

(a)

.................

101,485

5,343,185

Xerox

Holdings

Corp.

......................

73,749

1,375,419

7,469,362

a

Textiles,

Apparel

&

Luxury

Goods

 — 

1

.7

%

Capri

Holdings

Ltd.

(a)

......................

36,384

1,678,394

Carter's,

Inc.

............................

14,826

1,200,165

Columbia

Sportswear

Co.

...................

16,705

1,381,336

Crocs,

Inc.

(a)

............................

26,563

3,247,327

Hanesbrands,

Inc.

(a)

.......................

183,478

990,781

Kontoor

Brands,

Inc.

.......................

24,091

1,424,019

Levi

Strauss

&

Co.

,

Class

A

..................

51,848

942,078

Movado

Group,

Inc.

.......................

39,323

1,128,963

PVH

Corp.

.............................

29,307

4,005,388

Ralph

Lauren

Corp.

,

Class

A

.................

6,571

1,221,680

Steven

Madden,

Ltd.

......................

44,435

1,902,707

Tapestry,

Inc.

............................

83,047

3,947,224

Under

Armour,

Inc.

,

Class

A

(a)

.................

96,278

862,651

VF

Corp.

..............................

163,960

2,679,106

26,611,819

a

Trading

Companies

&

Distributors

 — 

1

.8

%

Air

Lease

Corp.

,

Class

A

....................

36,253

1,453,745

Applied

Industrial

Technologies,

Inc.

............

6,677

1,267,896

Beacon

Roofing

Supply,

Inc.

(a)

................

22,707

1,950,304

Boise

Cascade

Co.

.......................

22,695

3,084,477

Core

&

Main,

Inc.

,

Class

A

(a)

..................

64,483

3,077,774

DNOW,

Inc.

(a)

...........................

64,654

914,854

Security

Shares

Value

a

Trading

Companies

&

Distributors

(continued)

FTAI

Aviation,

Ltd.

........................

18,134

$

1,020,763

GATX

Corp.

............................

20,762

2,633,452

Herc

Holdings,

Inc.

........................

11,135

1,766,902

McGrath

RentCorp

........................

10,203

1,270,069

MRC

Global,

Inc.

(a)

........................

65,697

757,486

Rush

Enterprises,

Inc.

,

Class

A

...............

16,140

786,018

Rush

Enterprises,

Inc.

,

Class

B

...............

18,548

935,376

SiteOne

Landscape

Supply,

Inc.

(a)

(b)

.............

24,464

4,121,695

WESCO

International,

Inc.

...................

19,978

2,986,511

28,027,322

a

Water

Utilities

 — 

0

.2

%

American

States

Water

Co.

..................

27,304

1,949,778

SJW

Group

.............................

29,813

1,641,504

3,591,282

a

Wireless

Telecommunication

Services

 — 

0

.1

%

Gogo,

Inc.

(a)

............................

81,080

661,613

Telephone

and

Data

Systems,

Inc.

.............

55,588

850,496

United

States

Cellular

Corp.

(a)

(b)

...............

22,547

786,665

2,298,774

a

Total

Common

Stocks — 99.6%

(Cost:

$

1,442,364,511

)

...............................

1,573,188,115

a

Rights

Biotechnology

 — 

0

.0

%

Chinook

Therapeutics,

Inc.

,

CVR

(Expires

01/01/26)

(c)

30,052

13,223

a

Total

Rights — 0.0%

(Cost:

$

–

)

........................................

13,223

Total

Long-Term

Investments — 99.6%

(Cost:

$

1,442,364,511

)

...............................

1,573,201,338

a

Short-Term

Securities

Money

Market

Funds

 — 

6

.7

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.50

%

(d)

(e)

(f)

......................

100,480,571

100,530,811

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.30

%

(d)

(e)

............................

4,375,857

4,375,857

a

Total

Short-Term

Securities — 6.7%

(Cost:

$

104,856,977

)

................................

104,906,668

Total

Investments

—

106.3%

(Cost:

$

1,547,221,488

)

...............................

1,678,108,006

Liabilities

in

Excess

of

Other

Assets

—

(

6

.3

)

%

...............

(

99,170,222

)

Net

Assets

—

100.0%

.................................

$

1,578,937,784

(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)

February

29,

2024

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

30

2024

iShares

Semi-Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

February

29,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

February

29,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

08/31/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

02/29/24

  Shares

Held

at

02/29/24

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

109,796,514

$

—

$

(

9,281,030

)

(a)

$

12,820

$

2,507

$

100,530,811

100,480,571

$

375,010

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

5,304,286

—

(

928,429

)

(a)

—

—

4,375,857

4,375,857

106,296

—

$

12,820

$

2,507

$

104,906,668

$

481,306

$

—

(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.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Russell

2000

Index

................................................................

34

03/15/24

$

3,497

$

89,672

E-Mini

S&P

MidCap

400

Index

.............................................................

8

03/15/24

2,314

64,808

$

154,480

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)

.............

$

—

$

—

$

154,480

$

—

$

—

$

—

$

154,480

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

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).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

433,792

$

—

$

—

$

—

$

433,792

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

119,700

$

—

$

—

$

—

$

119,700

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

29,

2024

31

Schedule

of

Investments

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

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.

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

5,744,985

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

1,570,719,879

‌

$

2,468,236

‌

$

—

‌

$

1,573,188,115

‌

Rights

................................................

—

‌

—

‌

13,223

‌

13,223

‌

Short-Term

Securities

Money

Market

Funds

......................................

104,906,668

‌

—

‌

—

‌

104,906,668

‌

$

1,675,626,547

‌

$

2,468,236

‌

$

13,223

‌

$

1,678,108,006

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

154,480

‌

$

—

‌

$

—

‌

$

154,480

‌

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

February

29,

2024

iShares

®

ESG

Aware

MSCI

USA

Value

ETF

(Percentages

shown

are

based

on

Net

Assets)

32

2024

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

1

.3

%

Huntington

Ingalls

Industries,

Inc.

..............

77

$

22,455

RTX

Corp.

.............................

385

34,523

56,978

a

Air

Freight

&

Logistics

 — 

1

.6

%

CH

Robinson

Worldwide,

Inc.

................

226

16,742

Expeditors

International

of

Washington,

Inc.

.......

202

24,159

FedEx

Corp.

............................

38

9,461

United

Parcel

Service,

Inc.

,

Class

B

............

116

17,198

67,560

a

Automobiles

 — 

0

.1

%

Rivian

Automotive,

Inc.

,

Class

A

(a)

(b)

.............

257

2,909

a

Banks

 — 

5

.8

%

Bank

of

America

Corp.

.....................

1,377

47,534

Citigroup,

Inc.

...........................

483

26,802

Huntington

Bancshares,

Inc.

.................

783

10,210

JPMorgan

Chase

&

Co.

....................

576

107,171

PNC

Financial

Services

Group,

Inc.

(The)

........

144

21,197

Regions

Financial

Corp.

....................

559

10,414

Truist

Financial

Corp.

......................

236

8,255

U.S.

Bancorp

...........................

245

10,280

Wells

Fargo

&

Co.

........................

128

7,116

248,979

a

Beverages

 — 

3

.5

%

Coca-Cola

Co.

(The)

......................

1,283

77,006

Constellation

Brands,

Inc.

,

Class

A

.............

17

4,225

Keurig

Dr

Pepper,

Inc.

.....................

429

12,831

Molson

Coors

Beverage

Co.

,

Class

B

...........

176

10,986

PepsiCo,

Inc.

...........................

259

42,823

147,871

a

Biotechnology

 — 

3

.3

%

AbbVie,

Inc.

............................

272

47,886

Amgen,

Inc.

............................

130

35,598

Biogen,

Inc.

(a)

...........................

34

7,378

Gilead

Sciences,

Inc.

......................

524

37,780

Regeneron

Pharmaceuticals,

Inc.

(a)

.............

14

13,525

142,167

a

Building

Products

 — 

2

.3

%

Allegion

PLC

............................

42

5,371

Builders

FirstSource,

Inc.

(a)

..................

23

4,489

Carrier

Global

Corp.

.......................

280

15,562

Fortune

Brands

Innovations,

Inc.

..............

165

13,421

Johnson

Controls

International

PLC

............

207

12,269

Owens

Corning

..........................

59

8,837

Trane

Technologies

PLC

....................

135

38,066

98,015

a

Capital

Markets

 — 

4

.9

%

Bank

of

New

York

Mellon

Corp.

(The)

...........

459

25,745

BlackRock,

Inc.

(c)

.........................

24

19,472

Cboe

Global

Markets,

Inc.

...................

31

5,952

Charles

Schwab

Corp.

(The)

.................

237

15,827

Goldman

Sachs

Group,

Inc.

(The)

.............

76

29,568

Intercontinental

Exchange,

Inc.

...............

63

8,721

KKR

&

Co.,

Inc.

..........................

44

4,323

Morgan

Stanley

..........................

405

34,846

Nasdaq,

Inc.

............................

226

12,701

Northern

Trust

Corp.

.......................

72

5,913

S&P

Global,

Inc.

.........................

88

37,698

Security

Shares

Value

a

Capital

Markets

(continued)

State

Street

Corp.

........................

97

$

7,152

207,918

a

Chemicals

 — 

2

.9

%

Dow,

Inc.

..............................

290

16,205

DuPont

de

Nemours,

Inc.

...................

64

4,428

Ecolab,

Inc.

............................

139

31,253

International

Flavors

&

Fragrances,

Inc.

..........

107

8,078

Linde

PLC

.............................

81

36,354

LyondellBasell

Industries

NV

,

Class

A

...........

135

13,538

PPG

Industries,

Inc.

.......................

106

15,010

124,866

a

Communications

Equipment

 — 

1

.1

%

Cisco

Systems,

Inc.

.......................

850

41,115

Juniper

Networks,

Inc.

.....................

143

5,295

46,410

a

Construction

Materials

 — 

0

.2

%

Martin

Marietta

Materials,

Inc.

................

15

8,666

a

Consumer

Finance

 — 

1

.7

%

American

Express

Co.

.....................

162

35,546

Capital

One

Financial

Corp.

..................

46

6,330

Discover

Financial

Services

..................

130

15,691

Synchrony

Financial

.......................

369

15,240

72,807

a

Consumer

Staples

Distribution

&

Retail

 — 

1

.2

%

Dollar

General

Corp.

......................

30

4,359

Dollar

Tree,

Inc.

(a)

.........................

39

5,721

Kroger

Co.

(The)

.........................

340

16,868

Sysco

Corp.

............................

54

4,372

Target

Corp.

............................

133

20,338

51,658

a

Containers

&

Packaging

 — 

0

.5

%

Amcor

PLC

.............................

488

4,421

Avery

Dennison

Corp.

......................

25

5,413

Ball

Corp.

..............................

80

5,122

International

Paper

Co.

.....................

145

5,127

20,083

a

Distributors

 — 

0

.5

%

LKQ

Corp.

.............................

399

20,864

a

Diversified

Telecommunication

Services

 — 

1

.2

%

AT&T,

Inc.

..............................

909

15,389

Verizon

Communications,

Inc.

................

919

36,779

52,168

a

Electric

Utilities

 — 

1

.8

%

Edison

International

.......................

158

10,747

Eversource

Energy

.......................

341

20,017

Exelon

Corp.

............................

436

15,626

NextEra

Energy,

Inc.

......................

512

28,257

74,647

a

Electrical

Equipment

 — 

0

.6

%

Eaton

Corp.

PLC

.........................

62

17,918

Rockwell

Automation,

Inc.

...................

25

7,127

25,045

a

iShares

®

ESG

Aware

MSCI

USA

Value

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

29,

2024

(Percentages

shown

are

based

on

Net

Assets)

33

Schedule

of

Investments

Security

Shares

Value

a

Electronic

Equipment,

Instruments

&

Components

 — 

0

.6

%

Keysight

Technologies,

Inc.

(a)

.................

110

$

16,973

Trimble,

Inc.

(a)

...........................

136

8,322

25,295

a

Energy

Equipment

&

Services

 — 

0

.2

%

Baker

Hughes

Co.

,

Class

A

..................

288

8,522

a

Entertainment

 — 

1

.4

%

Electronic

Arts,

Inc.

.......................

118

16,459

Walt

Disney

Co.

(The)

.....................

385

42,958

59,417

a

Financial

Services

 — 

1

.7

%

Berkshire

Hathaway,

Inc.

,

Class

B

(a)

............

112

45,853

Fidelity

National

Information

Services,

Inc.

........

192

13,285

Fiserv,

Inc.

(a)

............................

101

15,076

74,214

a

Food

Products

 — 

2

.9

%

Archer-Daniels-Midland

Co.

..................

96

5,099

Bunge

Global

SA

.........................

154

14,533

Campbell

Soup

Co.

.......................

101

4,307

Conagra

Brands,

Inc.

......................

153

4,296

Darling

Ingredients,

Inc.

(a)

...................

98

4,146

General

Mills,

Inc.

........................

428

27,469

Hormel

Foods

Corp.

.......................

145

5,121

Kellanova

..............................

558

30,774

Kraft

Heinz

Co.

(The)

......................

414

14,606

McCormick

&

Co.,

Inc.

,

NVS

.................

81

5,578

Mondelez

International,

Inc.

,

Class

A

............

74

5,407

121,336

a

Ground

Transportation

 — 

0

.3

%

CSX

Corp.

.............................

125

4,742

JB

Hunt

Transport

Services,

Inc.

..............

44

9,078

13,820

a

Health

Care

Equipment

&

Supplies

 — 

1

.8

%

Abbott

Laboratories

.......................

152

18,033

Becton

Dickinson

&

Co.

....................

18

4,240

GE

HealthCare

Technologies,

Inc.

.............

70

6,390

ResMed,

Inc.

...........................

23

3,995

STERIS

PLC

............................

78

18,167

Stryker

Corp.

...........................

12

4,189

Teleflex,

Inc.

............................

40

8,912

Zimmer

Biomet

Holdings,

Inc.

................

118

14,674

78,600

a

Health

Care

Providers

&

Services

 — 

5

.4

%

Cardinal

Health,

Inc.

.......................

128

14,334

Cencora,

Inc.

...........................

99

23,324

Centene

Corp.

(a)

.........................

147

11,529

Cigna

Group

(The)

........................

86

28,908

CVS

Health

Corp.

........................

92

6,842

HCA

Healthcare,

Inc.

......................

43

13,403

Humana,

Inc.

...........................

17

5,956

Laboratory

Corp.

of

America

Holdings

...........

51

11,007

Quest

Diagnostics,

Inc.

.....................

89

11,115

UnitedHealth

Group,

Inc.

....................

212

104,643

231,061

a

Health

Care

REITs

 — 

0

.4

%

Welltower,

Inc.

...........................

197

18,155

a

Security

Shares

Value

a

Hotels,

Restaurants

&

Leisure

 — 

1

.0

%

McDonald's

Corp.

........................

115

$

33,612

Vail

Resorts,

Inc.

.........................

43

9,904

43,516

a

Household

Durables

 — 

0

.2

%

DR

Horton,

Inc.

..........................

48

7,173

a

Household

Products

 — 

2

.8

%

Church

&

Dwight

Co.,

Inc.

...................

123

12,315

Clorox

Co.

(The)

.........................

107

16,404

Kimberly-Clark

Corp.

......................

164

19,872

Procter

&

Gamble

Co.

(The)

.................

435

69,139

117,730

a

Industrial

Conglomerates

 — 

1

.4

%

3M

Co.

................................

275

25,333

Honeywell

International,

Inc.

.................

182

36,169

61,502

a

Industrial

REITs

 — 

0

.5

%

Prologis,

Inc.

............................

166

22,123

a

Insurance

 — 

3

.7

%

Allstate

Corp.

(The)

.......................

26

4,148

Assurant,

Inc.

...........................

30

5,444

Chubb

Ltd.

.............................

35

8,808

Hartford

Financial

Services

Group,

Inc.

(The)

......

195

18,689

Marsh

&

McLennan

Companies,

Inc.

............

102

20,632

MetLife,

Inc.

............................

272

18,969

Principal

Financial

Group,

Inc.

................

69

5,579

Prudential

Financial,

Inc.

....................

393

42,833

Travelers

Companies,

Inc.

(The)

...............

119

26,294

Willis

Towers

Watson

PLC

...................

22

5,997

157,393

a

IT

Services

 — 

2

.1

%

Accenture

PLC

,

Class

A

....................

86

32,231

Akamai

Technologies,

Inc.

(a)

..................

38

4,215

International

Business

Machines

Corp.

..........

268

49,588

Twilio,

Inc.

,

Class

A

(a)

......................

71

4,231

90,265

a

Leisure

Products

 — 

0

.2

%

Hasbro,

Inc.

............................

165

8,298

a

Life

Sciences

Tools

&

Services

 — 

2

.1

%

Agilent

Technologies,

Inc.

...................

91

12,500

Avantor,

Inc.

(a)

...........................

270

6,653

Danaher

Corp.

..........................

154

38,983

Thermo

Fisher

Scientific,

Inc.

.................

51

29,079

87,215

a

Machinery

 — 

3

.9

%

Caterpillar,

Inc.

..........................

95

31,726

CNH

Industrial

N.V.

.......................

972

11,615

Cummins,

Inc.

...........................

87

23,369

Deere

&

Co.

............................

28

10,221

Dover

Corp.

............................

76

12,569

Fortive

Corp.

............................

75

6,385

IDEX

Corp.

.............................

38

8,964

Illinois

Tool

Works,

Inc.

.....................

17

4,457

Ingersoll

Rand,

Inc.

.......................

121

11,051

Pentair

PLC

............................

349

27,149

Xylem,

Inc.

.............................

162

20,582

168,088

a

Schedule

of

Investments

(unaudited)

(continued)

February

29,

2024

iShares

®

ESG

Aware

MSCI

USA

Value

ETF

(Percentages

shown

are

based

on

Net

Assets)

34

2024

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Media

 — 

0

.7

%

Comcast

Corp.

,

Class

A

....................

504

$

21,596

Fox

Corp.

,

Class

B

........................

150

4,107

Interpublic

Group

of

Companies,

Inc.

(The)

.......

187

5,872

31,575

a

Metals

&

Mining

 — 

0

.8

%

Freeport-McMoRan,

Inc.

....................

174

6,579

Newmont

Corp.

..........................

325

10,156

Nucor

Corp.

............................

64

12,307

Steel

Dynamics,

Inc.

.......................

39

5,219

34,261

a

Multi-Utilities

 — 

1

.6

%

CMS

Energy

Corp.

........................

271

15,547

Consolidated

Edison,

Inc.

...................

155

13,518

Public

Service

Enterprise

Group,

Inc.

...........

651

40,622

69,687

a

Office

REITs

 — 

0

.1

%

Boston

Properties,

Inc.

.....................

65

4,207

a

Oil,

Gas

&

Consumable

Fuels

 — 

6

.8

%

Chevron

Corp.

...........................

379

57,612

ConocoPhillips

..........................

349

39,276

Diamondback

Energy,

Inc.

...................

23

4,198

EQT

Corp.

.............................

130

4,830

Exxon

Mobil

Corp.

........................

517

54,037

Kinder

Morgan,

Inc.

,

Class

P

.................

1,398

24,311

Marathon

Petroleum

Corp.

..................

25

4,231

Occidental

Petroleum

Corp.

..................

102

6,182

ONEOK,

Inc.

............................

335

25,165

Ovintiv,

Inc.

.............................

396

19,566

Phillips

66

..............................

129

18,384

Pioneer

Natural

Resources

Co.

...............

83

19,521

Valero

Energy

Corp.

.......................

59

8,346

Williams

Companies,

Inc.

(The)

...............

156

5,607

291,266

a

Pharmaceuticals

 — 

4

.4

%

Bristol-Myers

Squibb

Co.

....................

385

19,539

Johnson

&

Johnson

.......................

453

73,105

Merck

&

Co.,

Inc.

.........................

516

65,609

Pfizer,

Inc.

.............................

1,062

28,207

186,460

a

Professional

Services

 — 

0

.7

%

Broadridge

Financial

Solutions,

Inc.

............

86

17,508

Leidos

Holdings,

Inc.

......................

40

5,114

Paychex,

Inc.

...........................

43

5,273

27,895

a

Residential

REITs

 — 

0

.2

%

AvalonBay

Communities,

Inc.

................

39

6,904

a

Semiconductors

&

Semiconductor

Equipment

 — 

7

.8

%

Broadcom,

Inc.

..........................

79

102,739

First

Solar,

Inc.

(a)

.........................

27

4,155

Intel

Corp.

.............................

1,032

44,427

Lam

Research

Corp.

......................

39

36,592

Marvell

Technology,

Inc.

....................

194

13,902

Micron

Technology,

Inc.

.....................

181

16,400

NXP

Semiconductors

NV

...................

94

23,475

QUALCOMM,

Inc.

........................

173

27,298

Texas

Instruments,

Inc.

.....................

368

61,577

330,565

a

Security

Shares

Value

a

Software

 — 

0

.9

%

Aspen

Technology,

Inc.

(a)

....................

23

$

4,459

Gen

Digital,

Inc.

..........................

335

7,199

Oracle

Corp.

............................

235

26,245

37,903

a

Specialized

REITs

 — 

2

.5

%

American

Tower

Corp.

.....................

125

24,857

Crown

Castle,

Inc.

........................

268

29,464

Digital

Realty

Trust,

Inc.

....................

128

18,792

Iron

Mountain,

Inc.

........................

212

16,672

Public

Storage

...........................

15

4,258

Weyerhaeuser

Co.

........................

418

14,371

108,414

a

Specialty

Retail

 — 

3

.9

%

Best

Buy

Co.,

Inc.

........................

175

14,154

CarMax,

Inc.

(a)

...........................

57

4,503

Home

Depot,

Inc.

(The)

....................

246

93,630

Lowe's

Companies,

Inc.

....................

137

32,972

TJX

Companies,

Inc.

(The)

..................

109

10,806

Tractor

Supply

Co.

........................

41

10,427

166,492

a

Technology

Hardware,

Storage

&

Peripherals

 — 

0

.8

%

Dell

Technologies,

Inc.

,

Class

C

...............

50

4,733

Hewlett

Packard

Enterprise

Co.

...............

1,130

17,210

HP,

Inc.

...............................

173

4,901

Western

Digital

Corp.

(a)

.....................

82

4,876

31,720

a

Trading

Companies

&

Distributors

 — 

0

.9

%

Ferguson

PLC

...........................

144

30,449

United

Rentals,

Inc.

.......................

14

9,706

40,155

a

Water

Utilities

 — 

0

.5

%

American

Water

Works

Co.,

Inc.

...............

83

9,839

Essential

Utilities,

Inc.

......................

311

10,816

20,655

a

Total

Long-Term

Investments — 99.7%

(Cost:

$

3,962,149

)

..................................

4,251,493

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.3

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.50

%

(c)

(d)

(e)

......................

2,643

2,645

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.30

%

(c)

(d)

............................

9,791

9,791

a

Total

Short-Term

Securities — 0.3%

(Cost:

$

12,435

)

....................................

12,436

Total

Investments

—

100.0%

(Cost:

$

3,974,584

)

..................................

4,263,929

Liabilities

in

Excess

of

Other

Assets

—

0

.0

%

................

(

890

)

Net

Assets

—

100.0%

.................................

$

4,263,039

(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.

iShares

®

ESG

Aware

MSCI

USA

Value

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

29,

2024

35

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

February

29,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

February

29,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

08/31/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

02/29/24

  Shares

Held

at

02/29/24

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

4,259

$

—

$

(

1,614

)

(a)

$

(

1

)

$

1

$

2,645

2,643

$

10

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

......

4,698

5,093

(a)

—

—

—

9,791

9,791

255

—

BlackRock,

Inc.

..

18,214

—

(

1,436

)

(

82

)

2,776

19,472

24

255

—

$

(

83

)

$

2,777

$

31,908

$

520

$

—

(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.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Micro

E-Mini

Russell

2000

Index

............................................................

1

03/15/24

$

10

$

414

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)

.............

$

—

$

—

$

414

$

—

$

—

$

—

$

414

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

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).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

630

$

—

$

—

$

—

$

630

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

414

$

—

$

—

$

—

$

414

Schedule

of

Investments

(unaudited)

(continued)

February

29,

2024

iShares

®

ESG

Aware

MSCI

USA

Value

ETF

36

2024

iShares

Semi-Annual

Report

to

Shareholders

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

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.

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

9,674

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

4,251,493

‌

$

—

‌

$

—

‌

$

4,251,493

‌

Short-Term

Securities

Money

Market

Funds

......................................

12,436

‌

—

‌

—

‌

12,436

‌

$

4,263,929

‌

$

—

‌

$

—

‌

$

4,263,929

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

414

‌

$

—

‌

$

—

‌

$

414

‌

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

ESG

MSCI

USA

Leaders

ETF

Schedule

of

Investments

(unaudited)

February

29,

2024

(Percentages

shown

are

based

on

Net

Assets)

37

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

0

.1

%

Axon

Enterprise,

Inc.

(a)

.....................

3,484

$

1,070,877

a

Air

Freight

&

Logistics

 — 

0

.6

%

CH

Robinson

Worldwide,

Inc.

................

5,730

424,478

Expeditors

International

of

Washington,

Inc.

.......

7,175

858,130

United

Parcel

Service,

Inc.

,

Class

B

............

35,245

5,225,424

6,508,032

a

Automobile

Components

 — 

0

.2

%

Aptiv

PLC

(a)

.............................

13,730

1,091,398

BorgWarner,

Inc.

.........................

11,256

350,399

Lear

Corp.

.............................

2,840

390,074

1,831,871

a

Automobiles

 — 

2

.5

%

Rivian

Automotive,

Inc.

,

Class

A

(a)

(b)

.............

31,984

362,059

Tesla,

Inc.

(a)

.............................

139,422

28,146,513

28,508,572

a

Banks

 — 

1

.0

%

Citizens

Financial

Group,

Inc.

................

22,896

718,706

Huntington

Bancshares,

Inc.

.................

70,238

915,904

PNC

Financial

Services

Group,

Inc.

(The)

........

19,412

2,857,446

Regions

Financial

Corp.

....................

45,191

841,908

Truist

Financial

Corp.

......................

64,992

2,273,420

U.S.

Bancorp

...........................

75,924

3,185,771

10,793,155

a

Beverages

 — 

2

.2

%

Coca-Cola

Co.

(The)

......................

200,152

12,013,123

Keurig

Dr

Pepper,

Inc.

.....................

51,196

1,531,272

PepsiCo,

Inc.

...........................

66,999

11,077,615

24,622,010

a

Biotechnology

 — 

1

.2

%

Amgen,

Inc.

............................

26,080

7,141,486

Biogen,

Inc.

(a)

...........................

7,042

1,528,044

Gilead

Sciences,

Inc.

......................

60,722

4,378,056

13,047,586

a

Broadline

Retail

 — 

0

.4

%

eBay,

Inc.

..............................

25,292

1,195,806

MercadoLibre,

Inc.

(a)

.......................

2,217

3,536,780

4,732,586

a

Building

Products

 — 

1

.0

%

Allegion

PLC

............................

4,242

542,424

Builders

FirstSource,

Inc.

(a)

..................

6,051

1,181,034

Carrier

Global

Corp.

.......................

39,393

2,189,463

Fortune

Brands

Innovations,

Inc.

..............

6,091

495,442

Johnson

Controls

International

PLC

............

33,170

1,965,986

Lennox

International,

Inc.

...................

1,577

743,098

Masco

Corp.

............................

10,983

843,055

Owens

Corning

..........................

4,338

649,746

Trane

Technologies

PLC

....................

11,071

3,121,690

11,731,938

a

Capital

Markets

 — 

3

.8

%

Ameriprise

Financial,

Inc.

...................

4,931

2,008,692

Bank

of

New

York

Mellon

Corp.

(The)

...........

37,004

2,075,554

BlackRock,

Inc.

(c)

.........................

7,249

5,881,404

Cboe

Global

Markets,

Inc.

...................

5,144

987,648

Charles

Schwab

Corp.

(The)

.................

73,386

4,900,717

FactSet

Research

Systems,

Inc.

...............

1,851

856,236

Franklin

Resources,

Inc.

....................

14,326

393,249

Security

Shares

Value

a

Capital

Markets

(continued)

Intercontinental

Exchange,

Inc.

...............

27,892

$

3,860,811

LPL

Financial

Holdings,

Inc.

..................

3,665

981,817

MarketAxess

Holdings,

Inc.

..................

1,828

390,113

Moody's

Corp.

...........................

8,028

3,045,984

Morgan

Stanley

..........................

59,988

5,161,368

Nasdaq,

Inc.

............................

16,871

948,150

Northern

Trust

Corp.

.......................

10,065

826,638

Raymond

James

Financial,

Inc.

...............

9,706

1,167,826

S&P

Global,

Inc.

.........................

15,805

6,770,546

State

Street

Corp.

........................

15,038

1,108,752

T

Rowe

Price

Group,

Inc.

...................

10,927

1,238,575

42,604,080

a

Chemicals

 — 

1

.9

%

Ecolab,

Inc.

............................

12,512

2,813,198

International

Flavors

&

Fragrances,

Inc.

..........

12,385

935,067

Linde

PLC

.............................

23,629

10,605,168

LyondellBasell

Industries

NV

,

Class

A

...........

12,613

1,264,832

PPG

Industries,

Inc.

.......................

11,513

1,630,241

Sherwin-Williams

Co.

(The)

..................

11,850

3,934,555

21,183,061

a

Commercial

Services

&

Supplies

 — 

0

.6

%

Cintas

Corp.

............................

4,446

2,794,800

Waste

Management,

Inc.

....................

19,638

4,038,555

6,833,355

a

Construction

&

Engineering

 — 

0

.2

%

AECOM

...............................

6,627

588,677

Quanta

Services,

Inc.

......................

7,087

1,711,581

2,300,258

a

Construction

Materials

 — 

0

.2

%

Martin

Marietta

Materials,

Inc.

................

3,012

1,740,063

a

Consumer

Finance

 — 

0

.8

%

Ally

Financial,

Inc.

........................

13,169

487,121

American

Express

Co.

.....................

28,410

6,233,722

Discover

Financial

Services

..................

12,192

1,471,574

Synchrony

Financial

.......................

20,165

832,815

9,025,232

a

Consumer

Staples

Distribution

&

Retail

 — 

0

.5

%

Kroger

Co.

(The)

.........................

33,151

1,644,621

Target

Corp.

............................

22,497

3,440,241

5,084,862

a

Containers

&

Packaging

 — 

0

.3

%

Amcor

PLC

.............................

70,829

641,711

Avery

Dennison

Corp.

......................

3,938

852,695

Ball

Corp.

..............................

15,338

981,939

International

Paper

Co.

.....................

15,931

563,320

Westrock

Co.

...........................

12,584

569,929

3,609,594

a

Distributors

 — 

0

.2

%

Genuine

Parts

Co.

........................

6,810

1,016,461

LKQ

Corp.

.............................

13,089

684,424

Pool

Corp.

.............................

1,894

754,039

2,454,924

a

Diversified

Telecommunication

Services

 — 

0

.7

%

Liberty

Global,

Ltd.

,

Class

C

(a)

(b)

...............

8,984

166,653

Verizon

Communications,

Inc.

................

204,872

8,198,978

8,365,631

a

Schedule

of

Investments

(unaudited)

(continued)

February

29,

2024

iShares

®

ESG

MSCI

USA

Leaders

ETF

(Percentages

shown

are

based

on

Net

Assets)

38

2024

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Electric

Utilities

 — 

0

.4

%

Edison

International

.......................

18,624

$

1,266,804

Eversource

Energy

.......................

16,918

993,086

Exelon

Corp.

............................

48,596

1,741,681

NRG

Energy,

Inc.

.........................

11,002

608,631

4,610,202

a

Electrical

Equipment

 — 

0

.9

%

Eaton

Corp.

PLC

.........................

19,458

5,623,362

Emerson

Electric

Co.

......................

27,728

2,962,737

Rockwell

Automation,

Inc.

...................

5,597

1,595,593

10,181,692

a

Electronic

Equipment,

Instruments

&

Components

 — 

0

.2

%

Keysight

Technologies,

Inc.

(a)

.................

8,582

1,324,202

Trimble,

Inc.

(a)

...........................

12,125

741,929

2,066,131

a

Energy

Equipment

&

Services

 — 

0

.6

%

Baker

Hughes

Co.

,

Class

A

..................

49,123

1,453,549

Halliburton

Co.

..........................

43,600

1,529,052

Schlumberger

Ltd.

........................

69,611

3,364,300

6,346,901

a

Entertainment

 — 

1

.2

%

Electronic

Arts,

Inc.

.......................

12,467

1,738,897

Take-Two

Interactive

Software,

Inc.

(a)

............

8,252

1,212,466

Walt

Disney

Co.

(The)

.....................

89,351

9,969,785

12,921,148

a

Financial

Services

 — 

4

.3

%

Equitable

Holdings,

Inc.

....................

16,495

564,789

Fidelity

National

Information

Services,

Inc.

........

28,916

2,000,698

Fiserv,

Inc.

(a)

............................

29,248

4,365,849

Mastercard,

Inc.

,

Class

A

....................

40,803

19,371,632

Visa,

Inc.

,

Class

A

........................

77,133

21,800,871

48,103,839

a

Food

Products

 — 

0

.7

%

Bunge

Global

SA

.........................

7,080

668,140

Campbell

Soup

Co.

.......................

9,434

402,266

Conagra

Brands,

Inc.

......................

23,285

653,843

Darling

Ingredients,

Inc.

(a)

...................

7,873

333,107

General

Mills,

Inc.

........................

27,674

1,776,117

Hormel

Foods

Corp.

.......................

14,810

523,089

J

M

Smucker

Co.

(The)

.....................

5,140

617,674

Kellanova

..............................

13,334

735,370

Lamb

Weston

Holdings,

Inc.

.................

7,039

719,456

McCormick

&

Co.,

Inc.

,

NVS

.................

12,211

840,849

7,269,911

a

Gas

Utilities

 — 

0

.1

%

Atmos

Energy

Corp.

.......................

7,350

829,889

a

Ground

Transportation

 — 

1

.5

%

CSX

Corp.

.............................

96,300

3,653,622

JB

Hunt

Transport

Services,

Inc.

..............

4,013

827,922

Knight-Swift

Transportation

Holdings,

Inc.

,

Class

A

..

7,782

438,438

Norfolk

Southern

Corp.

.....................

11,038

2,796,808

Old

Dominion

Freight

Line,

Inc.

...............

4,792

2,120,364

Union

Pacific

Corp.

.......................

29,707

7,536,369

17,373,523

a

Health

Care

Equipment

&

Supplies

 — 

1

.2

%

Align

Technology,

Inc.

(a)

(b)

....................

3,563

1,077,523

Cooper

Cos.,

Inc.

The

......................

9,630

901,368

Dexcom,

Inc.

(a)

..........................

18,819

2,165,502

Edwards

Lifesciences

Corp.

(a)

................

29,620

2,513,849

Security

Shares

Value

a

Health

Care

Equipment

&

Supplies

(continued)

Hologic,

Inc.

(a)

...........................

11,696

$

863,165

IDEXX

Laboratories,

Inc.

(a)

...................

4,047

2,327,956

Insulet

Corp.

(a)

...........................

3,374

553,336

STERIS

PLC

............................

4,815

1,121,462

Teleflex,

Inc.

............................

2,304

513,308

Zimmer

Biomet

Holdings,

Inc.

................

10,150

1,262,254

13,299,723

a

Health

Care

Providers

&

Services

 — 

1

.8

%

Cencora,

Inc.

...........................

8,321

1,960,428

Cigna

Group

(The)

........................

14,260

4,793,356

DaVita,

Inc.

(a)

............................

2,646

335,963

Elevance

Health,

Inc.

......................

11,450

5,739,312

HCA

Healthcare,

Inc.

......................

9,783

3,049,361

Humana,

Inc.

...........................

6,025

2,110,678

Laboratory

Corp.

of

America

Holdings

...........

4,137

892,889

Molina

Healthcare,

Inc.

(a)

....................

2,839

1,118,310

Quest

Diagnostics,

Inc.

.....................

5,448

680,401

20,680,698

a

Health

Care

REITs

 — 

0

.3

%

Healthpeak

Properties,

Inc.

..................

34,329

575,011

Welltower,

Inc.

...........................

26,971

2,485,647

3,060,658

a

Hotels,

Restaurants

&

Leisure

 — 

1

.9

%

Booking

Holdings,

Inc.

(a)

....................

1,700

5,897,011

Hilton

Worldwide

Holdings,

Inc.

...............

12,497

2,553,387

McDonald's

Corp.

........................

35,341

10,329,467

Vail

Resorts,

Inc.

.........................

1,854

426,995

Yum!

Brands,

Inc.

........................

13,674

1,892,755

21,099,615

a

Household

Durables

 — 

0

.2

%

NVR,

Inc.

(a)

.............................

155

1,181,964

PulteGroup,

Inc.

.........................

10,506

1,138,640

2,320,604

a

Household

Products

 — 

2

.3

%

Church

&

Dwight

Co.,

Inc.

...................

12,059

1,207,347

Clorox

Co.

(The)

.........................

6,039

925,839

Colgate-Palmolive

Co.

.....................

38,102

3,296,585

Kimberly-Clark

Corp.

......................

16,420

1,989,611

Procter

&

Gamble

Co.

(The)

.................

114,855

18,255,054

25,674,436

a

Industrial

Conglomerates

 — 

0

.2

%

3M

Co.

................................

26,915

2,479,410

a

Industrial

REITs

 — 

0

.5

%

Prologis,

Inc.

............................

45,027

6,000,748

a

Insurance

 — 

2

.2

%

Aflac,

Inc.

..............................

27,054

2,184,340

Allstate

Corp.

(The)

.......................

12,752

2,034,199

Arch

Capital

Group

Ltd.

(a)

...................

18,099

1,585,291

Assurant,

Inc.

...........................

2,563

465,056

Hartford

Financial

Services

Group,

Inc.

(The)

......

14,657

1,404,727

Marsh

&

McLennan

Companies,

Inc.

............

24,028

4,860,144

Principal

Financial

Group,

Inc.

................

11,618

939,432

Progressive

Corp.

(The)

....................

28,510

5,404,356

Prudential

Financial,

Inc.

....................

17,561

1,913,973

Travelers

Companies,

Inc.

(The)

...............

11,130

2,459,285

Willis

Towers

Watson

PLC

...................

5,033

1,372,046

24,622,849

a

iShares

®

ESG

MSCI

USA

Leaders

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

29,

2024

(Percentages

shown

are

based

on

Net

Assets)

39

Schedule

of

Investments

Security

Shares

Value

a

Interactive

Media

&

Services

 — 

6

.7

%

Alphabet,

Inc.

,

Class

A

(a)

....................

288,393

$

39,930,895

Alphabet,

Inc.

,

Class

C

,

NVS

(a)

................

251,089

35,097,220

Snap,

Inc.

,

Class

A

,

NVS

(a)

..................

50,884

560,742

75,588,857

a

IT

Services

 — 

2

.0

%

Accenture

PLC

,

Class

A

....................

30,554

11,451,028

Akamai

Technologies,

Inc.

(a)

..................

7,318

811,713

Gartner,

Inc.

(a)

...........................

3,799

1,768,662

International

Business

Machines

Corp.

..........

44,498

8,233,465

Twilio,

Inc.

,

Class

A

(a)

......................

8,274

493,048

22,757,916

a

Leisure

Products

 — 

0

.0

%

Hasbro,

Inc.

............................

6,298

316,726

a

Life

Sciences

Tools

&

Services

 — 

1

.5

%

Agilent

Technologies,

Inc.

...................

14,288

1,962,600

Avantor,

Inc.

(a)

...........................

33,015

813,490

Bio-Techne

Corp.

.........................

7,760

570,903

Danaher

Corp.

..........................

34,209

8,659,666

Illumina,

Inc.

(a)

...........................

7,739

1,082,144

Mettler-Toledo

International,

Inc.

(a)

(b)

............

1,057

1,318,312

Repligen

Corp.

(a)

(b)

........................

2,560

496,614

Waters

Corp.

(a)

..........................

2,885

973,457

West

Pharmaceutical

Services,

Inc.

............

3,616

1,295,830

17,173,016

a

Machinery

 — 

2

.2

%

Caterpillar,

Inc.

..........................

24,808

8,284,880

Cummins,

Inc.

...........................

6,907

1,855,289

Dover

Corp.

............................

6,792

1,123,261

Fortive

Corp.

............................

17,151

1,460,065

Graco,

Inc.

.............................

8,247

752,621

IDEX

Corp.

.............................

3,671

865,989

Illinois

Tool

Works,

Inc.

.....................

14,644

3,838,924

Ingersoll

Rand,

Inc.

.......................

19,762

1,804,863

Otis

Worldwide

Corp.

......................

20,020

1,907,906

Pentair

PLC

............................

8,096

629,788

Toro

Co.

(The)

...........................

5,060

467,089

Xylem,

Inc.

.............................

11,693

1,485,596

24,476,271

a

Media

 — 

0

.9

%

Comcast

Corp.

,

Class

A

....................

195,688

8,385,231

Fox

Corp.

,

Class

A

,

NVS

....................

12,141

361,680

Fox

Corp.

,

Class

B

........................

7,012

191,989

Interpublic

Group

of

Companies,

Inc.

(The)

.......

18,702

587,243

Omnicom

Group,

Inc.

......................

9,617

850,046

Sirius

XM

Holdings,

Inc.

(b)

...................

38,095

168,380

10,544,569

a

Metals

&

Mining

 — 

0

.5

%

Newmont

Corp.

..........................

55,910

1,747,187

Nucor

Corp.

............................

11,980

2,303,754

Steel

Dynamics,

Inc.

.......................

7,491

1,002,446

5,053,387

a

Mortgage

REITs

 — 

0

.0

%

Annaly

Capital

Management,

Inc.

..............

24,500

467,705

a

Multi-Utilities

 — 

0

.4

%

CMS

Energy

Corp.

........................

14,163

812,531

Consolidated

Edison,

Inc.

...................

16,823

1,467,134

Sempra

...............................

30,668

2,165,161

4,444,826

a

Security

Shares

Value

a

Office

REITs

 — 

0

.0

%

Boston

Properties,

Inc.

.....................

7,178

$

464,560

a

Oil,

Gas

&

Consumable

Fuels

 — 

1

.6

%

Cheniere

Energy,

Inc.

......................

11,611

1,802,027

HF

Sinclair

Corp.

.........................

7,782

431,901

Kinder

Morgan,

Inc.

,

Class

P

.................

97,152

1,689,473

Marathon

Petroleum

Corp.

..................

18,503

3,131,263

ONEOK,

Inc.

............................

28,417

2,134,685

Phillips

66

..............................

21,440

3,055,414

Targa

Resources

Corp.

.....................

10,336

1,015,409

Valero

Energy

Corp.

.......................

16,591

2,346,963

Williams

Companies,

Inc.

(The)

...............

59,312

2,131,673

17,738,808

a

Passenger

Airlines

 — 

0

.0

%

Delta

Air

Lines,

Inc.

.......................

7,930

335,201

a

Pharmaceuticals

 — 

6

.6

%

Bristol-Myers

Squibb

Co.

....................

99,157

5,032,218

Eli

Lilly

&

Co.

...........................

39,322

29,636,205

Jazz

Pharmaceuticals

PLC

(a)

.................

2,900

344,810

Johnson

&

Johnson

.......................

117,310

18,931,488

Merck

&

Co.,

Inc.

.........................

123,487

15,701,372

Zoetis,

Inc.

,

Class

A

.......................

22,347

4,432,080

74,078,173

a

Professional

Services

 — 

0

.9

%

Automatic

Data

Processing,

Inc.

...............

20,044

5,033,650

Broadridge

Financial

Solutions,

Inc.

............

5,745

1,169,567

Dayforce,

Inc.

(a)

(b)

.........................

7,281

507,923

Paychex,

Inc.

...........................

15,762

1,932,736

Paylocity

Holding

Corp.

(a)

(b)

..................

2,206

371,954

Robert

Half,

Inc.

.........................

5,191

417,356

TransUnion

.............................

9,455

733,992

10,167,178

a

Real

Estate

Management

&

Development

 — 

0

.1

%

CBRE

Group,

Inc.

,

Class

A

(a)

.................

14,853

1,364,842

a

Semiconductors

&

Semiconductor

Equipment

 — 

11

.7

%

Applied

Materials,

Inc.

.....................

40,499

8,165,408

Intel

Corp.

.............................

205,452

8,844,709

Lam

Research

Corp.

......................

6,423

6,026,380

Marvell

Technology,

Inc.

....................

42,128

3,018,892

NVIDIA

Corp.

...........................

120,367

95,224,741

NXP

Semiconductors

NV

...................

12,561

3,136,859

Texas

Instruments,

Inc.

.....................

44,258

7,405,691

131,822,680

a

Software

 — 

18

.6

%

Adobe,

Inc.

(a)

............................

22,027

12,341,288

ANSYS,

Inc.

(a)

...........................

4,245

1,418,552

Autodesk,

Inc.

(a)

(b)

.........................

10,424

2,691,164

Cadence

Design

Systems,

Inc.

(a)

..............

13,258

4,035,470

DocuSign,

Inc.

(a)

.........................

9,934

529,184

Fair

Isaac

Corp.

(a)

.........................

1,211

1,537,861

Gen

Digital,

Inc.

..........................

28,094

603,740

HubSpot,

Inc.

(a)

..........................

2,330

1,441,827

Intuit,

Inc.

..............................

13,642

9,043,145

Microsoft

Corp.

..........................

344,076

142,323,597

PTC,

Inc.

(a)

(b)

............................

5,840

1,068,778

Salesforce,

Inc.

(a)

.........................

47,184

14,571,363

ServiceNow,

Inc.

(a)

........................

9,990

7,705,687

Splunk,

Inc.

(a)

...........................

7,782

1,215,704

Synopsys,

Inc.

(a)

.........................

7,407

4,249,618

Workday,

Inc.

,

Class

A

(a)

....................

10,185

3,001,112

Schedule

of

Investments

(unaudited)

(continued)

February

29,

2024

iShares

®

ESG

MSCI

USA

Leaders

ETF

(Percentages

shown

are

based

on

Net

Assets)

40

2024

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Software

(continued)

Zscaler,

Inc.

(a)

...........................

4,343

$

1,050,876

208,828,966

a

Specialized

REITs

 — 

1

.5

%

American

Tower

Corp.

.....................

22,717

4,517,503

Crown

Castle,

Inc.

........................

21,147

2,324,901

Digital

Realty

Trust,

Inc.

....................

14,698

2,157,813

Equinix,

Inc.

............................

4,575

4,066,351

Iron

Mountain,

Inc.

........................

14,168

1,114,172

SBA

Communications

Corp.

,

Class

A

............

5,272

1,103,061

Weyerhaeuser

Co.

........................

35,601

1,223,962

16,507,763

a

Specialty

Retail

 — 

3

.4

%

AutoZone,

Inc.

(a)

.........................

843

2,534,075

Best

Buy

Co.,

Inc.

........................

9,510

769,169

Burlington

Stores,

Inc.

(a)

....................

3,165

649,141

CarMax,

Inc.

(a)

(b)

..........................

7,614

601,506

Home

Depot,

Inc.

(The)

....................

48,502

18,460,346

Lowe's

Companies,

Inc.

....................

28,042

6,748,868

TJX

Companies,

Inc.

(The)

..................

55,475

5,499,792

Tractor

Supply

Co.

........................

5,291

1,345,607

Ulta

Beauty,

Inc.

(a)

........................

2,366

1,297,893

37,906,397

a

Technology

Hardware,

Storage

&

Peripherals

 — 

0

.4

%

Hewlett

Packard

Enterprise

Co.

...............

63,333

964,562

HP,

Inc.

...............................

45,874

1,299,610

NetApp,

Inc.

............................

10,125

902,340

Seagate

Technology

Holdings

PLC

.............

9,690

901,655

Western

Digital

Corp.

(a)

.....................

15,707

934,095

5,002,262

a

Textiles,

Apparel

&

Luxury

Goods

 — 

0

.9

%

Deckers

Outdoor

Corp.

(a)

....................

1,254

1,123,070

Lululemon

Athletica,

Inc.

(a)

...................

5,605

2,618,040

Security

Shares

Value

a

Textiles,

Apparel

&

Luxury

Goods

(continued)

Nike,

Inc.

,

Class

B

........................

59,311

$

6,164,192

9,905,302

a

Trading

Companies

&

Distributors

 — 

0

.8

%

Fastenal

Co.

............................

27,871

2,034,862

Ferguson

PLC

...........................

9,901

2,093,566

United

Rentals,

Inc.

.......................

3,317

2,299,577

WW

Grainger,

Inc.

........................

2,177

2,119,222

8,547,227

a

Water

Utilities

 — 

0

.1

%

American

Water

Works

Co.,

Inc.

...............

9,451

1,120,321

Essential

Utilities,

Inc.

......................

12,652

440,037

1,560,358

a

Total

Long-Term

Investments — 99.7%

(Cost:

$

952,973,518

)

................................

1,120,042,654

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.6

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.50

%

(c)

(d)

(e)

......................

5,469,948

5,472,683

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.30

%

(c)

(d)

............................

1,683,126

1,683,126

a

Total

Short-Term

Securities — 0.6%

(Cost:

$

7,155,487

)

..................................

7,155,809

Total

Investments

—

100.3%

(Cost:

$

960,129,005

)

................................

1,127,198,463

Liabilities

in

Excess

of

Other

Assets

—

(

0

.3

)

%

...............

(

3,918,276

)

Net

Assets

—

100.0%

.................................

$

1,123,280,187

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

February

29,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

08/31/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

02/29/24

  Shares

Held

at

02/29/24

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

1,150,322

$

4,318,748

(a)

$

—

$

3,444

$

169

$

5,472,683

5,469,948

$

32,057

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

1,878,833

—

(

195,707

)

(a)

—

—

1,683,126

1,683,126

73,061

—

BlackRock,

Inc.

..

5,850,210

299,076

(

1,160,653

)

91,426

801,345

5,881,404

7,249

84,115

—

$

94,870

$

801,514

$

13,037,213

$

189,233

$

—

(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.

iShares

®

ESG

MSCI

USA

Leaders

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

29,

2024

41

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

February

29,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

S&P

500

Index

...................................................................

12

03/15/24

$

3,062

$

143,494

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)

.............

$

—

$

—

$

143,494

$

—

$

—

$

—

$

143,494

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

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).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

192,250

$

—

$

—

$

—

$

192,250

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

109,079

$

—

$

—

$

—

$

109,079

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

3,132,988

a

Schedule

of

Investments

(unaudited)

(continued)

February

29,

2024

iShares

®

ESG

MSCI

USA

Leaders

ETF

42

2024

iShares

Semi-Annual

Report

to

Shareholders

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

Common

Stocks

.........................................

$

1,120,042,654

‌

$

—

‌

$

—

‌

$

1,120,042,654

‌

Short-Term

Securities

Money

Market

Funds

......................................

7,155,809

‌

—

‌

—

‌

7,155,809

‌

$

1,127,198,463

‌

$

—

‌

$

—

‌

$

1,127,198,463

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

143,494

‌

$

—

‌

$

—

‌

$

143,494

‌

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

Paris-Aligned

Climate

MSCI

USA

ETF

Schedule

of

Investments

(unaudited)

February

29,

2024

(Percentages

shown

are

based

on

Net

Assets)

43

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

0

.4

%

Axon

Enterprise,

Inc.

(a)

.....................

16,555

$

5,088,510

L3Harris

Technologies,

Inc.

..................

10,393

2,199,783

7,288,293

a

Automobiles

 — 

2

.1

%

Rivian

Automotive,

Inc.

,

Class

A

(a)

(b)

.............

291,683

3,301,851

Tesla,

Inc.

(a)

.............................

166,159

33,544,179

36,846,030

a

Banks

 — 

1

.4

%

JPMorgan

Chase

&

Co.

....................

115,312

21,454,951

M&T

Bank

Corp.

.........................

9,440

1,319,146

U.S.

Bancorp

...........................

34,264

1,437,717

24,211,814

a

Beverages

 — 

1

.1

%

Brown-Forman

Corp.

,

Class

B

,

NVS

............

198,986

11,984,927

Keurig

Dr

Pepper,

Inc.

.....................

47,513

1,421,114

Monster

Beverage

Corp.

(a)

...................

90,200

5,330,820

18,736,861

a

Biotechnology

 — 

1

.9

%

AbbVie,

Inc.

............................

71,081

12,513,810

Alnylam

Pharmaceuticals,

Inc.

(a)

...............

10,960

1,655,946

Amgen,

Inc.

............................

14,408

3,945,343

Biogen,

Inc.

(a)

...........................

7,226

1,567,970

BioMarin

Pharmaceutical,

Inc.

(a)

...............

16,418

1,416,545

Exact

Sciences

Corp.

(a)

.....................

6,781

390,111

Moderna,

Inc.

(a)

..........................

6,835

630,460

Neurocrine

Biosciences,

Inc.

(a)

................

6,270

817,608

Regeneron

Pharmaceuticals,

Inc.

(a)

.............

5,180

5,004,346

Vertex

Pharmaceuticals,

Inc.

(a)

................

11,893

5,003,861

32,946,000

a

Broadline

Retail

 — 

4

.1

%

Amazon.com,

Inc.

(a)

.......................

368,737

65,177,952

eBay,

Inc.

..............................

56,798

2,685,410

Etsy,

Inc.

(a)

(b)

............................

14,704

1,054,130

MercadoLibre,

Inc.

(a)

.......................

2,838

4,527,461

73,444,953

a

Building

Products

 — 

0

.1

%

Allegion

PLC

............................

11,015

1,408,488

Fortune

Brands

Innovations,

Inc.

..............

3,038

247,111

1,655,599

a

Capital

Markets

 — 

3

.8

%

Ameriprise

Financial,

Inc.

...................

1,850

753,616

Bank

of

New

York

Mellon

Corp.

(The)

...........

60,424

3,389,182

BlackRock,

Inc.

(c)

.........................

10,339

8,388,444

Cboe

Global

Markets,

Inc.

...................

11,102

2,131,584

Charles

Schwab

Corp.

(The)

.................

106,169

7,089,966

CME

Group,

Inc.

,

Class

A

...................

28,706

6,325,367

FactSet

Research

Systems,

Inc.

...............

4,247

1,964,577

Intercontinental

Exchange,

Inc.

...............

36,280

5,021,878

KKR

&

Co.,

Inc.

..........................

22,445

2,205,446

MarketAxess

Holdings,

Inc.

..................

3,316

707,667

Moody's

Corp.

...........................

20,781

7,884,727

Nasdaq,

Inc.

............................

32,116

1,804,919

Northern

Trust

Corp.

.......................

18,492

1,518,748

Raymond

James

Financial,

Inc.

...............

2,655

319,450

S&P

Global,

Inc.

.........................

31,903

13,666,607

SEI

Investments

Co.

.......................

28,311

1,903,915

T

Rowe

Price

Group,

Inc.

...................

18,211

2,064,217

Security

Shares

Value

a

Capital

Markets

(continued)

Tradeweb

Markets,

Inc.

,

Class

A

...............

3,063

$

324,127

67,464,437

a

Chemicals

 — 

1

.5

%

Albemarle

Corp.

.........................

4,655

641,692

Sherwin-Williams

Co.

(The)

..................

79,732

26,473,416

27,115,108

a

Commercial

Services

&

Supplies

 — 

0

.6

%

Cintas

Corp.

............................

7,957

5,001,850

Copart,

Inc.

(a)

...........................

52,947

2,814,133

Rollins,

Inc.

.............................

70,048

3,087,015

10,902,998

a

Communications

Equipment

 — 

1

.6

%

Arista

Networks,

Inc.

(a)

.....................

3,911

1,085,459

Cisco

Systems,

Inc.

.......................

260,636

12,606,963

F5,

Inc.

(a)

..............................

7,851

1,469,864

Juniper

Networks,

Inc.

.....................

183,355

6,789,636

Motorola

Solutions,

Inc.

....................

21,798

7,201,841

29,153,763

a

Construction

&

Engineering

 — 

0

.1

%

AECOM

...............................

16,181

1,437,358

a

Consumer

Finance

 — 

0

.5

%

American

Express

Co.

.....................

29,222

6,411,891

Discover

Financial

Services

..................

14,271

1,722,510

8,134,401

a

Consumer

Staples

Distribution

&

Retail

 — 

0

.1

%

Dollar

General

Corp.

......................

14,101

2,049,016

a

Distributors

 — 

0

.0

%

Pool

Corp.

.............................

835

332,430

a

Diversified

REITs

 — 

0

.0

%

WP

Carey,

Inc.

..........................

8,281

505,111

a

Electric

Utilities

 — 

1

.2

%

Edison

International

.......................

303,032

20,612,237

a

Electrical

Equipment

 — 

0

.4

%

AMETEK,

Inc.

...........................

18,833

3,393,330

Rockwell

Automation,

Inc.

...................

11,605

3,308,353

6,701,683

a

Electronic

Equipment,

Instruments

&

Components

 — 

0

.8

%

Amphenol

Corp.

,

Class

A

...................

22,334

2,439,766

CDW

Corp.

.............................

20,175

4,967,287

Keysight

Technologies,

Inc.

(a)

.................

18,623

2,873,529

TE

Connectivity

Ltd.

.......................

6,568

942,902

Teledyne

Technologies,

Inc.

(a)

.................

2,737

1,169,438

Trimble,

Inc.

(a)

...........................

39,126

2,394,120

14,787,042

a

Entertainment

 — 

1

.3

%

Liberty

Media

Corp.-Liberty

Formula

One

,

Series

C

,

NVS

(a)

...............................

16,898

1,229,498

Netflix,

Inc.

(a)

............................

19,613

11,825,070

Take-Two

Interactive

Software,

Inc.

(a)

............

2,776

407,878

Walt

Disney

Co.

(The)

.....................

81,767

9,123,562

22,586,008

a

Financial

Services

 — 

3

.9

%

Berkshire

Hathaway,

Inc.

,

Class

B

(a)

............

23,807

9,746,586

Fidelity

National

Information

Services,

Inc.

........

11,968

828,066

Schedule

of

Investments

(unaudited)

(continued)

February

29,

2024

iShares

®

Paris-Aligned

Climate

MSCI

USA

ETF

(Percentages

shown

are

based

on

Net

Assets)

44

2024

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Financial

Services

(continued)

Fiserv,

Inc.

(a)

............................

31,864

$

4,756,339

FleetCor

Technologies,

Inc.

(a)

.................

5,576

1,557,209

Global

Payments,

Inc.

.....................

12,174

1,578,968

Jack

Henry

&

Associates,

Inc.

................

1,456

253,009

Mastercard,

Inc.

,

Class

A

....................

37,006

17,568,969

PayPal

Holdings,

Inc.

(a)

.....................

39,787

2,400,748

Visa,

Inc.

,

Class

A

........................

110,261

31,164,169

69,854,063

a

Food

Products

 — 

0

.4

%

Darling

Ingredients,

Inc.

(a)

...................

126,264

5,342,230

Hershey

Co.

(The)

........................

5,774

1,085,050

6,427,280

a

Ground

Transportation

 — 

0

.7

%

Old

Dominion

Freight

Line,

Inc.

...............

9,635

4,263,295

Uber

Technologies,

Inc.

(a)

...................

19,346

1,538,007

U-Haul

Holding

Co.

,

Series

N

,

NVS

.............

27,653

1,757,901

Union

Pacific

Corp.

.......................

16,123

4,090,244

11,649,447

a

Health

Care

Equipment

&

Supplies

 — 

3

.3

%

Align

Technology,

Inc.

(a)

.....................

2,569

776,917

Baxter

International,

Inc.

....................

4,435

181,480

Becton

Dickinson

&

Co.

....................

9,351

2,202,628

Boston

Scientific

Corp.

(a)

....................

74,598

4,939,134

Cooper

Cos.,

Inc.

The

......................

20,552

1,923,667

Dexcom,

Inc.

(a)

..........................

19,126

2,200,829

Edwards

Lifesciences

Corp.

(a)

................

132,917

11,280,666

Hologic,

Inc.

(a)

...........................

21,678

1,599,836

IDEXX

Laboratories,

Inc.

(a)

...................

17,302

9,952,630

Insulet

Corp.

(a)

...........................

3,506

574,984

Intuitive

Surgical,

Inc.

(a)

.....................

14,317

5,520,635

Medtronic

PLC

..........................

72,403

6,035,514

ResMed,

Inc.

...........................

12,141

2,109,135

Stryker

Corp.

...........................

18,359

6,408,576

Teleflex,

Inc.

............................

3,917

872,668

Zimmer

Biomet

Holdings,

Inc.

................

13,636

1,695,773

58,275,072

a

Health

Care

Providers

&

Services

 — 

1

.5

%

Elevance

Health,

Inc.

......................

11,415

5,721,769

Humana,

Inc.

...........................

6,398

2,241,347

Laboratory

Corp.

of

America

Holdings

...........

1,614

348,350

Quest

Diagnostics,

Inc.

.....................

3,897

486,696

UnitedHealth

Group,

Inc.

....................

37,817

18,666,471

27,464,633

a

Health

Care

REITs

 — 

0

.5

%

Healthpeak

Properties,

Inc.

..................

294,312

4,929,726

Ventas,

Inc.

............................

26,493

1,120,389

Welltower,

Inc.

...........................

33,008

3,042,017

9,092,132

a

Health

Care

Technology

 — 

0

.1

%

Veeva

Systems,

Inc.

,

Class

A

(a)

...............

6,858

1,546,548

a

Hotels,

Restaurants

&

Leisure

 — 

2

.4

%

Airbnb,

Inc.

,

Class

A

(a)

......................

24,329

3,831,088

Booking

Holdings,

Inc.

(a)

....................

159

551,544

Chipotle

Mexican

Grill,

Inc.

(a)

.................

904

2,430,648

Hilton

Worldwide

Holdings,

Inc.

...............

7,939

1,622,096

Marriott

International,

Inc.

,

Class

A

.............

6,604

1,650,142

McDonald's

Corp.

........................

75,799

22,154,532

Starbucks

Corp.

..........................

61,786

5,863,491

Vail

Resorts,

Inc.

.........................

694

159,835

Security

Shares

Value

a

Hotels,

Restaurants

&

Leisure

(continued)

Wynn

Resorts

Ltd.

........................

4,540

$

477,608

Yum!

Brands,

Inc.

........................

26,555

3,675,743

42,416,727

a

Household

Durables

 — 

0

.2

%

Garmin

Ltd.

.............................

24,860

3,414,521

a

Household

Products

 — 

0

.1

%

Church

&

Dwight

Co.,

Inc.

...................

12,316

1,233,078

Clorox

Co.

(The)

.........................

2,748

421,296

1,654,374

a

Industrial

REITs

 — 

1

.1

%

Prologis,

Inc.

............................

147,191

19,616,145

a

Insurance

 — 

3

.4

%

Aflac,

Inc.

..............................

109,079

8,807,038

Allstate

Corp.

(The)

.......................

17,119

2,730,823

American

Financial

Group,

Inc.

...............

29,873

3,813,886

Arch

Capital

Group

Ltd.

(a)

...................

53,593

4,694,211

Arthur

J

Gallagher

&

Co.

....................

4,083

995,966

Brown

&

Brown,

Inc.

.......................

40,249

3,389,368

Chubb

Ltd.

.............................

28,538

7,182,158

Cincinnati

Financial

Corp.

...................

19,562

2,230,068

Erie

Indemnity

Co.

,

Class

A

,

NVS

..............

4,912

1,998,595

Globe

Life,

Inc.

..........................

9,478

1,203,042

Hartford

Financial

Services

Group,

Inc.

(The)

......

32,769

3,140,581

Markel

Group,

Inc.

(a)

.......................

2,010

2,999,885

Marsh

&

McLennan

Companies,

Inc.

............

30,473

6,163,774

MetLife,

Inc.

............................

39,853

2,779,348

Progressive

Corp.

(The)

....................

30,121

5,709,737

Willis

Towers

Watson

PLC

...................

9,554

2,604,516

60,442,996

a

Interactive

Media

&

Services

 — 

5

.6

%

Alphabet,

Inc.

,

Class

A

(a)

....................

109,172

15,115,955

Alphabet,

Inc.

,

Class

C

,

NVS

(a)

................

279,683

39,094,090

Match

Group,

Inc.

(a)

.......................

12,589

453,708

Meta

Platforms,

Inc.

,

Class

A

.................

88,413

43,333,864

Pinterest,

Inc.

,

Class

A

(a)

....................

14,566

534,572

Snap,

Inc.

,

Class

A

,

NVS

(a)

..................

26,716

294,410

98,826,599

a

IT

Services

 — 

1

.5

%

Accenture

PLC

,

Class

A

....................

22,539

8,447,167

Gartner,

Inc.

(a)

...........................

940

437,626

International

Business

Machines

Corp.

..........

84,409

15,618,197

Okta,

Inc.

,

Class

A

(a)

.......................

3,363

360,850

Snowflake,

Inc.

,

Class

A

(a)

...................

977

183,950

VeriSign,

Inc.

(a)

..........................

9,645

1,883,572

26,931,362

a

Life

Sciences

Tools

&

Services

 — 

2

.2

%

Avantor,

Inc.

(a)

...........................

8,133

200,397

Bio-Rad

Laboratories,

Inc.

,

Class

A

(a)

............

2,218

722,802

Bio-Techne

Corp.

.........................

59,981

4,412,802

Danaher

Corp.

..........................

28,611

7,242,589

Illumina,

Inc.

(a)

...........................

12,461

1,742,422

IQVIA

Holdings,

Inc.

(a)

......................

1,685

416,465

Mettler-Toledo

International,

Inc.

(a)

.............

3,232

4,031,015

Repligen

Corp.

(a)

.........................

9,511

1,845,039

Revvity,

Inc.

............................

23,902

2,619,420

Thermo

Fisher

Scientific,

Inc.

.................

20,508

11,693,251

Waters

Corp.

(a)

..........................

1,526

514,903

iShares

®

Paris-Aligned

Climate

MSCI

USA

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

29,

2024

(Percentages

shown

are

based

on

Net

Assets)

45

Schedule

of

Investments

Security

Shares

Value

a

Life

Sciences

Tools

&

Services

(continued)

West

Pharmaceutical

Services,

Inc.

............

11,620

$

4,164,143

39,605,248

a

Machinery

 — 

2

.6

%

Fortive

Corp.

............................

63,512

5,406,776

Graco,

Inc.

.............................

8,466

772,607

IDEX

Corp.

.............................

23,760

5,604,984

Illinois

Tool

Works,

Inc.

.....................

24,138

6,327,777

Ingersoll

Rand,

Inc.

.......................

26,466

2,417,140

Pentair

PLC

............................

37,637

2,927,782

Westinghouse

Air

Brake

Technologies

Corp.

.......

3,165

447,183

Xylem,

Inc.

.............................

181,879

23,107,727

47,011,976

a

Media

 — 

0

.8

%

Charter

Communications,

Inc.

,

Class

A

(a)

.........

6,820

2,004,603

Comcast

Corp.

,

Class

A

....................

111,730

4,787,631

Fox

Corp.

,

Class

A

,

NVS

....................

12,660

377,141

Fox

Corp.

,

Class

B

........................

20,899

572,215

Liberty

Broadband

Corp.

,

Class

C

,

NVS

(a)

........

39,002

2,347,140

Liberty

Media

Corp.-Liberty

SiriusXM

,

Series

C

,

NVS

(a)

39,595

1,147,463

Sirius

XM

Holdings,

Inc.

(b)

...................

287,903

1,272,531

Trade

Desk,

Inc.

(The)

,

Class

A

(a)

..............

13,123

1,121,098

13,629,822

a

Mortgage

REITs

 — 

0

.0

%

Annaly

Capital

Management,

Inc.

..............

8,889

169,691

a

Office

REITs

 — 

0

.6

%

Alexandria

Real

Estate

Equities,

Inc.

............

28,153

3,511,524

Boston

Properties,

Inc.

.....................

109,831

7,108,262

10,619,786

a

Personal

Care

Products

 — 

0

.0

%

Estee

Lauder

Companies,

Inc.

(The)

,

Class

A

......

4,891

726,705

a

Pharmaceuticals

 — 

6

.3

%

Bristol-Myers

Squibb

Co.

....................

137,487

6,977,465

Catalent,

Inc.

(a)

..........................

13,796

791,063

Eli

Lilly

&

Co.

...........................

48,222

36,343,957

Jazz

Pharmaceuticals

PLC

(a)

.................

10,590

1,259,151

Johnson

&

Johnson

.......................

115,815

18,690,225

Merck

&

Co.,

Inc.

.........................

139,159

17,694,067

Pfizer,

Inc.

.............................

290,499

7,715,653

Royalty

Pharma

PLC

,

Class

A

................

110,903

3,364,797

Zoetis,

Inc.

,

Class

A

.......................

94,904

18,822,310

111,658,688

a

Professional

Services

 — 

0

.9

%

Automatic

Data

Processing,

Inc.

...............

20,645

5,184,579

Booz

Allen

Hamilton

Holding

Corp.

,

Class

A

.......

7,164

1,058,195

Equifax,

Inc.

............................

7,798

2,133,455

Paychex,

Inc.

...........................

35,652

4,371,648

Paycom

Software,

Inc.

.....................

852

155,396

Robert

Half,

Inc.

.........................

7,476

601,070

SS&C

Technologies

Holdings,

Inc.

.............

2,899

184,840

Verisk

Analytics,

Inc.

.......................

10,804

2,613,488

16,302,671

a

Real

Estate

Management

&

Development

 — 

0

.2

%

CoStar

Group,

Inc.

(a)

.......................

36,884

3,210,014

Zillow

Group,

Inc.

,

Class

C

,

NVS

(a)

.............

4,245

238,357

3,448,371

a

Residential

REITs

 — 

0

.7

%

AvalonBay

Communities,

Inc.

................

44,279

7,838,711

Equity

Residential

........................

30,825

1,855,973

Security

Shares

Value

a

Residential

REITs

(continued)

Essex

Property

Trust,

Inc.

...................

8,089

$

1,871,795

Sun

Communities,

Inc.

.....................

1,626

217,494

11,783,973

a

Retail

REITs

 — 

0

.5

%

Realty

Income

Corp.

.......................

91,471

4,766,554

Regency

Centers

Corp.

....................

30,230

1,872,748

Simon

Property

Group,

Inc.

..................

18,015

2,668,742

9,308,044

a

Semiconductors

&

Semiconductor

Equipment

 — 

11

.6

%

Advanced

Micro

Devices,

Inc.

(a)

...............

69,305

13,343,292

Analog

Devices,

Inc.

.......................

59,721

11,455,682

Broadcom,

Inc.

..........................

21,643

28,146,505

Enphase

Energy,

Inc.

(a)

.....................

68,054

8,643,539

First

Solar,

Inc.

(a)

.........................

64,450

9,918,210

Intel

Corp.

.............................

183,896

7,916,723

KLA

Corp.

..............................

6,154

4,198,874

Marvell

Technology,

Inc.

....................

82,963

5,945,129

NVIDIA

Corp.

...........................

121,826

96,378,985

QUALCOMM,

Inc.

........................

58,339

9,205,311

Skyworks

Solutions,

Inc.

....................

6,133

643,474

Texas

Instruments,

Inc.

.....................

65,771

11,005,461

206,801,185

a

Software

 — 

12

.3

%

Adobe,

Inc.

(a)

............................

22,668

12,700,427

ANSYS,

Inc.

(a)

...........................

3,373

1,127,155

Autodesk,

Inc.

(a)

(b)

.........................

9,011

2,326,370

Fortinet,

Inc.

(a)

...........................

29,648

2,048,973

Intuit,

Inc.

..............................

18,645

12,359,584

Microsoft

Corp.

..........................

325,469

134,626,997

Oracle

Corp.

............................

82,054

9,163,791

Palo

Alto

Networks,

Inc.

(a)

...................

13,685

4,249,877

Roper

Technologies,

Inc.

....................

5,863

3,193,752

Salesforce,

Inc.

(a)

.........................

43,801

13,526,625

ServiceNow,

Inc.

(a)

........................

22,968

17,716,137

Splunk,

Inc.

(a)

...........................

17,511

2,735,568

Tyler

Technologies,

Inc.

(a)

...................

1,545

675,381

Workday,

Inc.

,

Class

A

(a)

....................

5,910

1,741,441

Zoom

Video

Communications,

Inc.

,

Class

A

(a)

......

10,226

723,285

218,915,363

a

Specialized

REITs

 — 

3

.6

%

American

Tower

Corp.

.....................

23,066

4,586,905

Crown

Castle,

Inc.

........................

20,643

2,269,491

Digital

Realty

Trust,

Inc.

....................

168,281

24,705,334

Equinix,

Inc.

............................

13,057

11,605,323

Extra

Space

Storage,

Inc.

...................

11,987

1,689,807

Public

Storage

...........................

16,033

4,551,288

SBA

Communications

Corp.

,

Class

A

............

5,810

1,215,626

VICI

Properties,

Inc.

.......................

432,255

12,937,392

63,561,166

a

Specialty

Retail

 — 

1

.8

%

Burlington

Stores,

Inc.

(a)

....................

2,048

420,045

Home

Depot,

Inc.

(The)

....................

46,791

17,809,122

Lowe's

Companies,

Inc.

....................

7,870

1,894,073

Ross

Stores,

Inc.

.........................

21,350

3,180,296

TJX

Companies,

Inc.

(The)

..................

70,491

6,988,478

Ulta

Beauty,

Inc.

(a)

........................

3,892

2,134,995

32,427,009

a

Technology

Hardware,

Storage

&

Peripherals

 — 

6

.9

%

Apple,

Inc.

.............................

680,449

122,991,156

a

Schedule

of

Investments

(unaudited)

(continued)

February

29,

2024

iShares

®

Paris-Aligned

Climate

MSCI

USA

ETF

(Percentages

shown

are

based

on

Net

Assets)

46

2024

iShares

Semi-Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Security

Shares

Value

a

Textiles,

Apparel

&

Luxury

Goods

 — 

0

.3

%

Lululemon

Athletica,

Inc.

(a)

...................

9,182

$

4,288,821

Nike,

Inc.

,

Class

B

........................

19,361

2,012,189

6,301,010

a

Trading

Companies

&

Distributors

 — 

0

.3

%

Fastenal

Co.

............................

62,362

4,553,050

a

Water

Utilities

 — 

0

.5

%

American

Water

Works

Co.,

Inc.

...............

72,773

8,626,511

a

Total

Long-Term

Investments — 99.8%

(Cost:

$

1,517,490,406

)

...............................

1,772,964,466

Security

Shares

Value

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.6

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.50

%

(c)

(d)

(e)

......................

8,389,081

$

8,393,275

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.30

%

(c)

(d)

............................

2,153,142

2,153,142

a

Total

Short-Term

Securities — 0.6%

(Cost:

$

10,542,865

)

.................................

10,546,417

Total

Investments

—

100.4%

(Cost:

$

1,528,033,271

)

...............................

1,783,510,883

Liabilities

in

Excess

of

Other

Assets

—

(

0

.4

)

%

...............

(

7,443,468

)

Net

Assets

—

100.0%

.................................

$

1,776,067,415

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

February

29,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

08/31/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

02/29/24

  Shares

Held

at

02/29/24

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

18,112,745

$

—

$

(

9,721,694

)

(a)

$

1,103

$

1,121

$

8,393,275

8,389,081

$

280,267

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

2,674,081

—

(

520,939

)

(a)

—

—

2,153,142

2,153,142

69,813

—

BlackRock,

Inc.

...

6,798,741

1,383,873

(

888,745

)

156,387

938,188

8,388,444

10,339

96,655

—

$

157,490

$

939,309

$

18,934,861

$

446,735

$

—

(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.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Health

Care

Select

Sector

Index

.......................................................

5

03/15/24

$

732

$

59,810

E-Mini

NASDAQ

100

Index

...............................................................

6

03/15/24

2,170

182,102

$

241,912

iShares

®

Paris-Aligned

Climate

MSCI

USA

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

29,

2024

47

Schedule

of

Investments

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

February

29,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

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.

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)

.............

$

—

$

—

$

241,912

$

—

$

—

$

—

$

241,912

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

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).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

206,708

$

—

$

—

$

—

$

206,708

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

139,401

$

—

$

—

$

—

$

139,401

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

3,365,740

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

1,772,964,466

$

—

$

—

$

1,772,964,466

Short-Term

Securities

Money

Market

Funds

......................................

10,546,417

—

—

10,546,417

$

1,783,510,883

$

—

$

—

$

1,783,510,883

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

241,912

$

—

$

—

$

241,912

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

48

2024

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Assets

and

Liabilities

(unaudited)

February

29,

2024

See

notes

to

financial

statements.

iShares

ESG

Aware

MSCI

USA

ETF

iShares

ESG

Aware

MSCI

USA

Growth

ETF

iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF

iShares

ESG

Aware

MSCI

USA

Value

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

......................................

$

13,411,021,799

‌

$

5,877,980

‌

$

1,573,201,338

‌

$

4,232,021

‌

Investments,

at

value

—

affiliated

(c)

.........................................

118,253,339

‌

692,263

‌

104,906,668

‌

31,908

‌

Cash

.............................................................

—

‌

126

‌

—

‌

139

‌

Cash

pledged:

Futures

contracts

...................................................

2,872,000

‌

1,000

‌

346,000

‌

1,000

‌

Receivables:

Investments

sold

...................................................

634,692,177

‌

298,702

‌

79,352,892

‌

211,290

‌

Securities

lending

income

—

affiliated

.....................................

9,900

‌

11

‌

44,518

‌

1

‌

Dividends

—

unaffiliated

..............................................

18,473,330

‌

2,975

‌

1,332,870

‌

9,726

‌

Dividends

—

affiliated

................................................

147,399

‌

46

‌

20,115

‌

39

‌

Variation

margin

on

futures

contracts

......................................

250,340

‌

70

‌

41,230

‌

70

‌

Total

assets

........................................................

14,185,720,284

‌

6,873,173

‌

1,759,245,631

‌

4,486,194

‌

LIABILITIES

Bank

overdraft

.......................................................

1,184

‌

—

‌

236

‌

—

‌

Collateral

on

securities

loaned

............................................

53,823,517

‌

682,094

‌

100,507,710

‌

2,644

‌

Payables:

Investments

purchased

...............................................

644,565,370

‌

306,913

‌

79,598,117

‌

219,913

‌

Capital

shares

redeemed

..............................................

69,800

‌

478

‌

—

‌

—

‌

Investment

advisory

fees

..............................................

1,574,747

‌

830

‌

201,784

‌

598

‌

Total

liabilities

.......................................................

700,034,618

‌

990,315

‌

180,307,847

‌

223,155

‌

Commitments

and

contingent

liabilities

NET

ASSETS

.......................................................

$

13,485,685,666

‌

$

5,882,858

‌

$

1,578,937,784

‌

$

4,263,039

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.......................................................

$

13,051,430,837

‌

$

4,059,213

‌

$

1,591,899,901

‌

$

4,056,114

‌

Accumulated

earnings

(loss)

.............................................

434,254,829

‌

1,823,645

‌

(

12,962,117

)

206,925

‌

NET

ASSETS

.......................................................

$

13,485,685,666

‌

$

5,882,858

‌

$

1,578,937,784

‌

$

4,263,039

‌

NET

ASSET

VALUE

Shares

outstanding

...................................................

120,550,000

‌

160,000

‌

40,650,000

‌

160,000

‌

Net

asset

value

......................................................

$

111.87

‌

$

36.77

‌

$

38.84

‌

$

26.64

‌

Shares

authorized

....................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

..........................................................

None

None

None

None

(a)

Securities

loaned,

at

value

............................................

$

52,037,326

‌

$

632,806

‌

$

96,130,165

‌

$

2,547

‌

(b)

Investments,

at

cost

—

unaffiliated

.......................................

$

11,583,657,483

‌

$

4,577,104

‌

$

1,442,364,511

‌

$

3,943,928

‌

(c)

Investments,

at

cost

—

affiliated

.........................................

$

114,771,211

‌

$

692,263

‌

$

104,856,977

‌

$

30,656

‌

49

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

February

29,

2024

Financial

Statements

See

notes

to

financial

statements.

iShares

ESG

MSCI

USA

Leaders

ETF

iShares

Paris-Aligned

Climate

MSCI

USA

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.....................................................................

$

1,114,161,250

‌

$

1,764,576,022

‌

Investments,

at

value

—

affiliated

(c)

........................................................................

13,037,213

‌

18,934,861

‌

Cash

............................................................................................

—

‌

11,284

‌

Cash

pledged:

Futures

contracts

..................................................................................

144,000

‌

175,000

‌

Receivables:

Investments

sold

..................................................................................

4,904,271

‌

2,518,966

‌

Securities

lending

income

—

affiliated

....................................................................

5,922

‌

71,902

‌

Capital

shares

sold

.................................................................................

47,091

‌

—

‌

Dividends

—

unaffiliated

.............................................................................

1,537,067

‌

1,765,441

‌

Dividends

—

affiliated

...............................................................................

10,824

‌

12,882

‌

Variation

margin

on

futures

contracts

.....................................................................

13,650

‌

16,760

‌

Total

assets

.......................................................................................

1,133,861,288

‌

1,788,083,118

‌

LIABILITIES

Collateral

on

securities

loaned

...........................................................................

5,477,971

‌

8,388,467

‌

Payables:

Investments

purchased

..............................................................................

4,940,044

‌

3,166,594

‌

Capital

shares

redeemed

.............................................................................

70,637

‌

319,804

‌

Investment

advisory

fees

.............................................................................

92,449

‌

140,838

‌

Total

liabilities

......................................................................................

10,581,101

‌

12,015,703

‌

Commitments

and

contingent

liabilities

NET

ASSETS

......................................................................................

$

1,123,280,187

‌

$

1,776,067,415

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

......................................................................................

$

997,311,517

‌

$

1,492,701,232

‌

Accumulated

earnings

................................................................................

125,968,670

‌

283,366,183

‌

NET

ASSETS

......................................................................................

$

1,123,280,187

‌

$

1,776,067,415

‌

NET

ASSET

VALUE

Shares

outstanding

..................................................................................

12,350,000

‌

31,650,000

‌

Net

asset

value

.....................................................................................

$

90.95

‌

$

56.12

‌

Shares

authorized

...................................................................................

Unlimited

Unlimited

Par

value

.........................................................................................

None

None

(a)

Securities

loaned,

at

value

...........................................................................

$

5,360,342

‌

$

5,572,625

‌

(b)

Investments,

at

cost

—

unaffiliated

......................................................................

$

946,965,615

‌

$

1,509,909,157

‌

(c)

Investments,

at

cost

—

affiliated

........................................................................

$

13,163,390

‌

$

18,124,114

‌

50

2024

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Operations

(unaudited)

Six

Months

Ended

February

29,

2024

See

notes

to

financial

statements.

iShares

ESG

Aware

MSCI

USA

ETF

iShares

ESG

Aware

MSCI

USA

Growth

ETF

iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF

iShares

ESG

Aware

MSCI

USA

Value

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................

$

98,627,549

‌

$

14,204

‌

$

10,602,128

‌

$

52,327

‌

Dividends

—

affiliated

..............................................

1,449,491

‌

283

‌

106,296

‌

510

‌

Interest

—

unaffiliated

..............................................

124,805

‌

11

‌

26,240

‌

(31

)

Securities

lending

income

—

affiliated

—

net

...............................

73,428

‌

67

‌

375,010

‌

10

‌

Foreign

taxes

withheld

.............................................

(121,638

)

(50

)

(3,345

)

(57

)

Total

investment

income

..............................................

100,153,635

‌

14,515

‌

11,106,329

‌

52,759

‌

EXPENSES

Investment

advisory

...............................................

9,536,296

‌

4,650

‌

1,155,941

‌

3,541

‌

Total

expenses

....................................................

9,536,296

‌

4,650

‌

1,155,941

‌

3,541

‌

Net

investment

income

...............................................

90,617,339

‌

9,865

‌

9,950,388

‌

49,218

‌

—

‌

—

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................

(64,421,133

)

(24,493

)

(43,718,673

)

(16,708

)

Investments

—

affiliated

...........................................

83,603

‌

11

‌

12,820

‌

(83

)

Futures

contracts

...............................................

4,228,961

‌

436

‌

433,792

‌

630

‌

In-kind

redemptions

—

unaffiliated

(a)

...................................

279,447,511

‌

569,409

‌

16,727,473

‌

—

‌

In-kind

redemptions

—

affiliated

(a)

....................................

244,227

‌

—

‌

—

‌

—

‌

219,583,169

‌

545,363

‌

(26,544,588

)

(16,161

)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................

1,345,397,807

‌

323,868

‌

136,772,392

‌

323,906

‌

Investments

—

affiliated

...........................................

2,856,164

‌

(1

)

2,507

‌

2,777

‌

Futures

contracts

...............................................

1,216,521

‌

837

‌

119,700

‌

414

‌

1,349,470,492

‌

324,704

‌

136,894,599

‌

327,097

‌

Net

realized

and

unrealized

gain

........................................

1,569,053,661

‌

870,067

‌

110,350,011

‌

310,936

‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

...............

$

1,659,671,000

‌

$

879,932

‌

$

120,300,399

‌

$

360,154

‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

51

Statements

of

Operations

(unaudited)

(continued)

Six

Months

Ended

February

29,

2024

Financial

Statements

See

notes

to

financial

statements.

iShares

ESG

MSCI

USA

Leaders

ETF

iShares

Paris-Aligned

Climate

MSCI

USA

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................................................

$

7,985,918

‌

$

9,549,300

‌

Dividends

—

affiliated

..............................................................................

157,176

‌

166,468

‌

Interest

—

unaffiliated

..............................................................................

5,766

‌

6,734

‌

Securities

lending

income

—

affiliated

—

net

...............................................................

32,057

‌

280,267

‌

Foreign

taxes

withheld

.............................................................................

(6,048

)

(351

)

Total

investment

income

..............................................................................

8,174,869

‌

10,002,418

‌

EXPENSES

Investment

advisory

...............................................................................

559,889

‌

756,555

‌

Total

expenses

....................................................................................

559,889

‌

756,555

‌

Net

investment

income

...............................................................................

7,614,980

‌

9,245,863

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................................................

(2,153,698

)

(3,413,516

)

Investments

—

affiliated

...........................................................................

(203

)

3,075

‌

Futures

contracts

...............................................................................

192,250

‌

206,708

‌

In-kind

redemptions

—

unaffiliated

(a)

...................................................................

43,317,866

‌

51,236,104

‌

In-kind

redemptions

—

affiliated

(a)

....................................................................

95,073

‌

154,415

‌

41,451,288

‌

48,186,786

‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................................................

109,672,024

‌

142,526,371

‌

Investments

—

affiliated

...........................................................................

801,514

‌

939,309

‌

Futures

contracts

...............................................................................

109,079

‌

139,401

‌

110,582,617

‌

143,605,081

‌

Net

realized

and

unrealized

gain

........................................................................

152,033,905

‌

191,791,867

‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

...............................................

$

159,648,885

‌

$

201,037,730

‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

52

2024

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

iShares

ESG

Aware

MSCI

USA

ETF

iShares

ESG

Aware

MSCI

USA

Growth

ETF

Six

Months

Ended

02/29/24

(unaudited)

Year

Ended

08/31/23

Six

Months

Ended

02/29/24

(unaudited)

Period

From

01/31/23

(a)

to

08/31/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

90,617,339

‌

$

265,400,305

‌

$

9,865

‌

$

13,168

‌

Net

realized

gain

(loss)

.........................................

219,583,169

‌

1,167,339,918

‌

545,363

‌

(

27,157

)

Net

change

in

unrealized

appreciation

(depreciation)

.....................

1,349,470,492

‌

335,543,629

‌

324,704

‌

977,009

‌

Net

increase

in

net

assets

resulting

from

operations

........................

1,659,671,000

‌

1,768,283,852

‌

879,932

‌

963,020

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(b)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

94,025,750

)

(

299,525,568

)

(

10,582

)

(

8,725

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

......

(

904,786,716

)

(

10,838,359,355

)

(

7,285

)

4,066,498

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

................................

660,858,534

‌

(

9,369,601,071

)

862,065

‌

5,020,793

‌

Beginning

of

period

.............................................

12,824,827,132

‌

22,194,428,203

‌

5,020,793

‌

—

‌

End

of

period

.................................................

$

13,485,685,666

‌

$

12,824,827,132

‌

$

5,882,858

‌

$

5,020,793

‌

(a)

Commencement

of

operations.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

53

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF

iShares

ESG

Aware

MSCI

USA

Value

ETF

Six

Months

Ended

02/29/24

(unaudited)

Year

Ended

08/31/23

Six

Months

Ended

02/29/24

(unaudited)

Period

From

01/31/23

(a)

to

08/31/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.......................................

$

9,950,388

‌

$

19,907,542

‌

$

49,218

‌

$

61,708

‌

Net

realized

gain

(loss)

.......................................

(

26,544,588

)

33,582,091

‌

(

16,161

)

(

82,612

)

Net

change

in

unrealized

appreciation

(depreciation)

...................

136,894,599

‌

52,617,686

‌

327,097

‌

(

37,338

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..............

120,300,399

‌

106,107,319

‌

360,154

‌

(

58,242

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(b)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

............

(

10,470,327

)

(c)

(

21,620,054

)

(

57,760

)

(c)

(

37,227

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

....

65,530,244

‌

(

160,006,934

)

—

‌

4,056,114

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

..............................

175,360,316

‌

(

75,519,669

)

302,394

‌

3,960,645

‌

Beginning

of

period

...........................................

1,403,577,468

‌

1,479,097,137

‌

3,960,645

‌

—

‌

End

of

period

...............................................

$

1,578,937,784

‌

$

1,403,577,468

‌

$

4,263,039

‌

$

3,960,645

‌

(a)

Commencement

of

operations.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

54

2024

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

ESG

MSCI

USA

Leaders

ETF

iShares

Paris-Aligned

Climate

MSCI

USA

ETF

Six

Months

Ended

02/29/24

(unaudited)

Year

Ended

08/31/23

Six

Months

Ended

02/29/24

(unaudited)

Year

Ended

08/31/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

........................................

$

7,614,980

‌

$

40,619,626

‌

$

9,245,863

‌

$

13,137,751

‌

Net

realized

gain

(loss)

........................................

41,451,288

‌

595,291,557

‌

48,186,786

‌

(

1,045,884

)

Net

change

in

unrealized

appreciation

(depreciation)

....................

110,582,617

‌

(

237,898,685

)

143,605,081

‌

183,255,399

‌

Net

increase

in

net

assets

resulting

from

operations

.......................

159,648,885

‌

398,012,498

‌

201,037,730

‌

195,347,266

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.............

(

8,099,696

)

(b)

(

47,370,942

)

(

10,019,273

)

(

11,538,632

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.....

(

167,575,522

)

(

2,327,985,279

)

95,275,133

‌

549,083,534

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...............................

(

16,026,333

)

(

1,977,343,723

)

286,293,590

‌

732,892,168

‌

Beginning

of

period

............................................

1,139,306,520

‌

3,116,650,243

‌

1,489,773,825

‌

756,881,657

‌

End

of

period

................................................

$

1,123,280,187

‌

$

1,139,306,520

‌

$

1,776,067,415

‌

$

1,489,773,825

‌

(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.

55

Financial

Highlights

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

ESG

Aware

MSCI

USA

ETF

Six

Months

Ended

02/29/24

(unaudited)

Year

Ended

08/31/23

Year

Ended

08/31/22

Year

Ended

08/31/21

Year

Ended

08/31/20

Year

Ended

08/31/19

Net

asset

value,

beginning

of

period

.......

$

99.22

‌

$

88.13

‌

$

103.69

‌

$

79.74

‌

$

64.33

‌

$

63.85

‌

Net

investment

income

(a)

...............

0

.72

‌

1

.37

‌

1

.29

‌

1

.18

‌

1

.22

‌

1

.17

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.....

12.67

‌

11.23

‌

(

15.62

)

23.87

‌

15.13

‌

0

.40

‌

Net

increase

(decrease)

from

investment

operations

.........................

13.39

‌

12.60

‌

(

14.33

)

25.05

‌

16.35

‌

1

.57

‌

Distributions

from

net

investment

income

(c)

.....

(

0

.74

)

(

1

.51

)

(

1

.23

)

(

1

.10

)

(

0

.94

)

(

1

.09

)

Net

asset

value,

end

of

period

............

$

111.87

‌

$

99.22

‌

$

88.13

‌

$

103.69

‌

$

79.74

‌

$

64.33

‌

Total

Return

(d)

–

–

–

–

–

–

Based

on

net

asset

value

................

13.59

%

(e)

14.57

%

(

13.96

)

%

31.71

%

25.79

%

2

.59

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

–

Total

expenses

.......................

0

.15

%

(g)

0

.15

%

0

.15

%

0

.15

%

0

.15

%

0

.15

%

Net

investment

income

..................

1

.42

%

(g)

1

.54

%

1

.32

%

1

.30

%

1

.76

%

1

.88

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

13,485,686

‌

$

12,824,827

‌

$

22,194,428

‌

$

22,262,630

‌

$

8,991,145

‌

$

295,905

‌

Portfolio

turnover

rate

(h)

..................

12

%

25

%

22

%

21

%

38

%

27

%

(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,

if

any.

56

2024

iShares

Semi-Annual

Report

to

Shareholders

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

ESG

Aware

MSCI

USA

Growth

ETF

Six

Months

Ended

02/29/24

(unaudited)

Period

From

01/31/23

(a)

to

08/31/23

Net

asset

value,

beginning

of

period

.....................................................................

$

31.38

‌

$

25.42

‌

Net

investment

income

(b)

.............................................................................

0

.06

‌

0

.08

‌

Net

realized

and

unrealized

gain

(c)

.......................................................................

5

.40

‌

5

.93

‌

Net

increase

from

investment

operations

....................................................................

5

.46

‌

6

.01

‌

Distributions

from

net

investment

income

(d)

...................................................................

(

0

.07

)

(

0

.05

)

Net

asset

value,

end

of

period

..........................................................................

$

36.77

‌

$

31.38

‌

Total

Return

(e)

–

–

Based

on

net

asset

value

..............................................................................

17.42

%

(f)

23.72

%

(f)

Ratios

to

Average

Net

Assets

(g)

–

–

Total

expenses

.....................................................................................

0

.18

%

(h)

0

.18

%

(h)

Net

investment

income

................................................................................

0

.38

%

(h)

0

.50

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

..........................................................................

$

5,883

‌

$

5,021

‌

Portfolio

turnover

rate

(i)

................................................................................

16

%

20

%

(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,

if

any.

57

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF

Six

Months

Ended

02/29/24

(unaudited)

Year

Ended

08/31/23

Year

Ended

08/31/22

Year

Ended

08/31/21

Year

Ended

08/31/20

Year

Ended

08/31/19

Net

asset

value,

beginning

of

period

......

$

35.90

‌

$

33.85

‌

$

40.26

‌

$

27.34

‌

$

26.21

‌

$

28.76

‌

Net

investment

income

(a)

..............

0

.26

‌

0

.48

‌

0

.42

‌

0

.35

‌

0

.33

‌

0

.36

‌

Net

realized

and

unrealized

gain

(loss)

(b)

....

2

.95

‌

2

.09

‌

(

6

.43

)

12.95

‌

1

.10

‌

(

2

.58

)

Net

increase

(decrease)

from

investment

operations

........................

3

.21

‌

2

.57

‌

(

6

.01

)

13.30

‌

1

.43

‌

(

2

.22

)

Distributions

from

net

investment

income

(c)

....

(

0

.27

)

(d)

(

0

.52

)

(

0

.40

)

(

0

.38

)

(

0

.30

)

(

0

.33

)

Net

asset

value,

end

of

period

...........

$

38.84

‌

$

35.90

‌

$

33.85

‌

$

40.26

‌

$

27.34

‌

$

26.21

‌

Total

Return

(e)

–

–

–

–

–

–

Based

on

net

asset

value

...............

9

.04

%

(f)

7

.75

%

(

15.03

)

%

48.95

%

5

.57

%

(

7

.69

)

%

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

......................

0

.17

%

(h)

0

.17

%

0

.17

%

0

.17

%

0

.17

%

0

.17

%

Net

investment

income

.................

1

.46

%

(h)

1

.41

%

1

.15

%

0

.96

%

1

.32

%

1

.35

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...........

$

1,578,938

‌

$

1,403,577

‌

$

1,479,097

‌

$

1,099,038

‌

$

366,339

‌

$

57,664

‌

Portfolio

turnover

rate

(i)

.................

18

%

37

%

37

%

33

%

50

%

34

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

58

2024

iShares

Semi-Annual

Report

to

Shareholders

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

ESG

Aware

MSCI

USA

Value

ETF

Six

Months

Ended

02/29/24

(unaudited)

Period

From

01/31/23

(a)

to

08/31/23

Net

asset

value,

beginning

of

period

.....................................................................

$

24.75

‌

$

25.35

‌

Net

investment

income

(b)

.............................................................................

0

.31

‌

0

.39

‌

Net

realized

and

unrealized

gain

(loss)

(c)

...................................................................

1

.94

‌

(

0

.76

)

Net

increase

(decrease)

from

investment

operations

............................................................

2

.25

‌

(

0

.37

)

Distributions

from

net

investment

income

(d)

...................................................................

(

0

.36

)

(e)

(

0

.23

)

Net

asset

value,

end

of

period

..........................................................................

$

26.64

‌

$

24.75

‌

Total

Return

(f)

–

–

Based

on

net

asset

value

..............................................................................

9

.24

%

(g)

(

1

.38

)

%

(g)

Ratios

to

Average

Net

Assets

(h)

–

–

Total

expenses

.....................................................................................

0

.18

%

(i)

0

.18

%

(i)

Net

investment

income

................................................................................

2

.50

%

(i)

2

.72

%

(i)

Supplemental

Data

Net

assets,

end

of

period

(000)

..........................................................................

$

4,263

‌

$

3,961

‌

Portfolio

turnover

rate

(j)

................................................................................

17

%

21

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(f)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(g)

Not

annualized.

(h)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(i)

Annualized.

(j)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

59

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

ESG

MSCI

USA

Leaders

ETF

Six

Months

Ended

02/29/24

(unaudited)

Year

Ended

08/31/23

Year

Ended

08/31/22

Year

Ended

08/31/21

Year

Ended

08/31/20

Period

From

05/07/19

(a)

to

08/31/19

Net

asset

value,

beginning

of

period

......

$

79.67

‌

$

68.20

‌

$

79.65

‌

$

60.55

‌

$

50.77

‌

$

49.23

‌

Net

investment

income

(b)

..............

0

.55

‌

1

.08

‌

1

.00

‌

0

.94

‌

0

.94

‌

0

.32

‌

Net

realized

and

unrealized

gain

(loss)

(c)

....

11.32

‌

11.45

‌

(

11.48

)

19.08

‌

9

.75

‌

1

.34

‌

Net

increase

(decrease)

from

investment

operations

........................

11.87

‌

12.53

‌

(

10.48

)

20.02

‌

10.69

‌

1

.66

‌

Distributions

from

net

investment

income

(d)

....

(

0

.59

)

(e)

(

1

.06

)

(

0

.97

)

(

0

.92

)

(

0

.91

)

(

0

.12

)

Net

asset

value,

end

of

period

...........

$

90.95

‌

$

79.67

‌

$

68.20

‌

$

79.65

‌

$

60.55

‌

$

50.77

‌

Total

Return

(f)

–

–

–

–

–

–

Based

on

net

asset

value

...............

15.02

%

(g)

18.66

%

(

13.29

)

%

33.44

%

21.45

%

3

.38

%

(g)

Ratios

to

Average

Net

Assets

(h)

–

–

–

–

–

–

Total

expenses

......................

0

.10

%

(i)

0

.10

%

0

.10

%

0

.10

%

0

.10

%

0

.11

%

(i)

Total

expenses

after

fees

waived

..........

0

.10

%

(i)

0

.10

%

0

.10

%

0

.10

%

0

.10

%

0

.10

%

(i)

Net

investment

income

.................

1

.36

%

(i)

1

.55

%

1

.32

%

1

.38

%

1

.77

%

2

.00

%

(i)

Supplemental

Data

Net

assets,

end

of

period

(000)

...........

$

1,123,280

‌

$

1,139,307

‌

$

3,116,650

‌

$

4,077,962

‌

$

2,564,228

‌

$

1,579,065

‌

Portfolio

turnover

rate

(j)

.................

2

%

14

%

10

%

12

%

9

%

4

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(f)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(g)

Not

annualized.

(h)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(i)

Annualized.

(j)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

60

2024

iShares

Semi-Annual

Report

to

Shareholders

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

Paris-Aligned

Climate

MSCI

USA

ETF

Six

Months

Ended

02/29/24

(unaudited)

Year

Ended

08/31/23

Period

From

02/08/22

(a)

to

08/31/22

Net

asset

value,

beginning

of

period

.....................................................

$

49.91

‌

$

43.50

‌

$

50.43

‌

Net

investment

income

(b)

.............................................................

0

.31

‌

0

.55

‌

0

.32

‌

Net

realized

and

unrealized

gain

(loss)

(c)

...................................................

6

.24

‌

6

.38

‌

(

7

.08

)

Net

increase

(decrease)

from

investment

operations

............................................

6

.55

‌

6

.93

‌

(

6

.76

)

Distributions

from

net

investment

income

(d)

...................................................

(

0

.34

)

(

0

.52

)

(

0

.17

)

Net

asset

value,

end

of

period

..........................................................

$

56.12

‌

$

49.91

‌

$

43.50

‌

Total

Return

(e)

–

–

–

Based

on

net

asset

value

..............................................................

13.21

%

(f)

16.13

%

(

13.42

)

%

(f)

Ratios

to

Average

Net

Assets

(g)

–

–

–

Total

expenses

.....................................................................

0

.10

%

(h)

0

.10

%

0

.11

%

(h)

Total

expenses

after

fees

waived

.........................................................

0

.10

%

(h)

0

.10

%

0

.10

%

(h)

Net

investment

income

................................................................

1

.22

%

(h)

1

.23

%

1

.26

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

..........................................................

$

1,776,067

‌

$

1,489,774

‌

$

756,882

‌

Portfolio

turnover

rate

(i)

................................................................

6

%

12

%

6

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

Notes

to

Financial

Statements

(unaudited)

61

Notes

to

Financial

Statements

1.

Organization

iShares

Trust

(the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Delaware

statutory

trust

and

is

authorized

to

have

multiple

series

or

portfolios.

These

financial

statements

relate

only

to

the

following

funds

(each,

a

“Fund”

and

collectively,

the

“Funds”):

2.

Significant

Accounting

Policies

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. Each

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies:

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method. Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value. Dividends

from

foreign

securities

where

the

ex-dividend

date

may

have

passed

are

subsequently

recorded

when

the

Funds

are

informed

of

the

ex-dividend

date.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest. Upon

notification

from

issuers

or

as

estimated

by

management,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain. Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

is

recognized

daily

on

an

accrual

basis.

Foreign

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

each

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

each

Fund

and

are

reflected

in

its

Statements

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Other

foreign

taxes”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

February

29,

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.

Bank

Overdraft:

 Certain

Funds

had

outstanding

cash

disbursements

exceeding

deposited

cash

amounts

at

the

custodian

during

the

reporting

period. The

Funds

are

obligated

to

repay

the

custodian

for

any

overdraft,

including

any

related

costs

or

expenses,

where

applicable.

For

financial

reporting

purposes,

overdraft

fees,

if

any,

are

included

in

interest

expense

in

the

Statements

of

Operations.

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the

Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments. 

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Funds.

Because

such

gains

or

losses

are

not

taxable

to

the

Funds

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

Funds’

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

(“NAV”)

per

share.

Distributions:

Dividends

and

distributions

paid

by

each

Fund

are

recorded

on

the

ex-dividend

dates.

Distributions

are

determined

on

a

tax

basis

and

may

differ

from

net

investment

income,

and net

realized

capital

gains

for

financial

reporting

purposes.

Dividends

and

distributions

are

paid

in

U.S.

dollars

and

cannot

be

automatically

reinvested

in

additional

shares

of

the

Funds. 

The

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.

iShares

ETF

Diversification

Classification

ESG

Aware

MSCI

USA

.................................................................................................

Diversified

ESG

Aware

MSCI

USA

Growth

...........................................................................................

Non-diversified

ESG

Aware

MSCI

USA

Small-Cap

.........................................................................................

Diversified

ESG

Aware

MSCI

USA

Value

.............................................................................................

Non-diversified

ESG

MSCI

USA

Leaders

................................................................................................

Non-diversified

Paris-Aligned

Climate

MSCI

USA

..........................................................................................

Non-diversified

Notes

to

Financial

Statements

(unaudited)

(continued)

62

2024

iShares

Semi-Annual

Report

to

Shareholders

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.

If

events

(e.g.,

market

volatility,

company

announcement

or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that

application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Valuation

Committee,

in

accordance

with BFA’s

policies

and

procedures

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Valuation

Committee

seeks

to

determine

the

price

that each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

Fair

value

pricing

could

result

in

a

difference

between

the

prices

used

to

calculate

a

fund’s

NAV

and

the

prices

used

by

the

fund’s

underlying

index,

which

in

turn

could

result

in

a

difference

between

the

fund’s

performance

and

the

performance

of

the

fund’s

underlying

index.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

–

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that each

Fund

has

the

ability

to

access;

Level

2

–

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market-corroborated

inputs);

and

Level

3

–

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

(including

the

Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

Securities

and

Other

Investments

Securities

Lending:

Each

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

an

approved

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

market

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

or

excess

collateral

is

returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

each

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

in

money

market

funds

managed

by

BFA,

or

its

affiliates

is

disclosed

in

the

Schedule

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

Notes

to

Financial

Statements

(unaudited)

(

continued)

63

Notes

to

Financial

Statements

default.

The

securities

on

loan,

if

any,

are

also

disclosed

in

each

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

cash

collateral

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

Securities

lending

transactions

are

entered

into

by

the

Funds

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”)

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency)

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Funds,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the

Funds

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

As

of

period

end,

the

following

table

is

a

summary

of

the

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received

,

at

Fair

Value

(a)

Net

Amount

(b)

ESG

Aware

MSCI

USA

Barclays

Bank

PLC

...............................................

$

793,303‌

$

(784,954‌)

$

—‌

$

8,349‌

BofA

Securities,

Inc.

..............................................

7,920,909‌

(7,920,909‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

4,609,324‌

(

4,609,324‌)

—‌

—‌

HSBC

Bank

PLC

................................................

3,614‌

(3,609‌)

—‌

5‌

J.P.

Morgan

Securities

LLC

.........................................

1,713,916‌

(1,713,916‌)

—‌

—‌

Morgan

Stanley

.................................................

31,941,621‌

(31,941,621‌)

—‌

—‌

Scotia

Capital

(USA),

Inc.

..........................................

4,065,822‌

(4,065,822‌)

—‌

—‌

Virtu

Americas

LLC

...............................................

594,163‌

(594,163‌)

—‌

—‌

Wells

Fargo

Bank

NA

.............................................

394,654‌

(394,654‌)

—‌

—‌

$

52,037,326‌

$

(52,028,972‌)

$

—‌

$

8,354‌

a

ESG

Aware

MSCI

USA

Growth

UBS

AG

......................................................

632,806‌

(632,806‌)

—‌

—‌

$

632,806‌

$

(632,806‌)

$

—‌

$

—‌

a

ESG

Aware

MSCI

USA

Small-Cap

Barclays

Capital,

Inc.

.............................................

2,030,510‌

(2,030,510‌)

—‌

—‌

BMO

Capital

Markets

Corp.

.........................................

41,081‌

(41,081‌)

—‌

—‌

BNP

Paribas

SA

.................................................

10,524,628‌

(10,524,628‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

14,810,005‌

(14,810,005‌)

—‌

—‌

Citadel

Clearing

LLC

..............................................

1,187,631‌

(

1,187,631‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

1,923,771‌

(1,852,351‌)

—‌

71,420‌

Credit

Suisse

Securities

(USA)

LLC

....................................

795,820‌

(795,820‌)

—‌

—‌

HSBC

Bank

PLC

................................................

964,607‌

(964,607‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

25,398,233‌

(25,398,233‌)

—‌

—‌

Jefferies

LLC

...................................................

29,293‌

(29,293‌)

—‌

—‌

Morgan

Stanley

.................................................

23,852,555‌

(23,852,555‌)

—‌

—‌

National

Financial

Services

LLC

......................................

3,514,265‌

(

3,514,265‌)

—‌

—‌

RBC

Capital

Markets

LLC

..........................................

719,236‌

(719,236‌)

—‌

—‌

Scotia

Capital

(USA),

Inc.

..........................................

4,893,966‌

(4,893,966‌)

—‌

—‌

State

Street

Bank

&

Trust

Co.

........................................

1,229,440‌

(1,229,440‌)

—‌

—‌

Toronto-Dominion

Bank

............................................

2,012,738‌

(2,012,738‌)

—‌

—‌

UBS

AG

......................................................

1,348,200‌

(1,348,200‌)

—‌

—‌

Virtu

Americas

LLC

...............................................

13,513‌

(13,513‌)

—‌

—‌

Wells

Fargo

Bank

NA

.............................................

246,686‌

(246,686‌)

—‌

—‌

Wells

Fargo

Securities

LLC

.........................................

593,987‌

(593,987‌)

—‌

—‌

$

96,130,165‌

$

(96,058,745‌)

$

—‌

$

71,420‌

a

ESG

Aware

MSCI

USA

Value

BofA

Securities,

Inc.

..............................................

2,547‌

(2,547‌)

—‌

—‌

$

2,547‌

$

(2,547‌

)

$

—‌

$

—‌

a

Notes

to

Financial

Statements

(unaudited)

(continued)

64

2024

iShares

Semi-Annual

Report

to

Shareholders

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. 

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

ESG

MSCI

USA

Leaders

Barclays

Capital,

Inc.

.............................................

$

653,855‌

$

(653,855‌)

$

—‌

$

—‌

BNP

Paribas

SA

.................................................

1,460‌

(1,460‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

369,240‌

(369,240‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

1,601,133‌

(1,601,133‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

1,058,168‌

(1,058,168‌)

—‌

—‌

Morgan

Stanley

.................................................

354,079‌

(354,079‌)

—‌

—‌

RBC

Capital

Markets

LLC

..........................................

753,120‌

(

752,919‌)

—‌

201‌

Virtu

Americas

LLC

...............................................

311,117‌

(311,117‌)

—‌

—‌

Wells

Fargo

Bank

NA

.............................................

258,170‌

(258,170‌)

—‌

—‌

$

5,360,342‌

$

(5,360,141‌)

$

—‌

$

201‌

a

Paris-Aligned

Climate

MSCI

USA

Barclays

Capital,

Inc.

.............................................

1,071,965‌

(1,071,965‌)

—‌

—‌

BMO

Capital

Markets

Corp.

.........................................

43,014‌

(43,014‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

2,620,369‌

(2,620,369‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

487,846‌

(

487,846‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

150,222‌

(150,222‌)

—‌

—‌

Jefferies

LLC

...................................................

955,229‌

(955,229‌)

—‌

—‌

UBS

AG

......................................................

243,980‌

(243,980‌)

—‌

—‌

$

5,572,625‌

$

(5,572,625‌)

$

—‌

$

—‌

a

(a)

Collateral

received,

if

any,

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

each

Fund

is

disclosed

in

the

Funds’

Statements

of

Assets

and

Liabilities.

(b)

The

market

value

of

the

loaned

securities

is

determined

as

of

February

29,

2024.

Additional

collateral

is

delivered

to

the

Fund

on

the

next

business

day

in

accordance

with

the

MSLA.

The

net

amount

would

be

subject

to

the

borrower

default

indemnity

in

the

event

of

default

by

the

counterparty.

Notes

to

Financial

Statements

(unaudited)

(

continued)

65

Notes

to

Financial

Statements

6.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates 

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the

Trust, BFA manages

the

investment

of

each

Fund’s

assets.

BFA

is

a

California

corporation

indirectly

owned

by BlackRock.

Under

the

Investment

Advisory

Agreement,

BFA

is

responsible

for

substantially

all

expenses

of

the

Funds,

except

(i)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

of

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

to

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

as

determined

by

a

majority

of

the

independent

trustees).

For

its

investment

advisory

services

to

each

of

the

following

Funds,

BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Funds,

based

on

the

average

daily

net

assets

of

each

Fund

as

follows:

Distributor:

 BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

is

the

distributor

for

each

Fund.

Pursuant

to

the

distribution

agreement,

BFA

is

responsible

for

any

fees

or

expenses

for

distribution

services

provided

to

the

Funds.

ETF

Servicing

Fees:

Each

Fund

has

entered

into

an

ETF

Services

Agreement

with

BRIL

to

perform

certain

order

processing,

Authorized

Participant

communications,

and

related

services

in

connection

with

the

issuance

and

redemption

of

Creation

Units

(“ETF

Services”).

BRIL

is

entitled

to

a

transaction

fee

from

Authorized

Participants

on

each

creation

or

redemption

order

for

the

ETF

Services

provided. 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 February

29,

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.

iShares

ETF

Investment

Advisory

Fees

ESG

Aware

MSCI

USA

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

.

.

.

.

.

.

0.15%

ESG

Aware

MSCI

USA

Growth

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

.

.

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.

.

.

.

.

0.18

ESG

Aware

MSCI

USA

Small-Cap

.

.

.

.

.

.

.

.

.

.

.

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.

.

.

.

.

.

.

.

.

.

0.17

ESG

Aware

MSCI

USA

Value

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

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.

.

.

.

.

.

0.18

ESG

MSCI

USA

Leaders

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

.

.

.

0.10

Paris-Aligned

Climate

MSCI

USA

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

.

.

.

.

0.10

iShares

ETF

Amounts

ESG

Aware

MSCI

USA

................................................................................................

$

30,343

‌

ESG

Aware

MSCI

USA

Growth

..........................................................................................

27

‌

ESG

Aware

MSCI

USA

Small-Cap

........................................................................................

107,976

‌

ESG

Aware

MSCI

USA

Value

............................................................................................

4

‌

ESG

MSCI

USA

Leaders

...............................................................................................

8,281

‌

Paris-Aligned

Climate

MSCI

USA

.........................................................................................

68,484

‌

Notes

to

Financial

Statements

(unaudited)

(continued)

66

2024

iShares

Semi-Annual

Report

to

Shareholders

For

the

six

months

ended

February

29,

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.

7.

Purchases

and

Sales

For

the six

months

ended

February

29,

2024,

purchases

and

sales

of

investments,

excluding

short-term

securities

and

in-kind

transactions,

were

as

follows:

For

the six

months ended

February

29,

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

February

29,

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 August

31,

2023,

the

Funds

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

as

follows:

A

fund

may

own

shares

in

certain

foreign

investment

entities,

referred

to,

under

U.S.

tax

law,

as

“passive

foreign

investment

companies.”

Such

fund

may

elect

to

mark-to-

market

annually

the

shares

of

each

passive

foreign

investment

company

and

would

be

required

to

distribute

to

shareholders

any

such

marked-to-market

gains.

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

ESG

Aware

MSCI

USA

............................................................

$

388,102,404

‌

$

492,148,255

‌

$

(35,719,887

)

ESG

Aware

MSCI

USA

Small-Cap

....................................................

63,006,661

‌

46,544,633

‌

627,313

‌

ESG

MSCI

USA

Leaders

...........................................................

7,885,216

‌

2,350,499

‌

(1,118,317

)

Paris-Aligned

Climate

MSCI

USA

.....................................................

35,977,602

‌

37,508,468

‌

(1,334,512

)

iShares

ETF

Purchases

Sales

ESG

Aware

MSCI

USA

..............................................................................

$

1,582,523,676

‌

$

1,540,028,613

‌

ESG

Aware

MSCI

USA

Growth

........................................................................

848,548

‌

843,164

‌

ESG

Aware

MSCI

USA

Small-Cap

......................................................................

247,367,861

‌

246,070,545

‌

ESG

Aware

MSCI

USA

Value

..........................................................................

660,196

‌

665,796

‌

ESG

MSCI

USA

Leaders

.............................................................................

19,454,728

‌

18,929,014

‌

Paris-Aligned

Climate

MSCI

USA

.......................................................................

87,393,418

‌

87,641,505

‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

ESG

Aware

MSCI

USA

..............................................................................

$

543,923,029

‌

$

1,444,121,496

‌

ESG

Aware

MSCI

USA

Growth

........................................................................

1,465,200

‌

1,470,240

‌

ESG

Aware

MSCI

USA

Small-Cap

......................................................................

148,381,862

‌

85,918,220

‌

ESG

MSCI

USA

Leaders

.............................................................................

48,137,536

‌

214,802,714

‌

Paris-Aligned

Climate

MSCI

USA

.......................................................................

283,300,842

‌

188,474,129

‌

iShares

ETF

Non-Expiring

Capital

Loss

Carryforwards

ESG

Aware

MSCI

USA

...............................................................................................

$

(1,637,135,284

)

ESG

Aware

MSCI

USA

Growth

.........................................................................................

(26,873

)

ESG

Aware

MSCI

USA

Small-Cap

.......................................................................................

(112,577,877

)

ESG

Aware

MSCI

USA

Value

...........................................................................................

(80,737

)

ESG

MSCI

USA

Leaders

..............................................................................................

(77,270,870

)

Paris-Aligned

Climate

MSCI

USA

........................................................................................

(22,574,664

)

Notes

to

Financial

Statements

(unaudited)

(

continued)

67

Notes

to

Financial

Statements

As

of

February

29,

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

an

indexing

approach

to

try

to

achieve

each

Fund’s

investment

objective.

The

Fund

is

not

actively

managed,

and

BFA

generally

does

not

attempt

to

take

defensive

positions

under

any

market

conditions,

including

declining

markets.

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries.

A

fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that

a

fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment.

A

fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that

it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

a

fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of

a

fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which

a

fund

invests. 

The

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.

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

ESG

Aware

MSCI

USA

..........................................

$

11,710,536,470

‌

$

2,456,582,192

‌

$

(634,898,497

)

$

1,821,683,695

‌

ESG

Aware

MSCI

USA

Growth

....................................

5,269,651

‌

1,322,855

‌

(21,426

)

1,301,429

‌

ESG

Aware

MSCI

USA

Small-Cap

..................................

1,554,734,210

‌

263,242,789

‌

(139,714,513

)

123,528,276

‌

ESG

Aware

MSCI

USA

Value

......................................

3,976,459

‌

476,173

‌

(188,289

)

287,884

‌

ESG

MSCI

USA

Leaders

.........................................

967,887,670

‌

234,138,962

‌

(74,684,675

)

159,454,287

‌

Paris-Aligned

Climate

MSCI

USA

...................................

1,529,023,843

‌

312,260,313

‌

(57,531,361

)

254,728,952

‌

Notes

to

Financial

Statements

(unaudited)

(continued)

68

2024

iShares

Semi-Annual

Report

to

Shareholders

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.

10.

Capital

Share

Transactions 

Capital

shares

are

issued

and

redeemed

by each

Fund

only

in

aggregations

of

a

specified

number

of

shares

or

multiples

thereof

(“Creation

Units”)

at

NAV.

Except

when

aggregated

in

Creation

Units,

shares

of each

Fund

are

not

redeemable.

Transactions

in

capital

shares

were

as

follows:

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

in

the

Trust

generally

consists

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Certain

funds

in

the

Trust

may

be

offered

in

Creation

Units

solely

or

partially

for

cash

in

U.S.

dollars.

Investors

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Investors

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

relevant

Six

Months

Ended

02/29/24

Year

Ended

08/31/23

iShares

ETF

Shares

Amount

Shares

Amount

ESG

Aware

MSCI

USA

Shares

sold

...............................................

5,350,000

‌

$

546,889,827

‌

17,200,000

‌

$

1,558,381,916

‌

Shares

redeemed

...........................................

(14,050,000

)

(1,451,676,543

)

(139,800,000

)

(12,396,741,271

)

(8,700,000

)

$

(904,786,716

)

(122,600,000

)

$

(10,838,359,355

)

ESG

Aware

MSCI

USA

Growth

(a)

Shares

sold

...............................................

40,000

‌

$

1,463,433

‌

160,000

‌

$

4,066,498

‌

Shares

redeemed

...........................................

(40,000

)

(1,470,718

)

—

‌

—

‌

—

‌

$

(7,285

)

160,000

‌

$

4,066,498

‌

ESG

Aware

MSCI

USA

Small-Cap

Shares

sold

...............................................

4,200,000

‌

$

154,738,892

‌

4,400,000

‌

$

151,123,851

‌

Shares

redeemed

...........................................

(2,650,000

)

(89,208,648

)

(9,000,000

)

(311,130,785

)

1,550,000

‌

$

65,530,244

‌

(4,600,000

)

$

(160,006,934

)

ESG

Aware

MSCI

USA

Value

(a)

Shares

sold

...............................................

—

‌

$

—

‌

160,000

‌

$

4,056,114

‌

Shares

redeemed

...........................................

—

‌

—

‌

—

‌

—

‌

—

‌

$

—

‌

160,000

‌

$

4,056,114

‌

ESG

MSCI

USA

Leaders

Shares

sold

...............................................

600,000

‌

$

48,382,019

‌

5,000,000

‌

$

345,135,056

‌

Shares

redeemed

...........................................

(2,550,000

)

(215,957,541

)

(36,400,000

)

(2,673,120,335

)

(1,950,000

)

$

(167,575,522

)

(31,400,000

)

$

(2,327,985,279

)

Paris-Aligned

Climate

MSCI

USA

Shares

sold

...............................................

5,350,000

‌

$

284,614,765

‌

14,200,000

‌

$

633,618,230

‌

Shares

redeemed

...........................................

(3,550,000

)

(189,339,632

)

(1,750,000

)

(84,534,696

)

1,800,000

‌

$

95,275,133

‌

12,450,000

‌

$

549,083,534

‌

(a)

The

Fund

commenced

operations

on

January

31,

2023.

Notes

to

Financial

Statements

(unaudited)

(

continued)

69

Notes

to

Financial

Statements

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.

Statement

Regarding

Liquidity

Risk

Management

Program

(unaudited)

70

2024

iShares

Semi-Annual

Report

to

Shareholders

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

MSCI

USA

ETF,

iShares

ESG

Aware

MSCI

USA

Growth

ETF,

iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF,

iShares

ESG

Aware

MSCI

USA

Value

ETF,

iShares

ESG

MSCI

USA

Leaders

ETF

and

iShares

Paris-Aligned

Climate

MSCI

USA

ETF

(the

“Funds”

or

“ETFs”),

each

a

series

of

the

Trust,

which

is

reasonably

designed

to

assess

and

manage

each

Fund’s

liquidity

risk.

The

Board

of

Trustees

(the

“Board”)

of

the

Trust,

on

behalf

of

the

Funds,

met

on

December

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)

71

Supplemental

Information

Section

19(a)

Notices

The

amounts

and

sources

of

distributions

reported

are

estimates

and

are

being

provided

pursuant

to

regulatory

requirements

and

are

not

being

provided

for

tax

reporting

purposes.

The

actual

amounts

and

sources

for

tax

reporting

purposes

will

depend

upon

each

Fund’s

investment

experience

during

the

year

and

may

be

subject

to

changes

based

on

tax

regulations.

Shareholders

will

receive

a

Form

1099-DIV

each

calendar

year

that

will

inform

them

how

to

report

these

distributions

for

federal

income

tax

purposes.

February

29,

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

MSCI

USA

...............

$

0

.736323

‌

$

—

‌

$

—

‌

$

0

.736323

‌

100

%

—

%

—

%

100

%

ESG

Aware

MSCI

USA

Small-Cap

(a)

......

0

.267656

‌

—

‌

0

.003172

‌

0

.270828

‌

99

—

1

100

ESG

Aware

MSCI

USA

Value

(a)

..........

0

.358866

‌

—

‌

0

.002135

‌

0

.361001

‌

99

—

1

100

ESG

MSCI

USA

Leaders

(a)

............

0

.578250

‌

—

‌

0

.008168

‌

0

.586418

‌

99

—

1

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

72

2024

iShares

Semi-Annual

Report

to

Shareholders

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

the

Fund’s

portfolio

securities

is

available

in

the

Fund

Prospectus.

The

Fund

discloses

its

portfolio

holdings

daily

and

provides

information

regarding

its

top

holdings

in

Fund

fact

sheets

at

iShares.com

.

Glossary

of

Terms

Used

in

this

Report

73

Glossary

of

Terms

Used

in

this

Report

Portfolio

Abbreviation

CVR

Contingent

Value

Rights

NVS

Non-Voting

Shares

REIT

Real

Estate

Investment

Trust

iS-SAR-822-0224

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.,

nor

does

this

company

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

company

listed

above.

©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.

February

29,

2024

iShares

Trust

iShares

Climate

Conscious

&

Transition

MSCI

USA

ETF

|

USCL

|

NASDAQ

iShares

ESG

Advanced

MSCI

USA

ETF

|

USXF

|

NASDAQ

2024

Semi-Annual

Report

(Unaudited)

Dear

Shareholder,

The

combination

of

continued

economic

growth

and

cooling

inflation

provided

a

supportive

backdrop

for

investors

during

the

12-month

reporting

period

ended

February

29,

2024.

Significantly

tighter

monetary

policy

helped

to

rein

in

inflation,

and

the

Consumer

Price

Index

decelerated

substantially

while

remaining

above

pre-pandemic

levels.

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

strongly,

while

emerging

market

stocks

advanced

at

a

more

modest

pace.

The

10-year

U.S.

Treasury

yield

rose

during

the

reporting

period,

as

investors

reacted

to

elevated

inflation

and

attempted

to

anticipate

future

interest

rate

changes.

However,

higher

yields

drove

positive

returns

overall

for

10-year

U.S.

Treasuries

and

solid

gains

in

shorter-duration

U.S.

Treasuries.

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

three

times

during

the

12-month

period,

but

paused

its

tightening

after

its

July

meeting.

The

Fed

also

continued

to

reduce

its

balance

sheet

by

not

replacing

some

of

the

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

rapid

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.

Total

Returns

as

of

February

29,

2024

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

13.93%

30.45%

U.S.

small

cap

equities

(Russell

2000

®

Index)

8.97

10.05

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

9.23

14.41

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

4.93

8.73

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

2.69

5.22

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

0.58

0.69

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

2.35

3.33

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

4.33

5.42

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

6.18

11.01

2

This

Page

is

not

Part

of

Your

Fund

Report

Table

of

Contents

Page

3

The

Markets

in

Review

...................................................................................................

2

Semi-Annual

Report:

Fund

Summary

........................................................................................................

4

About

Fund

Performance

..................................................................................................

6

Disclosure

of

Expenses

...................................................................................................

6

Schedules

of

Investments

.................................................................................................

7

Financial

Statements:

Statements

of

Assets

and

Liabilities

.........................................................................................

19

Statements

of

Operations

................................................................................................

20

Statements

of

Changes

in

Net

Assets

........................................................................................

21

Financial

Highlights

.....................................................................................................

22

Notes

to

Financial

Statements

...............................................................................................

24

Statement

Regarding

Liquidity

Risk

Management

Program

.............................................................................

31

Supplemental

Information

.................................................................................................

32

General

Information

.....................................................................................................

33

Glossary

of

Terms

Used

in

this

Report

..........................................................................................

34

iShares

®

Climate

Conscious

&

Transition

MSCI

USA

ETF

4

2024

iShares

Semi-Annual

Report

to

Shareholders

Fund

Summary

as

of

February

29,

2024

Investment

Objective

The

iShares Climate

Conscious

&

Transition

MSCI

USA

ETF (the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

large-

and

mid-capitalization

companies

based

on

their

positioning,

relative

to

their

sector

peers,

with

respect

to

the

transition

to

a

low-carbon

economy,

as

determined

by

the

Index

Provider,

based

primarily

on

current

emissions

intensity,

emissions

reduction

targets,

green

business

revenue,

and/or

climate

risk

management,

as

represented 

by

the

MSCI

USA

Extended

Climate

Action

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

6,

2023.

The

first

day

of

secondary

market

trading

was

June

8,

2023.

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

Cumulative

Total

Returns

6-Month

Total

Returns

Since

Inception

Fund

NAV

..........................................................................................

14.76

%

22.12

%

Fund

Market

........................................................................................

14.73

–

%

22.24

‌

Index

.............................................................................................

14.77

‌

22.16

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(09/01/23)

Ending

Account

Value

(02/29/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(09/01/23)

Ending

Account

Value

(02/29/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,147.60

‌

$

0.43

‌

$

1,000.00

‌

$

1,024.47

‌

$

0.40

‌

0.08

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

(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

............................

27.4‌

%

Health

Care

...................................

13.6‌

Financials

.....................................

12.7‌

Consumer

Discretionary

...........................

12.1‌

Communication

Services

...........................

11.4‌

Industrials

.....................................

6.8‌

Consumer

Staples

...............................

5.4‌

Energy

.......................................

4.0‌

Real

Estate

....................................

2.3‌

Materials

.....................................

2.3‌

Utilities

.......................................

2.0‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

NVIDIA

Corp.

..................................

6.1‌

%

Amazon.com,

Inc.

...............................

5.1‌

Microsoft

Corp.

.................................

4.9‌

Apple,

Inc.

....................................

3.9‌

Meta

Platforms,

Inc.,

Class

A

........................

3.4‌

Alphabet,

Inc.,

Class

A

............................

2.4‌

Alphabet,

Inc.,

Class

C,

NVS

........................

2.1‌

Eli

Lilly

&

Co.

..................................

1.9‌

Broadcom,

Inc.

.................................

1.8‌

Tesla,

Inc.

.....................................

1.8‌

      aaa

aa

iShares

®

ESG

Advanced

MSCI

USA

ETF

5

Fund

Summary

Fund

Summary

as

of

February

29,

2024

Investment

Objective

The

iShares

ESG

Advanced

MSCI

USA

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

large-

and

mid-capitalization

U.S.

companies

that

have

a

favorable

environmental,

social

and

governance

rating

while

applying

extensive

screens

for

company

involvement

in

controversial

activities,

as

represented

by

the

MSCI

USA

Choice

ESG

Screened

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

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

June

16,

2020.

The

first

day

of

secondary

market

trading

was

June

18,

2020.

The

performance

for

the

Index

shown

is

calculated

with

gross

dividends

reinvested

since

inception.

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

................................................

19.38

%

37.53

%

16.98

%

37.53

%

78.86

%

Fund

Market

..............................................

19.35

37.63

16.96

–

%

37.63

78.75

Index

...................................................

19.44

37.67

17.14

37.67

79.74

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(09/01/23)

Ending

Account

Value

(02/29/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(09/01/23)

Ending

Account

Value

(02/29/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,193.80

‌

$

0.55

‌

$

1,000.00

‌

$

1,024.37

‌

$

0.50

‌

0.10

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

(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

............................

36.2‌

%

Financials

.....................................

18.8‌

Industrials

.....................................

12.6‌

Health

Care

...................................

10.1‌

Consumer

Discretionary

...........................

8.6‌

Real

Estate

....................................

4.5‌

Materials

.....................................

3.8‌

Consumer

Staples

...............................

2.8‌

Communication

Services

...........................

2.5‌

Utilities

.......................................

0.1‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

NVIDIA

Corp.

..................................

10.9‌

%

Broadcom,

Inc.

.................................

3.2‌

Visa,

Inc.,

Class

A

...............................

2.5‌

Mastercard,

Inc.,

Class

A

...........................

2.2‌

Home

Depot,

Inc.

(The)

...........................

2.1‌

Advanced

Micro

Devices,

Inc.

.......................

1.7‌

Adobe,

Inc.

....................................

1.4‌

Linde

PLC

....................................

1.2‌

Intuit,

Inc.

.....................................

1.0‌

Intel

Corp.

....................................

1.0‌

      aaa

aa

About

Fund

Performance

6

2024

iShares

Semi-Annual

Report

to

Shareholders

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.

iShares

®

Climate

Conscious

&

Transition

MSCI

USA

ETF

Schedule

of

Investments

(unaudited)

February

29,

2024

(Percentages

shown

are

based

on

Net

Assets)

7

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Air

Freight

&

Logistics

 — 

0

.6

%

Expeditors

International

of

Washington,

Inc.

.......

8,861

$

1,059,775

FedEx

Corp.

............................

14,439

3,594,878

United

Parcel

Service,

Inc.

,

Class

B

............

43,814

6,495,864

11,150,517

a

Automobiles

 — 

2

.1

%

Ford

Motor

Co.

..........................

238,200

2,963,208

General

Motors

Co.

.......................

82,940

3,398,881

Tesla,

Inc.

(a)

.............................

173,312

34,988,227

41,350,316

a

Banks

 — 

3

.4

%

Bank

of

America

Corp.

.....................

431,460

14,893,999

JPMorgan

Chase

&

Co.

....................

175,132

32,585,060

PNC

Financial

Services

Group,

Inc.

(The)

........

24,128

3,551,641

U.S.

Bancorp

...........................

94,384

3,960,353

Wells

Fargo

&

Co.

........................

220,159

12,238,639

67,229,692

a

Beverages

 — 

1

.8

%

Coca-Cola

Co.

(The)

......................

248,812

14,933,696

Constellation

Brands,

Inc.

,

Class

A

.............

9,964

2,476,253

Keurig

Dr

Pepper,

Inc.

.....................

63,660

1,904,071

Monster

Beverage

Corp.

(a)

...................

47,153

2,786,742

PepsiCo,

Inc.

...........................

83,284

13,770,177

35,870,939

a

Biotechnology

 — 

2

.5

%

AbbVie,

Inc.

............................

106,954

18,829,252

Amgen,

Inc.

............................

32,422

8,878,116

Biogen,

Inc.

(a)

...........................

8,776

1,904,304

Gilead

Sciences,

Inc.

......................

75,479

5,442,036

Incyte

Corp.

(a)

...........................

11,419

666,413

Regeneron

Pharmaceuticals,

Inc.

(a)

.............

6,490

6,269,924

Vertex

Pharmaceuticals,

Inc.

(a)

................

15,611

6,568,172

48,558,217

a

Broadline

Retail

 — 

5

.4

%

Amazon.com,

Inc.

(a)

.......................

563,411

99,588,529

eBay,

Inc.

..............................

31,444

1,486,672

Etsy,

Inc.

(a)

.............................

7,290

522,620

MercadoLibre,

Inc.

(a)

.......................

2,757

4,398,242

105,996,063

a

Building

Products

 — 

0

.5

%

Allegion

PLC

............................

5,329

681,419

Carlisle

Companies,

Inc.

....................

2,952

1,033,200

Johnson

Controls

International

PLC

............

41,234

2,443,939

Owens

Corning

..........................

5,496

823,191

Trane

Technologies

PLC

....................

13,782

3,886,111

8,867,860

a

Capital

Markets

 — 

3

.1

%

Ares

Management

Corp.

,

Class

A

..............

10,117

1,341,818

Bank

of

New

York

Mellon

Corp.

(The)

...........

45,997

2,579,972

BlackRock,

Inc.

(b)

.........................

9,011

7,310,985

Blackstone,

Inc.

,

NVS

......................

43,048

5,502,395

Cboe

Global

Markets,

Inc.

...................

6,419

1,232,448

Charles

Schwab

Corp.

(The)

.................

91,225

6,092,005

FactSet

Research

Systems,

Inc.

...............

2,305

1,066,247

Goldman

Sachs

Group,

Inc.

(The)

.............

19,759

7,687,239

Intercontinental

Exchange,

Inc.

...............

34,672

4,799,298

MarketAxess

Holdings,

Inc.

..................

2,294

489,562

Moody's

Corp.

...........................

9,975

3,784,714

Security

Shares

Value

a

Capital

Markets

(continued)

Morgan

Stanley

..........................

74,570

$

6,416,003

Nasdaq,

Inc.

............................

20,730

1,165,026

Northern

Trust

Corp.

.......................

12,551

1,030,814

S&P

Global,

Inc.

.........................

19,666

8,424,521

T

Rowe

Price

Group,

Inc.

...................

13,513

1,531,699

Tradeweb

Markets,

Inc.

,

Class

A

...............

6,595

697,883

61,152,629

a

Chemicals

 — 

1

.5

%

Albemarle

Corp.

.........................

7,078

975,702

Corteva,

Inc.

............................

42,791

2,290,174

DuPont

de

Nemours,

Inc.

...................

26,054

1,802,676

Ecolab,

Inc.

............................

15,547

3,495,588

FMC

Corp.

.............................

7,430

418,978

Linde

PLC

.............................

29,372

13,182,741

PPG

Industries,

Inc.

.......................

14,310

2,026,296

RPM

International,

Inc.

.....................

7,762

895,347

Sherwin-Williams

Co.

(The)

..................

14,735

4,892,462

29,979,964

a

Commercial

Services

&

Supplies

 — 

0

.8

%

Cintas

Corp.

............................

5,530

3,476,213

Copart,

Inc.

(a)

...........................

52,358

2,782,828

Republic

Services,

Inc.

.....................

13,346

2,450,325

Waste

Connections,

Inc.

....................

15,638

2,602,789

Waste

Management,

Inc.

....................

24,346

5,006,755

16,318,910

a

Communications

Equipment

 — 

0

.6

%

Cisco

Systems,

Inc.

.......................

246,160

11,906,759

a

Construction

&

Engineering

 — 

0

.1

%

AECOM

...............................

8,242

732,137

Quanta

Services,

Inc.

......................

8,799

2,125,046

2,857,183

a

Construction

Materials

 — 

0

.1

%

Vulcan

Materials

Co.

......................

8,090

2,150,727

a

Consumer

Finance

 — 

0

.4

%

American

Express

Co.

.....................

35,321

7,750,134

a

Consumer

Staples

Distribution

&

Retail

 — 

1

.1

%

Target

Corp.

............................

27,964

4,276,255

Walgreens

Boots

Alliance,

Inc.

................

44,336

942,583

Walmart,

Inc.

............................

268,004

15,707,715

20,926,553

a

Containers

&

Packaging

 — 

0

.1

%

Avery

Dennison

Corp.

......................

4,876

1,055,800

Ball

Corp.

..............................

19,145

1,225,663

Crown

Holdings,

Inc.

......................

7,360

563,923

2,845,386

a

Diversified

Telecommunication

Services

 — 

0

.9

%

AT&T,

Inc.

..............................

433,129

7,332,874

Liberty

Global,

Ltd.

,

Class

C

(a)

(c)

...............

11,165

207,111

Verizon

Communications,

Inc.

................

254,675

10,192,093

17,732,078

a

Electric

Utilities

 — 

1

.5

%

Alliant

Energy

Corp.

.......................

15,520

741,080

American

Electric

Power

Co.,

Inc.

..............

31,854

2,713,642

Constellation

Energy

Corp.

..................

19,367

3,262,371

Duke

Energy

Corp.

.......................

46,691

4,287,635

Edison

International

.......................

23,316

1,585,954

Schedule

of

Investments

(unaudited)

(continued)

February

29,

2024

iShares

®

Climate

Conscious

&

Transition

MSCI

USA

ETF

(Percentages

shown

are

based

on

Net

Assets)

8

2024

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Electric

Utilities

(continued)

Eversource

Energy

.......................

21,150

$

1,241,505

Exelon

Corp.

............................

60,420

2,165,453

NextEra

Energy,

Inc.

......................

124,284

6,859,234

Southern

Co.

(The)

.......................

66,071

4,443,275

Xcel

Energy,

Inc.

.........................

33,428

1,761,321

29,061,470

a

Electrical

Equipment

 — 

0

.8

%

AMETEK,

Inc.

...........................

13,980

2,518,916

Eaton

Corp.

PLC

.........................

24,187

6,990,043

Emerson

Electric

Co.

......................

34,534

3,689,958

Hubbell,

Inc.

............................

3,221

1,226,138

Rockwell

Automation,

Inc.

...................

6,945

1,979,881

16,404,936

a

Electronic

Equipment,

Instruments

&

Components

 — 

0

.0

%

Trimble,

Inc.

(a)

...........................

15,079

922,684

a

Energy

Equipment

&

Services

 — 

0

.4

%

Baker

Hughes

Co.

,

Class

A

..................

60,806

1,799,249

Halliburton

Co.

..........................

54,072

1,896,305

Schlumberger

Ltd.

........................

86,535

4,182,237

7,877,791

a

Entertainment

 — 

1

.6

%

Liberty

Media

Corp.-Liberty

Formula

One

,

Series

C

,

NVS

(a)

...............................

11,951

869,555

Netflix,

Inc.

(a)

............................

26,510

15,983,409

Take-Two

Interactive

Software,

Inc.

(a)

............

10,318

1,516,024

Walt

Disney

Co.

(The)

.....................

111,075

12,393,748

30,762,736

a

Financial

Services

 — 

3

.6

%

Apollo

Global

Management,

Inc.

...............

24,064

2,690,355

Block,

Inc.

,

Class

A

(a)

......................

33,535

2,665,026

Fidelity

National

Information

Services,

Inc.

........

35,890

2,483,229

Fiserv,

Inc.

(a)

............................

36,361

5,427,607

Global

Payments,

Inc.

.....................

15,715

2,038,236

Jack

Henry

&

Associates,

Inc.

................

4,416

767,368

Mastercard,

Inc.

,

Class

A

....................

50,760

24,098,818

PayPal

Holdings,

Inc.

(a)

.....................

62,048

3,743,976

Visa,

Inc.

,

Class

A

........................

95,878

27,098,958

71,013,573

a

Food

Products

 — 

0

.7

%

Bunge

Global

SA

.........................

8,800

830,456

Campbell

Soup

Co.

.......................

11,678

497,950

General

Mills,

Inc.

........................

34,399

2,207,728

Hershey

Co.

(The)

........................

9,114

1,712,703

Kellanova

..............................

16,392

904,019

McCormick

&

Co.,

Inc.

,

NVS

.................

15,289

1,052,800

Mondelez

International,

Inc.

,

Class

A

............

82,441

6,023,964

13,229,620

a

Ground

Transportation

 — 

1

.5

%

CSX

Corp.

.............................

119,710

4,541,797

JB

Hunt

Transport

Services,

Inc.

..............

5,010

1,033,613

Norfolk

Southern

Corp.

.....................

13,695

3,470,039

Old

Dominion

Freight

Line,

Inc.

...............

5,945

2,630,544

Uber

Technologies,

Inc.

(a)

...................

112,197

8,919,662

Union

Pacific

Corp.

.......................

36,925

9,367,503

29,963,158

a

Health

Care

Equipment

&

Supplies

 — 

1

.3

%

Abbott

Laboratories

.......................

105,164

12,476,657

Boston

Scientific

Corp.

(a)

....................

88,745

5,875,807

Security

Shares

Value

a

Health

Care

Equipment

&

Supplies

(continued)

Edwards

Lifesciences

Corp.

(a)

................

36,766

$

3,120,330

IDEXX

Laboratories,

Inc.

(a)

...................

5,030

2,893,407

Zimmer

Biomet

Holdings,

Inc.

................

12,658

1,574,149

25,940,350

a

Health

Care

Providers

&

Services

 — 

2

.7

%

Cigna

Group

(The)

........................

17,741

5,963,460

CVS

Health

Corp.

........................

77,953

5,797,365

DaVita,

Inc.

(a)

............................

3,295

418,366

Elevance

Health,

Inc.

......................

14,234

7,134,792

Laboratory

Corp.

of

America

Holdings

...........

5,143

1,110,014

McKesson

Corp.

.........................

8,063

4,204,129

UnitedHealth

Group,

Inc.

....................

56,025

27,653,940

52,282,066

a

Health

Care

REITs

 — 

0

.2

%

Healthpeak

Properties,

Inc.

..................

42,891

718,424

Welltower,

Inc.

...........................

33,529

3,090,033

3,808,457

a

Hotels,

Restaurants

&

Leisure

 — 

2

.6

%

Airbnb,

Inc.

,

Class

A

(a)

......................

26,434

4,162,562

Booking

Holdings,

Inc.

(a)

....................

2,110

7,319,231

Caesars

Entertainment,

Inc.

(a)

................

12,984

564,415

Chipotle

Mexican

Grill,

Inc.

(a)

.................

1,662

4,468,736

Darden

Restaurants,

Inc.

...................

7,230

1,234,233

Hilton

Worldwide

Holdings,

Inc.

...............

15,535

3,174,111

Hyatt

Hotels

Corp.

,

Class

A

..................

2,680

411,621

Las

Vegas

Sands

Corp.

....................

22,782

1,242,075

Marriott

International,

Inc.

,

Class

A

.............

15,191

3,795,775

McDonald's

Corp.

........................

43,942

12,843,368

MGM

Resorts

International

(a)

.................

16,947

733,466

Starbucks

Corp.

..........................

68,590

6,509,191

Vail

Resorts,

Inc.

.........................

2,298

529,252

Wynn

Resorts

Ltd.

........................

6,078

639,406

Yum!

Brands,

Inc.

........................

16,901

2,339,436

49,966,878

a

Household

Durables

 — 

0

.1

%

Garmin

Ltd.

.............................

9,288

1,275,707

a

Household

Products

 — 

1

.6

%

Church

&

Dwight

Co.,

Inc.

...................

14,802

1,481,976

Clorox

Co.

(The)

.........................

7,514

1,151,971

Colgate-Palmolive

Co.

.....................

47,382

4,099,491

Kimberly-Clark

Corp.

......................

20,471

2,480,471

Procter

&

Gamble

Co.

(The)

.................

142,775

22,692,659

31,906,568

a

Industrial

Conglomerates

 — 

0

.2

%

3M

Co.

................................

33,458

3,082,151

a

Industrial

REITs

 — 

0

.4

%

Prologis,

Inc.

............................

55,977

7,460,055

a

Insurance

 — 

2

.0

%

American

International

Group,

Inc.

.............

42,529

3,099,939

Aon

PLC

,

Class

A

........................

12,133

3,833,907

Arch

Capital

Group

Ltd.

(a)

...................

22,656

1,984,439

Arthur

J

Gallagher

&

Co.

....................

13,080

3,190,604

Chubb

Ltd.

.............................

24,717

6,220,527

Hartford

Financial

Services

Group,

Inc.

(The)

......

18,222

1,746,397

Marsh

&

McLennan

Companies,

Inc.

............

29,871

6,042,007

Progressive

Corp.

(The)

....................

35,368

6,704,358

Travelers

Companies,

Inc.

(The)

...............

13,833

3,056,540

W

R

Berkley

Corp.

........................

12,494

1,044,498

iShares

®

Climate

Conscious

&

Transition

MSCI

USA

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

29,

2024

(Percentages

shown

are

based

on

Net

Assets)

9

Schedule

of

Investments

Security

Shares

Value

a

Insurance

(continued)

Willis

Towers

Watson

PLC

...................

6,329

$

1,725,349

38,648,565

a

Interactive

Media

&

Services

 — 

8

.0

%

Alphabet,

Inc.

,

Class

A

(a)

....................

334,788

46,354,746

Alphabet,

Inc.

,

Class

C

,

NVS

(a)

................

291,487

40,744,053

Match

Group,

Inc.

(a)

.......................

16,734

603,094

Meta

Platforms,

Inc.

,

Class

A

.................

134,464

65,904,840

Pinterest,

Inc.

,

Class

A

(a)

....................

35,640

1,307,988

Snap,

Inc.

,

Class

A

,

NVS

(a)

..................

63,497

699,737

155,614,458

a

IT

Services

 — 

1

.9

%

Accenture

PLC

,

Class

A

....................

37,977

14,233,020

Akamai

Technologies,

Inc.

(a)

..................

9,171

1,017,247

Cloudflare,

Inc.

,

Class

A

(a)

...................

17,940

1,767,808

Cognizant

Technology

Solutions

Corp.

,

Class

A

.....

30,231

2,388,854

EPAM

Systems,

Inc.

(a)

......................

3,493

1,063,269

Gartner,

Inc.

(a)

...........................

4,719

2,196,978

International

Business

Machines

Corp.

..........

55,315

10,234,934

Okta,

Inc.

,

Class

A

(a)

.......................

9,580

1,027,934

Snowflake,

Inc.

,

Class

A

(a)

...................

16,903

3,182,497

37,112,541

a

Leisure

Products

 — 

0

.0

%

Hasbro,

Inc.

............................

8,004

402,521

a

Life

Sciences

Tools

&

Services

 — 

1

.9

%

Agilent

Technologies,

Inc.

...................

17,748

2,437,865

Charles

River

Laboratories

International,

Inc.

(a)

.....

3,112

791,039

Danaher

Corp.

..........................

42,525

10,764,778

Illumina,

Inc.

(a)

...........................

9,702

1,356,631

IQVIA

Holdings,

Inc.

(a)

......................

11,018

2,723,209

Mettler-Toledo

International,

Inc.

(a)

.............

1,326

1,653,814

Repligen

Corp.

(a)

.........................

3,206

621,932

Revvity,

Inc.

............................

7,381

808,884

Thermo

Fisher

Scientific,

Inc.

.................

23,408

13,346,773

Waters

Corp.

(a)

..........................

3,580

1,207,964

West

Pharmaceutical

Services,

Inc.

............

4,490

1,609,036

37,321,925

a

Machinery

 — 

1

.3

%

Cummins,

Inc.

...........................

8,583

2,305,480

Deere

&

Co.

............................

16,108

5,880,225

Dover

Corp.

............................

8,405

1,390,019

Fortive

Corp.

............................

21,192

1,804,075

Graco,

Inc.

.............................

10,124

923,916

IDEX

Corp.

.............................

4,536

1,070,042

Illinois

Tool

Works,

Inc.

.....................

18,250

4,784,238

PACCAR,

Inc.

...........................

31,683

3,513,328

Stanley

Black

&

Decker,

Inc.

.................

9,294

829,861

Westinghouse

Air

Brake

Technologies

Corp.

.......

10,943

1,546,137

Xylem,

Inc.

.............................

14,608

1,855,946

25,903,267

a

Media

 — 

0

.6

%

Charter

Communications,

Inc.

,

Class

A

(a)

.........

5,847

1,718,609

Comcast

Corp.

,

Class

A

....................

243,259

10,423,648

12,142,257

a

Metals

&

Mining

 — 

0

.5

%

Freeport-McMoRan,

Inc.

....................

86,872

3,284,630

Newmont

Corp.

..........................

69,871

2,183,469

Nucor

Corp.

............................

14,903

2,865,847

Security

Shares

Value

a

Metals

&

Mining

(continued)

Steel

Dynamics,

Inc.

.......................

9,315

$

1,246,533

9,580,479

a

Mortgage

REITs

 — 

0

.0

%

Annaly

Capital

Management,

Inc.

..............

29,761

568,137

a

Multi-Utilities

 — 

0

.5

%

Consolidated

Edison,

Inc.

...................

20,805

1,814,404

Dominion

Energy,

Inc.

......................

50,828

2,431,103

Public

Service

Enterprise

Group,

Inc.

...........

30,137

1,880,549

Sempra

...............................

38,053

2,686,542

8,812,598

a

Office

REITs

 — 

0

.1

%

Alexandria

Real

Estate

Equities,

Inc.

............

9,998

1,247,051

a

Oil,

Gas

&

Consumable

Fuels

 — 

3

.6

%

Chevron

Corp.

...........................

108,312

16,464,507

ConocoPhillips

..........................

72,043

8,107,719

Diamondback

Energy,

Inc.

...................

10,304

1,880,686

EOG

Resources,

Inc.

......................

35,330

4,043,872

Exxon

Mobil

Corp.

........................

242,118

25,306,173

Hess

Corp.

.............................

16,746

2,440,730

Kinder

Morgan,

Inc.

,

Class

P

.................

120,504

2,095,565

Marathon

Oil

Corp.

........................

35,449

859,638

Occidental

Petroleum

Corp.

..................

39,935

2,420,460

ONEOK,

Inc.

............................

35,154

2,640,769

Pioneer

Natural

Resources

Co.

...............

14,152

3,328,409

69,588,528

a

Personal

Care

Products

 — 

0

.1

%

Estee

Lauder

Companies,

Inc.

(The)

,

Class

A

......

14,072

2,090,818

a

Pharmaceuticals

 — 

5

.2

%

Bristol-Myers

Squibb

Co.

....................

123,259

6,255,394

Eli

Lilly

&

Co.

...........................

48,881

36,840,632

Johnson

&

Johnson

.......................

145,831

23,534,207

Merck

&

Co.,

Inc.

.........................

153,509

19,518,669

Pfizer,

Inc.

.............................

342,046

9,084,742

Zoetis,

Inc.

,

Class

A

.......................

27,808

5,515,161

100,748,805

a

Professional

Services

 — 

0

.9

%

Automatic

Data

Processing,

Inc.

...............

24,894

6,251,630

Booz

Allen

Hamilton

Holding

Corp.

,

Class

A

.......

7,942

1,173,113

Broadridge

Financial

Solutions,

Inc.

............

7,088

1,442,975

Dayforce,

Inc.

(a)

..........................

8,856

617,794

Equifax,

Inc.

............................

7,462

2,041,529

Paychex,

Inc.

...........................

19,653

2,409,851

Paycom

Software,

Inc.

.....................

3,266

595,686

Robert

Half,

Inc.

.........................

6,446

518,258

TransUnion

.............................

11,648

904,234

Verisk

Analytics,

Inc.

.......................

8,802

2,129,204

18,084,274

a

Real

Estate

Management

&

Development

 — 

0

.1

%

CBRE

Group,

Inc.

,

Class

A

(a)

.................

18,662

1,714,851

a

Residential

REITs

 — 

0

.2

%

AvalonBay

Communities,

Inc.

................

8,600

1,522,458

Equity

Residential

........................

21,911

1,319,261

Essex

Property

Trust,

Inc.

...................

3,862

893,667

3,735,386

a

Retail

REITs

 — 

0

.4

%

Kimco

Realty

Corp.

.......................

40,831

806,820

Realty

Income

Corp.

.......................

50,406

2,626,657

Schedule

of

Investments

(unaudited)

(continued)

February

29,

2024

iShares

®

Climate

Conscious

&

Transition

MSCI

USA

ETF

(Percentages

shown

are

based

on

Net

Assets)

10

2024

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Retail

REITs

(continued)

Regency

Centers

Corp.

....................

10,625

$

658,219

Simon

Property

Group,

Inc.

..................

19,822

2,936,431

7,028,127

a

Semiconductors

&

Semiconductor

Equipment

 — 

10

.3

%

Advanced

Micro

Devices,

Inc.

(a)

...............

97,864

18,841,756

Analog

Devices,

Inc.

.......................

30,104

5,774,549

Broadcom,

Inc.

..........................

26,940

35,035,200

Enphase

Energy,

Inc.

(a)

.....................

8,370

1,063,074

First

Solar,

Inc.

(a)

.........................

6,147

945,962

NVIDIA

Corp.

...........................

149,630

118,375,286

QUALCOMM,

Inc.

........................

67,722

10,685,854

Texas

Instruments,

Inc.

.....................

55,015

9,205,660

199,927,341

a

Software

 — 

10

.5

%

Adobe,

Inc.

(a)

............................

27,384

15,342,708

ANSYS,

Inc.

(a)

...........................

5,248

1,753,724

Aspen

Technology,

Inc.

(a)

....................

1,740

337,369

Atlassian

Corp.

,

Class

A

(a)

...................

9,451

1,960,326

Autodesk,

Inc.

(a)

..........................

12,959

3,345,625

Bentley

Systems,

Inc.

,

Class

B

................

12,759

655,430

Cadence

Design

Systems,

Inc.

(a)

..............

16,479

5,015,878

Confluent,

Inc.

,

Class

A

(a)

...................

11,485

388,997

Datadog,

Inc.

,

Class

A

(a)

....................

16,546

2,175,137

Dropbox,

Inc.

,

Class

A

(a)

....................

15,674

375,392

Fortinet,

Inc.

(a)

...........................

39,538

2,732,471

Gen

Digital,

Inc.

..........................

34,587

743,275

HubSpot,

Inc.

(a)

..........................

2,899

1,793,930

Intuit,

Inc.

..............................

16,960

11,242,614

Microsoft

Corp.

..........................

229,161

94,790,156

Oracle

Corp.

............................

99,911

11,158,061

Palo

Alto

Networks,

Inc.

(a)

...................

19,099

5,931,194

PTC,

Inc.

(a)

.............................

7,255

1,327,738

Roper

Technologies,

Inc.

....................

6,471

3,524,948

Salesforce,

Inc.

(a)

.........................

58,635

18,107,661

ServiceNow,

Inc.

(a)

........................

12,415

9,576,186

Splunk,

Inc.

(a)

...........................

9,652

1,507,835

Synopsys,

Inc.

(a)

.........................

9,196

5,276,021

Workday,

Inc.

,

Class

A

(a)

....................

12,659

3,730,101

Zscaler,

Inc.

(a)

...........................

5,371

1,299,621

204,092,398

a

Specialized

REITs

 — 

1

.0

%

American

Tower

Corp.

.....................

28,239

5,615,607

Crown

Castle,

Inc.

........................

26,206

2,881,088

Digital

Realty

Trust,

Inc.

....................

18,284

2,684,274

Equinix,

Inc.

............................

5,691

5,058,275

VICI

Properties,

Inc.

.......................

62,667

1,875,623

Security

Shares

Value

a

Specialized

REITs

(continued)

Weyerhaeuser

Co.

........................

44,045

$

1,514,267

19,629,134

a

Specialty

Retail

 — 

1

.3

%

Home

Depot,

Inc.

(The)

....................

60,289

22,946,596

Ulta

Beauty,

Inc.

(a)

........................

2,945

1,615,509

24,562,105

a

Technology

Hardware,

Storage

&

Peripherals

 — 

4

.1

%

Apple,

Inc.

.............................

424,319

76,695,659

Dell

Technologies,

Inc.

,

Class

C

...............

14,549

1,377,209

Hewlett

Packard

Enterprise

Co.

...............

78,731

1,199,073

79,271,941

a

Textiles,

Apparel

&

Luxury

Goods

 — 

0

.6

%

Deckers

Outdoor

Corp.

(a)

....................

1,561

1,398,016

Lululemon

Athletica,

Inc.

(a)

...................

6,972

3,256,552

Nike,

Inc.

,

Class

B

........................

73,737

7,663,486

12,318,054

a

Water

Utilities

 — 

0

.1

%

American

Water

Works

Co.,

Inc.

...............

11,759

1,393,912

Essential

Utilities,

Inc.

......................

15,730

547,089

1,941,001

a

Wireless

Telecommunication

Services

 — 

0

.3

%

T-Mobile

U.S.,

Inc.

........................

31,531

5,149,012

a

Total

Long-Term

Investments — 99.7%

(Cost:

$

1,630,660,734

)

...............................

1,944,837,701

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.3

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.50

%

(b)

(d)

(e)

.....................

408,413

408,617

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.30

%

(b)

(d)

............................

5,198,241

5,198,241

a

Total

Short-Term

Securities — 0.3%

(Cost:

$

5,606,816

)

..................................

5,606,858

Total

Investments

—

100.0%

(Cost:

$

1,636,267,550

)

...............................

1,950,444,559

Liabilities

in

Excess

of

Other

Assets

—

0

.0

%

................

(

704,546

)

Net

Assets

—

100.0%

.................................

$

1,949,740,013

(a)

Non-income

producing

security.

(b)

Affiliate

of

the

Fund.

(c)

All

or

a

portion

of

this

security

is

on

loan.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

iShares

®

Climate

Conscious

&

Transition

MSCI

USA

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

29,

2024

11

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

February

29,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

February

29,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

08/31/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

02/29/24

  Shares

Held

at

02/29/24

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

6,588,268

$

—

$

(

6,182,067

)

(a)

$

2,374

$

42

$

408,617

408,413

$

21,171

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

5,087,833

110,408

(a)

—

—

—

5,198,241

5,198,241

118,711

—

BlackRock,

Inc.

..

9,649,238

1,166,626

(

4,915,271

)

528,364

882,028

7,310,985

9,011

129,500

—

$

530,738

$

882,070

$

12,917,843

$

269,382

$

—

(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.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

S&P

500

Index

...................................................................

18

03/15/24

$

4,593

$

170,357

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)

.............

$

—

$

—

$

170,357

$

—

$

—

$

—

$

170,357

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

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).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

282,280

$

—

$

—

$

—

$

282,280

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

146,229

$

—

$

—

$

—

$

146,229

Schedule

of

Investments

(unaudited)

(continued)

February

29,

2024

iShares

®

Climate

Conscious

&

Transition

MSCI

USA

ETF

12

2024

iShares

Semi-Annual

Report

to

Shareholders

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

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.

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

7,216,694

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

1,944,837,701

‌

$

—

‌

$

—

‌

$

1,944,837,701

‌

Short-Term

Securities

Money

Market

Funds

......................................

5,606,858

‌

—

‌

—

‌

5,606,858

‌

$

1,950,444,559

‌

$

—

‌

$

—

‌

$

1,950,444,559

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

170,357

‌

$

—

‌

$

—

‌

$

170,357

‌

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

ESG

Advanced

MSCI

USA

ETF

Schedule

of

Investments

(unaudited)

February

29,

2024

(Percentages

shown

are

based

on

Net

Assets)

13

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

0

.4

%

Axon

Enterprise,

Inc.

(a)

.....................

3,710

$

1,140,343

HEICO

Corp.

(b)

..........................

2,280

440,952

HEICO

Corp.

,

Class

A

......................

3,917

609,446

Howmet

Aerospace,

Inc.

....................

20,380

1,356,289

3,547,030

a

Air

Freight

&

Logistics

 — 

0

.1

%

CH

Robinson

Worldwide,

Inc.

................

6,078

450,258

Expeditors

International

of

Washington,

Inc.

.......

7,576

906,090

1,356,348

a

Automobile

Components

 — 

0

.2

%

Aptiv

PLC

(a)

.............................

14,738

1,171,524

BorgWarner,

Inc.

.........................

12,246

381,218

Lear

Corp.

.............................

3,035

416,857

1,969,599

a

Automobiles

 — 

0

.0

%

Rivian

Automotive,

Inc.

,

Class

A

(a)

..............

34,646

392,193

a

Banks

 — 

1

.4

%

Huntington

Bancshares,

Inc.

.................

75,449

983,855

KeyCorp

...............................

48,781

696,105

M&T

Bank

Corp.

.........................

8,647

1,208,331

PNC

Financial

Services

Group,

Inc.

(The)

........

20,754

3,054,989

Regions

Financial

Corp.

....................

48,460

902,810

Truist

Financial

Corp.

......................

69,489

2,430,725

U.S.

Bancorp

...........................

81,177

3,406,187

12,683,002

a

Beverages

 — 

0

.2

%

Keurig

Dr

Pepper,

Inc.

.....................

54,643

1,634,372

a

Biotechnology

 — 

2

.8

%

Alnylam

Pharmaceuticals,

Inc.

(a)

...............

6,538

987,826

Amgen,

Inc.

............................

27,885

7,635,750

Biogen,

Inc.

(a)

...........................

7,551

1,638,492

BioMarin

Pharmaceutical,

Inc.

(a)

...............

9,815

846,838

Exact

Sciences

Corp.

(a)

.....................

9,423

542,105

Incyte

Corp.

(a)

...........................

9,925

579,223

Moderna,

Inc.

(a)

..........................

16,886

1,557,565

Neurocrine

Biosciences,

Inc.

(a)

................

5,119

667,518

Regeneron

Pharmaceuticals,

Inc.

(a)

.............

5,582

5,392,714

United

Therapeutics

Corp.

(a)

..................

2,449

552,592

Vertex

Pharmaceuticals,

Inc.

(a)

................

13,426

5,648,855

26,049,478

a

Broadline

Retail

 — 

0

.6

%

eBay,

Inc.

..............................

27,042

1,278,546

Etsy,

Inc.

(a)

.............................

6,277

449,998

MercadoLibre,

Inc.

(a)

.......................

2,372

3,784,052

5,512,596

a

Building

Products

 — 

1

.3

%

A

O

Smith

Corp.

.........................

6,400

530,560

Allegion

PLC

............................

4,575

585,005

Builders

FirstSource,

Inc.

(a)

..................

6,427

1,254,422

Carlisle

Companies,

Inc.

....................

2,537

887,950

Carrier

Global

Corp.

.......................

42,130

2,341,585

Fortune

Brands

Innovations,

Inc.

..............

6,569

534,323

Lennox

International,

Inc.

...................

1,667

785,507

Masco

Corp.

............................

11,697

897,862

Owens

Corning

..........................

4,631

693,631

Security

Shares

Value

a

Building

Products

(continued)

Trane

Technologies

PLC

....................

11,857

$

3,343,318

11,854,163

a

Capital

Markets

 — 

5

.4

%

Ameriprise

Financial,

Inc.

...................

5,272

2,147,602

Bank

of

New

York

Mellon

Corp.

(The)

...........

39,564

2,219,145

BlackRock,

Inc.

(c)

.........................

7,750

6,287,885

Carlyle

Group,

Inc.

(The)

....................

11,279

517,142

Cboe

Global

Markets,

Inc.

...................

5,500

1,056,000

Charles

Schwab

Corp.

(The)

.................

78,463

5,239,759

CME

Group,

Inc.

,

Class

A

...................

18,757

4,133,105

FactSet

Research

Systems,

Inc.

...............

1,985

918,221

Franklin

Resources,

Inc.

....................

15,491

425,228

Intercontinental

Exchange,

Inc.

...............

29,821

4,127,823

LPL

Financial

Holdings,

Inc.

..................

3,940

1,055,487

MarketAxess

Holdings,

Inc.

..................

1,976

421,698

Moody's

Corp.

...........................

8,582

3,256,182

Morgan

Stanley

..........................

64,138

5,518,434

Nasdaq,

Inc.

............................

18,037

1,013,679

Northern

Trust

Corp.

.......................

10,787

885,936

Raymond

James

Financial,

Inc.

...............

10,387

1,249,764

S&P

Global,

Inc.

.........................

16,881

7,231,483

State

Street

Corp.

........................

15,998

1,179,533

T

Rowe

Price

Group,

Inc.

...................

11,643

1,319,734

50,203,840

a

Chemicals

 — 

2

.6

%

Air

Products

and

Chemicals,

Inc.

..............

11,579

2,709,949

Albemarle

Corp.

.........................

6,114

842,815

CF

Industries

Holdings,

Inc.

..................

9,954

803,487

FMC

Corp.

.............................

6,500

366,535

International

Flavors

&

Fragrances,

Inc.

..........

13,301

1,004,226

Linde

PLC

.............................

25,265

11,339,437

Mosaic

Co.

(The)

.........................

17,035

530,811

PPG

Industries,

Inc.

.......................

12,287

1,739,839

RPM

International,

Inc.

.....................

6,715

774,575

Sherwin-Williams

Co.

(The)

..................

12,669

4,206,488

Westlake

Corp.

..........................

1,964

272,426

24,590,588

a

Commercial

Services

&

Supplies

 — 

1

.7

%

Cintas

Corp.

............................

4,753

2,987,783

Copart,

Inc.

(a)

...........................

45,029

2,393,291

Republic

Services,

Inc.

.....................

11,476

2,106,994

Rollins,

Inc.

.............................

15,132

666,867

Veralto

Corp.

............................

12,191

1,053,546

Waste

Connections,

Inc.

....................

13,424

2,234,291

Waste

Management,

Inc.

....................

20,986

4,315,771

15,758,543

a

Communications

Equipment

 — 

0

.5

%

Arista

Networks,

Inc.

(a)

.....................

13,778

3,823,946

F5,

Inc.

(a)

..............................

3,110

582,254

Juniper

Networks,

Inc.

.....................

16,688

617,957

5,024,157

a

Construction

&

Engineering

 — 

0

.3

%

AECOM

...............................

7,084

629,272

Quanta

Services,

Inc.

......................

7,571

1,828,472

2,457,744

a

Construction

Materials

 — 

0

.4

%

Martin

Marietta

Materials,

Inc.

................

3,219

1,859,648

Vulcan

Materials

Co.

......................

6,923

1,840,480

3,700,128

a

Schedule

of

Investments

(unaudited)

(continued)

February

29,

2024

iShares

®

ESG

Advanced

MSCI

USA

ETF

(Percentages

shown

are

based

on

Net

Assets)

14

2024

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Consumer

Finance

 — 

1

.3

%

Ally

Financial,

Inc.

........................

14,144

$

523,187

American

Express

Co.

.....................

30,377

6,665,321

Capital

One

Financial

Corp.

..................

19,843

2,730,595

Discover

Financial

Services

..................

13,028

1,572,480

Synchrony

Financial

.......................

21,560

890,428

12,382,011

a

Consumer

Staples

Distribution

&

Retail

 — 

0

.8

%

Dollar

General

Corp.

......................

11,437

1,661,910

Dollar

Tree,

Inc.

(a)

.........................

10,784

1,581,797

Target

Corp.

............................

24,054

3,678,338

Walgreens

Boots

Alliance,

Inc.

................

38,193

811,983

7,734,028

a

Containers

&

Packaging

 — 

0

.5

%

Avery

Dennison

Corp.

......................

4,196

908,560

Ball

Corp.

..............................

16,428

1,051,721

Crown

Holdings,

Inc.

......................

6,287

481,710

International

Paper

Co.

.....................

17,128

605,646

Packaging

Corp.

of

America

.................

4,670

846,157

Westrock

Co.

...........................

13,365

605,301

4,499,095

a

Distributors

 — 

0

.3

%

Genuine

Parts

Co.

........................

7,305

1,090,344

LKQ

Corp.

.............................

13,942

729,027

Pool

Corp.

.............................

2,016

802,610

2,621,981

a

Diversified

REITs

 — 

0

.1

%

WP

Carey,

Inc.

..........................

8,485

641,768

a

Diversified

Telecommunication

Services

 — 

0

.9

%

Verizon

Communications,

Inc.

................

219,047

8,766,261

a

Electrical

Equipment

 — 

1

.3

%

AMETEK,

Inc.

...........................

12,025

2,166,665

Eaton

Corp.

PLC

.........................

20,804

6,012,356

Hubbell,

Inc.

............................

2,793

1,063,211

Rockwell

Automation,

Inc.

...................

5,970

1,701,928

Vertiv

Holdings

Co.

,

Class

A

.................

18,881

1,276,733

12,220,893

a

Electronic

Equipment,

Instruments

&

Components

 — 

1

.5

%

Amphenol

Corp.

,

Class

A

...................

31,173

3,405,338

CDW

Corp.

.............................

6,979

1,718,300

Corning,

Inc.

............................

42,230

1,361,495

Jabil,

Inc.

..............................

6,645

957,478

Keysight

Technologies,

Inc.

(a)

.................

9,120

1,407,216

TE

Connectivity

Ltd.

.......................

16,119

2,314,044

Teledyne

Technologies,

Inc.

(a)

.................

2,459

1,050,657

Trimble,

Inc.

(a)

...........................

12,961

793,084

Zebra

Technologies

Corp.

,

Class

A

(a)

............

2,676

747,888

13,755,500

a

Entertainment

 — 

0

.3

%

Electronic

Arts,

Inc.

.......................

13,313

1,856,897

Warner

Bros

Discovery,

Inc.

,

Series

A

(a)

..........

120,705

1,060,997

2,917,894

a

Financial

Services

 — 

6

.3

%

Apollo

Global

Management,

Inc.

...............

20,700

2,314,260

Fidelity

National

Information

Services,

Inc.

........

30,871

2,135,965

Fiserv,

Inc.

(a)

............................

31,272

4,667,971

Global

Payments,

Inc.

.....................

13,568

1,759,770

Jack

Henry

&

Associates,

Inc.

................

3,795

659,457

Mastercard,

Inc.

,

Class

A

....................

43,630

20,713,779

Security

Shares

Value

a

Financial

Services

(continued)

PayPal

Holdings,

Inc.

(a)

.....................

53,366

$

3,220,104

Toast,

Inc.

,

Class

A

(a)

(b)

.....................

17,726

407,698

Visa,

Inc.

,

Class

A

........................

82,470

23,309,321

59,188,325

a

Food

Products

 — 

0

.9

%

Campbell

Soup

Co.

.......................

10,095

430,451

Conagra

Brands,

Inc.

......................

24,906

699,361

Darling

Ingredients,

Inc.

(a)

...................

8,311

351,638

General

Mills,

Inc.

........................

29,589

1,899,022

Hormel

Foods

Corp.

.......................

15,670

553,464

J

M

Smucker

Co.

(The)

.....................

5,531

664,660

Kellanova

..............................

14,277

787,377

Kraft

Heinz

Co.

(The)

......................

44,735

1,578,251

Lamb

Weston

Holdings,

Inc.

.................

7,521

768,721

McCormick

&

Co.,

Inc.

,

NVS

.................

13,092

901,515

8,634,460

a

Ground

Transportation

 — 

0

.4

%

JB

Hunt

Transport

Services,

Inc.

..............

4,299

886,927

Knight-Swift

Transportation

Holdings,

Inc.

,

Class

A

..

8,409

473,763

Old

Dominion

Freight

Line,

Inc.

...............

5,117

2,264,170

U-Haul

Holding

Co.

,

Series

N

,

NVS

.............

5,058

321,537

3,946,397

a

Health

Care

Equipment

&

Supplies

 — 

2

.5

%

Align

Technology,

Inc.

(a)

.....................

3,791

1,146,474

Cooper

Cos.,

Inc.

The

......................

10,322

966,139

Dexcom,

Inc.

(a)

..........................

20,132

2,316,589

Edwards

Lifesciences

Corp.

(a)

................

31,600

2,681,892

GE

HealthCare

Technologies,

Inc.

.............

21,348

1,948,646

Hologic,

Inc.

(a)

...........................

12,505

922,869

IDEXX

Laboratories,

Inc.

(a)

...................

4,327

2,489,020

Insulet

Corp.

(a)

...........................

3,637

596,468

ResMed,

Inc.

...........................

7,664

1,331,390

STERIS

PLC

............................

5,148

1,199,021

Stryker

Corp.

...........................

17,816

6,219,031

Teleflex,

Inc.

............................

2,449

545,613

Zimmer

Biomet

Holdings,

Inc.

................

10,888

1,354,032

23,717,184

a

Health

Care

Providers

&

Services

 — 

1

.5

%

DaVita,

Inc.

(a)

............................

2,824

358,563

Elevance

Health,

Inc.

......................

12,241

6,135,801

HCA

Healthcare,

Inc.

......................

10,459

3,260,070

Henry

Schein,

Inc.

(a)

.......................

6,771

517,778

Humana,

Inc.

...........................

6,415

2,247,303

Molina

Healthcare,

Inc.

(a)

....................

3,037

1,196,305

Quest

Diagnostics,

Inc.

.....................

5,859

731,731

14,447,551

a

Health

Care

REITs

 — 

0

.4

%

Healthpeak

Properties,

Inc.

..................

36,888

617,874

Ventas,

Inc.

............................

20,966

886,652

Welltower,

Inc.

...........................

28,837

2,657,618

4,162,144

a

Health

Care

Technology

 — 

0

.2

%

Veeva

Systems,

Inc.

,

Class

A

(a)

...............

7,971

1,797,540

a

Hotel

&

Resort

REITs

 — 

0

.1

%

Host

Hotels

&

Resorts,

Inc.

..................

36,755

762,299

a

Hotels,

Restaurants

&

Leisure

 — 

1

.6

%

Booking

Holdings,

Inc.

(a)

....................

1,817

6,302,864

Darden

Restaurants,

Inc.

...................

6,221

1,061,987

iShares

®

ESG

Advanced

MSCI

USA

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

29,

2024

(Percentages

shown

are

based

on

Net

Assets)

15

Schedule

of

Investments

Security

Shares

Value

a

Hotels,

Restaurants

&

Leisure

(continued)

Domino's

Pizza,

Inc.

.......................

1,817

$

814,652

DoorDash,

Inc.

,

Class

A

(a)

...................

13,521

1,684,311

Hilton

Worldwide

Holdings,

Inc.

...............

13,361

2,729,920

Hyatt

Hotels

Corp.

,

Class

A

..................

2,318

356,022

Vail

Resorts,

Inc.

.........................

1,979

455,783

Yum!

Brands,

Inc.

........................

14,605

2,021,624

15,427,163

a

Household

Durables

 — 

0

.6

%

DR

Horton,

Inc.

..........................

15,623

2,334,701

Garmin

Ltd.

.............................

7,976

1,095,504

NVR,

Inc.

(a)

.............................

167

1,273,470

PulteGroup,

Inc.

.........................

11,233

1,217,432

5,921,107

a

Household

Products

 — 

0

.5

%

Church

&

Dwight

Co.,

Inc.

...................

12,838

1,285,341

Clorox

Co.

(The)

.........................

6,464

990,996

Kimberly-Clark

Corp.

......................

17,608

2,133,561

4,409,898

a

Industrial

REITs

 — 

0

.7

%

Prologis,

Inc.

............................

48,142

6,415,884

a

Insurance

 — 

4

.3

%

Aflac,

Inc.

..............................

28,925

2,335,404

American

International

Group,

Inc.

.............

36,578

2,666,170

Aon

PLC

,

Class

A

........................

10,431

3,296,092

Arch

Capital

Group

Ltd.

(a)

...................

19,443

1,703,012

Arthur

J

Gallagher

&

Co.

....................

11,249

2,743,969

Assurant,

Inc.

...........................

2,727

494,814

Brown

&

Brown,

Inc.

.......................

12,604

1,061,383

Chubb

Ltd.

.............................

21,257

5,349,749

Everest

Group

Ltd.

........................

2,260

833,669

Hartford

Financial

Services

Group,

Inc.

(The)

......

15,670

1,501,813

Marsh

&

McLennan

Companies,

Inc.

............

25,691

5,196,519

Principal

Financial

Group,

Inc.

................

12,422

1,004,443

Progressive

Corp.

(The)

....................

30,483

5,778,357

Prudential

Financial,

Inc.

....................

18,809

2,049,993

Travelers

Companies,

Inc.

(The)

...............

11,901

2,629,645

Willis

Towers

Watson

PLC

...................

5,352

1,459,009

40,104,041

a

IT

Services

 — 

1

.4

%

Akamai

Technologies,

Inc.

(a)

..................

7,858

871,609

Cognizant

Technology

Solutions

Corp.

,

Class

A

.....

26,126

2,064,477

EPAM

Systems,

Inc.

(a)

......................

3,006

915,026

Gartner,

Inc.

(a)

...........................

4,060

1,890,174

GoDaddy,

Inc.

,

Class

A

(a)

....................

7,002

799,278

MongoDB,

Inc.

,

Class

A

(a)

...................

3,761

1,683,348

Okta,

Inc.

,

Class

A

(a)

.......................

8,234

883,508

Snowflake,

Inc.

,

Class

A

(a)

...................

14,584

2,745,876

Twilio,

Inc.

,

Class

A

(a)

......................

8,962

534,046

VeriSign,

Inc.

(a)

..........................

4,788

935,048

13,322,390

a

Leisure

Products

 — 

0

.0

%

Hasbro,

Inc.

............................

6,869

345,442

a

Life

Sciences

Tools

&

Services

 — 

2

.4

%

Agilent

Technologies,

Inc.

...................

15,267

2,097,075

Avantor,

Inc.

(a)

...........................

35,242

868,363

Bio-Rad

Laboratories,

Inc.

,

Class

A

(a)

............

1,129

367,919

Bio-Techne

Corp.

.........................

8,240

606,217

Charles

River

Laboratories

International,

Inc.

(a)

.....

2,672

679,196

Danaher

Corp.

..........................

36,575

9,258,595

Security

Shares

Value

a

Life

Sciences

Tools

&

Services

(continued)

Illumina,

Inc.

(a)

...........................

8,274

$

1,156,953

IQVIA

Holdings,

Inc.

(a)

......................

9,509

2,350,244

Mettler-Toledo

International,

Inc.

(a)

.............

1,131

1,410,606

Repligen

Corp.

(a)

.........................

2,763

535,994

Revvity,

Inc.

............................

6,430

704,664

Waters

Corp.

(a)

..........................

3,080

1,039,254

West

Pharmaceutical

Services,

Inc.

............

3,855

1,381,478

22,456,558

a

Machinery

 — 

4

.5

%

Caterpillar,

Inc.

..........................

26,526

8,858,623

CNH

Industrial

N.V.

.......................

52,143

623,109

Cummins,

Inc.

...........................

7,385

1,983,685

Deere

&

Co.

............................

13,859

5,059,228

Dover

Corp.

............................

7,289

1,205,455

Fortive

Corp.

............................

18,312

1,558,901

Graco,

Inc.

.............................

8,794

802,540

IDEX

Corp.

.............................

3,940

929,446

Illinois

Tool

Works,

Inc.

.....................

15,676

4,109,463

Ingersoll

Rand,

Inc.

.......................

21,091

1,926,241

Nordson

Corp.

...........................

2,823

749,930

Otis

Worldwide

Corp.

......................

21,325

2,032,273

PACCAR,

Inc.

...........................

27,253

3,022,085

Parker-Hannifin

Corp.

......................

6,695

3,584,838

Pentair

PLC

............................

8,613

670,005

Snap-on,

Inc.

...........................

2,749

757,789

Stanley

Black

&

Decker,

Inc.

.................

7,989

713,338

Toro

Co.

(The)

...........................

5,413

499,674

Westinghouse

Air

Brake

Technologies

Corp.

.......

9,335

1,318,942

Xylem,

Inc.

.............................

12,561

1,595,875

42,001,440

a

Media

 — 

1

.3

%

Charter

Communications,

Inc.

,

Class

A

(a)

(b)

........

5,010

1,472,589

Comcast

Corp.

,

Class

A

....................

209,229

8,965,463

Interpublic

Group

of

Companies,

Inc.

(The)

.......

19,955

626,587

Omnicom

Group,

Inc.

......................

10,313

911,566

Sirius

XM

Holdings,

Inc.

(b)

...................

40,248

177,896

12,154,101

a

Metals

&

Mining

 — 

0

.3

%

Cleveland-Cliffs,

Inc.

(a)

.....................

26,305

547,144

Reliance,

Inc.

...........................

2,995

962,054

Steel

Dynamics,

Inc.

.......................

8,010

1,071,898

2,581,096

a

Mortgage

REITs

 — 

0

.1

%

Annaly

Capital

Management,

Inc.

..............

26,057

497,428

a

Office

REITs

 — 

0

.2

%

Alexandria

Real

Estate

Equities,

Inc.

............

8,602

1,072,927

Boston

Properties,

Inc.

.....................

7,768

502,745

1,575,672

a

Personal

Care

Products

 — 

0

.4

%

Estee

Lauder

Companies,

Inc.

(The)

,

Class

A

......

12,104

1,798,412

Kenvue,

Inc.

............................

89,800

1,706,200

3,504,612

a

Pharmaceuticals

 — 

0

.7

%

Catalent,

Inc.

(a)

..........................

9,412

539,684

Jazz

Pharmaceuticals

PLC

(a)

.................

3,116

370,493

Royalty

Pharma

PLC

,

Class

A

................

19,783

600,216

Zoetis,

Inc.

,

Class

A

.......................

23,922

4,744,450

6,254,843

a

Schedule

of

Investments

(unaudited)

(continued)

February

29,

2024

iShares

®

ESG

Advanced

MSCI

USA

ETF

(Percentages

shown

are

based

on

Net

Assets)

16

2024

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Professional

Services

 — 

1

.5

%

Automatic

Data

Processing,

Inc.

...............

21,431

$

5,381,967

Booz

Allen

Hamilton

Holding

Corp.

,

Class

A

.......

6,794

1,003,542

Broadridge

Financial

Solutions,

Inc.

............

6,129

1,247,742

Dayforce,

Inc.

(a)

(b)

.........................

7,728

539,105

Paychex,

Inc.

...........................

16,873

2,068,967

Paycom

Software,

Inc.

.....................

2,830

516,164

Paylocity

Holding

Corp.

(a)

...................

2,352

396,571

Robert

Half,

Inc.

.........................

5,526

444,290

TransUnion

.............................

10,091

783,364

Verisk

Analytics,

Inc.

.......................

7,555

1,827,555

14,209,267

a

Real

Estate

Management

&

Development

 — 

0

.2

%

CBRE

Group,

Inc.

,

Class

A

(a)

.................

15,881

1,459,305

a

Residential

REITs

 — 

0

.5

%

American

Homes

4

Rent

,

Class

A

..............

16,934

626,727

AvalonBay

Communities,

Inc.

................

7,399

1,309,845

Camden

Property

Trust

.....................

5,563

525,592

Invitation

Homes,

Inc.

......................

31,885

1,086,322

Mid-America

Apartment

Communities,

Inc.

........

6,080

764,135

4,312,621

a

Retail

REITs

 — 

0

.4

%

Kimco

Realty

Corp.

.......................

35,122

694,011

Regency

Centers

Corp.

....................

9,136

565,975

Simon

Property

Group,

Inc.

..................

16,999

2,518,232

3,778,218

a

Semiconductors

&

Semiconductor

Equipment

 — 

23

.8

%

Advanced

Micro

Devices,

Inc.

(a)

...............

84,173

16,205,828

Analog

Devices,

Inc.

.......................

25,857

4,959,890

Applied

Materials,

Inc.

.....................

43,302

8,730,549

Broadcom,

Inc.

..........................

23,172

30,134,954

Enphase

Energy,

Inc.

(a)

(b)

....................

7,116

903,803

Entegris,

Inc.

(b)

..........................

7,823

1,051,098

First

Solar,

Inc.

(a)

(b)

........................

5,288

813,770

Intel

Corp.

.............................

219,668

9,456,707

KLA

Corp.

..............................

7,082

4,832,049

Lam

Research

Corp.

......................

6,867

6,442,963

Lattice

Semiconductor

Corp.

(a)

................

7,192

550,979

Marvell

Technology,

Inc.

....................

45,044

3,227,853

Microchip

Technology,

Inc.

...................

28,191

2,371,991

Micron

Technology,

Inc.

.....................

57,518

5,211,706

Monolithic

Power

Systems,

Inc.

...............

2,497

1,797,940

NVIDIA

Corp.

...........................

128,695

101,813,188

NXP

Semiconductors

NV

...................

13,430

3,353,874

ON

Semiconductor

Corp.

(a)

..................

22,440

1,770,965

Qorvo,

Inc.

(a)

............................

5,072

580,998

QUALCOMM,

Inc.

........................

58,250

9,191,267

Skyworks

Solutions,

Inc.

....................

8,333

874,298

Teradyne,

Inc.

...........................

7,966

825,198

Texas

Instruments,

Inc.

.....................

47,320

7,918,056

223,019,924

a

Software

 — 

8

.4

%

Adobe,

Inc.

(a)

............................

23,551

13,195,154

ANSYS,

Inc.

(a)

...........................

4,527

1,512,788

Aspen

Technology,

Inc.

(a)

....................

1,459

282,886

Atlassian

Corp.

,

Class

A

(a)

(b)

..................

8,077

1,675,331

Autodesk,

Inc.

(a)

(b)

.........................

11,146

2,877,563

Bentley

Systems,

Inc.

,

Class

B

................

11,112

570,823

BILL

Holdings,

Inc.

(a)

.......................

5,007

317,093

Cadence

Design

Systems,

Inc.

(a)

..............

14,175

4,314,586

Confluent,

Inc.

,

Class

A

(a)

...................

9,806

332,129

Crowdstrike

Holdings,

Inc.

,

Class

A

(a)

............

11,867

3,846,688

Security

Shares

Value

a

Software

(continued)

Datadog,

Inc.

,

Class

A

(a)

....................

14,232

$

1,870,939

DocuSign,

Inc.

(a)

.........................

10,626

566,047

Dropbox,

Inc.

,

Class

A

(a)

....................

13,443

321,960

Dynatrace,

Inc.

(a)

.........................

14,274

707,277

Fair

Isaac

Corp.

(a)

.........................

1,294

1,643,264

Fortinet,

Inc.

(a)

...........................

34,009

2,350,362

Gen

Digital,

Inc.

..........................

30,045

645,667

HubSpot,

Inc.

(a)

..........................

2,492

1,542,075

Intuit,

Inc.

..............................

14,586

9,668,914

Manhattan

Associates,

Inc.

(a)

.................

3,207

812,429

Palo

Alto

Networks,

Inc.

(a)

...................

16,428

5,101,715

PTC,

Inc.

(a)

.............................

6,222

1,138,688

Roper

Technologies,

Inc.

....................

5,566

3,031,967

Samsara,

Inc.

,

Class

A

(a)

....................

8,966

309,775

ServiceNow,

Inc.

(a)

........................

10,681

8,238,683

Splunk,

Inc.

(a)

...........................

8,340

1,302,875

Synopsys,

Inc.

(a)

.........................

7,918

4,542,794

Tyler

Technologies,

Inc.

(a)

...................

2,195

959,522

UiPath,

Inc.

,

Class

A

(a)

.....................

20,159

478,776

Unity

Software,

Inc.

(a)

(b)

.....................

12,870

377,348

Workday,

Inc.

,

Class

A

(a)

....................

10,889

3,208,553

Zscaler,

Inc.

(a)

...........................

4,638

1,122,257

78,866,928

a

Specialized

REITs

 — 

2

.0

%

American

Tower

Corp.

.....................

24,288

4,829,912

Crown

Castle,

Inc.

........................

22,598

2,484,424

Digital

Realty

Trust,

Inc.

....................

15,780

2,316,662

Equinix,

Inc.

............................

4,891

4,347,219

Iron

Mountain,

Inc.

........................

15,213

1,196,350

Public

Storage

...........................

8,245

2,340,508

SBA

Communications

Corp.

,

Class

A

............

5,621

1,176,082

18,691,157

a

Specialty

Retail

 — 

4

.7

%

AutoZone,

Inc.

(a)

.........................

901

2,708,424

Bath

&

Body

Works,

Inc.

....................

11,184

511,109

Best

Buy

Co.,

Inc.

........................

10,100

816,888

CarMax,

Inc.

(a)

(b)

..........................

8,228

650,012

Home

Depot,

Inc.

(The)

....................

51,857

19,737,293

Lowe's

Companies,

Inc.

....................

29,966

7,211,917

Ross

Stores,

Inc.

.........................

17,542

2,613,056

TJX

Companies,

Inc.

(The)

..................

59,381

5,887,032

Tractor

Supply

Co.

........................

5,633

1,432,585

Ulta

Beauty,

Inc.

(a)

........................

2,530

1,387,857

Williams-Sonoma,

Inc.

.....................

3,174

747,572

43,703,745

a

Technology

Hardware,

Storage

&

Peripherals

 — 

0

.4

%

Hewlett

Packard

Enterprise

Co.

...............

67,714

1,031,284

NetApp,

Inc.

............................

10,735

956,703

Seagate

Technology

Holdings

PLC

.............

10,354

963,440

Western

Digital

Corp.

(a)

.....................

16,894

1,004,686

3,956,113

a

Textiles,

Apparel

&

Luxury

Goods

 — 

0

.4

%

Deckers

Outdoor

Corp.

(a)

....................

1,344

1,203,673

Lululemon

Athletica,

Inc.

(a)

...................

5,993

2,799,270

4,002,943

a

Trading

Companies

&

Distributors

 — 

1

.0

%

Fastenal

Co.

............................

29,772

2,173,654

Ferguson

PLC

...........................

10,603

2,242,004

United

Rentals,

Inc.

.......................

3,531

2,447,936

Watsco,

Inc.

............................

1,764

695,228

iShares

®

ESG

Advanced

MSCI

USA

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

29,

2024

(Percentages

shown

are

based

on

Net

Assets)

17

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Security

Shares

Value

a

Trading

Companies

&

Distributors

(continued)

WW

Grainger,

Inc.

........................

2,327

$

2,265,241

9,824,063

a

Water

Utilities

 — 

0

.1

%

American

Water

Works

Co.,

Inc.

...............

10,146

1,202,707

a

Total

Long-Term

Investments — 99.6%

(Cost:

$

794,180,211

)

................................

932,927,778

Security

Shares

Value

a

Short-Term

Securities

Money

Market

Funds

 — 

1

.1

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.50

%

(c)

(d)

(e)

......................

7,919,176

$

7,923,136

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.30

%

(c)

(d)

............................

2,178,434

2,178,434

a

Total

Short-Term

Securities — 1.1%

(Cost:

$

10,098,599

)

.................................

10,101,570

Total

Investments

—

100.7%

(Cost:

$

804,278,810

)

................................

943,029,348

Liabilities

in

Excess

of

Other

Assets

—

(

0

.7

)

%

...............

(

6,155,603

)

Net

Assets

—

100.0%

.................................

$

936,873,745

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

February

29,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

08/31/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

02/29/24

  Shares

Held

at

02/29/24

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

14,467,489

$

—

$

(

6,547,222

)

(a)

$

1,579

$

1,290

$

7,923,136

7,919,176

$

39,482

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

1,047,206

1,131,228

(a)

—

—

—

2,178,434

2,178,434

35,496

—

BlackRock,

Inc.

..

4,082,047

1,577,638

(

78,309

)

12,347

694,162

6,287,885

7,750

60,335

—

$

13,926

$

695,452

$

16,389,455

$

135,313

$

—

(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.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

S&P

500

Index

...................................................................

5

03/15/24

$

1,276

$

40,058

E-Mini

Technology

Select

Sector

Index

.......................................................

4

03/15/24

836

10,011

$

50,069

Schedule

of

Investments

(unaudited)

(continued)

February

29,

2024

iShares

®

ESG

Advanced

MSCI

USA

ETF

18

2024

iShares

Semi-Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

February

29,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

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.

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)

.............

$

—

$

—

$

50,069

$

—

$

—

$

—

$

50,069

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

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).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

76,591

$

—

$

—

$

—

$

76,591

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

24,171

$

—

$

—

$

—

$

24,171

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

2,365,708

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

932,927,778

‌

$

—

‌

$

—

‌

$

932,927,778

‌

Short-Term

Securities

Money

Market

Funds

......................................

10,101,570

‌

—

‌

—

‌

10,101,570

‌

$

943,029,348

‌

$

—

‌

$

—

‌

$

943,029,348

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

50,069

‌

$

—

‌

$

—

‌

$

50,069

‌

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

19

Financial

Statements

Statements

of

Assets

and

Liabilities

(unaudited)

February

29,

2024

See

notes

to

financial

statements.

iShares

Climate

Conscious

&

Transition

MSCI

USA

ETF

iShares

ESG

Advanced

MSCI

USA

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.....................................................................

$

1,937,526,716

‌

$

926,639,893

‌

Investments,

at

value

—

affiliated

(c)

........................................................................

12,917,843

‌

16,389,455

‌

Cash

............................................................................................

27,481

‌

—

‌

Cash

pledged:

Futures

contracts

..................................................................................

381,000

‌

132,000

‌

Receivables:

Investments

sold

..................................................................................

8,269,083

‌

32,398,466

‌

Securities

lending

income

—

affiliated

....................................................................

4,260

‌

7,461

‌

Capital

shares

sold

.................................................................................

—

‌

36,300

‌

Dividends

—

unaffiliated

.............................................................................

2,715,486

‌

844,618

‌

Dividends

—

affiliated

...............................................................................

19,310

‌

6,492

‌

Due

from

broker

...................................................................................

—

‌

197,240

‌

Variation

margin

on

futures

contracts

.....................................................................

33,719

‌

20,062

‌

Total

assets

.......................................................................................

1,961,894,898

‌

976,671,987

‌

LIABILITIES

Collateral

on

securities

loaned

...........................................................................

406,202

‌

7,920,858

‌

Payables:

Investments

purchased

..............................................................................

11,572,268

‌

31,806,117

‌

Capital

shares

redeemed

.............................................................................

54,279

‌

—

‌

Investment

advisory

fees

.............................................................................

122,136

‌

71,267

‌

Total

liabilities

......................................................................................

12,154,885

‌

39,798,242

‌

Commitments

and

contingent

liabilities

NET

ASSETS

......................................................................................

$

1,949,740,013

‌

$

936,873,745

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

......................................................................................

$

1,552,199,341

‌

$

792,740,948

‌

Accumulated

earnings

................................................................................

397,540,672

‌

144,132,797

‌

NET

ASSETS

......................................................................................

$

1,949,740,013

‌

$

936,873,745

‌

NET

ASSET

VALUE

Shares

outstanding

..................................................................................

32,175,000

‌

21,500,000

‌

Net

asset

value

.....................................................................................

$

60.60

‌

$

43.58

‌

Shares

authorized

...................................................................................

Unlimited

Unlimited

Par

value

.........................................................................................

None

None

(a)

Securities

loaned,

at

value

...........................................................................

$

206,684

‌

$

7,768,581

‌

(b)

Investments,

at

cost

—

unaffiliated

......................................................................

$

1,624,504,543

‌

$

788,586,456

‌

(c)

Investments,

at

cost

—

affiliated

........................................................................

$

11,763,007

‌

$

15,692,354

‌

20

2024

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Operations

(unaudited)

Six

Months

Ended

February

29,

2024

See

notes

to

financial

statements.

iShares

Climate

Conscious

&

Transition

MSCI

USA

ETF

iShares

ESG

Advanced

MSCI

USA

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................................................

$

16,032,547

‌

$

5,121,007

‌

Dividends

—

affiliated

..............................................................................

248,211

‌

95,831

‌

Interest

—

unaffiliated

..............................................................................

11,399

‌

6,246

‌

Securities

lending

income

—

affiliated

—

net

...............................................................

21,171

‌

39,482

‌

Foreign

taxes

withheld

.............................................................................

(

3,805

)

(

4,638

)

Total

investment

income

..............................................................................

16,309,523

‌

5,257,928

‌

EXPENSES

Investment

advisory

...............................................................................

842,831

‌

387,393

‌

Total

expenses

....................................................................................

842,831

‌

387,393

‌

Net

investment

income

...............................................................................

15,466,692

‌

4,870,535

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................................................

(

12,834,607

)

2,805,161

‌

Investments

—

affiliated

...........................................................................

19,223

‌

1,603

‌

Futures

contracts

...............................................................................

282,280

‌

76,591

‌

In-kind

redemptions

—

unaffiliated

(a)

...................................................................

92,448,939

‌

33,454,547

‌

In-kind

redemptions

—

affiliated

(a)

....................................................................

511,515

‌

12,323

‌

80,427,350

‌

36,350,225

‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................................................

187,588,029

‌

107,521,570

‌

Investments

—

affiliated

...........................................................................

882,070

‌

695,452

‌

Futures

contracts

...............................................................................

146,229

‌

24,171

‌

188,616,328

‌

108,241,193

‌

Net

realized

and

unrealized

gain

........................................................................

269,043,678

‌

144,591,418

‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

...............................................

$

284,510,370

‌

$

149,461,953

‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

21

Financial

Statements

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

iShares

Climate

Conscious

&

Transition

MSCI

USA

ETF

iShares

ESG

Advanced

MSCI

USA

ETF

Six

Months

Ended

02/29/24

(unaudited)

Period

From

06/06/23

(a)

to

08/31/23

Six

Months

Ended

02/29/24

(unaudited)

Year

Ended

08/31/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

........................................

$

15,466,692

‌

$

7,650,854

‌

$

4,870,535

‌

$

8,992,143

‌

Net

realized

gain

............................................

80,427,350

‌

572,163

‌

36,350,225

‌

1,566,048

‌

Net

change

in

unrealized

appreciation

(depreciation)

....................

188,616,328

‌

125,731,038

‌

108,241,193

‌

117,603,944

‌

Net

increase

in

net

assets

resulting

from

operations

.......................

284,510,370

‌

133,954,055

‌

149,461,953

‌

128,162,135

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(b)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.............

(

20,364,584

)

(c)

—

‌

(

5,940,716

)

(c)

(

8,675,446

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.....

(

613,451,472

)

2,165,091,644

‌

70,358,417

‌

14,324,978

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...............................

(

349,305,686

)

2,299,045,699

‌

213,879,654

‌

133,811,667

‌

Beginning

of

period

............................................

2,299,045,699

‌

—

‌

722,994,091

‌

589,182,424

‌

End

of

period

................................................

$

1,949,740,013

‌

$

2,299,045,699

‌

$

936,873,745

‌

$

722,994,091

‌

(a)

Commencement

of

operations.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

22

2024

iShares

Semi-Annual

Report

to

Shareholders

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

Climate

Conscious

&

Transition

MSCI

USA

ETF

Six

Months

Ended

02/29/24

(unaudited)

Period

From

06/06/23

(a)

to

08/31/23

Net

asset

value,

beginning

of

period

.....................................................................

$

53.28

‌

$

50.07

‌

Net

investment

income

(b)

.............................................................................

0

.39

‌

0

.18

‌

Net

realized

and

unrealized

gain

(c)

.......................................................................

7

.41

‌

3

.03

‌

Net

increase

from

investment

operations

....................................................................

7

.80

‌

3

.21

‌

Distributions

from

net

investment

income

(d)

...................................................................

(

0

.48

)

(e)

—

‌

Net

asset

value,

end

of

period

..........................................................................

$

60.60

‌

$

53.28

‌

Total

Return

(f)

–

–

Based

on

net

asset

value

..............................................................................

14.76

%

(g)

6

.41

%

(g)

Ratios

to

Average

Net

Assets

(h)

–

–

Total

expenses

.....................................................................................

0

.08

%

(i)

0

.08

%

(i)

Net

investment

income

................................................................................

1

.47

%

(i)

1

.48

%

(i)

Supplemental

Data

Net

assets,

end

of

period

(000)

..........................................................................

$

1,949,740

‌

$

2,299,046

‌

Portfolio

turnover

rate

(j)

................................................................................

17

%

1

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(f)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(g)

Not

annualized.

(h)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(i)

Annualized.

(j)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

23

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

ESG

Advanced

MSCI

USA

ETF

Six

Months

Ended

02/29/24

(unaudited)

Year

Ended

08/31/23

Year

Ended

08/31/22

Year

Ended

08/31/21

Period

From

06/16/20

(a)

to

08/31/20

Net

asset

value,

beginning

of

period

.....................

$

36.79

‌

$

30.93

‌

$

38.10

‌

$

29.04

‌

$

25.43

‌

Net

investment

income

(b)

.............................

0

.24

‌

0

.45

‌

0

.42

‌

0

.38

‌

0

.06

‌

Net

realized

and

unrealized

gain

(loss)

(c)

...................

6

.84

‌

5

.85

‌

(

7

.20

)

8

.99

‌

3

.55

‌

Net

increase

(decrease)

from

investment

operations

............

7

.08

‌

6

.30

‌

(

6

.78

)

9

.37

‌

3

.61

‌

Distributions

(d)

–

–

–

–

–

From

net

investment

income

..........................

(

0

.29

)

(e)

(

0

.44

)

(

0

.39

)

(

0

.30

)

—

‌

From

net

realized

gains

..............................

—

‌

—

‌

—

‌

(

0

.01

)

—

‌

Total

distributions

...................................

(

0

.29

)

(

0

.44

)

(

0

.39

)

(

0

.31

)

—

‌

Net

asset

value,

end

of

period

..........................

$

43.58

‌

$

36.79

‌

$

30.93

‌

$

38.10

‌

$

29.04

‌

Total

Return

(f)

–

–

–

–

–

Based

on

net

asset

value

..............................

19.38

%

(g)

20.65

%

(

17.95

)

%

32.53

%

14.20

%

(g)

Ratios

to

Average

Net

Assets

(h)

–

–

–

–

–

Total

expenses

.....................................

0

.10

%

(i)

0

.10

%

0

.10

%

0

.10

%

0

.10

%

(i)

Net

investment

income

................................

1

.25

%

(i)

1

.39

%

1

.23

%

1

.09

%

1

.16

%

(i)

Supplemental

Data

Net

assets,

end

of

period

(000)

..........................

$

936,874

‌

$

722,994

‌

$

589,182

‌

$

419,105

‌

$

5,808

‌

Portfolio

turnover

rate

(j)

................................

17

%

12

%

24

%

29

%

4

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(f)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(g)

Not

annualized.

(h)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(i)

Annualized.

(j)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

Notes

to

Financial

Statements

(unaudited)

24

2024

iShares

Semi-Annual

Report

to

Shareholders

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

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

each

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

each

Fund

and

are

reflected

in

its

Statements

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Other

foreign

taxes”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

February

29,

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. 

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

iShares

ETF

Diversification

Classification

Climate

Conscious

&

Transition

MSCI

USA

...................................................................................

Non-diversified

ESG

Advanced

MSCI

USA

..............................................................................................

Non-diversified

Notes

to

Financial

Statements

(unaudited)

(

continued)

25

Notes

to

Financial

Statements

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.

If

events

(e.g.,

market

volatility,

company

announcement

or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that

application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Valuation

Committee,

in

accordance

with BFA’s

policies

and

procedures

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Valuation

Committee

seeks

to

determine

the

price

that each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

Fair

value

pricing

could

result

in

a

difference

between

the

prices

used

to

calculate

a

fund’s

NAV

and

the

prices

used

by

the

fund’s

underlying

index,

which

in

turn

could

result

in

a

difference

between

the

fund’s

performance

and

the

performance

of

the

fund’s

underlying

index.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

–

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that each

Fund

has

the

ability

to

access;

Level

2

–

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market-corroborated

inputs);

and

Level

3

–

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

(including

the

Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

Securities

and

Other

Investments

Securities

Lending:

Each

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

an

approved

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

market

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

or

excess

collateral

is

returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

each

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

in

money

market

funds

managed

by

BFA,

or

its

affiliates

is

disclosed

in

the

Schedule

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

also

disclosed

in

each

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

cash

collateral

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

Securities

lending

transactions

are

entered

into

by

the

Funds

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”)

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency)

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Funds,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

Notes

to

Financial

Statements

(unaudited)

(continued)

26

2024

iShares

Semi-Annual

Report

to

Shareholders

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:

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. 

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

Climate

Conscious

&

Transition

MSCI

USA

J.P.

Morgan

Securities

LLC

.....................................

$

26,230

‌

$

(26,230

)

$

—

‌

$

—

‌

RBC

Capital

Markets

LLC

......................................

179,842

‌

(179,842

)

—

‌

—

‌

Toronto-Dominion

Bank

........................................

612

‌

(612

)

—

‌

—

‌

$

206,684

‌

$

(206,684

)

$

—

‌

$

—

‌

a

ESG

Advanced

MSCI

USA

Barclays

Bank

PLC

...........................................

34,470

‌

(34,470

)

—

‌

—

‌

Barclays

Capital,

Inc.

.........................................

886,542

‌

(886,542

)

—

‌

—

‌

BNP

Paribas

SA

.............................................

1,007,792

‌

(984,943

)

—

‌

22,849

‌

Citadel

Clearing

LLC

..........................................

676,477

‌

(676,477

)

—

‌

—

‌

HSBC

Bank

PLC

............................................

1,876,896

‌

(1,874,381

)

—

‌

2,515

‌

J.P.

Morgan

Securities

LLC

.....................................

1,444,737

‌

(1,444,737

)

—

‌

—

‌

Morgan

Stanley

.............................................

1,204,689

‌

(1,204,689

)

—

‌

—

‌

Scotia

Capital

(USA),

Inc.

......................................

107,570

‌

(107,570

)

—

‌

—

‌

Toronto-Dominion

Bank

........................................

529,408

‌

(524,614

)

—

‌

4,794

‌

$

7,768,581

‌

$

(7,738,423

)

$

—

‌

$

30,158

‌

a

(a)

Collateral

received,

if

any,

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

each

Fund

is

disclosed

in

the

Funds’

Statements

of

Assets

and

Liabilities.

(b)

The

market

value

of

the

loaned

securities

is

determined

as

of

February

29,

2024.

Additional

collateral

is

delivered

to

the

Fund

on

the

next

business

day

in

accordance

with

the

MSLA.

The

net

amount

would

be

subject

to

the

borrower

default

indemnity

in

the

event

of

default

by

the

counterparty.

Notes

to

Financial

Statements

(unaudited)

(

continued)

27

Notes

to

Financial

Statements

6.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates 

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the

Trust, BFA manages

the

investment

of

each

Fund’s

assets.

BFA

is

a

California

corporation

indirectly

owned

by BlackRock.

Under

the

Investment

Advisory

Agreement,

BFA

is

responsible

for

substantially

all

expenses

of

the

Funds,

except

(i)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

of

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

to

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

as

determined

by

a

majority

of

the

independent

trustees).

For

its

investment

advisory

services

to

each

of

the

following

Funds,

BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Funds,

based

on

the

average

daily

net

assets

of

each

Fund

as

follows:

Distributor:

 BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

is

the

distributor

for

each

Fund.

Pursuant

to

the

distribution

agreement,

BFA

is

responsible

for

any

fees

or

expenses

for

distribution

services

provided

to

the

Funds.

ETF

Servicing

Fees:

Each

Fund

has

entered

into

an

ETF

Services

Agreement

with

BRIL

to

perform

certain

order

processing,

Authorized

Participant

communications,

and

related

services

in

connection

with

the

issuance

and

redemption

of

Creation

Units

(“ETF

Services”).

BRIL

is

entitled

to

a

transaction

fee

from

Authorized

Participants

on

each

creation

or

redemption

order

for

the

ETF

Services

provided. 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 February

29,

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

February

29,

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

Investment

Advisory

Fees

Climate

Conscious

&

Transition

MSCI

USA

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.08%

ESG

Advanced

MSCI

USA

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.10

iShares

ETF

Amounts

Climate

Conscious

&

Transition

MSCI

USA

..................................................................................

$

7,631

‌

ESG

Advanced

MSCI

USA

.............................................................................................

11,447

‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

Climate

Conscious

&

Transition

MSCI

USA

..............................................

$

164,034,420

‌

$

238,936,427

‌

$

(9,998,016

)

ESG

Advanced

MSCI

USA

.........................................................

37,546,983

‌

38,489,356

‌

(531,395

)

Notes

to

Financial

Statements

(unaudited)

(continued)

28

2024

iShares

Semi-Annual

Report

to

Shareholders

7.

Purchases

and

Sales

For

the six

months

ended

February

29,

2024,

purchases

and

sales

of

investments,

excluding

short-term

securities

and

in-kind

transactions,

were

as

follows:

For

the six

months ended

February

29,

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

February

29,

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 August

31,

2023,

the

Funds

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

as

follows:

As

of

February

29,

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

an

indexing

approach

to

try

to

achieve

each

Fund’s

investment

objective.

The

Fund

is

not

actively

managed,

and

BFA

generally

does

not

attempt

to

take

defensive

positions

under

any

market

conditions,

including

declining

markets.

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries.

A

fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that

a

fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment.

A

fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that

it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

a

fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of

a

fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which

a

fund

invests. 

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

iShares

ETF

Purchases

Sales

Climate

Conscious

&

Transition

MSCI

USA

................................................................

$

361,970,870

‌

$

367,473,732

‌

ESG

Advanced

MSCI

USA

...........................................................................

134,278,678

‌

135,223,657

‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

Climate

Conscious

&

Transition

MSCI

USA

................................................................

$

252,893,747

‌

$

862,656,592

‌

ESG

Advanced

MSCI

USA

...........................................................................

221,304,554

‌

152,046,738

‌

iShares

ETF

Non-Expiring

Capital

Loss

Carryforwards

Climate

Conscious

&

Transition

MSCI

USA

.................................................................................

$

—

‌

ESG

Advanced

MSCI

USA

............................................................................................

(29,981,927

)

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Climate

Conscious

&

Transition

MSCI

USA

............................

$

1,636,267,556

‌

$

343,976,394

‌

$

(29,629,034

)

$

314,347,360

‌

ESG

Advanced

MSCI

USA

.......................................

806,265,510

‌

184,062,648

‌

(47,248,741

)

136,813,907

‌

Notes

to

Financial

Statements

(unaudited)

(

continued)

29

Notes

to

Financial

Statements

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.

The Funds

invest

a

significant

portion

of

their

assets

in

securities

within

a

single

or

limited

number

of

market

sectors.

When

a

fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

a

significant

impact

on

the

funds

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.

10.

Capital

Share

Transactions 

Capital

shares

are

issued

and

redeemed

by each

Fund

only

in

aggregations

of

a

specified

number

of

shares

or

multiples

thereof

(“Creation

Units”)

at

NAV.

Except

when

aggregated

in

Creation

Units,

shares

of each

Fund

are

not

redeemable.

Transactions

in

capital

shares

were

as

follows:

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

in

the

Trust

generally

consists

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Certain

funds

in

the

Trust

may

be

offered

in

Creation

Units

solely

or

partially

for

cash

in

U.S.

dollars.

Investors

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Investors

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

relevant

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

Six

Months

Ended

02/29/24

Year

Ended

08/31/23

iShares

ETF

Shares

Amount

Shares

Amount

Climate

Conscious

&

Transition

MSCI

USA

(a)

Shares

sold

...............................................

4,725,000

‌

$

254,096,555

‌

43,275,000

‌

$

2,171,705,502

‌

Shares

redeemed

...........................................

(15,700,000

)

(867,548,027

)

(125,000

)

(6,613,858

)

(10,975,000

)

$

(613,451,472

)

43,150,000

‌

$

2,165,091,644

‌

ESG

Advanced

MSCI

USA

Shares

sold

...............................................

5,350,000

‌

$

222,237,651

‌

2,400,000

‌

$

75,640,973

‌

Shares

redeemed

...........................................

(3,500,000

)

(151,879,234

)

(1,800,000

)

(61,315,995

)

1,850,000

‌

$

70,358,417

‌

600,000

‌

$

14,324,978

‌

(a)

The

Fund

commenced

operations

on

June

6,

2023.

Notes

to

Financial

Statements

(unaudited)

(continued)

30

2024

iShares

Semi-Annual

Report

to

Shareholders

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.

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

Climate

Conscious

&

Transition

MSCI

USA

ETF

and

iShares

ESG

Advanced

MSCI

USA

ETF

(the

“Funds”

or

“ETFs”),

each

a

series

of

the

Trust,

which

is

reasonably

designed

to

assess

and

manage

each

Fund’s

liquidity

risk.

The

Board

of

Trustees

(the

“Board”)

of

the

Trust,

on

behalf

of

the

Funds,

met

on

December

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)

32

2024

iShares

Semi-Annual

Report

to

Shareholders

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.

February

29,

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

Climate

Conscious

&

Transition

MSCI

USA

(a)

$

0

.434464

‌

$

—

‌

$

0

.042041

‌

$

0

.476505

‌

91

%

—

%

9

%

100

%

ESG

Advanced

MSCI

USA

(a)

...........

0

.269259

‌

—

‌

0

.024584

‌

0

.293843

‌

92

—

8

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

the

Fund’s

portfolio

securities

is

available

in

the

Fund

Prospectus.

The

Fund

discloses

its

portfolio

holdings

daily

and

provides

information

regarding

its

top

holdings

in

Fund

fact

sheets

at

iShares.com

.

Glossary

of

Terms

Used

in

this

Report

34

2024

iShares

Semi-Annual

Report

to

Shareholders

Portfolio

Abbreviation

NVS

Non-Voting

Shares

REIT

Real

Estate

Investment

Trust

iS-SAR-824-0224

Want

to

know

more?

iShares.com

|

1-800-474-2737

This

report

is

intended

for

the

Fund’s

shareholders.

It

may

not

be

distributed

to

prospective

investors

unless

it

is

preceded

or

accompanied

by

the

current

prospectus.

Investing

involves

risk,

including

possible

loss

of

principal.

The

iShares

Funds

are

distributed

by

BlackRock

Investments,

LLC

(together

with

its

affiliates,

“BlackRock”).

The

iShares

Funds

are

not

sponsored,

endorsed,

issued,

sold

or

promoted

by

MSCI

Inc.,

nor

does

this

company

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

company

listed

above.

©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) (2) Section 302 Certifications are attached.

(a)

(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

      (a) (4) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
iShares Trust
By: /s/ Jessica Tan
Jessica Tan, President (Principal Executive Officer)
Date:	April 19, 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:		April 19, 2024
By: /s/ Trent Walker
Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)
Date:		April 19, 2024