March

31,

2024

iShares

Trust

iShares

U.S.

Aerospace

&

Defense

ETF

|

ITA

|

Cboe

BZX

iShares

U.S.

Broker-Dealers

&

Securities

Exchanges

ETF

|

IAI

|

NYSE

Arca

iShares

U.S.

Healthcare

Providers

ETF

|

IHF

|

NYSE

Arca

iShares

U.S.

Home

Construction

ETF

|

ITB

|

Cboe

BZX

iShares

U.S.

Infrastructure

ETF

|

IFRA

|

Cboe

BZX

iShares

U.S.

Insurance

ETF

|

IAK

|

NYSE

Arca

iShares

U.S.

Medical

Devices

ETF

|

IHI

|

NYSE

Arca

iShares

U.S.

Oil

&

Gas

Exploration

&

Production

ETF

|

IEO

|

Cboe

BZX

iShares

U.S.

Oil

Equipment

&

Services

ETF

|

IEZ

|

NYSE

Arca

iShares

U.S.

Pharmaceuticals

ETF

|

IHE

|

NYSE

Arca

iShares

U.S.

Real

Estate

ETF

|

IYR

|

NYSE

Arca

iShares

U.S.

Regional

Banks

ETF

|

IAT

|

NYSE

Arca

iShares

U.S.

Telecommunications

ETF

|

IYZ

|

Cboe

BZX

2024

Annual

Report

Dear

Shareholder,

The

combination

of

continued

economic

growth

and

cooling

inflation

provided

a

supportive

backdrop

for

investors

during

the

12-month

reporting

period

ended

March

31,

2024.

Higher

interest

rates

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

has

had

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’

advance

was

slower

but

still

robust.

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

twice

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

ongoing

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

March

31,

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)

23.48

%

29.88

%

U.S.

small

cap

equities

(Russell

2000

®

Index)

19.94

19.71

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

16.81

15.32

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

10.42

8.15

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

2.68

5.24

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

4.88

(2.44)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

5.99

1.70

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

7.48

3.13

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

8.73

11.15

2

This

Page

is

not

Part

of

Your

Fund

Report

Table

of

Contents

Page

3

The

Markets

in

Review

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

2

Annual

Report:

Market

Overview

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

4

Fund

Summary

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

5

About

Fund

Performance

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

31

Disclosure

of

Expenses

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

31

Schedules

of

Investments

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

32

Financial

Statements:

Statements

of

Assets

and

Liabilities

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

73

Statements

of

Operations

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

77

Statements

of

Changes

in

Net

Assets

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

81

Financial

Highlights

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

88

Notes

to

Financial

Statements

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

101

Report

of

Independent

Registered

Public

Accounting

Firm

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

115

Important

Tax

Information

(unaudited)

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

116

Statement

Regarding

Liquidity

Risk

Management

Program

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

117

Supplemental

Information

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

118

Trustee

and

Officer

Information

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

120

General

Information

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

122

Glossary

of

Terms

Used

in

this

Report

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

123

Market

Overview

4

2024

iShares

Annual

Report

to

Shareholders

iShares

Trust

Domestic

Market

Overview

U.S.

stocks

advanced

for

the

12

months

ended

March

31,

2024

(“reporting

period”),

when

the

Russell

3000

®

Index,

a

broad

measure

of

U.S.

equity

market

performance,

returned

29.29%.

The

economy

showed

notable

resilience

even

as

interest

rates

rose,

and

analysts’

optimism

about

the

economy’s

trajectory

improved.

Meanwhile,

inflation

decelerated

notably,

enabling

a

pause

in

monetary

policy

tightening

and

providing

a

supportive

backdrop

for

equities.

The

U.S.

economy

grew

at

a

robust

pace

in

2023

despite

concerns

about

the

impact

of

higher

interest

rates

on

growth.

The

U.S.

consumer

helped

to

power

the

expansion,

as

consumer

spending

continued

to

grow

in

both

nominal

and

real

(inflation-adjusted)

terms.

A

strong

labor

market

bolstered

consumer

spending,

as

employers

continued

to

add

jobs,

and

average

hourly

wages

increased

notably.

Consumer

spending

was

also

supported

by

higher

asset

values,

as

both

home

prices

and

strong

equity

performance

increased

household

net

worth.

Government

spending

also

stimulated

the

economy,

as

the

federal

deficit

increased

amid

rising

expenditures,

while

state

and

local

governments

also

boosted

spending

to

fill

personnel

vacancies.

Despite

high

spending

and

healthy

household

balance

sheets,

consumer

sentiment

remained

below

pre-pandemic

levels,

as

elevated

inflation

and

high

interest

rates

weighed

on

consumers’

outlook.

While

inflation

declined

early

in

the

reporting

period

—

decreasing

from

4.9%

in

April

2023

to

3%

in

June

2023

—

it

remained

stubbornly

persistent

thereafter,

fluctuating

between

3%

and

4%,

above

the

pre-pandemic

average.

While

improved

supply

chains

eased

goods

inflation,

the

tight

labor

market

kept

labor

costs

near

record

highs,

and

growing

services

inflation

was

a

significant

driver

of

inflation’s

overall

persistence.

To

counteract

inflation,

the

U.S.

Federal

Reserve

(“Fed”)

raised

interest

rates

twice

early

in

the

reporting

period,

reaching

the

highest

level

since

2001.

However,

the

Fed

paused

its

interest

rate

increases

thereafter

as

inflation

edged

down,

keeping

interest

rates

steady

after

its

July

2023

meeting.

The

Fed

also

continued

to

decrease

the

size

of

its

balance

sheet

by

reducing

the

store

of

U.S.

Treasuries

it

had

accumulated

to

stabilize

markets

in

the

early

phases

of

the

coronavirus

pandemic.

Projections

released

by

the

Fed

late

in

the

reporting

period

included

several

interest

rate

decreases

later

in

2024,

as

it

forecast

inflation

would

continue

to

moderate

despite

the

robust

economy.

The

strong

economy

supported

corporate

profits,

which

grew

substantially

in

the

last

three

quarters

of

2023.

Despite

higher

input

costs,

companies

were

able

to

raise

prices

sufficiently

to

widen

profit

margins,

as

the

U.S.

consumer

continued

to

spend.

Firms

increasingly

kept

assets

in

short-term

investments

that

earned

higher

yields

due

to

elevated

interest

rates.

This

helped

to

mitigate

the

negative

impact

of

higher

borrowing

costs,

which

drove

a

rise

in

interest

expense.

Innovations

in

computing

also

drove

enthusiasm

for

equities,

as

new

technologies

drove

hopes

for

economy-wide

improvements

in

productivity.

Despite

the

strong

economic

conditions

during

the

reporting

period,

analysts

noted

several

areas

of

caution

about

potential

disruptions

to

markets.

Geopolitical

tensions

were

high

amid

Russia’s

ongoing

invasion

of

Ukraine

and

fighting

in

Gaza

following

Hamas’

terrorist

attack

on

Israel.

Missile

attacks

on

a

major

shipping

lane

in

the

Middle

East

raised

concerns

about

a

wider

conflict

while

disrupting

some

supply

chains.

While

inflation

declined

during

the

reporting

period,

it

remained

more

persistent

than

some

analysts

expected,

raising

concerns

about

the

effect

of

continued

inflation

on

the

Fed’s

interest

rate

policy.

iShares

®

U.S.

Aerospace

&

Defense

ETF

5

Fund

Summary

Fund

Summary

as

of

March

31,

2024

Investment

Objective

The

iShares

U.S.

Aerospace

&

Defense

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

aerospace

and

defense

sector,

as

represented

by

the

Dow

Jones

U.S.

Select

Aerospace

&

Defense

Index

TM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

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

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

15.74

%

6.93

%

10.46

%

15.74

%

39.83

%

170.43

%

Fund

Market

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

15.76

6.94

10.46

–

%

15.76

39.84

170.35

Index

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

16.17

7.36

10.92

16.17

42.64

181.99

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,252.30

‌

$

2.20

‌

$

1,000.00

‌

$

1,023.05

‌

$

1.97

‌

0.39

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/366

(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.

Fund

Summary

as

of

March

31,

2024

(continued)

iShares

®

U.S.

Aerospace

&

Defense

ETF

6

2024

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

U.S.

aerospace

and

defense

stocks

posted

a

solid

advance

for

the

reporting

period,

as

receding

inflation,

shifting

monetary

policy,

and

robust

U.S.

economic

growth

supported

equities.

Heightened

geopolitical

tensions

drove

higher

defense

spending

globally,

as

the

war

in

Ukraine

continued,

a

terrorist

attack

by

Hamas

triggered

conflict

in

Gaza,

and

a

Yemeni

rebel

group

targeted

shipping

in

the

Red

Sea.

The

U.S.

sent

billions

in

military

aid

to

Ukraine,

and

Congress

continued

to

consider

additional

aid

proposals.

Similarly,

the

U.S.

made

significant

military

contributions

to

Israel

following

the

start

of

hostilities

in

October

2023.

Aid

to

both

Ukraine

and

Israel

frequently

took

the

form

of

transfers

of

existing

U.S.

military

stockpiles,

with

funds

allocated

to

orders

for

replenishment

from

defense

contractors.

Meanwhile,

civilian

air

travel

continued

to

recover

from

the

impact

of

the

COVID-19

pandemic,

benefiting

aerospace

companies

making

and

servicing

aircraft

and

related

equipment.

The

number

of

passengers

transiting

through

U.S.

airports

exceeded

pre-pandemic

levels,

and

airlines

anticipated

further

increases

in

passenger

volume.

In

response,

aircraft

orders

grew

sharply

in

2023,

and

a

large

U.S.-based

airline

placed

a

significant

order

for

new

aircraft

in

2024,

further

supporting

the

aerospace

and

defense

industry.

The

positive

environment

for

aerospace

benefited

the

earnings

of

suppliers

of

aircraft

equipment,

driving

strong

revenue

and

profit

margins,

helped

by

robust

sales

of

aftermarket

services.

The

healthy

commercial

aerospace

market

further

benefited

sales

of

components

for

engines

and

other

aircraft

parts.

Makers

of

law

enforcement

equipment

also

gained,

as

demand

for

nonlethal

weapons,

body

cameras,

and

related

cloud-based

storage

and

services

propelled

sales

growth.

Demand

was

also

high

for

private

jets,

as

travel

on

corporate

planes

rebounded,

benefiting

manufacturers

of

parts

for

these

aircraft.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Aerospace

&

Defense

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

99.6‌

%

Leisure

Products

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

0.4‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

RTX

Corp.

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

17.5‌

%

Boeing

Co.

(The)

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

15.0‌

Lockheed

Martin

Corp.

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

12.9‌

TransDigm

Group,

Inc.

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

4.6‌

Textron,

Inc.

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

4.6‌

Northrop

Grumman

Corp.

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

4.6‌

General

Dynamics

Corp.

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

4.6‌

Howmet

Aerospace,

Inc.

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

4.4‌

Axon

Enterprise,

Inc.

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

4.4‌

L3Harris

Technologies,

Inc.

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

4.4‌

aaa

aa

iShares

®

U.S.

Broker-Dealers

&

Securities

Exchanges

ETF

7

Fund

Summary

Fund

Summary

as

of

March

31,

2024

Investment

Objective

The

iShares

U.S.

Broker-Dealers

&

Securities

Exchanges

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

investment

services

sector,

as

represented

by

the

Dow

Jones

U.S.

Select

Investment

Services

Index

TM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

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

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

29.02

%

16.65

%

13.51

%

29.02

%

115.96

%

255.13

%

Fund

Market

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

29.04

16.66

13.51

–

%

29.04

116.10

255.22

Index

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

29.44

17.04

13.93

29.44

119.61

268.55

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,281.30

‌

$

2.22

‌

$

1,000.00

‌

$

1,023.05

‌

$

1.97

‌

0.39

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/366

(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.

Fund

Summary

as

of

March

31,

2024

(continued)

iShares

®

U.S.

Broker-Dealers

&

Securities

Exchanges

ETF

8

2024

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

Stocks

of

U.S.

broker-dealers

and

securities

exchanges

posted

strong

returns

for

the

reporting

period,

as

a

growing

economy

and

robust

bond

and

equity

markets

supported

earnings.

The

Fed

raised

interest

rates

to

the

highest

level

in

22

years,

and

inflation

cooled

significantly,

raising

investor

hopes

for

interest-rate

reductions

in

2024.

The

investment

banking

and

brokerage

industry

contributed

the

most

to

the

Index’s

return.

Despite

a

cool

market

for

mergers

and

acquisition

activity

in

2023,

strong

revenues

from

asset

and

wealth

management

supported

earnings

growth

in

the

industry.

Many

investment

banks

grew

their

private

wealth

management

business

to

increase

profitability

and

diversify

revenue

streams

while

triggering

lower

capital

requirements

relative

to

investment

banking.

Furthermore,

analysts

anticipated

improving

conditions

for

dealmaking

activity,

and

mergers

and

acquisitions

showed

signs

of

picking

up

substantially

in

the

first

quarter

of

2024,

bolstering

the

industry.

Companies

that

provide

consumer

stock

trading

platforms

gained

despite

significant

challenges

due

to

higher

interest

rates.

Elevated

bond

yields

made

other

investments

relatively

more

attractive

and

competed

with

brokerage

accounts

for

consumer

funds.

However,

the

Fed’s

changing

monetary

policy

stance

helped

the

stocks

of

brokerage

companies

recover

late

in

the

reporting

period.

The

financial

exchanges

and

data

industry

also

contributed

to

the

Index’s

performance.

The

industry

benefited

from

growing

institutional

and

regulatory

acceptance

of

cryptocurrencies,

which

promoted

increased

transactions

and

supported

revenues

at

cryptocurrency

trading

platforms.

A

surge

in

institutional

cryptocurrency

trading

drove

prices

significantly

higher,

and

helped

to

generate

additional

trading

activity

as

increased

enthusiasm

brought

more

traders

to

cryptocurrency

brokerages.

The

launch

of

new

business

intelligence

services,

including

a

comprehensive

view

of

supply

chain

dynamics,

further

benefited

the

industry.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Investment

Banking

&

Brokerage

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

50.2‌

%

Financial

Exchanges

&

Data

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

49.8‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

S&P

Global,

Inc.

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

13.4‌

%

Goldman

Sachs

Group,

Inc.

(The)

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

13.4‌

Morgan

Stanley

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

11.6‌

Charles

Schwab

Corp.

(The)

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

7.1‌

Coinbase

Global,

Inc.,

Class

A

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

4.8‌

MSCI,

Inc.,

Class

A

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

4.4‌

Moody's

Corp.

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

4.4‌

Intercontinental

Exchange,

Inc.

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

4.3‌

CME

Group,

Inc.,

Class

A

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

4.2‌

Raymond

James

Financial,

Inc.

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

3.8‌

      aaa

aa

iShares

®

U.S.

Healthcare

Providers

ETF

9

Fund

Summary

Fund

Summary

as

of

March

31,

2024

Investment

Objective

The

iShares

U.S.

Healthcare

Providers

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

healthcare

providers

sector,

as

represented

by

the

Dow

Jones

U.S.

Select

Health

Care

Providers

Index

TM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

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

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

11.30

%

11.01

%

11.63

%

11.30

%

68.57

%

200.59

%

Fund

Market

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

11.22

10.99

11.62

–

%

11.22

68.40

200.20

Index

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

11.71

11.41

12.07

11.71

71.64

212.50

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,113.70

‌

$

2.06

‌

$

1,000.00

‌

$

1,023.05

‌

$

1.97

‌

0.39

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/366

(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.

Fund

Summary

as

of

March

31,

2024

(continued)

iShares

®

U.S.

Healthcare

Providers

ETF

10

2024

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

Stocks

of

U.S.

healthcare

providers

advanced

during

the

reporting

period,

following

a

rally

late

in

the

reporting

period.

Throughout

much

of

the

reporting

period

investors

were

lackluster

about

healthcare

companies,

focusing

on

technology-related

sectors

and

other

growth-oriented

companies.

This

weighed

on

healthcare-related

industries,

including

healthcare

providers.

In

the

final

months

of

the

reporting

period,

however,

healthcare

stocks

advanced

as

investors

sought

to

capitalize

on

attractive

valuations.

The

managed

healthcare

industry

contributed

the

most

to

the

Index’s

performance.

Rising

medical

insurance

premiums

and

lower-than-expected

claims

payouts

drove

higher

revenues

and

upgraded

earnings

outlooks

for

managed

healthcare

companies.

The

growing

use

of

value-based

care

models,

which

base

provider

compensation

on

patient

outcomes

and

cost

of

care,

introducing

more

accountability

and

flexibility

via

financial

incentives,

further

supported

the

industry.

Pharmacy

businesses

owned

by

managed

healthcare

companies

supported

revenue

growth

through

client

base

expansion

and

a

widening

scope

of

services

offered.

Concerns

that

an

increase

in

elective

surgeries

might

significantly

dent

industry

profitability

abated

somewhat

as

levels

of

procedures

remained

steadier

than

anticipated.

Additionally,

pursuing

geographic

diversity

in

membership

and

maintaining

strong

market

share

in

multiple

markets

aided

the

profitability

of

larger

managed

healthcare

companies.

Healthcare

facilities

operators

also

contributed

meaningfully

to

the

Index’s

return.

Large

hospital

chains

advanced

as

demand

for

healthcare

services

rose.

Notably,

these

companies

benefited

from

an

upturn

in

hospital

admissions

and

increased

volumes

of

both

inpatient

and

outpatient

surgeries.

Improved

costs

for

procedures

and

successful

efforts

to

gain

more

reimbursement

from

insurance

companies

drove

higher-than-expected

profits

for

operators

of

hospitals

and

outpatient

facilities.

A

robust

gain

in

the

volume

of

ambulatory

services

and

a

rise

in

revenues

derived

from

acute

hospital

care

also

supported

companies

in

the

healthcare

facilities

industry.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Managed

Health

Care

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

50.4‌

%

Health

Care

Services

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

29.0‌

Health

Care

Facilities

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

13.3‌

Health

Care

Technology

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

7.3‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

UnitedHealth

Group,

Inc.

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

22.7‌

%

Elevance

Health,

Inc.

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

13.3‌

Cigna

Group

(The)

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

9.4‌

CVS

Health

Corp.

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

4.7‌

Veeva

Systems,

Inc.,

Class

A

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

4.5‌

HCA

Healthcare,

Inc.

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

4.5‌

Humana,

Inc.

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

4.4‌

Centene

Corp.

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

4.4‌

Molina

Healthcare,

Inc.

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

3.8‌

Laboratory

Corp.

of

America

Holdings

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

3.0‌

aaa

aa

iShares

®

U.S.

Home

Construction

ETF

11

Fund

Summary

Fund

Summary

as

of

March

31,

2024

Investment

Objective

The

iShares

U.S.

Home

Construction

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

home

construction

sector,

as

represented

by

the

Dow

Jones

U.S.

Select

Home

Construction

Index

TM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

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.

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

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

65.77

%

27.65

%

17.55

%

65.77

%

238.86

%

403.74

%

Fund

Market

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

65.60

27.63

17.54

–

%

65.60

238.68

403.33

Index

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

66.50

28.19

18.05

66.50

246.15

425.39

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,480.30

‌

$

2.42

‌

$

1,000.00

‌

$

1,023.05

‌

$

1.97

‌

0.39

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/366

(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.

Fund

Summary

as

of

March

31,

2024

(continued)

iShares

®

U.S.

Home

Construction

ETF

12

2024

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

U.S.

home

construction

stocks

advanced

strongly

for

the

reporting

period.

Rising

home

prices

reflected

strong

demand

for

new

homes.

Mortgage

rates

declined

in

the

last

half

of

the

reporting

period

amid

expectations

of

Fed

interest

rate

cuts.

Monthly

new

home

sales

were

similar

to

pre-coronavirus

pandemic

sales

and

markedly

higher

than

the

years

immediately

following

the

2007

–

2009

global

financial

crisis.

Home

construction

stocks

benefited

from

a

lack

of

competition

due

to

the

limited

supply

of

existing

homes

for

sale.

Builders

offering

price

cuts

or

mortgage-rate

buydowns

to

purchasers

experienced

increased

sales,

particularly

as

sellers

of

existing

homes

remained

steadfast

in

their

asking

prices.

As

demand

increased,

new

home

construction

and

issuance

of

permits

to

build

new

homes

rose.

The

homebuilding

industry

contributed

the

most

to

the

Index’s

return.

New

construction

composed

about

30%

of

available

U.S.

housing

inventory,

more

than

double

the

typical

annual

average,

but

available

inventory

remained

limited

due

to

muted

production

over

the

past

decade.

Even

with

selling

discounts,

builders

were

able

to

raise

prices

slightly.

Increased

prices

combined

with

rising

sales

allowed

homebuilders

to

maintain

double-digit

profit

margins

on

a

percentage

basis,

and

leading

homebuilders

raised

their

dividend

payments

to

shareholders.

Homebuilding

stocks

also

appeared

attractive,

trading

at

a

significant

valuation

discount

compared

to

the

broader

U.S.

stock

market.

The

industry

also

benefited

from

expectations

that

the

Fed

will

cut

interest

rates

in

2024,

as

homebuilding

stocks

historically

perform

well

in

periods

of

declining

interest

rates.

The

building

products

industry

also

contributed

to

the

Index’s

performance.

Higher

prices

for

construction

materials

supported

suppliers

of

those

products,

and

earnings

increased

for

makers

of

furnaces

and

air

conditioners.

Home

improvement

retailers

were

contributors,

as

high

interest

rates

did

not

deter

home

improvement

projects

as

much

as

expected.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Homebuilding

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

65.9‌

%

Building

Products

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

16.0‌

Home

Improvement

Retail

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

10.5‌

Specialty

Chemicals

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

4.4‌

Home

Furnishings

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

1.2‌

Construction

Materials

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

1.1‌

Other

(each

representing

less

than

1%)

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

0.9‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

DR

Horton,

Inc.

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

14.4‌

%

Lennar

Corp.,

Class

A

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

12.5‌

NVR,

Inc.

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

7.6‌

PulteGroup,

Inc.

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

7.5‌

Lowe's

Companies,

Inc.

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

4.5‌

Sherwin-Williams

Co.

(The)

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

4.4‌

Home

Depot,

Inc.

(The)

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

4.3‌

TopBuild

Corp.

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

4.1‌

Toll

Brothers,

Inc.

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

4.0‌

Builders

FirstSource,

Inc.

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

3.2‌

      aaa

aa

iShares

®

U.S.

Infrastructure

ETF

13

Fund

Summary

Fund

Summary

as

of

March

31,

2024

Investment

Objective

The

iShares

U.S.

Infrastructure

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

equities

of

U.S.

companies

that

have

infrastructure

exposure

and

that

could

benefit

from

a

potential

increase

in

domestic

infrastructure

activities,

as

represented

by

the

NYSE

®

FactSet

U.S.

Infrastructure

Index

SM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(SINCE

INCEPTION

AT

NET

ASSET

VALUE)

The

inception

date

of

the

Fund

was

April

3,

2018.

The

first

day

of

secondary

market

trading

was

April

5,

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

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

Since

Inception

1

Year

5

Years

Since

Inception

Fund

NAV

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

18.41

%

12.78

%

11.77

%

18.41

%

82.44

%

94.81

%

Fund

Market

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

18.52

12.79

11.77

–

%

18.52

82.56

94.86

Index

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

18.34

13.07

12.10

18.34

84.79

98.23

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,196.90

‌

$

1.65

‌

$

1,000.00

‌

$

1,023.50

‌

$

1.52

‌

0.30

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/366

(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.

Fund

Summary

as

of

March

31,

2024

(continued)

iShares

®

U.S.

Infrastructure

ETF

14

2024

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

U.S.

infrastructure

stocks

advanced

strongly

during

the

reporting

period

amid

solid

U.S.

economic

growth

and

significant

federal

subsidies

for

certain

types

of

infrastructure

projects.

The

Infrastructure

Investment

and

Jobs

Act,

passed

in

2021,

continued

to

disburse

funds,

while

the

CHIPS

and

Science

Act

of

2022

drove

significant

investments

in

microchip

manufacturing.

The

combination

of

a

strong

economy

and

government

subsidies

drove

a

surge

in

infrastructure

construction

and

investment,

leading

to

substantial

gains

among

infrastructure

stocks.

The

construction

and

engineering

industry

contributed

the

most

to

the

Index’s

return,

as

construction

activity

escalated

during

the

reporting

period

despite

higher

interest

rates.

Strong

demand

for

construction

of

data

centers

and

transportation

centers

bolstered

earnings

in

the

industry,

while

company

margins

also

benefited

from

cost

controls.

Growing

revenues

from

civil

building

project

execution

in

California,

New

York,

and

the

Asia-Pacific

region

also

supported

the

industry’s

gains.

The

building

products

industry

also

advanced,

as

an

increase

in

multifamily

activity

and

renovation

sales

partially

offset

softness

due

to

slower

single-family

housing

construction.

Strong

residential

sales

of

outdoor

home

products,

such

as

decking,

railings,

and

trim,

also

benefited

the

industry.

Metals

and

mining

companies

further

contributed

to

the

Index’s

performance

amid

sustained

demand

for

metals

used

in

building

and

construction.

The

steel

industry

benefited

from

new

developments

in

sustainable

steelmaking

production.

Although

oil

prices

were

nearly

flat

for

the

reporting

period

overall,

the

oil

and

gas

storage

and

transportation

industry

advanced

due

to

higher

U.S.

production

levels,

which

drove

increased

use

of

pipelines

and

storage

facilities.

On

the

downside,

the

water

utilities

industry

detracted

from

the

Index’s

performance,

as

earnings

declined

and

a

company

in

the

industry

made

a

request

to

regulators

for

a

water

rate

increase.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Electric

Utilities

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

19.0‌

%

Construction

&

Engineering

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

11.9‌

Multi-Utilities

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

10.7‌

Oil

&

Gas

Storage

&

Transportation

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

7.9‌

Steel

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

6.9‌

Building

Products

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

5.8‌

Water

Utilities

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

5.6‌

Gas

Utilities

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

4.1‌

Commodity

Chemicals

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

3.8‌

Construction

Materials

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

3.2‌

Construction

Machinery

&

Heavy

Transportation

Equipment

...

2.8‌

Trading

Companies

&

Distributors

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

2.7‌

Rail

Transportation

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

2.0‌

Specialty

Chemicals

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

1.7‌

Industrial

Machinery

&

Supplies

&

Components

...........

1.6‌

Aluminum

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

1.4‌

Environmental

&

Facilities

Services

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

1.1‌

Forest

Products

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

1.1‌

Oil

&

Gas

Equipment

&

Services

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

1.1‌

Research

&

Consulting

Services

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

1.0‌

Other

(each

representing

less

than

1%)

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

4.6‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Vistra

Corp.

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

0.9‌

%

MGE

Energy,

Inc.

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

0.8‌

NRG

Energy,

Inc.

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

0.8‌

Avangrid

,

Inc.

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

0.8‌

Equitrans

Midstream

Corp.

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

0.8‌

NextEra

Energy,

Inc.

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

0.8‌

Kinetik

Holdings,

Inc.,

Class

A

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

0.8‌

Dominion

Energy,

Inc.

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

0.7‌

Pinnacle

West

Capital

Corp.

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

0.7‌

Constellation

Energy

Corp.

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

0.7‌

aaa

aa

iShares

®

U.S.

Insurance

ETF

15

Fund

Summary

Fund

Summary

as

of

March

31,

2024

Investment

Objective

The

iShares

U.S.

Insurance

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

insurance

sector,

as

represented

by

the

Dow

Jones

U.S.

Select

Insurance

Index

TM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

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.

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

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

39.17

%

15.31

%

11.95

%

39.17

%

103.85

%

209.20

%

Fund

Market

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

39.31

15.33

11.96

–

%

39.31

104.02

209.41

Index

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

39.61

15.76

12.40

39.61

107.90

221.72

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,289.70

‌

$

2.23

‌

$

1,000.00

‌

$

1,023.05

‌

$

1.97

‌

0.39

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/366

(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.

Fund

Summary

as

of

March

31,

2024

(continued)

iShares

®

U.S.

Insurance

ETF

16

2024

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

U.S.

insurance

stocks

gained

substantially

during

the

reporting

period

amid

higher

bond

yields

and

a

resilient

U.S.

economy.

Insurance

companies

hold

large

amounts

of

bonds

on

their

balance

sheets

to

meet

regulatory

requirements

and

to

provide

financial

backing

for

their

policies.

Consequently,

the

interest

earned

on

those

bonds

represents

an

important

source

of

income

for

insurers,

and

elevated

bond

yields

led

to

an

increase

in

interest

income.

The

insurance

industry

also

benefited

from

a

strong

economy,

which

promotes

increased

consumer

purchases

of

homes,

cars,

and

other

insurable

assets.

Property

and

casualty

insurance

companies

contributed

the

most

to

the

Index’s

return.

When

prices

rise,

insurance

premiums

tend

to

lag

the

cost

increases

due

to

regulatory

constraints.

During

the

reporting

period,

premiums

rose

substantially

in

a

delayed

response

to

the

higher

inflation

that

followed

the

COVID-19

pandemic,

as

insurers

successfully

appealed

to

regulators

to

allow

price

increases

in

many

states.

The

rising

premiums

drove

revenues

substantially

higher

and

bolstered

profitability

in

the

industry.

Moderating

inflation

in

claim

costs

also

benefited

property

and

casualty

insurers.

While

underwriting

losses

weighed

on

profitability

amid

severe

weather,

this

was

partially

offset

by

premium

growth.

Usage

of

telematics

data

that

allows

car

insurers

to

price

policies

based

on

customers’

driving

habits

benefited

companies

in

the

industry

offering

auto

insurance.

Healthy

cash

flows

allowed

property

and

casualty

insurers

to

increase

dividend

payouts

to

investors.

Life

and

health

insurance

companies

also

contributed

to

the

Index’s

performance.

Efforts

to

increase

financial

resilience

via

cost

savings

and

changing

product

mix

benefited

a

large

company

in

the

industry.

Strong

sales

of

supplemental

health

insurance,

including

policies

for

covering

cancer

treatment

costs,

bolstered

the

industry’s

revenues.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Property

&

Casualty

Insurance

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

69.1‌

%

Life

&

Health

Insurance

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

22.9‌

Multi-line

Insurance

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

8.0‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Progressive

Corp.

(The)

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

14.5‌

%

Chubb

Ltd.

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

12.6‌

American

International

Group,

Inc.

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

6.6‌

Travelers

Companies,

Inc.

(The)

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

6.3‌

MetLife,

Inc.

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

5.3‌

Allstate

Corp.

(The)

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

4.8‌

Prudential

Financial,

Inc.

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

4.6‌

Aflac,

Inc.

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

4.5‌

Arch

Capital

Group

Ltd.

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

4.3‌

Hartford

Financial

Services

Group,

Inc.

(The)

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

3.9‌

      aaa

aa

iShares

®

U.S.

Medical

Devices

ETF

17

Fund

Summary

Fund

Summary

as

of

March

31,

2024

Investment

Objective

The

iShares

U.S.

Medical

Devices

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

medical

devices

sector,

as

represented

by

the

Dow

Jones

U.S.

Select

Medical

Equipment

Index

TM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

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

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

9.10

%

9.15

%

14.11

%

9.10

%

54.96

%

274.47

%

Fund

Market

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

9.17

9.15

14.11

–

%

9.17

54.91

274.32

Index

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

9.50

9.57

14.58

9.50

57.95

290.16

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,210.90

‌

$

2.16

‌

$

1,000.00

‌

$

1,023.05

‌

$

1.97

‌

0.39

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/366

(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.

Fund

Summary

as

of

March

31,

2024

(continued)

iShares

®

U.S.

Medical

Devices

ETF

18

2024

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

Stocks

of

U.S.

medical

device

makers

advanced

for

the

reporting

period

amid

a

surge

in

elective

surgical

procedures.

Demand

for

orthopedic

surgeries

such

as

knee

and

hip

replacements

rose

to

pre-coronavirus

pandemic

levels,

as

patients

caught

up

on

procedures

postponed

during

the

pandemic.

A

favorable

development

for

medical

device

companies

reflected

a

shift

in

the

sports

medicine

landscape:

pickleball

injuries

climbed,

particularly

among

older

players,

boosting

the

need

for

orthopedic

procedures

and

contributing

an

estimated

hundreds

of

millions

of

dollars

to

the

healthcare

sector

overall.

Companies

in

the

healthcare

equipment

industry

contributed

the

most

to

the

Index’s

performance.

Makers

of

robotic

tools

for

the

surgical

market

benefited

from

an

increase

in

procedures,

attributed

in

part

to

more

patients

in

China

opting

for

surgeries

following

an

easing

of

pandemic-related

restrictions.

The

adoption

of

robot-assisted

surgery

devices

by

healthcare

facilities

rose

substantially

during

the

reporting

period,

driving

higher-than-expected

revenue

for

healthcare

equipment

companies

and

underscoring

the

increasing

reliance

on

robotic

solutions

for

a

wide

range

of

surgery

categories.

Diversified

healthcare

companies

within

the

healthcare

equipment

industry

reported

strong

sales

growth

in

medical

devices,

including

glucose

monitors

for

diabetes

patients.

Given

that

an

estimated

38

million

Americans

live

with

diabetes,

including

nearly

9

million

as

yet

undiagnosed,

devices

that

enable

people

with

diabetes

to

continuously

track

their

blood

sugar

levels

without

the

need

for

pin-prick

blood

draws

have

attracted

substantial

and

growing

consumer

interest.

Increased

sales

of

technology

for

managing

chronic

pain

also

benefited

healthcare

equipment

companies.

On

the

downside,

the

life

sciences

tools

and

services

industry

detracted

from

the

Index’s

performance.

Providers

of

laboratory

solutions

and

services

experienced

a

decline

in

demand

for

their

products,

as

companies

with

limited

financial

reserves

reduced

their

spending

on

research

and

development.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Health

Care

Equipment

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

100.0‌

%

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Abbott

Laboratories

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

16.7‌

%

Intuitive

Surgical,

Inc.

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

11.9‌

Stryker

Corp.

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

10.3‌

Medtronic

PLC

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

5.1‌

Edwards

Lifesciences

Corp.

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

4.8‌

Becton

Dickinson

&

Co.

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

4.7‌

Dexcom,

Inc.

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

4.6‌

GE

HealthCare

Technologies,

Inc.

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

4.5‌

Boston

Scientific

Corp.

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

4.5‌

IDEXX

Laboratories,

Inc.

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

4.3‌

      aaa

aa

iShares

®

U.S.

Oil

&

Gas

Exploration

&

Production

ETF

19

Fund

Summary

Fund

Summary

as

of

March

31,

2024

Investment

Objective

The

iShares

U.S.

Oil

&

Gas

Exploration

&

Production

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

oil

and

gas

exploration

and

production

sector,

as

represented

by

the

Dow

Jones

U.S.

Select

Oil

Exploration

&

Production

Index

TM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

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

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

28.10

%

16.65

%

4.66

%

28.10

%

115.94

%

57.76

%

Fund

Market

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

28.14

16.64

4.66

–

%

28.14

115.90

57.75

Index

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

28.57

17.10

5.07

28.57

120.19

64.03

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,115.00

‌

$

2.06

‌

$

1,000.00

‌

$

1,023.05

‌

$

1.97

‌

0.39

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/366

(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.

Fund

Summary

as

of

March

31,

2024

(continued)

iShares

®

U.S.

Oil

&

Gas

Exploration

&

Production

ETF

20

2024

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

U.S.

oil

and

gas

exploration

and

production

stocks

rose

significantly

during

the

reporting

period,

driven

by

higher

oil

prices

amid

production

cuts

by

OPEC+,

rising

tensions

in

the

Middle

East,

and

the

ongoing

war

in

Ukraine.

Expectations

of

increased

energy

demand

also

drove

gains

amid

signals

that

major

developed

economies

will

avoid

recession.

The

oil

and

gas

exploration

and

production

industry

contributed

the

most

to

the

Index’s

return.

Rising

oil

prices

encouraged

more

investment

in

generating

new

production

through

increased

exploration.

Similarly,

rapid,

long-term

urbanization

and

manufacturing

growth

in

India

and

China,

as

well

as

the

modest

pace

of

renewable

adoption

in

the

developed

world,

suggested

that

capacity

increases

for

both

(nonrenewable)

fossil

fuels

and

renewable

substitutes

could

be

necessary

to

satisfy

the

global

appetite

for

energy.

Some

companies

in

the

industry

raised

dividend

payments,

as

increased

production

led

to

increased

profits.

Total

U.S.

crude

oil

production

reached

record

highs

in

2023,

helped

by

companies

increasing

the

efficiency

of

their

drilling

operations.

Additionally,

merger

and

acquisition

activity

was

relatively

high

among

companies

within

the

industry.

Some

large

companies

were

buoyed

by

anticipation

of

being

acquired

by

even

larger

companies.

One

large

shale

producer

acquired

a

large

but

privately

held

oil

and

gas

company,

vaulting

the

buyer

into

the

top

tier

of

the

publicly

traded

oil

and

gas

producers

in

the

industry.

The

U.S.

oil

and

gas

refining

and

marketing

and

transportation

industry

also

contributed

to

the

Index’s

return.

Oil

refining

companies

benefited

from

strong

demand

for

already

limited

supplies

of

both

gasoline

and

jet

fuel.

Intervention

by

an

activist

investor

encouraged

demand

for

a

large

oil

refiner’s

stock

and

buoyed

optimism

that

the

existing

management

team

would

deliver

on

its

plan

to

reduce

costs

and

boost

profitability,

supporting

the

industry.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry