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:	March 31, 2024
Date of reporting period:	September 30, 2023

Item 1.      Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

SEPTEMBER

30,

2023

2023

Semi-Annual

Report

(Unaudited)

iShares

Trust

iShares

Biotechnology

ETF

|

IBB

|

NASDAQ

iShares

Expanded

Tech

Sector

ETF

|

IGM

|

NYSE

Arca

iShares

Expanded

Tech-Software

Sector

ETF

|

IGV

|

Cboe

BZX

iShares

North

American

Natural

Resources

ETF

|

IGE

|

Cboe

BZX

iShares

North

American

Tech-Multimedia

Networking

ETF

|

IGN

|

NYSE

Arca

iShares

Semiconductor

ETF

|

SOXX

|

NASDAQ

Dear

Shareholder,

The

combination

of

continued

economic

growth

and

moderating

inflation

provided

a

supportive

backdrop

for

investors

during

the

12-month

reporting

period

ended

September

30,

2023.

Significantly

tighter

monetary

policy

helped

to

rein

in

inflation

while

the

economy

proved

more

resilient

than

many

investors

anticipated.

A

moderating

labor

market

also

helped

ease

inflationary

pressure,

although

wages

continued

to

grow

and

unemployment

rates

touched

the

lowest

levels

in

decades.

This

robust

labor

market

powered

further

growth

in

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

substantial,

as

the

durability

of

consumer

sentiment

and

spending

mitigated

investors’

concerns

about

the

economy’s

trajectory.

The

U.S.

economy

resumed

growth

in

the

third

quarter

of

2022

and

continued

to

expand

thereafter.

All

major

classes

of

equities

rose,

although

large-capitalization

U.S.

stocks

posted

significantly

higher

returns

than

small-capitalization

U.S.

stocks

due

primarily

to

the

performance

of

large

technology

companies.

International

developed

market

equities

also

advanced

strongly,

and

emerging

market

equities

posted

solid

gains.

The

10-year

U.S.

Treasury

yield

rose

during

the

reporting

period,

driving

its

price

down,

as

investors

reacted

to

elevated

inflation

and

attempted

to

anticipate

future

interest

rate

changes.

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

six

times

during

the

12-month

period.

Furthermore,

the

Fed

wound

down

its

bond-buying

programs

and

incrementally

reduced

its

balance

sheet

by

not

replacing

securities

that

reach

maturity.

However,

the

Fed

declined

to

raise

interest

rates

at

two

of

its

meetings

late

in

the

period.

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

decelerated

the

pace

of

interest

rate

hikes

and

recently

opted

for

two

pauses,

we

believe

that

the

new

economic

regime

means

that

the

Fed

will

need

to

maintain

high

rates

for

an

extended

period

to

keep

inflation

under

control.

Furthermore,

ongoing

structural

changes

may

mean

that

the

Fed

will

be

hesitant

to

cut

interest

rates

in

the

event

of

faltering

economic

activity

lest

inflation

accelerate

again.

We

believe

investors

should

expect

a

period

of

higher

volatility

as

markets

adjust

to

the

new

economic

reality

and

policymakers

attempt

to

adapt.

While

we

favor

an

overweight

position

in

developed

market

equities

in

the

long

term,

we

prefer

an

underweight

stance

in

the

near

term.

Expectations

for

corporate

earnings

remain

elevated,

which

seems

inconsistent

with

macroeconomic

constraints.

Nevertheless,

we

are

overweight

on

Japanese

stocks

in

the

near

term

as

shareholder-friendly

policies

generate

increased

investor

interest.

We

also

believe

that

stocks

with

an

AI

tilt

should

benefit

from

an

investment

cycle

that

is

set

to

support

revenues

and

margins.

In

credit,

there

are

selective

opportunities

in

the

near

term

despite

tightening

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,

U.S.

inflation-linked

bonds,

euro

area

government

bonds

and

gilts,

U.S.

mortgage-backed

securities,

and

hard-

currency

emerging

market

bonds.

Overall,

our

view

is

that

investors

need

to

think

globally,

position

themselves

to

be

prepared

for

a

decarbonizing

economy,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

iShares.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock,

Inc.

The

Markets

in

Review

Rob

Kapito

President,

BlackRock,

Inc.

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Total

Returns

as

of

September

30,

2023

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

5.18

%

21.62

%

U.S.

small

cap

equities

(Russell

2000

®

Index)

(0.19

)

8.93

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

(1.28

)

25.65

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

(2.05

)

11.70

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

2.50

4.47

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(6.98

)

(2.90

)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

(4.05

)

0.64

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

(4.05

)

2.66

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

2.22

10.28

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

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

2

Semi-Annual

Report:

Fund

Summary

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

4

About

Fund

Performance

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

10

Disclosure

of Expenses

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

10

Schedules

of

Investments

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

11

Financial

Statements:

Statements

of

Assets

and

Liabilities

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

32

Statements

of

Operations

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

34

Statements

of

Changes

in

Net

Assets

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

36

Financial

Highlights

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

39

Notes

to

Financial

Statements

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

45

Board

Review

and

Approval

of

Investment

Advisory

Contract

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

55

Supplemental

Information

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

61

General

Information

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

62

Glossary

of

Terms

Used

in

this

Report

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

63

Fund

Summary

as

of

September

30,

2023

2023

iShares

Semi-Annual

Report

To

Shareholders

4

iShares

®

Biotechnology

ETF

Investment

Objective

The

iShares

Biotechnology

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.-listed

equities

in

the

biotechnology

sector,

as

represented

by

the

ICE

Biotechnology

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.

Effective

November

3,

2023,

the

Fund’s

underlying

index

changed

its

name

from

the

ICE

Biotechnology

Index

to

the

NYSE

Biotechnology

Index.

Performance

Index

performance

through

June

20,

2021

reflects

the

performance

of

the

NASDAQ

Biotechnology

Index.

Index

performance

beginning

on

June

21,

2021

reflects

the

performance

of

the

ICE

Biotechnology

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

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(5.23‌)%

4.75‌%

0.29‌%

5.98‌%

4.75‌%

1.47‌%

78.66‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(5.20‌)

4.82‌

0.29‌

5.97‌

4.82‌

1.45‌

78.55‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(5.07‌)

5.10‌

0.65‌

6.31‌

5.10‌

3.28‌

84.36‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

947.70‌

$

2.19‌

$

1,000.00‌

$

1,022.75‌

$

2.28‌

0.45‌%

(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.

INDUSTRY

ALLOCATION

Industry

Percent

of

TotaI

Investments

(a)

Biotechnology

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

81.5‌

%

Life

Sciences

Tools

&

Services

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

15.8‌

Pharmaceuticals

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

2.1‌

Other

(each

representing

less

than

1%)

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

0.6‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Amgen,

Inc.

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

8.9‌

%

Vertex

Pharmaceuticals,

Inc.

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

8.5‌

Regeneron

Pharmaceuticals,

Inc.

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

8.5‌

Gilead

Sciences,

Inc.

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

8.3‌

Seagen

,

Inc.

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

4.1‌

Biogen,

Inc.

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

3.9‌

IQVIA

Holdings,

Inc.

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

3.7‌

Moderna

,

Inc.

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

3.6‌

Mettler

-Toledo

International,

Inc.

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

2.5‌

Alnylam

Pharmaceuticals,

Inc.

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

2.3‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

September

30,

2023

5

Fund

Summary

iShares

®

Expanded

Tech

Sector

ETF

Investment

Objective

The

iShares

Expanded

Tech

Sector

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

North

American

equities

in

the

technology

sector

and

select

North

American

equities

from

communication

services

and

consumer

discretionary

sectors,

as

represented

by

the

S&P

North

American

Expanded

Technology

Sector

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

Index

performance

through

December

23,

2018

reflects

the

performance

of

the

S&P

North

American

Technology

Sector

Index

TM

.

Index

Performance

beginning

on

December

24,

2018

reflects

the

performance

of

the

S&P

North

American

Expanded

Technology

Sector

Index

TM

.

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

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

12.89‌%

39.18‌%

13.26‌%

17.67‌%

39.18‌%

86.37‌%

409.13‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

12.81‌

38.95‌

13.24‌

17.66‌

38.95‌

86.19‌

408.71‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

13.12‌

39.74‌

13.72‌

18.19‌

39.74‌

90.16‌

431.89‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,128.90‌

$

2.18‌

$

1,000.00‌

$

1,022.95‌

$

2.07‌

0.41‌%

(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.

INDUSTRY

ALLOCATION

Industry

Percent

of

TotaI

Investments

(a)

Software

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

28.7‌

%

Semiconductors

&

Semiconductor

Equipment

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

27.2‌

Interactive

Media

&

Services

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

16.4‌

Technology

Hardware,

Storage

&

Peripherals

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

10.0‌

IT

Services

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

7.1‌

Communications

Equipment

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

3.8‌

Electronic

Equipment,

Instruments

&

Components

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

3.6‌

Entertainment

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

3.2‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Apple,

Inc.

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

8.6‌

%

Microsoft

Corp.

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

8.5‌

NVIDIA

Corp.

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

8.4‌

Meta

Platforms,

Inc.,

Class

A

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

7.2‌

Alphabet,

Inc.,

Class

A

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

4.6‌

Alphabet,

Inc.,

Class

C,

NVS

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

4.0‌

Broadcom,

Inc.

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

3.7‌

Adobe,

Inc.

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

2.5‌

Cisco

Systems,

Inc.

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

2.4‌

Salesforce,

Inc.

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

2.1‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

September

30,

2023

2023

iShares

Semi-Annual

Report

To

Shareholders

6

iShares

®

Expanded

Tech-Software

Sector

ETF

Investment

Objective

The

iShares

Expanded

Tech-Software

Sector

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

North

American

equities

in

the

software

industry

and

select

North

American

equities

from

interactive

home

entertainment

and

interactive

media

and

services

industries,

as

represented

by

the

S&P

North

American

Expanded

Technology

Software

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

Index

performance

through

December

23,

2018

reflects

the

performance

of

the

S&P

North

American

Technology

Sector

Index

TM

.

Index

Performance

beginning

on

December

24,

2018

reflects

the

performance

of

the

S&P

North

American

Expanded

Technology

Sector

Index

TM

.

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

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

12.07‌%

36.29‌%

10.89‌%

16.44‌%

36.29‌%

67.67‌%

358.35‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

12.01‌

36.44‌

10.90‌

16.45‌

36.44‌

67.77‌

358.51‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

12.28‌

36.79‌

11.22‌

16.87‌

36.79‌

70.21‌

375.30‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,120.70‌

$

2.17‌

$

1,000.00‌

$

1,022.95‌

$

2.07‌

0.41‌%

(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.

INDUSTRY

ALLOCATION

Industry

Percent

of

TotaI

Investments

(a)

Software

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

93.8‌

%

Entertainment

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

5.8‌

Other

(each

representing

less

than

1%)

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

0.4‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Microsoft

Corp.

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

8.7‌

%

Salesforce,

Inc.

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

8.2‌

Adobe,

Inc.

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

8.2‌

Oracle

Corp.

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

7.7‌

Intuit,

Inc.

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

6.9‌

ServiceNow,

Inc.

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

4.5‌

Palo

Alto

Networks,

Inc.

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

3.5‌

Synopsys,

Inc.

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

3.4‌

Activision

Blizzard,

Inc.

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

3.3‌

Cadence

Design

Systems,

Inc.

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

3.1‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

September

30,

2023

7

Fund

Summary

iShares

®

North

American

Natural

Resources

ETF

Investment

Objective

The

iShares

North

American

Natural

Resources

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

North

American

equities

in

the

natural

resources

sector,

as

represented

by

the

S&P

North

American

Natural

Resources

Sector

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

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

7.65‌%

23.42‌%

6.93‌%

2.98‌%

23.42‌%

39.82‌%

34.13‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

7.64‌

23.26‌

6.94‌

2.97‌

23.26‌

39.86‌

34.05‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

7.93‌

24.05‌

7.49‌

3.50‌

24.05‌

43.51‌

41.03‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,076.50‌

$

2.13‌

$

1,000.00‌

$

1,022.95‌

$

2.07‌

0.41‌%

(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.

INDUSTRY

ALLOCATION

Industry

Percent

of

TotaI

Investments

(a)

Oil,

Gas

&

Consumable

Fuels

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

72.2‌

%

Metals

&

Mining

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

10.3‌

Energy

Equipment

&

Services

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

9.1‌

Containers

&

Packaging

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

5.5‌

Construction

Materials

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

2.6‌

Other

(each

representing

less

than

1%)

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

0.3‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Exxon

Mobil

Corp.

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

10.4‌

%

Chevron

Corp.

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

10.2‌

ConocoPhillips

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

4.4‌

Schlumberger

NV

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

3.5‌

EOG

Resources,

Inc.

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

3.1‌

Canadian

Natural

Resources

Ltd.

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

3.0‌

Enbridge,

Inc.

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

3.0‌

Marathon

Petroleum

Corp.

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

2.6‌

Pioneer

Natural

Resources

Co.

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

2.3‌

Phillips

66

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

2.3‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

September

30,

2023

2023

iShares

Semi-Annual

Report

To

Shareholders

8

iShares

®

North

American

Tech-Multimedia

Networking

ETF

Investment

Objective

The

iShares

North

American

Tech-Multimedia

Networking

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

North

American

equities

in

the

multimedia

and

networking

technology

sectors,

as

represented

by

the

S&P

North

American

Technology

Multimedia

Networking

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.

On

September

27,

2023,

the

Board

approved

a

proposal

to

change

the

name

of

iShares

North

American

Tech-Multimedia

Networking

ETF

to

iShares

U.S.

Digital

Infrastructure

and

Real

Estate

ETF

as

well

as

the

Fund’s

investment

objective

and

underlying

index.

The

Fund’s

ticker

will

also

change

from

IGN

to

IDGT.

These

changes

are

expected

to

become

effective

on

December

15,

2023.

Performance

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(13.34‌)%

(3.90‌)%

2.76‌%

7.98‌%

(3.90‌)%

14.56‌%

115.50‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(13.32‌)

(3.83‌)

2.75‌

7.99‌

(3.83‌)

14.54‌

115.65‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(13.07‌)

(3.44‌)

3.15‌

8.38‌

(3.44‌)

16.76‌

123.54‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

866.60‌

$

1.91‌

$

1,000.00‌

$

1,022.95‌

$

2.07‌

0.41‌%

(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.

INDUSTRY

ALLOCATION

Industry

Percent

of

TotaI

Investments

(a)

Communications

Equipment

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

100.0‌

%

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

F5,

Inc.

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

8.9‌

%

Juniper

Networks,

Inc.

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

8.7‌

Motorola

Solutions,

Inc.

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

8.6‌

Cisco

Systems,

Inc.

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

8.5‌

Arista

Networks,

Inc.

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

8.4‌

NetScout

Systems,

Inc.

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

4.8‌

Calix,

Inc.

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

4.7‌

Ciena

Corp.

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

4.7‌

Extreme

Networks,

Inc.

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

4.5‌

Harmonic,

Inc.

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

4.4‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

September

30,

2023

9

Fund

Summary

iShares

®

Semiconductor

ETF

Investment

Objective

The

iShares

Semiconductor

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.-listed

equities

in

the

semiconductor

sector,

as

represented

by

the

ICE

Semiconductor

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.

Effective

November

3,

2023,

the

Fund’s

underlying

index

changed

its

name

from

the

ICE

Semiconductor

Index

to

the

NYSE

Semiconductor

Index.

Performance

Index

performance

through

June

20,

2021

reflects

the

performance

of

the

PHLX

Semiconductor

Sector

Index.

Index

performance

beginning

on

June

21,

2021

reflects

the

performance

of

the

ICE

Semiconductor

Index.

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

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

7.07‌%

50.45‌%

22.01‌%

23.16‌%

50.45‌%

170.43‌%

702.80‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

7.05‌

50.13‌

22.00‌

23.14‌

50.13‌

170.25‌

701.72‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

7.30‌

51.11‌

22.58‌

23.76‌

51.11‌

176.78‌

743.21‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,070.70‌

$

1.81‌

$

1,000.00‌

$

1,023.25‌

$

1.77‌

0.35‌%

(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.

INDUSTRY

ALLOCATION

Industry

Percent

of

TotaI

Investments

(a)

Semiconductors

&

Semiconductor

Equipment

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

100.0‌

%

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Advanced

Micro

Devices,

Inc.

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

8.3‌

%

Broadcom,

Inc.

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

7.7‌

NVIDIA

Corp.

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

7.6‌

Intel

Corp.

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

6.8‌

Texas

Instruments,

Inc.

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

6.3‌

Micron

Technology,

Inc.

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

4.2‌

NXP

Semiconductors

NV

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

4.2‌

QUALCOMM,

Inc.

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

4.2‌

Analog

Devices,

Inc.

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

4.1‌

Microchip

Technology,

Inc.

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

4.1‌

(a)

Excludes

money

market

funds.

About

Fund

Performance

2023

iShares

Semi-Annual

Report

To

Shareholders

10

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time

and

may

continue

to

affect

adversely

the

value

and

liquidity

of

each

Fund’s

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Performance

data

current

to

the

most

recent

month-end

is

available

at

iShares.com

.

Performance

results

assume

reinvestment

of

all

dividends

and

capital

gain

distributions

and

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

The

investment

return

and

principal

value

of

shares

will

vary

with

changes

in

market

conditions.

Shares

may

be

worth

more

or

less

than

their

original

cost

when

they

are

redeemed

or

sold

in

the

market.

Performance

for

certain

funds

may

reflect

a

waiver

of

a

portion

of

investment

advisory

fees.

Without

such

a

waiver,

performance

would

have

been

lower.

Net

asset

value

or

“NAV”

is

the

value

of

one

share

of

a

fund

as

calculated

in

accordance

with

the

standard

formula

for

valuing

mutual

fund

shares.

Beginning

August

10,

2020,

the

price

used

to

calculate

market

return

(“Market

Price”)

is

the

closing

price.

Prior

to

August

10,

2020,

Market Price

was

determined

using

the

midpoint

between

the

highest

bid

and

the

lowest

ask

on

the

primary

stock

exchange

on

which

shares

of

a

fund

are

listed

for

trading,

as

of

the

time

that

such

fund’s

NAV

is

calculated. Market

and

NAV

returns

assume

that

dividends

and

capital

gain

distributions

have

been

reinvested

at

Market

Price

and

NAV,

respectively.

An

index

is

a

statistical

composite

that

tracks

a

specified

financial

market

or

sector.

Unlike

a

fund,

an

index

does

not

actually

hold

a

portfolio

of

securities

and

therefore

does

not

incur

the

expenses

incurred

by

a

fund.

These

expenses

negatively

impact

fund

performance.

Also,

market

returns

do

not

include

brokerage

commissions

that

may

be

payable

on

secondary

market

transactions.

If

brokerage

commissions

were

included,

market

returns

would

be

lower.

Disclosure

of Expenses

Shareholders

of each

Fund

may

incur

the

following

charges: (1)

transactional

expenses,

including

brokerage

commissions

on

purchases

and

sales

of

fund

shares

and

(2)

ongoing

expenses,

including

management

fees

and

other

fund

expenses.

The

expense

examples

shown (which are

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period) are

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in each

Fund and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

funds.

The

expense

examples

provide information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to estimate

the

expenses

a

shareholder paid during

the period

covered

by

this

report,

shareholders

can divide their

account

value

by

$1,000 and

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

the

Period.”

The

expense

examples also

provide

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on a

fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the ongoing expenses

of

investing

in the

Funds

and

other

funds, compare

the

5%

hypothetical

examples

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

expenses

shown

in

the

expense

examples are

intended

to highlight shareholders’

ongoing

costs

only

and

do

not

reflect

any

transactional

expenses,

such

as

brokerage

commissions

and

other

fees

paid

on

purchases

and

sales

of

fund

shares.

Therefore,

the

hypothetical

examples are

useful

in

comparing

ongoing expenses

only

and

will

not

help

shareholders determine

the

relative

total expenses

of

owning

different

funds. If

these

transactional expenses

were

included, shareholder

expenses would

have

been

higher.

Schedule

of

Investments

(unaudited)

September

30,

2023

iShares

®

Biotechnology

ETF

Schedules

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Biotechnology

—

81.4%

2seventy

bio,

Inc.

(a)(b)

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

325,706

$

1,276,768

4D

Molecular

Therapeutics,

Inc.

(a)(b)

.......

258,798

3,294,499

89bio,

Inc.

(b)

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

515,092

7,953,020

Abcam

plc,

ADR

(a)(b)

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

1,171,673

26,514,960

Absci

Corp.

(a)(b)

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

492,847

650,558

ACADIA

Pharmaceuticals,

Inc.

(b)

.........

1,177,286

24,534,640

Actinium

Pharmaceuticals,

Inc.

(a)(b)

.......

182,573

1,080,832

Acumen

Pharmaceuticals,

Inc.

(a)(b)

........

316,705

1,314,326

Adaptimmune

Therapeutics

plc,

ADR

(a)(b)

...

961,116

749,670

ADC

Therapeutics

SA

(a)(b)

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

529,890

475,311

Adicet

Bio,

Inc.

(a)(b)

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

202,011

276,755

ADMA

Biologics,

Inc.

(a)(b)

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

1,567,145

5,610,379

Affimed

NV

(a)(b)

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

896,174

428,282

Agios

Pharmaceuticals,

Inc.

(a)(b)

.........

386,558

9,567,310

Akero

Therapeutics,

Inc.

(a)(b)

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

333,212

16,853,863

Alaunos

Therapeutics,

Inc.

(a)(b)

..........

1,541,531

203,174

Alector,

Inc.

(a)(b)

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

446,717

2,894,726

Alkermes

plc

(a)(b)

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

1,189,750

33,324,898

Allakos,

Inc.

(b)

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

477,102

1,083,022

Allogene

Therapeutics,

Inc.

(a)(b)

..........

761,760

2,414,779

Allovir,

Inc.

(a)(b)

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

417,876

898,433

Alnylam

Pharmaceuticals,

Inc.

(a)(b)

........

901,997

159,743,669

Alpine

Immune

Sciences,

Inc.

(a)(b)

........

190,615

2,182,542

Altimmune,

Inc.

(a)(b)

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

374,185

972,881

ALX

Oncology

Holdings,

Inc.

(b)

..........

138,738

665,942

Amgen,

Inc.

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

2,303,041

618,965,299

Amicus

Therapeutics,

Inc.

(b)

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

1,999,485

24,313,738

AnaptysBio,

Inc.

(a)(b)

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

171,588

3,081,720

Anavex

Life

Sciences

Corp.

(a)(b)

.........

579,841

3,797,959

Annexon,

Inc.

(b)

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

281,471

664,272

Apellis

Pharmaceuticals,

Inc.

(a)(b)

.........

704,884

26,813,787

Arbutus

Biopharma

Corp.

(a)(b)

...........

900,174

1,827,353

Arcellx,

Inc.

(a)(b)

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

243,774

8,746,611

Arcturus

Therapeutics

Holdings,

Inc.

(a)(b)

....

176,479

4,509,038

Arcus

Biosciences,

Inc.

(a)(b)

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

344,487

6,183,542

Arcutis

Biotherapeutics,

Inc.

(a)(b)

.........

321,804

1,708,779

Argenx

SE,

ADR,

NVS

(a)(b)

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

301,793

148,370,493

Arrowhead

Pharmaceuticals,

Inc.

(a)(b)

......

733,694

19,714,358

ARS

Pharmaceuticals,

Inc.

(a)(b)

..........

342,102

1,293,146

Ascendis

Pharma

A/S,

ADR

(a)(b)

.........

291,151

27,263,380

Atara

Biotherapeutics,

Inc.

(a)(b)

..........

707,372

1,046,911

Aurinia

Pharmaceuticals,

Inc.

(a)(b)

........

942,981

7,326,962

Autolus

Therapeutics

plc,

ADR

(a)(b)

........

758,915

1,768,272

Avidity

Biosciences,

Inc.

(a)(b)

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

508,996

3,247,394

Beam

Therapeutics,

Inc.

(a)(b)

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

480,838

11,564,154

BeiGene

Ltd.,

ADR

(a)(b)

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

495,879

89,193,756

Bicycle

Therapeutics

plc,

ADR

(a)(b)

........

182,412

3,664,657

BioAtla,

Inc.

(a)(b)

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

251,032

426,754

BioCryst

Pharmaceuticals,

Inc.

(a)(b)

.......

1,349,332

9,553,271

Biogen,

Inc.

(a)(b)

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

1,043,069

268,079,164

BioMarin

Pharmaceutical,

Inc.

(a)(b)

........

1,337,932

118,380,223

Biomea

Fusion,

Inc.

(a)(b)

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

211,770

2,913,955

BioNTech

SE,

ADR

(b)

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

1,256,633

136,520,609

Bluebird

Bio,

Inc.

(a)(b)

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

747,054

2,271,044

Blueprint

Medicines

Corp.

(a)(b)

...........

431,560

21,672,943

Bridgebio

Pharma,

Inc.

(a)(b)

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

846,636

22,325,791

C4

Therapeutics,

Inc.

(a)(b)

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

300,131

558,244

CareDx,

Inc.

(a)(b)

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

373,709

2,615,963

Caribou

Biosciences,

Inc.

(a)(b)

...........

536,015

2,562,152

Centessa

Pharmaceuticals

plc,

ADR

(a)(b)

....

301,963

1,953,701

Century

Therapeutics,

Inc.

(a)(b)

..........

167,429

334,858

Cogent

Biosciences,

Inc.

(a)(b)

...........

526,430

5,132,692

Coherus

Biosciences,

Inc.

(a)(b)

...........

762,392

2,851,346

Security

Shares

Shares

Value

Biotechnology

(continued)

Compass

Pathways

plc,

ADR

(a)(b)

........

280,101

$

2,072,747

Crinetics

Pharmaceuticals,

Inc.

(b)

........

377,015

11,212,426

CRISPR

Therapeutics

AG

(a)(b)

...........

552,406

25,073,708

Cullinan

Oncology,

Inc.

(b)

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

194,034

1,756,008

CureVac

NV

(a)(b)

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

666,568

4,552,659

Cytokinetics,

Inc.

(a)(b)

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

649,379

19,130,705

Day

One

Biopharmaceuticals,

Inc.

(a)(b)

.....

430,718

5,284,910

DBV

Technologies

SA,

ADR,

NVS

(a)(b)

.....

915,341

1,244,864

Deciphera

Pharmaceuticals,

Inc.

(b)

.......

395,762

5,034,093

Denali

Therapeutics,

Inc.

(a)(b)

...........

792,059

16,340,177

Design

Therapeutics,

Inc.

(a)(b)

...........

226,604

534,785

Dyne

Therapeutics,

Inc.

(a)(b)

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

231,879

2,077,636

Editas

Medicine,

Inc.

(a)(b)

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

591,716

4,615,385

Eiger

BioPharmaceuticals,

Inc.

(a)(b)

.......

280,370

85,513

Emergent

BioSolutions,

Inc.

(a)(b)

.........

357,947

1,217,020

Enanta

Pharmaceuticals,

Inc.

(b)

.........

139,977

1,563,543

EQRx,

Inc.

(a)(b)

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

2,186,240

4,853,453

Erasca,

Inc.

(a)(b)

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

664,041

1,308,161

Evelo

Biosciences,

Inc.

(a)(b)

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

64,761

253,863

Exelixis,

Inc.

(b)

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

2,230,008

48,725,675

Exscientia

plc,

ADR

(a)(b)

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

592,446

2,677,856

Fate

Therapeutics,

Inc.

(b)

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

675,056

1,431,119

FibroGen,

Inc.

(b)

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

694,240

599,060

Foghorn

Therapeutics,

Inc.

(b)

...........

125,545

627,725

G1

Therapeutics,

Inc.

(a)(b)

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

295,915

426,118

Galapagos

NV,

ADR,

NVS

(a)(b)

..........

341,604

11,802,418

Generation

Bio

Co.

(a)(b)

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

349,014

1,322,763

Genmab

A/S,

ADR,

NVS

(a)(b)

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

3,415,916

120,479,357

Geron

Corp.

(a)(b)

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

3,182,172

6,746,205

Gilead

Sciences,

Inc.

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

7,719,166

578,474,300

Gossamer

Bio,

Inc.

(a)(b)

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

1,367,784

1,139,091

Gracell

Biotechnologies,

Inc.,

ADR

(b)

......

394,137

1,135,115

Graphite

Bio,

Inc.

(a)(b)

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

191,536

475,009

Gritstone

bio,

Inc.

(a)(b)

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

603,829

1,038,586

Halozyme

Therapeutics,

Inc.

(b)

..........

946,509

36,156,644

Humacyte,

Inc.

(b)

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

476,255

1,395,427

Ideaya

Biosciences,

Inc.

(b)

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

370,705

10,001,621

IGM

Biosciences,

Inc.

(a)(b)

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

143,863

1,201,256

I-Mab,

ADR

(a)(b)

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

463,711

612,099

Immuneering

Corp.,

Class

A

(a)(b)

.........

155,312

1,192,796

ImmunityBio,

Inc.

(a)(b)

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

1,956,656

3,306,749

Immunocore

Holdings

plc,

ADR

(a)(b)

.......

243,775

12,651,922

ImmunoGen,

Inc.

(a)(b)

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

1,769,100

28,075,617

Immunovant,

Inc.

(b)

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

382,821

14,696,498

Incyte

Corp.

(a)(b)

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

1,604,051

92,666,026

Inhibrx,

Inc.

(a)(b)

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

243,540

4,468,959

Inovio

Pharmaceuticals,

Inc.

(a)(b)

.........

1,836,482

714,391

Insmed,

Inc.

(a)(b)

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

1,015,143

25,632,361

Instil

Bio,

Inc.

(a)(b)

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

550,157

235,467

Intellia

Therapeutics,

Inc.

(a)(b)

...........

628,329

19,867,763

Intercept

Pharmaceuticals,

Inc.

(b)

........

261,021

4,839,329

Invivyd,

Inc.

(a)(b)

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

300,589

511,001

Ionis

Pharmaceuticals,

Inc.

(a)(b)

..........

1,014,993

46,040,082

Iovance

Biotherapeutics,

Inc.

(a)(b)

.........

1,481,221

6,739,556

Ironwood

Pharmaceuticals,

Inc.,

Class

A

(a)(b)

.

1,101,797

10,610,305

iTeos

Therapeutics,

Inc.

(a)(b)

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

210,176

2,301,427

Karuna

Therapeutics,

Inc.

(a)(b)

...........

233,557

39,492,153

Karyopharm

Therapeutics,

Inc.

(a)(b)

.......

739,641

991,119

Keros

Therapeutics,

Inc.

(a)(b)

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

153,150

4,882,422

Kezar

Life

Sciences,

Inc.

(a)(b)

...........

409,183

486,928

Kiniksa

Pharmaceuticals

Ltd.,

Class

A

(b)

....

245,445

4,263,380

Kinnate

Biopharma,

Inc.

(a)(b)

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

136,853

191,594

Kodiak

Sciences,

Inc.

(a)(b)

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

371,425

668,565

Krystal

Biotech,

Inc.

(a)(b)

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

166,136

19,271,776

Kura

Oncology,

Inc.

(b)

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

511,679

4,666,512

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Biotechnology

ETF

12

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Biotechnology

(continued)

Kymera

Therapeutics,

Inc.

(a)(b)

..........

349,297

$

4,855,228

Legend

Biotech

Corp.,

ADR

(a)(b)

.........

846,274

56,844,225

Lineage

Cell

Therapeutics,

Inc.

(a)(b)

.......

1,251,393

1,476,644

Lyell

Immunopharma,

Inc.

(a)(b)

...........

877,383

1,289,753

MacroGenics,

Inc.

(a)(b)

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

426,933

1,989,508

Madrigal

Pharmaceuticals,

Inc.

(a)(b)

.......

93,802

13,698,844

MannKind

Corp.

(a)(b)

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

1,874,181

7,740,368

MeiraGTx

Holdings

plc

(b)

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

396,376

1,946,206

Mersana

Therapeutics,

Inc.

(b)

...........

628,976

798,800

Merus

NV

(a)(b)

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

332,805

7,847,542

Mirati

Therapeutics,

Inc.

(a)(b)

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

459,847

20,030,935

Mirum

Pharmaceuticals,

Inc.

(a)(b)

.........

196,161

6,198,688

Moderna,

Inc.

(a)(b)

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

2,398,194

247,709,458

Monte

Rosa

Therapeutics,

Inc.

(a)(b)

.......

222,486

1,065,708

Morphic

Holding,

Inc.

(a)(b)

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

266,052

6,095,251

Myriad

Genetics,

Inc.

(a)(b)

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

568,234

9,114,473

Natera,

Inc.

(a)(b)

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

758,934

33,582,830

Neurocrine

Biosciences,

Inc.

(b)

..........

696,056

78,306,300

Nkarta,

Inc.

(a)(b)

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

284,608

395,605

Novavax,

Inc.

(a)(b)

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

633,939

4,589,718

Nurix

Therapeutics,

Inc.

(a)(b)

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

314,750

2,473,935

Nuvalent,

Inc.,

Class

A

(a)(b)

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

322,584

14,829,186

Omega

Therapeutics,

Inc.

(a)(b)

...........

152,659

328,217

PepGen,

Inc.

(a)(b)

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

130,793

664,428

PMV

Pharmaceuticals,

Inc.

(a)(b)

..........

242,087

1,486,414

Poseida

Therapeutics,

Inc.

(a)(b)

..........

393,178

935,764

Precigen,

Inc.

(a)(b)

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

901,584

1,280,249

Prelude

Therapeutics,

Inc.

(a)(b)

..........

173,451

535,964

Protagonist

Therapeutics,

Inc.

(a)(b)

........

392,090

6,540,061

Prothena

Corp.

plc

(a)(b)

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

366,861

17,701,043

PTC

Therapeutics,

Inc.

(a)(b)

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

526,506

11,798,999

RAPT

Therapeutics,

Inc.

(a)(b)

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

207,685

3,451,725

Recursion

Pharmaceuticals,

Inc.,

Class

A

(a)(b)

947,954

7,251,848

Regeneron

Pharmaceuticals,

Inc.

(b)

.......

714,300

587,840,328

REGENXBIO,

Inc.

(a)(b)

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

289,251

4,761,071

Relay

Therapeutics,

Inc.

(a)(b)

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

615,338

5,174,993

Repare

Therapeutics,

Inc.

(a)(b)

...........

228,189

2,756,523

Replimune

Group,

Inc.

(a)(b)

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

317,077

5,425,187

REVOLUTION

Medicines,

Inc.

(a)(b)

........

676,307

18,720,178

Rhythm

Pharmaceuticals,

Inc.

(a)(b)

........

361,300

8,282,803

Rocket

Pharmaceuticals,

Inc.

(a)(b)

........

537,716

11,017,801

Roivant

Sciences

Ltd.

(a)(b)

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

3,125,671

36,507,837

Sage

Therapeutics,

Inc.

(a)(b)

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

372,763

7,671,463

Sana

Biotechnology,

Inc.

(a)(b)

...........

629,079

2,434,536

Sangamo

Therapeutics,

Inc.

(a)(b)

.........

1,086,030

651,401

Sarepta

Therapeutics,

Inc.

(a)(b)

..........

637,418

77,267,810

Scholar

Rock

Holding

Corp.

(a)(b)

.........

309,093

2,194,560

Seagen,

Inc.

(b)

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

1,344,695

285,277,044

Selecta

Biosciences,

Inc.

(b)

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

795,242

842,957

Seres

Therapeutics,

Inc.

(a)(b)

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

692,106

1,647,212

SpringWorks

Therapeutics,

Inc.

(a)(b)

.......

360,337

8,330,991

Stoke

Therapeutics,

Inc.

(a)(b)

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

210,352

828,787

Summit

Therapeutics,

Inc.

(a)(b)

...........

822,689

1,538,428

Sutro

Biopharma,

Inc.

(b)

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

411,558

1,428,106

Syndax

Pharmaceuticals,

Inc.

(a)(b)

........

419,181

6,086,508

Tango

Therapeutics,

Inc.

(a)(b)

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

337,240

3,797,322

Travere

Therapeutics,

Inc.

(b)

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

521,619

4,663,274

Twist

Bioscience

Corp.

(a)(b)

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

402,181

8,148,187

Ultragenyx

Pharmaceutical,

Inc.

(b)

........

482,872

17,214,387

uniQure

NV

(a)(b)

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

318,445

2,136,766

United

Therapeutics

Corp.

(b)

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

331,552

74,887,650

UroGen

Pharma

Ltd.

(a)(b)

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

181,735

2,546,107

Vanda

Pharmaceuticals,

Inc.

(a)(b)

.........

398,870

1,723,118

Vaxcyte,

Inc.

(a)(b)

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

633,673

32,304,650

Veracyte,

Inc.

(a)(b)

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

522,227

11,661,329

Security

Shares

Shares

Value

Biotechnology

(continued)

Vertex

Pharmaceuticals,

Inc.

(b)

..........

1,694,785

$

589,344,536

Verve

Therapeutics,

Inc.

(a)(b)

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

308,716

4,093,574

Vir

Biotechnology,

Inc.

(b)

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

621,254

5,821,150

Voyager

Therapeutics,

Inc.

(a)(b)

..........

249,862

1,936,431

Xencor,

Inc.

(a)(b)

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

427,866

8,621,500

Xenon

Pharmaceuticals,

Inc.

(a)(b)

.........

447,967

15,302,553

Zai

Lab

Ltd.,

ADR

(b)

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

506,238

12,306,646

Zentalis

Pharmaceuticals,

Inc.

(a)(b)

........

464,943

9,326,757

Zymeworks,

Inc.

(a)(b)

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

454,047

2,878,658

5,662,582,364

Chemicals

—

0.2%

Ginkgo

Bioworks

Holdings,

Inc.,

Class

A

(a)(b)

.

9,158,659

16,577,173

Health

Care

Equipment

&

Supplies

—

0.2%

Novocure

Ltd.

(b)

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

700,765

11,317,355

Health

Care

Providers

&

Services

—

0.2%

(a)(b)

Castle

Biosciences,

Inc.

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

184,653

3,118,789

Fulgent

Genetics,

Inc.

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

135,885

3,633,565

Invitae

Corp.

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

1,873,486

1,133,834

OPKO

Health,

Inc.

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

3,030,717

4,849,147

12,735,335

Life

Sciences

Tools

&

Services

—

15.7%

10X

Genomics,

Inc.,

Class

A

(a)(b)

.........

672,896

27,756,960

AbCellera

Biologics,

Inc.

(a)(b)

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

1,431,847

6,586,496

Adaptive

Biotechnologies

Corp.

(a)(b)

.......

1,028,737

5,606,617

Akoya

Biosciences,

Inc.

(a)(b)

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

162,761

756,839

Bio-Techne

Corp.

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

1,125,720

76,627,760

Bruker

Corp.

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

714,141

44,490,984

Charles

River

Laboratories

International,

Inc.

(a)

(b)

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

364,451

71,425,107

Codexis,

Inc.

(b)

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

483,998

914,756

Cytek

Biosciences,

Inc.

(a)(b)

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

832,935

4,597,801

Illumina,

Inc.

(a)(b)

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

1,142,199

156,801,079

IQVIA

Holdings,

Inc.

(a)(b)

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

1,314,405

258,609,184

Maravai

LifeSciences

Holdings,

Inc.,

Class

A

(a)

(b)

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

783,668

7,836,680

MaxCyte,

Inc.

(a)(b)

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

654,760

2,042,851

Medpace

Holdings,

Inc.

(b)

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

170,164

41,201,809

Mettler-Toledo

International,

Inc.

(a)(b)

......

156,065

172,930,945

NanoString

Technologies,

Inc.

(a)(b)

........

321,690

553,307

Nautilus

Biotechnology,

Inc.

(a)(b)

.........

496,961

1,570,397

Olink

Holding

AB,

ADR

(a)(b)

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

611,258

9,016,056

OmniAb

Operations,

Inc.,

12.50

Earnout

Shares,

NVS

(b)(c)

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

46,839

—

OmniAb

Operations,

Inc.,

15.00

Earnout

Shares,

NVS

(b)(c)

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

46,839

—

Pacific

Biosciences

of

California,

Inc.

(a)(b)

...

1,761,242

14,706,371

Quanterix

Corp.

(b)

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

247,167

6,708,112

Repligen

Corp.

(a)(b)

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

375,719

59,743,078

Seer,

Inc.,

Class

A

(b)

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

302,114

667,672

Stevanato

Group

SpA

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

247,220

7,347,378

Waters

Corp.

(a)(b)

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

427,000

117,087,670

1,095,585,909

Pharmaceuticals

—

2.0%

(b)

Aclaris

Therapeutics,

Inc.

(a)

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

416,660

2,854,121

Amylyx

Pharmaceuticals,

Inc.

(a)

.........

347,101

6,355,419

Arvinas,

Inc.

(a)

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

333,116

6,542,398

ATAI

Life

Sciences

NV

(a)

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

839,192

1,082,558

Atea

Pharmaceuticals,

Inc.

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

526,777

1,580,331

Axsome

Therapeutics,

Inc.

(a)

...........

278,146

19,439,624

Cara

Therapeutics,

Inc.

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

328,789

552,366

Cymabay

Therapeutics,

Inc.

(a)

..........

744,251

11,096,782

Edgewise

Therapeutics,

Inc.

(a)

..........

278,880

1,597,982

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Biotechnology

ETF

Schedules

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

September

30,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Pharmaceuticals

(continued)

Fulcrum

Therapeutics,

Inc.

(a)

...........

417,078

$

1,851,826

Intra-Cellular

Therapies,

Inc.

(a)

..........

677,899

35,311,759

Ligand

Pharmaceuticals,

Inc.

...........

118,377

7,093,150

Marinus

Pharmaceuticals,

Inc.

(a)

.........

340,775

2,743,239

Nektar

Therapeutics

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

1,358,953

809,392

NGM

Biopharmaceuticals,

Inc.

..........

342,609

366,592

Nuvation

Bio,

Inc.,

Class

A

(a)

...........

1,066,121

1,428,602

Phathom

Pharmaceuticals,

Inc.

(a)

........

180,593

1,872,749

Pliant

Therapeutics,

Inc.

(a)

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

385,917

6,691,801

Revance

Therapeutics,

Inc.

(a)

...........

597,017

6,847,785

Tarsus

Pharmaceuticals,

Inc.

(a)

..........

168,461

2,993,552

Terns

Pharmaceuticals,

Inc.

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

267,890

1,347,487

Theravance

Biopharma,

Inc.

(a)

..........

326,439

2,817,169

Ventyx

Biosciences,

Inc.

(a)

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

322,979

11,217,061

Verona

Pharma

plc,

ADR

(a)

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

306,445

4,995,053

WaVe

Life

Sciences

Ltd.

(a)

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

590,588

3,395,881

142,884,679

Total

Common

Stocks

—

99.7%

(Cost:

$10,325,080,868)

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

6,941,682,815

Preferred

Stocks

Biotechnology

—

0.2%

Grifols

SA

(a)(b)

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

1,345,884

12,301,380

Total

Preferred

Stocks

—

0.2%

(Cost:

$24,200,503)

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

12,301,380

Rights

Biotechnology

—

0.0%

(a)(b)

Achillion

Pharmaceuticals,

Inc.,

CVR

(c)

.....

4,112

1,892

Akouos,

Inc.,

CVR

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

157,087

124,099

125,991

Security

Shares

Shares

Value

Pharmaceuticals

—

0.0%

Contra

Chinook

Therape,

CVR

(b)(c)

........

320,962

$

138,013

Total

Rights

—

0.0%

(Cost:

$251,165)

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

264,004

Total

Long-Term

Investments

—

99.9%

(Cost:

$10,349,532,536)

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

6,954,248,199

Short-Term

Securities

Money

Market

Funds

—

11.2%

(d)(e)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.54%

(f)

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

754,167,633

754,469,301

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

5.31%

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

21,973,423

21,973,423

Total

Short-Term

Securities

—

11.2%

(Cost:

$775,928,257)

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

776,442,724

Total

Investments

—

111.1%

(Cost:

$11,125,460,793

)

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

7,730,690,923

Liabilities

in

Excess

of

Other

Assets

—

(11.1)%

...........

(770,778,142)

Net

Assets

—

100.0%

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

$

6,959,912,781

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Non-income

producing

security.

(c)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(d)

Affiliate

of

the

Fund.

(e)

Annualized

7-day

yield

as

of

period

end.

(f)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

03/31/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/23

Shares

Held

at

09/30/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

852,348,490

$

—

$

(97,946,907)

(a)

$

7,305

$

60,413

$

754,469,301

754,167,633

$

2,488,191

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

8,598,879

13,374,544

(a)

—

—

—

21,973,423

21,973,423

240,235

—

$

7,305

$

60,413

$

776,442,724

$

2,728,426

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Biotechnology

ETF

14

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Health

Care

Select

Sector

Index

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

28

12/15/23

$

3,674

$

(95,265)

Russell

2000

E-Mini

Index

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

13

12/15/23

1,169

(43,422)

$

(138,687)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

138,687

$

—

$

—

$

—

$

138,687

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

September

30,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

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

$

—

$

—

$

(40,892)

$

—

$

—

$

—

$

(40,892)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

(294,455)

$

—

$

—

$

—

$

(294,455)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

11,558,865

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Biotechnology

ETF

Schedules

of

Investments

15

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

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

$

6,941,682,815

$

—

$

—

$

6,941,682,815

Preferred

Stocks

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

12,301,380

—

—

12,301,380

Rights

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

—

124,099

139,905

264,004

Short-Term

Securities

Money

Market

Funds

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

776,442,724

—

—

776,442,724

$

7,730,426,919

$

124,099

$

139,905

$

7,730,690,923

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

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

$

(138,687)

$

—

$

—

$

(138,687)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

September

30,

2023

iShares

®

Expanded

Tech

Sector

ETF

16

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Communications

Equipment

—

3.8%

ADTRAN

Holdings,

Inc.

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

23,917

$

196,837

Arista

Networks,

Inc.

(a)

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

83,995

15,449,200

Aviat

Networks,

Inc.

(a)

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

3,656

114,067

Calix,

Inc.

(a)

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

19,259

882,833

Cambium

Networks

Corp.

(a)(b)

...........

4,739

34,737

Ciena

Corp.

(a)

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

50,571

2,389,985

Cisco

Systems,

Inc.

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

1,366,975

73,488,576

Clearfield,

Inc.

(a)

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

4,231

121,260

CommScope

Holding

Co.,

Inc.

(a)

.........

70,105

235,553

Digi

International,

Inc.

(a)

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

11,985

323,595

Extreme

Networks,

Inc.

(a)

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

44,164

1,069,210

F5,

Inc.

(a)

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

19,894

3,205,719

Harmonic,

Inc.

(a)

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

37,212

358,352

Infinera

Corp.

(a)(b)

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

65,594

274,183

Juniper

Networks,

Inc.

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

108,457

3,014,020

Lumentum

Holdings,

Inc.

(a)

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

22,956

1,037,152

Motorola

Solutions,

Inc.

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

56,027

15,252,791

NETGEAR,

Inc.

(a)

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

9,712

122,274

NetScout

Systems,

Inc.

(a)

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

24,202

678,140

Ribbon

Communications,

Inc.

(a)(b)

........

32,657

87,521

Viasat,

Inc.

(a)

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

25,519

471,081

Viavi

Solutions,

Inc.

(a)

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

74,335

679,422

119,486,508

Electronic

Equipment,

Instruments

&

Components

—

3.6%

Advanced

Energy

Industries,

Inc.

(b)

.......

12,542

1,293,331

Amphenol

Corp.,

Class

A

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

200,249

16,818,914

Arrow

Electronics,

Inc.

(a)

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

18,672

2,338,481

Avnet,

Inc.

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

30,544

1,471,915

Badger

Meter,

Inc.

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

9,997

1,438,268

Belden,

Inc.

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

14,220

1,372,941

Benchmark

Electronics,

Inc.

...........

11,904

288,791

CDW

Corp.

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

44,966

9,072,340

Celestica,

Inc.

(a)(b)

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

37,745

925,507

Cognex

Corp.

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

58,255

2,472,342

Coherent

Corp.

(a)

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

43,653

1,424,834

Corning,

Inc.

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

257,831

7,856,111

CTS

Corp.

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

10,538

439,856

ePlus,

Inc.

(a)

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

8,993

571,235

Fabrinet

(a)

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

12,131

2,021,267

Insight

Enterprises,

Inc.

(a)(b)

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

10,143

1,475,807

IPG

Photonics

Corp.

(a)

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

10,010

1,016,415

Itron,

Inc.

(a)

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

15,179

919,544

Jabil,

Inc.

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

43,904

5,570,979

Keysight

Technologies,

Inc.

(a)

...........

60,043

7,944,289

Knowles

Corp.

(a)

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

30,537

452,253

Littelfuse,

Inc.

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

8,423

2,083,176

Methode

Electronics,

Inc.

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

12,024

274,748

Mirion

Technologies,

Inc.,

Class

A

(a)(b)

.....

60,680

453,280

National

Instruments

Corp.

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

44,501

2,653,150

Novanta,

Inc.

(a)

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

12,166

1,745,091

OSI

Systems,

Inc.

(a)

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

5,198

613,572

PC

Connection,

Inc.

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

3,777

201,616

Plexus

Corp.

(a)

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

9,237

858,856

Rogers

Corp.

(a)

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

5,620

738,861

Sanmina

Corp.

(a)

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

19,499

1,058,406

TD

SYNNEX

Corp.

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

16,039

1,601,655

TE

Connectivity

Ltd.

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

105,311

13,009,068

Teledyne

Technologies,

Inc.

(a)

...........

15,801

6,455,973

Trimble,

Inc.

(a)

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

83,398

4,491,816

TTM

Technologies,

Inc.

(a)

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

34,282

441,552

Vishay

Intertechnology,

Inc.

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

42,632

1,053,863

Vontier

Corp.

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

51,907

1,604,965

Security

Shares

Shares

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

Zebra

Technologies

Corp.,

Class

A

(a)

......

17,301

$

4,092,206

110,617,274

Entertainment

—

3.2%

Activision

Blizzard,

Inc.

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

239,982

22,469,515

Electronic

Arts,

Inc.

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

82,698

9,956,839

Netflix,

Inc.

(a)(b)

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

148,653

56,131,373

Playtika

Holding

Corp.

(a)

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

23,359

224,947

ROBLOX

Corp.,

Class

A

(a)(b)

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

161,580

4,679,357

Take-Two

Interactive

Software,

Inc.

(a)

......

52,982

7,438,143

100,900,174

Interactive

Media

&

Services

—

16.4%

Alphabet,

Inc.,

Class

A

(a)

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

1,105,190

144,625,163

Alphabet,

Inc.,

Class

C,

NVS

(a)

..........

940,123

123,955,218

Bumble,

Inc.,

Class

A

(a)

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

33,100

493,852

Cargurus,

Inc.,

Class

A

(a)

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

29,857

523,095

IAC,

Inc.

(a)

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

23,364

1,177,312

Match

Group,

Inc.

(a)

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

93,811

3,675,046

Meta

Platforms,

Inc.,

Class

A

(a)

..........

745,564

223,825,768

Pinterest,

Inc.,

Class

A

(a)

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

195,191

5,276,013

Shutterstock,

Inc.

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

8,069

307,026

Snap,

Inc.,

Class

A,

NVS

(a)(b)

...........

339,744

3,027,119

TripAdvisor,

Inc.

(a)(b)

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

35,435

587,512

Yelp,

Inc.

(a)

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

23,004

956,736

Ziff

Davis,

Inc.

(a)(b)

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

15,800

1,006,302

ZipRecruiter,

Inc.,

Class

A

(a)

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

24,651

295,566

ZoomInfo

Technologies,

Inc.

(a)

..........

102,351

1,678,556

511,410,284

IT

Services

—

7.1%

Accenture

plc,

Class

A

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

211,600

64,984,476

Akamai

Technologies,

Inc.

(a)

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

51,213

5,456,233

CGI,

Inc.

(a)(b)

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

70,327

6,926,506

Cloudflare,

Inc.,

Class

A

(a)(b)

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

98,146

6,187,124

Cognizant

Technology

Solutions

Corp.,

Class

A

169,416

11,476,240

DigitalOcean

Holdings,

Inc.

(a)(b)

..........

18,696

449,265

DXC

Technology

Co.

(a)

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

68,825

1,433,625

EPAM

Systems,

Inc.

(a)

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

19,496

4,984,932

Fastly,

Inc.,

Class

A

(a)(b)

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

38,619

740,326

Gartner,

Inc.

(a)

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

26,442

9,085,736

GoDaddy,

Inc.,

Class

A

(a)

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

49,248

3,667,991

Grid

Dynamics

Holdings,

Inc.,

Class

A

(a)(b)

..

17,523

213,430

International

Business

Machines

Corp.

....

305,441

42,853,372

Kyndryl

Holdings,

Inc.

(a)

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

76,782

1,159,408

MongoDB,

Inc.,

Class

A

(a)

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

23,596

8,160,912

Okta,

Inc.,

Class

A

(a)

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

52,236

4,257,756

Perficient,

Inc.

(a)

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

11,644

673,722

Shopify,

Inc.,

Class

A

(a)(b)

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

401,096

21,887,809

Snowflake,

Inc.,

Class

A

(a)

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

109,323

16,701,275

Squarespace,

Inc.,

Class

A

(a)

...........

15,008

434,782

Thoughtworks

Holding,

Inc.

(a)(b)

..........

30,909

126,109

Twilio,

Inc.,

Class

A

(a)

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

60,756

3,556,049

VeriSign,

Inc.

(a)

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

30,099

6,095,950

221,513,028

Semiconductors

&

Semiconductor

Equipment

—

27.2%

Advanced

Micro

Devices,

Inc.

(a)

.........

541,681

55,695,640

Allegro

MicroSystems,

Inc.

(a)

...........

23,877

762,631

Ambarella,

Inc.

(a)

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

12,568

666,481

Amkor

Technology,

Inc.

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

33,657

760,648

Analog

Devices,

Inc.

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

168,200

29,450,138

Applied

Materials,

Inc.

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

281,693

39,000,396

Axcelis

Technologies,

Inc.

(a)

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

11,104

1,810,507

Broadcom,

Inc.

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

138,435

114,981,342

Cirrus

Logic,

Inc.

(a)

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

18,466

1,365,745

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Expanded

Tech

Sector

ETF

Schedules

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

Cohu,

Inc.

(a)

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

15,886

$

547,114

Credo

Technology

Group

Holding

Ltd.

(a)

....

38,507

587,232

Diodes,

Inc.

(a)

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

15,277

1,204,439

Enphase

Energy,

Inc.

(a)

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

46,002

5,527,140

Entegris,

Inc.

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

50,321

4,725,645

First

Solar,

Inc.

(a)

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

35,836

5,790,739

FormFactor,

Inc.

(a)

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

25,780

900,753

Ichor

Holdings

Ltd.

(a)

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

9,707

300,529

Impinj,

Inc.

(a)

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

7,305

401,994

Intel

Corp.

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

1,404,862

49,942,844

KLA

Corp.

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

45,863

21,035,524

Kulicke

&

Soffa

Industries,

Inc.

..........

18,908

919,496

Lam

Research

Corp.

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

44,714

28,025,394

Lattice

Semiconductor

Corp.

(a)

..........

46,362

3,983,887

MACOM

Technology

Solutions

Holdings,

Inc.

(a)

18,098

1,476,435

Marvell

Technology,

Inc.

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

288,996

15,643,353

MaxLinear,

Inc.

(a)

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

24,588

547,083

Microchip

Technology,

Inc.

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

182,596

14,251,618

Micron

Technology,

Inc.

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

367,418

24,995,447

MKS

Instruments,

Inc.

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

21,083

1,824,523

Monolithic

Power

Systems,

Inc.

.........

16,027

7,404,474

NVIDIA

Corp.

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

600,187

261,075,343

NXP

Semiconductors

NV

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

86,480

17,289,082

ON

Semiconductor

Corp.

(a)(b)

...........

144,756

13,455,070

Onto

Innovation,

Inc.

(a)

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

16,596

2,116,322

PDF

Solutions,

Inc.

(a)

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

9,994

323,806

Power

Integrations,

Inc.

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

19,558

1,492,471

Qorvo,

Inc.

(a)

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

32,844

3,135,617

QUALCOMM,

Inc.

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

374,361

41,576,533

Rambus,

Inc.

(a)

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

36,907

2,059,042

Semtech

Corp.

(a)

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

21,373

550,355

Silicon

Laboratories,

Inc.

(a)

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

10,690

1,238,864

SiTime

Corp.

(a)(b)

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

5,500

628,375

Skyworks

Solutions,

Inc.

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

53,479

5,272,495

SolarEdge

Technologies,

Inc.

(a)(b)

........

18,946

2,453,696

Synaptics,

Inc.

(a)

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

13,208

1,181,323

Teradyne,

Inc.

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

51,664

5,190,165

Texas

Instruments,

Inc.

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

304,577

48,430,789

Ultra

Clean

Holdings,

Inc.

(a)

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

14,935

443,121

Universal

Display

Corp.

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

14,757

2,316,701

Wolfspeed,

Inc.

(a)

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

42,201

1,607,858

846,366,219

Software

—

28.6%

A10

Networks,

Inc.

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

21,504

323,205

ACI

Worldwide,

Inc.

(a)

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

36,198

816,627

Adeia,

Inc.

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

35,534

379,503

Adobe,

Inc.

(a)

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

152,898

77,962,690

Agilysys,

Inc.

(a)

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

6,654

440,229

Alarm.com

Holdings,

Inc.

(a)

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

16,655

1,018,287

Altair

Engineering,

Inc.,

Class

A

(a)(b)

.......

17,849

1,116,633

Alteryx,

Inc.,

Class

A

(a)(b)

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

20,908

788,023

ANSYS,

Inc.

(a)

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

29,195

8,686,972

Appfolio,

Inc.,

Class

A

(a)

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

6,598

1,204,993

Appian

Corp.,

Class

A

(a)(b)

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

13,925

635,119

AppLovin

Corp.,

Class

A

(a)(b)

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

45,489

1,817,740

Asana,

Inc.,

Class

A

(a)(b)

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

26,305

481,645

Aspen

Technology,

Inc.

(a)

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

9,515

1,943,534

Atlassian

Corp.,

Class

A

(a)

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

50,949

10,266,733

Autodesk,

Inc.

(a)

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

71,694

14,834,206

Bentley

Systems,

Inc.,

Class

B

(b)

.........

76,994

3,862,019

BILL

Holdings,

Inc.

(a)(b)

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

32,285

3,505,182

Blackbaud,

Inc.

(a)

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

14,452

1,016,265

BlackBerry

Ltd.

(a)

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

175,405

826,158

BlackLine,

Inc.

(a)(b)

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

16,979

941,825

Security

Shares

Shares

Value

Software

(continued)

Box,

Inc.,

Class

A

(a)

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

48,219

$

1,167,382

Braze,

Inc.,

Class

A

(a)

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

15,848

740,577

C3.ai,

Inc.,

Class

A

(a)(b)

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

30,839

787,011

Cadence

Design

Systems,

Inc.

(a)

........

91,172

21,361,600

Cerence,

Inc.

(a)(b)

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

13,468

274,343

Clear

Secure,

Inc.,

Class

A

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

27,450

522,648

CommVault

Systems,

Inc.

(a)

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

14,695

993,529

Confluent,

Inc.,

Class

A

(a)(b)

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

71,087

2,104,886

Consensus

Cloud

Solutions,

Inc.

(a)

.......

5,846

147,202

Crowdstrike

Holdings,

Inc.,

Class

A

(a)

......

75,185

12,584,465

Datadog,

Inc.,

Class

A

(a)(b)

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

100,322

9,138,331

Descartes

Systems

Group,

Inc.

(The)

(a)(b)

...

28,801

2,113,417

Digital

Turbine,

Inc.

(a)(b)

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

30,165

182,498

DocuSign,

Inc.

(a)

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

68,206

2,864,652

Dolby

Laboratories,

Inc.,

Class

A

........

20,240

1,604,222

DoubleVerify

Holdings,

Inc.

(a)

...........

42,116

1,177,142

Dropbox,

Inc.,

Class

A

(a)(b)

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

86,504

2,355,504

Dynatrace,

Inc.

(a)

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

79,691

3,723,960

E2open

Parent

Holdings,

Inc.,

Class

A

(a)(b)

..

57,602

261,513

Elastic

NV

(a)

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

26,603

2,161,228

Envestnet,

Inc.

(a)

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

12,856

566,050

Everbridge,

Inc.

(a)

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

13,551

303,813

Fair

Isaac

Corp.

(a)

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

8,338

7,241,803

Five9,

Inc.

(a)

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

24,206

1,556,446

Fortinet,

Inc.

(a)

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

218,656

12,830,734

Freshworks,

Inc.,

Class

A

(a)

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

53,355

1,062,832

Gen

Digital,

Inc.

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

188,759

3,337,259

Gitlab,

Inc.,

Class

A

(a)

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

26,794

1,211,625

Guidewire

Software,

Inc.

(a)(b)

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

27,321

2,458,890

HashiCorp,

Inc.,

Class

A

(a)

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

33,686

769,051

HubSpot,

Inc.

(a)

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

16,724

8,236,570

Intapp,

Inc.

(a)

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

8,569

287,233

InterDigital,

Inc.

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

8,935

716,944

Intuit,

Inc.

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

93,946

48,000,769

Jamf

Holding

Corp.

(a)

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

17,289

305,324

Lightspeed

Commerce,

Inc.

(a)(b)

..........

45,464

637,860

LiveRamp

Holdings,

Inc.

(a)

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

21,626

623,694

Manhattan

Associates,

Inc.

(a)

...........

20,687

4,088,992

Marathon

Digital

Holdings,

Inc.

(a)(b)

.......

55,940

475,490

Matterport,

Inc.,

Class

A

(a)

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

76,129

165,200

MeridianLink,

Inc.

(a)

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

6,739

114,967

Microsoft

Corp.

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

841,238

265,620,899

MicroStrategy,

Inc.,

Class

A

(a)(b)

..........

4,067

1,335,115

Model

N,

Inc.

(a)

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

11,462

279,787

N-able,

Inc.

(a)(b)

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

22,508

290,353

nCino,

Inc.

(a)(b)

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

20,334

646,621

NCR

Corp.

(a)

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

44,902

1,211,007

New

Relic,

Inc.

(a)

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

18,159

1,554,774

Nutanix,

Inc.,

Class

A

(a)

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

79,085

2,758,485

Open

Text

Corp.

(b)

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

91,249

3,202,840

Oracle

Corp.

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

528,088

55,935,081

PagerDuty,

Inc.

(a)

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

30,930

695,616

Palantir

Technologies,

Inc.,

Class

A

(a)

.....

638,676

10,218,816

Palo

Alto

Networks,

Inc.

(a)(b)

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

102,599

24,053,310

Pegasystems,

Inc.

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

13,862

601,749

PowerSchool

Holdings,

Inc.,

Class

A

(a)

.....

19,200

435,072

Procore

Technologies,

Inc.

(a)(b)

..........

29,613

1,934,321

Progress

Software

Corp.

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

14,471

760,885

PROS

Holdings,

Inc.

(a)(b)

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

13,847

479,383

PTC,

Inc.

(a)

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

39,862

5,647,648

Q2

Holdings,

Inc.

(a)

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

19,449

627,619

Qualys,

Inc.

(a)

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

12,315

1,878,653

Rapid7,

Inc.

(a)

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

20,166

923,199

RingCentral,

Inc.,

Class

A

(a)

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

28,433

842,470

Riot

Platforms,

Inc.

(a)(b)

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

58,505

545,852

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Expanded

Tech

Sector

ETF

18

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

September

30,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Software

(continued)

Roper

Technologies,

Inc.

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

35,855

$

17,363,859

Salesforce,

Inc.

(a)

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

326,728

66,253,904

Samsara,

Inc.,

Class

A

(a)(b)

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

51,356

1,294,685

SentinelOne,

Inc.,

Class

A

(a)(b)

..........

78,532

1,324,050

ServiceNow,

Inc.

(a)

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

68,432

38,250,751

Smartsheet,

Inc.,

Class

A

(a)

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

45,176

1,827,821

SolarWinds

Corp.

(a)

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

15,865

149,766

Splunk,

Inc.

(a)

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

51,199

7,487,854

Sprinklr,

Inc.,

Class

A

(a)

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

34,932

483,459

Sprout

Social,

Inc.,

Class

A

(a)(b)

..........

16,056

800,873

SPS

Commerce,

Inc.

(a)

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

12,383

2,112,664

Synopsys,

Inc.

(a)

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

51,042

23,426,747

Tenable

Holdings,

Inc.

(a)

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

39,142

1,753,562

Teradata

Corp.

(a)

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

33,511

1,508,665

Tyler

Technologies,

Inc.

(a)

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

14,094

5,442,257

UiPath,

Inc.,

Class

A

(a)(b)

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

134,889

2,307,951

Unity

Software,

Inc.

(a)(b)

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

81,037

2,543,751

Varonis

Systems,

Inc.

(a)

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

36,662

1,119,658

Verint

Systems,

Inc.

(a)(b)

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

21,481

493,848

VMware,

Inc.,

Class

A

(a)

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

73,625

12,257,090

Workday,

Inc.,

Class

A

(a)

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

69,027

14,830,451

Workiva,

Inc.,

Class

A

(a)(b)

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

15,862

1,607,455

Zeta

Global

Holdings

Corp.,

Class

A

(a)

.....

50,185

419,045

Zoom

Video

Communications,

Inc.,

Class

A

(a)(b)

84,156

5,885,871

Zscaler,

Inc.

(a)

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

29,363

4,568,589

Zuora,

Inc.,

Class

A

(a)

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

41,939

345,577

892,465,002

Technology

Hardware,

Storage

&

Peripherals

—

10.0%

Apple,

Inc.

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

1,563,036

267,607,394

Avid

Technology,

Inc.

(a)

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

11,153

299,681

Corsair

Gaming,

Inc.

(a)(b)

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

13,640

198,189

Dell

Technologies,

Inc.,

Class

C

.........

85,007

5,856,982

Hewlett

Packard

Enterprise

Co.

.........

434,975

7,555,516

HP,

Inc.

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

290,989

7,478,417

IonQ,

Inc.

(a)(b)

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

57,087

849,455

Security

Shares

Shares

Value

Technology

Hardware,

Storage

&

Peripherals

(continued)

NetApp,

Inc.

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

70,718

$

5,366,082

Pure

Storage,

Inc.,

Class

A

(a)

...........

97,362

3,468,034

Seagate

Technology

Holdings

plc

........

64,824

4,275,143

Super

Micro

Computer,

Inc.

(a)

...........

15,401

4,223,262

Western

Digital

Corp.

(a)

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

107,705

4,914,579

Xerox

Holdings

Corp.

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

37,762

592,486

312,685,220

Total

Long-Term

Investments

—

99.9%

(Cost:

$2,625,129,771)

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

3,115,443,709

Short-Term

Securities

Money

Market

Funds

—

5.1%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.54%

(e)

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

153,471,741

153,533,129

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

5.31%

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

5,536,076

5,536,076

Total

Short-Term

Securities

—

5.1%

(Cost:

$159,041,208)

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

159,069,205

Total

Investments

—

105.0%

(Cost:

$2,784,170,979

)

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

3,274,512,914

Liabilities

in

Excess

of

Other

Assets

—

(5.0)%

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

(157,238,443)

Net

Assets

—

100.0%

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

$

3,117,274,471

(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.

Affiliated

Issuer

Value

at

03/31/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/23

Shares

Held

at

09/30/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

85,381,932

$

68,148,577

(a)

$

—

$

1,212

$

1,408

$

153,533,129

153,471,741

$

148,921

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

1,581,001

3,955,075

(a)

—

—

—

5,536,076

5,536,076

94,447

—

$

1,212

$

1,408

$

159,069,205

$

243,368

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Expanded

Tech

Sector

ETF

Schedules

of

Investments

19

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Technology

Select

Sector

Index

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

8

12/15/23

$

1,335

$

(51,598)

S&P

E-Mini

Communication

Services

Index

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

6

12/15/23

520

(16,034)

$

(67,632)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

67,632

$

—

$

—

$

—

$

67,632

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

September

30,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

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

$

—

$

—

$

132,472

$

—

$

—

$

—

$

132,472

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

(125,751)

$

—

$

—

$

—

$

(125,751)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

3,383,813

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Expanded

Tech

Sector

ETF

20

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

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

$

3,115,443,709

$

—

$

—

$

3,115,443,709

Short-Term

Securities

Money

Market

Funds

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

159,069,205

—

—

159,069,205

$

3,274,512,914

$

—

$

—

$

3,274,512,914

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

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

$

(67,632)

$

—

$

—

$

(67,632)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

September

30,

2023

iShares

®

Expanded

Tech-Software

Sector

ETF

Schedules

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Entertainment

—

5.8%

Activision

Blizzard,

Inc.

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

2,202,844

$

206,252,284

Electronic

Arts,

Inc.

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

759,105

91,396,242

Take-Two

Interactive

Software,

Inc.

(a)

......

486,330

68,275,868

365,924,394

Interactive

Media

&

Services

—

0.5%

Snap,

Inc.,

Class

A,

NVS

(a)(b)

...........

3,118,560

27,786,370

Software

—

93.6%

A10

Networks,

Inc.

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

214,508

3,224,055

ACI

Worldwide,

Inc.

(a)(b)

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

334,382

7,543,658

Adeia,

Inc.

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

330,541

3,530,178

Adobe,

Inc.

(a)(b)

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

1,016,561

518,344,454

Agilysys,

Inc.

(a)

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

62,456

4,132,089

Alarm.com

Holdings,

Inc.

(a)

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

153,668

9,395,262

Altair

Engineering,

Inc.,

Class

A

(a)(b)

.......

166,499

10,416,177

Alteryx,

Inc.,

Class

A

(a)(b)

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

194,496

7,330,554

ANSYS,

Inc.

(a)(b)

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

267,242

79,517,857

Appfolio,

Inc.,

Class

A

(a)(b)

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

60,566

11,061,169

Appian

Corp.,

Class

A

(a)(b)

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

128,775

5,873,428

AppLovin

Corp.,

Class

A

(a)(b)

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

417,552

16,685,378

Asana,

Inc.,

Class

A

(a)(b)

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

244,413

4,475,202

Aspen

Technology,

Inc.

(a)(b)

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

87,339

17,839,864

Atlassian

Corp.,

Class

A

(a)(b)

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

467,672

94,240,585

Autodesk,

Inc.

(a)

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

658,096

136,166,643

Bentley

Systems,

Inc.,

Class

B

(b)

.........

706,745

35,450,329

BILL

Holdings,

Inc.

(a)(b)

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

297,772

32,329,106

Blackbaud,

Inc.

(a)

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

132,663

9,328,862

BlackBerry

Ltd.

(a)(b)

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

1,616,262

7,612,594

BlackLine,

Inc.

(a)(b)

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

155,849

8,644,944

Box,

Inc.,

Class

A

(a)(b)

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

446,030

10,798,386

Braze,

Inc.,

Class

A

(a)(b)

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

145,471

6,797,860

C3.ai,

Inc.,

Class

A

(a)(b)

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

283,075

7,224,074

Cadence

Design

Systems,

Inc.

(a)

........

836,884

196,081,921

Cerence,

Inc.

(a)(b)

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

124,278

2,531,543

Clear

Secure,

Inc.,

Class

A

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

257,550

4,903,752

CommVault

Systems,

Inc.

(a)(b)

...........

135,632

9,170,080

Confluent,

Inc.,

Class

A

(a)(b)

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

652,520

19,321,117

Consensus

Cloud

Solutions,

Inc.

(a)(b)

......

56,370

1,419,397

Crowdstrike

Holdings,

Inc.,

Class

A

(a)(b)

....

690,137

115,515,131

Datadog,

Inc.,

Class

A

(a)(b)

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

920,874

83,882,413

Descartes

Systems

Group,

Inc.

(The)

(a)(b)

...

261,746

19,206,921

Digital

Turbine,

Inc.

(a)(b)

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

285,505

1,727,305

DocuSign,

Inc.

(a)(b)

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

623,132

26,171,544

Dolby

Laboratories,

Inc.,

Class

A

........

183,380

14,534,699

DoubleVerify

Holdings,

Inc.

(a)(b)

..........

386,595

10,805,330

Dropbox,

Inc.,

Class

A

(a)(b)

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

794,037

21,621,628

Dynatrace,

Inc.

(a)(b)

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

731,499

34,182,948

E2open

Parent

Holdings,

Inc.,

Class

A

(a)(b)

..

530,749

2,409,600

Elastic

NV

(a)

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

245,904

19,977,241

Envestnet,

Inc.

(a)(b)

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

143,417

6,314,650

Everbridge,

Inc.

(a)(b)

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

125,123

2,805,258

Fair

Isaac

Corp.

(a)

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

76,539

66,476,418

Five9,

Inc.

(a)

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

222,352

14,297,234

Fortinet,

Inc.

(a)(b)

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

2,007,086

117,775,806

Freshworks,

Inc.,

Class

A

(a)(b)

...........

489,757

9,755,959

Gen

Digital,

Inc.

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

1,732,661

30,633,446

Gitlab,

Inc.,

Class

A

(a)(b)

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

245,948

11,121,769

Guidewire

Software,

Inc.

(a)(b)

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

250,782

22,570,380

HashiCorp,

Inc.,

Class

A

(a)(b)

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

309,213

7,059,333

HubSpot,

Inc.

(a)(b)

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

154,004

75,846,970

Intapp,

Inc.

(a)

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

78,655

2,636,516

InterDigital,

Inc.

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

81,670

6,553,201

Intuit,

Inc.

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

846,335

432,426,405

Security

Shares

Shares

Value

Software

(continued)

Jamf

Holding

Corp.

(a)(b)

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

158,323

$

2,795,984

Lightspeed

Commerce,

Inc.

(a)(b)

..........

421,538

5,914,178

LiveRamp

Holdings,

Inc.

(a)

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

203,810

5,877,880

Manhattan

Associates,

Inc.

(a)(b)

..........

189,888

37,533,262

Marathon

Digital

Holdings,

Inc.

(a)(b)

.......

536,592

4,561,032

Matterport,

Inc.,

Class

A

(a)

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

742,139

1,610,442

MeridianLink,

Inc.

(a)

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

65,202

1,112,346

Microsoft

Corp.

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

1,726,962

545,288,251

MicroStrategy,

Inc.,

Class

A

(a)(b)

..........

37,329

12,254,364

Model

N,

Inc.

(a)

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

108,229

2,641,870

N-able,

Inc.

(a)(b)

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

214,650

2,768,985

nCino,

Inc.

(a)(b)

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

186,649

5,935,438

NCR

Corp.

(a)(b)

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

412,161

11,115,982

New

Relic,

Inc.

(a)

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

165,784

14,194,426

Nutanix,

Inc.,

Class

A

(a)

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

725,939

25,320,752

Open

Text

Corp.

(b)

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

835,027

29,309,448

Oracle

Corp.

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

4,554,661

482,429,693

PagerDuty,

Inc.

(a)(b)

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

283,913

6,385,203

Palantir

Technologies,

Inc.,

Class

A

(a)(b)

....

5,862,534

93,800,544

Palo

Alto

Networks,

Inc.

(a)(b)

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

941,775

220,789,731

Pegasystems,

Inc.

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

130,729

5,674,946

PowerSchool

Holdings,

Inc.,

Class

A

(a)(b)

...

176,243

3,993,666

Procore

Technologies,

Inc.

(a)(b)

..........

271,823

17,755,478

Progress

Software

Corp.

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

133,531

7,021,060

PROS

Holdings,

Inc.

(a)(b)

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

130,885

4,531,239

PTC,

Inc.

(a)

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

365,906

51,841,562

Q2

Holdings,

Inc.

(a)

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

180,313

5,818,701

Qualys,

Inc.

(a)(b)

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

113,043

17,244,710

Rapid7,

Inc.

(a)(b)

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

187,723

8,593,959

RingCentral,

Inc.,

Class

A

(a)

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

260,989

7,733,104

Riot

Platforms,

Inc.

(a)(b)

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

543,833

5,073,962

Roper

Technologies,

Inc.

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

328,580

159,124,722

Salesforce,

Inc.

(a)

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

2,560,296

519,176,823

Samsara,

Inc.,

Class

A

(a)(b)

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

471,408

11,884,196

SentinelOne,

Inc.,

Class

A

(a)(b)

..........

734,367

12,381,428

ServiceNow,

Inc.

(a)(b)

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

503,284

281,315,625

Smartsheet,

Inc.,

Class

A

(a)(b)

...........

411,400

16,645,244

SolarWinds

Corp.

(a)

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

157,249

1,484,431

Splunk,

Inc.

(a)

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

469,116

68,608,215

Sprinklr,

Inc.,

Class

A

(a)

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

320,648

4,437,768

Sprout

Social,

Inc.,

Class

A

(a)(b)

..........

149,160

7,440,101

SPS

Commerce,

Inc.

(a)(b)

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

112,854

19,254,021

Synopsys,

Inc.

(a)

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

468,524

215,038,460

Tenable

Holdings,

Inc.

(a)(b)

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

356,070

15,951,936

Teradata

Corp.

(a)

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

308,783

13,901,411

Tyler

Technologies,

Inc.

(a)(b)

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

129,564

50,029,843

UiPath,

Inc.,

Class

A

(a)(b)

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

1,238,176

21,185,191

Unity

Software,

Inc.

(a)(b)

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

743,855

23,349,608

Varonis

Systems,

Inc.

(a)(b)

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

337,627

10,311,129

Verint

Systems,

Inc.

(a)

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

199,093

4,577,148

VMware,

Inc.,

Class

A

(a)

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

675,819

112,510,347

Workday,

Inc.,

Class

A

(a)(b)

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

633,612

136,131,538

Workiva,

Inc.,

Class

A

(a)(b)

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

145,731

14,768,380

Zeta

Global

Holdings

Corp.,

Class

A

(a)(b)

....

460,654

3,846,461

Zoom

Video

Communications,

Inc.,

Class

A

(a)(b)

772,484

54,027,531

Zscaler,

Inc.

(a)(b)

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

269,532

41,936,484

Zuora,

Inc.,

Class

A

(a)(b)

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

397,612

3,276,323

5,907,215,185

Total

Long-Term

Investments

—

99.9%

(Cost:

$7,679,781,159)

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

6,300,925,949

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Expanded

Tech-Software

Sector

ETF

22

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

September

30,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

8.1%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.54%

(e)

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

501,721,195

$

501,921,883

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

5.31%

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

10,890,600

10,890,600

Total

Short-Term

Securities

—

8.1%

(Cost:

$512,655,290)

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

512,812,483

Total

Investments

—

108.0%

(Cost:

$8,192,436,449

)

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

6,813,738,432

Liabilities

in

Excess

of

Other

Assets

—

(8.0)%

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

(503,481,884)

Net

Assets

—

100.0%

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

$

6,310,256,548

(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.

Affiliated

Issuer

Value

at

03/31/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/23

Shares

Held

at

09/30/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

224,418,482

$

277,456,480

(a)

$

—

$

11,582

$

35,339

$

501,921,883

501,721,195

$

973,149

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

5,186,304

5,704,296

(a)

—

—

—

10,890,600

10,890,600

147,319

—

$

11,582

$

35,339

$

512,812,483

$

1,120,468

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Technology

Select

Sector

Index

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

43

12/15/23

$

7,174

$

(259,520)

Russell

2000

E-Mini

Index

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

15

12/15/23

1,349

(51,825)

$

(311,345)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Expanded

Tech-Software

Sector

ETF

Schedules

of

Investments

23

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

311,345

$

—

$

—

$

—

$

311,345

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

September

30,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

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

$

—

$

—

$

543,245

$

—

$

—

$

—

$

543,245

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

(468,717)

$

—

$

—

$

—

$

(468,717)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

6,555,753

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

6,300,925,949

$

—

$

—

$

6,300,925,949

Short-Term

Securities

Money

Market

Funds

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

512,812,483

—

—

512,812,483

$

6,813,738,432

$

—

$

—

$

6,813,738,432

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

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

$

(311,345)

$

—

$

—

$

(311,345)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

September

30,

2023

iShares

®

North

American

Natural

Resources

ETF

24

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Construction

Materials

—

2.6%

Eagle

Materials,

Inc.

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

8,964

$

1,492,685

Martin

Marietta

Materials,

Inc.

..........

15,637

6,418,676

Summit

Materials,

Inc.,

Class

A

(a)

........

30,057

935,975

Vulcan

Materials

Co.

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

33,616

6,791,105

15,638,441

Containers

&

Packaging

—

5.5%

Amcor

plc

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

372,282

3,410,103

AptarGroup,

Inc.

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

16,606

2,076,414

Avery

Dennison

Corp.

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

20,388

3,724,276

Ball

Corp.

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

79,711

3,968,014

Berry

Global

Group,

Inc.

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

29,880

1,849,871

Crown

Holdings,

Inc.

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

30,525

2,700,852

Graphic

Packaging

Holding

Co.

.........

77,726

1,731,735

Greif,

Inc.,

Class

A,

NVS

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

6,461

431,659

International

Paper

Co.

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

87,539

3,105,008

O-I

Glass,

Inc.

(a)

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

39,231

656,335

Packaging

Corp.

of

America

...........

22,749

3,493,109

Pactiv

Evergreen,

Inc.

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

9,751

79,276

Sealed

Air

Corp.

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

36,530

1,200,376

Silgan

Holdings,

Inc.

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

21,141

911,388

Sonoco

Products

Co.

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

24,783

1,346,956

WestRock

Co.

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

64,840

2,321,272

33,006,644

Energy

Equipment

&

Services

—

9.1%

Baker

Hughes

Co.,

Class

A

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

255,447

9,022,388

Cactus,

Inc.,

Class

A

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

16,347

820,783

ChampionX

Corp.

(b)

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

49,736

1,771,596

Halliburton

Co.

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

227,336

9,207,108

Helmerich

&

Payne,

Inc.

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

25,155

1,060,535

Liberty

Energy,

Inc.,

Class

A

...........

39,230

726,540

Noble

Corp.

plc

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

27,399

1,387,759

NOV,

Inc.

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

99,627

2,082,204

Patterson-UTI

Energy,

Inc.

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

81,095

1,122,355

Schlumberger

NV

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

359,567

20,962,756

TechnipFMC

plc

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

110,833

2,254,343

Transocean

Ltd.

(a)(b)

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

170,691

1,401,373

Valaris

Ltd.

(a)

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

16,099

1,207,103

Weatherford

International

plc

(a)

..........

18,235

1,647,168

54,674,011

Metals

&

Mining

—

10.3%

Agnico

Eagle

Mines

Ltd.

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

125,203

5,690,476

Alamos

Gold,

Inc.,

Class

A

(b)

...........

100,210

1,131,371

Alcoa

Corp.

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

45,149

1,312,030

Arch

Resources,

Inc.,

Class

A

..........

4,586

782,647

B2Gold

Corp.

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

327,749

947,195

Barrick

Gold

Corp.

(b)

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

444,126

6,462,033

Compass

Minerals

International,

Inc.

......

8,548

238,917

First

Majestic

Silver

Corp.

(b)

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

72,310

370,950

Franco-Nevada

Corp.

(b)

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

48,591

6,486,413

Freeport-McMoRan,

Inc.

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

362,717

13,525,717

Hecla

Mining

Co.

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

145,163

567,587

Kinross

Gold

Corp.

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

310,573

1,416,213

Lithium

Americas

Corp.

(a)(b)

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

29,536

502,407

MP

Materials

Corp.,

Class

A

(a)

..........

36,406

695,355

Newmont

Corp.

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

201,071

7,429,573

Novagold

Resources,

Inc.

(a)

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

61,714

236,982

Osisko

Gold

Royalties

Ltd.

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

46,837

550,335

Pan

American

Silver

Corp.

(b)

...........

92,205

1,335,128

Royal

Gold,

Inc.

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

16,620

1,767,205

SSR

Mining,

Inc.

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

51,836

688,900

Teck

Resources

Ltd.,

Class

B

(b)

.........

116,567

5,022,872

Security

Shares

Shares

Value

Metals

&

Mining

(continued)

Wheaton

Precious

Metals

Corp.

(b)

........

114,569

$

4,645,773

61,806,079

Oil,

Gas

&

Consumable

Fuels

—

71.9%

Antero

Midstream

Corp.

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

86,166

1,032,269

Antero

Resources

Corp.

(a)

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

71,439

1,813,122

APA

Corp.

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

77,739

3,195,073

California

Resources

Corp.

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

16,383

917,612

Callon

Petroleum

Co.

(a)(b)

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

14,140

553,157

Cameco

Corp.

(b)

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

109,629

4,345,694

Canadian

Natural

Resources

Ltd.

........

276,397

17,874,594

Cenovus

Energy,

Inc.

(b)

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

340,673

7,092,812

Cheniere

Energy,

Inc.

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

60,879

10,103,479

Chesapeake

Energy

Corp.

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

28,464

2,454,451

Chevron

Corp.

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

360,755

60,830,508

Chord

Energy

Corp.

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

10,508

1,703,032

Civitas

Resources,

Inc.

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

21,587

1,745,741

CNX

Resources

Corp.

(a)

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

40,786

920,948

Comstock

Resources,

Inc.

(b)

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

23,428

258,411

ConocoPhillips

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

222,268

26,627,706

CONSOL

Energy,

Inc.

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

7,283

764,059

Coterra

Energy,

Inc.

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

191,639

5,183,835

Crescent

Point

Energy

Corp.

(b)

..........

135,638

1,125,795

CVR

Energy,

Inc.

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

7,365

250,631

Denbury,

Inc.

(a)

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

12,878

1,262,173

Devon

Energy

Corp.

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

162,100

7,732,170

Diamondback

Energy,

Inc.

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

45,242

7,007,081

DT

Midstream,

Inc.

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

24,517

1,297,440

Enbridge,

Inc.

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

534,384

17,736,205

Enerplus

Corp.

(b)

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

53,311

939,873

EOG

Resources,

Inc.

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

147,315

18,673,649

EQT

Corp.

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

91,501

3,713,111

Equitrans

Midstream

Corp.

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

109,617

1,027,111

Exxon

Mobil

Corp.

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

527,566

62,031,210

Hess

Corp.

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

69,917

10,697,301

HF

Sinclair

Corp.

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

36,799

2,094,967

Kinder

Morgan,

Inc.

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

490,450

8,131,661

Kosmos

Energy

Ltd.

(a)

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

116,410

952,234

Magnolia

Oil

&

Gas

Corp.,

Class

A

.......

47,541

1,089,164

Marathon

Oil

Corp.

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

153,242

4,099,223

Marathon

Petroleum

Corp.

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

101,162

15,309,857

Matador

Resources

Co.

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

28,035

1,667,522

Murphy

Oil

Corp.

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

37,533

1,702,121

New

Fortress

Energy,

Inc.,

Class

A

.......

16,597

544,050

Northern

Oil

&

Gas,

Inc.

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

21,182

852,152

Occidental

Petroleum

Corp.

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

167,871

10,891,470

ONEOK,

Inc.

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

147,368

9,347,552

Ovintiv,

Inc.

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

64,202

3,054,089

PBF

Energy,

Inc.,

Class

A

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

27,830

1,489,740

Peabody

Energy

Corp.

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

28,223

733,516

Pembina

Pipeline

Corp.

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

138,950

4,176,837

Permian

Resources

Corp.,

Class

A

.......

70,198

979,964

Phillips

66

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

112,660

13,536,099

Pioneer

Natural

Resources

Co.

.........

58,986

13,540,236

Range

Resources

Corp.

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

61,063

1,979,052

SM

Energy

Co.

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

30,023

1,190,412

Southwestern

Energy

Co.

(a)

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

278,675

1,797,454

Suncor

Energy,

Inc.

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

331,347

11,391,710

Targa

Resources

Corp.

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

56,600

4,851,752

TC

Energy

Corp.

(b)

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

260,462

8,962,497

Texas

Pacific

Land

Corp.

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

1,573

2,868,460

Valero

Energy

Corp.

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

89,345

12,661,080

Vermilion

Energy,

Inc.

(b)

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

41,567

607,709

Williams

Cos.,

Inc.

(The)

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

307,760

10,368,434

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

North

American

Natural

Resources

ETF

Schedules

of

Investments

25

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

September

30,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

World

Kinect

Corp.

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

15,416

$

345,781

432,127,048

Paper

&

Forest

Products

—

0.3%

Louisiana-Pacific

Corp.

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

16,237

897,419

West

Fraser

Timber

Co.

Ltd.

(b)

..........

15,221

1,104,131

2,001,550

Total

Long-Term

Investments

—

99.7%

(Cost:

$634,282,738)

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

599,253,773

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

4.2%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.54%

(e)

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

19,681,921

$

19,689,793

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

5.31%

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

5,493,538

5,493,538

Total

Short-Term

Securities

—

4.2%

(Cost:

$25,175,468)

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

25,183,331

Total

Investments

—

103.9%

(Cost:

$659,458,206

)

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

624,437,104

Liabilities

in

Excess

of

Other

Assets

—

(3.9)%

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

(23,458,384)

Net

Assets

—

100.0%

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

$

600,978,720

(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.

Affiliated

Issuer

Value

at

03/31/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/23

Shares

Held

at

09/30/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

23,471,325

$

—

$

(3,785,098)

(a)

$

7,676

$

(4,110)

$

19,689,793

19,681,921

$

51,227

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

865,116

4,628,422

(a)

—

—

—

5,493,538

5,493,538

25,365

—

$

7,676

$

(4,110)

$

25,183,331

$

76,592

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Energy

Select

Sector

Index

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

14

12/15/23

$

1,338

$

(20,974)

E-Mini

Materials

Select

Sector

Index

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

3

12/15/23

252

(8,187)

$

(29,161)

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

North

American

Natural

Resources

ETF

26

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

29,161

$

—

$

—

$

—

$

29,161

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

September

30,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

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

$

—

$

—

$

210,098

$

—

$

—

$

—

$

210,098

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

(81,446)

$

—

$

—

$

—

$

(81,446)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

1,527,765

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

599,253,773

$

—

$

—

$

599,253,773

Short-Term

Securities

Money

Market

Funds

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

25,183,331

—

—

25,183,331

$

624,437,104

$

—

$

—

$

624,437,104

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

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

$

(29,161)

$

—

$

—

$

(29,161)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

September

30,

2023

iShares

®

North

American

Tech-Multimedia

Networking

ETF

Schedules

of

Investments

27

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Communications

Equipment

—

99.9%

ADTRAN

Holdings,

Inc.

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

182,936

$

1,505,563

Arista

Networks,

Inc.

(a)

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

24,040

4,421,677

Aviat

Networks,

Inc.

(a)

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

29,566

922,459

Calix,

Inc.

(a)

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

53,611

2,457,528

Cambium

Networks

Corp.

(a)

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

31,390

230,089

Ciena

Corp.

(a)

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

51,695

2,443,106

Cisco

Systems,

Inc.

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

82,774

4,449,930

Clearfield,

Inc.

(a)(b)

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

33,507

960,311

CommScope

Holding

Co.,

Inc.

(a)(b)

........

547,647

1,840,094

Digi

International,

Inc.

(a)

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

78,456

2,118,312

Extreme

Networks,

Inc.

(a)

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

97,287

2,355,318

F5,

Inc.

(a)

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

29,116

4,691,752

Harmonic,

Inc.

(a)

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

242,319

2,333,532

Infinera

Corp.

(a)(b)

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

516,053

2,157,102

Juniper

Networks,

Inc.

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

164,016

4,558,005

Lumentum

Holdings,

Inc.

(a)

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

49,942

2,256,380

Motorola

Solutions,

Inc.

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

16,645

4,531,435

NETGEAR,

Inc.

(a)

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

75,976

956,538

NetScout

Systems,

Inc.

(a)(b)

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

90,004

2,521,912

Ribbon

Communications,

Inc.

(a)

.........

225,564

604,511

Viasat

,

Inc.

(a)(b)

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

102,244

1,887,424

Viavi

Solutions,

Inc.

(a)

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

250,363

2,288,318

Total

Long-Term

Investments

—

99.9%

(Cost:

$71,313,479)

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

52,491,296

Short-Term

Securities

Money

Market

Funds

—

7.8%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.54%

(e)

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

4,003,750

4,005,351

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

5.31%

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

109,796

109,796

Total

Short-Term

Securities

—

7.8%

(Cost:

$4,113,696)

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

4,115,147

Total

Investments

—

107.7%

(Cost:

$75,427,175

)

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

56,606,443

Liabilities

in

Excess

of

Other

Assets

—

(7.7)%

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

(4,070,097)

Net

Assets

—

100.0%

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

$

52,536,346

(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.

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

North

American

Tech-Multimedia

Networking

ETF

28

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

September

30,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

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.

Affiliated

Issuer

Value

at

03/31/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/23

Shares

Held

at

09/30/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

8,040,099

$

—

$

(4,035,164)

(a)

$

778

$

(362)

$

4,005,351

4,003,750

$

8,275

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

22,921

86,875

(a)

—

—

—

109,796

109,796

2,929

—

$

778

$

(362)

$

4,115,147

$

11,204

$

—

—

—

(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.

For

the

period

ended

September

30,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

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

$

—

$

—

$

1,490

$

—

$

—

$

—

$

1,490

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

47,593

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

52,491,296

$

—

$

—

$

52,491,296

Short-Term

Securities

Money

Market

Funds

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

4,115,147

—

—

4,115,147

$

56,606,443

$

—

$

—

$

56,606,443

Schedule

of

Investments

(unaudited)

September

30,

2023

iShares

®

Semiconductor

ETF

Schedules

of

Investments

29

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

September

30,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Common

Stocks

Semiconductors

&

Semiconductor

Equipment

—

99.8%

Advanced

Micro

Devices,

Inc.

(a)

.........

6,837,279

$

703,009,027

Analog

Devices,

Inc.

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

1,988,220

348,117,440

Applied

Materials,

Inc.

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

2,365,924

327,562,178

ASE

Technology

Holding

Co.

Ltd.,

ADR,

NVS

(b)

6,571,413

49,417,026

ASML

Holding

NV

(Registered),

ADR,

NVS

.

504,480

296,967,197

Axcelis

Technologies,

Inc.

(a)(b)

...........

327,283

53,363,493

Broadcom,

Inc.

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

783,232

650,536,835

Entegris,

Inc.

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

1,512,197

142,010,420

Intel

Corp.

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

16,007,766

569,076,081

KLA

Corp.

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

720,144

330,301,247

Lam

Research

Corp.

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

514,548

322,503,250

Lattice

Semiconductor

Corp.

(a)(b)

.........

1,380,385

118,616,483

Marvell

Technology,

Inc.

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

6,204,610

335,855,539

Microchip

Technology,

Inc.

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

4,416,160

344,681,288

Micron

Technology,

Inc.

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

5,167,551

351,548,495

MKS

Instruments,

Inc.

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

637,809

55,195,991

Monolithic

Power

Systems,

Inc.

(b)

........

458,732

211,934,184

NVIDIA

Corp.

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

1,464,567

637,071,999

NXP

Semiconductors

NV

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

1,756,847

351,228,852

ON

Semiconductor

Corp.

(a)(b)

...........

3,670,715

341,192,959

Qorvo,

Inc.

(a)

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

985,776

94,112,035

QUALCOMM,

Inc.

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

3,155,668

350,468,488

Rambus,

Inc.

(a)(b)

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

1,097,520

61,230,641

Skyworks

Solutions,

Inc.

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

1,610,821

158,810,842

STMicroelectronics

NV,

ADR,

NVS

(b)

......

2,734,561

118,023,653

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR,

NVS

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

3,561,232

309,471,061

Teradyne,

Inc.

(b)

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

1,555,766

156,292,252

Texas

Instruments,

Inc.

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

3,347,096

532,221,735

United

Microelectronics

Corp.,

ADR,

NVS

(b)

.

7,509,797

53,019,167

Wolfspeed,

Inc.

(a)(b)

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

1,256,122

47,858,248

Total

Long-Term

Investments

—

99.8%

(Cost:

$9,459,053,386)

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

8,421,698,106

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

5.4%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.54%

(e)

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

410,661,273

$

410,825,537

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

5.31%

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

41,680,670

41,680,670

Total

Short-Term

Securities

—

5.4%

(Cost:

$452,442,104)

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

452,506,207

Total

Investments

—

105.2%

(Cost:

$9,911,495,490

)

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

8,874,204,313

Liabilities

in

Excess

of

Other

Assets

—

(5.2)%

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

(437,224,100)

Net

Assets

—

100.0%

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

$

8,436,980,213

(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.

Affiliated

Issuer

Value

at

03/31/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/23

Shares

Held

at

09/30/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

300,252,220

$

110,487,365

(a)

$

—

$

119,751

$

(33,799)

$

410,825,537

410,661,273

$

664,285

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

12,751,014

28,929,656

(a)

—

—

—

41,680,670

41,680,670

314,376

—

$

119,751

$

(33,799)

$

452,506,207

$

978,661

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Semiconductor

ETF

30

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Technology

Select

Sector

Index

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

70

12/15/23

$

11,679

$

(380,114)

Russell

2000

E-Mini

Index

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

30

12/15/23

2,698

(96,151)

$

(476,265)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

476,265

$

—

$

—

$

—

$

476,265

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

September

30,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

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

$

—

$

—

$

1,800,304

$

—

$

—

$

—

$

1,800,304

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

(1,217,580)

$

—

$

—

$

—

$

(1,217,580)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

18,449,118

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Semiconductor

ETF

Schedules

of

Investments

31

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

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

$

8,421,698,106

$

—

$

—

$

8,421,698,106

Short-Term

Securities

Money

Market

Funds

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

452,506,207

—

—

452,506,207

$

8,874,204,313

$

—

$

—

$

8,874,204,313

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

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

$

(476,265)

$

—

$

—

$

(476,265)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Statements

of

Assets

and

Liabilities

(unaudited)

September

30,

2023

2023

iShare

Semi-Annual

Report

to

Shareholders

32

See

notes

to

financial

statements.

iShares

Biotechnology

ETF

iShares

Expanded

Tech

Sector

ETF

iShares

Expanded

Tech-

Software

Sector

ETF

iShares

North

American

Natural

Resources

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

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

$

6,954,248,199‌

$

3,115,443,709‌

$

6,300,925,949‌

$

599,253,773‌

Investments,

at

value

—

affiliated

(c)

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

776,442,724‌

159,069,205‌

512,812,483‌

25,183,331‌

Cash  

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

31,964,771‌

—‌

—‌

—‌

Cash

pledged:

Futures

contracts

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

578,000‌

108,000‌

507,000‌

129,000‌

Foreign

currency,

at

value

(d)

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

—‌

—‌

—‌

98,121‌

Receivables:

–‌

–‌

–‌

–‌

Securities

lending

income

—

affiliated

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

296,292‌

20,033‌

137,112‌

4,855‌

Capital

shares

sold

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

75,138‌

—‌

86,214‌

—‌

Dividends

—

unaffiliated

.................................................

356,700‌

466,151‌

18,766‌

835,320‌

Dividends

—

affiliated

...................................................

44,470‌

18,885‌

32,538‌

5,127‌

Variation

margin

on

futures

contracts

.........................................

—‌

4,316‌

23,230‌

—‌

Total

assets

...........................................................

7,764,006,294‌

3,275,130,299‌

6,814,543,292‌

625,509,527‌

LIABILITIES

Bank

overdraft

..........................................................

—‌

—‌

75,892‌

33,059‌

Collateral

on

securities

loaned

...............................................

754,219,565‌

153,580,457‌

502,003,238‌

19,651,309‌

Payables:

–‌

–‌

–‌

–‌

Investments

purchased

..................................................

37,833,699‌

—‌

—‌

—‌

Capital

shares

redeemed

.................................................

451,842‌

—‌

—‌

—‌

Income

dividend

distributions

..............................................

8,806,930‌

3,193,537‌

—‌

4,612,541‌

Investment

advisory

fees

.................................................

2,700,902‌

1,078,834‌

2,199,739‌

204,940‌

Variation

margin

on

futures

contracts

.........................................

80,575‌

3,000‌

7,875‌

28,958‌

Total

liabilities

..........................................................

804,093,513‌

157,855,828‌

504,286,744‌

24,530,807‌

Commitments

and

contingent

liabilities

—‌

—‌

—‌

—‌

NET

ASSETS

..........................................................

$

6,959,912,781‌

$

3,117,274,471‌

$

6,310,256,548‌

$

600,978,720‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

..........................................................

$

13,030,658,695‌

$

2,661,725,621‌

$

7,934,812,942‌

$

1,118,924,121‌

Accumulated

earnings

(loss)

................................................

(6,070,745,914‌)

455,548,850‌

(1,624,556,394‌)

(517,945,401‌)

NET

ASSETS

..........................................................

$

6,959,912,781‌

$

3,117,274,471‌

$

6,310,256,548‌

$

600,978,720‌

NET

ASSET

VALUE

Shares

outstanding

......................................................

56,900,000‌

8,150,000‌

18,500,000‌

14,450,000‌

Net

asset

value

.........................................................

$

122.32‌

$

382.49‌

$

341.09‌

$

41.59‌

Shares

authorized

.......................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

.............................................................

None

None

None

None

(a)

  Investments,

at

cost

—

unaffiliated

..........................................

$

10,349,532,536‌

$

2,625,129,771‌

$

7,679,781,159‌

$

634,282,738‌

(b)

  Securities

loaned,

at

value

................................................

$

720,042,398‌

$

151,498,939‌

$

496,727,006‌

$

19,047,206‌

(c)

  Investments,

at

cost

—

affiliated

............................................

$

775,928,257‌

$

159,041,208‌

$

512,655,290‌

$

25,175,468‌

(d)

  Foreign

currency,

at

cost

.................................................

$

—‌

$

—‌

$

—‌

$

98,121‌

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

September

30,

2023

33

Financial

Statements

See

notes

to

financial

statements.

iShares

North

American

Tech-

Multimedia

Networking

ETF

iShares

Semiconductor

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

........................................................................

$

52,491,296‌

$

8,421,698,106‌

Investments,

at

value

—

affiliated

(c)

...........................................................................

4,115,147‌

452,506,207‌

Cash

pledged:

Futures

contracts

.....................................................................................

—‌

860,000‌

Receivables:

–‌

–‌

Securities

lending

income

—

affiliated

.......................................................................

619‌

129,763‌

Capital

shares

sold

....................................................................................

—‌

302,980‌

Dividends

—

unaffiliated

................................................................................

15,389‌

4,385,344‌

Dividends

—

affiliated

..................................................................................

739‌

61,636‌

Variation

margin

on

futures

contracts

........................................................................

—‌

37,826‌

Total

assets

..........................................................................................

56,623,190‌

8,879,981,862‌

LIABILITIES

Collateral

on

securities

loaned

..............................................................................

4,004,966‌

410,541,773‌

Payables:

–‌

–‌

Capital

shares

redeemed

................................................................................

—‌

216,199‌

Income

dividend

distributions

.............................................................................

63,512‌

29,733,745‌

Investment

advisory

fees

................................................................................

18,366‌

2,494,182‌

Variation

margin

on

futures

contracts

........................................................................

—‌

15,750‌

Total

liabilities

.........................................................................................

4,086,844‌

443,001,649‌

Commitments

and

contingent

liabilities

—‌

—‌

NET

ASSETS

.........................................................................................

$

52,536,346‌

$

8,436,980,213‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.........................................................................................

$

148,920,852‌

$

9,243,047,235‌

Accumulated

loss

......................................................................................

(96,384,506‌)

(806,067,022‌)

NET

ASSETS

.........................................................................................

$

52,536,346‌

$

8,436,980,213‌

NET

ASSET

VALUE

Shares

outstanding

.....................................................................................

850,000‌

17,800,000‌

Net

asset

value

........................................................................................

$

61.81‌

$

473.99‌

Shares

authorized

......................................................................................

Unlimited

Unlimited

Par

value

............................................................................................

None

None

(a)

  Investments,

at

cost

—

unaffiliated

.........................................................................

$

71,313,479‌

$

9,459,053,386‌

(b)

  Securities

loaned,

at

value

...............................................................................

$

3,931,015‌

$

400,603,769‌

(c)

  Investments,

at

cost

—

affiliated

...........................................................................

$

4,113,696‌

$

452,442,104‌

Statements

of

Operations

(unaudited)

Six

Months

Ended

September

30,

2023

2023

iShares

Semi-Annual

Report

to

Shareholders

34

iShares

Biotechnology

ETF

iShares

Expanded

Tech

Sector

ETF

iShares

Expanded

Tech-

Software

Sector

ETF

iShares

North

American

Natural

Resources

ETF

INVESTMENT

INCOME

–

–

–

–

Dividends

—

unaffiliated

.................................................

$

23,019,577‌

$

10,771,415‌

$

11,170,951‌

$

10,309,199‌

Dividends

—

affiliated

...................................................

240,235‌

94,447‌

147,319‌

25,365‌

Interest

—

unaffiliated

...................................................

32,348‌

189‌

3,744‌

4,817‌

Securities

lending

income

—

affiliated

—

net

...................................

2,488,191‌

148,921‌

973,149‌

51,227‌

Foreign

taxes

withheld

..................................................

(3,546‌)

(29,026‌)

(60,489‌)

(384,373‌)

Total

investment

income

...................................................

25,776,805‌

10,985,946‌

12,234,674‌

10,006,235‌

EXPENSES

Investment

advisory

....................................................

17,168,925‌

6,314,210‌

12,371,638‌

1,340,229‌

Total

expenses

.........................................................

17,168,925‌

6,314,210‌

12,371,638‌

1,340,229‌

Net

investment

income

(loss)

................................................

8,607,880‌

4,671,736‌

(136,964‌)

8,666,006‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(411,967,961‌)

$

358,019,597‌

$

629,269,359‌

$

29,337,781‌

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.............................................

$

(67,088,584‌)

$

10,642,852‌

$

(114,850,480‌)

$

(2,708,502‌)

Investments

—

affiliated

...............................................

7,305‌

1,212‌

11,582‌

7,676‌

Foreign

currency

transactions

...........................................

—‌

—‌

—‌

5,427‌

Futures

contracts

....................................................

(40,892‌)

132,472‌

543,245‌

210,098‌

In-kind

redemptions

—

unaffiliated

(a)

.......................................

171,264,364‌

73,929,086‌

395,160,581‌

26,557,915‌

104,142,193‌

84,705,622‌

280,864,928‌

24,072,614‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.............................................

(515,876,112‌)

273,438,318‌

348,837,809‌

5,357,030‌

Investments

—

affiliated

...............................................

60,413‌

1,408‌

35,339‌

(4,110‌)

Foreign

currency

translations

............................................

—‌

—‌

—‌

(6,307‌)

Futures

contracts

....................................................

(294,455‌)

(125,751‌)

(468,717‌)

(81,446‌)

(516,110,154‌)

273,313,975‌

348,404,431‌

5,265,167‌

Net

realized

and

unrealized

gain

(loss)

.........................................

(411,967,961‌)

358,019,597‌

629,269,359‌

29,337,781‌

NET

INCREASE

(DECREASE)

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..........

$

(403,360,081‌)

$

362,691,333‌

$

629,132,395‌

$

38,003,787‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

See

notes

to

financial

statements.

Statements

of

Operations

(unaudited)

(continued)

Six

Months

Ended

September

30,

2023

35

Financial

Statements

iShares

North

American

Tech-Multimedia

Networking

ETF

iShares

Semiconductor

ETF

INVESTMENT

INCOME

–

–

Dividends

—

unaffiliated

................................................................................

$

276,296‌

$

57,645,925‌

Dividends

—

affiliated

..................................................................................

2,929‌

314,376‌

Interest

—

unaffiliated

..................................................................................

10‌

—‌

Securities

lending

income

—

affiliated

—

net

..................................................................

8,275‌

664,285‌

Foreign

taxes

withheld

.................................................................................

—‌

(3,009,185‌)

Total

investment

income

..................................................................................

287,510‌

55,615,401‌

EXPENSES

Investment

advisory

...................................................................................

152,829‌

14,637,423‌

Commitment

costs

....................................................................................

—‌

10,640‌

Total

expenses

........................................................................................

152,829‌

14,648,063‌

Net

investment

income

...................................................................................

134,681‌

40,967,338‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(11,333,434‌)

$

543,099,788‌

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

............................................................................

$

50,453‌

$

(123,218,795‌)

Investments

—

affiliated

..............................................................................

778‌

119,751‌

Futures

contracts

...................................................................................

1,490‌

1,800,304‌

In-kind

redemptions

—

unaffiliated

(a)

......................................................................

822,051‌

1,117,184,463‌

874,772‌

995,885,723‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

............................................................................

(12,207,841‌)

(451,534,555‌)

Investments

—

affiliated

..............................................................................

(362‌)

(33,799‌)

Futures

contracts

...................................................................................

—‌

(1,217,580‌)

(12,208,203‌)

(452,785,934‌)

Net

realized

and

unrealized

gain

(loss)

........................................................................

(11,333,431‌)

543,099,789‌

NET

INCREASE

(DECREASE)

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.........................................

$

(11,198,750‌)

$

584,067,127‌

(a)

  See

Note

2

of

the

Notes

to

Financial

Statements.

See

notes

to

financial

statements.

Statements

of

Changes

in

Net

Assets

2023

iShares

Semi-Annual

Report

to

Shareholders

36

See

notes

to

financial

statements.

iShares

Biotechnology

ETF

iShares

Expanded

Tech

Sector

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

8,607,880‌

$

21,531,229‌

$

4,671,736‌

$

12,067,864‌

Net

realized

gain

(loss)

............................................

104,142,193‌

(167,311,465‌)

84,705,622‌

394,575,195‌

Net

change

in

unrealized

appreciation

(depreciation)

........................

(516,110,154‌)

53,004,254‌

273,313,975‌

(1,103,757,983‌)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...................

(403,360,081‌)

(92,775,982‌)

362,691,333‌

(697,114,924‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(9,175,005‌)

(22,926,845‌)

(4,841,125‌)

(15,012,645‌)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

.................

(653,258,816‌)

(465,468,446‌)

(40,259,715‌)

(969,167,551‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...................................

(1,065,793,902‌)

(581,171,273‌)

317,590,493‌

(1,681,295,120‌)

Beginning

of

period

................................................

8,025,706,683‌

8,606,877,956‌

2,799,683,978‌

4,480,979,098‌

End

of

period

....................................................

$

6,959,912,781‌

$

8,025,706,683‌

$

3,117,274,471‌

$

2,799,683,978‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

37

Financial

Statements

See

notes

to

financial

statements.

iShares

Expanded

Tech-Software

Sector

ETF

iShares

North

American

Natural

Resources

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

(loss)

........................................

$

(136,964‌)

$

1,262,658‌

$

8,666,006‌

$

28,496,751‌

Net

realized

gain

(loss)

............................................

280,864,928‌

(334,147,290‌)

24,072,614‌

92,408,834‌

Net

change

in

unrealized

appreciation

(depreciation)

........................

348,404,431‌

(222,554,996‌)

5,265,167‌

(147,659,511‌)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...................

629,132,395‌

(555,439,628‌)

38,003,787‌

(26,753,926‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(451,315‌)

(366,961‌)

(8,401,025‌)

(29,227,112‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........

293,895,424‌

540,096,149‌

(231,575,517‌)

(83,209,205‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...................................

922,576,504‌

(15,710,440‌)

(201,972,755‌)

(139,190,243‌)

Beginning

of

period

................................................

5,387,680,044‌

5,403,390,484‌

802,951,475‌

942,141,718‌

End

of

period

....................................................

$

6,310,256,548‌

$

5,387,680,044‌

$

600,978,720‌

$

802,951,475‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

2023

iShares

Semi-Annual

Report

to

Shareholders

38

See

notes

to

financial

statements.

iShares

North

American

Tech-Multimedia

Networking

ETF

iShares

Semiconductor

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

134,681‌

$

379,639‌

$

40,967,338‌

$

78,608,274‌

Net

realized

gain

(loss)

............................................

874,772‌

(617,059‌)

995,885,723‌

(192,753,029‌)

Net

change

in

unrealized

appreciation

(depreciation)

........................

(12,208,203‌)

(8,347,735‌)

(452,785,934‌)

(430,420,813‌)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...................

(11,198,750‌)

(8,585,155‌)

584,067,127‌

(544,565,568‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(129,526‌)

(390,901‌)

(40,925,939‌)

(78,660,830‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........

(43,340,858‌)

(46,790,846‌)

107,923,948‌

(543,707,282‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...................................

(54,669,134‌)

(55,766,902‌)

651,065,136‌

(1,166,933,680‌)

Beginning

of

period

................................................

107,205,480‌

162,972,382‌

7,785,915,077‌

8,952,848,757‌

End

of

period

....................................................

$

52,536,346‌

$

107,205,480‌

$

8,436,980,213‌

$

7,785,915,077‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

39

Financial

Highlights

iShares

Biotechnology

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

period

...............

$

129.24

‌

$

130.21

‌

$

150.36

‌

$

107.98

‌

$

111.78

‌

$

106.73

‌

Net

investment

income

(a)

.......................

0.14

‌

0.33

‌

0.31

‌

0.34

‌

0.26

‌

0.16

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.............

(6.90

)

(0.94

)

(20.15

)

42.43

‌

(3.80

)

5.08

‌

Net

increase

(decrease)

from

investment

operations

......

(6.76

)

(0.61

)

(19.84

)

42.77

‌

(3.54

)

5.24

‌

Distributions

from

net

investment

income

(c)

.............

(0.16

)

(0.36

)

(0.31

)

(0.39

)

(0.26

)

(0.19

)

Net

asset

value,

end

of

period

....................

$

122.32

‌

$

129.24

‌

$

130.21

‌

$

150.36

‌

$

107.98

‌

$

111.78

‌

Total

Return

(d)

—

—

—

—

—

—

Based

on

net

asset

value

........................

(5.23

)%

(e)

(0.46

)%

(13.22

)%

39.63

%

(3.17

)%

4.92

%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

...............................

0.45

%

(g)

0.45

%

0.44

%

0.45

%

0.46

%

0.47

%

Net

investment

income

..........................

0.23

%

(g)

0.26

%

0.21

%

0.24

%

0.24

%

0.15

%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

6,959,913

‌

$

8,025,707

‌

$

8,606,878

‌

$

9,848,582

‌

$

6,343,965

‌

$

8,026,142

‌

Portfolio

turnover

rate

(h)

..........................

8

%

13

%

46

%

34

%

29

%

18

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

iShares

Semi-Annual

Report

to

Shareholders

40

iShares

Expanded

Tech

Sector

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

period

.................

$

339.36

‌

$

387.96

‌

$

360.63

‌

$

212.15

‌

$

206.22

‌

$

179.48

‌

Net

investment

income

(a)

.........................

0.57

‌

1.20

‌

0.64

‌

0.86

‌

1.26

‌

1.09

‌

Net

realized

and

unrealized

gain

(loss)

(b)

...............

43.15

‌

(48.17

)

27.37

‌

148.55

‌

6.00

‌

26.69

‌

Net

increase

(decrease)

from

investment

operations

........

43.72

‌

(46.97

)

28.01

‌

149.41

‌

7.26

‌

27.78

‌

Distributions

from

net

investment

income

(c)

...............

(0.59

)

(1.63

)

(0.68

)

(0.93

)

(1.33

)

(1.04

)

Net

asset

value,

end

of

period

......................

$

382.49

‌

$

339.36

‌

$

387.96

‌

$

360.63

‌

$

212.15

‌

$

206.22

‌

Total

Return

(d)

—

—

—

—

—

—

Based

on

net

asset

value

..........................

12.89

%

(e)

(12.06

)%

7.76

%

70.51

%

3.51

%

15.52

%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

.................................

0.41

%

(g)

0.41

%

0.40

%

0.43

%

0.46

%

0.46

%

Net

investment

income

............................

0.30

%

(g)

0.38

%

0.16

%

0.28

%

0.56

%

0.56

%

Supplemental

Data

Net

assets,

end

of

period

(000)

......................

$

3,117,274

‌

$

2,799,684

‌

$

4,480,979

‌

$

3,209,613

‌

$

1,707,788

‌

$

1,587,932

‌

Portfolio

turnover

rate

(h)

............................

23

%

9

%

8

%

9

%

10

%

8

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

41

Financial

Highlights

iShares

Expanded

Tech-Software

Sector

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

period

...............

$

304.39

‌

$

344.16

‌

$

341.22

‌

$

209.77

‌

$

210.77

‌

$

169.69

‌

Net

investment

income

(loss)

(a)

...................

(0.01

)

0.08

‌

(0.56

)

(0.31

)

1.28

(b)

0.24

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.............

36.74

‌

(39.83

)

3.50

‌

131.83

‌

(1.06

)

41.10

‌

Net

increase

(decrease)

from

investment

operations

......

36.73

‌

(39.75

)

2.94

‌

131.52

‌

0.22

‌

41.34

‌

Distributions

from

net

investment

income

(d)

.............

(0.03

)

(0.02

)

—

‌

(0.07

)

(1.22

)

(0.26

)

Net

asset

value,

end

of

period

....................

$

341.09

‌

$

304.39

‌

$

344.16

‌

$

341.22

‌

$

209.77

‌

$

210.77

‌

Total

Return

(e)

—

—

—

—

—

—

Based

on

net

asset

value

........................

12.07

%

(f)

(11.55

)%

0.86

%

62.70

%

0.13

%

24.39

%

Ratios

to

Average

Net

Assets

(g)

Total

expenses

...............................

0.41

%

(h)

0.41

%

0.40

%

0.43

%

0.46

%

0.46

%

Net

investment

income

(loss)

......................

(0.00

)%

(h)(i)

0.03

%

(0.15

)%

(0.10

)%

0.57

%

(b)

0.13

%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

6,310,257

‌

$

5,387,680

‌

$

5,403,390

‌

$

5,050,052

‌

$

3,031,151

‌

$

2,729,463

‌

Portfolio

turnover

rate

(j)

..........................

7

%

13

%

15

%

22

%

18

%

18

%

(a)

Based

on

average

shares

outstanding.

(b)

Includes

a

one-time

special

distribution

from

NortonLifeLock

Inc.

Excluding

such

special

distribution,

the

net

investment

income

would

have

been

$(0.07)

per

share

and

(0.03)%

of

average

net

assets.

(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)

Rounds

to

less

than

0.01%.

(j)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

iShares

Semi-Annual

Report

to

Shareholders

42

iShares

North

American

Natural

Resources

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

period

................

$

39.17

‌

$

40.44

‌

$

27.57

‌

$

16.65

‌

$

31.40

‌

$

33.08

‌

Net

investment

income

(a)

........................

0.53

‌

1.22

‌

0.93

‌

0.70

‌

0.78

‌

0.65

‌

Net

realized

and

unrealized

gain

(loss)

(b)

..............

2.44

‌

(1.22

)

12.85

‌

11.04

‌

(13.82

)

(1.59

)

Net

increase

(decrease)

from

investment

operations

.......

2.97

‌

0.00

‌

13.78

‌

11.74

‌

(13.04

)

(0.94

)

Distributions

from

net

investment

income

(c)

..............

(0.55

)

(1.27

)

(0.91

)

(0.82

)

(1.71

)

(0.74

)

Net

asset

value,

end

of

period

.....................

$

41.59

‌

$

39.17

‌

$

40.44

‌

$

27.57

‌

$

16.65

‌

$

31.40

‌

Total

Return

(d)

—

—

—

—

—

—

Based

on

net

asset

value

.........................

7.65

%

(e)

0.19

%

50.84

%

71.57

%

(43.54

)%

(2.87

)%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

................................

0.41

%

(g)

0.41

%

0.40

%

0.43

%

0.46

%

0.46

%

Net

investment

income

...........................

2.65

%

(g)

3.08

%

2.92

%

3.14

%

2.72

%

1.94

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

600,979

‌

$

802,951

‌

$

942,142

‌

$

397,022

‌

$

294,696

‌

$

761,370

‌

Portfolio

turnover

rate

(h)

...........................

4

%

11

%

15

%

14

%

16

%

12

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

43

Financial

Highlights

iShares

North

American

Tech-Multimedia

Networking

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

period

................

$

71.47

‌

$

74.08

‌

$

67.17

‌

$

43.34

‌

$

56.49

‌

$

51.48

‌

Net

investment

income

(a)

........................

0.12

‌

0.24

‌

0.16

‌

0.29

‌

0.26

‌

0.23

‌

Net

realized

and

unrealized

gain

(loss)

(b)

..............

(9.65

)

(2.60

)

6.91

‌

23.83

‌

(13.10

)

5.04

‌

Net

increase

(decrease)

from

investment

operations

.......

(9.53

)

(2.36

)

7.07

‌

24.12

‌

(12.84

)

5.27

‌

Distributions

from

net

investment

income

(c)

..............

(0.13

)

(0.25

)

(0.16

)

(0.29

)

(0.31

)

(0.26

)

Net

asset

value,

end

of

period

.....................

$

61.81

‌

$

71.47

‌

$

74.08

‌

$

67.17

‌

$

43.34

‌

$

56.49

‌

Total

Return

(d)

—

—

—

—

—

—

Based

on

net

asset

value

.........................

(13.34

)%

(e)

(3.16

)%

10.53

%

55.89

%

(22.80

)%

10.27

%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

................................

0.41

%

(g)

0.41

%

0.40

%

0.43

%

0.46

%

0.46

%

Net

investment

income

...........................

0.36

%

(g)

0.34

%

0.22

%

0.52

%

0.47

%

0.44

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

52,536

‌

$

107,205

‌

$

162,972

‌

$

100,755

‌

$

43,335

‌

$

132,758

‌

Portfolio

turnover

rate

(h)

...........................

14

%

31

%

37

%

38

%

33

%

29

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

iShares

Semi-Annual

Report

to

Shareholders

44

iShares

Semiconductor

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

period

.................

$

444.91

‌

$

472.45

‌

$

424.09

‌

$

204.97

‌

$

189.61

‌

$

180.13

‌

Net

investment

income

(a)

.........................

2.31

‌

4.48

‌

3.56

‌

3.35

‌

3.13

‌

2.66

‌

Net

realized

and

unrealized

gain

(loss)

(b)

...............

29.09

‌

(27.46

)

48.37

‌

218.90

‌

15.50

‌

9.12

‌

Net

increase

(decrease)

from

investment

operations

........

31.40

‌

(22.98

)

51.93

‌

222.25

‌

18.63

‌

11.78

‌

Distributions

from

net

investment

income

(c)

...............

(2.32

)

(4.56

)

(3.57

)

(3.13

)

(3.27

)

(2.30

)

Net

asset

value,

end

of

period

......................

$

473.99

‌

$

444.91

‌

$

472.45

‌

$

424.09

‌

$

204.97

‌

$

189.61

‌

Total

Return

(d)

—

—

—

—

—

—

Based

on

net

asset

value

..........................

7.07

%

(e)

(4.67

)%

12.23

%

108.93

%

9.80

%

6.61

%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

.................................

0.35

%

(g)

0.39

%

0.40

%

0.43

%

0.46

%

0.46

%

Net

investment

income

............................

0.97

%

(g)

1.17

%

0.76

%

1.02

%

1.42

%

1.50

%

Supplemental

Data

Net

assets,

end

of

period

(000)

......................

$

8,436,980

‌

$

7,785,915

‌

$

8,952,849

‌

$

6,318,968

‌

$

2,141,965

‌

$

1,061,836

‌

Portfolio

turnover

rate

(h)

............................

14

%

18

%

32

%

23

%

14

%

26

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

(unaudited)

45

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”):

On

September

27,

2023,

the

Board

approved

a

proposal

to

change

the

name

of

iShares

North

American

Tech-Multimedia

Networking

ETF

to

iShares

U.S.

Digital

Infrastructure

and

Real

Estate

ETF

as

well

as

the

Fund’s

investment

objective

and

underlying

index.

The

Fund’s

ticker

will

also

change

from

IGN

to

IDGT.

These

changes

are

expected

to

become

effective

on

December

15,

2023.

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. Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

is

recognized

daily

on

an

accrual

basis.

Foreign

Currency

Translation:

Each

Fund’s

books

and

records

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

prevailing

market

rates

as

quoted

by

one

or

more

data

service

providers.

Purchases

and

sales

of

investments

are

recorded

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

investments

denominated

in

that

currency

will

lose

value;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value.

Each

Fund

does

not

isolate

the

effect

of

fluctuations

in

foreign

exchange

rates

from

the

effect

of

fluctuations

in

the

market

prices

of

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

Statements

of

Operations

from

the

effects

of

changes

in

market

prices

of

those

investments,

but

are

included

as

a

component

of

net

realized

and

unrealized

gain

(loss)

from

investments.

Each

Fund

reports

realized

currency

gains

(losses)

on

foreign

currency

related

transactions

as

components

of

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes.

Foreign

Taxes:

Certain

Funds

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

each

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

each

Fund

and

are

reflected

in

its Statements

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Other

foreign

taxes”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of 

September

30,

2023

,

if

any,

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

The

Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

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.

iShares

ETF

Diversification

Classification

Biotechnology

.......................................................................................................

Non-diversified

Expanded

Tech

Sector

.................................................................................................

Non-diversified

Expanded

Tech-Software

Sector

...........................................................................................

Non-diversified

North

American

Natural

Resources

.........................................................................................

Diversified

North

American

Tech-Multimedia

Networking

..................................................................................

Non-diversified

Semiconductor

......................................................................................................

Non-diversified

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

iShares

Semi-Annual

Report

To

Shareholders

46

Indemnifications:

In

the

normal

course

of

business,

each

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Funds,

which

cannot

be

predicted

with

any

certainty.

3.

Investment

Valuation

and

Fair

Value

Measurements

Investment

Valuation

Policies:

 Each

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund’s

listing

exchange

is

open

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Board

of

Trustees

of

the

Trust

 (the

“Board”)

of each

Fund

has

approved

the

designation

of

BlackRock

Fund

Advisors

(“BFA”),

the

Funds’

investment

adviser, as

the

valuation

designee

for

each

Fund. Each

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

BFA’s

policies.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

BFA’s policies

and

procedures as

reflecting

fair

value. BFA

has

formed

a

committee

(the

“Valuation

Committee”)

to

develop pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

each

Fund’s

assets

and

liabilities:

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.

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”).

Each

business

day,

the

Funds

use

current

market

factors

supplied

by

independent

pricing

services

to

value

certain

foreign

instruments

(“Systematic

Fair

Value

Price”).

The

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

follows

the

close

of

the

local

markets.

If

events

(e.g.,

market

volatility,

company

announcement

or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that

application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the Valuation

Committee,

in

accordance

with

BFA’s

policies

and

procedures as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the Valuation

Committee

seeks

to

determine

the

price

that each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

Fair

value

pricing

could

result

in

a

difference

between

the

prices

used

to

calculate

a

fund’s

NAV

and

the

prices

used

by

the

fund’s

underlying

index,

which

in

turn

could

result

in

a

difference

between

the

fund’s

performance

and

the

performance

of

the

fund’s

underlying

index.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

–

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that each

Fund

has

the

ability

to

access;

Level

2

–

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market-corroborated

inputs);

and

Level

3

–

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

(including

the Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

Securities

and

Other

Investments

Securities

Lending:

 Each

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

an

approved

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

market

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

or

excess

Notes

to

Financial

Statements

(unaudited)

(continued)

47

Notes

to

Financial

Statements

collateral

is

returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

each

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

in

money

market

funds

managed

by

BFA,

or

its

affiliates

is

disclosed

in

the

Schedule

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

also

disclosed

in

each

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

cash

collateral

are

disclosed

in

the

Statements

of

Assets

and

Liabilities.

Securities

lending

transactions

are

entered

into

by

the

Funds

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”)

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency)

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Funds,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the

Funds

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency. 

As

of

period

end,

the

following

table

is

a

summary

of

the

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

Biotechnology

Barclays

Bank

PLC

.....................................

$

50,713,358‌

$

(50,713,358‌)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

1,748,970‌

(1,748,970‌)

–‌

–‌

BMO

Capital

Markets

Corp.

...............................

12,368‌

(12,368‌)

–‌

–‌

BNP

Paribas

SA

.......................................

88,733,294‌

(88,733,294‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

34,777,826‌

(34,777,826‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

15,400,813‌

(15,400,813‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

49,776,038‌

(49,776,038‌)

–‌

–‌

Credit

Suisse

Securities

(USA)

LLC

..........................

3,864‌

(3,864‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

66,244,761‌

(66,244,761‌)

–‌

–‌

HSBC

Bank

PLC

......................................

8,616,482‌

(8,616,482‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

82,511,681‌

(82,511,681‌)

–‌

–‌

Jefferies

LLC

.........................................

13,424,387‌

(13,424,387‌)

–‌

–‌

Mizuho

Securities

USA

LLC

...............................

231,132‌

(231,132‌)

–‌

–‌

Morgan

Stanley

.......................................

69,448,973‌

(69,448,973‌)

–‌

–‌

National

Financial

Services

LLC

............................

19,431,333‌

(19,431,333‌)

–‌

–‌

Natixis

SA

...........................................

13,265,368‌

(13,265,368‌)

–‌

–‌

Nomura

Securities

International,

Inc.

.........................

76,929‌

(76,929‌)

–‌

–‌

Pershing

LLC

.........................................

4,075,344‌

(4,075,344‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

418,709‌

(418,709‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

90,151,402‌

(90,151,402‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

12,572,097‌

(12,572,097‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

7,418,205‌

(7,418,205‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

26,273,707‌

(26,273,707‌)

–‌

–‌

UBS

AG

............................................

40,267,969‌

(40,267,969‌)

–‌

–‌

UBS

Securities

LLC

....................................

6,077,790‌

(6,077,790‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

1,233,945‌

(1,233,945‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

10,032,470‌

(10,032,470‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

7,103,183‌

(7,103,183‌)

–‌

–‌

$

720,042,398‌

$

(720,042,398‌)

$

–‌

$

–‌

Expanded

Tech

Sector

Barclays

Bank

PLC

.....................................

$

6,035,310‌

$

(6,028,379‌)

$

–‌

$

6,931‌

(b)

BNP

Paribas

SA

.......................................

27,729,682‌

(27,729,682‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

58,326,026‌

(58,326,026‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

8,963,899‌

(8,963,899‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

9,921,619‌

(9,921,619‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

3,538,234‌

(3,538,234‌)

–‌

–‌

HSBC

Bank

PLC

......................................

926,314‌

(926,314‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

3,327,704‌

(3,327,704‌)

–‌

–‌

Jefferies

LLC

.........................................

576,640‌

(576,640‌)

–‌

–‌

Morgan

Stanley

.......................................

2,691,488‌

(2,691,488‌)

–‌

–‌

Natixis

SA

...........................................

1,009,115‌

(1,009,115‌)

–‌

–‌

Nomura

Securities

International,

Inc.

.........................

22,188‌

(22,000‌)

–‌

188‌

(b)

RBC

Capital

Markets

LLC

................................

5,378,877‌

(5,378,877‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

14,418,756‌

(14,418,756‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

481‌

(473‌)

–‌

8‌

(b)

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

iShares

Semi-Annual

Report

To

Shareholders

48

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

Expanded

Tech

Sector

(continued)

State

Street

Bank

&

Trust

Co.

..............................

331,013‌

(331,013‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

727,231‌

(727,231‌)

–‌

–‌

UBS

AG

............................................

5,966,204‌

(5,949,230‌)

–‌

16,974‌

(b)

Virtu

Americas

LLC

.....................................

52,895‌

(52,895‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

817,289‌

(817,289‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

737,974‌

(737,974‌)

–‌

–‌

$

151,498,939‌

$

(151,474,838‌)

$

–‌

$

24,101‌

Expanded

Tech-Software

Sector

Barclays

Bank

PLC

.....................................

$

8,551,252‌

$

(8,551,252‌)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

17,149‌

(17,149‌)

–‌

–‌

BNP

Paribas

SA

.......................................

28,222,300‌

(28,222,300‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

14,855,708‌

(14,855,708‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

11,128,507‌

(11,128,507‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

37,765,641‌

(37,686,487‌)

–‌

79,154‌

(b)

Goldman

Sachs

&

Co.

LLC

...............................

40,045,240‌

(40,045,240‌)

–‌

–‌

HSBC

Bank

PLC

......................................

14,550,071‌

(14,550,071‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

20,863,977‌

(20,863,977‌)

–‌

–‌

Jefferies

LLC

.........................................

812,110‌

(812,110‌)

–‌

–‌

Morgan

Stanley

.......................................

56,993,729‌

(56,993,729‌)

–‌

–‌

National

Financial

Services

LLC

............................

10,149,663‌

(10,149,663‌)

–‌

–‌

Natixis

SA

...........................................

26,559,009‌

(26,559,009‌)

–‌

–‌

Nomura

Securities

International,

Inc.

.........................

5,042‌

(5,042‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

33,840,327‌

(33,496,980‌)

–‌

343,347‌

(b)

Scotia

Capital

(USA),

Inc.

................................

7,180,899‌

(7,180,899‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

9,326,732‌

(9,326,732‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

112,710‌

(112,710‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

135,476,894‌

(135,476,894‌)

–‌

–‌

UBS

AG

............................................

28,551,590‌

(28,551,590‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

487,014‌

(487,014‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

9,672,488‌

(9,672,488‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

1,558,954‌

(1,558,954‌)

–‌

–‌

$

496,727,006‌

$

(496,304,505‌)

$

–‌

$

422,501‌

North

American

Natural

Resources

Barclays

Bank

PLC

.....................................

$

2,237,417‌

$

(2,237,417‌)

$

–‌

$

–‌

BNP

Paribas

SA

.......................................

3,075,734‌

(3,075,734‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

1,415,306‌

(1,415,306‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

3,683,949‌

(3,683,949‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

344,868‌

(344,868‌)

–‌

–‌

HSBC

Bank

PLC

......................................

185,381‌

(185,381‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

2,361,015‌

(2,361,015‌)

–‌

–‌

Jefferies

LLC

.........................................

23,085‌

(23,085‌)

–‌

–‌

Morgan

Stanley

.......................................

33,244‌

(33,244‌)

–‌

–‌

Natixis

SA

...........................................

301,264‌

(301,264‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

1,607,569‌

(1,607,569‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

19,504‌

(19,504‌)

–‌

–‌

UBS

AG

............................................

59,545‌

(59,545‌)

–‌

–‌

UBS

Securities

LLC

....................................

61,420‌

(61,420‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

3,573,412‌

(3,573,412‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

64,493‌

(64,493‌)

–‌

–‌

$

19,047,206‌

$

(19,047,206‌)

$

–‌

$

–‌

North

American

Tech-Multimedia

Networking

BNP

Paribas

SA

.......................................

$

1,018,992‌

$

(1,018,992‌)

$

–‌

$

–‌

BofA

Securities,

Inc.

....................................

840,816‌

(840,816‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

8,732‌

(8,732‌)

–‌

–‌

HSBC

Bank

PLC

......................................

886,855‌

(886,855‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

74,789‌

(74,789‌)

–‌

–‌

Morgan

Stanley

.......................................

236,562‌

(236,562‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

864,269‌

(864,269‌)

–‌

–‌

$

3,931,015‌

$

(3,931,015‌)

$

–‌

$

–‌

Semiconductor

Barclays

Bank

PLC

.....................................

$

9,192,089‌

$

(9,192,089‌)

$

–‌

$

–‌

BNP

Paribas

SA

.......................................

56,731,195‌

(56,731,195‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

2,879,941‌

(2,879,941‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

8,257,873‌

(8,257,873‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

15,165,835‌

(15,165,835‌)

–‌

–‌

Notes

to

Financial

Statements

(unaudited)

(continued)

49

Notes

to

Financial

Statements

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

each

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BlackRock,

Inc.

(“BlackRock”).

BlackRock’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent

the

collateral

received

does

not

cover

the

value

of

the

securities

loaned

in

the

event

of

borrower

default.

Each

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

the

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

by

each

Fund.

5.

Derivative

Financial

Instruments

Futures

Contracts:

 Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded

agreements

between

the

Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any,

are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

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

the iShares

Biotechnology

ETF, BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Fund,

based

on the

Fund’s

allocable

portion

of

the

aggregate

of

the

average

daily

net

assets

of

the

Fund

and

certain

other

iShares

funds,

as

follows:

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

Semiconductor

(continued)

J.P.

Morgan

Securities

LLC

...............................

3,129,100‌

(3,129,100‌)

–‌

–‌

Morgan

Stanley

.......................................

52,346,913‌

(52,346,913‌)

–‌

–‌

Natixis

SA

...........................................

3,806,190‌

(3,806,190‌)

–‌

–‌

Nomura

Securities

International,

Inc.

.........................

474,760‌

(474,760‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

62,682,796‌

(62,682,796‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

180,975,107‌

(180,975,107‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

867,868‌

(867,868‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

3,869,855‌

(3,869,855‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

208,455‌

(208,455‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

15,792‌

(15,792‌)

–‌

–‌

$

400,603,769‌

$

(400,603,769‌)

$

–‌

$

–‌

(a)

Collateral

received,

if

any,

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

each

Fund

is

disclosed

in

the

Fund’s

Statements

of

Assets

and

Liabilities.

(b)

The

market

value

of

the

loaned

securities

is

determined

as

of

September

30,

2023.

Additional

collateral

is

delivered

to

the

Fund

on

the

next

business

day

in

accordance

with

the

MSLA.

The

net

amount

would

be

subject

to

the

borrower

default

indemnity

in

the

event

of

default

by

the

counterparty.

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$121

billion

..................................................................................................

0.4800%

Over

$121

billion,

up

to

and

including

$181

billion

............................................................................

0.4560

Over

$181

billion,

up

to

and

including

$231

billion

............................................................................

0.4332

Over

$231

billion,

up

to

and

including

$281

billion

............................................................................

0.4116

Over

$281

billion

..................................................................................................

0.3910

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

iShares

Semi-Annual

Report

To

Shareholders

50

For

its

investment

advisory

services

to

each

of

the iShares

Expanded

Tech

Sector

ETF,

iShares

Expanded

Tech-Software

Sector

ETF,

iShares

North

American

Natural

Resources

ETF

and

iShares

North

American

Tech-Multimedia

Networking

ETF, BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Funds,

based

on each

Fund’s

allocable

portion

of

the

aggregate

of

the

average

daily

net

assets

of

the

Fund

and

certain

other

iShares

funds,

as

follows:

For

its

investment

advisory

services

to

the iShares

Semiconductor

ETF, BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Fund,

based

on the

Fund’s

allocable

portion

of

the

aggregate

of

the

average

daily

net

assets

of

the

Fund

and

certain

other

iShares

funds,

as

follows:

Distributor:

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

is

the

distributor

for

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

September

30,

2023,

the

Funds

paid

BTC

the

following

amounts

for

securities

lending

agent

services:

Officers

and

Trustees:

Certain

officers

and/or 

trustees

of

the 

Trust

are

officers

and/or 

trustees

of

BlackRock

or

its

affiliates.

Other

Transactions:

Cross

trading

is

the

buying

or

selling

of

portfolio

securities

between

funds

to

which

BFA

(or

an

affiliate)

serves

as

investment

adviser.

At

its

regularly

scheduled

quarterly

meetings,

the

Board

reviews

such

transactions

as

of

the

most

recent

calendar

quarter

for

compliance

with

the

requirements

and

restrictions

set

forth

by

Rule

17a-7.

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$10

billion

...................................................................................................

0.4800%

Over

$10

billion,

up

to

and

including

$20

billion

..............................................................................

0.4300

Over

$20

billion,

up

to

and

including

$30

billion

..............................................................................

0.3800

Over

$30

billion,

up

to

and

including

$40

billion

..............................................................................

0.3420

Over

$40

billion

...................................................................................................

0.3078

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$10

billion

...................................................................................................

0.3500%

Over

$10

billion,

up

to

and

including

$20

billion

..............................................................................

0.3500

Over

$20

billion,

up

to

and

including

$30

billion

..............................................................................

0.3500

Over

$30

billion,

up

to

and

including

$40

billion

..............................................................................

0.3420

Over

$40

billion

...................................................................................................

0.3078

iShares

ETF

Amounts

Biotechnology

...........................................................................................................

$

744,346‌

Expanded

Tech

Sector

.....................................................................................................

51,945‌

Expanded

Tech-Software

Sector

...............................................................................................

304,657‌

North

American

Natural

Resources

.............................................................................................

15,636‌

North

American

Tech-Multimedia

Networking

......................................................................................

3,251‌

Semiconductor

..........................................................................................................

214,920‌

Notes

to

Financial

Statements

(unaudited)

(continued)

51

Notes

to

Financial

Statements

For

the six

months ended September

30,

2023,

transactions

executed

by

the

Funds

pursuant

to

Rule

17a-7

under

the

1940

Act

were

as

follows:

Each

Fund

may

invest

its

positive

cash

balances

in

certain

money

market

funds

managed

by

BFA

or

an

affiliate.

The

income

earned

on

these

temporary

cash

investments

is

shown

as

dividends

–

affiliated

in

the

Statements

of

Operations.

A

fund,

in

order

to

improve

its

portfolio

liquidity

and

its

ability

to

track

its

underlying

index,

may

invest

in

shares

of

other

iShares

funds

that

invest

in

securities

in

the

fund’s

underlying

index.

7.

Purchases

and

Sales

For

the six

months ended

September

30,

2023,

purchases

and

sales

of

investments,

excluding

short-term securities

and

in-kind

transactions,

were

as

follows:

For

the six

months ended

September

30,

2023,

in-kind

transactions

were

as

follows:

8.

Income

Tax

Information

Each

Fund

is

treated

as

an

entity

separate

from

the

Trust’s other

funds

for

federal

income

tax

purposes.

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the

Funds

as

of

September

30,

2023,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

financial

statements.

As

of

March

31,

2023,

the

Funds

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

and

qualified

late-year

losses as

follows:

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

Biotechnology

........................................................................

$

104,206,177‌

$

76,654,777‌

$

(23,953,694‌)

Expanded

Tech

Sector

..................................................................

329,189,141‌

203,798,832‌

16,612,858‌

Expanded

Tech-Software

Sector

............................................................

91,089,637‌

97,749,174‌

(11,558,522‌)

North

American

Natural

Resources

..........................................................

2,305,945‌

1,095,220‌

(57,446‌)

North

American

Tech-Multimedia

Networking

...................................................

5,592,372‌

1,752,973‌

154,963‌

Semiconductor

.......................................................................

135,593,609‌

343,494,304‌

(839,437‌)

iShares

ETF

Purchases

Sales

Biotechnology

........................................................................................

$

576,852,917‌

$

577,439,883‌

Expanded

Tech

Sector

..................................................................................

710,967,935‌

711,800,229‌

Expanded

Tech-Software

Sector

............................................................................

447,379,941‌

451,220,477‌

North

American

Natural

Resources

..........................................................................

27,599,587‌

27,981,066‌

North

American

Tech-Multimedia

Networking

...................................................................

10,848,919‌

11,485,599‌

Semiconductor

.......................................................................................

1,157,019,483‌

1,156,795,692‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

Biotechnology

........................................................................................

$

2,099,908,727‌

$

2,751,743,876‌

Expanded

Tech

Sector

..................................................................................

111,474,784‌

151,537,171‌

Expanded

Tech-Software

Sector

............................................................................

3,776,629,737‌

3,484,793,641‌

North

American

Natural

Resources

..........................................................................

32,694,112‌

263,246,393‌

North

American

Tech-Multimedia

Networking

...................................................................

—‌

42,588,441‌

Semiconductor

.......................................................................................

9,785,475,922‌

9,676,191,169‌

iShares

ETF

Non-Expiring

Capital

Loss

Carryforwards

Qualified

 Late-Year

Capital

Losses

Biotechnology

.........................................................................................

$

2,690,738,576‌

$

608,491‌

Expanded

Tech

Sector

...................................................................................

114,307,739‌

—‌

Expanded

Tech-Software

Sector

.............................................................................

441,797,378‌

485,074‌

North

American

Natural

Resources

...........................................................................

498,272,318‌

—‌

North

American

Tech-Multimedia

Networking

....................................................................

78,086,958‌

—‌

Semiconductor

........................................................................................

721,302,528‌

—‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

iShares

Semi-Annual

Report

To

Shareholders

52

As

of

September

30,

2023,

gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows:

9.

Line

of

Credit

The

iShares

Semiconductor

ETF,

along

with

certain

other

iShares

funds

(“Participating

Funds”),

is

a

party

to

a

$800

million

credit

agreement

(“Syndicated

Credit

Agreement”)

with

a

group

of

lenders,

which

expires

on

August

9,

2024.

The

line

of

credit

may

be

used

for

temporary

or

emergency

purposes,

including

redemptions,

settlement

of

trades

and

rebalancing

of

portfolio

holdings

in

certain

target

markets.

The

Funds

may

borrow

up

to

the

aggregate

commitment

amount

subject

to

asset

coverage

and

other

limitations

as

specified in

the

Syndicated Credit

Agreement. The

Syndicated

Credit

Agreement

has

the

following

terms:

a

commitment

fee

of

0.15%

per

annum

on

the

unused

portion

of

the

credit

agreement

and

interest

at

a

rate

equal

to

the

higher

of

(a)

Daily

Simple Secured

Overnight Financing

Rate

(“SOFR”)

plus

0.10%

and

1.00%

per

annum

or (b)

the

U.S.

Federal

Funds

rate plus

1.00%

per

annum

on

amounts

borrowed.

The

commitment

fee

is

generally

allocated

to

each

Participating

Fund

based

on

the

lesser

of

a

Participating

Fund’s

relative

exposure

to

certain

target

markets

or

a

Participating

Fund’s

maximum

borrowing

amount

as

set

forth

by

the

terms

of

the

Syndicated

Credit

Agreement.

During

the

six

months

ended

September

30,

2023, the

Fund did

not

borrow

under

the Syndicated

Credit

Agreement.

10.

Principal

Risks

In

the

normal

course

of

business,

each

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including,

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and

their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject.

BFA

uses

a

“passive”

or

index

approach

to

try

to

achieve

each

Fund’s

investment

objective

following

the

securities

included

in

its

underlying

index

during

upturns

as

well

as

downturns.

BFA

does

not

take

steps

to

reduce

market

exposure

or

to

lessen

the

effects

of

a

declining

market.

Divergence

from

the

underlying

index

and

the

composition

of

the

portfolio

is

monitored

by

BFA.

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Infectious

Illness

Risk:

An

outbreak

of

an

infectious

illness,

such

as

the

COVID-19

pandemic,

may

adversely

impact

the

economies

of

many

nations

and

the

global

economy,

and

may

impact

individual

issuers

and

capital

markets

in

ways

that

cannot

be

foreseen.

An

infectious

illness

outbreak

may

result

in,

among

other

things,

closed

international

borders,

prolonged

quarantines,

supply

chain

disruptions,

market

volatility

or

disruptions

and

other

significant

economic,

social

and

political

impacts.

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

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Biotechnology

...................................................

$

11,213,370,383‌

$

225,705,705‌

$

(3,708,523,852‌)

$

(3,482,818,147‌)

Expanded

Tech

Sector

..............................................

2,789,066,806‌

650,561,205‌

(165,182,729‌)

485,378,476‌

Expanded

Tech-Software

Sector

.......................................

8,275,820,306‌

37,653,042‌

(1,500,046,261‌)

(1,462,393,219‌)

North

American

Natural

Resources

.....................................

668,361,392‌

48,554,868‌

(92,508,317‌)

(43,953,449‌)

North

American

Tech-Multimedia

Networking

...............................

75,783,918‌

3,054,685‌

(22,232,160‌)

(19,177,475‌)

Semiconductor

...................................................

9,953,678,348‌

74,031,027‌

(1,153,981,327‌)

(1,079,950,300‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

53

Notes

to

Financial

Statements

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

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.

11.

Capital

Share

Transactions

Capital

shares

are

issued

and

redeemed

by

each

Fund

only

in

aggregations

of

a

specified

number

of

shares

or

multiples

thereof

(“Creation

Units”)

at

NAV.

Except

when

aggregated

in

Creation

Units,

shares

of

each

Fund

are

not

redeemable.

Transactions

in

capital

shares

were

as

follows:

Six

Months

Ended

09/30/23

Year

Ended

03/31/23

iShares

ETF

Shares

Amount

Shares

Amount

Biotechnology

Shares

sold

16,300,000‌

$

2,105,561,077‌

47,300,000‌

$

5,905,319,995‌

Shares

redeemed

(21,500,000‌)

(2,758,819,893‌)

(51,300,000‌)

(6,370,788,441‌)

(5,200,000‌)

$

(653,258,816‌)

(4,000,000‌)

$

(465,468,446‌)

Expanded

Tech

Sector

Shares

sold

300,000‌

$

111,696,101‌

950,000‌

$

292,277,292‌

Shares

redeemed

(400,000‌)

(151,955,816‌)

(4,250,000‌)

(1,261,444,843‌)

(100,000‌)

$

(40,259,715‌)

(3,300,000‌)

$

(969,167,551‌)

Expanded

Tech-Software

Sector

Shares

sold

11,250,000‌

$

3,792,463,900‌

38,550,000‌

$

10,559,918,140‌

Shares

redeemed

(10,450,000‌)

(3,498,568,476‌)

(36,550,000‌)

(10,019,821,991‌)

800,000‌

$

293,895,424‌

2,000,000‌

$

540,096,149‌

North

American

Natural

Resources

Shares

sold

800,000‌

$

32,834,635‌

8,300,000‌

$

339,579,091‌

Shares

redeemed

(6,850,000‌)

(264,410,152‌)

(11,100,000‌)

(422,788,296‌)

(6,050,000‌)

$

(231,575,517‌)

(2,800,000‌)

$

(83,209,205‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

iShares

Semi-Annual

Report

To

Shareholders

54

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

in

the Trust

generally

consists

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Certain

funds

in

the Trust

may

be

offered

in

Creation

Units

solely

or

partially

for

cash

in

U.S.

dollars.

Investors

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Investors

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

relevant

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

From

time

to

time,

settlement

of

securities

related

to

in-kind

contributions

or

in-kind

redemptions

may

be

delayed.

In

such

cases,

securities

related

to

in-kind

transactions

are

reflected

as

a

receivable

or

a

payable

in

the

Statements

of

Assets

and

Liabilities.

12.

Subsequent

Events

Management’s

evaluation

of

the

impact

of

all

subsequent

events

on

the

Funds'

financial

statements

was

completed

through

the

date

the

financial

statements

were

available

to

be

issued

and

the

following

items

were

noted:

Effective

October

18,

2023,

the

Syndicated

Credit

Agreement

to

which

the

Participating

Funds

are

party

was

amended

to

extend

the

maturity

date

to

October

2024

under

the

same

terms. 

Effective

November

3,

2023,

iShares

Biotechnology

ETF

and

iShares

Semiconductor

ETF’s

underlying

indices

changed

their

names

from

the

ICE

Biotechnology

Index

and

ICE

Semiconductor

Index

to

the

NYSE

Biotechnology

Index

and

NYSE

Semiconductor

Index,

respectively. 

Six

Months

Ended

09/30/23

Year

Ended

03/31/23

iShares

ETF

Shares

Amount

Shares

Amount

North

American

Tech-Multimedia

Networking

Shares

sold

—‌

$

—‌

300,000‌

$

21,073,892‌

Shares

redeemed

(650,000‌)

(43,340,858‌)

(1,000,000‌)

(67,864,738‌)

(650,000‌)

$

(43,340,858‌)

(700,000‌)

$

(46,790,846‌)

Semiconductor

Shares

sold

20,200,000‌

$

9,805,603,650‌

25,800,000‌

$

9,899,375,994‌

Shares

redeemed

(19,900,000‌)

(9,697,679,702‌)

(27,250,000‌)

(10,443,083,276‌)

300,000‌

$

107,923,948‌

(1,450,000‌)

$

(543,707,282‌)

Board

Review

and

Approval

of

Investment

Advisory

Contract

55

Board

Review

and

Approval

of

Investment

Advisory

Contract

iShares

Biotechnology

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust's

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

the

approval

of

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

legal

and

compliance

services;

and

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

on

May

2,

2023

and

May

15,

2023,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel,

and

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

7-8,

2023,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

material

factors,

none

of

which

was

controlling,

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund

:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

other

fund(s)

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2022,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

factors

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided

:

Based

on

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

to

the

iShares

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund,

including

related

programs

implemented

pursuant

to

regulatory

requirements.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies

provided

at

the

May

2,

2023

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates

:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

2023

iShares

Semi-Annual

Report

to

Shareholders

56

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale

:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability

(as

discussed

above),

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

relatively

low

fee

rates

established

at

inception,

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business

and

the

provision

of

improved

or

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

already

provided

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund,

on

an

aggregated

basis

with

the

assets

of

certain

other

iShares

funds,

increase.

The

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

new

or

revised

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates

:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

noted

that

BFA

and

its

affiliates

do

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates

:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

as

applicable

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

further

considered

other

direct

benefits

that

might

accrue

to

BFA,

including

the

potential

for

reduction

in

the

Fund’s

expenses

that

are

borne

by

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

in

part

to

the

size

and

scope

of

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

in

the

iShares

complex)

as

well

as

in

response

to

a

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

by

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

by

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

and

paid

for

by

authorized

participants

under

the

ETF

Servicing

Platform.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion

:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

iShares

Expanded

Tech

Sector

ETF

,

iShares

Expanded

Tech-Software

Sector

ETF,

iShares

North

American

Natural

Resources

ETF,

iShares

Semiconductor

ETF

(each

the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust's

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

the

approval

of

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

57

Board

Review

and

Approval

of

Investment

Advisory

Contract

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

legal

and

compliance

services;

and

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

on

May

2,

2023

and

May

15,

2023,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel,

and

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

7-8,

2023,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

material

factors,

none

of

which

was

controlling,

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund

:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

other

fund(s)

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

for

the

Fund

were

within

range

of

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2022,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

factors

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided

:

Based

on

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

to

the

iShares

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund,

including

related

programs

implemented

pursuant

to

regulatory

requirements.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies

provided

at

the

May

2,

2023

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates

:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

2023

iShares

Semi-Annual

Report

to

Shareholders

58

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale

:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability

(as

discussed

above),

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

relatively

low

fee

rates

established

at

inception,

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business

and

the

provision

of

improved

or

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

already

provided

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund,

on

an

aggregated

basis

with

the

assets

of

certain

other

iShares

funds,

increase.

The

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

new

or

revised

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates

:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

noted

that

BFA

and

its

affiliates

do

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates

:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

as

applicable

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

further

considered

other

direct

benefits

that

might

accrue

to

BFA,

including

the

potential

for

reduction

in

the

Fund’s

expenses

that

are

borne

by

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

in

part

to

the

size

and

scope

of

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

in

the

iShares

complex)

as

well

as

in

response

to

a

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

by

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

by

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

and

paid

for

by

authorized

participants

under

the

ETF

Servicing

Platform.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion

:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

iShares

North

American

Tech-Multimedia

Networking

ETF

(

the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust's

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

the

approval

of

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

legal

and

compliance

services;

and

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

on

May

2,

2023

and

May

15,

2023,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel,

and

requested

certain

additional

information,

which

management

agreed

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

59

Board

Review

and

Approval

of

Investment

Advisory

Contract

to

provide.

At

a

meeting

held

on

June

7-8,

2023,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

material

factors,

none

of

which

was

controlling,

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund

:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

other

fund(s)

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

for

the

Fund

were

higher

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2022,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

factors

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided

:

Based

on

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

to

the

iShares

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund,

including

related

programs

implemented

pursuant

to

regulatory

requirements.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies

provided

at

the

May

2,

2023

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates

:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale

:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability

(as

discussed

above),

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

2023

iShares

Semi-Annual

Report

to

Shareholders

60

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

relatively

low

fee

rates

established

at

inception,

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business

and

the

provision

of

improved

or

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

already

provided

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund,

on

an

aggregated

basis

with

the

assets

of

certain

other

iShares

funds,

increase.

The

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

new

or

revised

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates

:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

noted

that

BFA

and

its

affiliates

do

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates

:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

as

applicable

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

further

considered

other

direct

benefits

that

might

accrue

to

BFA,

including

the

potential

for

reduction

in

the

Fund’s

expenses

that

are

borne

by

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

in

part

to

the

size

and

scope

of

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

in

the

iShares

complex)

as

well

as

in

response

to

a

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

by

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

by

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

and

paid

for

by

authorized

participants

under

the

ETF

Servicing

Platform.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion

:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Supplemental

Information

(unaudited)

61

Supplemental

Information

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.

General

Information

2023

iShares

Semi-Annual

Report

to

Shareholders

62

Electronic

Delivery

Shareholders

can

sign

up

for

e-mail

notifications

announcing

that

the

shareholder

report

or

prospectus

has

been

posted

on

the

iShares

website

at

iShares.com

.

Once

you

have

enrolled,

you

will

no

longer

receive

prospectuses

and

shareholder

reports

in

the

mail.

To

enroll

in

electronic

delivery:

•  

Go

to

icsdelivery.com

.

• 

 If

your

brokerage

firm

is

not

listed,

electronic

delivery

may

not

be

available.

Please

contact

your

broker-dealer

or

financial

advisor.

Householding

Householding

is

an

option

available

to

certain

fund

investors.

Householding

is

a

method

of

delivery,

based

on

the

preference

of

the

individual

investor,

in

which

a

single

copy

of

certain

shareholder

documents

and

Rule

30e-3

notices

can

be

delivered

to

investors

who

share

the

same

address,

even

if

their

accounts

are

registered

under

different

names.

Please

contact

your

broker-dealer

if

you

are

interested

in

enrolling

in

householding

and

receiving

a

single

copy

of

prospectuses

and

other

shareholder

documents,

or

if

you

are

currently

enrolled

in

householding

and

wish

to

change

your

householding

status.

Availability

of

Quarterly

Schedule

of

Investments

The

Funds

file

their

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

their

reports

on

Form

N-PORT.

The

Funds’

Forms

N-PORT

are

available

on

the

SEC’s

website

at

sec.gov

.

Additionally,

each

Fund

makes

its

portfolio

holdings

for

the

first

and

third

quarters

of

each

fiscal

year

available

at

iShares.com/fundreports

.

Availability

of

Proxy

Voting

Policies

and

Proxy

Voting

Records

A

description

of

the

policies

and

procedures

that

the

iShares

Funds

use

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and

information

about

how

the

iShares

Funds

voted

proxies

relating

to

portfolio

securities

during

the

most

recent

twelve-month

period

ending

June

30

is

available

without

charge,

upon

request

(1)

by

calling

toll-free

1-800-474-2737;

(2)

on

the

iShares

website

at

iShares.com

;

and

(3)

on

the

SEC

website

at

sec.gov

.

A

description

of

the

Trust’s policies

and

procedures

with

respect

to

the

disclosure

of each

Fund’s

portfolio

securities

is

available

in

the

Fund

Prospectus. Each

Fund

discloses

its

portfolio

holdings

daily

and

provides

information

regarding

its

top

holdings

in

Fund

fact

sheets

at

iShares.com

.

Glossary

of

Terms

Used

in

this

Report

63

Glossary

of

Terms

Used

in

this

Report

Portfolio

Abbreviation

ADR

American

Depositary

Receipts

CVR

Contingent

Value

Rights

NVS

Non-Voting

Shares

iS-SAR-313-0923

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

ICE

Data

Indices,

LLC

or

S&P

Dow

Jones

Indices

LLC,

nor

do

these

companies

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

companies

listed

above.

©2023

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

of

BlackRock,

Inc.

or

its

subsidiaries.

All

other

marks

are

the

property

of

their

respective

owners.

SEPTEMBER

30,

2023

2023

Semi-Annual

Report

(Unaudited)

iShares

Trust

iShares

S&P

Mid-Cap

400

Growth

ETF

|

IJK

|

NYSE

Arca

iShares

S&P

Mid-Cap

400

Value

ETF

|

IJJ

|

NYSE

Arca

iShares

S&P

Small-Cap

600

Growth

ETF

|

IJT

|

NASDAQ

Dear

Shareholder,

The

combination

of

continued

economic

growth

and

moderating

inflation

provided

a

supportive

backdrop

for

investors

during

the

12-month

reporting

period

ended

September

30,

2023.

Significantly

tighter

monetary

policy

helped

to

rein

in

inflation

while

the

economy

proved

more

resilient

than

many

investors

anticipated.

A

moderating

labor

market

also

helped

ease

inflationary

pressure,

although

wages

continued

to

grow

and

unemployment

rates

touched

the

lowest

levels

in

decades.

This

robust

labor

market

powered

further

growth

in

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

substantial,

as

the

durability

of

consumer

sentiment

and

spending

mitigated

investors’

concerns

about

the

economy’s

trajectory.

The

U.S.

economy

resumed

growth

in

the

third

quarter

of

2022

and

continued

to

expand

thereafter.

All

major

classes

of

equities

rose,

although

large-capitalization

U.S.

stocks

posted

significantly

higher

returns

than

small-capitalization

U.S.

stocks

due

primarily

to

the

performance

of

large

technology

companies.

International

developed

market

equities

also

advanced

strongly,

and

emerging

market

equities

posted

solid

gains.

The

10-year

U.S.

Treasury

yield

rose

during

the

reporting

period,

driving

its

price

down,

as

investors

reacted

to

elevated

inflation

and

attempted

to

anticipate

future

interest

rate

changes.

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

six

times

during

the

12-month

period.

Furthermore,

the

Fed

wound

down

its

bond-buying

programs

and

incrementally

reduced

its

balance

sheet

by

not

replacing

securities

that

reach

maturity.

However,

the

Fed

declined

to

raise

interest

rates

at

two

of

its

meetings

late

in

the

period.

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

decelerated

the

pace

of

interest

rate

hikes

and

recently

opted

for

two

pauses,

we

believe

that

the

new

economic

regime

means

that

the

Fed

will

need

to

maintain

high

rates

for

an

extended

period

to

keep

inflation

under

control.

Furthermore,

ongoing

structural

changes

may

mean

that

the

Fed

will

be

hesitant

to

cut

interest

rates

in

the

event

of

faltering

economic

activity

lest

inflation

accelerate

again.

We

believe

investors

should

expect

a

period

of

higher

volatility

as

markets

adjust

to

the

new

economic

reality

and

policymakers

attempt

to

adapt.

While

we

favor

an

overweight

position

in

developed

market

equities

in

the

long

term,

we

prefer

an

underweight

stance

in

the

near

term.

Expectations

for

corporate

earnings

remain

elevated,

which

seems

inconsistent

with

macroeconomic

constraints.

Nevertheless,

we

are

overweight

on

Japanese

stocks

in

the

near

term

as

shareholder-friendly

policies

generate

increased

investor

interest.

We

also

believe

that

stocks

with

an

AI

tilt

should

benefit

from

an

investment

cycle

that

is

set

to

support

revenues

and

margins.

In

credit,

there

are

selective

opportunities

in

the

near

term

despite

tightening

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,

U.S.

inflation-linked

bonds,

euro

area

government

bonds

and

gilts,

U.S.

mortgage-backed

securities,

and

hard-

currency

emerging

market

bonds.

Overall,

our

view

is

that

investors

need

to

think

globally,

position

themselves

to

be

prepared

for

a

decarbonizing

economy,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

iShares.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock,

Inc.

The

Markets

in

Review

Rob

Kapito

President,

BlackRock,

Inc.

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Total

Returns

as

of

September

30,

2023

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

5.18

%

21.62

%

U.S.

small

cap

equities

(Russell

2000

®

Index)

(0.19

)

8.93

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

(1.28

)

25.65

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

(2.05

)

11.70

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

2.50

4.47

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(6.98

)

(2.90

)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

(4.05

)

0.64

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

(4.05

)

2.66

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

2.22

10.28

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

...................................................................................................

2

Semi-Annual

Report:

Fund

Summary

........................................................................................................

4

About

Fund

Performance

..................................................................................................

7

Disclosure

of Expenses

...................................................................................................

7

Schedules

of

Investments

(unaudited)

.................................................................................................

8

Financial

Statements:

Statements

of

Assets

and

Liabilities

.........................................................................................

32

Statements

of

Operations

................................................................................................

33

Statements

of

Changes

in

Net

Assets

........................................................................................

34

Financial

Highlights

.....................................................................................................

36

Notes

to

Financial

Statements

...............................................................................................

39

Board

Review

and

Approval

of

Investment

Advisory

Contract

............................................................................

48

Supplemental

Information

.................................................................................................

54

General

Information

.....................................................................................................

55

Glossary

of

Terms

Used

in

this

Report

..........................................................................................

56

Fund

Summary

as

of

September

30,

2023

2023

iShares

Semi-Annual

Report

To

Shareholders

4

iShares

®

S&P

Mid-Cap

400

Growth

ETF

Investment

Objective

The

iShares

S&P

Mid-Cap

400

Growth

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

mid-capitalization

U.S.

equities

that

exhibit

growth

characteristics,

as

represented

by

the

S&P

MidCap

400

Growth

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

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.66‌%

16.04‌%

5.43‌%

8.68‌%

16.04‌%

30.28‌%

129.97‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.62‌

15.96‌

5.41‌

8.67‌

15.96‌

30.16‌

129.72‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.74‌

16.21‌

5.63‌

8.89‌

16.21‌

31.51‌

134.46‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,016.60‌

$

0.86‌

$

1,000.00‌

$

1,024.15‌

$

0.86‌

0.17‌%

(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.

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Industrials

......................................

24.7‌

%

Consumer

Discretionary

............................

12.3‌

Financials

......................................

11.1‌

Health

Care

....................................

10.3‌

Information

Technology

.............................

10.2‌

Energy

........................................

9.2‌

Materials

......................................

8.1‌

Real

Estate

.....................................

4.5‌

Consumer

Staples

................................

4.4‌

Utilities

........................................

3.5‌

Communication

Services

............................

1.7‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Hubbell,

Inc.

.....................................

1.4‌

%

Builders

FirstSource

,

Inc.

............................

1.3‌

Reliance

Steel

&

Aluminum

Co.

........................

1.3‌

Deckers

Outdoor

Corp.

..............................

1.1‌

Carlisle

Cos.,

Inc.

.................................

1.1‌

Watsco

,

Inc.

.....................................

1.1‌

RPM

International,

Inc.

..............................

1.0‌

Lattice

Semiconductor

Corp.

..........................

1.0‌

Dynatrace

,

Inc.

...................................

0.9‌

Neurocrine

Biosciences,

Inc.

..........................

0.9‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

September

30,

2023

5

Fund

Summary

iShares

®

S&P

Mid-Cap

400

Value

ETF

Investment

Objective

The

iShares

S&P

Mid-Cap

400

Value

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

mid-capitalization

U.S.

equities

that

exhibit

value

characteristics,

as

represented

by

the

S&P

MidCap

400

Value

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

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(1.00‌)%

14.37‌%

5.86‌%

8.42‌%

14.37‌%

32.95‌%

124.48‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(0.89‌)

14.31‌

5.86‌

8.42‌

14.31‌

32.93‌

124.51‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(0.93‌)

14.50‌

6.06‌

8.64‌

14.50‌

34.22‌

129.04‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

990.00‌

$

0.90‌

$

1,000.00‌

$

1,024.10‌

$

0.91‌

0.18‌%

(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.

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Industrials

......................................

19.4‌

%

Financials

......................................

18.5‌

Consumer

Discretionary

............................

17.1‌

Information

Technology

.............................

11.2‌

Real

Estate

.....................................

10.5‌

Health

Care

....................................

6.2‌

Materials

......................................

5.8‌

Consumer

Staples

................................

4.3‌

Utilities

........................................

3.2‌

Energy

........................................

2.1‌

Communication

Services

............................

1.7‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Jabil,

Inc.

.......................................

1.6‌

%

Equity

LifeStyle

Properties,

Inc.

........................

1.1‌

Chesapeake

Energy

Corp.

...........................

0.9‌

Reinsurance

Group

of

America,

Inc.

.....................

0.9‌

Regal

Rexnord

Corp.

...............................

0.9‌

Unum

Group

.....................................

0.9‌

XPO,

Inc.

.......................................

0.8‌

New

York

Community

Bancorp,

Inc.

.....................

0.8‌

Lithia

Motors,

Inc.

.................................

0.8‌

Toll

Brothers,

Inc.

..................................

0.8‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

September

30,

2023

2023

iShares

Semi-Annual

Report

To

Shareholders

6

iShares

®

S&P

Small-Cap

600

Growth

ETF

Investment

Objective

The

iShares

S&P

Small-Cap

600

Growth

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

small-capitalization

U.S.

equities

that

exhibit

growth

characteristics,

as

represented

by

the

S&P

SmallCap

600

Growth

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

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.29‌%

9.46‌%

2.68‌%

8.34‌%

9.46‌%

14.16‌%

122.84‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.39‌

9.22‌

2.67‌

8.34‌

9.22‌

14.08‌

122.72‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.32‌

9.62‌

2.91‌

8.55‌

9.62‌

15.45‌

127.09‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,002.90‌

$

0.90‌

$

1,000.00‌

$

1,024.10‌

$

0.91‌

0.18‌%

(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.

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Industrials

......................................

19.1‌

%

Information

Technology

.............................

18.2‌

Financials

......................................

14.8‌

Health

Care

....................................

13.3‌

Consumer

Discretionary

............................

8.8‌

Consumer

Staples

................................

6.4‌

Materials

......................................

6.4‌

Energy

........................................

5.5‌

Real

Estate

.....................................

3.3‌

Utilities

........................................

2.6‌

Communication

Services

............................

1.6‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Rambus,

Inc.

....................................

1.2‌

%

SPS

Commerce,

Inc.

...............................

1.2‌

Applied

Industrial

Technologies,

Inc.

.....................

1.2‌

Ensign

Group,

Inc.

(The)

.............................

1.2‌

Comfort

Systems

USA,

Inc.

...........................

1.1‌

Axcelis

Technologies,

Inc.

............................

1.0‌

Onto

Innovation,

Inc.

...............................

0.9‌

Fabrinet

........................................

0.9‌

Aerojet

Rocketdyne

Holdings,

Inc.

......................

0.9‌

Diodes,

Inc.

.....................................

0.9‌

(a)

Excludes

money

market

funds.

About

Fund

Performance

7

About

Fund

Performance/Disclosure

of

Expenses

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time

and

may

continue

to

affect

adversely

the

value

and

liquidity

of

each

Fund’s

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Performance

data

current

to

the

most

recent

month-end

is

available

at

iShares.com

.

Performance

results

assume

reinvestment

of

all

dividends

and

capital

gain

distributions

and

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

The

investment

return

and

principal

value

of

shares

will

vary

with

changes

in

market

conditions.

Shares

may

be

worth

more

or

less

than

their

original

cost

when

they

are

redeemed

or

sold

in

the

market.

Performance

for

certain

funds

may

reflect

a

waiver

of

a

portion

of

investment

advisory

fees.

Without

such

a

waiver,

performance

would

have

been

lower.

Net

asset

value

or

“NAV”

is

the

value

of

one

share

of

a

fund

as

calculated

in

accordance

with

the

standard

formula

for

valuing

mutual

fund

shares.

Beginning

August

10,

2020,

the

price

used

to

calculate

market

return

(“Market

Price”)

is

the

closing

price.

Prior

to

August

10,

2020,

Market Price

was

determined

using

the

midpoint

between

the

highest

bid

and

the

lowest

ask

on

the

primary

stock

exchange

on

which

shares

of

a

fund

are

listed

for

trading,

as

of

the

time

that

such

fund’s

NAV

is

calculated. Market

and

NAV

returns

assume

that

dividends

and

capital

gain

distributions

have

been

reinvested

at

Market

Price

and

NAV,

respectively.

An

index

is

a

statistical

composite

that

tracks

a

specified

financial

market

or

sector.

Unlike

a

fund,

an

index

does

not

actually

hold

a

portfolio

of

securities

and

therefore

does

not

incur

the

expenses

incurred

by

a

fund.

These

expenses

negatively

impact

fund

performance.

Also,

market

returns

do

not

include

brokerage

commissions

that

may

be

payable

on

secondary

market

transactions.

If

brokerage

commissions

were

included,

market

returns

would

be

lower.

Disclosure

of Expenses

Shareholders

of each

Fund

may

incur

the

following

charges: (1)

transactional

expenses,

including

brokerage

commissions

on

purchases

and

sales

of

fund

shares

and

(2)

ongoing

expenses,

including

management

fees

and

other

fund

expenses.

The

expense

examples

shown (which are

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period) are

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in each

Fund and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

funds.

The

expense

examples

provide information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to estimate

the

expenses

a

shareholder paid during

the period

covered

by

this

report,

shareholders

can divide their

account

value

by

$1,000 and

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

the

Period.”

The

expense

examples also

provide

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on a

fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the ongoing expenses

of

investing

in the

Funds

and

other

funds, compare

the

5%

hypothetical

examples

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

expenses

shown

in

the

expense

examples are

intended

to highlight shareholders’

ongoing

costs

only

and

do

not

reflect

any

transactional

expenses,

such

as

brokerage

commissions

and

other

fees

paid

on

purchases

and

sales

of

fund

shares.

Therefore,

the

hypothetical

examples are

useful

in

comparing

ongoing expenses

only

and

will

not

help

shareholders determine

the

relative

total expenses

of

owning

different

funds. If

these

transactional expenses

were

included, shareholder

expenses would

have

been

higher.

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

September

30,

2023

iShares

®

S&P

Mid-Cap

400

Growth

ETF

8

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.2%

BWX

Technologies,

Inc.

..............

559,837

$

41,976,578

Curtiss-Wright

Corp.

.................

234,454

45,866,236

87,842,814

Automobile

Components

—

1.2%

Autoliv

,

Inc.

.......................

148,749

14,351,303

Fox

Factory

Holding

Corp.

(a)(b)

..........

259,323

25,693,723

Gentex

Corp.

.....................

657,246

21,386,785

Visteon

Corp.

(b)

....................

172,598

23,830,606

85,262,417

Automobiles

—

0.2%

Harley-Davidson,

Inc.

................

497,181

16,436,804

Banks

—

2.4%

Columbia

Banking

System,

Inc.

.........

662,917

13,457,215

Commerce

Bancshares,

Inc.

...........

472,301

22,661,002

Cullen/Frost

Bankers,

Inc.

.............

262,961

23,984,673

East

West

Bancorp,

Inc.

..............

441,652

23,279,477

First

Financial

Bankshares

,

Inc.

.........

417,917

10,498,075

First

Horizon

Corp.

..................

2,256,973

24,871,842

Glacier

Bancorp,

Inc.

................

366,463

10,444,196

Hancock

Whitney

Corp.

..............

258,305

9,554,702

International

Bancshares

Corp.

.........

199,235

8,634,845

SouthState

Corp.

...................

265,170

17,861,851

United

Bankshares

,

Inc.

..............

397,568

10,968,901

176,216,779

Beverages

—

0.9%

(a)(b)

Boston

Beer

Co.,

Inc.

(The),

Class

A

......

39,921

15,550,427

Celsius

Holdings,

Inc.

................

301,202

51,686,263

67,236,690

Biotechnology

—

2.9%

(b)

Arrowhead

Pharmaceuticals,

Inc.

(a)

.......

314,927

8,462,088

Exelixis

,

Inc.

......................

1,948,720

42,579,532

Halozyme

Therapeutics,

Inc.

...........

807,451

30,844,628

Neurocrine

Biosciences,

Inc.

...........

597,700

67,241,250

United

Therapeutics

Corp.

.............

287,264

64,884,320

214,011,818

Broadline

Retail

—

0.2%

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)(b)

....

185,219

14,295,202

Building

Products

—

5.4%

Advanced

Drainage

Systems,

Inc.

.......

326,367

37,150,356

Builders

FirstSource

,

Inc.

(a)(b)

...........

765,316

95,274,189

Carlisle

Cos.,

Inc.

..................

305,540

79,214,300

Lennox

International,

Inc.

.............

121,293

45,416,951

Owens

Corning

....................

296,918

40,502,584

Simpson

Manufacturing

Co.,

Inc.

........

261,189

39,128,724

Trex

Co.,

Inc.

(a)(b)

...................

352,176

21,704,607

UFP

Industries,

Inc.

.................

378,658

38,774,579

397,166,290

Capital

Markets

—

2.6%

Affiliated

Managers

Group,

Inc.

.........

141,578

18,453,277

Evercore

,

Inc.,

Class

A

...............

106,649

14,704,764

Federated

Hermes,

Inc.,

Class

B

........

372,261

12,608,480

Interactive

Brokers

Group,

Inc.,

Class

A

....

366,657

31,737,830

Jefferies

Financial

Group,

Inc.

..........

1,081,736

39,623,990

Morningstar,

Inc.

...................

159,255

37,303,891

SEI

Investments

Co.

.................

615,696

37,083,370

191,515,602

Security

Shares

Shares

Value

Chemicals

—

3.0%

Ashland,

Inc.

......................

210,133

$

17,163,663

Axalta

Coating

Systems

Ltd.

(a)(b)

.........

610,639

16,426,189

Cabot

Corp.

......................

342,375

23,716,316

Chemours

Co.

(The)

.................

516,612

14,490,967

NewMarket

Corp.

...................

22,819

10,383,558

Olin

Corp.

........................

770,145

38,491,847

RPM

International,

Inc.

...............

789,891

74,889,566

Westlake

Corp.

....................

195,384

24,358,523

219,920,629

Commercial

Services

&

Supplies

—

1.5%

Brink's

Co.

(The)

...................

133,555

9,701,435

Clean

Harbors,

Inc.

(a)(b)

...............

308,242

51,587,381

MSA

Safety,

Inc.

...................

124,364

19,605,985

Tetra

Tech,

Inc.

....................

185,765

28,241,853

109,136,654

Communications

Equipment

—

0.2%

Calix,

Inc.

(a)(b)

......................

361,274

16,560,800

Construction

&

Engineering

—

1.8%

AECOM

.........................

458,519

38,075,418

EMCOR

Group,

Inc.

.................

288,500

60,697,515

Valmont

Industries,

Inc.

...............

128,615

30,894,609

129,667,542

Construction

Materials

—

0.5%

Eagle

Materials,

Inc.

.................

216,869

36,113,026

Consumer

Finance

—

0.7%

Ally

Financial,

Inc.

..................

332,302

8,865,817

FirstCash

Holdings,

Inc.

..............

226,396

22,725,631

SLM

Corp.

.......................

1,383,778

18,847,056

50,438,504

Consumer

Staples

Distribution

&

Retail

—

2.0%

BJ's

Wholesale

Club

Holdings,

Inc.

(a)(b)

.....

468,788

33,457,399

Casey's

General

Stores,

Inc.

...........

228,854

62,138,438

Performance

Food

Group

Co.

(b)

.........

430,076

25,314,273

Sprouts

Farmers

Market,

Inc.

(a)(b)

........

336,917

14,420,048

US

Foods

Holding

Corp.

(a)(b)

............

389,291

15,454,853

150,785,011

Containers

&

Packaging

—

1.9%

AptarGroup,

Inc.

...................

188,820

23,610,053

Berry

Global

Group,

Inc.

..............

318,057

19,690,909

Crown

Holdings,

Inc.

................

287,999

25,482,151

Graphic

Packaging

Holding

Co.

.........

1,335,050

29,744,914

Silgan

Holdings,

Inc.

.................

511,441

22,048,221

Sonoco

Products

Co.

................

305,776

16,618,926

137,195,174

Diversified

Consumer

Services

—

1.5%

Grand

Canyon

Education,

Inc.

(a)(b)

........

182,526

21,333,639

H&R

Block,

Inc.

....................

932,087

40,135,666

Service

Corp.

International

............

923,353

52,760,391

114,229,696

Diversified

Telecommunication

Services

—

0.5%

Iridium

Communications,

Inc.

...........

765,402

34,818,137

Electric

Utilities

—

1.0%

IDACORP,

Inc.

....................

164,194

15,376,768

OGE

Energy

Corp.

..................

1,225,900

40,859,247

PNM

Resources,

Inc.

................

325,651

14,527,291

70,763,306

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

S&P

Mid-Cap

400

Growth

ETF

Schedules

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Electrical

Equipment

—

2.6%

Acuity

Brands,

Inc.

..................

95,459

$

16,257,622

Hubbell,

Inc.

......................

328,260

102,879,967

nVent

Electric

plc

...................

1,014,662

53,766,939

Sensata

Technologies

Holding

plc

........

363,397

13,743,675

Vicor

Corp.

(a)(b)

.....................

59,129

3,482,107

190,130,310

Electronic

Equipment,

Instruments

&

Components

—

1.9%

Belden,

Inc.

(a)

.....................

258,888

24,995,637

Cognex

Corp.

.....................

548,369

23,272,780

Crane

NXT

Co.

....................

147,746

8,210,245

Littelfuse

,

Inc.

.....................

94,461

23,362,095

National

Instruments

Corp.

............

466,820

27,831,808

Novanta

,

Inc.

(a)(b)

...................

219,171

31,437,888

139,110,453

Energy

Equipment

&

Services

—

2.2%

ChampionX

Corp.

(a)

.................

1,203,223

42,858,803

NOV,

Inc.

........................

2,410,197

50,373,117

Valaris

Ltd.

(b)

......................

389,459

29,201,636

Weatherford

International

plc

(b)

..........

441,151

39,849,170

162,282,726

Entertainment

—

0.4%

TKO

Group

Holdings,

Inc.

(a)

............

320,677

26,956,109

Financial

Services

—

0.8%

(a)(b)

Euronet

Worldwide,

Inc.

..............

141,972

11,269,737

WEX,

Inc.

........................

262,909

49,450,554

60,720,291

Food

Products

—

1.2%

Darling

Ingredients,

Inc.

(a)(b)

............

976,199

50,957,588

Flowers

Foods,

Inc.

.................

741,523

16,446,980

Lancaster

Colony

Corp.

..............

124,656

20,571,980

87,976,548

Gas

Utilities

—

0.9%

National

Fuel

Gas

Co.

...............

393,399

20,421,342

New

Jersey

Resources

Corp.

...........

388,147

15,770,412

ONE

Gas,

Inc.

.....................

339,388

23,173,413

Spire,

Inc.

........................

157,764

8,926,287

68,291,454

Ground

Transportation

—

1.7%

Avis

Budget

Group,

Inc.

(a)(b)

............

120,926

21,729,193

Knight-Swift

Transportation

Holdings,

Inc.

..

493,617

24,754,893

Landstar

System,

Inc.

................

220,015

38,929,454

Saia,

Inc.

(b)

.......................

92,576

36,905,422

122,318,962

Health

Care

Equipment

&

Supplies

—

3.0%

(b)

Globus

Medical,

Inc.,

Class

A

(a)

.........

718,370

35,667,070

Haemonetics

Corp.

(a)

................

310,394

27,805,094

Inari

Medical,

Inc.

(a)

.................

312,421

20,432,333

Lantheus

Holdings,

Inc.

(a)

.............

418,847

29,101,490

Masimo

Corp.

.....................

171,082

15,000,470

Penumbra,

Inc.

....................

148,215

35,854,691

QuidelOrtho

Corp.

(a)

.................

165,961

12,121,791

Shockwave

Medical,

Inc.

..............

224,936

44,784,758

220,767,697

Health

Care

Providers

&

Services

—

2.1%

Acadia

Healthcare

Co.,

Inc.

(a)(b)

..........

327,212

23,006,276

Chemed

Corp.

.....................

62,752

32,612,214

Encompass

Health

Corp.

.............

282,203

18,952,753

HealthEquity

,

Inc.

(a)(b)

................

523,144

38,215,669

Option

Care

Health,

Inc.

(b)

.............

1,100,976

35,616,574

Security

Shares

Shares

Value

Health

Care

Providers

&

Services

(continued)

Progyny

,

Inc.

(a)(b)

...................

187,684

$

6,385,010

154,788,496

Health

Care

REITs

—

0.3%

Omega

Healthcare

Investors,

Inc.

........

734,408

24,352,969

Health

Care

Technology

—

0.1%

Doximity

,

Inc.,

Class

A

(a)(b)

.............

453,259

9,618,156

Hotels,

Restaurants

&

Leisure

—

3.8%

Aramark

.........................

655,103

22,732,074

Boyd

Gaming

Corp.

.................

256,428

15,598,515

Choice

Hotels

International,

Inc.

(a)

........

91,247

11,178,670

Churchill

Downs,

Inc.

(a)

...............

417,009

48,389,724

Hilton

Grand

Vacations,

Inc.

(a)(b)

.........

226,722

9,227,586

Light

&

Wonder,

Inc.,

Class

A

(a)(b)

........

256,545

18,299,355

Planet

Fitness,

Inc.,

Class

A

(b)

..........

351,950

17,308,901

Texas

Roadhouse,

Inc.

...............

408,546

39,261,271

Vail

Resorts,

Inc.

...................

122,709

27,227,900

Wendy's

Co.

(The)

..................

1,037,604

21,177,498

Wingstop

,

Inc.

.....................

183,487

32,998,302

Wyndham

Hotels

&

Resorts,

Inc.

........

268,171

18,648,611

282,048,407

Household

Durables

—

1.0%

Tempur

Sealy

International,

Inc.

.........

1,053,724

45,668,398

TopBuild

Corp.

(b)

...................

103,019

25,919,581

71,587,979

Independent

Power

and

Renewable

Electricity

Producers

—

0.8%

Ormat

Technologies,

Inc.

(a)

............

193,555

13,533,366

Vistra

Corp.

......................

1,374,623

45,609,991

59,143,357

Industrial

REITs

—

1.3%

EastGroup

Properties,

Inc.

............

152,831

25,450,946

First

Industrial

Realty

Trust,

Inc.

.........

412,840

19,647,056

Rexford

Industrial

Realty,

Inc.

..........

720,237

35,543,696

STAG

Industrial,

Inc.

................

494,853

17,077,377

97,719,075

Insurance

—

3.8%

American

Financial

Group,

Inc.

.........

182,319

20,359,563

Erie

Indemnity

Co.,

Class

A,

NVS

........

152,663

44,850,863

Fidelity

National

Financial,

Inc.,

Class

A

....

232,155

9,588,001

Hanover

Insurance

Group,

Inc.

(The)

.....

129,073

14,324,522

Kinsale

Capital

Group,

Inc.

(a)

...........

134,680

55,775,028

Primerica,

Inc.

.....................

151,055

29,306,181

RenaissanceRe

Holdings

Ltd.

..........

175,431

34,721,303

RLI

Corp.

........................

245,591

33,373,361

Selective

Insurance

Group,

Inc.

.........

370,713

38,246,460

280,545,282

Interactive

Media

&

Services

—

0.2%

ZoomInfo

Technologies,

Inc.

(a)(b)

.........

971,116

15,926,302

IT

Services

—

0.9%

GoDaddy

,

Inc.,

Class

A

(a)(b)

.............

898,595

66,927,356

Leisure

Products

—

0.7%

Brunswick

Corp.

...................

252,186

19,922,694

Polaris,

Inc.

.......................

169,603

17,662,457

YETI

Holdings,

Inc.

(a)(b)

...............

291,729

14,067,172

51,652,323

Life

Sciences

Tools

&

Services

—

1.4%

Bruker

Corp.

......................

355,314

22,136,062

Medpace

Holdings,

Inc.

(a)(b)

............

142,171

34,423,864

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

S&P

Mid-Cap

400

Growth

ETF

10

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Life

Sciences

Tools

&

Services

(continued)

Repligen

Corp.

(a)(b)

..................

317,378

$

50,466,276

107,026,202

Machinery

—

4.9%

AGCO

Corp.

......................

197,811

23,397,085

Chart

Industries,

Inc.

(a)(b)

..............

115,607

19,551,456

Crane

Co.

........................

149,177

13,252,884

Donaldson

Co.,

Inc.

.................

474,936

28,325,183

Graco

,

Inc.

.......................

672,333

48,999,629

ITT,

Inc.

.........................

231,155

22,632,386

Lincoln

Electric

Holdings,

Inc.

..........

351,409

63,882,642

Middleby

Corp.

(The)

(a)(b)

..............

157,483

20,157,824

RBC

Bearings,

Inc.

(a)(b)

...............

177,844

41,638,616

Timken

Co.

(The)

...................

195,914

14,397,720

Toro

Co.

(The)

.....................

635,979

52,849,855

Watts

Water

Technologies,

Inc.,

Class

A

....

87,151

15,061,436

364,146,716

Media

—

0.7%

New

York

Times

Co.

(The),

Class

A

.......

500,546

20,622,495

Nexstar

Media

Group,

Inc.

.............

203,996

29,246,907

49,869,402

Metals

&

Mining

—

2.4%

Commercial

Metals

Co.

...............

400,296

19,778,625

MP

Materials

Corp.,

Class

A

(a)(b)

.........

880,745

16,822,230

Reliance

Steel

&

Aluminum

Co.

.........

358,411

93,986,117

Royal

Gold,

Inc.

....................

402,064

42,751,465

Worthington

Industries,

Inc.

............

91,199

5,637,922

178,976,359

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.8%

Annaly

Capital

Management,

Inc.

........

3,023,071

56,863,966

Multi-Utilities

—

0.1%

Black

Hills

Corp.

...................

214,320

10,842,449

Office

REITs

—

0.1%

COPT

Defense

Properties

.............

358,173

8,535,263

Oil,

Gas

&

Consumable

Fuels

—

6.9%

Antero

Midstream

Corp.

..............

2,084,541

24,972,801

Antero

Resources

Corp.

(b)

.............

1,728,251

43,863,010

Chord

Energy

Corp.

.................

193,192

31,310,627

Civitas

Resources,

Inc.

...............

522,235

42,233,145

CNX

Resources

Corp.

(a)(b)

.............

988,282

22,315,408

DT

Midstream,

Inc.

..................

593,110

31,387,381

Equitrans

Midstream

Corp.

............

1,224,113

11,469,939

HF

Sinclair

Corp.

...................

391,712

22,300,164

Matador

Resources

Co.

..............

678,222

40,340,645

Murphy

Oil

Corp.

...................

907,991

41,177,392

Ovintiv

,

Inc.

.......................

1,195,958

56,891,722

PBF

Energy,

Inc.,

Class

A

.............

673,276

36,040,464

Permian

Resources

Corp.,

Class

A

.......

1,138,610

15,894,996

Range

Resources

Corp.

..............

1,477,247

47,877,575

Southwestern

Energy

Co.

(a)(b)

...........

6,741,743

43,484,242

511,559,511

Paper

&

Forest

Products

—

0.3%

Louisiana-Pacific

Corp.

...............

392,798

21,709,945

Personal

Care

Products

—

0.2%

BellRing

Brands,

Inc.

(b)

...............

329,506

13,585,532

Pharmaceuticals

—

0.7%

Jazz

Pharmaceuticals

plc

(b)

............

386,431

50,019,629

Security

Shares

Shares

Value

Professional

Services

—

4.0%

CACI

International,

Inc.,

Class

A

(a)(b)

......

89,310

$

28,037,088

Concentrix

Corp.

(a)

..................

264,450

21,185,090

ExlService

Holdings,

Inc.

(b)

............

1,014,337

28,442,010

Exponent,

Inc.

.....................

214,750

18,382,600

FTI

Consulting,

Inc.

(a)(b)

...............

208,282

37,159,592

Genpact

Ltd.

......................

581,977

21,067,567

Insperity

,

Inc.

......................

221,784

21,646,118

KBR,

Inc.

........................

825,783

48,671,650

Paylocity

Holding

Corp.

(b)

.............

263,553

47,887,580

Science

Applications

International

Corp.

...

220,148

23,234,420

295,713,715

Retail

REITs

—

0.8%

Agree

Realty

Corp.

.................

406,572

22,459,037

Brixmor

Property

Group,

Inc.

...........

901,524

18,733,669

NNN

REIT,

Inc.

....................

591,738

20,912,021

62,104,727

Semiconductors

&

Semiconductor

Equipment

—

3.0%

Allegro

MicroSystems

,

Inc.

(a)(b)

..........

169,260

5,406,164

Amkor

Technology,

Inc.

...............

631,321

14,267,855

Cirrus

Logic,

Inc.

(a)(b)

.................

334,864

24,766,541

Lattice

Semiconductor

Corp.

(a)(b)

.........

843,661

72,495,790

MACOM

Technology

Solutions

Holdings,

Inc.

(a)

(b)

...........................

330,218

26,939,184

Power

Integrations,

Inc.

..............

351,292

26,807,093

Silicon

Laboratories,

Inc.

(a)(b)

............

103,737

12,022,081

Universal

Display

Corp.

..............

167,963

26,368,511

Wolfspeed

,

Inc.

(a)(b)

..................

342,407

13,045,707

222,118,926

Software

—

3.3%

Blackbaud

,

Inc.

(b)

...................

121,304

8,530,097

CommVault

Systems,

Inc.

(b)

............

180,611

12,211,110

Dolby

Laboratories,

Inc.,

Class

A

........

178,530

14,150,288

Dropbox,

Inc.,

Class

A

(a)(b)

.............

1,578,380

42,979,287

Dynatrace

,

Inc.

(a)(b)

..................

1,454,067

67,948,551

Envestnet

,

Inc.

(b)

...................

150,156

6,611,369

Manhattan

Associates,

Inc.

(a)(b)

..........

218,926

43,272,913

Qualys

,

Inc.

(a)(b)

....................

224,704

34,278,595

Teradata

Corp.

(b)

...................

280,715

12,637,789

242,619,999

Specialized

REITs

—

1.8%

CubeSmart

.......................

743,036

28,331,963

Gaming

&

Leisure

Properties,

Inc.

.......

1,060,980

48,327,639

Lamar

Advertising

Co.,

Class

A

.........

300,052

25,045,340

National

Storage

Affiliates

Trust

.........

238,744

7,577,735

PotlatchDeltic

Corp.

.................

278,273

12,630,812

Rayonier,

Inc.

.....................

458,542

13,050,105

134,963,594

Specialty

Retail

—

2.1%

AutoNation,

Inc.

(a)(b)

.................

75,905

11,492,017

Dick's

Sporting

Goods,

Inc.

............

191,765

20,821,844

Five

Below,

Inc.

(a)(b)

..................

235,085

37,825,177

Murphy

USA,

Inc.

(a)

.................

119,490

40,833,318

Valvoline,

Inc.

(a)

....................

389,676

12,563,154

Williams-Sonoma,

Inc.

...............

188,681

29,321,027

152,856,537

Technology

Hardware,

Storage

&

Peripherals

—

0.8%

Super

Micro

Computer,

Inc.

(a)(b)

..........

223,600

61,315,592

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

S&P

Mid-Cap

400

Growth

ETF

Schedules

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

September

30,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Textiles,

Apparel

&

Luxury

Goods

—

1.6%

(b)

Crocs,

Inc.

(a)

......................

377,305

$

33,289,620

Deckers

Outdoor

Corp.

...............

159,959

82,233,322

115,522,942

Trading

Companies

&

Distributors

—

1.6%

GATX

Corp.

......................

112,426

12,235,322

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

....

144,937

14,225,567

Watsco

,

Inc.

......................

205,277

77,537,228

WESCO

International,

Inc.

.............

121,738

17,508,359

121,506,476

Water

Utilities

—

0.7%

Essential

Utilities,

Inc.

................

1,489,449

51,132,784

Total

Long-Term

Investments

—

99.5%

(Cost:

$6,437,284,289)

...........................

7,345,467,413

Short-Term

Securities

Money

Market

Funds

—

7.0%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.54%

(e)

............

453,530,445

453,711,857

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

5.31%

..................

65,857,923

65,857,923

Total

Short-Term

Securities

—

7.0%

(Cost:

$519,279,864)

.............................

519,569,780

Total

Investments

—

106.5%

(Cost:

$6,956,564,153

)

...........................

7,865,037,193

Liabilities

in

Excess

of

Other

Assets

—

(6.5)%

............

(480,387,984)

Net

Assets

—

100.0%

..............................

$

7,384,649,209

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Non-income

producing

security.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

03/31/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/23

Shares

Held

at

09/30/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

464,469,730

$

—

$

(10,810,496)

(a)

$

33,703

$

18,920

$

453,711,857

453,530,445

$

569,466

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

8,491,759

57,366,164

(a)

—

—

—

65,857,923

65,857,923

323,342

—

$

33,703

$

18,920

$

519,569,780

$

892,808

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

S&P

Mid-Cap

400

Growth

ETF

12

(a)

The

Fund

receives

the

total

return

on

a

portfolio

of

long

positions

underlying the

total

return

swap.

The

Fund

pays

the

total

return

on

a

portfolio

of

short

positions

underlying

the

total

return

swap.

In

addition,

the

Fund

pays

or

receives

a

variable

rate

of

interest,

based

on

a

specified

benchmark.

The

benchmark

and

spread

are

determined

based

upon

the

country

and/or

currency

of

the

individual

underlying

positions.

The

following

are

the

specified

benchmarks

(plus

or

minus

a

range)

used

in

determining

the

variable

rate

of

interest:

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

S&P

Midcap

400

E-Mini

Index

.................................................

48

12/15/23

$

12,098

$

(79,907)

OTC

Total

Return

Swaps

Reference

Entity

Payment

Frequency

Counterparty

(a)

Termination

Date

Net

Notional

Accrued

Unrealized

Appreciation

(Depreciation)

Net

Value

of

Reference

Entity

Gross

Notional

Amount

Net

Asset

Percentage

Equity

Securities

Long/Short

...

Monthly

Goldman

Sachs

Bank

USA

(b)

08/19/26

$

25,975,725

$

(1,017,041)

(c)

$

25,053,654

0.4

%

Monthly

JPMorgan

Chase

Bank

NA

(d)

02/08/24

66,858

(8,919)

(e)

58,120

0.0

$

(1,025,960)

$

25,111,774

(b)

(d)

Range:

40

basis

points

40

basis

points

Benchmarks:

USD

-

1D

Overnight

Fed

Funds

Effective

Rate

(FEDL01)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

(b)

Goldman

Sachs

USA

(c)

Amount

includes

$(94,970)

of

net

dividends

and

financing

fees.

(d)

JPMChase

(e)

Amount

includes

$(181)

of

net

dividends

and

financing

fees.

The

following

table

represents

the

individual

long

positions

and

related

values

of

the

equity

securities

underlying

the

total

return

swap

with

Goldman

Sachs

Bank

USA,

as

of

period

end,

termination

date

August

19,

2026:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Insurance

$

Fidelity

National

Financial,

Inc.

606,626

$

25,053,654

100.0

%

Net

Value

of

Reference

Entity

—

Goldman

Sachs

Bank

USA

.........................

$

25,053,654

The

following

table

represents

the

individual

long

positions

and

related

values

of

the

equity

securities

underlying

the

total

return

swap

with

JPMorgan

Chase

Bank

NA,

as

of

period

end,

termination

date

February

8,

2024:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Software

$

Envestnet

,

Inc.

...........

1,320

$

58,120

100.0

%

Net

Value

of

Reference

Entity

—

JPMorgan

Chase

Bank

NA

..........................

$

58,120

Balances

Reported

in

the

Statements

of

Assets

and

Liabilities

for

OTC

Swaps

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

OTC

Swaps

...................................................................

$

—

$

—

$

—

$

(1,025,960)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

S&P

Mid-Cap

400

Growth

ETF

Schedules

of

Investments

13

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

79,907

$

—

$

—

$

—

$

79,907

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

—

1,025,960

—

—

—

1,025,960

$

—

$

—

$

1,105,867

$

—

$

—

$

—

$

1,105,867

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

September

30,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

287,748

$

—

$

—

$

—

$

287,748

Swaps

..............................

—

—

(425,636)

—

—

—

(425,636)

$

—

$

—

$

(137,888)

$

—

$

—

$

—

$

(137,888)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

(374,907)

$

—

$

—

$

—

$

(374,907)

Swaps

..............................

—

—

(1,046,589)

—

—

—

(1,046,589)

$

—

$

—

$

(1,421,496)

$

—

$

—

$

—

$

(1,421,496)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

14,245,670

Total

return

swaps

Average

notional

value

...............................................................................................

$

13,021,292

The

Fund’s

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

....................................................................................

$

—

$

52,730

Swaps

—

OTC

(a)

....................................................................................

—

1,025,960

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

............................................

$

—

$

1,078,690

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

(“MNA”)

.........................................

—

(52,730)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

—

$

1,025,960

(a)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

paid/(received)

in

the

Statements

of

Assets

and

Liabilities.

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

S&P

Mid-Cap

400

Growth

ETF

14

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

The

following

table

presents

the

Fund's

derivative

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

pledged

by

the

Fund:

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-Cash

Collateral

Pledged

Cash

Collateral

Pledged

Net

Amount

of

Derivative

Liabilities

(b)

Goldman

Sachs

Bank

USA

.........................

$

1,017,041

$

—

$

—

$

—

$

1,017,041

JPMorgan

Chase

Bank

NA

.........................

8,919

—

—

—

8,919

$

1,025,960

$

—

$

—

$

—

$

1,025,960

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivative

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

7,345,467,413

$

—

$

—

$

7,345,467,413

Short-Term

Securities

Money

Market

Funds

......................................

519,569,780

—

—

519,569,780

$

7,865,037,193

$

—

$

—

$

7,865,037,193

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

...........................................

$

(79,907)

$

(1,025,960)

$

—

$

(1,105,867)

(a)

Derivative

financial

instruments

are

swaps

and

futures

contracts.

Swaps

and

futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

September

30,

2023

iShares

®

S&P

Mid-Cap

400

Value

ETF

Schedules

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.2%

Hexcel

Corp.

......................

528,160

$

34,404,342

Woodward,

Inc.

....................

377,790

46,944,186

81,348,528

Air

Freight

&

Logistics

—

0.7%

GXO

Logistics,

Inc.

(a)(b)

...............

743,699

43,617,946

Automobile

Components

—

2.3%

Adient

plc

(b)

.......................

585,631

21,492,658

Autoliv,

Inc.

.......................

323,090

31,171,723

Gentex

Corp.

.....................

788,216

25,648,548

Goodyear

Tire

&

Rubber

Co.

(The)

(b)

......

1,772,562

22,032,946

Lear

Corp.

.......................

367,341

49,297,162

149,643,037

Automobiles

—

0.6%

Harley-Davidson,

Inc.

................

298,697

9,874,923

Thor

Industries,

Inc.

(a)

................

333,331

31,709,778

41,584,701

Banks

—

8.2%

Associated

Banc-Corp.

...............

943,699

16,146,690

Bank

OZK

.......................

657,964

24,390,725

Cadence

Bank

....................

1,137,575

24,139,341

Columbia

Banking

System,

Inc.

.........

626,413

12,716,184

Commerce

Bancshares,

Inc.

...........

227,114

10,896,930

Cullen/Frost

Bankers,

Inc.

.............

132,437

12,079,579

East

West

Bancorp,

Inc.

..............

433,498

22,849,680

First

Financial

Bankshares,

Inc.

.........

378,069

9,497,093

First

Horizon

Corp.

..................

1,188,256

13,094,581

FNB

Corp.

.......................

2,243,683

24,209,340

Glacier

Bancorp,

Inc.

................

318,915

9,089,078

Hancock

Whitney

Corp.

..............

274,828

10,165,888

Home

BancShares,

Inc.

..............

1,178,054

24,668,451

International

Bancshares

Corp.

.........

130,306

5,647,462

New

York

Community

Bancorp,

Inc.

......

4,517,586

51,229,425

Old

National

Bancorp

................

1,829,539

26,601,497

Pinnacle

Financial

Partners,

Inc.

.........

479,969

32,177,122

Prosperity

Bancshares,

Inc.

............

586,037

31,985,899

SouthState

Corp.

...................

204,394

13,767,980

Synovus

Financial

Corp.

..............

913,972

25,408,422

Texas

Capital

Bancshares,

Inc.

(a)(b)

.......

300,147

17,678,658

UMB

Financial

Corp.

................

273,047

16,942,566

United

Bankshares,

Inc.

..............

436,741

12,049,684

Valley

National

Bancorp

..............

2,666,333

22,823,810

Webster

Financial

Corp.

..............

1,083,351

43,669,879

Wintrust

Financial

Corp.

..............

382,754

28,897,927

542,823,891

Beverages

—

0.4%

Boston

Beer

Co.,

Inc.

(The),

Class

A

(b)

.....

18,338

7,143,201

Coca-Cola

Consolidated,

Inc.

(a)

.........

29,305

18,647,358

25,790,559

Biotechnology

—

0.1%

Arrowhead

Pharmaceuticals,

Inc.

(a)(b)

......

346,948

9,322,493

Broadline

Retail

—

0.9%

Kohl's

Corp.

......................

691,643

14,496,837

Macy's,

Inc.

......................

1,704,111

19,784,729

Nordstrom,

Inc.

....................

606,623

9,062,948

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)(b)

....

197,073

15,210,094

58,554,608

Security

Shares

Shares

Value

Building

Products

—

2.2%

Advanced

Drainage

Systems,

Inc.

.......

99,711

$

11,350,103

Fortune

Brands

Innovations,

Inc.

........

793,441

49,320,293

Lennox

International,

Inc.

.............

75,947

28,437,595

Owens

Corning

....................

258,394

35,247,525

Trex

Co.,

Inc.

(a)(b)

...................

319,053

19,663,236

144,018,752

Capital

Markets

—

1.8%

Affiliated

Managers

Group,

Inc.

.........

74,605

9,724,016

Evercore,

Inc.,

Class

A

...............

108,985

15,026,852

Federated

Hermes,

Inc.,

Class

B

........

171,361

5,803,997

Interactive

Brokers

Group,

Inc.,

Class

A

....

294,311

25,475,560

Janus

Henderson

Group

plc

...........

828,678

21,396,466

Stifel

Financial

Corp.

................

653,112

40,127,201

117,554,092

Chemicals

—

1.3%

Ashland,

Inc.

......................

105,881

8,648,360

Avient

Corp.

......................

569,523

20,115,552

Axalta

Coating

Systems

Ltd.

(b)

..........

762,458

20,510,120

Chemours

Co.

(The)

.................

398,599

11,180,702

NewMarket

Corp.

...................

19,887

9,049,381

Scotts

Miracle-Gro

Co.

(The)

...........

259,897

13,431,477

82,935,592

Commercial

Services

&

Supplies

—

1.1%

Brink's

Co.

(The)

...................

154,087

11,192,880

MSA

Safety,

Inc.

(a)

..................

103,951

16,387,875

Stericycle,

Inc.

(a)(b)

..................

578,534

25,866,255

Tetra

Tech,

Inc.

....................

143,166

21,765,527

75,212,537

Communications

Equipment

—

1.0%

(b)

Ciena

Corp.

......................

934,807

44,178,979

Lumentum

Holdings,

Inc.

(a)

............

429,576

19,408,244

63,587,223

Construction

&

Engineering

—

1.8%

AECOM

.........................

399,027

33,135,202

Fluor

Corp.

(a)(b)

.....................

896,470

32,900,449

MasTec,

Inc.

(a)(b)

....................

377,956

27,201,493

MDU

Resources

Group,

Inc.

...........

1,273,334

24,931,880

118,169,024

Construction

Materials

—

0.2%

Knife

River

Corp.

(b)

..................

318,333

15,544,200

Consumer

Finance

—

0.5%

Ally

Financial,

Inc.

..................

1,352,759

36,091,610

Consumer

Staples

Distribution

&

Retail

—

1.9%

(b)

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

......

361,286

25,784,982

Grocery

Outlet

Holding

Corp.

(a)

..........

617,646

17,819,087

Performance

Food

Group

Co.

(a)

.........

537,004

31,608,055

Sprouts

Farmers

Market,

Inc.

(a)

..........

293,633

12,567,492

US

Foods

Holding

Corp.

..............

1,022,658

40,599,523

128,379,139

Containers

&

Packaging

—

2.0%

AptarGroup,

Inc.

...................

217,525

27,199,326

Berry

Global

Group,

Inc.

..............

413,544

25,602,509

Crown

Holdings,

Inc.

................

460,190

40,717,611

Graphic

Packaging

Holding

Co.

.........

557,448

12,419,941

Greif,

Inc.,

Class

A,

NVS

..............

159,481

10,654,926

Sonoco

Products

Co.

................

300,131

16,312,120

132,906,433

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

S&P

Mid-Cap

400

Value

ETF

16

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Diversified

Consumer

Services

—

0.2%

Graham

Holdings

Co.,

Class

B

..........

23,050

$

13,438,150

Diversified

Telecommunication

Services

—

0.3%

Frontier

Communications

Parent,

Inc.

(a)(b)

...

1,383,043

21,644,623

Electric

Utilities

—

1.0%

ALLETE,

Inc.

.....................

358,906

18,950,237

IDACORP,

Inc.

....................

148,753

13,930,719

PNM

Resources,

Inc.

................

203,974

9,099,280

Portland

General

Electric

Co.

...........

632,140

25,589,027

67,569,263

Electrical

Equipment

—

2.2%

Acuity

Brands,

Inc.

..................

97,521

16,608,802

EnerSys

.........................

256,620

24,294,215

Regal

Rexnord

Corp.

(a)

...............

414,638

59,243,477

Sensata

Technologies

Holding

plc

........

581,381

21,987,829

Sunrun,

Inc.

(a)(b)

....................

1,358,030

17,056,857

Vicor

Corp.

(a)(b)

.....................

79,331

4,671,803

143,862,983

Electronic

Equipment,

Instruments

&

Components

—

5.5%

Arrow

Electronics,

Inc.

(a)(b)

.............

348,057

43,590,659

Avnet,

Inc.

.......................

571,512

27,541,163

Cognex

Corp.

.....................

517,121

21,946,615

Coherent

Corp.

(b)

...................

813,712

26,559,560

Crane

NXT

Co.

....................

150,248

8,349,281

IPG

Photonics

Corp.

(a)(b)

..............

186,595

18,946,856

Jabil,

Inc.

(a)

.......................

818,390

103,845,507

Littelfuse,

Inc.

.....................

59,146

14,627,989

National

Instruments

Corp.

............

345,344

20,589,409

TD

SYNNEX

Corp.

..................

298,981

29,856,243

Vishay

Intertechnology,

Inc.

............

793,791

19,622,514

Vontier

Corp.

......................

967,566

29,917,141

365,392,937

Financial

Services

—

2.2%

Essent

Group

Ltd.

..................

668,989

31,636,490

Euronet

Worldwide,

Inc.

(a)(b)

............

150,581

11,953,120

MGIC

Investment

Corp.

..............

1,765,333

29,463,408

Voya

Financial,

Inc.

.................

661,435

43,952,356

Western

Union

Co.

(The)

.............

2,114,247

27,865,775

144,871,149

Food

Products

—

1.3%

Flowers

Foods,

Inc.

.................

445,497

9,881,123

Ingredion,

Inc.

.....................

413,569

40,695,190

Pilgrim's

Pride

Corp.

(a)(b)

..............

252,043

5,754,142

Post

Holdings,

Inc.

(a)(b)

................

317,722

27,241,484

83,571,939

Gas

Utilities

—

1.2%

National

Fuel

Gas

Co.

...............

172,295

8,943,833

New

Jersey

Resources

Corp.

...........

213,606

8,678,812

Southwest

Gas

Holdings,

Inc.

..........

375,430

22,679,726

Spire,

Inc.

........................

166,984

9,447,955

UGI

Corp.

........................

1,309,858

30,126,734

79,877,060

Ground

Transportation

—

2.5%

Hertz

Global

Holdings,

Inc.

(a)(b)

..........

833,075

10,205,169

Knight-Swift

Transportation

Holdings,

Inc.

..

504,280

25,289,642

Ryder

System,

Inc.

..................

284,677

30,446,205

Saia,

Inc.

(b)

.......................

71,346

28,442,083

Werner

Enterprises,

Inc.

(a)

.............

396,373

15,438,728

XPO,

Inc.

(b)

.......................

725,134

54,138,505

163,960,332

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

—

2.4%

(b)

Enovis

Corp.

(a)

.....................

310,342

$

16,364,334

Envista

Holdings

Corp.

(a)

..............

1,024,380

28,559,714

ICU

Medical,

Inc.

(a)

..................

126,773

15,087,255

Integra

LifeSciences

Holdings

Corp.

......

442,842

16,912,136

LivaNova

plc

......................

336,927

17,816,700

Masimo

Corp.

(a)

....................

102,829

9,016,047

Neogen

Corp.

(a)

....................

1,230,476

22,813,025

Penumbra,

Inc.

(a)

...................

88,927

21,512,330

QuidelOrtho

Corp.

(a)

.................

139,257

10,171,331

158,252,872

Health

Care

Providers

&

Services

—

2.4%

Acadia

Healthcare

Co.,

Inc.

(b)

...........

242,065

17,019,590

Amedisys,

Inc.

(b)

...................

204,052

19,058,457

Chemed

Corp.

(a)

...................

30,168

15,678,310

Encompass

Health

Corp.

.............

338,438

22,729,496

Patterson

Cos.,

Inc.

.................

532,102

15,771,503

Progyny,

Inc.

(b)

.....................

327,322

11,135,494

R1

RCM,

Inc.

(a)(b)

...................

1,231,269

18,555,224

Tenet

Healthcare

Corp.

(a)(b)

.............

634,891

41,832,968

161,781,042

Health

Care

REITs

—

1.8%

Healthcare

Realty

Trust,

Inc.,

Class

A

.....

2,381,479

36,365,185

Medical

Properties

Trust,

Inc.

(a)

..........

3,741,754

20,392,559

Omega

Healthcare

Investors,

Inc.

........

780,895

25,894,478

Physicians

Realty

Trust

...............

1,491,036

18,175,729

Sabra

Health

Care

REIT,

Inc.

...........

1,445,796

20,154,396

120,982,347

Health

Care

Technology

—

0.1%

Doximity,

Inc.,

Class

A

(a)(b)

.............

322,208

6,837,254

Hotel

&

Resort

REITs

—

0.3%

Park

Hotels

&

Resorts,

Inc.

............

1,348,963

16,619,224

Hotels,

Restaurants

&

Leisure

—

3.0%

Aramark

.........................

963,073

33,418,633

Boyd

Gaming

Corp.

(a)

................

182,282

11,088,214

Choice

Hotels

International,

Inc.

(a)

........

64,663

7,921,864

Hilton

Grand

Vacations,

Inc.

(a)(b)

.........

222,835

9,069,385

Light

&

Wonder,

Inc.,

Class

A

(a)(b)

........

307,667

21,945,887

Marriott

Vacations

Worldwide

Corp.

.......

212,075

21,341,107

Penn

Entertainment,

Inc.

(a)(b)

...........

944,424

21,674,531

Planet

Fitness,

Inc.,

Class

A

(b)

..........

169,439

8,333,010

Travel

+

Leisure

Co.

.................

462,242

16,978,149

Vail

Resorts,

Inc.

...................

115,716

25,676,223

Wyndham

Hotels

&

Resorts,

Inc.

........

252,890

17,585,971

195,032,974

Household

Durables

—

2.5%

Helen

of

Troy

Ltd.

(a)(b)

................

150,689

17,564,310

KB

Home

........................

485,917

22,488,239

Leggett

&

Platt,

Inc.

.................

832,853

21,162,795

Taylor

Morrison

Home

Corp.

(a)(b)

.........

684,371

29,161,048

Toll

Brothers,

Inc.

...................

683,708

50,567,043

TopBuild

Corp.

(b)

...................

93,330

23,481,828

164,425,263

Independent

Power

and

Renewable

Electricity

Producers

—

0.5%

Ormat

Technologies,

Inc.

(a)

............

137,672

9,626,026

Vistra

Corp.

......................

756,170

25,089,721

34,715,747

Industrial

REITs

—

1.4%

EastGroup

Properties,

Inc.

............

127,745

21,273,375

First

Industrial

Realty

Trust,

Inc.

.........

405,218

19,284,325

Rexford

Industrial

Realty,

Inc.

..........

555,073

27,392,852

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

S&P

Mid-Cap

400

Value

ETF

Schedules

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Industrial

REITs

(continued)

STAG

Industrial,

Inc.

................

617,885

$

21,323,211

89,273,763

Insurance

—

5.1%

American

Financial

Group,

Inc.

.........

227,648

25,421,452

Brighthouse

Financial,

Inc.

(b)

...........

409,579

20,044,796

CNO

Financial

Group,

Inc.

.............

706,562

16,766,716

Fidelity

National

Financial,

Inc.,

Class

A

....

207,349

8,563,514

First

American

Financial

Corp.

..........

644,589

36,412,833

Hanover

Insurance

Group,

Inc.

(The)

.....

91,611

10,166,989

Kemper

Corp.

.....................

376,505

15,824,505

Old

Republic

International

Corp.

.........

1,655,263

44,592,785

Primerica,

Inc.

.....................

69,347

13,454,011

Reinsurance

Group

of

America,

Inc.

......

414,019

60,111,419

RenaissanceRe

Holdings

Ltd.

..........

140,816

27,870,303

Unum

Group

......................

1,149,836

56,560,433

335,789,756

Interactive

Media

&

Services

—

0.5%

(b)

Ziff

Davis,

Inc.

(a)

....................

290,655

18,511,817

ZoomInfo

Technologies,

Inc.

...........

915,779

15,018,776

33,530,593

IT

Services

—

0.3%

Kyndryl

Holdings,

Inc.

(b)

...............

1,431,246

21,611,815

Leisure

Products

—

1.6%

Brunswick

Corp.

...................

179,046

14,144,634

Mattel,

Inc.

(b)

......................

2,214,407

48,783,386

Polaris,

Inc.

.......................

159,938

16,655,943

Topgolf

Callaway

Brands

Corp.

(a)(b)

.......

894,287

12,376,932

YETI

Holdings,

Inc.

(a)(b)

...............

244,275

11,778,941

103,739,836

Life

Sciences

Tools

&

Services

—

0.7%

Azenta,

Inc.

(b)

.....................

376,139

18,878,416

Bruker

Corp.

......................

252,246

15,714,926

Sotera

Health

Co.

(a)(b)

................

615,687

9,222,991

43,816,333

Machinery

—

4.6%

AGCO

Corp.

......................

186,539

22,063,833

Chart

Industries,

Inc.

(a)(b)

..............

144,350

24,412,472

Crane

Co.

........................

152,714

13,567,112

Donaldson

Co.,

Inc.

.................

272,922

16,277,068

Esab

Corp.

.......................

354,188

24,871,081

Flowserve

Corp.

...................

820,428

32,628,422

Graco,

Inc.

.......................

369,846

26,954,377

ITT,

Inc.

.........................

277,217

27,142,316

Middleby

Corp.

(The)

(b)

...............

174,291

22,309,248

Oshkosh

Corp.

....................

408,323

38,966,264

Terex

Corp.

.......................

421,448

24,283,834

Timken

Co.

(The)

...................

208,425

15,317,153

Watts

Water

Technologies,

Inc.,

Class

A

....

82,188

14,203,730

302,996,910

Marine

Transportation

—

0.5%

Kirby

Corp.

(b)

......................

372,049

30,805,657

Media

—

0.9%

Cable

One,

Inc.

(a)

...................

28,475

17,530,349

New

York

Times

Co.

(The),

Class

A

.......

511,358

21,067,949

TEGNA,

Inc.

......................

1,260,103

18,359,701

56,957,999

Metals

&

Mining

—

2.3%

Alcoa

Corp.

.......................

1,115,835

32,426,165

Cleveland-Cliffs,

Inc.

(a)(b)

..............

3,180,753

49,715,169

Security

Shares

Shares

Value

Metals

&

Mining

(continued)

Commercial

Metals

Co.

...............

321,312

$

15,876,026

United

States

Steel

Corp.

.............

1,394,178

45,282,901

Worthington

Industries,

Inc.

............

96,919

5,991,533

149,291,794

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.5%

Starwood

Property

Trust,

Inc.

...........

1,857,984

35,951,990

Multi-Utilities

—

0.4%

Black

Hills

Corp.

...................

201,427

10,190,192

Northwestern

Energy

Group,

Inc.

........

375,438

18,043,550

28,233,742

Office

REITs

—

1.1%

COPT

Defense

Properties

.............

336,220

8,012,122

Cousins

Properties,

Inc.

..............

949,032

19,331,782

Kilroy

Realty

Corp.

..................

666,762

21,076,347

Vornado

Realty

Trust

................

1,000,825

22,698,711

71,118,962

Oil,

Gas

&

Consumable

Fuels

—

2.1%

Chesapeake

Energy

Corp.

............

703,471

60,660,304

Chord

Energy

Corp.

.................

62,393

10,112,034

Equitrans

Midstream

Corp.

............

1,463,263

13,710,774

HF

Sinclair

Corp.

...................

509,311

28,995,075

Ovintiv,

Inc.

.......................

364,951

17,360,719

Permian

Resources

Corp.,

Class

A

.......

573,533

8,006,521

138,845,427

Personal

Care

Products

—

0.7%

(a)(b)

BellRing

Brands,

Inc.

................

484,934

19,993,829

Coty,

Inc.,

Class

A

..................

2,239,642

24,568,873

44,562,702

Pharmaceuticals

—

0.4%

Perrigo

Co.

plc

....................

846,628

27,049,765

Professional

Services

—

1.9%

ASGN,

Inc.

(b)

......................

302,642

24,719,799

CACI

International,

Inc.,

Class

A

(b)

.......

51,322

16,111,515

Exponent,

Inc.

.....................

98,382

8,421,499

Genpact

Ltd.

......................

448,519

16,236,388

ManpowerGroup,

Inc.

................

310,027

22,731,180

Maximus,

Inc.

.....................

380,078

28,384,225

Science

Applications

International

Corp.

...

110,888

11,703,119

128,307,725

Real

Estate

Management

&

Development

—

0.6%

Jones

Lang

LaSalle,

Inc.

(a)(b)

............

298,152

42,093,099

Residential

REITs

—

1.9%

Apartment

Income

REIT

Corp.

..........

933,087

28,645,771

Equity

LifeStyle

Properties,

Inc.

.........

1,164,771

74,207,560

Independence

Realty

Trust,

Inc.

.........

1,403,251

19,743,742

122,597,073

Retail

REITs

—

1.6%

Agree

Realty

Corp.

.................

186,876

10,323,030

Brixmor

Property

Group,

Inc.

...........

958,589

19,919,479

Kite

Realty

Group

Trust

...............

1,371,724

29,382,328

NNN

REIT,

Inc.

....................

536,084

18,945,209

Spirit

Realty

Capital,

Inc.

..............

883,733

29,631,568

108,201,614

Semiconductors

&

Semiconductor

Equipment

—

1.6%

Allegro

MicroSystems,

Inc.

(a)(b)

..........

271,859

8,683,176

MKS

Instruments,

Inc.

...............

393,004

34,010,566

Silicon

Laboratories,

Inc.

(a)(b)

............

93,759

10,865,731

Synaptics,

Inc.

(a)(b)

..................

247,141

22,104,291

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

S&P

Mid-Cap

400

Value

ETF

18

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

Universal

Display

Corp.

..............

100,776

$

15,820,824

Wolfspeed,

Inc.

(a)(b)

..................

428,080

16,309,848

107,794,436

Software

—

2.4%

ACI

Worldwide,

Inc.

(a)(b)

...............

679,037

15,319,075

Aspen

Technology,

Inc.

(b)

..............

177,362

36,227,962

Blackbaud,

Inc.

(a)(b)

..................

145,672

10,243,655

CommVault

Systems,

Inc.

(b)

............

90,435

6,114,310

Dolby

Laboratories,

Inc.,

Class

A

........

189,921

15,053,139

Envestnet,

Inc.

(b)

...................

157,575

6,938,027

Manhattan

Associates,

Inc.

(a)(b)

..........

161,957

32,012,421

NCR

Corp.

(a)(b)

.....................

836,986

22,573,512

Teradata

Corp.

(b)

...................

337,321

15,186,191

159,668,292

Specialized

REITs

—

1.8%

CubeSmart

.......................

646,629

24,655,964

EPR

Properties

....................

470,996

19,565,174

Gaming

&

Leisure

Properties,

Inc.

.......

558,372

25,433,845

Lamar

Advertising

Co.,

Class

A

.........

240,848

20,103,582

National

Storage

Affiliates

Trust

.........

274,278

8,705,584

PotlatchDeltic

Corp.

.................

213,880

9,708,013

Rayonier,

Inc.

.....................

384,336

10,938,202

119,110,364

Specialty

Retail

—

3.6%

AutoNation,

Inc.

(a)(b)

.................

90,744

13,738,642

Dick's

Sporting

Goods,

Inc.

............

195,907

21,271,582

Five

Below,

Inc.

(a)(b)

..................

107,900

17,361,110

GameStop

Corp.,

Class

A

(a)(b)

...........

1,676,916

27,602,037

Gap,

Inc.

(The)

....................

1,335,114

14,192,262

Lithia

Motors,

Inc.

..................

172,343

50,898,058

Penske

Automotive

Group,

Inc.

.........

122,035

20,387,167

RH

(a)(b)

..........................

96,614

25,540,877

Valvoline,

Inc.

(a)

....................

468,207

15,094,994

Williams-Sonoma,

Inc.

...............

208,819

32,450,472

238,537,201

Technology

Hardware,

Storage

&

Peripherals

—

0.2%

Super

Micro

Computer,

Inc.

(a)(b)

..........

57,107

15,659,882

Textiles,

Apparel

&

Luxury

Goods

—

2.4%

Capri

Holdings

Ltd.

(b)

................

725,759

38,182,181

Carter's,

Inc.

(a)

.....................

232,972

16,110,014

Columbia

Sportswear

Co.

.............

218,591

16,197,593

PVH

Corp.

.......................

392,165

30,004,544

Skechers

USA,

Inc.,

Class

A

(b)

..........

840,194

41,127,497

Under

Armour,

Inc.,

Class

A

(a)(b)

.........

1,179,870

8,082,109

Under

Armour,

Inc.,

Class

C,

NVS

(a)(b)

.....

1,241,594

7,921,370

157,625,308

Trading

Companies

&

Distributors

—

0.7%

GATX

Corp.

......................

106,250

11,563,188

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

....

148,188

14,544,652

WESCO

International,

Inc.

.............

152,005

21,861,359

47,969,199

Total

Long-Term

Investments

—

99.4%

(Cost:

$6,933,671,630)

...........................

6,571,060,761

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

6.4%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.54%

(e)

............

352,448,976

$

352,589,955

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

5.31%

..................

73,187,402

73,187,402

Total

Short-Term

Securities

—

6.4%

(Cost:

$425,572,448)

.............................

425,777,357

Total

Investments

—

105.8%

(Cost:

$7,359,244,078

)

...........................

6,996,838,118

Liabilities

in

Excess

of

Other

Assets

—

(5.8)%

............

(383,875,408)

Net

Assets

—

100.0%

..............................

$

6,612,962,710

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Non-income

producing

security.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

S&P

Mid-Cap

400

Value

ETF

Schedules

of

Investments

19

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

September

30,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

(a)

The

Fund

receives

the

total

return

on

a

portfolio

of

long

positions

underlying the

total

return

swap.

The

Fund

pays

the

total

return

on

a

portfolio

of

short

positions

underlying

the

total

return

swap.

In

addition,

the

Fund

pays

or

receives

a

variable

rate

of

interest,

based

on

a

specified

benchmark.

The

benchmark

and

spread

are

determined

based

upon

the

country

and/or

currency

of

the

individual

underlying

positions.

The

following

are

the

specified

benchmarks

(plus

or

minus

a

range)

used

in

determining

the

variable

rate

of

interest:

Affiliated

Issuer

Value

at

03/31/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/23

Shares

Held

at

09/30/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

621,271,900

$

—

$

(268,736,227)

(a)

$

30,632

$

23,650

$

352,589,955

352,448,976

$

1,398,604

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

24,164,805

49,022,597

(a)

—

—

—

73,187,402

73,187,402

498,411

—

$

30,632

$

23,650

$

425,777,357

$

1,897,015

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

S&P

Midcap

400

E-Mini

Index

.................................................

59

12/15/23

$

14,870

$

(391,399)

OTC

Total

Return

Swaps

Reference

Entity

Payment

Frequency

Counterparty

(a)

Termination

Date

Net

Notional

Accrued

Unrealized

Appreciation

(Depreciation)

Net

Value

of

Reference

Entity

Gross

Notional

Amount

Net

Asset

Percentage

Equity

Securities

Long/Short

...

Monthly

Goldman

Sachs

Bank

USA

(b)

08/19/26

$

23,536,184

$

(918,866)

(c)

$

22,700,710

0.4

%

Monthly

HSBC

Bank

plc

(d)

02/10/28

348,358

(1,976)

(e)

349,181

0.0

Monthly

JPMorgan

Chase

Bank

NA

(f)

10/11/23

2,796,136

145,542

(g)

2,883,652

0.0

$

(775,300)

$

25,933,543

(b)

(d)

(f)

Range:

40

basis

points

40

basis

points

40

basis

points

Benchmarks:

USD

-

1D

Overnight

Fed

Funds

Effective

Rate

(FEDL01)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

(b)

Goldman

Sachs

USA

(c)

Amount

includes

$(83,392)

of

net

dividends

and

financing

fees.

(d)

HSBC

(e)

Amount

includes

$(2,799)

of

net

dividends

and

financing

fees.

(f)

JPMChase

(g)

Amount

includes

$58,026

of

net

dividends

and

financing

fees.

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

S&P

Mid-Cap

400

Value

ETF

20

The

following

table

represents

the

individual

long

positions

and

related

values

of

the

equity

securities

underlying

the

total

return

swap

with

Goldman

Sachs

Bank

USA,

as

of

period

end,

termination

date

August

19,

2026:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Insurance

$

Fidelity

National

Financial,

Inc.

549,654

$

22,700,710

100.0

%

Net

Value

of

Reference

Entity

—

Goldman

Sachs

Bank

USA

.........................

$

22,700,710

The

following

table

represents

the

individual

long

positions

and

related

values

of

the

equity

securities

underlying

the

total

return

swap

with

HSBC

Bank

plc,

as

of

period

end,

termination

date

February

10,

2028:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Banks

$

Cadence

Bank

...........

4,341

92,116

26.4

Consumer

Finance

Ally

Financial,

Inc.

.........

5,163

137,749

39.4

Insurance

Fidelity

National

Financial,

Inc.

2,889

119,316

34.2

Total

Reference

Entity

—

Long

............

349,181

Net

Value

of

Reference

Entity

—

HSBC

Bank

plc

$

349,181

The

following

table

represents

the

individual

long

positions

and

related

values

of

the

equity

securities

underlying

the

total

return

swap

with

JPMorgan

Chase

Bank

NA,

as

of

period

end,

termination

date

October

11,

2023:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Financial

Services

$

Western

Union

Co.

(The)

....

218,790

2,883,652

100.0

Net

Value

of

Reference

Entity

—

JPMorgan

Chase

Bank

NA

..........................

$

2,883,652

Balances

Reported

in

the

Statements

of

Assets

and

Liabilities

for

OTC

Swaps

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

OTC

Swaps

...................................................................

$

—

$

—

$

145,542

$

(920,842)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

S&P

Mid-Cap

400

Value

ETF

Schedules

of

Investments

21

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

$

—

$

—

$

145,542

$

—

$

—

$

—

$

145,542

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

—

—

391,399

—

—

—

391,399

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

—

920,842

—

—

—

920,842

$

—

$

—

$

1,312,241

$

—

$

—

$

—

$

1,312,241

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

September

30,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

1,048,279

$

—

$

—

$

—

$

1,048,279

Swaps

..............................

—

—

21,072

—

—

—

21,072

$

—

$

—

$

1,069,351

$

—

$

—

$

—

$

1,069,351

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

(917,580)

$

—

$

—

$

—

$

(917,580)

Swaps

..............................

—

—

(759,211)

—

—

—

(759,211)

$

—

$

—

$

(1,676,791)

$

—

$

—

$

—

$

(1,676,791)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

14,045,430

Total

return

swaps

Average

notional

value

...............................................................................................

$

16,193,648

The

Fund’s

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

....................................................................................

$

—

$

64,959

Swaps

—

OTC

(a)

....................................................................................

145,542

920,842

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

............................................

$

145,542

$

985,801

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

(“MNA”)

.........................................

—

(64,959)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

145,542

$

920,842

(a)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

paid/(received)

in

the

Statements

of

Assets

and

Liabilities.

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

S&P

Mid-Cap

400

Value

ETF

22

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

The

following

table

presents

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-Cash

Collateral

Received

Cash

Collateral

Received

(b)

Net

Amount

of

Derivative

Assets

JPMorgan

Chase

Bank

NA

.........................

$

145,542

$

—

$

—

$

(145,542)

$

—

$

145,542

$

—

$

—

$

(145,542)

$

—

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-Cash

Collateral

Pledged

Cash

Collateral

Pledged

(b)

Net

Amount

of

Derivative

Liabilities

(c)

Goldman

Sachs

Bank

USA

.........................

$

918,866

$

—

$

—

$

(780,000)

$

138,866

HSBC

Bank

plc

.................................

1,976

—

—

—

1,976

$

920,842

$

—

$

—

$

(780,000)

$

140,842

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivative

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Excess

of

collateral

received/pledged,

if

any,

from

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(c)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

6,571,060,761

$

—

$

—

$

6,571,060,761

Short-Term

Securities

Money

Market

Funds

......................................

425,777,357

—

—

425,777,357

$

6,996,838,118

$

—

$

—

$

6,996,838,118

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

—

$

145,542

$

—

$

145,542

Liabilities

Equity

contracts

...........................................

(391,399)

(920,842)

—

(1,312,241)

$

(391,399)

$

(775,300)

$

—

$

(1,166,699)

(a)

Derivative

financial

instruments

are

swaps

and

futures

contracts.

Swaps

and

futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

September

30,

2023

iShares

®

S&P

Small-Cap

600

Growth

ETF

Schedules

of

Investments

23

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.2%

AeroVironment,

Inc.

(a)(b)

...............

263,115

$

29,345,216

Mercury

Systems,

Inc.

(a)(b)

.............

298,095

11,056,343

Moog,

Inc.,

Class

A

.................

175,849

19,863,903

60,265,462

Air

Freight

&

Logistics

—

0.6%

Forward

Air

Corp.

..................

257,906

17,728,458

Hub

Group,

Inc.,

Class

A

(b)

.............

141,888

11,143,884

28,872,342

Automobile

Components

—

1.3%

Dorman

Products,

Inc.

(a)(b)

.............

284,436

21,548,871

Gentherm,

Inc.

(b)

...................

201,986

10,959,761

LCI

Industries

.....................

127,086

14,922,438

XPEL,

Inc.

(a)(b)(c)

....................

213,480

16,461,443

63,892,513

Automobiles

—

0.2%

Winnebago

Industries,

Inc.

............

139,482

8,292,205

Banks

—

9.7%

Ameris

Bancorp

....................

397,902

15,275,458

Atlantic

Union

Bankshares

Corp.

........

270,773

7,792,847

Axos

Financial,

Inc.

(a)(b)

...............

284,323

10,764,469

BancFirst

Corp.

....................

145,479

12,617,394

Bancorp,

Inc.

(The)

(a)(b)

...............

544,803

18,795,703

Bank

of

Hawaii

Corp.

................

200,208

9,948,335

Banner

Corp.

.....................

344,714

14,608,979

Berkshire

Hills

Bancorp,

Inc.

...........

234,697

4,705,675

Cathay

General

Bancorp

..............

257,640

8,955,566

City

Holding

Co.

...................

150,083

13,559,999

Community

Bank

System,

Inc.

..........

302,256

12,758,226

Customers

Bancorp,

Inc.

(b)

.............

141,328

4,868,750

CVB

Financial

Corp.

.................

1,328,642

22,015,598

Dime

Community

Bancshares,

Inc.

.......

350,729

7,000,551

FB

Financial

Corp.

..................

176,142

4,995,387

First

Bancorp

.....................

2,009,803

30,667,207

First

Commonwealth

Financial

Corp.

......

560,379

6,842,228

First

Financial

Bancorp

...............

521,860

10,228,456

First

Hawaiian,

Inc.

.................

666,015

12,021,571

Fulton

Financial

Corp.

................

679,180

8,224,870

Hanmi

Financial

Corp.

...............

303,819

4,930,982

Heritage

Financial

Corp.

..............

345,035

5,627,521

Independent

Bank

Corp.

..............

220,988

10,848,301

Lakeland

Financial

Corp.

..............

255,266

12,114,924

National

Bank

Holdings

Corp.,

Class

A

....

245,568

7,308,104

NBT

Bancorp,

Inc.

..................

472,455

14,972,099

Northfield

Bancorp,

Inc.

..............

214,570

2,027,686

Northwest

Bancshares,

Inc.

............

663,332

6,785,886

OFG

Bancorp

.....................

473,015

14,124,228

Park

National

Corp.

.................

144,291

13,638,385

Pathward

Financial,

Inc.

..............

189,383

8,728,662

Preferred

Bank

....................

129,099

8,036,413

S&T

Bancorp,

Inc.

..................

264,421

7,160,521

Seacoast

Banking

Corp.

of

Florida

.......

461,156

10,126,986

ServisFirst

Bancshares,

Inc.

...........

491,611

25,647,346

Southside

Bancshares,

Inc.

............

165,361

4,745,861

Stellar

Bancorp,

Inc.

.................

470,838

10,038,266

Tompkins

Financial

Corp.

.............

80,268

3,932,329

Triumph

Financial,

Inc.

(a)(b)

.............

132,531

8,586,683

TrustCo

Bank

Corp.

.................

125,279

3,418,864

Trustmark

Corp.

...................

419,764

9,121,472

United

Community

Banks,

Inc.

..........

772,742

19,635,374

Veritex

Holdings,

Inc.

................

261,267

4,689,743

Washington

Federal,

Inc.

..............

341,809

8,757,147

Security

Shares

Shares

Value

Banks

(continued)

Westamerica

Bancorp

...............

265,717

$

11,492,260

473,143,312

Beverages

—

0.5%

MGP

Ingredients,

Inc.

(a)

...............

156,882

16,547,913

National

Beverage

Corp.

(b)

.............

159,286

7,489,628

24,037,541

Biotechnology

—

2.5%

(b)

Arcus

Biosciences,

Inc.

(a)

..............

538,404

9,664,352

Avid

Bioservices,

Inc.

(a)

...............

434,548

4,102,133

Catalyst

Pharmaceuticals,

Inc.

(a)

.........

1,005,569

11,755,101

Cytokinetics,

Inc.

(a)

..................

963,515

28,385,152

Dynavax

Technologies

Corp.

(a)

..........

1,292,713

19,093,371

Ironwood

Pharmaceuticals,

Inc.,

Class

A

...

868,210

8,360,862

iTeos

Therapeutics,

Inc.

..............

267,139

2,925,172

REGENXBIO,

Inc.

..................

405,921

6,681,460

Vericel

Corp.

(a)

.....................

272,559

9,136,178

Vir

Biotechnology,

Inc.

...............

862,370

8,080,406

Xencor,

Inc.

......................

608,362

12,258,494

120,442,681

Building

Products

—

1.8%

AAON,

Inc.

(a)

......................

679,849

38,663,013

Apogee

Enterprises,

Inc.

..............

126,308

5,946,581

Griffon

Corp.

......................

411,038

16,305,877

Insteel

Industries,

Inc.

................

90,228

2,928,801

PGT

Innovations,

Inc.

(a)(b)

..............

585,659

16,252,037

Quanex

Building

Products

Corp.

.........

188,524

5,310,721

85,407,030

Capital

Markets

—

1.9%

Artisan

Partners

Asset

Management,

Inc.,

Class

A

.......................

211,159

7,901,570

Avantax,

Inc.

(b)

.....................

368,954

9,437,843

B

Riley

Financial,

Inc.

................

81,492

3,340,357

Brightsphere

Investment

Group,

Inc.

......

169,696

3,290,405

Donnelley

Financial

Solutions,

Inc.

(a)(b)

.....

125,090

7,040,065

Moelis

&

Co.,

Class

A

................

182,220

8,223,589

Piper

Sandler

Cos.

..................

150,693

21,897,200

StoneX

Group,

Inc.

(b)

................

179,496

17,396,752

Virtus

Investment

Partners,

Inc.

.........

34,909

7,051,269

WisdomTree,

Inc.

...................

635,351

4,447,457

90,026,507

Chemicals

—

3.8%

American

Vanguard

Corp.

.............

274,999

3,005,739

Balchem

Corp.

....................

323,587

40,137,732

Hawkins,

Inc.

.....................

192,726

11,341,925

HB

Fuller

Co.

.....................

346,038

23,741,667

Ingevity

Corp.

(b)

....................

338,124

16,098,084

Innospec,

Inc.

.....................

249,576

25,506,667

Livent

Corp.

(a)(b)

....................

1,803,768

33,207,369

Quaker

Chemical

Corp.

..............

139,087

22,253,920

Stepan

Co.

.......................

138,526

10,385,294

185,678,397

Commercial

Services

&

Supplies

—

0.7%

Brady

Corp.,

Class

A,

NVS

............

299,527

16,450,023

Liquidity

Services,

Inc.

(b)

..............

122,364

2,156,054

UniFirst

Corp.

.....................

89,442

14,579,940

33,186,017

Communications

Equipment

—

1.9%

ADTRAN

Holdings,

Inc.

..............

491,035

4,041,218

Clearfield,

Inc.

(a)(b)

...................

130,516

3,740,589

Digi

International,

Inc.

(a)(b)

.............

361,014

9,747,378

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

S&P

Small-Cap

600

Growth

ETF

24

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Communications

Equipment

(continued)

Extreme

Networks,

Inc.

(b)

..............

1,282,455

$

31,048,235

Harmonic,

Inc.

(a)(b)

..................

1,123,271

10,817,100

NetScout

Systems,

Inc.

(b)

.............

724,137

20,290,319

Viavi

Solutions,

Inc.

(a)(b)

...............

1,160,994

10,611,485

90,296,324

Construction

&

Engineering

—

2.3%

Arcosa,

Inc.

......................

323,014

23,224,707

Comfort

Systems

USA,

Inc.

............

359,017

61,180,087

Dycom

Industries,

Inc.

(a)(b)

.............

200,144

17,812,816

MYR

Group,

Inc.

(b)

..................

83,858

11,300,704

113,518,314

Consumer

Staples

Distribution

&

Retail

—

0.2%

Andersons,

Inc.

(The)

................

139,066

7,163,289

Chefs'

Warehouse,

Inc.

(The)

(a)(b)

........

219,683

4,652,886

11,816,175

Containers

&

Packaging

—

0.4%

Myers

Industries,

Inc.

................

369,455

6,624,328

O-I

Glass,

Inc.

(b)

....................

715,902

11,977,041

18,601,369

Diversified

Consumer

Services

—

1.4%

Adtalem

Global

Education,

Inc.

(a)(b)

.......

416,970

17,867,164

Frontdoor,

Inc.

(b)

....................

419,296

12,826,265

Mister

Car

Wash,

Inc.

(a)(b)

..............

458,964

2,528,892

Perdoceo

Education

Corp.

.............

414,865

7,094,191

Strategic

Education,

Inc.

..............

125,926

9,475,932

Stride,

Inc.

(b)

......................

406,047

18,284,296

68,076,740

Diversified

REITs

—

0.1%

Armada

Hoffler

Properties,

Inc.

.........

443,316

4,539,556

Diversified

Telecommunication

Services

—

0.4%

ATN

International,

Inc.

...............

106,875

3,372,975

Cogent

Communications

Holdings,

Inc.

....

257,635

15,947,606

19,320,581

Electric

Utilities

—

0.4%

Otter

Tail

Corp.

....................

255,374

19,387,994

Electrical

Equipment

—

0.7%

(a)

Encore

Wire

Corp.

..................

168,669

30,775,346

SunPower

Corp.

(b)

..................

485,232

2,993,881

33,769,227

Electronic

Equipment,

Instruments

&

Components

—

4.6%

Advanced

Energy

Industries,

Inc.

(a)

.......

377,896

38,968,635

Arlo

Technologies,

Inc.

(b)

..............

472,007

4,861,672

Badger

Meter,

Inc.

(a)

.................

294,260

42,335,186

CTS

Corp.

.......................

314,705

13,135,787

ePlus,

Inc.

(b)

......................

129,779

8,243,562

Fabrinet

(b)

........................

364,307

60,700,832

Methode

Electronics,

Inc.

.............

188,126

4,298,679

OSI

Systems,

Inc.

(b)

.................

78,777

9,298,837

Plexus

Corp.

(a)(b)

....................

275,822

25,645,930

Sanmina

Corp.

(b)

...................

264,214

14,341,536

221,830,656

Energy

Equipment

&

Services

—

2.4%

Core

Laboratories,

Inc.

(a)

..............

224,889

5,399,585

Dril-Quip,

Inc.

(a)(b)

...................

181,794

5,121,137

Helmerich

&

Payne,

Inc.

..............

578,800

24,402,208

Liberty

Energy,

Inc.,

Class

A

...........

466,886

8,646,729

Nabors

Industries

Ltd.

(b)

..............

61,236

7,540,601

Oceaneering

International,

Inc.

(b)

........

728,288

18,731,567

Security

Shares

Shares

Value

Energy

Equipment

&

Services

(continued)

Patterson-UTI

Energy,

Inc.

............

2,187,605

$

30,276,453

RPC,

Inc.

........................

854,455

7,638,828

US

Silica

Holdings,

Inc.

(b)

.............

448,926

6,302,921

114,060,029

Entertainment

—

0.5%

Madison

Square

Garden

Sports

Corp.

.....

127,029

22,395,213

Financial

Services

—

1.5%

EVERTEC,

Inc.

....................

421,648

15,676,873

Jackson

Financial,

Inc.,

Class

A

(a)

........

113,018

4,319,548

Mr

Cooper

Group,

Inc.

(a)(b)

.............

670,952

35,936,189

NMI

Holdings,

Inc.,

Class

A

(b)

...........

421,178

11,409,712

Payoneer

Global,

Inc.

(b)

...............

927,878

5,678,613

73,020,935

Food

Products

—

2.9%

Cal-Maine

Foods,

Inc.

................

407,990

19,754,876

Hostess

Brands,

Inc.,

Class

A

(b)

.........

1,333,492

44,418,619

J

&

J

Snack

Foods

Corp.

..............

154,888

25,347,421

John

B

Sanfilippo

&

Son,

Inc.

...........

54,845

5,418,686

Simply

Good

Foods

Co.

(The)

(b)

.........

909,232

31,386,689

Tootsie

Roll

Industries,

Inc.

............

174,748

5,217,975

TreeHouse

Foods,

Inc.

(a)(b)

.............

242,021

10,547,275

142,091,541

Gas

Utilities

—

0.4%

Chesapeake

Utilities

Corp.

............

119,679

11,698,622

Northwest

Natural

Holding

Co.

..........

231,666

8,840,375

20,538,997

Ground

Transportation

—

0.3%

Heartland

Express,

Inc.

...............

299,110

4,393,926

Marten

Transport

Ltd.

................

579,363

11,419,245

15,813,171

Health

Care

Equipment

&

Supplies

—

2.6%

CONMED

Corp.

(a)

..................

151,181

15,246,604

Embecta

Corp.

....................

270,625

4,072,906

Glaukos

Corp.

(a)(b)

...................

327,155

24,618,414

LeMaitre

Vascular,

Inc.

...............

137,221

7,475,800

Merit

Medical

Systems,

Inc.

(b)

...........

578,472

39,926,137

STAAR

Surgical

Co.

(a)(b)

...............

331,014

13,300,143

Tandem

Diabetes

Care,

Inc.

(a)(b)

.........

391,906

8,139,888

UFP

Technologies,

Inc.

(a)(b)

.............

70,538

11,388,360

124,168,252

Health

Care

Providers

&

Services

—

3.5%

AdaptHealth

Corp.

(a)(b)

................

819,643

7,458,751

Addus

HomeCare

Corp.

(b)

.............

162,747

13,864,417

Agiliti,

Inc.

(a)(b)

.....................

154,131

1,000,310

AMN

Healthcare

Services,

Inc.

(a)(b)

.......

381,279

32,477,345

CorVel

Corp.

(b)

.....................

59,175

11,636,764

Cross

Country

Healthcare,

Inc.

(a)(b)

.......

337,787

8,373,740

Ensign

Group,

Inc.

(The)

(a)

.............

564,079

52,419,861

Fulgent

Genetics,

Inc.

(a)(b)

.............

91,914

2,457,780

Premier,

Inc.,

Class

A

................

310,743

6,680,975

Privia

Health

Group,

Inc.

(a)(b)

............

1,024,818

23,570,814

US

Physical

Therapy,

Inc.

.............

91,757

8,416,870

168,357,627

Health

Care

REITs

—

0.6%

CareTrust

REIT,

Inc.

.................

619,022

12,689,951

Community

Healthcare

Trust,

Inc.

........

148,745

4,417,726

LTC

Properties,

Inc.

.................

270,150

8,679,920

Universal

Health

Realty

Income

Trust

.....

83,283

3,367,132

29,154,729

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

S&P

Small-Cap

600

Growth

ETF

Schedules

of

Investments

25

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Health

Care

Technology

—

1.1%

Certara,

Inc.

(a)(b)

....................

623,176

$

9,060,979

HealthStream,

Inc.

..................

156,311

3,373,191

NextGen

Healthcare,

Inc.

(a)(b)

...........

544,845

12,929,172

Schrodinger,

Inc.

(a)(b)

.................

240,961

6,811,968

Simulations

Plus,

Inc.

................

107,202

4,470,323

Veradigm,

Inc.

(a)(b)

...................

1,096,623

14,409,626

51,055,259

Hotel

&

Resort

REITs

—

0.2%

Apple

Hospitality

REIT,

Inc.

............

747,483

11,466,389

Hotels,

Restaurants

&

Leisure

—

1.8%

Bloomin'

Brands,

Inc.

................

507,023

12,467,695

Chuy's

Holdings,

Inc.

(a)(b)

..............

98,089

3,490,007

Dave

&

Buster's

Entertainment,

Inc.

(b)

.....

192,994

7,154,288

Dine

Brands

Global,

Inc.

..............

93,660

4,631,487

Golden

Entertainment,

Inc.

............

132,561

4,530,935

Jack

in

the

Box,

Inc.

.................

201,820

13,937,689

Monarch

Casino

&

Resort,

Inc.

..........

134,501

8,352,512

Papa

John's

International,

Inc.

(a)

.........

147,859

10,086,941

Sabre

Corp.

(a)(b)

....................

1,267,512

5,691,129

Shake

Shack,

Inc.,

Class

A

(b)

...........

199,423

11,580,494

Six

Flags

Entertainment

Corp.

(b)

.........

309,118

7,267,364

89,190,541

Household

Durables

—

1.2%

Cavco

Industries,

Inc.

(a)(b)

..............

80,993

21,516,600

Ethan

Allen

Interiors,

Inc.

.............

229,044

6,848,416

Green

Brick

Partners,

Inc.

(a)(b)

...........

255,058

10,587,457

Installed

Building

Products,

Inc.

.........

156,209

19,508,942

58,461,415

Household

Products

—

0.6%

Central

Garden

&

Pet

Co.

(a)(b)

...........

46,480

2,051,627

Central

Garden

&

Pet

Co.,

Class

A,

NVS

(b)

..

197,505

7,917,976

WD-40

Co.

(a)

......................

88,484

17,983,488

27,953,091

Industrial

REITs

—

0.4%

Innovative

Industrial

Properties,

Inc.

......

281,433

21,293,221

Insurance

—

1.7%

American

Equity

Investment

Life

Holding

Co.

322,833

17,316,762

AMERISAFE,

Inc.

..................

105,878

5,301,311

Assured

Guaranty

Ltd.

...............

284,826

17,237,670

Employers

Holdings,

Inc.

..............

131,774

5,264,371

Goosehead

Insurance,

Inc.,

Class

A

(a)(b)

....

136,726

10,190,189

Palomar

Holdings,

Inc.

(b)

..............

248,331

12,602,798

Safety

Insurance

Group,

Inc.

...........

84,071

5,732,802

Trupanion,

Inc.

(a)(b)

..................

357,109

10,070,474

83,716,377

Interactive

Media

&

Services

—

0.9%

Cargurus,

Inc.,

Class

A

(b)

..............

435,468

7,629,400

Cars.com,

Inc.

(a)(b)

..................

620,429

10,460,433

QuinStreet,

Inc.

(b)

...................

268,327

2,406,893

Shutterstock,

Inc.

...................

116,539

4,434,309

Yelp,

Inc.

(a)(b)

......................

400,009

16,636,374

41,567,409

IT

Services

—

0.2%

Perficient,

Inc.

(a)(b)

...................

199,176

11,524,323

Leisure

Products

—

0.3%

Sturm

Ruger

&

Co.,

Inc.

..............

108,508

5,655,437

Vista

Outdoor,

Inc.

(a)(b)

................

261,984

8,676,910

14,332,347

Security

Shares

Shares

Value

Life

Sciences

Tools

&

Services

—

0.2%

BioLife

Solutions,

Inc.

(a)(b)

..............

344,836

$

4,762,185

Cytek

Biosciences,

Inc.

(a)(b)

............

434,882

2,400,548

Mesa

Laboratories,

Inc.

(a)

.............

31,829

3,344,273

OmniAb

Operations,

Inc.,

12.50

Earnout

Shares,

NVS

(b)(d)

.................

76,503

1

OmniAb

Operations,

Inc.,

15.00

Earnout

Shares,

NVS

(b)(d)

.................

76,503

1

10,507,008

Machinery

—

6.4%

Alamo

Group,

Inc.

..................

75,683

13,082,563

Albany

International

Corp.,

Class

A

.......

312,938

27,000,291

Enerpac

Tool

Group

Corp.,

Class

A

.......

371,650

9,822,709

EnPro

Industries,

Inc.

................

209,810

25,426,874

ESCO

Technologies,

Inc.

.............

175,970

18,378,307

Federal

Signal

Corp.

................

612,176

36,565,272

Franklin

Electric

Co.,

Inc.

.............

399,310

35,630,431

Hillenbrand,

Inc.

...................

701,724

29,689,942

Lindsay

Corp.

.....................

110,495

13,003,052

Mueller

Industries,

Inc.

...............

569,881

42,832,256

SPX

Technologies,

Inc.

(b)

..............

283,699

23,093,099

Standex

International

Corp.

............

80,870

11,781,950

Titan

International,

Inc.

(a)(b)

.............

516,255

6,933,305

Trinity

Industries,

Inc.

................

484,717

11,802,859

Wabash

National

Corp.

...............

273,598

5,778,390

310,821,300

Marine

Transportation

—

0.7%

Matson,

Inc.

......................

354,189

31,423,648

Media

—

0.2%

TechTarget,

Inc.

(a)(b)

.................

254,103

7,714,567

Metals

&

Mining

—

1.6%

ATI,

Inc.

(a)(b)

.......................

800,163

32,926,708

Haynes

International,

Inc.

.............

85,752

3,989,183

Kaiser

Aluminum

Corp.

...............

160,720

12,095,787

Materion

Corp.

(a)

...................

118,064

12,031,902

TimkenSteel

Corp.

(b)

.................

167,388

3,635,667

Warrior

Met

Coal,

Inc.

................

292,373

14,934,413

79,613,660

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.4%

ARMOUR

Residential

REIT,

Inc.

.........

2,291,497

9,738,862

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

....................

430,098

9,118,078

Invesco

Mortgage

Capital,

Inc.

..........

199,209

1,994,082

20,851,022

Multi-Utilities

—

0.1%

Unitil

Corp.

.......................

161,513

6,898,220

Oil,

Gas

&

Consumable

Fuels

—

3.8%

California

Resources

Corp.

(a)

...........

188,683

10,568,135

Callon

Petroleum

Co.

(a)(b)

..............

280,473

10,972,104

Comstock

Resources,

Inc.

.............

922,371

10,173,752

CONSOL

Energy,

Inc.

................

288,925

30,311,122

CVR

Energy,

Inc.

...................

160,937

5,476,686

Dorian

LPG

Ltd.

....................

340,542

9,783,772

Northern

Oil

&

Gas,

Inc.

..............

840,290

33,804,867

REX

American

Resources

Corp.

(b)

.......

151,850

6,183,332

SM

Energy

Co.

....................

1,191,030

47,224,339

Talos

Energy,

Inc.

(a)(b)

................

544,619

8,953,536

Vital

Energy,

Inc.

(a)(b)

.................

167,989

9,309,950

182,761,595

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

S&P

Small-Cap

600

Growth

ETF

26

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Paper

&

Forest

Products

—

0.2%

Mercer

International,

Inc.

..............

187,479

$

1,608,570

Sylvamo

Corp.

....................

203,583

8,945,437

10,554,007

Passenger

Airlines

—

0.1%

Sun

Country

Airlines

Holdings,

Inc.

(a)(b)

.....

404,771

6,006,802

Personal

Care

Products

—

2.1%

Edgewell

Personal

Care

Co.

...........

244,796

9,047,660

elf

Beauty,

Inc.

(a)(b)

..................

546,575

60,030,332

Inter

Parfums,

Inc.

..................

179,539

24,119,269

Medifast,

Inc.

.....................

109,291

8,180,432

101,377,693

Pharmaceuticals

—

2.6%

(b)

Amphastar

Pharmaceuticals,

Inc.

(a)

.......

382,480

17,590,255

ANI

Pharmaceuticals,

Inc.

(a)

............

83,621

4,855,035

Collegium

Pharmaceutical,

Inc.

.........

348,619

7,791,635

Corcept

Therapeutics,

Inc.

(a)

...........

905,737

24,676,805

Harmony

Biosciences

Holdings,

Inc.

(a)

.....

337,237

11,051,256

Innoviva,

Inc.

(a)

....................

574,972

7,468,886

Ligand

Pharmaceuticals,

Inc.

...........

88,418

5,298,007

Pacira

BioSciences,

Inc.

..............

465,879

14,293,168

Prestige

Consumer

Healthcare,

Inc.

......

348,050

19,904,979

Supernus

Pharmaceuticals,

Inc.

.........

547,940

15,106,706

128,036,732

Professional

Services

—

1.5%

CSG

Systems

International,

Inc.

.........

305,270

15,605,403

Korn

Ferry

.......................

258,155

12,246,873

NV5

Global,

Inc.

(a)(b)

.................

127,588

12,277,793

TTEC

Holdings,

Inc.

.................

94,174

2,469,242

Verra

Mobility

Corp.,

Class

A

(b)

..........

1,702,958

31,845,315

74,444,626

Real

Estate

Management

&

Development

—

0.8%

eXp

World

Holdings,

Inc.

(a)

.............

208,813

3,391,123

Kennedy-Wilson

Holdings,

Inc.

..........

428,107

6,310,297

Marcus

&

Millichap,

Inc.

..............

239,336

7,022,118

St.

Joe

Co.

(The)

...................

357,380

19,416,456

36,139,994

Residential

REITs

—

0.2%

NexPoint

Residential

Trust,

Inc.

.........

121,805

3,919,685

Veris

Residential,

Inc.

................

450,192

7,428,168

11,347,853

Retail

REITs

—

1.0%

Getty

Realty

Corp.

(a)

.................

295,201

8,185,924

Phillips

Edison

&

Co.,

Inc.

.............

506,679

16,994,014

Saul

Centers,

Inc.

..................

73,179

2,581,023

Tanger

Factory

Outlet

Centers,

Inc.

.......

580,620

13,122,012

Urban

Edge

Properties

...............

602,173

9,189,160

50,072,133

Semiconductors

&

Semiconductor

Equipment

—

6.9%

Alpha

&

Omega

Semiconductor

Ltd.

(b)

.....

224,822

6,708,689

Axcelis

Technologies,

Inc.

(b)

............

329,378

53,705,083

CEVA,

Inc.

(b)

......................

145,681

2,824,755

Cohu,

Inc.

(b)

......................

315,310

10,859,276

Diodes,

Inc.

(b)

.....................

459,175

36,201,357

Kulicke

&

Soffa

Industries,

Inc.

(a)

.........

566,810

27,563,970

MaxLinear,

Inc.

(a)(b)

..................

739,960

16,464,110

Onto

Innovation,

Inc.

(a)(b)

..............

492,467

62,799,392

PDF

Solutions,

Inc.

(b)

................

306,139

9,918,904

Photronics,

Inc.

(a)(b)

..................

627,482

12,681,411

Rambus,

Inc.

(a)(b)

...................

1,095,329

61,108,405

SiTime

Corp.

(a)(b)

...................

92,689

10,589,718

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

Ultra

Clean

Holdings,

Inc.

(b)

............

246,744

$

7,320,894

Veeco

Instruments,

Inc.

(a)(b)

............

565,535

15,897,189

334,643,153

Software

—

4.6%

A10

Networks,

Inc.

..................

699,209

10,509,111

Agilysys,

Inc.

(b)

....................

203,579

13,468,787

Alarm.com

Holdings,

Inc.

(a)(b)

...........

500,898

30,624,904

Consensus

Cloud

Solutions,

Inc.

(a)(b)

......

125,423

3,158,151

Digital

Turbine,

Inc.

(a)(b)

...............

583,020

3,527,271

DoubleVerify

Holdings,

Inc.

(a)(b)

..........

1,260,146

35,221,081

InterDigital,

Inc.

....................

265,042

21,266,970

LiveRamp

Holdings,

Inc.

(b)

.............

365,386

10,537,732

N-able,

Inc.

(b)

......................

473,363

6,106,383

OneSpan,

Inc.

(a)(b)

...................

177,646

1,909,694

Progress

Software

Corp.

..............

435,257

22,885,813

SPS

Commerce,

Inc.

(a)(b)

..............

367,860

62,760,595

221,976,492

Specialized

REITs

—

0.4%

Four

Corners

Property

Trust,

Inc.

........

609,027

13,514,309

Uniti

Group,

Inc.

...................

1,078,056

5,088,424

18,602,733

Specialty

Retail

—

1.6%

Academy

Sports

&

Outdoors,

Inc.

(a)

.......

360,662

17,048,493

Asbury

Automotive

Group,

Inc.

(a)(b)

........

92,928

21,379,945

Boot

Barn

Holdings,

Inc.

(a)(b)

............

183,625

14,908,514

Buckle,

Inc.

(The)

..................

206,163

6,883,782

Haverty

Furniture

Cos.,

Inc.

............

69,120

1,989,274

Hibbett,

Inc.

......................

68,219

3,241,085

Leslie's,

Inc.

(a)(b)

....................

1,200,437

6,794,473

National

Vision

Holdings,

Inc.

(b)

.........

454,986

7,361,673

79,607,239

Technology

Hardware,

Storage

&

Peripherals

—

0.2%

(b)

Avid

Technology,

Inc.

................

200,801

5,395,523

Corsair

Gaming,

Inc.

(a)

...............

243,420

3,536,892

8,932,415

Textiles,

Apparel

&

Luxury

Goods

—

0.2%

Oxford

Industries,

Inc.

...............

103,825

9,980,697

Tobacco

—

0.1%

Vector

Group

Ltd.

..................

585,337

6,227,986

Trading

Companies

&

Distributors

—

2.1%

Applied

Industrial

Technologies,

Inc.

......

387,963

59,982,960

Boise

Cascade

Co.

.................

397,358

40,943,768

100,926,728

Water

Utilities

—

1.3%

American

States

Water

Co.

............

256,081

20,148,453

California

Water

Service

Group

.........

359,070

16,987,602

Middlesex

Water

Co.

................

114,005

7,552,831

SJW

Group

.......................

290,162

17,441,638

62,130,524

Wireless

Telecommunication

Services

—

0.1%

Gogo,

Inc.

(a)(b)

.....................

403,013

4,807,945

Total

Long-Term

Investments

—

99.1%

(Cost:

$4,504,661,079)

...........................

4,810,968,581

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

S&P

Small-Cap

600

Growth

ETF

Schedules

of

Investments

27

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

September

30,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

8.7%

(e)(f)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.54%

(g)

............

364,557,311

$

364,703,134

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

5.31%

..................

60,314,357

60,314,357

Total

Short-Term

Securities

—

8.7%

(Cost:

$424,787,708)

.............................

425,017,491

Total

Investments

—

107.8%

(Cost:

$4,929,448,787

)

...........................

5,235,986,072

Liabilities

in

Excess

of

Other

Assets

—

(7.8)%

............

(379,534,312)

Net

Assets

—

100.0%

..............................

$

4,856,451,760

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Non-income

producing

security.

(c)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(d)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(e)

Affiliate

of

the

Fund.

(f)

Annualized

7-day

yield

as

of

period

end.

(g)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

03/31/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/23

Shares

Held

at

09/30/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

306,866,627

$

57,791,730

(a)

$

—

$

12,079

$

32,698

$

364,703,134

364,557,311

$

512,355

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

32,602,986

27,711,371

(a)

—

—

—

60,314,357

60,314,357

863,905

—

$

12,079

$

32,698

$

425,017,491

$

1,376,260

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Russell

2000

E-Mini

Index

....................................................

144

12/15/23

$

12,950

$

(421,549)

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

S&P

Small-Cap

600

Growth

ETF

28

(a)

The

Fund

receives

the

total

return

on

a

portfolio

of

long

positions

underlying the

total

return

swap.

The

Fund

pays

the

total

return

on

a

portfolio

of

short

positions

underlying

the

total

return

swap.

In

addition,

the

Fund

pays

or

receives

a

variable

rate

of

interest,

based

on

a

specified

benchmark.

The

benchmark

and

spread

are

determined

based

upon

the

country

and/or

currency

of

the

individual

underlying

positions.

The

following

are

the

specified

benchmarks

(plus

or

minus

a

range)

used

in

determining

the

variable

rate

of

interest:

OTC

Total

Return

Swaps

Reference

Entity

Payment

Frequency

Counterparty

(a)

Termination

Date

Net

Notional

Accrued

Unrealized

Appreciation

(Depreciation)

Net

Value

of

Reference

Entity

Gross

Notional

Amount

Net

Asset

Percentage

Equity

Securities

Long/Short

...

Monthly

Goldman

Sachs

Bank

USA

(b)

08/19/26

$

12,449,970

$

(633,453)

(c)

$

11,713,851

0.3

%

Monthly

HSBC

Bank

plc

(d)

02/10/28

10,116,812

11,056

(e)

10,134,572

0.2

Monthly

JPMorgan

Chase

Bank

NA

(f)

11/10/23

9,507,611

(268,754)

(g)

9,260,826

0.2

$

(891,151)

$

31,109,249

(b)

(d)

(f)

Range:

40

basis

points

40

basis

points

40

basis

points

Benchmarks:

USD

-

1D

Overnight

Fed

Funds

Effective

Rate

(FEDL01)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

(b)

Goldman

Sachs

USA

(c)

Amount

includes

$102,666

of

net

dividends

and

financing

fees.

(d)

HSBC

(e)

Amount

includes

$(6,704)

of

net

dividends

and

financing

fees.

(f)

JPMChase

(g)

Amount

includes

$(21,969)

of

net

dividends

and

financing

fees.

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

S&P

Small-Cap

600

Growth

ETF

Schedules

of

Investments

29

The

following

table

represents

the

individual

long

positions

and

related

values

of

the

equity

securities

underlying

the

total

return

swap

with

Goldman

Sachs

Bank

USA,

as

of

period

end,

termination

date

August

19,

2026:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Banks

$

Atlantic

Union

Bankshares

Corp.

1,409

$

40,551

0.4

%

Berkshire

Hills

Bancorp,

Inc.

..

16,327

327,356

2.8

Cathay

General

Bancorp

....

108,258

3,763,048

32.1

4,130,955

Capital

Markets

Moelis

&

Co.,

Class

A

......

145,189

6,552,380

55.9

Financial

Services

Payoneer

Global,

Inc.

......

168,385

1,030,516

8.8

Total

Reference

Entity

—

Long

............

11,713,851

Net

Value

of

Reference

Entity

—

Goldman

Sachs

Bank

USA

.........................

$

11,713,851

The

following

table

represents

the

individual

long

positions

and

related

values

of

the

equity

securities

underlying

the

total

return

swap

with

HSBC

Bank

plc,

as

of

period

end,

termination

date

February

10,

2028:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Banks

$

Atlantic

Union

Bankshares

Corp.

21,415

616,324

6.1

Berkshire

Hills

Bancorp,

Inc.

..

5,168

103,618

1.0

Cathay

General

Bancorp

....

5,398

187,634

1.9

City

Holding

Co.

..........

539

48,699

0.5

First

Bancorp

............

1,495

42,069

0.4

First

Commonwealth

Financial

Corp.

...............

1,080

13,187

0.1

First

Financial

Bancorp

.....

2,326

45,590

0.4

Fulton

Financial

Corp.

......

127,522

1,544,291

15.2

Hanmi

Financial

Corp.

......

1,088

17,658

0.2

Independent

Bank

Corp.

....

894

43,886

0.4

Pathward

Financial,

Inc.

.....

139

6,407

0.1

S&T

Bancorp,

Inc.

.........

420

11,374

0.1

TrustCo

Bank

Corp.

........

277

7,559

0.1

Trustmark

Corp.

..........

852

18,514

0.2

Westamerica

Bancorp

......

1,088

47,056

0.5

2,753,866

Insurance

Employers

Holdings,

Inc.

....

972

38,831

0.4

Financial

Services

Jackson

Financial,

Inc.,

Class

A

188,914

7,220,293

71.2

Payoneer

Global,

Inc.

......

19,825

121,329

1.2

7,341,622

Capital

Markets

WisdomTree,

Inc.

.........

36

252

0.0

Total

Reference

Entity

—

Long

............

10,134,571

Net

Value

of

Reference

Entity

—

HSBC

Bank

plc

$

10,134,571

The

following

table

represents

the

individual

long

positions

and

related

values

of

the

equity

securities

underlying

the

total

return

swap

with

JPMorgan

Chase

Bank

NA,

as

of

period

end,

termination

date

November

10,

2023:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Banks

$

Bancorp,

Inc.

(The)

........

15

$

517

0.0

%

Bank

of

Hawaii

Corp.

.......

3,151

156,573

1.7

Community

Bank

System,

Inc.

.

3,971

167,616

1.8

First

Bancorp

............

26,013

350,135

3.8

Heritage

Financial

Corp.

.....

6,736

109,864

1.2

Independent

Bank

Corp.

....

6,905

338,966

3.6

National

Bank

Holdings

Corp.,

Class

A

..............

4,301

127,998

1.4

OFG

Bancorp

............

30

896

0.0

Southside

Bancshares,

Inc.

..

3,490

100,163

1.1

TrustCo

Bank

Corp.

........

320

8,733

0.1

Trustmark

Corp.

..........

472

10,257

0.1

Veritex

Holdings,

Inc.

.......

5,591

100,358

1.1

Washington

Federal,

Inc.

....

3,524

90,285

1.0

1,562,361

Insurance

Employers

Holdings,

Inc.

....

1,196

47,780

0.5

Safety

Insurance

Group,

Inc.

..

345

23,526

0.2

71,306

Capital

Markets

Artisan

Partners

Asset

Management,

Inc.,

Class

A

.

127,447

4,769,067

51.5

Financial

Services

Jackson

Financial,

Inc.,

Class

A

71,231

2,722,449

29.4

Preferred

Securities

Banks

$

Preferred

Bank

...........

2,179

135,643

1.5

Total

Reference

Entity

—

Long

............

9,260,826

Net

Value

of

Reference

Entity

—

JPMorgan

Chase

Bank

NA

..........................

$

9,260,826

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

S&P

Small-Cap

600

Growth

ETF

30

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Balances

Reported

in

the

Statements

of

Assets

and

Liabilities

for

OTC

Swaps

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

OTC

Swaps

...................................................................

$

—

$

—

$

11,056

$

(902,207)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

$

—

$

—

$

11,056

$

—

$

—

$

—

$

11,056

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

—

—

421,549

—

—

—

421,549

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

—

902,207

—

—

—

902,207

$

—

$

—

$

1,323,756

$

—

$

—

$

—

$

1,323,756

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

September

30,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

1,426,709

$

—

$

—

$

—

$

1,426,709

Swaps

..............................

—

—

(2,890,338)

—

—

—

(2,890,338)

$

—

$

—

$

(1,463,629)

$

—

$

—

$

—

$

(1,463,629)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

(757,850)

$

—

$

—

$

—

$

(757,850)

Swaps

..............................

—

—

(277,163)

—

—

—

(277,163)

$

—

$

—

$

(1,035,013)

$

—

$

—

$

—

$

(1,035,013)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

16,231,423

Total

return

swaps

Average

notional

value

...............................................................................................

$

32,605,064

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

S&P

Small-Cap

600

Growth

ETF

Schedules

of

Investments

31

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

The

Fund’s

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

....................................................................................

$

—

$

75,706

Swaps

—

OTC

(a)

....................................................................................

11,056

902,207

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

............................................

$

11,056

$

977,913

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

(“MNA”)

.........................................

—

(75,706)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

11,056

$

902,207

(a)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

paid/(received)

in

the

Statements

of

Assets

and

Liabilities.

The

following

table

presents

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-Cash

Collateral

Received

Cash

Collateral

Received

(b)

Net

Amount

of

Derivative

Assets

(

c

)

HSBC

Bank

plc

.................................

$

11,056

$

—

$

—

$

—

$

11,056

$

11,056

$

—

$

—

$

—

$

11,056

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-Cash

Collateral

Pledged

Cash

Collateral

Pledged

(b)

Net

Amount

of

Derivative

Liabilities

(d

)

Goldman

Sachs

Bank

USA

.........................

$

633,453

$

—

$

—

$

(480,000)

$

153,453

JPMorgan

Chase

Bank

NA

.........................

268,754

—

—

(268,754)

—

$

902,207

$

—

$

—

$

(748,754)

$

153,453

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivative

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Excess

of

collateral

received/pledged,

if

any,

from

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(c)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

(d)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

4,810,968,579

$

—

$

2

$

4,810,968,581

Short-Term

Securities

Money

Market

Funds

......................................

425,017,491

—

—

425,017,491

$

5,235,986,070

$

—

$

2

$

5,235,986,072

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

—

$

11,056

$

—

$

11,056

Liabilities

Equity

contracts

...........................................

(421,549)

(902,207)

—

(1,323,756)

$

(421,549)

$

(891,151)

$

—

$

(1,312,700)

(a)

Derivative

financial

instruments

are

swaps

and

futures

contracts.

Swaps

and

futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Statements

of

Assets

and

Liabilities

(unaudited)

September

30,

2023

2023

iShares

Semi-Annual

Report

to

Shareholders

32

See

notes

to

financial

statements.

iShares

S&P

Mid-Cap

400

Growth

ETF

iShares

S&P

Mid-Cap

400

Value

ETF

iShares

S&P

Small-Cap

600

Growth

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.........................................................

$

7,345,467,413‌

$

6,571,060,761‌

$

4,810,968,581‌

Investments,

at

value

—

affiliated

(c)

............................................................

519,569,780‌

425,777,357‌

425,017,491‌

Cash  

...............................................................................

66,202‌

27,782,837‌

154,938‌

Cash

pledged:

Collateral

—

OTC

derivatives

..............................................................

—‌

780,000‌

770,000‌

Futures

contracts

......................................................................

768,470‌

944,510‌

992,000‌

Receivables:

–‌

–‌

–‌

Investments

sold

......................................................................

39,808,195‌

—‌

69,458,206‌

Securities

lending

income

—

affiliated

........................................................

76,437‌

111,594‌

75,865‌

Dividends

—

unaffiliated

.................................................................

5,968,787‌

9,713,790‌

3,563,165‌

Dividends

—

affiliated

...................................................................

96,634‌

120,983‌

180,324‌

Unrealized

appreciation

on:

–‌

–‌

–‌

OTC

swaps

..........................................................................

—‌

145,542‌

11,056‌

Total

assets

...........................................................................

7,911,821,918‌

7,036,437,374‌

5,311,191,626‌

LIABILITIES

Cash

received:

Collateral

—

OTC

derivatives

..............................................................

—‌

240,000‌

—‌

Collateral

on

securities

loaned

...............................................................

453,499,540‌

352,499,249‌

364,457,470‌

Payables:

–‌

–‌

–‌

Investments

purchased

..................................................................

44,354,176‌

30,921,376‌

70,852,445‌

Swaps  

............................................................................

300,541‌

163,736‌

149,709‌

Income

dividend

distributions

..............................................................

26,881,576‌

37,653,362‌

17,565,126‌

Investment

advisory

fees

.................................................................

1,058,186‌

1,011,140‌

737,203‌

Variation

margin

on

futures

contracts

.........................................................

52,730‌

64,959‌

75,706‌

Unrealized

depreciation

on:

–‌

–‌

–‌

OTC

swaps

..........................................................................

1,025,960‌

920,842‌

902,207‌

Total

liabilities

..........................................................................

527,172,709‌

423,474,664‌

454,739,866‌

Commitments

and

contingent

liabilities

—‌

—‌

—‌

NET

ASSETS

..........................................................................

$

7,384,649,209‌

$

6,612,962,710‌

$

4,856,451,760‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

..........................................................................

$

7,178,623,554‌

$

7,940,626,701‌

$

5,244,396,013‌

Accumulated

earnings

(loss)

................................................................

206,025,655‌

(1,327,663,991‌)

(387,944,253‌)

NET

ASSETS

..........................................................................

$

7,384,649,209‌

$

6,612,962,710‌

$

4,856,451,760‌

NET

ASSET

VALUE

Shares

outstanding

......................................................................

102,150,000‌

65,550,000‌

44,250,000‌

Net

asset

value

.........................................................................

$

72.29‌

$

100.88‌

$

109.75‌

Shares

authorized

.......................................................................

Unlimited

Unlimited

Unlimited

Par

value

.............................................................................

None

None

None

(a)

  Investments,

at

cost

—

unaffiliated

..........................................................

$

6,437,284,289‌

$

6,933,671,630‌

$

4,504,661,079‌

(b)

  Securities

loaned,

at

value

................................................................

$

443,321,383‌

$

345,385,889‌

$

353,484,349‌

(c)

  Investments,

at

cost

—

affiliated

............................................................

$

519,279,864‌

$

425,572,448‌

$

424,787,708‌

Statements

of

Operations

(unaudited)

Six

Months

Ended

September

30,

2023

33

Financial

Statements

See

notes

to

financial

statements.

iShares

S&P

Mid-Cap

400

Growth

ETF

iShares

S&P

Mid-Cap

400

Value

ETF

iShares

S&P

Small-Cap

600

Growth

ETF

INVESTMENT

INCOME

–

–

–

Dividends

—

unaffiliated

.................................................................

$

54,037,845‌

$

63,252,312‌

$

36,655,231‌

Dividends

—

affiliated

...................................................................

323,342‌

498,411‌

863,905‌

Interest

—

unaffiliated

...................................................................

20,144‌

25,649‌

53,555‌

Securities

lending

income

—

affiliated

—

net

...................................................

569,466‌

1,398,604‌

512,355‌

Foreign

taxes

withheld

..................................................................

—‌

—‌

(74,122‌)

Total

investment

income

...................................................................

54,950,797‌

65,174,976‌

38,010,924‌

EXPENSES

Investment

advisory

....................................................................

6,400,689‌

6,380,598‌

4,526,360‌

Total

expenses

.........................................................................

6,400,689‌

6,380,598‌

4,526,360‌

Net

investment

income

....................................................................

48,550,108‌

58,794,378‌

33,484,564‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

70,744,107‌

$

(129,468,218‌)

$

(19,163,257‌)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.............................................................

$

34,112,523‌

$

(159,156,194‌)

$

(43,408,526‌)

Investments

—

affiliated

...............................................................

33,703‌

30,632‌

12,079‌

Futures

contracts

....................................................................

287,748‌

1,048,279‌

1,426,709‌

In-kind

redemptions

—

unaffiliated

(a)

.......................................................

136,759,652‌

52,805,966‌

45,846,504‌

Swaps  

..........................................................................

(425,636‌)

21,072‌

(2,890,338‌)

170,767,990‌

(105,250,245‌)

986,428‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.............................................................

(98,621,304‌)

(22,564,833‌)

(19,147,368‌)

Investments

—

affiliated

...............................................................

18,920‌

23,650‌

32,698‌

Futures

contracts

....................................................................

(374,907‌)

(917,580‌)

(757,850‌)

Swaps  

..........................................................................

(1,046,589‌)

(759,211‌)

(277,163‌)

(100,023,880‌)

(24,217,974‌)

(20,149,683‌)

Net

realized

and

unrealized

gain

(loss)

.........................................................

70,744,110‌

(129,468,219‌)

(19,163,255‌)

NET

INCREASE

(DECREASE)

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..........................

$

119,294,218‌

$

(70,673,841‌)

$

14,321,309‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

Statements

of

Changes

in

Net

Assets

2023

iShares

Semi-Annual

Report

to

Shareholders

34

See

notes

to

financial

statements.

iShares

S&P

Mid-Cap

400

Growth

ETF

iShares

S&P

Mid-Cap

400

Value

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

48,550,108‌

$

74,860,328‌

$

58,794,378‌

$

138,470,868‌

Net

realized

gain

(loss)

............................................

170,767,990‌

(412,080,142‌)

(105,250,245‌)

440,227,925‌

Net

change

in

unrealized

appreciation

(depreciation)

........................

(100,023,880‌)

(137,051,972‌)

(24,217,974‌)

(1,006,216,115‌)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...................

119,294,218‌

(474,271,786‌)

(70,673,841‌)

(427,517,322‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(43,963,196‌)

(78,339,399‌)

(61,398,467‌)

(146,561,202‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........

(66,433,824‌)

387,654,126‌

(720,672,972‌)

(366,336,297‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...................................

8,897,198‌

(164,957,059‌)

(852,745,280‌)

(940,414,821‌)

Beginning

of

period

................................................

7,375,752,011‌

7,540,709,070‌

7,465,707,990‌

8,406,122,811‌

End

of

period

....................................................

$

7,384,649,209‌

$

7,375,752,011‌

$

6,612,962,710‌

$

7,465,707,990‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

35

Financial

Statements

See

notes

to

financial

statements.

iShares

S&P

Small-Cap

600

Growth

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................................................

$

33,484,564‌

$

60,173,179‌

Net

realized

gain

(loss)

..............................................................................

986,428‌

(154,854,229‌)

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

(20,149,683‌)

(544,051,549‌)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.....................................................

14,321,309‌

(638,732,599‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

(31,103,549‌)

(57,057,739‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

...........................................

(132,027,737‌)

62,317,079‌

NET

ASSETS

Total

decrease

in

net

assets

............................................................................

(148,809,977‌)

(633,473,259‌)

Beginning

of

period

..................................................................................

5,005,261,737‌

5,638,734,996‌

End

of

period

......................................................................................

$

4,856,451,760‌

$

5,005,261,737‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2023

iShares

Semi-Annual

Report

to

Shareholders

36

iShares

S&P

Mid-Cap

400

Growth

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

(a)

Year

Ended

03/31/20

(a)

Year

Ended

03/31/19

(a)

Net

asset

value,

beginning

of

period

................

$

71.54

‌

$

77.42

‌

$

78.31

‌

$

44.65

‌

$

54.76

‌

$

54.55

‌

Net

investment

income

(b)

........................

0.47

‌

0.75

‌

0.46

‌

0.44

‌

0.57

‌

0.55

‌

Net

realized

and

unrealized

gain

(loss)

(c)

..............

0.71

‌

(5.85

)

(0.87

)

33.69

‌

(10.05

)

0.24

‌

Net

increase

(decrease)

from

investment

operations

.......

1.18

‌

(5.10

)

(0.41

)

34.13

‌

(9.48

)

0.79

‌

Distributions

(d)

–

–

–

–

–

–

From

net

investment

income

.....................

(0.43

)

(0.78

)

(0.48

)

(0.47

)

(0.63

)

(0.56

)

From

net

realized

gain

..........................

—

‌

—

‌

—

‌

—

‌

—

‌

(0.02

)

Total

distributions

..............................

(0.43

)

(0.78

)

(0.48

)

(0.47

)

(0.63

)

(0.58

)

Net

asset

value,

end

of

period

.....................

$

72.29

‌

$

71.54

‌

$

77.42

‌

$

78.31

‌

$

44.65

‌

$

54.76

‌

Total

Return

(e)

—

—

—

—

—

—

Based

on

net

asset

value

.........................

1.66

%

(f)

(6.51

)%

(0.54

)%

76.68

%

(17.49

)%

1.45

%

Ratios

to

Average

Net

Assets

(g)

Total

expenses

................................

0.17

%

(h)

0.17

%

0.17

%

0.20

%

0.24

%

0.24

%

Net

investment

income

...........................

1.28

%

(h)

1.08

%

0.57

%

0.70

%

1.01

%

1.01

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

7,384,649

‌

$

7,375,752

‌

$

7,540,709

‌

$

8,007,285

‌

$

5,260,096

‌

$

7,490,758

‌

Portfolio

turnover

rate

(i)

...........................

13

%

54

%

45

%

50

%

51

%

50

%

(a)

Per

share

amounts

reflect

a

four-for-one

stock

split

effective

after

the

close

of

trading

on

October

16,

2020.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

37

Financial

Highlights

iShares

S&P

Mid-Cap

400

Value

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

(a)

Year

Ended

03/31/20

(a)

Year

Ended

03/31/19

(a)

Net

asset

value,

beginning

of

period

................

$

102.83

‌

$

109.53

‌

$

101.82

‌

$

54.92

‌

$

78.47

‌

$

77.19

‌

Net

investment

income

(b)

........................

0.86

‌

1.89

‌

1.73

‌

1.36

‌

1.51

‌

1.31

‌

Net

realized

and

unrealized

gain

(loss)

(c)

..............

(1.89

)

(6.56

)

7.80

‌

46.95

‌

(23.42

)

1.31

‌

Net

increase

(decrease)

from

investment

operations

.......

(1.03

)

(4.67

)

9.53

‌

48.31

‌

(21.91

)

2.62

‌

Distributions

from

net

investment

income

(d)

..............

(0.92

)

(2.03

)

(1.82

)

(1.41

)

(1.64

)

(1.34

)

Net

asset

value,

end

of

period

.....................

$

100.88

‌

$

102.83

‌

$

109.53

‌

$

101.82

‌

$

54.92

‌

$

78.47

‌

Total

Return

(e)

—

—

—

—

—

—

Based

on

net

asset

value

.........................

(1.00

)%

(f)

(4.14

)%

9.42

%

88.83

%

(28.36

)%

3.35

%

Ratios

to

Average

Net

Assets

(g)

Total

expenses

................................

0.18

%

(h)

0.18

%

0.18

%

0.21

%

0.25

%

0.25

%

Net

investment

income

...........................

1.66

%

(h)

1.85

%

1.61

%

1.78

%

1.90

%

1.65

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

6,612,963

‌

$

7,465,708

‌

$

8,406,123

‌

$

8,109,620

‌

$

3,811,032

‌

$

6,355,685

‌

Portfolio

turnover

rate

(i)

...........................

10

%

41

%

38

%

43

%

46

%

44

%

(a)

Per

share

amounts

reflect

a

two-for-one

stock

split

effective

after

the

close

of

trading

on

October

16,

2020.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

iShares

Semi-Annual

Report

to

Shareholders

38

iShares

S&P

Small-Cap

600

Growth

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

(a)

Year

Ended

03/31/20

(a)

Year

Ended

03/31/19

(a)

Net

asset

value,

beginning

of

period

................

$

110.13

‌

$

125.31

‌

$

127.93

‌

$

69.20

‌

$

89.29

‌

$

86.92

‌

Net

investment

income

(b)

........................

0.75

‌

1.30

‌

0.98

‌

0.72

‌

0.81

‌

0.72

‌

Net

realized

and

unrealized

gain

(loss)

(c)

..............

(0.43

)

(15.24

)

(2.67

)

58.76

‌

(20.00

)

2.40

‌

Net

increase

(decrease)

from

investment

operations

.......

0.32

‌

(13.94

)

(1.69

)

59.48

‌

(19.19

)

3.12

‌

Distributions

from

net

investment

income

(d)

..............

(0.70

)

(1.24

)

(0.93

)

(0.75

)

(0.90

)

(0.75

)

Net

asset

value,

end

of

period

.....................

$

109.75

‌

$

110.13

‌

$

125.31

‌

$

127.93

‌

$

69.20

‌

$

89.29

‌

Total

Return

(e)

—

—

—

—

—

—

Based

on

net

asset

value

.........................

0.29

%

(f)

(11.09

)%

(1.35

)%

86.30

%

(21.68

)%

3.59

%

Ratios

to

Average

Net

Assets

(g)

Total

expenses

................................

0.18

%

(h)

0.18

%

0.18

%

0.21

%

0.25

%

0.25

%

Net

investment

income

...........................

1.33

%

(h)

1.16

%

0.75

%

0.73

%

0.89

%

0.77

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

4,856,452

‌

$

5,005,262

‌

$

5,638,735

‌

$

6,191,623

‌

$

3,515,154

‌

$

5,580,221

‌

Portfolio

turnover

rate

(i)

...........................

10

%

54

%

44

%

52

%

64

%

45

%

(a)

Per

share

amounts

reflect

a

two-for-one

stock

split

effective

after

the

close

of

trading

on

October

16,

2020.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

(unaudited)

39

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:

Certain

Funds

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

each

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

each

Fund

and

are

reflected

in

its Statements

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Other

foreign

taxes”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of 

September

30,

2023

,

if

any,

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

The

Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

include

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments.

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Funds.

Because

such

gains

or

losses

are

not

taxable

to

the

Funds

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

Funds’

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

(“NAV”)

per

share.

Distributions:

Dividends

and

distributions

paid

by

each

Fund

are

recorded

on

the

ex-dividend

dates.

Distributions

are

determined

on

a

tax

basis

and

may

differ

from

net

investment

income

and

net

realized

capital

gains

for

financial

reporting

purposes.

Dividends

and

distributions

are

paid

in

U.S.

dollars

and

cannot

be

automatically

reinvested

in

additional

shares

of

the

Funds.

Indemnifications:

In

the

normal

course

of

business,

each

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Funds,

which

cannot

be

predicted

with

any

certainty.

3.

Investment

Valuation

and

Fair

Value

Measurements

Investment

Valuation

Policies:

 Each

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund’s

listing

exchange

is

open

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Board

of

Trustees

of

the

Trust

 (the

“Board”)

of each

Fund

has

approved

the

designation

of

BlackRock

Fund

Advisors

(“BFA”),

the

Funds’

investment

adviser, as

the

valuation

designee

for

each

Fund. Each

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

BFA’s

policies.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

BFA’s policies

and

procedures as

reflecting

fair

value. BFA

has

formed

a

committee

(the

“Valuation

Committee”)

to

develop pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

iShares

ETF

Diversification

Classification

S&P

Mid-Cap

400

Growth

...............................................................................................

Diversified

S&P

Mid-Cap

400

Value

................................................................................................

Diversified

S&P

Small-Cap

600

Growth

..............................................................................................

Diversified

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

iShares

Semi-Annual

Report

To

Shareholders

40

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

each

Fund’s

assets

and

liabilities:

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s

official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

are valued

at

the

last

traded

price.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds)

are

valued

at

that

day’s

published

NAV.

Futures

contracts

are

valued

based

on

that

day’s

last

reported

settlement

or

trade

price

on

the

exchange

where

the

contract

is

traded.

Swap

agreements

are

valued

utilizing

quotes

received

daily

by

independent

pricing

services

or

through

brokers,

which

are

derived

using

daily

swap

curves

and

models

that

incorporate

a

number

of

market

data

factors,

such

as

discounted

cash

flows,

trades

and

values

of

the

underlying

reference

instruments.

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”).

Each

business

day,

the

Funds

use

current

market

factors

supplied

by

independent

pricing

services

to

value

certain

foreign

instruments

(“Systematic

Fair

Value

Price”).

The

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

follows

the

close

of

the

local

markets.

If

events

(e.g.,

market

volatility,

company

announcement

or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that

application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the Valuation

Committee,

in

accordance

with

BFA’s

policies

and

procedures as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the Valuation

Committee

seeks

to

determine

the

price

that each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

Fair

value

pricing

could

result

in

a

difference

between

the

prices

used

to

calculate

a

fund’s

NAV

and

the

prices

used

by

the

fund’s

underlying

index,

which

in

turn

could

result

in

a

difference

between

the

fund’s

performance

and

the

performance

of

the

fund’s

underlying

index.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

–

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that each

Fund

has

the

ability

to

access;

Level

2

–

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market-corroborated

inputs);

and

Level

3

–

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

(including

the Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

Securities

and

Other

Investments

Securities

Lending:

 Each

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

an

approved

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

market

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

or

excess

collateral

is

returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

each

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities

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

Notes

to

Financial

Statements

(unaudited)

(continued)

41

Notes

to

Financial

Statements

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

S&P

Mid-Cap

400

Growth

Barclays

Bank

PLC

.....................................

$

21,410,014‌

$

(21,410,014‌)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

5,421,357‌

(5,421,357‌)

–‌

–‌

BNP

Paribas

SA

.......................................

7,868,862‌

(7,868,862‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

30,983,292‌

(30,983,292‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

26,853,750‌

(26,853,750‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

41,327,039‌

(41,327,039‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

47,561,924‌

(47,561,924‌)

–‌

–‌

HSBC

Bank

PLC

......................................

5,629,652‌

(5,629,652‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

15,176,840‌

(15,176,840‌)

–‌

–‌

Jefferies

LLC

.........................................

1,716,202‌

(1,716,202‌)

–‌

–‌

Morgan

Stanley

.......................................

65,182,007‌

(65,182,007‌)

–‌

–‌

National

Financial

Services

LLC

............................

2,778,454‌

(2,778,454‌)

–‌

–‌

Natixis

SA

...........................................

20,769,334‌

(20,769,334‌)

–‌

–‌

Nomura

Securities

International,

Inc.

.........................

20,844‌

(20,844‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

40,041,984‌

(40,041,984‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

36,402,723‌

(36,402,723‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

4,162,188‌

(4,162,188‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

15,424,737‌

(15,424,737‌)

–‌

–‌

UBS

AG

............................................

52,077,628‌

(52,077,628‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

439,262‌

(439,262‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

2,073,290‌

(2,073,290‌)

–‌

–‌

$

443,321,383‌

$

(443,321,383‌)

$

–‌

$

–‌

S&P

Mid-Cap

400

Value

Barclays

Bank

PLC

.....................................

$

7,305,626‌

$

(7,305,626‌)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

8,710,511‌

(8,710,511‌)

–‌

–‌

BMO

Capital

Markets

Corp.

...............................

9,490‌

(9,490‌)

–‌

–‌

BNP

Paribas

SA

.......................................

31,837,072‌

(31,837,072‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

27,604,600‌

(27,604,600‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

837,822‌

(837,822‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

57,084,270‌

(57,084,270‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

41,720,808‌

(41,720,808‌)

–‌

–‌

HSBC

Bank

PLC

......................................

15,301,309‌

(15,301,309‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

37,419,359‌

(37,419,359‌)

–‌

–‌

Jefferies

LLC

.........................................

663,242‌

(663,242‌)

–‌

–‌

Morgan

Stanley

.......................................

40,951,753‌

(40,951,753‌)

–‌

–‌

National

Financial

Services

LLC

............................

5,248,171‌

(5,248,171‌)

–‌

–‌

Natixis

SA

...........................................

2,643,448‌

(2,643,448‌)

–‌

–‌

Nomura

Securities

International,

Inc.

.........................

28,236‌

(28,236‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

22,012,994‌

(22,012,994‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

10,336,869‌

(10,336,869‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

7,313,525‌

(7,313,525‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

22,431,065‌

(22,431,065‌)

–‌

–‌

UBS

AG

............................................

3,720,984‌

(3,720,984‌)

–‌

–‌

UBS

Securities

LLC

....................................

8,768‌

(8,768‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

2,022,712‌

(2,022,712‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

173,255‌

(173,255‌)

–‌

–‌

$

345,385,889‌

$

(345,385,889‌)

$

–‌

$

–‌

S&P

Small-Cap

600

Growth

Barclays

Bank

PLC

.....................................

$

11,521,259‌

$

(11,521,259‌)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

73,650‌

(73,650‌)

–‌

–‌

BMO

Capital

Markets

Corp.

...............................

34‌

(34‌)

–‌

–‌

BNP

Paribas

SA

.......................................

48,790,635‌

(48,790,635‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

41,019,382‌

(41,019,382‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

1,127,190‌

(1,127,190‌)

–‌

–‌

Credit

Suisse

Securities

(USA)

LLC

..........................

3,101,320‌

(3,101,320‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

46,800,133‌

(46,800,133‌)

–‌

–‌

HSBC

Bank

PLC

......................................

3,511,994‌

(3,511,994‌)

–‌

–‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

iShares

Semi-Annual

Report

To

Shareholders

42

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

each

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BlackRock,

Inc.

(“BlackRock”).

BlackRock’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent

the

collateral

received

does

not

cover

the

value

of

the

securities

loaned

in

the

event

of

borrower

default.

Each

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

the

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

by

each

Fund.

5.

Derivative

Financial

Instruments

Futures

Contracts:

 Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded

agreements

between

the

Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any,

are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

Swaps:

Swap

contracts

are

entered

into

to

manage

exposure

to

issuers,

markets

and

securities.

Such

contracts

are

agreements

between

the

Funds

and

a

counterparty

to

make

periodic

net

payments

on

a

specified

notional

amount

or

a

net

payment

upon

termination.

Swap

agreements

are

privately

negotiated

in

the

OTC

market

and

may

be

entered

into

as

a

bilateral

contract

(“OTC

swaps”)

or

centrally

cleared

(“centrally

cleared

swaps”).

For

OTC

swaps,

any

upfront

premiums

paid

and

any

upfront

fees

received

are

shown

as

swap

premiums

paid

and

swap

premiums

received,

respectively,

in

the

Statements

of

Assets

and

Liabilities

and

amortized

over

the

term

of

the

contract.

The

daily

fluctuation

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

on

OTC

Swaps

in

the

Statements

of

Assets

and

Liabilities.

Payments

received

or

paid

are

recorded

in

the

Statements

of

Operations

as

realized

gains

or

losses,

respectively.

When

an

OTC

swap

is

terminated,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

proceeds

from

(or

cost

of)

the

closing

transaction

and

the

Funds’

basis

in

the

contract,

if

any.

Generally,

the

basis

of

the

contract

is

the

premium

received

or

paid.

Total

return

swaps

are

entered

into by

the iShares

S&P

Mid-Cap

400

Growth

ETF,

iShares

S&P

Mid-Cap

400

Value

ETF

and

iShares

S&P

Small-Cap

600

Growth

ETF to

obtain

exposure

to

a

security

or

market

without

owning

such

security

or

investing

directly

in

such

market

or

to

exchange

the

risk/return

of

one

security

or

market

(e.g.,

fixed-

income)

with

another

security

or

market

(e.g.,

equity

or

commodity

prices)

(equity

risk,

commodity

price

risk

and/or

interest

rate

risk).

Total

return

swaps

are

agreements

in

which

there

is

an

exchange

of

cash

flows

whereby

one

party

commits

to

make

payments

based

on

the

total

return

(distributions

plus

capital

gains/losses)

of

an

underlying

instrument,

or

basket

or

underlying

instruments,

in

exchange

for

fixed

or

floating

rate

interest

payments.

If

the

total

return

of

the

instruments

or

index

underlying

the

transaction

exceeds

or

falls

short

of

the

offsetting

fixed

or

floating

interest

rate

obligation,

the

Fund

receives

payment

from

or

makes

a

payment

to

the

counterparty.

Certain

total

return

swaps

are

designed

to

function

as

a

portfolio

of

direct

investments

in

long

and

short

equity

positions.

This

means

that

the

Fund

has

the

ability

to

trade

in

and

out

of

these

long

and

short

positions

within

the

swap

and

will

receive

the

economic

benefits

and

risks

equivalent

to

direct

investment

in

these

positions,

subject

to

certain

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

S&P

Small-Cap

600

Growth

(continued)

J.P.

Morgan

Securities

LLC

...............................

32,062,347‌

(32,062,347‌)

–‌

–‌

Jefferies

LLC

.........................................

2,808,654‌

(2,808,654‌)

–‌

–‌

Morgan

Stanley

.......................................

89,435,011‌

(89,435,011‌)

–‌

–‌

National

Financial

Services

LLC

............................

3,641,846‌

(3,641,846‌)

–‌

–‌

Natixis

SA

...........................................

4,230,670‌

(4,230,670‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

34,533,352‌

(34,533,352‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

5,059,242‌

(5,059,242‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

1,696,340‌

(1,696,340‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

6,575,368‌

(6,575,368‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

4,353,427‌

(4,353,427‌)

–‌

–‌

UBS

AG

............................................

10,874,205‌

(10,874,205‌)

–‌

–‌

UBS

Securities

LLC

....................................

848,788‌

(848,788‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

645,258‌

(645,258‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

774,244‌

(774,244‌)

–‌

–‌

$

353,484,349‌

$

(353,484,349‌)

$

–‌

$

–‌

(a)

Collateral

received,

if

any,

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

each

Fund

is

disclosed

in

the

Fund’s

Statements

of

Assets

and

Liabilities.

Notes

to

Financial

Statements

(unaudited)

(continued)

43

Notes

to

Financial

Statements

adjustments

due

to

events

related

to

the

counterparty.

Benefits

and

risks

include

capital

appreciation

(depreciation),

corporate

actions

and

dividends

received

and

paid,

all

of

which

are

reflected

in

the

swap’s

market

value.

The

market

value

also

includes

interest

charges

and

credits

(“financing

fees”)

related

to

the

notional

values

of

the

long

and

short

positions

and

cash

balances

within

the

swap.

These

interest

charges

and

credits

are

based

on

a

specified

benchmark

rate

plus

or

minus

a

specified

spread

determined

based

upon

the

country

and/or

currency

of

the

positions

in

the

portfolio.

Positions

within

the

swap

and

financing

fees

are

reset

periodically.

During

a

reset,

any

unrealized

appreciation

(depreciation)

on

positions

and

accrued

financing

fees

become

available

for

cash

settlement

between

the

Fund

and

the

counterparty.

The

amounts

that

are

available

for

cash

settlement

are

recorded

as

realized

gains

or

losses

in

the

Statements

of

Operations.

Cash

settlement

in

and

out

of

the

swap

may

occur

at

a

reset

date

or

any

other

date,

at

the

discretion

of

the

Fund

and

the

counterparty,

over

the

life

of

the

agreement.

Certain

swaps

have

no

stated

expiration

and

can

be

terminated

by

either

party

at

any

time.

Swap

transactions

involve,

to

varying

degrees,

elements

of

interest

rate,

credit

and

market

risks

in

excess

of

the

amounts

recognized

in

the

Statements

of

Assets

and

Liabilities.

Such

risks

involve

the

possibility

that

there

will

be

no

liquid

market

for

these

agreements,

that

the

counterparty

to

the

agreements

may

default

on

its

obligation

to

perform

or

disagree

as

to

the

meaning

of

the

contractual

terms

in

the

agreements,

and

that

there

may

be

unfavorable

changes

in

interest

rates

and/or

market

values

associated

with

these

transactions.

Master

Netting

Arrangements:

In

order

to

define

its

contractual

rights

and

to

secure

rights

that

will

help

mitigate

its

counterparty

risk,

a

Fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between

a

Fund

and

a

counterparty

that

governs

certain

OTC

derivatives

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement,

a

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

default

including

the

bankruptcy

or

insolvency

of

the

counterparty.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency,

or

other

events.

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement,

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

a

fund

and

the

counterparty.

Cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Funds

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Statements

of

Assets

and

Liabilities

as

cash

pledged

as

collateral

and

cash

received

as

collateral,

respectively.

Non-cash

collateral

pledged

by

the

Funds,

if

any,

is

noted

in

the

Schedules

of

Investments.

Generally,

the

amount

of

collateral

due

from

or

to

a

counterparty

is

subject

to

a

certain

minimum

transfer

amount

threshold

before

a

transfer

is

required,

which

is

determined

at

the

close

of

business

of

the

Funds.

Any

additional

required

collateral

is

delivered

to/pledged

by

the

Funds

on

the

next

business

day.

Typically,

the

counterparty

is

not

permitted

to

sell,

re-pledge

or

use

cash

and

non-cash

collateral

it

receives.

A

fund

generally

agrees

not

to

use

non-cash

collateral

that

it

receives

but

may,

absent

default

or

certain

other

circumstances

defined

in

the

underlying

ISDA

Master

Agreement,

be

permitted

to

use

cash

collateral

received.

In

such

cases,

interest

may

be

paid

pursuant

to

the

collateral

arrangement

with

the

counterparty.

To

the

extent

amounts

due

to

the

Funds

from

the

counterparty

are

not

fully

collateralized,

each

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

Likewise,

to

the

extent

the

Funds

have

delivered

collateral

to

a

counterparty

and

stand

ready

to

perform

under

the

terms

of their

agreement

with

such

counterparty,

each

Fund

bears

the

risk

of

loss

from

a

counterparty

in

the

amount

of

the

value

of

the

collateral

in

the

event

the

counterparty

fails

to

return

such

collateral.

Based

on

the

terms

of

agreements,

collateral

may

not

be

required

for

all

derivative

contracts.

For

financial

reporting

purposes,

each

Fund

does

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements,

if

any,

in

the

Statements

of

Assets

and

Liabilities.

6.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the 

Trust

,

BFA

manages

the

investment

of each

Fund’s

assets.

BFA

is

a

California

corporation

indirectly owned

by

BlackRock. Under

the

Investment

Advisory

Agreement,

BFA

is

responsible

for

substantially

all

expenses

of

the

Funds,

except

(i)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

of

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

to

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

as

determined

by

a

majority

of

the

independent

trustees

).

For

its

investment

advisory

services

to

the iShares

S&P

Mid-Cap

400

Growth

ETF, BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Fund,

based

on the

Fund’s

allocable

portion

of

the

aggregate

of

the

average

daily

net

assets

of

the

Fund

and

certain

other

iShares

funds,

as

follows:

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.

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$121

billion

..................................................................................................

0.1800%

Over

$121

billion,

up

to

and

including

$181

billion

............................................................................

0.1710

Over

$181

billion,

up

to

and

including

$231

billion

............................................................................

0.1624

Over

$231

billion,

up

to

and

including

$281

billion

............................................................................

0.1543

Over

$281

billion

..................................................................................................

0.1465

iShares

ETF

Investment

Advisory

Fees

S&P

Mid-Cap

400

Value

.............................................................................................

0.18‌

%

S&P

Small-Cap

600

Growth

...........................................................................................

0.18‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

iShares

Semi-Annual

Report

To

Shareholders

44

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

September

30,

2023,

the

Funds

paid

BTC

the

following

amounts

for

securities

lending

agent

services:

Officers

and

Trustees:

Certain

officers

and/or 

trustees

of

the 

Trust

are

officers

and/or 

trustees

of

BlackRock

or

its

affiliates.

Other

Transactions:

Cross

trading

is

the

buying

or

selling

of

portfolio

securities

between

funds

to

which

BFA

(or

an

affiliate)

serves

as

investment

adviser.

At

its

regularly

scheduled

quarterly

meetings,

the

Board

reviews

such

transactions

as

of

the

most

recent

calendar

quarter

for

compliance

with

the

requirements

and

restrictions

set

forth

by

Rule

17a-7.

For

the six

months ended September

30,

2023,

transactions

executed

by

the

Funds

pursuant

to

Rule

17a-7

under

the

1940

Act

were

as

follows:

Each

Fund

may

invest

its

positive

cash

balances

in

certain

money

market

funds

managed

by

BFA

or

an

affiliate.

The

income

earned

on

these

temporary

cash

investments

is

shown

as

dividends

–

affiliated

in

the

Statements

of

Operations.

A

fund,

in

order

to

improve

its

portfolio

liquidity

and

its

ability

to

track

its

underlying

index,

may

invest

in

shares

of

other

iShares

funds

that

invest

in

securities

in

the

fund’s

underlying

index.

7.

Purchases

and

Sales

For

the six

months ended

September

30,

2023,

purchases

and

sales

of

investments,

excluding

short-term securities

and

in-kind

transactions,

were

as

follows:

For

the six

months ended

September

30,

2023,

in-kind

transactions

were

as

follows:

iShares

ETF

Amounts

S&P

Mid-Cap

400

Growth

...................................................................................................

$

230,100‌

S&P

Mid-Cap

400

Value

....................................................................................................

431,385‌

S&P

Small-Cap

600

Growth

..................................................................................................

190,885‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

S&P

Mid-Cap

400

Growth

................................................................

$

91,548,680‌

$

244,423,100‌

$

(5,366,231‌)

S&P

Mid-Cap

400

Value

.................................................................

18,632,926‌

286,985,432‌

(119,452,171‌)

S&P

Small-Cap

600

Growth

...............................................................

74,870,624‌

60,673,670‌

1,844,921‌

iShares

ETF

Purchases

Sales

S&P

Mid-Cap

400

Growth

................................................................................

$

1,022,011,355‌

$

1,043,989,189‌

S&P

Mid-Cap

400

Value

.................................................................................

687,747,162‌

716,926,297‌

S&P

Small-Cap

600

Growth

...............................................................................

493,532,516‌

511,610,806‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

S&P

Mid-Cap

400

Growth

................................................................................

$

443,554,671‌

$

508,810,699‌

S&P

Mid-Cap

400

Value

.................................................................................

49,990,063‌

747,810,622‌

S&P

Small-Cap

600

Growth

...............................................................................

61,126,000‌

181,288,829‌

Notes

to

Financial

Statements

(unaudited)

(continued)

45

Notes

to

Financial

Statements

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

September

30,

2023,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

financial

statements.

As

of

March

31,

2023,

the

Funds

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

and

qualified

late-year

losses as

follows:

As

of

September

30,

2023,

gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows:

9.

Principal

Risks

In

the

normal

course

of

business,

each

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including,

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and

their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject.

BFA

uses

a

“passive”

or

index

approach

to

try

to

achieve

each

Fund’s

investment

objective

following

the

securities

included

in

its

underlying

index

during

upturns

as

well

as

downturns.

BFA

does

not

take

steps

to

reduce

market

exposure

or

to

lessen

the

effects

of

a

declining

market.

Divergence

from

the

underlying

index

and

the

composition

of

the

portfolio

is

monitored

by

BFA.

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Infectious

Illness

Risk:

An

outbreak

of

an

infectious

illness,

such

as

the

COVID-19

pandemic,

may

adversely

impact

the

economies

of

many

nations

and

the

global

economy,

and

may

impact

individual

issuers

and

capital

markets

in

ways

that

cannot

be

foreseen.

An

infectious

illness

outbreak

may

result

in,

among

other

things,

closed

international

borders,

prolonged

quarantines,

supply

chain

disruptions,

market

volatility

or

disruptions

and

other

significant

economic,

social

and

political

impacts.

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

iShares

ETF

Non-Expiring

Capital

Loss

Carryforwards

Qualified

 Late-Year

 Capital

Losses

S&P

Mid-Cap

400

Growth

.................................................................................

$

840,254,575‌

$

—‌

S&P

Mid-Cap

400

Value

..................................................................................

779,295,226‌

—‌

S&P

Small-Cap

600

Growth

................................................................................

659,211,964‌

3,865,884‌

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

S&P

Mid-Cap

400

Growth

...........................................

$

6,996,358,165‌

$

1,296,177,132‌

$

(428,603,971‌)

$

867,573,161‌

S&P

Mid-Cap

400

Value

.............................................

7,435,675,758‌

459,943,917‌

(899,948,256‌)

(440,004,339‌)

S&P

Small-Cap

600

Growth

..........................................

4,963,184,907‌

789,658,507‌

(518,170,042‌)

271,488,465‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

iShares

Semi-Annual

Report

To

Shareholders

46

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. 

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.

From

time

to

time,

settlement

of

securities

related

to

in-kind

contributions

or

in-kind

redemptions

may

be

delayed.

In

such

cases,

securities

related

to

in-kind

transactions

are

reflected

as

a

receivable

or

a

payable

in

the

Statements

of

Assets

and

Liabilities.

Six

Months

Ended

09/30/23

Year

Ended

03/31/23

iShares

ETF

Shares

Amount

Shares

Amount

S&P

Mid-Cap

400

Growth

Shares

sold

6,050,000‌

$

446,047,391‌

12,450,000‌

$

859,514,551‌

Shares

redeemed

(7,000,000‌)

(512,481,215‌)

(6,750,000‌)

(471,860,425‌)

(950,000‌)

$

(66,433,824‌)

5,700,000‌

$

387,654,126‌

S&P

Mid-Cap

400

Value

Shares

sold

500,000‌

$

51,457,654‌

54,750,000‌

$

5,605,015,121‌

Shares

redeemed

(7,550,000‌)

(772,130,626‌)

(58,900,000‌)

(5,971,351,418‌)

(7,050,000‌)

$

(720,672,972‌)

(4,150,000‌)

$

(366,336,297‌)

S&P

Small-Cap

600

Growth

Shares

sold

600,000‌

$

67,239,745‌

10,100,000‌

$

1,134,905,279‌

Shares

redeemed

(1,800,000‌)

(199,267,482‌)

(9,650,000‌)

(1,072,588,200‌)

(1,200,000‌)

$

(132,027,737‌)

450,000‌

$

62,317,079‌

Notes

to

Financial

Statements

(unaudited)

(continued)

47

Notes

to

Financial

Statements

11.

Subsequent

Events

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

available

to

be

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Board

Review

and

Approval

of

Investment

Advisory

Contract

2022

iShares

Semi-Annual

Report

to

Shareholders

48

iShares

S&P

Mid-Cap

400

Growth

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust's

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

the

approval

of

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

legal

and

compliance

services;

and

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

on

May

2,

2023

and

May

15,

2023,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel,

and

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

7-8,

2023,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

material

factors,

none

of

which

was

controlling,

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund

:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

other

fund(s)

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2022,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

factors

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided

:

Based

on

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

to

the

iShares

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund,

including

related

programs

implemented

pursuant

to

regulatory

requirements.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies

provided

at

the

May

2,

2023

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates

:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

49

Board

Review

and

Approval

of

Investment

Advisory

Contract

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale

:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability

(as

discussed

above),

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

relatively

low

fee

rates

established

at

inception,

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business

and

the

provision

of

improved

or

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund

increase.

However,

the

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates

:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

noted

that

BFA

and

its

affiliates

do

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates

:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

as

applicable

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

further

considered

other

direct

benefits

that

might

accrue

to

BFA,

including

the

potential

for

reduction

in

the

Fund’s

expenses

that

are

borne

by

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

in

part

to

the

size

and

scope

of

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

in

the

iShares

complex)

as

well

as

in

response

to

a

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

by

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

by

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

and

paid

for

by

authorized

participants

under

the

ETF

Servicing

Platform.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion

:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

iShares

S&P

Mid-Cap

400

Value

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust's

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

the

approval

of

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

legal

and

compliance

services;

and

ability

to

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

2022

iShares

Semi-Annual

Report

to

Shareholders

50

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

on

May

2,

2023

and

May

15,

2023,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel,

and

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

7-8,

2023,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

material

factors,

none

of

which

was

controlling,

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund

:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

other

fund(s)

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

for

the

Fund

were

within

range

of

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2022,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

factors

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided

:

Based

on

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

to

the

iShares

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund,

including

related

programs

implemented

pursuant

to

regulatory

requirements.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies

provided

at

the

May

2,

2023

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates

:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

51

Board

Review

and

Approval

of

Investment

Advisory

Contract

Economies

of

Scale

:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability

(as

discussed

above),

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

relatively

low

fee

rates

established

at

inception,

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business

and

the

provision

of

improved

or

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund

increase.

However,

the

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates

:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

noted

that

BFA

and

its

affiliates

do

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates

:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

as

applicable

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

further

considered

other

direct

benefits

that

might

accrue

to

BFA,

including

the

potential

for

reduction

in

the

Fund’s

expenses

that

are

borne

by

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

in

part

to

the

size

and

scope

of

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

in

the

iShares

complex)

as

well

as

in

response

to

a

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

by

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

by

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

and

paid

for

by

authorized

participants

under

the

ETF

Servicing

Platform.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion

:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

iShares

S&P

Small-Cap

600

Growth

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust's

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

the

approval

of

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

legal

and

compliance

services;

and

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

on

May

2,

2023

and

May

15,

2023,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel,

and

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

7-8,

2023,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

2022

iShares

Semi-Annual

Report

to

Shareholders

52

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

material

factors,

none

of

which

was

controlling,

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund

:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

other

fund(s)

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

for

the

Fund

were

within

range

of

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2022,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

factors

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided

:

Based

on

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

to

the

iShares

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund,

including

related

programs

implemented

pursuant

to

regulatory

requirements.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies

provided

at

the

May

2,

2023

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates

:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale

:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability

(as

discussed

above),

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

53

Board

Review

and

Approval

of

Investment

Advisory

Contract

relatively

low

fee

rates

established

at

inception,

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business

and

the

provision

of

improved

or

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

already

provided

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund,

on

an

aggregated

basis

with

the

assets

of

certain

other

iShares

funds,

increase.

The

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

new

or

revised

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates

:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

noted

that

BFA

and

its

affiliates

do

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates

:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

as

applicable

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

further

considered

other

direct

benefits

that

might

accrue

to

BFA,

including

the

potential

for

reduction

in

the

Fund’s

expenses

that

are

borne

by

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

in

part

to

the

size

and

scope

of

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

in

the

iShares

complex)

as

well

as

in

response

to

a

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

by

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

by

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

and

paid

for

by

authorized

participants

under

the

ETF

Servicing

Platform.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion

:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Supplemental

Information

(unaudited)

{Reporting

Period}

54

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.

September

30,

2023

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

S&P

Mid-Cap

400

Value

.................

$

0.924129‌

$

—‌

$

—‌

$

0.924129‌

100‌%

—‌%

—‌%

100‌%

S&P

Small-Cap

600

Growth

...............

0.699825‌

—‌

—‌

0.699825‌

100‌

—‌

—‌

100‌

General

Information

55

General

Information

Electronic

Delivery

Shareholders

can

sign

up

for

e-mail

notifications

announcing

that

the

shareholder

report

or

prospectus

has

been

posted

on

the

iShares

website

at

iShares.com

.

Once

you

have

enrolled,

you

will

no

longer

receive

prospectuses

and

shareholder

reports

in

the

mail.

To

enroll

in

electronic

delivery:

•  

Go

to

icsdelivery.com

.

• 

 If

your

brokerage

firm

is

not

listed,

electronic

delivery

may

not

be

available.

Please

contact

your

broker-dealer

or

financial

advisor.

Householding

Householding

is

an

option

available

to

certain

fund

investors.

Householding

is

a

method

of

delivery,

based

on

the

preference

of

the

individual

investor,

in

which

a

single

copy

of

certain

shareholder

documents

and

Rule

30e-3

notices

can

be

delivered

to

investors

who

share

the

same

address,

even

if

their

accounts

are

registered

under

different

names.

Please

contact

your

broker-dealer

if

you

are

interested

in

enrolling

in

householding

and

receiving

a

single

copy

of

prospectuses

and

other

shareholder

documents,

or

if

you

are

currently

enrolled

in

householding

and

wish

to

change

your

householding

status.

Availability

of

Quarterly

Schedule

of

Investments

The

Funds

file

their

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

their

reports

on

Form

N-PORT.

The

Funds’

Forms

N-PORT

are

available

on

the

SEC’s

website

at

sec.gov

.

Additionally,

each

Fund

makes

its

portfolio

holdings

for

the

first

and

third

quarters

of

each

fiscal

year

available

at

iShares.com/fundreports

.

Availability

of

Proxy

Voting

Policies

and

Proxy

Voting

Records

A

description

of

the

policies

and

procedures

that

the

iShares

Funds

use

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and

information

about

how

the

iShares

Funds

voted

proxies

relating

to

portfolio

securities

during

the

most

recent

twelve-month

period

ending

June

30

is

available

without

charge,

upon

request

(1)

by

calling

toll-free

1-800-474-2737;

(2)

on

the

iShares

website

at

iShares.com

;

and

(3)

on

the

SEC

website

at

sec.gov

.

A

description

of

the

Trust’s policies

and

procedures

with

respect

to

the

disclosure

of each

Fund’s

portfolio

securities

is

available

in

the

Fund

Prospectus. Each

Fund

discloses

its

portfolio

holdings

daily

and

provides

information

regarding

its

top

holdings

in

Fund

fact

sheets

at

iShares.com

.

Glossary

of

Terms

Used

in

this

Report

2023

iShares

Semi-Annual

Report

to

Shareholders

56

Currency

Abbreviation

USD

United

States

Dollar

Portfolio

Abbreviation

NVS

Non-Voting

Shares

OTC

Over-the-counter

REIT

Real

Estate

Investment

Trust

iS-SAR-321-0923

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 S&P

Dow

Jones

Indices

LLC,

nor

does

this

company

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

company

listed

above.

©2023

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

of

BlackRock,

Inc.

or

its

subsidiaries.

All

other

marks

are

the

property

of

their

respective

owners.

SEPTEMBER

30,

2023

2023

Semi-Annual

Report

(Unaudited)

iShares

Trust

iShares

Core

S&P

500

ETF

|

IVV

|

NYSE

Arca

iShares

Core

S&P

Total

U.S.

Stock

Market

ETF

|

ITOT

|

NYSE

Arca

Dear

Shareholder,

The

combination

of

continued

economic

growth

and

moderating

inflation

provided

a

supportive

backdrop

for

investors

during

the

12-month

reporting

period

ended

September

30,

2023.

Significantly

tighter

monetary

policy

helped

to

rein

in

inflation

while

the

economy

proved

more

resilient

than

many

investors

anticipated.

A

moderating

labor

market

also

helped

ease

inflationary

pressure,

although

wages

continued

to

grow

and

unemployment

rates

touched

the

lowest

levels

in

decades.

This

robust

labor

market

powered

further

growth

in

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

substantial,

as

the

durability

of

consumer

sentiment

and

spending

mitigated

investors’

concerns

about

the

economy’s

trajectory.

The

U.S.

economy

resumed

growth

in

the

third

quarter

of

2022

and

continued

to

expand

thereafter.

All

major

classes

of

equities

rose,

although

large-capitalization

U.S.

stocks

posted

significantly

higher

returns

than

small-capitalization

U.S.

stocks

due

primarily

to

the

performance

of

large

technology

companies.

International

developed

market

equities

also

advanced

strongly,

and

emerging

market

equities

posted

solid

gains.

The

10-year

U.S.

Treasury

yield

rose

during

the

reporting

period,

driving

its

price

down,

as

investors

reacted

to

elevated

inflation

and

attempted

to

anticipate

future

interest

rate

changes.

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

six

times

during

the

12-month

period.

Furthermore,

the

Fed

wound

down

its

bond-buying

programs

and

incrementally

reduced

its

balance

sheet

by

not

replacing

securities

that

reach

maturity.

However,

the

Fed

declined

to

raise

interest

rates

at

two

of

its

meetings

late

in

the

period.

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

decelerated

the

pace

of

interest

rate

hikes

and

recently

opted

for

two

pauses,

we

believe

that

the

new

economic

regime

means

that

the

Fed

will

need

to

maintain

high

rates

for

an

extended

period

to

keep

inflation

under

control.

Furthermore,

ongoing

structural

changes

may

mean

that

the

Fed

will

be

hesitant

to

cut

interest

rates

in

the

event

of

faltering

economic

activity

lest

inflation

accelerate

again.

We

believe

investors

should

expect

a

period

of

higher

volatility

as

markets

adjust

to

the

new

economic

reality

and

policymakers

attempt

to

adapt.

While

we

favor

an

overweight

position

in

developed

market

equities

in

the

long

term,

we

prefer

an

underweight

stance

in

the

near

term.

Expectations

for

corporate

earnings

remain

elevated,

which

seems

inconsistent

with

macroeconomic

constraints.

Nevertheless,

we

are

overweight

on

Japanese

stocks

in

the

near

term

as

shareholder-friendly

policies

generate

increased

investor

interest.

We

also

believe

that

stocks

with

an

AI

tilt

should

benefit

from

an

investment

cycle

that

is

set

to

support

revenues

and

margins.

In

credit,

there

are

selective

opportunities

in

the

near

term

despite

tightening

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,

U.S.

inflation-linked

bonds,

euro

area

government

bonds

and

gilts,

U.S.

mortgage-backed

securities,

and

hard-

currency

emerging

market

bonds.

Overall,

our

view

is

that

investors

need

to

think

globally,

position

themselves

to

be

prepared

for

a

decarbonizing

economy,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

iShares.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock,

Inc.

The

Markets

in

Review

Rob

Kapito

President,

BlackRock,

Inc.

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Total

Returns

as

of

September

30,

2023

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

5.18

%

21.62

%

U.S.

small

cap

equities

(Russell

2000

®

Index)

(0.19

)

8.93

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

(1.28

)

25.65

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

(2.05

)

11.70

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

2.50

4.47

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(6.98

)

(2.90

)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

(4.05

)

0.64

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

(4.05

)

2.66

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

2.22

10.28

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

...................................................................................................

2

Semi-Annual

Report:

Fund

Summary

........................................................................................................

4

About

Fund

Performance

..................................................................................................

6

Disclosure

of Expenses

...................................................................................................

6

Schedules

of

Investments

.................................................................................................

7

Financial

Statements:

Statements

of

Assets

and

Liabilities

.........................................................................................

41

Statements

of

Operations

................................................................................................

42

Statements

of

Changes

in

Net

Assets

........................................................................................

43

Financial

Highlights

.....................................................................................................

44

Notes

to

Financial

Statements

...............................................................................................

46

Board

Review

and

Approval

of

Investment

Advisory

Contract

............................................................................

53

Supplemental

Information

.................................................................................................

57

General

Information

.....................................................................................................

58

Glossary

of

Terms

Used

in

this

Report

..........................................................................................

59

Fund

Summary

as

of

September

30,

2023

2023

iShares

Semi-Annual

Report

to

Shareholders

4

iShares

®

Core

S&P

500

ETF

Investment

Objective

The

iShares

Core

S&P

500

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

large-capitalization

U.S.

equities,

as

represented

by

the

S&P

500

®

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

5.18‌%

21.59‌%

9.88‌%

11.87‌%

21.59‌%

60.21‌%

207.05‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

5.27‌

21.69‌

9.90‌

11.87‌

21.69‌

60.30‌

207.10‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

5.18‌

21.62‌

9.92‌

11.91‌

21.62‌

60.44‌

208.21‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,051.80‌

$

0.15‌

$

1,000.00‌

$

1,024.85‌

$

0.15‌

0.03‌%

(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.

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Information

Technology

.............................

27.4‌

%

Health

Care

....................................

13.4‌

Financials

......................................

12.8‌

Consumer

Discretionary

............................

10.7‌

Communication

Services

............................

8.9‌

Industrials

......................................

8.3‌

Consumer

Staples

................................

6.6‌

Energy

........................................

4.7‌

Materials

......................................

2.4‌

Utilities

........................................

2.4‌

Real

Estate

.....................................

2.4‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Apple,

Inc.

......................................

7.0‌

%

Microsoft

Corp.

...................................

6.5‌

Amazon.com,

Inc.

.................................

3.2‌

NVIDIA

Corp.

....................................

3.0‌

Alphabet,

Inc.,

Class

A

..............................

2.2‌

Tesla,

Inc.

.......................................

1.9‌

Meta

Platforms,

Inc.,

Class

A

..........................

1.9‌

Alphabet,

Inc.,

Class

C,

NVS

..........................

1.9‌

Berkshire

Hathaway,

Inc.,

Class

B

......................

1.8‌

Exxon

Mobil

Corp.

.................................

1.3‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

September

30,

2023

5

Fund

Summary

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Investment

Objective

The

iShares

Core

S&P

Total

U.S.

Stock

Market

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

a

broad-based

index

composed

of

U.S.

equities,

as

represented

by

the

S&P

Total

Market

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

Index

performance

through

December

20,

2015

reflects

the

performance

of

the

S&P

Composite

1500

®

.

Index

performance

beginning

on

December

21,

2015

reflects

the

performance

of

the

S&P

Total

Market

Index

TM

.

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

4.84‌%

20.50‌%

9.01‌%

11.32‌%

20.50‌%

53.94‌%

192.29‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

4.83‌

20.37‌

9.01‌

11.32‌

20.37‌

53.94‌

192.11‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

4.83‌

20.49‌

9.01‌

11.34‌

20.49‌

53.93‌

192.75‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,048.40‌

$

0.15‌

$

1,000.00‌

$

1,024.85‌

$

0.15‌

0.03‌%

(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.

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Information

Technology

.............................

26.1‌

%

Financials

......................................

13.2‌

Health

Care

....................................

13.2‌

Consumer

Discretionary

............................

10.8‌

Industrials

......................................

9.8‌

Communication

Services

............................

8.2‌

Consumer

Staples

................................

6.1‌

Energy

........................................

4.8‌

Real

Estate

.....................................

2.8‌

Materials

......................................

2.7‌

Utilities

........................................

2.3‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Apple,

Inc.

......................................

6.0‌

%

Microsoft

Corp.

...................................

5.6‌

Amazon.com,

Inc.

.................................

2.8‌

NVIDIA

Corp.

....................................

2.6‌

Alphabet,

Inc.,

Class

A

..............................

1.8‌

Tesla,

Inc.

.......................................

1.6‌

Meta

Platforms,

Inc.,

Class

A

..........................

1.6‌

Alphabet,

Inc.,

Class

C,

NVS

..........................

1.6‌

Berkshire

Hathaway,

Inc.,

Class

B

......................

1.5‌

Exxon

Mobil

Corp.

.................................

1.1‌

(a)

Excludes

money

market

funds.

About

Fund

Performance

2023

iShares

Semi-Annual

Report

To

Shareholders

6

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time

and

may

continue

to

affect

adversely

the

value

and

liquidity

of

each

Fund’s

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Performance

data

current

to

the

most

recent

month-end

is

available

at

iShares.com

.

Performance

results

assume

reinvestment

of

all

dividends

and

capital

gain

distributions

and

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

The

investment

return

and

principal

value

of

shares

will

vary

with

changes

in

market

conditions.

Shares

may

be

worth

more

or

less

than

their

original

cost

when

they

are

redeemed

or

sold

in

the

market.

Performance

for

certain

funds

may

reflect

a

waiver

of

a

portion

of

investment

advisory

fees.

Without

such

a

waiver,

performance

would

have

been

lower.

Net

asset

value

or

“NAV”

is

the

value

of

one

share

of

a

fund

as

calculated

in

accordance

with

the

standard

formula

for

valuing

mutual

fund

shares.

Beginning

August

10,

2020,

the

price

used

to

calculate

market

return

(“Market

Price”)

is

the

closing

price.

Prior

to

August

10,

2020,

Market Price

was

determined

using

the

midpoint

between

the

highest

bid

and

the

lowest

ask

on

the

primary

stock

exchange

on

which

shares

of

a

fund

are

listed

for

trading,

as

of

the

time

that

such

fund’s

NAV

is

calculated.

Market

and

NAV

returns

assume

that

dividends

and

capital

gain

distributions

have

been

reinvested

at

Market

Price

and

NAV,

respectively.

An

index

is

a

statistical

composite

that

tracks

a

specified

financial

market

or

sector.

Unlike

a

fund,

an

index

does

not

actually

hold

a

portfolio

of

securities

and

therefore

does

not

incur

the

expenses

incurred

by

a

fund.

These

expenses

negatively

impact

fund

performance.

Also,

market

returns

do

not

include

brokerage

commissions

that

may

be

payable

on

secondary

market

transactions.

If

brokerage

commissions

were

included,

market

returns

would

be

lower.

Disclosure

of Expenses

Shareholders

of each

Fund

may

incur

the

following

charges: (1)

transactional

expenses,

including

brokerage

commissions

on

purchases

and

sales

of

fund

shares

and

(2)

ongoing

expenses,

including

management

fees

and

other

fund

expenses.

The

expense

examples

shown (which are

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period) are

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in each

Fund and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

funds.

The

expense

examples

provide information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to estimate

the

expenses

a

shareholder paid during

the period

covered

by

this

report,

shareholders

can divide their

account

value

by

$1,000 and

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

the

Period.”

The

expense

examples also

provide

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on a

fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the ongoing expenses

of

investing

in the

Funds

and

other

funds, compare

the

5%

hypothetical

examples

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

expenses

shown

in

the

expense

examples are

intended

to highlight shareholders’

ongoing

costs

only

and

do

not

reflect

any

transactional

expenses,

such

as

brokerage

commissions

and

other

fees

paid

on

purchases

and

sales

of

fund

shares.

Therefore,

the

hypothetical

examples are

useful

in

comparing

ongoing expenses

only

and

will

not

help

shareholders determine

the

relative

total expenses

of

owning

different

funds. If

these

transactional expenses

were

included, shareholder

expenses would

have

been

higher.

Schedule

of

Investments

(unaudited)

September

30,

2023

iShares

®

Core

S&P

500

ETF

Schedules

of

Investments

7

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.5%

Axon

Enterprise,

Inc.

(a)(b)

..............

664,650

$

132,258,704

Boeing

Co.

(The)

(b)

..................

5,362,447

1,027,873,841

General

Dynamics

Corp.

..............

2,143,221

473,587,544

Howmet

Aerospace,

Inc.

..............

3,703,347

171,279,799

Huntington

Ingalls

Industries,

Inc.

........

377,117

77,150,596

L3Harris

Technologies,

Inc.

............

1,788,796

311,465,160

Lockheed

Martin

Corp.

...............

2,119,815

866,919,542

Northrop

Grumman

Corp.

.............

1,345,126

592,111,014

RTX

Corp.

.......................

13,765,088

990,673,383

Textron,

Inc.

(a)

.....................

1,873,236

146,374,661

TransDigm

Group,

Inc.

(b)

..............

521,922

440,048,096

5,229,742,340

Air

Freight

&

Logistics

—

0.6%

CH

Robinson

Worldwide,

Inc.

(a)

.........

1,100,968

94,826,374

Expeditors

International

of

Washington,

Inc.

(a)

1,398,690

160,331,835

FedEx

Corp.

......................

2,188,381

579,745,894

United

Parcel

Service,

Inc.,

Class

B

......

6,840,208

1,066,183,221

1,901,087,324

Automobile

Components

—

0.1%

Aptiv

plc

(b)

........................

2,674,576

263,686,448

BorgWarner,

Inc.

...................

2,223,008

89,742,833

353,429,281

Automobiles

—

2.2%

Ford

Motor

Co.

....................

37,179,880

461,774,109

General

Motors

Co.

.................

13,012,369

429,017,806

Tesla,

Inc.

(b)

.......................

26,114,936

6,534,479,286

7,425,271,201

Banks

—

3.0%

Bank

of

America

Corp.

...............

65,380,887

1,790,128,686

Citigroup,

Inc.

.....................

18,211,736

749,048,702

Citizens

Financial

Group,

Inc.

..........

4,466,439

119,700,565

Comerica,

Inc.

.....................

1,246,061

51,773,834

Fifth

Third

Bancorp

.................

6,439,473

163,111,851

Huntington

Bancshares,

Inc.

...........

13,692,773

142,404,839

JPMorgan

Chase

&

Co.

..............

27,483,394

3,985,641,798

KeyCorp

.........................

8,851,346

95,240,483

M&T

Bank

Corp.

...................

1,568,972

198,396,509

PNC

Financial

Services

Group,

Inc.

(The)

..

3,766,318

462,390,861

Regions

Financial

Corp.

..............

8,874,463

152,640,764

Truist

Financial

Corp.

................

12,596,619

360,389,270

US

Bancorp

......................

14,724,418

486,789,259

Wells

Fargo

&

Co.

..................

34,602,054

1,413,839,926

Zions

Bancorp

NA

..................

1,400,929

48,878,413

10,220,375,760

Beverages

—

1.6%

Brown-Forman

Corp.,

Class

B,

NVS

......

1,730,371

99,825,103

Coca-Cola

Co.

(The)

................

36,806,521

2,060,429,046

Constellation

Brands,

Inc.,

Class

A

.......

1,525,497

383,403,161

Keurig

Dr

Pepper,

Inc.

...............

9,514,101

300,360,169

Molson

Coors

Beverage

Co.,

Class

B

.....

1,755,518

111,633,390

Monster

Beverage

Corp.

(a)(b)

............

7,033,670

372,432,826

PepsiCo,

Inc.

.....................

13,018,585

2,205,869,042

5,533,952,737

Biotechnology

—

2.1%

AbbVie,

Inc.

......................

16,692,277

2,488,150,810

Amgen,

Inc.

......................

5,058,799

1,359,602,819

Biogen,

Inc.

(a)(b)

....................

1,369,506

351,976,737

Gilead

Sciences,

Inc.

................

11,783,766

883,075,424

Incyte

Corp.

(b)

.....................

1,761,621

101,768,845

Security

Shares

Shares

Value

Biotechnology

(continued)

Moderna,

Inc.

(a)(b)

...................

3,131,356

$

323,437,761

Regeneron

Pharmaceuticals,

Inc.

(b)

.......

1,009,606

830,865,354

Vertex

Pharmaceuticals,

Inc.

(b)

..........

2,440,974

848,824,299

7,187,702,049

Broadline

Retail

—

3.3%

Amazon.com,

Inc.

(b)

.................

85,868,027

10,915,543,592

eBay,

Inc.

........................

5,032,746

221,893,771

Etsy,

Inc.

(a)(b)

......................

1,163,247

75,122,492

11,212,559,855

Building

Products

—

0.4%

Allegion

plc

.......................

830,023

86,488,397

AO

Smith

Corp.

....................

1,178,234

77,916,614

Carrier

Global

Corp.

.................

7,921,645

437,274,804

Johnson

Controls

International

plc

.......

6,433,842

342,344,733

Masco

Corp.

......................

2,127,149

113,696,114

Trane

Technologies

plc

...............

2,159,966

438,278,701

1,495,999,363

Capital

Markets

—

2.8%

Ameriprise

Financial,

Inc.

.............

970,536

319,966,308

Bank

of

New

York

Mellon

Corp.

(The)

.....

7,365,131

314,122,837

BlackRock,

Inc.

(c)

...................

1,327,406

858,154,704

Blackstone,

Inc.

....................

6,712,304

719,156,251

CBOE

Global

Markets,

Inc.

............

997,955

155,890,551

Charles

Schwab

Corp.

(The)

...........

14,062,781

772,046,677

CME

Group,

Inc.,

Class

A

.............

3,402,107

681,169,864

FactSet

Research

Systems,

Inc.

.........

360,838

157,780,024

Franklin

Resources,

Inc.

..............

2,689,660

66,111,843

Goldman

Sachs

Group,

Inc.

(The)

.......

3,117,652

1,008,778,658

Intercontinental

Exchange,

Inc.

.........

5,412,780

595,514,056

Invesco

Ltd.

......................

4,242,647

61,603,234

MarketAxess

Holdings,

Inc.

............

356,137

76,085,109

Moody's

Corp.

.....................

1,492,467

471,873,291

Morgan

Stanley

....................

12,066,135

985,441,245

MSCI,

Inc.

.......................

747,943

383,754,594

Nasdaq,

Inc.

......................

3,206,078

155,783,330

Northern

Trust

Corp.

.................

1,957,564

136,011,547

Raymond

James

Financial,

Inc.

.........

1,777,598

178,524,167

S&P

Global,

Inc.

...................

3,077,412

1,124,517,119

State

Street

Corp.

..................

3,013,487

201,783,089

T.

Rowe

Price

Group,

Inc.

.............

2,121,352

222,466,184

9,646,534,682

Chemicals

—

1.7%

Air

Products

&

Chemicals,

Inc.

..........

2,100,790

595,363,886

Albemarle

Corp.

(a)

..................

1,109,822

188,714,133

Celanese

Corp.

....................

946,648

118,823,257

CF

Industries

Holdings,

Inc.

............

1,824,800

156,458,352

Corteva,

Inc.

......................

6,712,434

343,408,123

Dow,

Inc.

........................

6,649,169

342,831,154

DuPont

de

Nemours,

Inc.

.............

4,341,256

323,814,285

Eastman

Chemical

Co.

...............

1,121,334

86,028,744

Ecolab,

Inc.

......................

2,399,054

406,399,748

FMC

Corp.

.......................

1,179,507

78,991,584

International

Flavors

&

Fragrances,

Inc.

....

2,413,945

164,558,631

Linde

plc

........................

4,614,719

1,718,290,620

LyondellBasell

Industries

NV,

Class

A

.....

2,422,304

229,392,189

Mosaic

Co.

(The)

...................

3,142,451

111,871,255

PPG

Industries,

Inc.

.................

2,227,189

289,089,132

Sherwin-Williams

Co.

(The)

............

2,237,355

570,637,393

5,724,672,486

Commercial

Services

&

Supplies

—

0.5%

Cintas

Corp.

......................

818,016

393,473,876

Copart,

Inc.

(a)(b)

....................

8,217,879

354,108,406

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Core

S&P

500

ETF

8

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Commercial

Services

&

Supplies

(continued)

Republic

Services,

Inc.

...............

1,944,351

$

277,089,461

Rollins,

Inc.

.......................

2,655,271

99,121,266

Waste

Management,

Inc.

..............

3,486,079

531,417,883

1,655,210,892

Communications

Equipment

—

0.9%

Arista

Networks,

Inc.

(a)(b)

..............

2,371,369

436,165,900

Cisco

Systems,

Inc.

.................

38,538,524

2,071,831,050

F5,

Inc.

(a)(b)

.......................

560,788

90,365,378

Juniper

Networks,

Inc.

...............

3,039,038

84,454,866

Motorola

Solutions,

Inc.

..............

1,579,369

429,967,417

3,112,784,611

Construction

&

Engineering

—

0.1%

Quanta

Services,

Inc.

(a)

...............

1,372,999

256,846,923

Construction

Materials

—

0.1%

Martin

Marietta

Materials,

Inc.

..........

584,555

239,948,136

Vulcan

Materials

Co.

................

1,256,523

253,842,777

493,790,913

Consumer

Finance

—

0.4%

American

Express

Co.

...............

5,502,382

820,900,371

Capital

One

Financial

Corp.

............

3,607,306

350,089,047

Discover

Financial

Services

............

2,363,818

204,777,553

Synchrony

Financial

.................

3,954,820

120,898,848

1,496,665,819

Consumer

Staples

Distribution

&

Retail

—

1.8%

Costco

Wholesale

Corp.

..............

4,190,960

2,367,724,762

Dollar

General

Corp.

................

2,074,486

219,480,619

Dollar

Tree,

Inc.

(a)(b)

.................

1,980,130

210,784,838

Kroger

Co.

(The)

...................

6,244,729

279,451,623

Sysco

Corp.

......................

4,777,002

315,520,982

Target

Corp.

......................

4,365,098

482,648,886

Walgreens

Boots

Alliance,

Inc.

..........

6,776,197

150,702,621

Walmart,

Inc.

......................

13,497,289

2,158,621,430

6,184,935,761

Containers

&

Packaging

—

0.2%

Amcor

plc

........................

13,915,942

127,470,029

Avery

Dennison

Corp.

................

762,103

139,213,355

Ball

Corp.

(a)

.......................

2,979,658

148,327,375

International

Paper

Co.

...............

3,272,149

116,063,125

Packaging

Corp.

of

America

...........

850,483

130,591,665

Sealed

Air

Corp.

...................

1,364,572

44,839,836

WestRock

Co.

.....................

2,423,822

86,772,827

793,278,212

Distributors

—

0.1%

Genuine

Parts

Co.

..................

1,328,271

191,775,767

LKQ

Corp.

.......................

2,530,208

125,270,598

Pool

Corp.

(a)

......................

369,256

131,492,062

448,538,427

Diversified

Telecommunication

Services

—

0.7%

AT&T,

Inc.

........................

67,609,752

1,015,498,475

Verizon

Communications,

Inc.

..........

39,758,402

1,288,569,809

2,304,068,284

Electric

Utilities

—

1.6%

Alliant

Energy

Corp.

.................

2,390,187

115,804,560

American

Electric

Power

Co.,

Inc.

........

4,872,182

366,485,530

Constellation

Energy

Corp.

............

3,041,538

331,770,965

Duke

Energy

Corp.

.................

7,288,719

643,302,339

Edison

International

.................

3,624,755

229,410,744

Entergy

Corp.

.....................

1,999,765

184,978,263

Evergy,

Inc.

.......................

2,172,426

110,141,998

Security

Shares

Shares

Value

Electric

Utilities

(continued)

Eversource

Energy

.................

3,301,389

$

191,975,770

Exelon

Corp.

......................

9,412,078

355,682,428

FirstEnergy

Corp.

..................

4,880,013

166,798,844

NextEra

Energy,

Inc.

................

19,138,844

1,096,464,373

NRG

Energy,

Inc.

...................

2,166,647

83,459,243

PG&E

Corp.

(a)(b)

....................

19,777,410

319,009,623

Pinnacle

West

Capital

Corp.

...........

1,071,430

78,942,962

PPL

Corp.

.......................

6,970,779

164,231,553

Southern

Co.

(The)

.................

10,313,691

667,502,082

Xcel

Energy,

Inc.

...................

5,216,120

298,466,386

5,404,427,663

Electrical

Equipment

—

0.6%

AMETEK,

Inc.

(a)

....................

2,181,745

322,374,641

Eaton

Corp.

plc

....................

3,773,519

804,816,132

Emerson

Electric

Co.

................

5,404,641

521,926,182

Generac

Holdings,

Inc.

(a)(b)

.............

588,634

64,137,561

Rockwell

Automation,

Inc.

.............

1,086,092

310,481,120

2,023,735,636

Electronic

Equipment,

Instruments

&

Components

—

0.6%

Amphenol

Corp.,

Class

A

.............

5,640,678

473,760,545

CDW

Corp.

.......................

1,267,784

255,788,100

Corning,

Inc.

......................

7,260,063

221,214,120

Keysight

Technologies,

Inc.

(a)(b)

..........

1,686,759

223,175,083

TE

Connectivity

Ltd.

.................

2,968,972

366,757,111

Teledyne

Technologies,

Inc.

(a)(b)

.........

445,194

181,897,365

Trimble,

Inc.

(a)(b)

....................

2,348,497

126,490,048

Zebra

Technologies

Corp.,

Class

A

(a)(b)

.....

485,640

114,868,429

1,963,950,801

Energy

Equipment

&

Services

—

0.4%

Baker

Hughes

Co.,

Class

A

............

9,548,363

337,248,181

Halliburton

Co.

....................

8,497,625

344,153,812

Schlumberger

NV

..................

13,440,616

783,587,913

1,464,989,906

Entertainment

—

1.3%

Activision

Blizzard,

Inc.

...............

6,765,679

633,470,525

Electronic

Arts,

Inc.

.................

2,331,502

280,712,841

Live

Nation

Entertainment,

Inc.

(a)(b)

.......

1,340,672

111,329,403

Netflix,

Inc.

(b)

......................

4,190,950

1,582,502,720

Take-Two

Interactive

Software,

Inc.

(a)(b)

....

1,493,637

209,691,698

Walt

Disney

Co.

(The)

(b)

..............

17,304,595

1,402,537,425

Warner

Bros

Discovery,

Inc.

(a)(b)

.........

20,976,192

227,801,445

4,448,046,057

Financial

Services

—

4.3%

Berkshire

Hathaway,

Inc.,

Class

B

(a)(b)

.....

17,246,831

6,041,564,899

Fidelity

National

Information

Services,

Inc.

..

5,603,123

309,684,608

Fiserv,

Inc.

(b)

......................

5,765,191

651,235,976

FleetCor

Technologies,

Inc.

(a)(b)

..........

699,424

178,590,924

Global

Payments,

Inc.

...............

2,458,832

283,724,625

Jack

Henry

&

Associates,

Inc.

..........

689,027

104,139,541

Mastercard,

Inc.,

Class

A

..............

7,868,654

3,115,278,805

PayPal

Holdings,

Inc.

(a)(b)

..............

10,384,333

607,068,107

Visa,

Inc.,

Class

A

(a)

.................

15,195,703

3,495,163,647

14,786,451,132

Food

Products

—

1.0%

Archer-Daniels-Midland

Co.

............

5,069,892

382,371,255

Bunge

Ltd.

.......................

1,424,752

154,229,404

Campbell

Soup

Co.

.................

1,860,532

76,430,655

Conagra

Brands,

Inc.

................

4,519,399

123,921,921

General

Mills,

Inc.

..................

5,534,348

354,142,928

Hershey

Co.

(The)

..................

1,417,087

283,530,767

Hormel

Foods

Corp.

.................

2,737,925

104,123,288

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Core

S&P

500

ETF

Schedules

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Food

Products

(continued)

J

M

Smucker

Co.

(The)

...............

965,723

$

118,697,014

Kellogg

Co.

.......................

2,492,960

148,356,050

Kraft

Heinz

Co.

(The)

................

7,550,677

254,004,774

Lamb

Weston

Holdings,

Inc.

...........

1,378,909

127,493,926

McCormick

&

Co.,

Inc.,

NVS

...........

2,374,866

179,634,864

Mondelez

International,

Inc.,

Class

A

......

12,865,621

892,874,097

Tyson

Foods,

Inc.,

Class

A

............

2,700,462

136,346,326

3,336,157,269

Gas

Utilities

—

0.0%

Atmos

Energy

Corp.

.................

1,403,874

148,712,373

Ground

Transportation

—

0.8%

CSX

Corp.

.......................

18,974,257

583,458,403

JB

Hunt

Transport

Services,

Inc.

(a)

.......

772,227

145,580,234

Norfolk

Southern

Corp.

...............

2,146,838

422,776,807

Old

Dominion

Freight

Line,

Inc.

(a)

........

847,210

346,627,499

Union

Pacific

Corp.

.................

5,763,714

1,173,665,082

2,672,108,025

Health

Care

Equipment

&

Supplies

—

2.6%

Abbott

Laboratories

.................

16,411,753

1,589,478,278

Align

Technology,

Inc.

(a)(b)

..............

672,968

205,470,590

Baxter

International,

Inc.

..............

4,789,294

180,747,956

Becton

Dickinson

&

Co.

..............

2,743,658

709,317,903

Boston

Scientific

Corp.

(b)

..............

13,847,391

731,142,245

Cooper

Cos.,

Inc.

(The)

..............

468,014

148,833,132

Dentsply

Sirona,

Inc.

................

2,002,181

68,394,503

Dexcom,

Inc.

(a)(b)

...................

3,668,173

342,240,541

Edwards

Lifesciences

Corp.

(a)(b)

.........

5,749,191

398,303,952

GE

HealthCare

Technologies,

Inc.

(a)

......

3,699,287

251,699,488

Hologic,

Inc.

(b)

.....................

2,316,470

160,763,018

IDEXX

Laboratories,

Inc.

(a)(b)

...........

784,886

343,207,101

Insulet

Corp.

(a)(b)

....................

660,438

105,333,257

Intuitive

Surgical,

Inc.

(b)

...............

3,322,749

971,206,305

Medtronic

plc

.....................

12,589,065

986,479,133

ResMed,

Inc.

.....................

1,389,715

205,497,157

STERIS

plc

.......................

933,045

204,728,734

Stryker

Corp.

.....................

3,196,456

873,495,531

Teleflex,

Inc.

......................

444,423

87,289,121

Zimmer

Biomet

Holdings,

Inc.

..........

1,976,054

221,752,780

8,785,380,725

Health

Care

Providers

&

Services

—

3.0%

Cardinal

Health,

Inc.

.................

2,407,943

209,057,611

Cencora,

Inc.

.....................

1,576,478

283,718,746

Centene

Corp.

(a)(b)

..................

5,121,032

352,736,684

Cigna

Group

(The)

..................

2,799,043

800,722,231

CVS

Health

Corp.

..................

12,146,825

848,091,322

DaVita,

Inc.

(a)(b)

....................

509,257

48,140,064

Elevance

Health,

Inc.

................

2,228,443

970,308,651

HCA

Healthcare,

Inc.

................

1,903,527

468,229,571

Henry

Schein,

Inc.

(b)

.................

1,235,051

91,702,537

Humana,

Inc.

.....................

1,171,889

570,147,436

Laboratory

Corp.

of

America

Holdings

.....

837,986

168,477,085

McKesson

Corp.

(a)

..................

1,275,654

554,718,142

Molina

Healthcare,

Inc.

(a)(b)

.............

551,441

180,811,990

Quest

Diagnostics,

Inc.

...............

1,061,489

129,353,050

UnitedHealth

Group,

Inc.

..............

8,760,346

4,416,878,850

Universal

Health

Services,

Inc.,

Class

B

...

587,677

73,888,629

10,166,982,599

Health

Care

REITs

—

0.2%

Healthpeak

Properties,

Inc.

............

5,173,667

94,988,526

Ventas,

Inc.

......................

3,805,462

160,324,114

Security

Shares

Shares

Value

Health

Care

REITs

(continued)

Welltower,

Inc.

.....................

4,905,752

$

401,879,204

657,191,844

Hotel

&

Resort

REITs

—

0.0%

Host

Hotels

&

Resorts,

Inc.

............

6,729,818

108,148,175

Hotels,

Restaurants

&

Leisure

—

2.1%

Airbnb,

Inc.,

Class

A

(a)(b)

...............

4,032,180

553,255,418

Booking

Holdings,

Inc.

(b)

..............

337,480

1,040,771,446

Caesars

Entertainment,

Inc.

(a)(b)

.........

2,035,946

94,366,097

Carnival

Corp.

(a)(b)

...................

9,526,644

130,705,556

Chipotle

Mexican

Grill,

Inc.

(b)

...........

260,789

477,721,114

Darden

Restaurants,

Inc.

.............

1,143,141

163,720,654

Domino's

Pizza,

Inc.

.................

331,924

125,729,492

Expedia

Group,

Inc.

(a)(b)

...............

1,303,584

134,360,403

Hilton

Worldwide

Holdings,

Inc.

(a)

........

2,473,298

371,439,893

Las

Vegas

Sands

Corp.

..............

3,108,744

142,504,825

Marriott

International,

Inc.,

Class

A

.......

2,369,148

465,679,731

McDonald's

Corp.

..................

6,892,026

1,815,635,329

MGM

Resorts

International

(a)

...........

2,654,667

97,585,559

Norwegian

Cruise

Line

Holdings

Ltd.

(a)(b)

...

4,023,214

66,302,567

Royal

Caribbean

Cruises

Ltd.

(b)

.........

2,228,733

205,355,458

Starbucks

Corp.

....................

10,832,203

988,655,168

Wynn

Resorts

Ltd.

..................

915,992

84,646,821

Yum!

Brands,

Inc.

..................

2,650,019

331,093,374

7,289,528,905

Household

Durables

—

0.3%

DR

Horton,

Inc.

(a)

...................

2,879,295

309,437,834

Garmin

Ltd.

.......................

1,448,376

152,369,155

Lennar

Corp.,

Class

A

................

2,388,050

268,010,851

Mohawk

Industries,

Inc.

(b)

.............

499,679

42,877,455

NVR,

Inc.

(a)(b)

......................

30,884

184,170,557

PulteGroup,

Inc.

...................

2,075,452

153,687,221

Whirlpool

Corp.

....................

518,531

69,327,595

1,179,880,668

Household

Products

—

1.3%

Church

&

Dwight

Co.,

Inc.

.............

2,327,080

213,230,341

Clorox

Co.

(The)

...................

1,171,136

153,489,084

Colgate-Palmolive

Co.

...............

7,818,019

555,939,331

Kimberly-Clark

Corp.

................

3,198,152

386,496,669

Procter

&

Gamble

Co.

(The)

...........

22,293,485

3,251,727,722

4,560,883,147

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

AES

Corp.

(The)

...................

6,332,836

96,259,107

Industrial

Conglomerates

—

0.8%

3M

Co.

..........................

5,220,384

488,732,350

General

Electric

Co.

.................

10,292,915

1,137,881,753

Honeywell

International,

Inc.

...........

6,279,402

1,160,056,726

2,786,670,829

Industrial

REITs

—

0.3%

Prologis,

Inc.

......................

8,737,025

980,381,575

Insurance

—

2.2%

Aflac,

Inc.

........................

5,112,553

392,388,443

Allstate

Corp.

(The)

.................

2,473,791

275,605,055

American

International

Group,

Inc.

.......

6,732,559

407,993,075

Aon

plc,

Class

A

...................

1,918,633

622,059,191

Arch

Capital

Group

Ltd.

(a)(b)

............

3,527,057

281,141,713

Arthur

J

Gallagher

&

Co.

..............

2,037,952

464,510,399

Assurant,

Inc.

.....................

501,927

72,066,679

Brown

&

Brown,

Inc.

.................

2,226,128

155,472,780

Chubb

Ltd.

.......................

3,884,504

808,676,043

Cincinnati

Financial

Corp.

.............

1,483,260

151,722,665

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Core

S&P

500

ETF

10

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Insurance

(continued)

Everest

Group

Ltd.

..................

410,528

$

152,580,942

Globe

Life,

Inc.

....................

822,423

89,422,053

Hartford

Financial

Services

Group,

Inc.

(The)

2,892,114

205,079,804

Loews

Corp.

(a)

.....................

1,748,726

110,711,843

Marsh

&

McLennan

Cos.,

Inc.

..........

4,671,313

888,950,864

MetLife,

Inc.

......................

5,974,000

375,824,340

Principal

Financial

Group,

Inc.

..........

2,102,916

151,557,156

Progressive

Corp.

(The)

..............

5,535,751

771,130,114

Prudential

Financial,

Inc.

..............

3,432,899

325,747,786

Travelers

Cos.,

Inc.

(The)

.............

2,165,021

353,569,580

Willis

Towers

Watson

plc

..............

973,930

203,512,413

WR

Berkley

Corp.

(a)

.................

1,923,922

122,149,808

7,381,872,746

Interactive

Media

&

Services

—

5.9%

(b)

Alphabet,

Inc.,

Class

A

...............

56,109,530

7,342,493,096

Alphabet,

Inc.,

Class

C,

NVS

(a)

..........

47,729,217

6,293,097,261

Match

Group,

Inc.

(a)

.................

2,630,071

103,033,032

Meta

Platforms,

Inc.,

Class

A

...........

21,019,429

6,310,242,780

20,048,866,169

IT

Services

—

1.2%

Accenture

plc,

Class

A

...............

5,965,670

1,832,116,914

Akamai

Technologies,

Inc.

(a)(b)

...........

1,437,649

153,167,124

Cognizant

Technology

Solutions

Corp.,

Class

A

4,776,342

323,549,407

DXC

Technology

Co.

(a)(b)

..............

1,938,629

40,381,642

EPAM

Systems,

Inc.

(a)(b)

..............

548,291

140,192,526

Gartner,

Inc.

(a)(b)

....................

745,490

256,157,819

International

Business

Machines

Corp.

....

8,615,690

1,208,781,307

VeriSign,

Inc.

(a)(b)

...................

848,388

171,824,022

4,126,170,761

Leisure

Products

—

0.0%

Hasbro,

Inc.

......................

1,233,486

81,582,764

Life

Sciences

Tools

&

Services

—

1.5%

Agilent

Technologies,

Inc.

.............

2,793,431

312,361,454

Bio-Rad

Laboratories,

Inc.,

Class

A

(a)(b)

....

197,315

70,727,562

Bio-Techne

Corp.

...................

1,489,002

101,356,366

Charles

River

Laboratories

International,

Inc.

(a)

(b)

...........................

485,017

95,053,632

Danaher

Corp.

....................

6,214,504

1,541,818,442

Illumina,

Inc.

(a)(b)

....................

1,496,955

205,501,982

IQVIA

Holdings,

Inc.

(a)(b)

...............

1,731,766

340,724,961

Mettler-Toledo

International,

Inc.

(a)(b)

......

206,779

229,125,607

Revvity,

Inc.

......................

1,174,007

129,962,575

Thermo

Fisher

Scientific,

Inc.

(a)

..........

3,650,037

1,847,539,228

Waters

Corp.

(a)(b)

...................

558,902

153,256,517

West

Pharmaceutical

Services,

Inc.

(a)

.....

698,532

262,096,192

5,289,524,518

Machinery

—

1.8%

Caterpillar,

Inc.

....................

4,824,583

1,317,111,159

Cummins,

Inc.

.....................

1,339,439

306,008,234

Deere

&

Co.

......................

2,578,546

973,091,690

Dover

Corp.

......................

1,322,687

184,528,063

Fortive

Corp.

(a)

.....................

3,329,244

246,896,735

IDEX

Corp.

.......................

714,987

148,731,596

Illinois

Tool

Works,

Inc.

...............

2,602,391

599,356,671

Ingersoll

Rand,

Inc.

(a)

................

3,824,519

243,698,351

Nordson

Corp.

.....................

511,966

114,255,452

Otis

Worldwide

Corp.

................

3,893,888

312,718,145

PACCAR,

Inc.

.....................

4,944,115

420,348,657

Parker-Hannifin

Corp.

................

1,213,161

472,550,473

Pentair

plc

.......................

1,561,372

101,098,837

Snap-on,

Inc.

.....................

500,589

127,680,230

Stanley

Black

&

Decker,

Inc.

...........

1,449,012

121,108,423

Security

Shares

Shares

Value

Machinery

(continued)

Westinghouse

Air

Brake

Technologies

Corp.

.

1,694,182

$

180,040,721

Xylem,

Inc.

.......................

2,277,418

207,313,361

6,076,536,798

Media

—

0.8%

Charter

Communications,

Inc.,

Class

A

(a)(b)

..

962,641

423,388,765

Comcast

Corp.,

Class

A

..............

38,923,074

1,725,849,101

Fox

Corp.,

Class

A,

NVS

..............

2,399,088

74,851,546

Fox

Corp.,

Class

B

..................

1,245,799

35,978,675

Interpublic

Group

of

Cos.,

Inc.

(The)

......

3,640,327

104,331,772

News

Corp.,

Class

A,

NVS

............

3,602,725

72,270,663

News

Corp.,

Class

B

................

1,097,138

22,897,270

Omnicom

Group,

Inc.

................

1,868,590

139,172,583

Paramount

Global,

Class

B,

NVS

(a)

.......

4,560,357

58,828,605

2,657,568,980

Metals

&

Mining

—

0.4%

Freeport-McMoRan,

Inc.

..............

13,558,179

505,584,495

Newmont

Corp.

....................

7,515,837

277,710,177

Nucor

Corp.

......................

2,352,148

367,758,340

Steel

Dynamics,

Inc.

.................

1,472,634

157,895,817

1,308,948,829

Multi-Utilities

—

0.7%

Ameren

Corp.

.....................

2,485,061

185,957,115

CenterPoint

Energy,

Inc.

..............

5,969,220

160,273,557

CMS

Energy

Corp.

..................

2,758,970

146,528,897

Consolidated

Edison,

Inc.

.............

3,261,882

278,988,767

Dominion

Energy,

Inc.

................

7,913,357

353,489,657

DTE

Energy

Co.

...................

1,949,936

193,589,646

NiSource,

Inc.

.....................

3,908,131

96,452,673

Public

Service

Enterprise

Group,

Inc.

.....

4,720,064

268,618,842

Sempra

.........................

5,951,566

404,885,035

WEC

Energy

Group,

Inc.

..............

2,983,151

240,292,813

2,329,077,002

Office

REITs

—

0.1%

Alexandria

Real

Estate

Equities,

Inc.

......

1,472,818

147,429,082

Boston

Properties,

Inc.

...............

1,364,858

81,181,754

228,610,836

Oil,

Gas

&

Consumable

Fuels

—

4.3%

APA

Corp.

.......................

2,905,847

119,430,312

Chevron

Corp.

.....................

16,779,556

2,829,368,733

ConocoPhillips

....................

11,324,839

1,356,715,712

Coterra

Energy,

Inc.

.................

7,163,333

193,768,158

Devon

Energy

Corp.

.................

6,059,373

289,032,092

Diamondback

Energy,

Inc.

.............

1,691,284

261,946,066

EOG

Resources,

Inc.

................

5,506,641

698,021,813

EQT

Corp.

(a)

......................

3,420,150

138,789,687

Exxon

Mobil

Corp.

..................

37,859,160

4,451,480,033

Hess

Corp.

.......................

2,613,623

399,884,319

Kinder

Morgan,

Inc.

.................

18,332,910

303,959,648

Marathon

Oil

Corp.

..................

5,728,202

153,229,403

Marathon

Petroleum

Corp.

............

3,781,360

572,271,022

Occidental

Petroleum

Corp.

............

6,274,881

407,114,279

ONEOK,

Inc.

......................

5,513,802

349,740,461

Phillips

66

........................

4,211,122

505,966,308

Pioneer

Natural

Resources

Co.

.........

2,204,936

506,143,059

Targa

Resources

Corp.

...............

2,115,591

181,348,460

Valero

Energy

Corp.

.................

3,339,549

473,247,489

Williams

Cos.,

Inc.

(The)

..............

11,504,069

387,572,085

14,579,029,139

Passenger

Airlines

—

0.2%

Alaska

Air

Group,

Inc.

(b)

...............

1,203,076

44,610,058

American

Airlines

Group,

Inc.

(a)(b)

........

6,178,906

79,151,786

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Core

S&P

500

ETF

Schedules

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Passenger

Airlines

(continued)

Delta

Air

Lines,

Inc.

.................

6,084,841

$

225,139,117

Southwest

Airlines

Co.

...............

5,633,124

152,488,667

United

Airlines

Holdings,

Inc.

(a)(b)

.........

3,101,662

131,200,302

632,589,930

Personal

Care

Products

—

0.2%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

....

2,192,793

316,968,228

Kenvue,

Inc.

......................

16,298,739

327,278,679

644,246,907

Pharmaceuticals

—

4.1%

Bristol-Myers

Squibb

Co.

..............

19,756,922

1,146,691,753

Catalent,

Inc.

(a)(b)

...................

1,704,728

77,616,266

Eli

Lilly

&

Co.

.....................

7,541,256

4,050,634,835

Johnson

&

Johnson

.................

22,772,928

3,546,883,536

Merck

&

Co.,

Inc.

...................

23,998,028

2,470,596,983

Organon

&

Co.

....................

2,416,872

41,956,898

Pfizer,

Inc.

.......................

53,394,945

1,771,110,326

Viatris,

Inc.

.......................

11,344,360

111,855,389

Zoetis,

Inc.,

Class

A

.................

4,353,270

757,381,914

13,974,727,900

Professional

Services

—

0.8%

Automatic

Data

Processing,

Inc.

.........

3,896,136

937,332,399

Broadridge

Financial

Solutions,

Inc.

......

1,116,912

199,983,094

Ceridian

HCM

Holding,

Inc.

(a)(b)

..........

1,471,776

99,860,002

Equifax,

Inc.

(a)

.....................

1,160,581

212,595,227

Jacobs

Solutions,

Inc.

................

1,190,852

162,551,298

Leidos

Holdings,

Inc.

................

1,299,031

119,718,697

Paychex,

Inc.

.....................

3,034,634

349,984,339

Paycom

Software,

Inc.

(a)

..............

465,744

120,753,447

Robert

Half,

Inc.

...................

1,012,774

74,216,079

Verisk

Analytics,

Inc.

(a)

...............

1,371,401

323,979,772

2,600,974,354

Real

Estate

Management

&

Development

—

0.1%

(a)(b)

CBRE

Group,

Inc.,

Class

A

............

2,930,376

216,437,571

CoStar

Group,

Inc.

..................

3,861,665

296,923,422

513,360,993

Residential

REITs

—

0.3%

AvalonBay

Communities,

Inc.

..........

1,343,212

230,683,229

Camden

Property

Trust

...............

1,009,885

95,514,923

Equity

Residential

..................

3,261,836

191,502,392

Essex

Property

Trust,

Inc.

.............

606,938

128,725,480

Invitation

Homes,

Inc.

................

5,440,279

172,402,442

Mid-America

Apartment

Communities,

Inc.

..

1,103,597

141,977,754

UDR,

Inc.

........................

2,866,857

102,260,789

1,063,067,009

Retail

REITs

—

0.3%

Federal

Realty

Investment

Trust

.........

693,977

62,895,135

Kimco

Realty

Corp.

.................

5,862,267

103,117,277

Realty

Income

Corp.

.................

6,703,086

334,752,115

Regency

Centers

Corp.

..............

1,554,042

92,372,256

Simon

Property

Group,

Inc.

............

3,094,331

334,280,578

927,417,361

Semiconductors

&

Semiconductor

Equipment

—

7.4%

Advanced

Micro

Devices,

Inc.

(b)

.........

15,279,567

1,571,045,079

Analog

Devices,

Inc.

.................

4,742,122

830,298,141

Applied

Materials,

Inc.

...............

7,941,612

1,099,516,181

Broadcom,

Inc.

....................

3,902,901

3,241,671,513

Enphase

Energy,

Inc.

(a)(b)

..............

1,289,433

154,925,375

First

Solar,

Inc.

(a)(b)

..................

1,010,442

163,277,323

Intel

Corp.

.......................

39,606,861

1,408,023,909

KLA

Corp.

........................

1,292,824

592,966,656

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

Lam

Research

Corp.

................

1,260,463

$

790,020,394

Microchip

Technology,

Inc.

.............

5,147,772

401,783,605

Micron

Technology,

Inc.

...............

10,358,363

704,679,435

Monolithic

Power

Systems,

Inc.

.........

451,661

208,667,382

NVIDIA

Corp.

.....................

23,359,174

10,161,007,098

NXP

Semiconductors

NV

.............

2,438,251

487,455,140

ON

Semiconductor

Corp.

(a)(b)

...........

4,081,053

379,333,876

Qorvo,

Inc.

(a)(b)

.....................

925,817

88,387,749

QUALCOMM,

Inc.

..................

10,554,299

1,172,160,447

Skyworks

Solutions,

Inc.

..............

1,507,454

148,619,890

SolarEdge

Technologies,

Inc.

(a)(b)

........

534,592

69,235,010

Teradyne,

Inc.

(a)

....................

1,456,640

146,334,054

Texas

Instruments,

Inc.

...............

8,586,886

1,365,400,743

25,184,809,000

Software

—

10.1%

Adobe,

Inc.

(b)

......................

4,310,744

2,198,048,366

ANSYS,

Inc.

(a)(b)

....................

820,899

244,258,497

Autodesk,

Inc.

(a)(b)

...................

2,021,135

418,193,043

Cadence

Design

Systems,

Inc.

(a)(b)

.......

2,570,383

602,240,737

Fair

Isaac

Corp.

(a)(b)

.................

235,136

204,222,670

Fortinet,

Inc.

(a)(b)

....................

6,164,391

361,726,464

Gen

Digital,

Inc.

....................

5,321,542

94,084,863

Intuit,

Inc.

........................

2,648,616

1,353,283,859

Microsoft

Corp.

....................

70,264,910

22,186,145,332

Oracle

Corp.

......................

14,888,273

1,576,965,876

Palo

Alto

Networks,

Inc.

(a)(b)

............

2,892,468

678,110,198

PTC,

Inc.

(b)

.......................

1,123,908

159,235,285

Roper

Technologies,

Inc.

..............

1,009,327

488,796,880

Salesforce,

Inc.

(b)

...................

9,211,236

1,867,854,436

ServiceNow,

Inc.

(b)

..................

1,929,439

1,078,479,223

Synopsys,

Inc.

(a)(b)

..................

1,439,135

660,519,791

Tyler

Technologies,

Inc.

(a)(b)

............

397,929

153,656,304

34,325,821,824

Specialized

REITs

—

1.1%

American

Tower

Corp.

...............

4,408,637

725,000,355

Crown

Castle,

Inc.

..................

4,101,308

377,443,375

Digital

Realty

Trust,

Inc.

..............

2,862,679

346,441,412

Equinix,

Inc.

......................

884,953

642,705,966

Extra

Space

Storage,

Inc.

.............

1,998,167

242,937,144

Iron

Mountain,

Inc.

..................

2,760,131

164,089,788

Public

Storage

.....................

1,496,454

394,345,558

SBA

Communications

Corp.

...........

1,025,141

205,202,474

VICI

Properties,

Inc.

.................

9,584,330

278,904,003

Weyerhaeuser

Co.

..................

6,910,748

211,883,534

3,588,953,609

Specialty

Retail

—

2.1%

AutoZone,

Inc.

(a)(b)

..................

171,760

436,268,682

Bath

&

Body

Works,

Inc.

..............

2,164,742

73,168,280

Best

Buy

Co.,

Inc.

..................

1,836,784

127,601,384

CarMax,

Inc.

(a)(b)

....................

1,496,119

105,820,497

Home

Depot,

Inc.

(The)

..............

9,508,058

2,872,954,805

Lowe's

Cos.,

Inc.

...................

5,541,697

1,151,786,304

O'Reilly

Automotive,

Inc.

(a)(b)

............

571,250

519,186,275

Ross

Stores,

Inc.

...................

3,221,669

363,887,514

TJX

Cos.,

Inc.

(The)

.................

10,868,700

966,010,056

Tractor

Supply

Co.

..................

1,029,090

208,956,725

Ulta

Beauty,

Inc.

(b)

..................

471,089

188,176,501

7,013,817,023

Technology

Hardware,

Storage

&

Peripherals

—

7.2%

Apple,

Inc.

.......................

138,984,763

23,795,581,273

Hewlett

Packard

Enterprise

Co.

.........

12,214,020

212,157,527

HP,

Inc.

.........................

8,205,526

210,882,018

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Core

S&P

500

ETF

12

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

September

30,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Technology

Hardware,

Storage

&

Peripherals

(continued)

NetApp,

Inc.

......................

1,993,875

$

151,295,235

Seagate

Technology

Holdings

plc

........

1,824,126

120,301,110

Western

Digital

Corp.

(a)(b)

..............

3,025,882

138,070,996

24,628,288,159

Textiles,

Apparel

&

Luxury

Goods

—

0.4%

NIKE,

Inc.,

Class

B

.................

11,585,861

1,107,840,029

Ralph

Lauren

Corp.,

Class

A

...........

381,826

44,326,180

Tapestry,

Inc.

......................

2,192,114

63,023,278

VF

Corp.

........................

3,124,520

55,210,268

1,270,399,755

Tobacco

—

0.6%

Altria

Group,

Inc.

...................

16,782,803

705,716,866

Philip

Morris

International,

Inc.

..........

14,680,935

1,359,160,962

2,064,877,828

Trading

Companies

&

Distributors

—

0.3%

Fastenal

Co.

......................

5,403,089

295,224,783

United

Rentals,

Inc.

(a)

................

645,869

287,133,981

WW

Grainger,

Inc.

..................

420,999

291,263,948

873,622,712

Water

Utilities

—

0.1%

American

Water

Works

Co.,

Inc.

(a)

........

1,841,069

227,979,574

Security

Shares

Shares

Value

Wireless

Telecommunication

Services

—

0.2%

T-Mobile

US,

Inc.

(b)

..................

4,895,300

$

685,586,765

Total

Long-Term

Investments

—

99.7%

(Cost:

$322,265,964,519)

..........................

339,865,662,601

Short-Term

Securities

Money

Market

Funds

—

1.4%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.54%

(e)

............

2,585,817,195

2,586,851,522

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

5.31%

..................

2,096,000,405

2,096,000,405

Total

Short-Term

Securities

—

1.4%

(Cost:

$4,681,289,626)

...........................

4,682,851,927

Total

Investments

—

101.1%

(Cost:

$326,947,254,145

)

..........................

344,548,514,528

Liabilities

in

Excess

of

Other

Assets

—

(1.1)%

............

(3,863,295,816)

Net

Assets

—

100.0%

..............................

$

340,685,218,712

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Non-income

producing

security.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

03/31/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/23

Shares

Held

at

09/30/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

2,493,216,128

$

93,332,777

(a)

$

—

$

325,030

$

(22,413)

$

2,586,851,522

2,585,817,195

$

3,135,662

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

528,291,394

1,567,709,011

(a)

—

—

—

2,096,000,405

2,096,000,405

15,645,546

—

BlackRock,

Inc.

............

889,552,216

150,792,197

(150,864,398)

793,281

(32,118,592)

858,154,704

1,327,406

13,604,045

—

$

1,118,311

$

(32,141,005)

$

5,541,006,631

$

32,385,253

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Core

S&P

500

ETF

Schedules

of

Investments

13

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

S&P

500

E-Mini

Index

.......................................................

3,730

12/15/23

$

806,706

$

(29,519,884)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

29,519,884

$

—

$

—

$

—

$

29,519,884

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

September

30,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

95,737,447

$

—

$

—

$

—

$

95,737,447

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

(70,579,018)

$

—

$

—

$

—

$

(70,579,018)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

857,227,157

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Core

S&P

500

ETF

14

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

339,865,662,601

$

—

$

—

$

339,865,662,601

Short-Term

Securities

Money

Market

Funds

......................................

4,682,851,927

—

—

4,682,851,927

$

344,548,514,528

$

—

$

—

$

344,548,514,528

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

...........................................

$

(29,519,884)

$

—

$

—

$

(29,519,884)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

September

30,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.5%

AAR

Corp.

(a)

......................

36,162

$

2,152,724

AeroVironment,

Inc.

(a)(b)

...............

26,227

2,925,097

AerSale

Corp.

(a)

....................

33,184

495,769

Air

Industries

Group

(a)

................

2

6

Archer

Aviation,

Inc.,

Class

A

(a)(b)

.........

167,125

845,652

Astra

Space,

Inc.

(a)(b)

.................

10,466

19,362

Astronics

Corp.

(a)

...................

35,095

556,607

Axon

Enterprise,

Inc.

(a)

...............

72,806

14,487,666

Boeing

Co.

(The)

(a)

..................

587,850

112,679,088

BWX

Technologies,

Inc.

..............

90,493

6,785,165

Cadre

Holdings,

Inc.

.................

25,245

672,779

Curtiss-Wright

Corp.

.................

40,257

7,875,477

Ducommun,

Inc.

(a)(b)

.................

14,434

628,023

General

Dynamics

Corp.

..............

233,876

51,679,580

HEICO

Corp.

(b)

....................

43,286

7,009,302

HEICO

Corp.,

Class

A

................

76,834

9,928,489

Hexcel

Corp.

......................

90,113

5,869,961

Howmet

Aerospace,

Inc.

..............

408,490

18,892,662

Huntington

Ingalls

Industries,

Inc.

........

39,772

8,136,556

Kaman

Corp.

.....................

27,427

538,941

Kratos

Defense

&

Security

Solutions,

Inc.

(a)

.

153,485

2,305,345

L3Harris

Technologies,

Inc.

............

195,289

34,003,721

Leonardo

DRS,

Inc.

(a)(b)

...............

48,197

804,890

Lockheed

Martin

Corp.

...............

231,035

94,484,074

Mercury

Systems,

Inc.

(a)

..............

59,770

2,216,869

Momentus,

Inc.

(a)(b)

..................

2

4

Moog,

Inc.,

Class

A

.................

29,473

3,329,270

National

Presto

Industries,

Inc.

..........

8,370

606,490

Northrop

Grumman

Corp.

.............

146,718

64,583,796

Parsons

Corp.

(a)

....................

40,673

2,210,578

Rocket

Lab

USA,

Inc.

(a)(b)

..............

263,311

1,153,302

RTX

Corp.

.......................

1,509,607

108,646,416

SIFCO

Industries,

Inc.

(a)(b)

.............

614

2,253

Spirit

AeroSystems

Holdings,

Inc.,

Class

A

(a)

.

109,100

1,760,874

Textron,

Inc.

......................

206,670

16,149,194

TransDigm

Group,

Inc.

(a)

..............

57,292

48,304,604

Triumph

Group,

Inc.

(a)

................

95,990

735,283

V2X,

Inc.

(a)

.......................

13,744

710,015

Virgin

Galactic

Holdings,

Inc.,

Class

C

(a)(b)

...

431,046

775,883

VirTra,

Inc.

(a)

......................

9

50

Woodward,

Inc.

....................

62,665

7,786,753

642,748,570

Air

Freight

&

Logistics

—

0.5%

Air

Transport

Services

Group,

Inc.

(a)(b)

.....

57,970

1,209,834

CH

Robinson

Worldwide,

Inc.

..........

121,257

10,443,865

Expeditors

International

of

Washington,

Inc.

.

152,388

17,468,236

FedEx

Corp.

......................

239,265

63,386,084

Forward

Air

Corp.

..................

28,421

1,953,660

GXO

Logistics,

Inc.

(a)(b)

...............

123,883

7,265,738

Hub

Group,

Inc.,

Class

A

(a)

.............

33,557

2,635,567

United

Parcel

Service,

Inc.,

Class

B

......

749,259

116,787,000

221,149,984

Automobile

Components

—

0.2%

Adient

plc

(a)

.......................

97,568

3,580,746

American

Axle

&

Manufacturing

Holdings,

Inc.

(a)

147,030

1,067,438

Aptiv

plc

(a)

........................

295,347

29,118,261

Autoliv,

Inc.

.......................

77,653

7,491,961

BorgWarner,

Inc.

...................

241,409

9,745,681

Dana,

Inc.

........................

139,986

2,053,595

Dorman

Products,

Inc.

(a)

..............

28,147

2,132,417

Fox

Factory

Holding

Corp.

(a)

............

44,221

4,381,417

Garrett

Motion,

Inc.

(a)(b)

...............

163,617

1,289,302

Security

Shares

Shares

Value

Automobile

Components

(continued)

Gentex

Corp.

.....................

241,495

$

7,858,247

Gentherm,

Inc.

(a)

...................

34,161

1,853,576

Goodyear

Tire

&

Rubber

Co.

(The)

(a)(b)

.....

301,734

3,750,554

LCI

Industries

.....................

25,730

3,021,217

Lear

Corp.

.......................

61,156

8,207,135

Luminar

Technologies,

Inc.,

Class

A

(a)(b)

....

301,215

1,370,528

Mobileye

Global,

Inc.,

Class

A

(a)(b)

........

79,096

3,286,439

Modine

Manufacturing

Co.

(a)(b)

..........

55,290

2,529,517

Motorcar

Parts

of

America,

Inc.

(a)

........

36

291

Patrick

Industries,

Inc.

(b)

..............

23,770

1,784,176

Phinia,

Inc.

.......................

48,260

1,292,885

QuantumScape

Corp.,

Class

A

(a)(b)

.......

398,293

2,664,580

Solid

Power,

Inc.,

Class

A

(a)(b)

...........

210,710

425,634

Standard

Motor

Products,

Inc.

..........

25,709

864,337

Stoneridge,

Inc.

(a)

...................

27,549

552,908

Visteon

Corp.

(a)

....................

28,967

3,999,474

XPEL,

Inc.

(a)(b)(c)

....................

23,575

1,817,868

106,140,184

Automobiles

—

1.9%

Arcimoto,

Inc.

(a)

....................

45

38

Fisker,

Inc.,

Class

A

(a)(b)

...............

192,132

1,233,487

Ford

Motor

Co.

....................

4,069,331

50,541,091

General

Motors

Co.

.................

1,427,507

47,064,906

Harley-Davidson,

Inc.

................

134,917

4,460,356

Lucid

Group,

Inc.

(a)(b)

.................

952,141

5,322,468

Mullen

Automotive,

Inc.

(a)(b)

............

882,086

400,467

Rivian

Automotive,

Inc.,

Class

A

(a)(b)

.......

698,272

16,954,044

Tesla,

Inc.

(a)

.......................

2,858,666

715,295,406

Thor

Industries,

Inc.

(b)

................

55,820

5,310,157

Winnebago

Industries,

Inc.

............

31,415

1,867,622

848,450,042

Banks

—

3.3%

1st

Source

Corp.

...................

19,118

804,677

Amalgamated

Financial

Corp.

..........

27,868

479,887

Amerant

Bancorp,

Inc.,

Class

A

.........

29,900

521,456

American

National

Bankshares,

Inc.

......

19,461

738,350

Ameris

Bancorp

....................

67,309

2,583,993

Arrow

Financial

Corp.

................

29,861

508,234

Associated

Banc-Corp.

...............

169,430

2,898,947

Atlantic

Union

Bankshares

Corp.

........

76,721

2,208,030

Axos

Financial,

Inc.

(a)

................

54,819

2,075,447

Banc

of

California,

Inc.

...............

60,049

743,407

BancFirst

Corp.

....................

18,965

1,644,834

Bancorp,

Inc.

(The)

(a)(b)

...............

33,772

1,165,134

Bank

First

Corp.

(b)

..................

9,249

713,560

Bank

of

America

Corp.

...............

7,156,524

195,945,627

Bank

of

Hawaii

Corp.

................

40,854

2,030,035

Bank

of

Marin

Bancorp

...............

28,803

526,519

Bank

OZK

.......................

105,352

3,905,399

BankUnited,

Inc.

...................

54,708

1,241,872

Banner

Corp.

.....................

19,279

817,044

Bar

Harbor

Bankshares

..............

25,813

609,961

BayCom

Corp.

....................

26,826

515,327

Berkshire

Hills

Bancorp,

Inc.

...........

41,358

829,228

BOK

Financial

Corp.

.................

30,248

2,419,235

Bridgewater

Bancshares,

Inc.

(a)

.........

50,975

483,243

Brookline

Bancorp,

Inc.

(b)

..............

55,340

504,147

Business

First

Bancshares,

Inc.

.........

25,374

476,016

Byline

Bancorp,

Inc.

.................

29,433

580,124

Cadence

Bank

....................

126,467

2,683,630

Cambridge

Bancorp

.................

11,609

723,125

Camden

National

Corp.

..............

26,590

750,370

Capital

City

Bank

Group,

Inc.

...........

15,716

468,808

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

16

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Banks

(continued)

Capitol

Federal

Financial,

Inc.

..........

135,172

$

644,770

Capstar

Financial

Holdings,

Inc.

.........

37,136

526,960

Carter

Bankshares,

Inc.

(a)

.............

43,271

542,186

Cathay

General

Bancorp

..............

76,390

2,655,316

CB

Financial

Services,

Inc.

............

34,360

744,925

Citigroup,

Inc.

.....................

1,998,631

82,203,693

Citizens

Financial

Group,

Inc.

..........

489,160

13,109,488

City

Holding

Co.

...................

11,974

1,081,851

CNB

Financial

Corp.

.................

33,670

609,764

Coastal

Financial

Corp.

(a)

.............

15,900

682,269

Colony

Bankcorp,

Inc.

...............

67,729

676,951

Columbia

Banking

System,

Inc.

.........

228,389

4,636,297

Columbia

Financial,

Inc.

(a)(b)

............

33,997

534,093

Comerica,

Inc.

.....................

139,231

5,785,048

Commerce

Bancshares,

Inc.

...........

117,579

5,641,440

Community

Bank

System,

Inc.

..........

43,616

1,841,031

Community

Trust

Bancorp,

Inc.

.........

19,280

660,533

ConnectOne

Bancorp,

Inc.

............

53,489

953,709

CrossFirst

Bankshares,

Inc.

(a)(b)

.........

72,154

728,034

Cullen/Frost

Bankers,

Inc.

.............

68,878

6,282,362

Customers

Bancorp,

Inc.

(a)

.............

30,402

1,047,349

CVB

Financial

Corp.

.................

134,337

2,225,964

Dime

Community

Bancshares,

Inc.

.......

43,319

864,647

Eagle

Bancorp

Montana,

Inc.

...........

44,619

527,397

Eagle

Bancorp,

Inc.

.................

21,314

457,185

East

West

Bancorp,

Inc.

..............

147,393

7,769,085

Eastern

Bankshares,

Inc.

.............

220,798

2,768,807

Enterprise

Financial

Services

Corp.

......

45,736

1,715,100

Equity

Bancshares,

Inc.,

Class

A

........

26,344

634,100

Esquire

Financial

Holdings,

Inc.

.........

17,577

803,093

Evans

Bancorp,

Inc.

(b)

................

23,325

625,110

Farmers

National

Banc

Corp.

...........

70,302

812,691

FB

Financial

Corp.

..................

50,907

1,443,723

Fifth

Third

Bancorp

.................

707,886

17,930,752

First

Bancorp

.....................

180,966

3,173,340

First

Bancshares,

Inc.

(The)

............

31,002

836,124

First

Busey

Corp.

...................

78,634

1,511,345

First

Citizens

BancShares,

Inc.,

Class

A

....

12,408

17,124,281

First

Commonwealth

Financial

Corp.

......

43,678

533,308

First

Community

Bankshares,

Inc.

.......

17,863

526,065

First

Financial

Bancorp

...............

65,509

1,283,976

First

Financial

Bankshares,

Inc.

.........

143,319

3,600,173

First

Financial

Corp.

.................

18,238

616,627

First

Foundation,

Inc.

................

72,534

441,007

First

Hawaiian,

Inc.

.................

164,648

2,971,896

First

Horizon

Corp.

..................

591,019

6,513,029

First

Interstate

BancSystem,

Inc.,

Class

A

..

91,378

2,278,967

First

Merchants

Corp.

................

91,611

2,548,618

First

Mid

Bancshares,

Inc.

.............

25,436

675,580

First

of

Long

Island

Corp.

(The)

.........

45,713

526,157

First

Savings

Financial

Group,

Inc.

.......

31,794

475,320

First

US

Bancshares,

Inc.

.............

9

77

First

Western

Financial,

Inc.

(a)(b)

.........

25,802

468,306

Flushing

Financial

Corp.

..............

42,448

557,342

FNB

Corp.

.......................

383,528

4,138,267

Franklin

Financial

Services

Corp.

........

26,822

764,427

Fulton

Financial

Corp.

................

170,218

2,061,340

German

American

Bancorp,

Inc.

.........

43,517

1,178,876

Glacier

Bancorp,

Inc.

(b)

...............

119,347

3,401,390

Glen

Burnie

Bancorp

................

598

3,899

Great

Southern

Bancorp,

Inc.

...........

9,307

445,991

Hancock

Whitney

Corp.

..............

89,588

3,313,860

HarborOne

Bancorp,

Inc.

.............

67,231

640,039

Hawthorn

Bancshares,

Inc.

............

9

146

Heartland

Financial

USA,

Inc.

..........

46,574

1,370,673

Security

Shares

Shares

Value

Banks

(continued)

Heritage

Commerce

Corp.

.............

77,761

$

658,636

Heritage

Financial

Corp.

..............

33,744

550,365

Hilltop

Holdings,

Inc.

.................

51,785

1,468,623

Hingham

Institution

for

Savings

(The)

(b)

....

2,445

456,604

Home

BancShares,

Inc.

..............

202,641

4,243,303

Home

Federal

Bancorp,

Inc.

of

Louisiana

...

506

7,666

HomeTrust

Bancshares,

Inc.

...........

22,883

495,875

Hope

Bancorp,

Inc.

.................

84,527

748,064

Horizon

Bancorp,

Inc.

................

65,656

701,206

Huntington

Bancshares,

Inc.

...........

1,513,396

15,739,318

Independent

Bank

Corp.

..............

57,488

2,135,223

Independent

Bank

Group,

Inc.

..........

36,432

1,440,886

International

Bancshares

Corp.

.........

54,356

2,355,789

John

Marshall

Bancorp,

Inc.

...........

25,274

451,141

JPMorgan

Chase

&

Co.

..............

3,007,910

436,207,108

Kearny

Financial

Corp.

...............

82,941

574,781

Kentucky

First

Federal

Bancorp

.........

844

4,338

KeyCorp

.........................

975,356

10,494,831

Lake

Shore

Bancorp,

Inc.

.............

652

6,690

Lakeland

Bancorp,

Inc.

...............

120,736

1,523,688

Lakeland

Financial

Corp.

..............

24,513

1,163,387

Live

Oak

Bancshares,

Inc.

(b)

............

36,845

1,066,663

M&T

Bank

Corp.

...................

173,826

21,980,298

Macatawa

Bank

Corp.

...............

60,543

542,465

Mercantile

Bank

Corp.

...............

17,930

554,216

Metropolitan

Bank

Holding

Corp.

(a)

.......

13,071

474,216

Mid

Penn

Bancorp,

Inc.

...............

26,684

537,149

Midland

States

Bancorp,

Inc.

...........

25,410

521,921

MidWestOne

Financial

Group,

Inc.

.......

27,899

567,187

National

Bank

Holdings

Corp.,

Class

A

....

37,993

1,130,672

NBT

Bancorp,

Inc.

..................

59,867

1,897,185

New

York

Community

Bancorp,

Inc.

......

749,641

8,500,929

Nicolet

Bankshares,

Inc.

(b)

.............

14,130

985,991

Northeast

Bank

....................

16,025

706,703

Northeast

Community

Bancorp,

Inc.

......

47,930

707,447

Northfield

Bancorp,

Inc.

..............

41,144

388,811

Northwest

Bancshares,

Inc.

............

93,733

958,889

Norwood

Financial

Corp.

..............

22,023

567,312

OceanFirst

Financial

Corp.

............

99,763

1,443,571

OFG

Bancorp

.....................

35,052

1,046,653

Ohio

Valley

Banc

Corp.

...............

21,521

526,188

Old

National

Bancorp

................

299,880

4,360,255

Old

Second

Bancorp,

Inc.

.............

42,613

579,963

Origin

Bancorp,

Inc.

.................

36,754

1,061,088

Pacific

Premier

Bancorp,

Inc.

...........

80,724

1,756,554

PacWest

Bancorp

(b)

.................

121,414

960,385

Park

National

Corp.

.................

19,586

1,851,269

Pathward

Financial,

Inc.

(b)

.............

25,864

1,192,072

Patriot

National

Bancorp,

Inc.

(a)

.........

59

420

PCB

Bancorp

.....................

39,543

610,939

Peapack-Gladstone

Financial

Corp.

......

38,047

975,906

Peoples

Bancorp

of

North

Carolina,

Inc.

(b)

..

26,923

605,229

Peoples

Bancorp,

Inc.

...............

36,146

917,385

Peoples

Financial

Services

Corp.

........

9

361

Pinnacle

Financial

Partners,

Inc.

.........

82,297

5,517,191

PNC

Financial

Services

Group,

Inc.

(The)

..

411,557

50,526,853

Ponce

Financial

Group,

Inc.

(a)(b)

.........

81,204

635,015

Popular,

Inc.

......................

74,904

4,719,701

Premier

Financial

Corp.

..............

43,957

749,906

Princeton

Bancorp,

Inc.

(b)

.............

18,374

532,662

Prosperity

Bancshares,

Inc.

............

94,133

5,137,779

Provident

Financial

Services,

Inc.

........

61,828

945,350

QCR

Holdings,

Inc.

.................

24,650

1,196,018

Red

River

Bancshares,

Inc.

............

10,447

480,144

Regions

Financial

Corp.

..............

989,396

17,017,611

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Banks

(continued)

Renasant

Corp.

....................

43,757

$

1,145,996

Republic

Bancorp,

Inc.,

Class

A

.........

12,894

567,981

S&T

Bancorp,

Inc.

..................

18,799

509,077

Sandy

Spring

Bancorp,

Inc.

............

53,194

1,139,947

Seacoast

Banking

Corp.

of

Florida

.......

87,834

1,928,835

ServisFirst

Bancshares,

Inc.

...........

49,374

2,575,842

Shore

Bancshares,

Inc.

...............

66,665

701,316

Simmons

First

National

Corp.,

Class

A

....

111,564

1,892,125

SmartFinancial,

Inc.

.................

35,726

763,465

Sound

Financial

Bancorp,

Inc.

..........

15,987

587,682

South

Plains

Financial,

Inc.

............

35,651

942,612

Southern

Missouri

Bancorp,

Inc.

.........

13,563

524,752

Southside

Bancshares,

Inc.

............

22,724

652,179

SouthState

Corp.

...................

79,888

5,381,256

Stellar

Bancorp,

Inc.

.................

43,836

934,584

Stock

Yards

Bancorp,

Inc.

.............

31,281

1,229,031

Synovus

Financial

Corp.

..............

157,687

4,383,699

Texas

Capital

Bancshares,

Inc.

(a)

........

56,456

3,325,258

Tompkins

Financial

Corp.

.............

12,835

628,787

Towne

Bank

......................

79,021

1,811,952

TriCo

Bancshares

..................

36,737

1,176,686

Triumph

Financial,

Inc.

(a)

..............

21,235

1,375,816

Truist

Financial

Corp.

................

1,385,160

39,629,428

Trustmark

Corp.

...................

60,524

1,315,187

UMB

Financial

Corp.

................

45,532

2,825,261

United

Bancorp,

Inc.

.................

9

104

United

Bankshares,

Inc.

..............

138,066

3,809,241

United

Community

Banks,

Inc.

..........

95,674

2,431,076

Univest

Financial

Corp.

...............

32,794

569,960

US

Bancorp

......................

1,610,540

53,244,452

Valley

National

Bancorp

..............

441,040

3,775,302

Veritex

Holdings,

Inc.

................

32,479

582,998

Village

Bank

and

Trust

Financial

Corp.

....

113

5,145

Virginia

National

Bankshares

Corp.

(b)

......

18,788

570,216

Washington

Federal,

Inc.

..............

66,416

1,701,578

Washington

Trust

Bancorp,

Inc.

.........

24,430

643,242

Webster

Financial

Corp.

..............

184,503

7,437,316

Wells

Fargo

&

Co.

..................

3,791,743

154,930,619

WesBanco,

Inc.

....................

65,051

1,588,545

Westamerica

Bancorp

...............

18,527

801,293

Western

Alliance

Bancorp

.............

112,728

5,182,106

Wintrust

Financial

Corp.

..............

68,202

5,149,251

WSFS

Financial

Corp.

...............

60,818

2,219,857

Zions

Bancorp

NA

..................

159,159

5,553,058

1,423,747,992

Beverages

—

1.4%

Alkaline

Water

Co.,

Inc.

(The)

(a)

.........

13

5

Boston

Beer

Co.,

Inc.

(The),

Class

A

(a)

.....

9,428

3,672,489

Brown-Forman

Corp.,

Class

A

..........

56,356

3,274,284

Brown-Forman

Corp.,

Class

B,

NVS

......

189,687

10,943,043

Celsius

Holdings,

Inc.

(a)(b)

..............

51,347

8,811,145

Coca-Cola

Co.

(The)

................

4,036,156

225,944,013

Coca-Cola

Consolidated,

Inc.

...........

4,883

3,107,151

Constellation

Brands,

Inc.,

Class

A

.......

166,321

41,801,457

Duckhorn

Portfolio,

Inc.

(The)

(a)

.........

52,479

538,434

Eastside

Distilling,

Inc.

(a)

..............

424

521

Keurig

Dr

Pepper,

Inc.

...............

1,046,195

33,028,376

MGP

Ingredients,

Inc.

(b)

...............

15,827

1,669,432

Molson

Coors

Beverage

Co.,

Class

B

.....

191,230

12,160,316

Monster

Beverage

Corp.

(a)

.............

763,085

40,405,351

National

Beverage

Corp.

(a)

.............

24,013

1,129,091

PepsiCo,

Inc.

.....................

1,420,085

240,619,202

Vita

Coco

Co.,

Inc.

(The)

(a)(b)

...........

34,475

897,729

Security

Shares

Shares

Value

Beverages

(continued)

Willamette

Valley

Vineyards,

Inc.

(a)

.......

794

$

4,661

628,006,700

Biotechnology

—

2.6%

4D

Molecular

Therapeutics,

Inc.

(a)(b)

.......

42,915

546,308

89bio,

Inc.

(a)

......................

74,170

1,145,185

Aadi

Bioscience,

Inc.

(a)

...............

18

87

AbbVie,

Inc.

......................

1,826,306

272,229,172

Abeona

Therapeutics,

Inc.

(a)(b)

..........

1,142

4,808

ACADIA

Pharmaceuticals,

Inc.

(a)

.........

129,397

2,696,633

ACELYRIN,

Inc.

(a)

...................

53,110

540,129

Achieve

Life

Sciences,

Inc.

(a)(b)

..........

154

662

Acorda

Therapeutics,

Inc.

(a)

............

389

5,668

ADMA

Biologics,

Inc.

(a)

...............

247,576

886,322

Adverum

Biotechnologies,

Inc.

(a)(b)

........

108

162

Agenus,

Inc.

(a)(b)

....................

381,641

431,254

AgeX

Therapeutics,

Inc.

(a)(b)

............

7,657

5,207

Agios

Pharmaceuticals,

Inc.

(a)

..........

69,689

1,724,803

AIM

ImmunoTech,

Inc.

(a)(b)

.............

9,313

4,237

Akero

Therapeutics,

Inc.

(a)(b)

............

59,547

3,011,887

Alaunos

Therapeutics,

Inc.

(a)(b)

..........

279

37

Aldeyra

Therapeutics,

Inc.

(a)(b)

...........

75,826

506,518

Alector,

Inc.

(a)(b)

....................

93,940

608,731

Alkermes

plc

(a)

.....................

175,997

4,929,676

Allogene

Therapeutics,

Inc.

(a)(b)

..........

174,210

552,246

Alnylam

Pharmaceuticals,

Inc.

(a)(b)

........

130,771

23,159,544

Alpine

Immune

Sciences,

Inc.

(a)(b)

........

48,421

554,420

Amgen,

Inc.

......................

553,713

148,815,906

Amicus

Therapeutics,

Inc.

(a)

............

265,668

3,230,523

AnaptysBio,

Inc.

(a)(b)

.................

25,343

455,160

Anavex

Life

Sciences

Corp.

(a)(b)

.........

86,485

566,477

Anika

Therapeutics,

Inc.

(a)

.............

38,948

725,601

Annovis

Bio,

Inc.

(a)(b)

.................

9

85

Apellis

Pharmaceuticals,

Inc.

(a)(b)

.........

103,080

3,921,163

Apogee

Therapeutics,

Inc.

(a)(b)

..........

26,446

563,300

Applied

Molecular

Transport,

Inc.

(a)(b)

......

16,792

2,636

Aprea

Therapeutics,

Inc.

(a)(b)

............

726

3,042

Aptevo

Therapeutics,

Inc.

(a)

............

1,033

341

AquaBounty

Technologies,

Inc.

(a)(b)

.......

108

26

Aravive,

Inc.

(a)

.....................

1,635

216

Arbutus

Biopharma

Corp.

(a)

............

331,615

673,178

ARCA

biopharma,

Inc.

(a)(b)

.............

48

96

Arcellx,

Inc.

(a)

.....................

33,172

1,190,211

Arcturus

Therapeutics

Holdings,

Inc.

(a)(b)

....

24,195

618,182

Arcus

Biosciences,

Inc.

(a)

..............

63,966

1,148,190

Arcutis

Biotherapeutics,

Inc.

(a)(b)

.........

75,925

403,162

Ardelyx,

Inc.

(a)(b)

....................

248,630

1,014,410

Armata

Pharmaceuticals,

Inc.

(a)

.........

5

15

Arrowhead

Pharmaceuticals,

Inc.

(a)(b)

......

112,716

3,028,679

Assembly

Biosciences,

Inc.

(a)

...........

54

48

Atreca,

Inc.,

Class

A

(a)(b)

...............

45

12

Avalo

Therapeutics,

Inc.

(a)(b)

............

4,885

590

Avid

Bioservices,

Inc.

(a)(b)

..............

65,531

618,613

Avidity

Biosciences,

Inc.

(a)(b)

............

71,558

456,540

Avita

Medical,

Inc.

(a)(b)

................

35,464

518,129

Avrobio,

Inc.

(a)

.....................

45

69

Beam

Therapeutics,

Inc.

(a)

.............

90,937

2,187,035

Biocept,

Inc.

(a)(b)

....................

6

8

BioCryst

Pharmaceuticals,

Inc.

(a)(b)

.......

208,583

1,476,768

Biogen,

Inc.

(a)

.....................

150,374

38,647,622

Biohaven

Ltd.

(a)

....................

66,132

1,720,093

BioMarin

Pharmaceutical,

Inc.

(a)

.........

198,303

17,545,849

Biomea

Fusion,

Inc.

(a)(b)

...............

36,123

497,052

Bio-Path

Holdings,

Inc.

(a)

..............

260

96

Bluebird

Bio,

Inc.

(a)(b)

.................

144,611

439,617

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

18

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Biotechnology

(continued)

Blueprint

Medicines

Corp.

(a)

............

66,005

$

3,314,771

Bridgebio

Pharma,

Inc.

(a)

..............

126,719

3,341,580

Cabaletta

Bio,

Inc.

(a)

.................

43,471

661,629

CareDx,

Inc.

(a)(b)

....................

74,513

521,591

Caribou

Biosciences,

Inc.

(a)

............

124,932

597,175

Catalyst

Biosciences,

Inc.

.............

7,816

3,770

Catalyst

Pharmaceuticals,

Inc.

(a)

.........

102,702

1,200,586

Celldex

Therapeutics,

Inc.

(a)(b)

...........

48,477

1,334,087

Cellectar

Biosciences,

Inc.

(a)(b)

..........

5

13

CEL-SCI

Corp.

(a)(b)

..................

63

79

Cerevel

Therapeutics

Holdings,

Inc.

(a)(b)

....

81,575

1,780,782

Cibus,

Inc.

(a)(b)

.....................

3

55

Cogent

Biosciences,

Inc.

(a)

.............

98,968

964,938

Cohbar,

Inc.

(a)(c)

....................

9

28

Coherus

Biosciences,

Inc.

(a)(b)

...........

134,547

503,206

ContraFect

Corp.

(a)(b)

.................

208

120

Corbus

Pharmaceuticals

Holdings,

Inc.

(a)

...

9

61

Crinetics

Pharmaceuticals,

Inc.

(a)

........

45,192

1,344,010

CRISPR

Therapeutics

AG

(a)(b)

...........

84,244

3,823,835

Cullinan

Oncology,

Inc.

(a)(b)

.............

51,085

462,319

Cyclacel

Pharmaceuticals,

Inc.

(a)

.........

4,308

1,495

Cyclerion

Therapeutics,

Inc.

(a)(b)

.........

831

2,825

Cytokinetics,

Inc.

(a)(b)

.................

107,403

3,164,092

CytomX

Therapeutics,

Inc.

(a)(b)

..........

180

232

Day

One

Biopharmaceuticals,

Inc.

(a)(b)

.....

67,248

825,133

Deciphera

Pharmaceuticals,

Inc.

(a)

.......

55,678

708,224

Denali

Therapeutics,

Inc.

(a)(b)

...........

142,788

2,945,716

DermTech,

Inc.

(a)(b)

..................

36

52

Dianthus

Therapeutics,

Inc.

(a)(b)

..........

10,673

145,897

Disc

Medicine,

Inc.

(a)

.................

15,573

731,620

Dominari

Holdings,

Inc.

(a)(b)

............

2,453

5,912

Dynavax

Technologies

Corp.

(a)(b)

.........

139,853

2,065,629

Dyne

Therapeutics,

Inc.

(a)

.............

60,902

545,682

Editas

Medicine,

Inc.

(a)

...............

123,036

959,681

Eledon

Pharmaceuticals,

Inc.

(a)

..........

17

23

Enanta

Pharmaceuticals,

Inc.

(a)

.........

38,524

430,313

EQRx,

Inc.

(a)

......................

366,904

814,527

Equillium,

Inc.

(a)(b)

...................

6,015

4,451

Erasca,

Inc.

(a)(b)

....................

202,487

398,899

Eterna

Therapeutics,

Inc.

(a)(b)

...........

958

2,165

Exact

Sciences

Corp.

(a)(b)

..............

187,572

12,796,162

Exelixis,

Inc.

(a)

.....................

344,968

7,537,551

Exicure,

Inc.

(a)

.....................

7,261

5,228

First

Wave

BioPharma,

Inc.

(a)(b)

..........

376

109

Forte

Biosciences,

Inc.

(a)

..............

7,304

4,835

Fresh

Tracks

Therapeutics,

Inc.

(a)(b)

.......

21

20

Galera

Therapeutics,

Inc.

(a)(b)

...........

11,871

2,079

Genelux

Corp.

(a)(b)

..................

22,787

558,054

Geron

Corp.

(a)(b)

....................

465,816

987,530

Gilead

Sciences,

Inc.

................

1,291,372

96,775,418

Halozyme

Therapeutics,

Inc.

(a)

..........

139,287

5,320,763

Harpoon

Therapeutics,

Inc.

(a)

...........

2

8

Homology

Medicines,

Inc.

(a)(b)

...........

54

63

Horizon

Therapeutics

plc

(a)

............

238,606

27,604,328

iBio,

Inc.

(a)

........................

126

38

Ideaya

Biosciences,

Inc.

(a)(b)

............

62,890

1,696,772

IGM

Biosciences,

Inc.

(a)

...............

9

75

ImmuCell

Corp.

(a)

...................

736

3,798

ImmunityBio,

Inc.

(a)(b)

.................

278,036

469,881

ImmunoGen,

Inc.

(a)

..................

243,318

3,861,457

Immunovant,

Inc.

(a)

..................

61,805

2,372,694

Incyte

Corp.

(a)

.....................

194,754

11,250,939

Inhibrx,

Inc.

(a)

.....................

33,789

620,028

Insmed,

Inc.

(a)(b)

....................

149,369

3,771,567

Intellia

Therapeutics,

Inc.

(a)(b)

...........

92,796

2,934,210

Security

Shares

Shares

Value

Biotechnology

(continued)

Intercept

Pharmaceuticals,

Inc.

(a)

........

50,257

$

931,765

Ionis

Pharmaceuticals,

Inc.

(a)

...........

155,038

7,032,524

Iovance

Biotherapeutics,

Inc.

(a)

..........

241,141

1,097,192

Ironwood

Pharmaceuticals,

Inc.,

Class

A

(a)

..

158,572

1,527,048

iTeos

Therapeutics,

Inc.

(a)

.............

43,177

472,788

KalVista

Pharmaceuticals,

Inc.

(a)

.........

42,932

413,435

Karuna

Therapeutics,

Inc.

(a)(b)

...........

37,925

6,412,738

Keros

Therapeutics,

Inc.

(a)

.............

29,737

948,016

Kineta,

Inc.

(b)

......................

46

157

Kiniksa

Pharmaceuticals

Ltd.,

Class

A

(a)

....

27,754

482,087

Kinnate

Biopharma,

Inc.

(a)

.............

18

25

Kronos

Bio,

Inc.

(a)(b)

.................

63

82

Krystal

Biotech,

Inc.

(a)

................

26,304

3,051,264

Kura

Oncology,

Inc.

(a)(b)

...............

99,993

911,936

Kymera

Therapeutics,

Inc.

(a)(b)

..........

41,658

579,046

Larimar

Therapeutics,

Inc.

(a)

............

1,212

4,787

Lisata

Therapeutics,

Inc.

(a)(b)

............

556

1,162

Lumos

Pharma,

Inc.

(a)

................

2,356

7,775

Lyell

Immunopharma,

Inc.

(a)(b)

...........

271,039

398,427

MacroGenics,

Inc.

(a)

.................

94,734

441,460

Madrigal

Pharmaceuticals,

Inc.

(a)

........

15,407

2,250,038

MannKind

Corp.

(a)

..................

295,827

1,221,766

Marker

Therapeutics,

Inc.

(a)

............

9

41

Matinas

BioPharma

Holdings,

Inc.

(a)

......

243

32

MEI

Pharma,

Inc.

(a)(b)

................

9

63

MiMedx

Group,

Inc.

(a)

................

123,987

903,865

MiNK

Therapeutics,

Inc.

(a)(b)

............

3,482

4,074

Mirati

Therapeutics,

Inc.

(a)(b)

............

67,176

2,926,187

Mirum

Pharmaceuticals,

Inc.

(a)(b)

.........

40,453

1,278,315

Moderna,

Inc.

(a)

....................

345,588

35,695,785

Molecular

Templates,

Inc.

(a)

............

4

25

Moleculin

Biotech,

Inc.

(a)

..............

7,386

3,158

Morphic

Holding,

Inc.

(a)(b)

..............

43,924

1,006,299

Mustang

Bio,

Inc.

(a)

..................

6

12

Myriad

Genetics,

Inc.

(a)

...............

86,572

1,388,615

NanoViricides,

Inc.

(a)(b)

................

1,651

2,212

Natera,

Inc.

(a)

.....................

114,134

5,050,430

Navidea

Biopharmaceuticals,

Inc.

(a)(b)

......

7,668

688

Neoleukin

Therapeutics,

Inc.

(a)(b)

.........

10

40

NeuBase

Therapeutics,

Inc.

(a)

...........

356

310

Neurocrine

Biosciences,

Inc.

(a)

..........

103,617

11,656,913

NightHawk

Biosciences,

Inc.

(a)(b)

.........

12,420

6,545

Novavax,

Inc.

(a)(b)

...................

127,838

925,547

Nurix

Therapeutics,

Inc.

(a)(b)

............

77,778

611,335

Nuvalent,

Inc.,

Class

A

(a)(b)

.............

29,291

1,346,507

Olema

Pharmaceuticals,

Inc.

(a)(b)

.........

51,227

632,653

Oncternal

Therapeutics,

Inc.

(a)

..........

90

27

Oragenics,

Inc.

(a)

...................

994

2,952

Organovo

Holdings,

Inc.

(a)(b)

............

5,153

6,287

ORIC

Pharmaceuticals,

Inc.

(a)(b)

.........

65,683

397,382

PDL

BioPharma,

Inc.

(a)(d)

..............

135,868

1

Pieris

Pharmaceuticals,

Inc.

(a)

..........

108

32

Point

Biopharma

Global,

Inc.

(a)(b)

.........

108,188

721,614

Praxis

Precision

Medicines,

Inc.

(a)(b)

.......

351

600

Prelude

Therapeutics,

Inc.

(a)

............

9

28

Prime

Medicine,

Inc.

(a)(b)

..............

51,891

495,040

Protagonist

Therapeutics,

Inc.

(a)(b)

........

57,921

966,122

Prothena

Corp.

plc

(a)

.................

42,069

2,029,829

PTC

Therapeutics,

Inc.

(a)

..............

83,026

1,860,613

Qualigen

Therapeutics,

Inc.

(a)(b)

..........

57

58

Quince

Therapeutics,

Inc.

(a)(b)

...........

27

30

RAPT

Therapeutics,

Inc.

(a)(b)

............

31,335

520,788

Recursion

Pharmaceuticals,

Inc.,

Class

A

(a)(b)

182,890

1,399,109

Regeneron

Pharmaceuticals,

Inc.

(a)

.......

110,548

90,976,582

REGENXBIO,

Inc.

(a)(b)

................

53,349

878,125

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Biotechnology

(continued)

Regulus

Therapeutics,

Inc.

(a)

...........

45

$

62

Relay

Therapeutics,

Inc.

(a)(b)

............

94,138

791,701

Replimune

Group,

Inc.

(a)(b)

.............

65,855

1,126,779

REVOLUTION

Medicines,

Inc.

(a)(b)

........

107,993

2,989,246

Rhythm

Pharmaceuticals,

Inc.

(a)(b)

........

57,548

1,319,288

Rocket

Pharmaceuticals,

Inc.

(a)

..........

70,862

1,451,962

Roivant

Sciences

Ltd.

(a)

...............

342,997

4,006,205

Sage

Therapeutics,

Inc.

(a)(b)

............

53,437

1,099,733

Salarius

Pharmaceuticals,

Inc.

(a)

.........

32

21

Sana

Biotechnology,

Inc.

(a)(b)

...........

137,388

531,692

Sarepta

Therapeutics,

Inc.

(a)(b)

..........

96,883

11,744,157

Savara,

Inc.

(a)(b)

....................

136,384

515,532

Seagen,

Inc.

(a)

.....................

146,258

31,028,635

SELLAS

Life

Sciences

Group,

Inc.

(a)(b)

.....

2

3

Seres

Therapeutics,

Inc.

(a)(b)

............

170,521

405,840

Soleno

Therapeutics,

Inc.

(a)

............

39

1,151

Soligenix,

Inc.

(a)

....................

1,115

619

SpringWorks

Therapeutics,

Inc.

(a)(b)

.......

63,522

1,468,629

Sutro

Biopharma,

Inc.

(a)

...............

101,530

352,309

Syndax

Pharmaceuticals,

Inc.

(a)

.........

76,709

1,113,815

Synlogic,

Inc.

(a)

....................

249

700

Syros

Pharmaceuticals,

Inc.

(a)(b)

.........

18

71

Tango

Therapeutics,

Inc.

(a)

.............

57,613

648,722

Tempest

Therapeutics,

Inc.

(a)

...........

88

28

TG

Therapeutics,

Inc.

(a)(b)

..............

150,525

1,258,389

Theriva

Biologics,

Inc.

(a)(b)

.............

109

59

Tonix

Pharmaceuticals

Holding

Corp.

(a)(b)

...

6,376

3,475

Tracon

Pharmaceuticals,

Inc.

(a)(b)

.........

6,571

1,170

Travere

Therapeutics,

Inc.

(a)

............

92,462

826,610

Trevena,

Inc.

(a)

.....................

4,088

2,465

Twist

Bioscience

Corp.

(a)(b)

.............

64,593

1,308,654

Ultragenyx

Pharmaceutical,

Inc.

(a)

........

79,246

2,825,120

uniQure

NV

(a)

.....................

70,151

470,713

United

Therapeutics

Corp.

(a)

............

48,489

10,952,210

Vaccinex,

Inc.

(a)

....................

173

195

Vaxcyte,

Inc.

(a)(b)

....................

90,746

4,626,231

VBI

Vaccines,

Inc.

(a)

.................

9

6

Vera

Therapeutics,

Inc.,

Class

A

(a)(b)

.......

43,168

591,833

Veracyte,

Inc.

(a)(b)

...................

77,049

1,720,504

Vericel

Corp.

(a)

.....................

52,624

1,763,956

Vertex

Pharmaceuticals,

Inc.

(a)

..........

267,552

93,038,532

Verve

Therapeutics,

Inc.

(a)(b)

............

63,075

836,375

Viking

Therapeutics,

Inc.

(a)(b)

............

111,229

1,231,305

Vir

Biotechnology,

Inc.

(a)

..............

108,251

1,014,312

Viridian

Therapeutics,

Inc.

(a)(b)

...........

45,911

704,275

vTv

Therapeutics,

Inc.,

Class

A

(a)(b)

.......

8,985

4,295

Xencor,

Inc.

(a)

.....................

67,131

1,352,690

Yield10

Bioscience,

Inc.

(a)

.............

7

2

Zentalis

Pharmaceuticals,

Inc.

(a)(b)

........

69,920

1,402,595

1,134,606,505

Broadline

Retail

—

2.9%

Amazon.com,

Inc.

(a)

.................

9,397,975

1,194,670,582

Dillard's,

Inc.,

Class

A

................

3,515

1,162,797

eBay,

Inc.

........................

557,741

24,590,801

Etsy,

Inc.

(a)

.......................

128,006

8,266,628

Groupon,

Inc.

(a)(b)

...................

41,255

632,027

Kohl's

Corp.

......................

121,276

2,541,945

Macy's,

Inc.

......................

280,771

3,259,751

Nordstrom,

Inc.

....................

112,821

1,685,546

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)(b)

....

63,980

4,937,976

Savers

Value

Village,

Inc.

(a)

............

27,696

517,084

1,242,265,137

Security

Shares

Shares

Value

Building

Products

—

0.7%

AAON,

Inc.

(b)

......................

69,461

$

3,950,247

Advanced

Drainage

Systems,

Inc.

(b)

......

72,332

8,233,551

Allegion

plc

.......................

90,425

9,422,285

American

Woodmark

Corp.

(a)

...........

18,050

1,364,760

AO

Smith

Corp.

....................

129,682

8,575,871

Apogee

Enterprises,

Inc.

..............

26,482

1,246,773

Armstrong

World

Industries,

Inc.

.........

45,341

3,264,552

AZEK

Co.,

Inc.

(The),

Class

A

(a)

.........

159,176

4,733,894

AZZ,

Inc.

........................

37,172

1,694,300

Builders

FirstSource,

Inc.

(a)

............

130,098

16,195,900

Carlisle

Cos.,

Inc.

..................

51,912

13,458,705

Carrier

Global

Corp.

.................

867,889

47,907,473

CSW

Industrials,

Inc.

................

16,770

2,938,775

Fortune

Brands

Innovations,

Inc.

........

130,470

8,110,015

Gibraltar

Industries,

Inc.

(a)

.............

34,707

2,343,070

Griffon

Corp.

......................

51,187

2,030,588

Hayward

Holdings,

Inc.

(a)(b)

.............

144,077

2,031,486

Insteel

Industries,

Inc.

................

21,681

703,765

Janus

International

Group,

Inc.

(a)

........

88,348

945,324

JELD-WEN

Holding,

Inc.

(a)

.............

107,435

1,435,332

Jewett-Cameron

Trading

Co.

Ltd.

(a)

.......

566

2,660

Johnson

Controls

International

plc

.......

703,739

37,445,952

Lennox

International,

Inc.

.............

32,887

12,314,208

Masco

Corp.

......................

229,307

12,256,459

Masonite

International

Corp.

(a)(b)

.........

23,611

2,201,017

Masterbrand,

Inc.

(a)

.................

137,062

1,665,303

Owens

Corning

....................

93,125

12,703,181

PGT

Innovations,

Inc.

(a)

...............

65,338

1,813,129

Quanex

Building

Products

Corp.

.........

36,295

1,022,430

Resideo

Technologies,

Inc.

(a)(b)

..........

172,831

2,730,730

Simpson

Manufacturing

Co.,

Inc.

........

44,611

6,683,174

Tecnoglass,

Inc.

....................

20,708

682,536

Trane

Technologies

plc

...............

235,149

47,714,084

Trex

Co.,

Inc.

(a)(b)

...................

113,546

6,997,840

UFP

Industries,

Inc.

.................

64,177

6,571,725

Zurn

Elkay

Water

Solutions

Corp.

........

153,448

4,299,613

297,690,707

Capital

Markets

—

2.9%

Affiliated

Managers

Group,

Inc.

.........

35,309

4,602,175

Ameriprise

Financial,

Inc.

.............

105,545

34,796,076

Ares

Management

Corp.,

Class

A

........

170,566

17,546,124

Artisan

Partners

Asset

Management,

Inc.,

Class

A

.......................

67,425

2,523,043

Ashford,

Inc.

(a)(b)

....................

329

2,027

AssetMark

Financial

Holdings,

Inc.

(a)

......

21,745

545,365

Avantax,

Inc.

(a)

.....................

45,598

1,166,397

B

Riley

Financial,

Inc.

................

17,335

710,562

Bank

of

New

York

Mellon

Corp.

(The)

.....

802,913

34,244,239

BGC

Group,

Inc.,

Class

A

.............

385,581

2,035,868

BlackRock,

Inc.

(e)

...................

145,408

94,004,818

Blackstone,

Inc.

....................

735,051

78,753,364

Blue

Owl

Capital,

Inc.,

Class

A

..........

426,961

5,533,415

Bridge

Investment

Group

Holdings,

Inc.,

Class

A

...........................

61,687

567,520

Brightsphere

Investment

Group,

Inc.

......

52,783

1,023,462

Carlyle

Group,

Inc.

(The)

..............

223,271

6,733,853

CBOE

Global

Markets,

Inc.

............

109,191

17,056,726

Charles

Schwab

Corp.

(The)

...........

1,539,678

84,528,322

CME

Group,

Inc.,

Class

A

.............

372,057

74,493,253

Cohen

&

Steers,

Inc.

................

30,896

1,936,870

Coinbase

Global,

Inc.,

Class

A

(a)(b)

........

176,780

13,272,642

Diamond

Hill

Investment

Group,

Inc.

......

5,325

897,635

Donnelley

Financial

Solutions,

Inc.

(a)

......

27,418

1,543,085

Evercore,

Inc.,

Class

A

...............

36,845

5,080,189

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

20

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Capital

Markets

(continued)

FactSet

Research

Systems,

Inc.

.........

38,913

$

17,015,098

Federated

Hermes,

Inc.,

Class

B

........

86,678

2,935,784

Franklin

Resources,

Inc.

..............

314,067

7,719,767

GCM

Grosvenor,

Inc.,

Class

A

..........

65,609

509,126

Goldman

Sachs

Group,

Inc.

(The)

.......

340,252

110,095,340

Hamilton

Lane,

Inc.,

Class

A

...........

40,299

3,644,642

Houlihan

Lokey,

Inc.,

Class

A

...........

51,846

5,553,743

Interactive

Brokers

Group,

Inc.,

Class

A

....

108,858

9,422,748

Intercontinental

Exchange,

Inc.

.........

592,862

65,226,677

Invesco

Ltd.

......................

468,197

6,798,220

Janus

Henderson

Group

plc

...........

136,663

3,528,639

Jefferies

Financial

Group,

Inc.

..........

183,264

6,712,960

KKR

&

Co.,

Inc.

....................

670,043

41,274,649

Lazard

Ltd.,

Class

A

.................

118,298

3,668,421

LPL

Financial

Holdings,

Inc.

............

79,141

18,807,859

MarketAxess

Holdings,

Inc.

............

38,980

8,327,687

Moelis

&

Co.,

Class

A

................

67,479

3,045,327

Moody's

Corp.

.....................

163,634

51,736,162

Morgan

Stanley

....................

1,318,711

107,699,127

Morningstar,

Inc.

...................

26,977

6,319,092

MSCI,

Inc.

.......................

81,781

41,960,195

Nasdaq,

Inc.

......................

351,145

17,062,136

Northern

Trust

Corp.

.................

216,183

15,020,395

Open

Lending

Corp.,

Class

A

(a)(b)

........

100,103

732,754

P10,

Inc.,

Class

A

..................

70,929

826,323

Perella

Weinberg

Partners,

Class

A

.......

67,446

686,600

Piper

Sandler

Cos.

..................

16,435

2,388,170

PJT

Partners,

Inc.,

Class

A

............

24,331

1,932,855

Raymond

James

Financial,

Inc.

.........

193,047

19,387,710

Robinhood

Markets,

Inc.,

Class

A

(a)

.......

598,569

5,871,962

S&P

Global,

Inc.

...................

336,744

123,049,625

Sculptor

Capital

Management,

Inc.,

Class

A

.

39,989

463,872

SEI

Investments

Co.

.................

105,477

6,352,880

Siebert

Financial

Corp.

(a)(b)

.............

45

90

State

Street

Corp.

..................

329,158

22,040,420

StepStone

Group,

Inc.,

Class

A

.........

52,343

1,652,992

Stifel

Financial

Corp.

................

109,405

6,721,843

StoneX

Group,

Inc.

(a)

................

17,806

1,725,758

T.

Rowe

Price

Group,

Inc.

.............

230,965

24,221,300

TPG,

Inc.,

Class

A

..................

62,824

1,892,259

Tradeweb

Markets,

Inc.,

Class

A

.........

119,457

9,580,451

Victory

Capital

Holdings,

Inc.,

Class

A

.....

38,114

1,270,721

Virtu

Financial,

Inc.,

Class

A

............

93,175

1,609,132

Virtus

Investment

Partners,

Inc.

.........

8,026

1,621,172

WisdomTree,

Inc.

...................

118,823

831,761

1,272,541,474

Chemicals

—

1.7%

AdvanSix,

Inc.

.....................

28,388

882,299

Air

Products

&

Chemicals,

Inc.

..........

229,472

65,032,365

Albemarle

Corp.

(b)

..................

121,491

20,658,330

American

Vanguard

Corp.

.............

42,427

463,727

Ashland,

Inc.

......................

54,093

4,418,316

Aspen

Aerogels,

Inc.

(a)(b)

..............

82,260

707,436

Avient

Corp.

......................

98,681

3,485,413

Axalta

Coating

Systems

Ltd.

(a)

..........

243,438

6,548,482

Balchem

Corp.

....................

34,564

4,287,319

Cabot

Corp.

......................

57,896

4,010,456

Celanese

Corp.

....................

101,961

12,798,145

CF

Industries

Holdings,

Inc.

............

198,416

17,012,188

Chase

Corp.

......................

8,955

1,139,345

Chemours

Co.

(The)

.................

155,485

4,361,354

Corteva,

Inc.

......................

736,929

37,701,288

Dow,

Inc.

........................

727,667

37,518,510

DuPont

de

Nemours,

Inc.

.............

476,142

35,515,432

Security

Shares

Shares

Value

Chemicals

(continued)

Eastman

Chemical

Co.

...............

122,708

$

9,414,158

Ecolab,

Inc.

......................

262,058

44,392,625

Ecovyst,

Inc.

(a)

.....................

125,245

1,232,411

Element

Solutions,

Inc.

...............

231,721

4,544,049

FMC

Corp.

.......................

129,570

8,677,303

Ginkgo

Bioworks

Holdings,

Inc.,

Class

A

(a)(b)

.

1,455,748

2,634,904

Hawkins,

Inc.

.....................

18,582

1,093,551

HB

Fuller

Co.

.....................

55,816

3,829,536

Huntsman

Corp.

...................

181,998

4,440,751

Ingevity

Corp.

(a)

....................

36,240

1,725,386

Innospec,

Inc.

.....................

26,951

2,754,392

International

Flavors

&

Fragrances,

Inc.

....

267,970

18,267,515

Koppers

Holdings,

Inc.

...............

18,757

741,839

Linde

plc

........................

504,359

187,798,074

Livent

Corp.

(a)(b)

....................

187,947

3,460,104

LSB

Industries,

Inc.

(a)(b)

...............

70,045

716,560

LyondellBasell

Industries

NV,

Class

A

.....

263,908

24,992,088

Mativ

Holdings,

Inc.

.................

53,218

758,889

Minerals

Technologies,

Inc.

............

36,642

2,006,516

Mosaic

Co.

(The)

...................

343,860

12,241,416

NewMarket

Corp.

...................

7,038

3,202,571

Olin

Corp.

........................

131,483

6,571,520

Orion

SA

........................

63,345

1,347,982

Perimeter

Solutions

SA

(a)(b)

............

152,025

690,193

PPG

Industries,

Inc.

.................

244,245

31,703,001

PureCycle

Technologies,

Inc.

(a)(b)

.........

147,614

828,115

Quaker

Chemical

Corp.

..............

14,929

2,388,640

RPM

International,

Inc.

...............

133,585

12,665,194

Scotts

Miracle-Gro

Co.

(The)

...........

44,876

2,319,192

Sensient

Technologies

Corp.

...........

46,063

2,693,764

Sherwin-Williams

Co.

(The)

............

243,806

62,182,720

Stepan

Co.

.......................

23,349

1,750,474

Trinseo

plc

.......................

55,785

455,763

Tronox

Holdings

plc

.................

126,271

1,697,082

Westlake

Corp.

....................

31,329

3,905,786

726,664,469

Commercial

Services

&

Supplies

—

0.6%

ABM

Industries,

Inc.

.................

71,894

2,876,479

ACCO

Brands

Corp.

.................

102,618

589,027

ACV

Auctions,

Inc.,

Class

A

(a)

...........

153,077

2,323,709

Aqua

Metals,

Inc.

(a)(b)

................

81

92

Brady

Corp.,

Class

A,

NVS

............

47,783

2,624,242

BrightView

Holdings,

Inc.

(a)

............

54,529

422,600

Brink's

Co.

(The)

...................

47,815

3,473,282

Casella

Waste

Systems,

Inc.,

Class

A

(a)(b)

...

59,444

4,535,577

CECO

Environmental

Corp.

(a)(b)

.........

33,945

542,102

Cimpress

plc

(a)

.....................

21,720

1,520,617

Cintas

Corp.

......................

88,946

42,783,915

Clean

Harbors,

Inc.

(a)(b)

...............

51,403

8,602,806

CompX

International,

Inc.

.............

257

4,778

Copart,

Inc.

(a)

.....................

899,121

38,743,124

CoreCivic,

Inc.

(a)

...................

138,382

1,556,797

Deluxe

Corp.

......................

46,827

884,562

Driven

Brands

Holdings,

Inc.

(a)

..........

65,074

819,282

DSS,

Inc.

(a)

.......................

90

17

Ennis,

Inc.

.......................

27,187

576,908

Enviri

Corp.

(a)

.....................

83,140

600,271

GEO

Group,

Inc.

(The)

(a)

..............

146,891

1,201,568

Healthcare

Services

Group,

Inc.

.........

74,440

776,409

Heritage-Crystal

Clean,

Inc.

(a)

...........

17,831

808,636

HNI

Corp.

........................

62,848

2,176,426

Interface,

Inc.

(b)

....................

55,275

542,248

JanOne,

Inc.

(a)

.....................

173

71

LanzaTech

Global,

Inc.

(a)(b)

.............

84,465

394,452

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Commercial

Services

&

Supplies

(continued)

Liquidity

Services,

Inc.

(a)

..............

34,149

$

601,705

Matthews

International

Corp.,

Class

A

.....

37,372

1,454,145

MillerKnoll,

Inc.

....................

77,988

1,906,807

Montrose

Environmental

Group,

Inc.

(a)

.....

26,892

786,860

MSA

Safety,

Inc.

...................

39,139

6,170,263

OPENLANE,

Inc.

(a)

..................

122,411

1,826,372

RB

Global,

Inc.

(b)

...................

186,655

11,665,937

Republic

Services,

Inc.

...............

210,201

29,955,745

Rollins,

Inc.

.......................

253,313

9,456,174

SP

Plus

Corp.

(a)

....................

18,425

665,143

Steelcase,

Inc.,

Class

A

..............

100,681

1,124,607

Stericycle,

Inc.

(a)

...................

96,576

4,317,913

Tetra

Tech,

Inc.

....................

54,948

8,353,744

UniFirst

Corp.

.....................

14,840

2,419,068

Viad

Corp.

(a)

......................

29,521

773,450

VSE

Corp.

.......................

15,563

784,998

Waste

Management,

Inc.

..............

380,057

57,935,889

259,578,817

Communications

Equipment

—

0.8%

ADTRAN

Holdings,

Inc.

..............

78,100

642,763

Arista

Networks,

Inc.

(a)

...............

259,250

47,683,852

Aviat

Networks,

Inc.

(a)(b)

...............

15,050

469,560

BK

Technologies

Corp.

...............

4

50

Calix,

Inc.

(a)(b)

......................

63,391

2,905,843

Ciena

Corp.

(a)(b)

....................

152,658

7,214,617

Cisco

Systems,

Inc.

.................

4,217,721

226,744,681

Clearfield,

Inc.

(a)

....................

16,951

485,816

ClearOne,

Inc.

.....................

9

7

CommScope

Holding

Co.,

Inc.

(a)

.........

210,284

706,554

Digi

International,

Inc.

(a)

...............

45,154

1,219,158

Extreme

Networks,

Inc.

(a)

..............

135,870

3,289,413

F5,

Inc.

(a)

........................

61,258

9,871,114

Harmonic,

Inc.

(a)

....................

115,962

1,116,714

Infinera

Corp.

(a)(b)

...................

223,135

932,704

Juniper

Networks,

Inc.

...............

334,144

9,285,862

KVH

Industries,

Inc.

(a)

................

18

92

Lumentum

Holdings,

Inc.

(a)(b)

...........

70,732

3,195,672

Motorola

Solutions,

Inc.

..............

172,223

46,885,990

NETGEAR,

Inc.

(a)(b)

..................

36,504

459,585

NetScout

Systems,

Inc.

(a)

.............

86,875

2,434,237

Optical

Cable

Corp.

(a)

................

9

27

Ribbon

Communications,

Inc.

(a)(b)

........

164,355

440,471

Ubiquiti,

Inc.

......................

4,732

687,560

Viasat,

Inc.

(a)(b)

.....................

79,275

1,463,416

Viavi

Solutions,

Inc.

(a)

................

232,461

2,124,694

Vislink

Technologies,

Inc.

(a)

............

1

4

370,260,456

Construction

&

Engineering

—

0.3%

AECOM

.........................

143,852

11,945,470

Ameresco,

Inc.,

Class

A

(a)(b)

............

38,396

1,480,550

API

Group

Corp.

(a)

..................

214,168

5,553,376

Arcosa,

Inc.

......................

50,772

3,650,507

Argan,

Inc.

.......................

18,583

845,898

Comfort

Systems

USA,

Inc.

............

36,611

6,238,881

Construction

Partners,

Inc.,

Class

A

(a)(b)

....

47,324

1,730,165

Dycom

Industries,

Inc.

(a)(b)

.............

29,515

2,626,835

EMCOR

Group,

Inc.

.................

48,341

10,170,463

Fluor

Corp.

(a)

......................

146,457

5,374,972

Granite

Construction,

Inc.

.............

45,269

1,721,127

Great

Lakes

Dredge

&

Dock

Corp.

(a)(b)

.....

95,239

759,055

IES

Holdings,

Inc.

(a)

.................

9,287

611,735

MasTec,

Inc.

(a)

.....................

62,560

4,502,443

MDU

Resources

Group,

Inc.

...........

212,009

4,151,136

Security

Shares

Shares

Value

Construction

&

Engineering

(continued)

MYR

Group,

Inc.

(a)(b)

.................

17,303

$

2,331,752

Northwest

Pipe

Co.

(a)

................

14,230

429,319

Primoris

Services

Corp.

..............

61,102

1,999,869

Quanta

Services,

Inc.

................

150,000

28,060,500

Sterling

Infrastructure,

Inc.

(a)

...........

31,138

2,288,020

Tutor

Perini

Corp.

(a)

.................

79,266

620,653

Valmont

Industries,

Inc.

...............

21,268

5,108,786

WillScot

Mobile

Mini

Holdings

Corp.

(a)

.....

204,452

8,503,159

110,704,671

Construction

Materials

—

0.2%

Eagle

Materials,

Inc.

(b)

................

37,886

6,308,777

Knife

River

Corp.

(a)

..................

53,029

2,589,406

Martin

Marietta

Materials,

Inc.

..........

64,646

26,535,890

Summit

Materials,

Inc.,

Class

A

(a)

........

123,350

3,841,119

Vulcan

Materials

Co.

................

137,328

27,743,002

67,018,194

Consumer

Finance

—

0.5%

Ally

Financial,

Inc.

..................

285,415

7,614,872

American

Express

Co.

...............

602,093

89,826,255

Atlanticus

Holdings

Corp.

(a)

............

9

273

Bread

Financial

Holdings,

Inc.

..........

48,318

1,652,476

Capital

One

Financial

Corp.

............

397,898

38,616,001

Credit

Acceptance

Corp.

(a)(b)

............

6,703

3,084,184

Discover

Financial

Services

............

260,805

22,593,537

Encore

Capital

Group,

Inc.

(a)(b)

..........

24,093

1,150,682

Enova

International,

Inc.

(a)

.............

30,601

1,556,673

EZCORP,

Inc.,

Class

A,

NVS

(a)

..........

55,036

454,047

FirstCash

Holdings,

Inc.

..............

38,615

3,876,174

Green

Dot

Corp.,

Class

A

(a)

............

39,318

547,700

LendingClub

Corp.

(a)

.................

114,578

698,926

Navient

Corp.

.....................

97,355

1,676,453

Nelnet,

Inc.,

Class

A

.................

18,512

1,653,492

NerdWallet,

Inc.,

Class

A

(a)(b)

...........

55,833

496,355

OneMain

Holdings,

Inc.

...............

125,777

5,042,400

PRA

Group,

Inc.

(a)

..................

46,000

883,660

PROG

Holdings,

Inc.

(a)

...............

49,954

1,658,972

SLM

Corp.

.......................

243,042

3,310,232

SoFi

Technologies,

Inc.

(a)(b)

............

995,269

7,952,199

Synchrony

Financial

.................

431,429

13,188,784

Upstart

Holdings,

Inc.

(a)(b)

..............

73,813

2,106,623

World

Acceptance

Corp.

(a)

.............

3,884

493,501

210,134,471

Consumer

Staples

Distribution

&

Retail

—

1.7%

Albertsons

Cos.,

Inc.,

Class

A

..........

403,585

9,181,559

Andersons,

Inc.

(The)

................

33,417

1,721,310

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

......

139,951

9,988,303

Casey's

General

Stores,

Inc.

...........

38,050

10,331,336

Chefs'

Warehouse,

Inc.

(The)

(a)

.........

35,039

742,126

Costco

Wholesale

Corp.

..............

458,547

259,060,713

Dollar

General

Corp.

................

226,637

23,978,194

Dollar

Tree,

Inc.

(a)

...................

218,236

23,231,222

Grocery

Outlet

Holding

Corp.

(a)(b)

.........

99,021

2,856,756

Ingles

Markets,

Inc.,

Class

A

...........

14,784

1,113,679

Kroger

Co.

(The)

...................

678,204

30,349,629

Performance

Food

Group

Co.

(a)

.........

164,417

9,677,584

PriceSmart,

Inc.

....................

27,212

2,025,389

SpartanNash

Co.

...................

43,406

954,932

Sprouts

Farmers

Market,

Inc.

(a)(b)

........

109,080

4,668,624

Sysco

Corp.

......................

518,439

34,242,896

Target

Corp.

......................

476,979

52,739,568

United

Natural

Foods,

Inc.

(a)

............

59,895

846,915

US

Foods

Holding

Corp.

(a)(b)

............

240,181

9,535,186

Walgreens

Boots

Alliance,

Inc.

..........

752,197

16,728,861

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

22

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Consumer

Staples

Distribution

&

Retail

(continued)

Walmart,

Inc.

......................

1,476,034

$

236,062,118

Weis

Markets,

Inc.

..................

17,231

1,085,553

741,122,453

Containers

&

Packaging

—

0.3%

Amcor

plc

........................

1,562,345

14,311,080

AptarGroup,

Inc.

...................

67,200

8,402,688

Avery

Dennison

Corp.

................

83,377

15,230,477

Ball

Corp.

........................

327,485

16,302,203

Berry

Global

Group,

Inc.

..............

122,361

7,575,369

Crown

Holdings,

Inc.

................

125,003

11,060,265

Eightco

Holdings,

Inc.

(a)

...............

402

227

Graphic

Packaging

Holding

Co.

.........

314,886

7,015,660

Greif,

Inc.,

Class

A,

NVS

..............

20,551

1,373,012

Greif,

Inc.,

Class

B

..................

9,176

610,755

International

Paper

Co.

...............

359,966

12,767,994

Myers

Industries,

Inc.

................

43,089

772,586

O-I

Glass,

Inc.

(a)

....................

157,507

2,635,092

Packaging

Corp.

of

America

...........

91,652

14,073,165

Pactiv

Evergreen,

Inc.

...............

70,352

571,962

Sealed

Air

Corp.

...................

148,919

4,893,478

Silgan

Holdings,

Inc.

.................

86,118

3,712,547

Sonoco

Products

Co.

................

97,965

5,324,398

TriMas

Corp.

......................

56,638

1,402,357

WestRock

Co.

.....................

269,831

9,659,950

137,695,265

Distributors

—

0.1%

Educational

Development

Corp.

(a)

........

1,390

1,474

Genuine

Parts

Co.

..................

145,132

20,954,158

Greenlane

Holdings,

Inc.,

Class

A

(a)

......

36

26

LKQ

Corp.

.......................

275,530

13,641,490

Pool

Corp.

.......................

40,234

14,327,327

48,924,475

Diversified

Consumer

Services

—

0.1%

ADT,

Inc.

........................

235,607

1,413,642

Adtalem

Global

Education,

Inc.

(a)

........

45,005

1,928,464

Bright

Horizons

Family

Solutions,

Inc.

(a)(b)

...

60,302

4,912,201

Carriage

Services,

Inc.

...............

18,260

515,845

Chegg,

Inc.

(a)

......................

128,430

1,145,596

Coursera,

Inc.

(a)

....................

118,704

2,218,578

Duolingo,

Inc.,

Class

A

(a)

..............

37,052

6,145,815

European

Wax

Center,

Inc.,

Class

A

(a)

.....

35,621

577,060

Frontdoor,

Inc.

(a)

....................

83,439

2,552,399

Graham

Holdings

Co.,

Class

B

..........

3,708

2,161,764

Grand

Canyon

Education,

Inc.

(a)

.........

30,113

3,519,607

H&R

Block,

Inc.

....................

160,175

6,897,135

Laureate

Education,

Inc.

..............

131,658

1,856,378

Mister

Car

Wash,

Inc.

(a)(b)

..............

81,354

448,261

OneSpaWorld

Holdings

Ltd.

(a)

..........

110,753

1,242,649

Perdoceo

Education

Corp.

.............

65,112

1,113,415

Regis

Corp.

(a)(b)

....................

36

25

Rover

Group,

Inc.,

Class

A

(a)

...........

117,322

734,436

Service

Corp.

International

............

156,647

8,950,810

Strategic

Education,

Inc.

(b)

.............

24,821

1,867,780

Stride,

Inc.

(a)

......................

41,219

1,856,092

Udemy,

Inc.

(a)

.....................

121,620

1,155,390

Universal

Technical

Institute,

Inc.

(a)

.......

81,468

682,702

WW

International,

Inc.

(a)(b)

.............

91,620

1,014,233

XWELL,

Inc.

(a)(b)

....................

4

8

54,910,285

Diversified

REITs

—

0.1%

Alexander

&

Baldwin,

Inc.

.............

144,039

2,409,772

American

Assets

Trust,

Inc.

............

53,736

1,045,165

Security

Shares

Shares

Value

Diversified

REITs

(continued)

Armada

Hoffler

Properties,

Inc.

.........

64,653

$

662,047

Broadstone

Net

Lease,

Inc.

............

199,542

2,853,451

CTO

Realty

Growth,

Inc.

..............

30,033

486,835

Empire

State

Realty

Trust,

Inc.,

Class

A

....

128,387

1,032,231

Essential

Properties

Realty

Trust,

Inc.

.....

158,007

3,417,691

Gladstone

Commercial

Corp.

...........

53,852

654,840

Global

Net

Lease,

Inc.

...............

201,485

1,936,271

One

Liberty

Properties,

Inc.

............

32,864

620,144

WP

Carey,

Inc.

....................

215,848

11,673,060

26,791,507

Diversified

Telecommunication

Services

—

0.6%

Anterix,

Inc.

(a)(b)

....................

27,264

855,544

AST

SpaceMobile,

Inc.,

Class

A

(a)(b)

.......

130,048

494,182

AT&T,

Inc.

........................

7,423,418

111,499,738

ATN

International,

Inc.

...............

18,790

593,012

Charge

Enterprises,

Inc.

(a)(b)

............

144

72

Cogent

Communications

Holdings,

Inc.

....

44,137

2,732,080

EchoStar

Corp.,

Class

A

(a)(b)

............

46,204

773,917

Frontier

Communications

Parent,

Inc.

(a)(b)

...

229,494

3,591,581

Globalstar,

Inc.

(a)(b)

..................

770,720

1,009,643

IDT

Corp.,

Class

B

(a)

.................

21,091

465,057

Iridium

Communications,

Inc.

...........

129,327

5,883,085

Liberty

Global

plc,

Class

A

(a)

............

179,250

3,068,760

Liberty

Global

plc,

Class

C,

NVS

(a)(b)

......

226,278

4,199,720

Liberty

Latin

America

Ltd.,

Class

A

(a)

......

54,564

445,242

Liberty

Latin

America

Ltd.,

Class

C,

NVS

(a)(b)

.

155,208

1,266,498

Lumen

Technologies,

Inc.

(a)

............

1,225,542

1,740,270

Ooma,

Inc.

(a)

......................

45,069

586,348

Verizon

Communications,

Inc.

..........

4,343,910

140,786,123

279,990,872

Electric

Utilities

—

1.4%

ALLETE,

Inc.

.....................

63,527

3,354,226

Alliant

Energy

Corp.

.................

248,450

12,037,403

American

Electric

Power

Co.,

Inc.

........

527,222

39,657,639

Avangrid,

Inc.

.....................

75,438

2,275,965

Constellation

Energy

Corp.

............

334,098

36,443,410

Duke

Energy

Corp.

.................

795,671

70,225,922

Edison

International

.................

398,683

25,232,647

Entergy

Corp.

.....................

217,708

20,137,990

Evergy,

Inc.

.......................

238,111

12,072,228

Eversource

Energy

.................

363,334

21,127,872

Exelon

Corp.

......................

1,034,103

39,078,752

FirstEnergy

Corp.

..................

541,960

18,524,193

Hawaiian

Electric

Industries,

Inc.

........

126,891

1,562,028

IDACORP,

Inc.

....................

49,788

4,662,646

MGE

Energy,

Inc.

...................

37,835

2,592,076

NextEra

Energy,

Inc.

................

2,097,507

120,166,176

NRG

Energy,

Inc.

...................

238,847

9,200,386

OGE

Energy

Corp.

..................

213,560

7,117,955

Otter

Tail

Corp.

....................

43,272

3,285,210

PG&E

Corp.

(a)

.....................

2,177,727

35,126,737

Pinnacle

West

Capital

Corp.

...........

116,380

8,574,878

PNM

Resources,

Inc.

................

91,089

4,063,480

Portland

General

Electric

Co.

...........

98,753

3,997,521

PPL

Corp.

.......................

783,285

18,454,195

Southern

Co.

(The)

.................

1,125,213

72,823,785

Xcel

Energy,

Inc.

...................

573,268

32,802,395

624,597,715

Electrical

Equipment

—

0.8%

Acuity

Brands,

Inc.

..................

32,217

5,486,877

Advent

Technologies

Holdings,

Inc.

(a)

......

72

28

Allient,

Inc.

.......................

19,845

613,607

AMETEK,

Inc.

.....................

239,190

35,342,714

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

23

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Electrical

Equipment

(continued)

Array

Technologies,

Inc.

(a)(b)

............

146,837

$

3,258,313

Atkore,

Inc.

(a)(b)

.....................

39,290

5,861,675

Babcock

&

Wilcox

Enterprises,

Inc.

(a)

......

94,336

397,155

Bloom

Energy

Corp.,

Class

A

(a)(b)

........

232,482

3,082,711

Capstone

Green

Energy

Corp.

(a)

.........

1,371

972

ChargePoint

Holdings,

Inc.,

Class

A

(a)(b)

....

364,529

1,811,709

Eaton

Corp.

plc

....................

412,633

88,006,366

Emerson

Electric

Co.

................

589,542

56,932,071

Encore

Wire

Corp.

(b)

.................

16,644

3,036,864

Energous

Corp.

(a)(b)

..................

2,684

4,294

Energy

Focus,

Inc.

(a)(b)

................

2

4

EnerSys

.........................

43,273

4,096,655

Enovix

Corp.

(a)(b)

....................

145,484

1,825,824

Eos

Energy

Enterprises,

Inc.,

Class

A

(a)(b)

...

171,175

368,026

Fluence

Energy,

Inc.,

Class

A

(a)(b)

........

45,298

1,041,401

FuelCell

Energy,

Inc.

(a)(b)

..............

426,498

545,917

Generac

Holdings,

Inc.

(a)(b)

.............

65,010

7,083,490

GrafTech

International

Ltd.

............

221,865

849,743

Heliogen,

Inc.

(a)

....................

7

27

Hubbell,

Inc.

......................

55,092

17,266,384

Ideal

Power,

Inc.

(a)(b)

.................

636

6,227

LSI

Industries,

Inc.

..................

31,464

499,648

NEXTracker,

Inc.,

Class

A

(a)(b)

...........

53,704

2,156,753

NuScale

Power

Corp.,

Class

A

(a)

.........

88,812

435,179

nVent

Electric

plc

...................

172,137

9,121,540

Ocean

Power

Technologies,

Inc.

(a)

.......

15

6

Pineapple

Energy,

Inc.

(a)

..............

18

16

Pioneer

Power

Solutions,

Inc.

(a)(b)

........

9

56

Plug

Power,

Inc.

(a)(b)

.................

565,610

4,298,636

Powell

Industries,

Inc.

................

9,285

769,727

Preformed

Line

Products

Co.

...........

3,377

549,033

Regal

Rexnord

Corp.

................

68,193

9,743,416

Rockwell

Automation,

Inc.

.............

118,566

33,894,462

Sensata

Technologies

Holding

plc

........

157,567

5,959,184

Servotronics,

Inc.

(a)

..................

113

1,244

SES

AI

Corp.,

Class

A

(a)

..............

210,937

478,827

Shoals

Technologies

Group,

Inc.,

Class

A

(a)(b)

177,999

3,248,482

Stem,

Inc.

(a)(b)

.....................

153,014

648,779

SunPower

Corp.

(a)(b)

.................

83,631

516,003

Sunrun,

Inc.

(a)(b)

....................

222,922

2,799,900

Sunworks,

Inc.

(a)(b)

..................

45

23

Thermon

Group

Holdings,

Inc.

(a)

.........

45,493

1,249,693

Ultralife

Corp.

(a)

....................

9

88

Vertiv

Holdings

Co.,

Class

A

...........

364,983

13,577,368

Vicor

Corp.

(a)

......................

25,159

1,481,614

328,348,731

Electronic

Equipment,

Instruments

&

Components

—

0.8%

ADDvantage

Technologies

Group,

Inc.

(a)

...

9

3

Advanced

Energy

Industries,

Inc.

(b)

.......

39,289

4,051,482

AEye,

Inc.,

Class

A

(a)(b)

...............

252

53

Amphenol

Corp.,

Class

A

.............

618,316

51,932,361

Arlo

Technologies,

Inc.

(a)

..............

99,718

1,027,095

Arrow

Electronics,

Inc.

(a)

..............

55,679

6,973,238

Astrotech

Corp.

(a)

...................

48

484

Avnet,

Inc.

.......................

91,681

4,418,107

Badger

Meter,

Inc.

(b)

.................

30,170

4,340,558

Bel

Fuse,

Inc.,

Class

B,

NVS

...........

14,337

684,162

Belden,

Inc.

(b)

.....................

45,508

4,393,797

Benchmark

Electronics,

Inc.

...........

47,067

1,141,845

CDW

Corp.

.......................

138,933

28,031,122

Cemtrex,

Inc.

(a)

....................

23

112

ClearSign

Technologies

Corp.

(a)

.........

7,262

7,916

Cognex

Corp.

.....................

183,544

7,789,607

Coherent

Corp.

(a)

...................

138,821

4,531,117

Security

Shares

Shares

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

Corning,

Inc.

......................

795,037

$

24,224,777

Crane

NXT

Co.

....................

49,137

2,730,543

CTS

Corp.

.......................

39,297

1,640,257

Data

I/O

Corp.

(a)

....................

9

34

ePlus,

Inc.

(a)

......................

27,652

1,756,455

Evolv

Technologies

Holdings,

Inc.

(a)

.......

100,704

489,421

Fabrinet

(a)(b)

.......................

37,052

6,173,604

Frequency

Electronics,

Inc.

............

9

63

Insight

Enterprises,

Inc.

(a)(b)

............

31,631

4,602,311

IPG

Photonics

Corp.

(a)

...............

32,971

3,347,875

Itron,

Inc.

(a)

.......................

46,732

2,831,025

Jabil,

Inc.

........................

134,941

17,122,664

Keysight

Technologies,

Inc.

(a)

...........

185,191

24,502,621

Kimball

Electronics,

Inc.

(a)(b)

............

29,731

814,035

Knowles

Corp.

(a)

...................

138,064

2,044,728

LGL

Group,

Inc.

(The)

(a)

..............

449

1,926

Lightwave

Logic,

Inc.

(a)(b)

..............

120,015

536,467

Littelfuse,

Inc.

.....................

26,105

6,456,289

Methode

Electronics,

Inc.

.............

37,166

849,243

MicroVision,

Inc.

(a)(b)

.................

279,845

612,861

Mirion

Technologies,

Inc.,

Class

A

(a)

......

218,376

1,631,269

M-Tron

Industries,

Inc.

(a)(b)

.............

224

3,964

Napco

Security

Technologies,

Inc.

.......

31,915

710,109

National

Instruments

Corp.

............

136,937

8,164,184

Neonode,

Inc.

(a)

....................

2,003

3,205

nLight,

Inc.

(a)

......................

65,628

682,531

Novanta,

Inc.

(a)

....................

37,703

5,408,118

OSI

Systems,

Inc.

(a)

.................

16,549

1,953,444

PAR

Technology

Corp.

(a)(b)

.............

33,062

1,274,210

PC

Connection,

Inc.

.................

16,613

886,802

Plexus

Corp.

(a)

.....................

27,515

2,558,345

Rogers

Corp.

(a)

....................

18,054

2,373,559

Sanmina

Corp.

(a)

...................

58,206

3,159,422

ScanSource,

Inc.

(a)

..................

29,114

882,445

SmartRent,

Inc.,

Class

A

(a)

.............

253,184

660,810

TD

SYNNEX

Corp.

..................

49,456

4,938,676

TE

Connectivity

Ltd.

.................

323,249

39,930,949

Teledyne

Technologies,

Inc.

(a)

...........

48,802

19,939,521

Trimble,

Inc.

(a)

.....................

258,267

13,910,261

TTM

Technologies,

Inc.

(a)

..............

104,192

1,341,993

Vishay

Intertechnology,

Inc.

............

130,443

3,224,551

Vishay

Precision

Group,

Inc.

(a)

..........

15,747

528,784

Vontier

Corp.

......................

165,769

5,125,578

Vuzix

Corp.

(a)(b)

....................

165,513

600,812

Zebra

Technologies

Corp.,

Class

A

(a)(b)

.....

53,685

12,698,113

352,651,913

Energy

Equipment

&

Services

—

0.6%

Archrock,

Inc.

.....................

138,858

1,749,611

Atlas

Energy

Solutions,

Inc.,

Class

A

......

21,259

472,588

Baker

Hughes

Co.,

Class

A

............

1,049,583

37,071,272

Bristow

Group,

Inc.

(a)

................

27,303

769,125

Cactus,

Inc.,

Class

A

................

66,564

3,342,178

ChampionX

Corp.

..................

205,217

7,309,830

Core

Laboratories,

Inc.

(b)

..............

46,010

1,104,700

Diamond

Offshore

Drilling,

Inc.

(a)

.........

121,262

1,780,126

DMC

Global,

Inc.

(a)

..................

23,165

566,848

Dril-Quip,

Inc.

(a)(b)

...................

35,381

996,683

ENGlobal

Corp.

(a)

...................

17,848

6,045

Enservco

Corp.

(a)(b)

..................

36

14

Expro

Group

Holdings

NV

(a)

............

99,198

2,304,370

Geospace

Technologies

Corp.

(a)

.........

18

233

Halliburton

Co.

....................

925,109

37,466,914

Helix

Energy

Solutions

Group,

Inc.

(a)

......

166,987

1,865,245

Helmerich

&

Payne,

Inc.

..............

107,099

4,515,294

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

24

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Energy

Equipment

&

Services

(continued)

Independence

Contract

Drilling,

Inc.

(a)(b)

....

1,071

$

3,213

Liberty

Energy,

Inc.,

Class

A

...........

161,318

2,987,609

Mammoth

Energy

Services,

Inc.

(a)

........

27

125

MIND

Technology,

Inc.

(a)

..............

9,919

5,049

Nabors

Industries

Ltd.

(a)

..............

11,498

1,415,864

Natural

Gas

Services

Group,

Inc.

(a)

.......

38,913

566,573

Newpark

Resources,

Inc.

(a)

............

102,971

711,530

Nine

Energy

Service,

Inc.

(a)

............

18

74

Noble

Corp.

plc

....................

105,270

5,331,925

NOV,

Inc.

........................

419,908

8,776,077

Oceaneering

International,

Inc.

(a)

........

110,092

2,831,566

Oil

States

International,

Inc.

(a)

...........

71,990

602,556

Patterson-UTI

Energy,

Inc.

............

355,744

4,923,497

ProPetro

Holding

Corp.

(a)

..............

84,772

901,126

RPC,

Inc.

........................

85,491

764,290

Schlumberger

NV

..................

1,466,840

85,516,772

SEACOR

Marine

Holdings,

Inc.

(a)(b)

.......

46,714

648,390

Select

Water

Solutions,

Inc.,

Class

A

......

102,355

813,722

Smart

Sand,

Inc.

(a)

..................

144

334

Solaris

Oilfield

Infrastructure,

Inc.,

Class

A

..

52,399

558,573

Superior

Drilling

Products,

Inc.

(a)

.........

9

7

TechnipFMC

plc

....................

464,002

9,437,801

TETRA

Technologies,

Inc.

(a)(b)

...........

137,221

875,470

Tidewater,

Inc.

(a)

...................

51,540

3,662,948

Transocean

Ltd.

(a)(b)

.................

728,436

5,980,460

US

Silica

Holdings,

Inc.

(a)

.............

72,227

1,014,067

Valaris

Ltd.

(a)

......................

63,074

4,729,288

Weatherford

International

plc

(a)

..........

73,893

6,674,755

251,054,737

Entertainment

—

1.3%

Activision

Blizzard,

Inc.

...............

737,564

69,058,117

AMC

Entertainment

Holdings,

Inc.,

Class

A

(a)(b)

62,711

501,061

Atlanta

Braves

Holdings,

Inc.,

Class

A

(a)(b)

...

13,298

519,553

Atlanta

Braves

Holdings,

Inc.,

Class

C,

NVS

(a)

43,420

1,551,396

Chicken

Soup

For

The

Soul

Entertainment,

Inc.

(a)(b)

........................

4,116

1,420

Cinemark

Holdings,

Inc.

(a)(b)

............

110,679

2,030,960

Cineverse

Corp.

(a)(b)

.................

4,534

5,214

CuriosityStream,

Inc.,

Class

A

(a)

.........

63

45

Electronic

Arts,

Inc.

.................

255,555

30,768,822

Endeavor

Group

Holdings,

Inc.,

Class

A

....

188,974

3,760,583

Gaia,

Inc.,

Class

A

(a)

.................

18

49

Kartoon

Studios,

Inc.

(a)(b)

..............

43

60

Liberty

Media

Corp.-Liberty

Formula

One,

Class

A

(a)

......................

24,665

1,394,559

Liberty

Media

Corp.-Liberty

Formula

One,

Class

C,

NVS

(a)(b)

.................

214,676

13,374,315

Liberty

Media

Corp.-Liberty

Live,

Class

A

(a)

..

20,248

646,316

Liberty

Media

Corp.-Liberty

Live,

Class

C,

NVS

(a)

........................

49,938

1,603,010

Lions

Gate

Entertainment

Corp.,

Class

A

(a)(b)

.

58,299

494,376

Lions

Gate

Entertainment

Corp.,

Class

B,

NVS

(a)

........................

144,421

1,136,593

Live

Nation

Entertainment,

Inc.

(a)(b)

.......

146,012

12,124,836

LiveOne,

Inc.

(a)

....................

90

86

Madison

Square

Garden

Entertainment

Corp.

(a)

(b)

...........................

42,160

1,387,485

Madison

Square

Garden

Sports

Corp.

.....

16,991

2,995,513

Marcus

Corp.

(The)

(b)

................

59,020

914,810

Netflix,

Inc.

(a)

......................

458,581

173,160,186

Playtika

Holding

Corp.

(a)

..............

88,138

848,769

PodcastOne,

Inc.

(a)(b)

.................

5

10

ROBLOX

Corp.,

Class

A

(a)(b)

............

504,945

14,623,207

Roku,

Inc.,

Class

A

(a)

................

128,082

9,041,308

Security

Shares

Shares

Value

Entertainment

(continued)

Sciplay

Corp.,

Class

A

(a)

..............

25,480

$

580,180

Sphere

Entertainment

Co.,

Class

A

(a)(b)

.....

26,475

983,811

Take-Two

Interactive

Software,

Inc.

(a)

......

162,679

22,838,505

TKO

Group

Holdings,

Inc.

.............

53,302

4,480,566

Walt

Disney

Co.

(The)

(a)

..............

1,893,212

153,444,832

Warner

Bros

Discovery,

Inc.

(a)

..........

2,298,417

24,960,809

Warner

Music

Group

Corp.,

Class

A

......

142,109

4,462,223

553,693,585

Financial

Services

—

4.1%

Affirm

Holdings,

Inc.,

Class

A

(a)(b)

.........

224,714

4,779,667

Alerus

Financial

Corp.

...............

27,037

491,533

A-Mark

Precious

Metals,

Inc.

...........

21,010

616,223

Apollo

Global

Management,

Inc.

.........

453,551

40,710,738

AvidXchange

Holdings,

Inc.

(a)(b)

..........

205,034

1,943,722

Berkshire

Hathaway,

Inc.,

Class

B

(a)

......

1,885,151

660,368,395

Block,

Inc.,

Class

A

(a)

................

574,712

25,436,753

Cannae

Holdings,

Inc.

(a)(b)

.............

83,401

1,554,595

Cantaloupe,

Inc.

(a)

..................

86,666

541,662

Cass

Information

Systems,

Inc.

.........

18,154

676,236

Enact

Holdings,

Inc.

.................

38,224

1,040,839

Equitable

Holdings,

Inc.

..............

338,210

9,601,782

Essent

Group

Ltd.

..................

110,857

5,242,428

Euronet

Worldwide,

Inc.

(a)

.............

49,740

3,948,361

EVERTEC,

Inc.

....................

72,056

2,679,042

Federal

Agricultural

Mortgage

Corp.,

Class

C,

NVS

.........................

12,212

1,884,312

Fidelity

National

Information

Services,

Inc.

..

615,340

34,009,842

Fiserv,

Inc.

(a)

......................

630,376

71,207,273

FleetCor

Technologies,

Inc.

(a)(b)

..........

76,744

19,595,813

FlexShopper,

Inc.

(a)

.................

9

9

Flywire

Corp.

(a)(b)

...................

113,013

3,603,985

Global

Payments,

Inc.

...............

269,127

31,054,565

I3

Verticals,

Inc.,

Class

A

(a)

.............

25,789

545,179

International

Money

Express,

Inc.

(a)

.......

39,823

674,203

Jack

Henry

&

Associates,

Inc.

..........

75,906

11,472,433

Jackson

Financial,

Inc.,

Class

A

.........

60,329

2,305,774

LM

Funding

America,

Inc.

(a)(b)

...........

2,949

1,439

Marqeta,

Inc.,

Class

A

(a)(b)

.............

453,821

2,713,850

Mastercard,

Inc.,

Class

A

..............

860,637

340,734,795

Merchants

Bancorp

.................

31,198

864,809

MGIC

Investment

Corp.

..............

305,424

5,097,527

Mr

Cooper

Group,

Inc.

(a)

..............

68,987

3,694,944

NewtekOne,

Inc.

...................

32,511

479,537

NMI

Holdings,

Inc.,

Class

A

(a)

...........

90,155

2,442,299

Payoneer

Global,

Inc.

(a)

...............

201,006

1,230,157

PayPal

Holdings,

Inc.

(a)

...............

1,137,061

66,472,586

Paysign,

Inc.

(a)(b)

....................

36

70

PennyMac

Financial

Services,

Inc.

.......

32,707

2,178,286

Radian

Group,

Inc.

..................

165,839

4,164,217

Remitly

Global,

Inc.

(a)

................

141,315

3,563,964

Repay

Holdings

Corp.,

Class

A

(a)(b)

.......

92,421

701,475

Rocket

Cos.,

Inc.,

Class

A

(a)(b)

...........

150,348

1,229,847

Shift4

Payments,

Inc.,

Class

A

(a)(b)

........

59,236

3,279,897

TFS

Financial

Corp.

.................

64,949

767,697

Toast,

Inc.,

Class

A

(a)(b)

...............

382,294

7,160,367

UWM

Holdings

Corp.,

Class

A

..........

94,045

456,118

Velocity

Financial,

Inc.

(a)

..............

54,237

612,878

Visa,

Inc.,

Class

A

..................

1,662,363

382,360,114

Voya

Financial,

Inc.

.................

106,524

7,078,520

Walker

&

Dunlop,

Inc.

................

37,278

2,767,519

Waterstone

Financial,

Inc.

.............

44,154

483,486

Western

Union

Co.

(The)

.............

310,014

4,085,985

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

25

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Financial

Services

(continued)

WEX,

Inc.

(a)

.......................

44,691

$

8,405,930

1,789,013,677

Food

Products

—

1.0%

Alico,

Inc.

........................

20,891

521,439

Archer-Daniels-Midland

Co.

............

552,506

41,670,003

B&G

Foods,

Inc.

...................

81,495

805,986

Beyond

Meat,

Inc.

(a)(b)

................

85,933

826,675

Bunge

Ltd.

.......................

155,411

16,823,241

Calavo

Growers,

Inc.

................

19,900

502,077

Cal-Maine

Foods,

Inc.

................

40,834

1,977,182

Campbell

Soup

Co.

.................

201,460

8,275,977

Conagra

Brands,

Inc.

................

493,592

13,534,293

Darling

Ingredients,

Inc.

(a)

.............

166,553

8,694,067

Flowers

Foods,

Inc.

.................

210,847

4,676,586

Fresh

Del

Monte

Produce,

Inc.

..........

42,166

1,089,569

Freshpet,

Inc.

(a)

....................

49,701

3,274,302

General

Mills,

Inc.

..................

605,948

38,774,613

Hain

Celestial

Group,

Inc.

(The)

(a)

........

92,719

961,496

Hershey

Co.

(The)

..................

153,585

30,729,287

Hormel

Foods

Corp.

.................

304,105

11,565,113

Hostess

Brands,

Inc.,

Class

A

(a)

.........

137,993

4,596,547

Ingredion,

Inc.

.....................

68,928

6,782,515

J

&

J

Snack

Foods

Corp.

..............

17,119

2,801,524

J

M

Smucker

Co.

(The)

...............

105,948

13,022,069

John

B

Sanfilippo

&

Son,

Inc.

...........

10,192

1,006,970

Kellogg

Co.

.......................

271,173

16,137,505

Kraft

Heinz

Co.

(The)

................

835,752

28,114,697

Lamb

Weston

Holdings,

Inc.

...........

150,305

13,897,200

Lancaster

Colony

Corp.

..............

20,820

3,435,925

McCormick

&

Co.,

Inc.,

NVS

...........

260,862

19,731,602

Mission

Produce,

Inc.

(a)(b)

..............

52,616

509,323

Mondelez

International,

Inc.,

Class

A

......

1,404,277

97,456,824

Pilgrim's

Pride

Corp.

(a)

...............

46,025

1,050,751

Post

Holdings,

Inc.

(a)(b)

................

50,484

4,328,498

RiceBran

Technologies

(a)

..............

915

393

Rocky

Mountain

Chocolate

Factory,

Inc.

(a)

..

9

43

S&W

Seed

Co.

(a)

...................

45

50

Seaboard

Corp.

(b)

...................

260

975,780

Simply

Good

Foods

Co.

(The)

(a)

.........

92,289

3,185,816

Sovos

Brands,

Inc.

(a)(b)

...............

71,050

1,602,177

Tootsie

Roll

Industries,

Inc.

............

18,782

560,831

TreeHouse

Foods,

Inc.

(a)(b)

.............

51,880

2,260,930

Tyson

Foods,

Inc.,

Class

A

............

294,703

14,879,554

Utz

Brands,

Inc.,

Class

A

(b)

............

76,078

1,021,728

Vital

Farms,

Inc.

(a)

..................

42,129

487,854

Whole

Earth

Brands,

Inc.,

Class

A

(a)

......

63

227

422,549,239

Gas

Utilities

—

0.1%

Atmos

Energy

Corp.

.................

148,862

15,768,952

Chesapeake

Utilities

Corp.

............

19,093

1,866,341

National

Fuel

Gas

Co.

...............

95,480

4,956,367

New

Jersey

Resources

Corp.

...........

99,064

4,024,970

Northwest

Natural

Holding

Co.

..........

50,068

1,910,595

ONE

Gas,

Inc.

.....................

54,877

3,747,002

Southwest

Gas

Holdings,

Inc.

..........

63,667

3,846,123

Spire,

Inc.

........................

53,775

3,042,589

UGI

Corp.

........................

219,673

5,052,479

44,215,418

Ground

Transportation

—

1.0%

ArcBest

Corp.

.....................

24,781

2,518,989

Avis

Budget

Group,

Inc.

(a)(b)

............

20,897

3,754,982

Covenant

Logistics

Group,

Inc.,

Class

A

....

10,188

446,744

CSX

Corp.

.......................

2,067,243

63,567,722

Security

Shares

Shares

Value

Ground

Transportation

(continued)

FTAI

Infrastructure,

Inc.

...............

156,651

$

504,416

Heartland

Express,

Inc.

...............

48,563

713,390

Hertz

Global

Holdings,

Inc.

(a)(b)

..........

145,623

1,783,882

JB

Hunt

Transport

Services,

Inc.

........

84,421

15,915,047

Knight-Swift

Transportation

Holdings,

Inc.

..

168,859

8,468,279

Landstar

System,

Inc.

................

36,394

6,439,554

Lyft,

Inc.,

Class

A

(a)

..................

365,981

3,857,440

Marten

Transport

Ltd.

................

67,179

1,324,098

Norfolk

Southern

Corp.

...............

234,440

46,168,269

Old

Dominion

Freight

Line,

Inc.

(b)

........

93,161

38,115,892

RXO,

Inc.

(a)(b)

......................

142,388

2,809,315

Ryder

System,

Inc.

..................

45,210

4,835,209

Saia,

Inc.

(a)(b)

......................

27,601

11,003,139

Schneider

National,

Inc.,

Class

B

........

46,518

1,288,083

Uber

Technologies,

Inc.

(a)

.............

2,117,604

97,388,608

U-Haul

Holding

Co.

(a)

................

9,859

538,006

U-Haul

Holding

Co.,

NVS

(b)

............

102,029

5,345,299

Union

Pacific

Corp.

.................

630,738

128,437,179

Werner

Enterprises,

Inc.

..............

69,976

2,725,565

XPO,

Inc.

(a)

.......................

120,092

8,966,069

456,915,176

Health

Care

Equipment

&

Supplies

—

2.5%

Abbott

Laboratories

.................

1,796,414

173,982,696

Aethlon

Medical,

Inc.

(a)

...............

415

95

Align

Technology,

Inc.

(a)

...............

73,902

22,563,759

Alphatec

Holdings,

Inc.

(a)(b)

.............

84,535

1,096,419

AngioDynamics,

Inc.

(a)

...............

67,811

495,698

Artivion,

Inc.

(a)(b)

....................

55,096

835,255

Aspira

Women's

Health,

Inc.

(a)

..........

1

5

AtriCure,

Inc.

(a)(b)

...................

52,688

2,307,734

Atrion

Corp.

......................

1,560

644,545

Avanos

Medical,

Inc.

(a)

...............

52,204

1,055,565

Axonics,

Inc.

(a)(b)

....................

56,538

3,172,913

Baxter

International,

Inc.

..............

532,890

20,111,269

Becton

Dickinson

&

Co.

..............

299,956

77,547,625

Bioventus,

Inc.,

Class

A

(a)(b)

............

117

386

Boston

Scientific

Corp.

(a)

..............

1,513,622

79,919,242

Cerus

Corp.

(a)

.....................

280,246

453,999

Co-Diagnostics,

Inc.

(a)(b)

...............

36

38

CONMED

Corp.

....................

31,349

3,161,547

Cooper

Cos.,

Inc.

(The)

(b)

.............

51,300

16,313,913

Dentsply

Sirona,

Inc.

................

221,629

7,570,847

Dexcom,

Inc.

(a)

....................

401,042

37,417,219

Eargo,

Inc.

(a)(b)

.....................

9

20

Edwards

Lifesciences

Corp.

(a)

..........

629,212

43,591,807

Ekso

Bionics

Holdings,

Inc.

(a)

...........

18

13

Electromed,

Inc.

(a)

..................

9

93

Embecta

Corp.

....................

57,760

869,288

Enovis

Corp.

(a)

.....................

54,293

2,862,870

Envista

Holdings

Corp.

(a)

..............

175,873

4,903,339

GE

HealthCare

Technologies,

Inc.

.......

406,442

27,654,314

Glaukos

Corp.

(a)(b)

...................

51,007

3,838,277

Globus

Medical,

Inc.,

Class

A

(a)

.........

123,782

6,145,776

Haemonetics

Corp.

(a)(b)

...............

51,648

4,626,628

Helius

Medical

Technologies,

Inc.

(a)(b)

......

38

361

Hologic,

Inc.

(a)

.....................

255,603

17,738,848

ICU

Medical,

Inc.

(a)(b)

.................

20,410

2,428,994

IDEXX

Laboratories,

Inc.

(a)(b)

...........

85,803

37,519,078

Impact

BioMedical,

I

nc.,

(Acquired

07/07/23

,

cost

$2)

(a)(f)

.....................

360

2

Inari

Medical,

Inc.

(a)(b)

................

54,185

3,543,699

Inspire

Medical

Systems,

Inc.

(a)

.........

30,377

6,028,012

Insulet

Corp.

(a)

.....................

72,319

11,534,157

Integer

Holdings

Corp.

(a)

..............

34,969

2,742,619

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

26

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

Integra

LifeSciences

Holdings

Corp.

(a)

.....

73,188

$

2,795,050

Intuitive

Surgical,

Inc.

(a)

...............

363,714

106,309,965

InVivo

Therapeutics

Holdings

Corp.

(a)

.....

1

1

iRhythm

Technologies,

Inc.

(a)(b)

..........

32,153

3,030,742

Kewaunee

Scientific

Corp.

(a)

...........

262

4,637

Lantheus

Holdings,

Inc.

(a)

.............

71,552

4,971,433

LeMaitre

Vascular,

Inc.

...............

22,246

1,211,962

LENSAR,

Inc.

(a)

....................

9

28

LivaNova

plc

(a)

.....................

56,524

2,988,989

LogicMark,

Inc.

(a)

...................

2

4

Masimo

Corp.

(a)

....................

46,999

4,120,872

Medtronic

plc

.....................

1,378,679

108,033,286

Merit

Medical

Systems,

Inc.

(a)

...........

58,579

4,043,123

Microbot

Medical,

Inc.

(a)

..............

17

24

Motus

GI

Holdings,

Inc.

(a)(b)

............

530

243

Neogen

Corp.

(a)

....................

209,369

3,881,701

NeuroMetrix,

Inc.

(a)

..................

10

7

Neuronetics,

Inc.

(a)(b)

.................

36

49

Nevro

Corp.

(a)

.....................

38,623

742,334

Novocure

Ltd.

(a)

....................

108,211

1,747,608

Omnicell,

Inc.

(a)

....................

47,362

2,133,184

OraSure

Technologies,

Inc.

(a)

...........

98,788

585,813

Orthofix

Medical,

Inc.

(a)

...............

41,903

538,873

OrthoPediatrics

Corp.

(a)(b)

..............

16,106

515,392

Outset

Medical,

Inc.

(a)(b)

...............

49,651

540,203

Owlet,

Inc.

(a)

......................

11

49

Paragon

28,

Inc.

(a)

..................

61,032

765,952

PAVmed,

Inc.

(a)(b)

...................

126

37

Penumbra,

Inc.

(a)

...................

39,657

9,593,425

Predictive

Oncology,

Inc.

(a)

.............

1

3

PROCEPT

BioRobotics

Corp.

(a)(b)

........

51,003

1,673,408

Pulmonx

Corp.

(a)(b)

..................

55,274

570,980

QuidelOrtho

Corp.

(a)

.................

52,372

3,825,251

ResMed,

Inc.

.....................

152,424

22,538,937

RxSight,

Inc.

(a)(b)

....................

27,400

764,186

Senseonics

Holdings,

Inc.

(a)(b)

...........

833,017

503,059

Shockwave

Medical,

Inc.

(a)

.............

37,893

7,544,496

SI-BONE,

Inc.

(a)(b)

...................

45,880

974,491

Silk

Road

Medical,

Inc.

(a)(b)

.............

44,051

660,324

SiNtx

Technologies,

Inc.

(a)

.............

1

1

STAAR

Surgical

Co.

(a)(b)

...............

51,641

2,074,935

STERIS

plc

.......................

103,016

22,603,771

Strata

Skin

Sciences,

Inc.

(a)(b)

...........

1,191

709

Stryker

Corp.

.....................

349,779

95,584,107

Surmodics,

Inc.

(a)

...................

14,366

461,005

Tandem

Diabetes

Care,

Inc.

(a)

..........

69,639

1,446,402

Teleflex,

Inc.

......................

48,678

9,560,846

ThermoGenesis

Holdings,

Inc.

(a)

.........

1

1

TransMedics

Group,

Inc.

(a)(b)

............

33,594

1,839,271

Treace

Medical

Concepts,

Inc.

(a)(b)

........

59,125

775,129

UFP

Technologies,

Inc.

(a)

..............

7,506

1,211,844

Vapotherm,

Inc.

(a)

...................

5

13

Varex

Imaging

Corp.

(a)

...............

62,821

1,180,407

Venus

Concept,

Inc.

(a)

................

1,053

2,159

Xtant

Medical

Holdings,

Inc.

(a)

..........

143

157

Zimmer

Biomet

Holdings,

Inc.

..........

216,515

24,297,313

1,083,327,155

Health

Care

Providers

&

Services

—

2.8%

23andMe

Holding

Co.,

Class

A

(a)(b)

.......

513,574

502,121

Acadia

Healthcare

Co.,

Inc.

(a)

...........

97,941

6,886,232

Accolade,

Inc.

(a)(b)

...................

72,982

772,150

AdaptHealth

Corp.

(a)

.................

78,459

713,977

Addus

HomeCare

Corp.

(a)

.............

16,793

1,430,596

agilon

health,

Inc.

(a)(b)

................

317,870

5,645,371

Security

Shares

Shares

Value

Health

Care

Providers

&

Services

(continued)

Alignment

Healthcare,

Inc.

(a)

...........

133,626

$

927,364

Amedisys,

Inc.

(a)(b)

..................

35,032

3,271,989

AMN

Healthcare

Services,

Inc.

(a)(b)

.......

41,072

3,498,513

Apollo

Medical

Holdings,

Inc.

(a)(b)

.........

44,654

1,377,576

Brookdale

Senior

Living,

Inc.

(a)(b)

.........

192,332

796,254

Cardinal

Health,

Inc.

.................

264,762

22,986,637

Castle

Biosciences,

Inc.

(a)

.............

28,046

473,697

Cencora,

Inc.

.....................

171,538

30,871,694

Centene

Corp.

(a)

...................

561,314

38,663,308

Chemed

Corp.

.....................

15,401

8,003,900

Cigna

Group

(The)

..................

306,214

87,598,639

Clover

Health

Investments

Corp.

(a)(b)

......

493,596

533,084

Community

Health

Systems,

Inc.

(a)

.......

163,856

475,182

CorVel

Corp.

(a)

.....................

9,389

1,846,347

Cross

Country

Healthcare,

Inc.

(a)(b)

.......

36,140

895,911

CVS

Health

Corp.

..................

1,328,992

92,790,221

DaVita,

Inc.

(a)(b)

....................

55,506

5,246,982

DocGo,

Inc.

(a)

.....................

100,739

536,939

Elevance

Health,

Inc.

................

243,567

106,053,943

Encompass

Health

Corp.

.............

103,125

6,925,875

Enhabit,

Inc.

(a)(b)

....................

51,327

577,429

Ensign

Group,

Inc.

(The)

(b)

.............

55,883

5,193,207

Fulgent

Genetics,

Inc.

(a)(b)

.............

30,474

814,875

Guardant

Health,

Inc.

(a)

...............

126,949

3,762,768

HCA

Healthcare,

Inc.

................

207,607

51,067,170

HealthEquity,

Inc.

(a)

..................

89,255

6,520,078

Henry

Schein,

Inc.

(a)

.................

136,129

10,107,578

Hims

&

Hers

Health,

Inc.,

Class

A

(a)(b)

.....

180,341

1,134,345

Humana,

Inc.

.....................

127,840

62,196,717

Laboratory

Corp.

of

America

Holdings

.....

90,512

18,197,438

LifeStance

Health

Group,

Inc.

(a)(b)

........

98,672

677,877

McKesson

Corp.

...................

139,083

60,480,242

ModivCare,

Inc.

(a)(b)

..................

17,466

550,354

Molina

Healthcare,

Inc.

(a)

..............

60,305

19,773,406

National

HealthCare

Corp.

.............

18,386

1,176,336

National

Research

Corp.

..............

19,798

878,437

NeoGenomics,

Inc.

(a)(b)

...............

138,049

1,698,003

Ontrak,

Inc.

(a)(b)

....................

3

3

OPKO

Health,

Inc.

(a)

.................

432,370

691,792

Option

Care

Health,

Inc.

(a)

.............

184,904

5,981,644

Owens

&

Minor,

Inc.

(a)

................

84,943

1,372,679

Patterson

Cos.,

Inc.

.................

93,372

2,767,546

Pediatrix

Medical

Group,

Inc.

(a)

..........

92,901

1,180,772

Pennant

Group,

Inc.

(The)

(a)

............

38,189

425,044

PetIQ,

Inc.,

Class

A

(a)

................

31,511

620,767

Premier,

Inc.,

Class

A

................

130,861

2,813,511

Privia

Health

Group,

Inc.

(a)(b)

............

114,487

2,633,201

Progyny,

Inc.

(a)

.....................

89,342

3,039,415

Psychemedics

Corp.

................

9

36

Quest

Diagnostics,

Inc.

...............

113,241

13,799,548

R1

RCM,

Inc.

(a)(b)

...................

208,171

3,137,137

RadNet,

Inc.

(a)

.....................

77,185

2,175,845

Regional

Health

Properties,

Inc.

(a)

........

885

1,912

Select

Medical

Holdings

Corp.

..........

113,563

2,869,737

Star

Equity

Holdings,

Inc.

(a)

............

1,268

1,268

Surgery

Partners,

Inc.

(a)(b)

.............

73,626

2,153,560

Talkspace,

Inc.

(a)

...................

198

386

Tenet

Healthcare

Corp.

(a)(b)

.............

105,614

6,958,906

UnitedHealth

Group,

Inc.

..............

958,752

483,393,171

Universal

Health

Services,

Inc.,

Class

B

...

65,354

8,216,958

US

Physical

Therapy,

Inc.

.............

16,507

1,514,187

1,220,279,787

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

27

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Health

Care

REITs

—

0.2%

CareTrust

REIT,

Inc.

.................

140,672

$

2,883,776

Community

Healthcare

Trust,

Inc.

........

41,158

1,222,393

Diversified

Healthcare

Trust

............

268,429

520,752

Global

Medical

REIT,

Inc.

.............

55,144

494,642

Healthcare

Realty

Trust,

Inc.,

Class

A

.....

390,659

5,965,363

Healthpeak

Properties,

Inc.

............

575,406

10,564,454

LTC

Properties,

Inc.

.................

52,469

1,685,829

Medical

Properties

Trust,

Inc.

(b)

..........

628,815

3,427,042

National

Health

Investors,

Inc.

..........

45,562

2,340,064

Omega

Healthcare

Investors,

Inc.

........

252,431

8,370,612

Physicians

Realty

Trust

...............

246,579

3,005,798

Sabra

Health

Care

REIT,

Inc.

...........

257,490

3,589,411

Universal

Health

Realty

Income

Trust

.....

12,436

502,787

Ventas,

Inc.

......................

420,711

17,724,554

Welltower,

Inc.

.....................

536,969

43,988,501

106,285,978

Health

Care

Technology

—

0.1%

American

Well

Corp.,

Class

A

(a)

.........

400,896

469,048

Certara,

Inc.

(a)(b)

....................

117,233

1,704,568

Definitive

Healthcare

Corp.,

Class

A

(a)(b)

....

79,372

634,182

Doximity,

Inc.,

Class

A

(a)(b)

.............

135,860

2,882,949

Evolent

Health,

Inc.,

Class

A

(a)(b)

.........

123,192

3,354,518

GoodRx

Holdings,

Inc.,

Class

A

(a)(b)

.......

101,374

570,736

Health

Catalyst,

Inc.

(a)

................

68,059

688,757

HealthStream,

Inc.

..................

26,986

582,358

LifeMD,

Inc.

(a)(b)

....................

45

281

Multiplan

Corp.,

Class

A

(a)(b)

............

339,408

570,206

NextGen

Healthcare,

Inc.

(a)

............

61,484

1,459,015

Phreesia,

Inc.

(a)(b)

...................

55,005

1,027,494

Schrodinger,

Inc.

(a)(b)

.................

57,042

1,612,577

SCWorx

Corp.

(a)

....................

5,858

1,206

Simulations

Plus,

Inc.

................

19,817

826,369

Teladoc

Health,

Inc.

(a)(b)

...............

170,730

3,173,871

Veeva

Systems,

Inc.,

Class

A

(a)(b)

........

151,005

30,721,967

Veradigm,

Inc.

(a)(b)

...................

129,472

1,701,262

51,981,364

Hotel

&

Resort

REITs

—

0.1%

Apple

Hospitality

REIT,

Inc.

............

218,935

3,358,463

Chatham

Lodging

Trust

...............

95,337

912,375

DiamondRock

Hospitality

Co.

...........

279,279

2,242,610

Host

Hotels

&

Resorts,

Inc.

............

739,952

11,891,029

Park

Hotels

&

Resorts,

Inc.

............

233,565

2,877,521

Pebblebrook

Hotel

Trust

(b)

.............

134,396

1,826,442

RLJ

Lodging

Trust

..................

175,465

1,717,802

Ryman

Hospitality

Properties,

Inc.

.......

61,538

5,124,885

Service

Properties

Trust

..............

178,484

1,372,542

Sotherly

Hotels,

Inc.

(a)

................

9

15

Summit

Hotel

Properties,

Inc.

...........

103,404

599,743

Sunstone

Hotel

Investors,

Inc.

..........

230,181

2,152,192

Xenia

Hotels

&

Resorts,

Inc.

...........

103,409

1,218,158

35,293,777

Hotels,

Restaurants

&

Leisure

—

2.2%

Accel

Entertainment,

Inc.,

Class

A

(a)

......

64,158

702,530

Airbnb,

Inc.,

Class

A

(a)(b)

...............

441,524

60,581,508

Allied

Gaming

&

Entertainment,

Inc.

(a)

.....

9

8

Aramark

.........................

269,629

9,356,126

Ark

Restaurants

Corp.

...............

295

4,537

Bally's

Corp.

(a)(b)

....................

40,733

534,010

BJ's

Restaurants,

Inc.

(a)

...............

26,974

632,810

Bloomin'

Brands,

Inc.

................

90,820

2,233,264

Booking

Holdings,

Inc.

(a)

..............

36,873

113,714,488

Bowlero

Corp.,

Class

A

(a)(b)

.............

53,829

517,835

Boyd

Gaming

Corp.

.................

70,771

4,305,000

Security

Shares

Shares

Value

Hotels,

Restaurants

&

Leisure

(continued)

Brinker

International,

Inc.

(a)

............

48,405

$

1,529,114

Caesars

Entertainment,

Inc.

(a)(b)

.........

223,968

10,380,917

Carnival

Corp.

(a)(b)

...................

1,043,924

14,322,637

Cava

Group,

Inc.

(a)(b)

.................

17,864

547,174

Cheesecake

Factory,

Inc.

(The)

.........

55,862

1,692,619

Chipotle

Mexican

Grill,

Inc.

(a)

...........

28,531

52,263,942

Choice

Hotels

International,

Inc.

(b)

........

23,528

2,882,415

Churchill

Downs,

Inc.

................

70,699

8,203,912

Chuy's

Holdings,

Inc.

(a)

...............

23,842

848,298

Cracker

Barrel

Old

Country

Store,

Inc.

.....

25,114

1,687,661

Darden

Restaurants,

Inc.

.............

127,748

18,296,069

Dave

&

Buster's

Entertainment,

Inc.

(a)

.....

42,366

1,570,508

Denny's

Corp.

(a)

....................

66,060

559,528

Dine

Brands

Global,

Inc.

..............

18,249

902,413

Domino's

Pizza,

Inc.

.................

36,208

13,715,228

DoorDash,

Inc.,

Class

A

(a)

.............

315,386

25,063,725

DraftKings,

Inc.,

Class

A

(a)

.............

480,262

14,138,913

Dutch

Bros,

Inc.,

Class

A

(a)

............

47,662

1,108,142

Everi

Holdings,

Inc.

(a)

................

109,919

1,453,129

Expedia

Group,

Inc.

(a)

................

144,059

14,848,161

Fiesta

Restaurant

Group,

Inc.

(a)

.........

65,004

549,934

First

Watch

Restaurant

Group,

Inc.

(a)(b)

.....

37,556

649,343

Flanigan's

Enterprises,

Inc.

............

198

6,534

GAN

Ltd.

(a)

.......................

63

73

Golden

Entertainment,

Inc.

............

22,668

774,792

Hilton

Grand

Vacations,

Inc.

(a)

..........

71,569

2,912,858

Hilton

Worldwide

Holdings,

Inc.

.........

268,385

40,306,059

Hyatt

Hotels

Corp.,

Class

A

(b)

...........

47,841

5,074,973

Jack

in

the

Box,

Inc.

.................

21,618

1,492,939

Krispy

Kreme,

Inc.

(b)

.................

102,838

1,282,390

Kura

Sushi

USA,

Inc.,

Class

A

(a)(b)

........

7,846

518,778

Las

Vegas

Sands

Corp.

..............

339,821

15,577,395

Life

Time

Group

Holdings,

Inc.

(a)(b)

........

57,519

874,864

Light

&

Wonder,

Inc.,

Class

A

(a)

..........

96,295

6,868,722

Lindblad

Expeditions

Holdings,

Inc.

(a)(b)

....

53,518

385,330

Marriott

International,

Inc.,

Class

A

.......

258,355

50,782,259

Marriott

Vacations

Worldwide

Corp.

.......

34,696

3,491,459

McDonald's

Corp.

..................

751,988

198,103,719

MGM

Resorts

International

(b)

...........

292,935

10,768,291

Monarch

Casino

&

Resort,

Inc.

..........

13,686

849,901

Norwegian

Cruise

Line

Holdings

Ltd.

(a)

.....

444,570

7,326,514

Papa

John's

International,

Inc.

..........

36,285

2,475,363

Penn

Entertainment,

Inc.

(a)(b)

...........

158,702

3,642,211

Planet

Fitness,

Inc.,

Class

A

(a)

..........

88,413

4,348,151

Playa

Hotels

&

Resorts

NV

(a)

...........

141,804

1,026,661

Portillo's,

Inc.,

Class

A

(a)(b)

.............

49,700

764,883

Rave

Restaurant

Group,

Inc.

(a)

..........

3,285

7,785

RCI

Hospitality

Holdings,

Inc.

...........

9,390

569,597

Red

Rock

Resorts,

Inc.,

Class

A

.........

50,327

2,063,407

Royal

Caribbean

Cruises

Ltd.

(a)

.........

246,560

22,718,038

Rush

Street

Interactive,

Inc.,

Class

A

(a)(b)

...

88,462

408,694

Sabre

Corp.

(a)

.....................

331,886

1,490,168

SeaWorld

Entertainment,

Inc.

(a)(b)

........

40,570

1,876,363

Shake

Shack,

Inc.,

Class

A

(a)

...........

39,949

2,319,838

Six

Flags

Entertainment

Corp.

(a)

.........

75,587

1,777,050

Soho

House

&

Co.,

Inc.,

Class

A

(a)

.......

66,750

462,578

Starbucks

Corp.

....................

1,183,784

108,043,966

Sweetgreen,

Inc.,

Class

A

(a)(b)

...........

108,705

1,277,284

Target

Hospitality

Corp.

(a)(b)

............

31,207

495,567

Texas

Roadhouse,

Inc.

...............

68,861

6,617,542

Travel

+

Leisure

Co.

.................

81,446

2,991,512

Vacasa,

Inc.,

Class

A

(a)(b)

..............

135

62

Vail

Resorts,

Inc.

...................

39,367

8,735,144

Wendy's

Co.

(The)

..................

175,608

3,584,159

Wingstop,

Inc.

.....................

30,773

5,534,216

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

28

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Hotels,

Restaurants

&

Leisure

(continued)

Wyndham

Hotels

&

Resorts,

Inc.

........

89,565

$

6,228,350

Wynn

Resorts

Ltd.

..................

103,139

9,531,075

Xponential

Fitness,

Inc.,

Class

A

(a)(b)

......

26,168

405,604

Yum!

Brands,

Inc.

..................

285,905

35,720,971

962,309,987

Household

Durables

—

0.5%

Beazer

Homes

USA,

Inc.

(a)

............

29,700

739,827

Cavco

Industries,

Inc.

(a)

...............

9,106

2,419,100

Century

Communities,

Inc.

............

29,216

1,951,044

Cricut,

Inc.,

Class

A

.................

59,527

553,006

DR

Horton,

Inc.

....................

315,131

33,867,129

Dream

Finders

Homes,

Inc.,

Class

A

(a)

.....

24,363

541,590

Emerson

Radio

Corp.

(a)

...............

18

10

Ethan

Allen

Interiors,

Inc.

.............

29,596

884,920

Flexsteel

Industries,

Inc.

..............

26,750

555,330

Garmin

Ltd.

.......................

158,607

16,685,456

GoPro,

Inc.,

Class

A

(a)

................

230,237

722,944

Green

Brick

Partners,

Inc.

(a)

............

29,239

1,213,711

Hamilton

Beach

Brands

Holding

Co.,

Class

A

28

347

Helen

of

Troy

Ltd.

(a)(b)

................

24,389

2,842,782

Hovnanian

Enterprises,

Inc.,

Class

A

(a)(b)

...

6,370

647,574

Installed

Building

Products,

Inc.

.........

23,946

2,990,616

iRobot

Corp.

(a)

.....................

27,907

1,057,675

KB

Home

........................

84,397

3,905,893

La-Z-Boy,

Inc.

.....................

47,022

1,452,039

Leggett

&

Platt,

Inc.

.................

138,943

3,530,542

Lennar

Corp.,

Class

A

................

251,338

28,207,664

Lennar

Corp.,

Class

B

(b)

..............

22,969

2,348,121

LGI

Homes,

Inc.

(a)(b)

.................

21,363

2,125,405

M/I

Homes,

Inc.

(a)

...................

28,184

2,368,583

MDC

Holdings,

Inc.

.................

62,942

2,595,099

Meritage

Homes

Corp.

...............

36,954

4,522,800

Mohawk

Industries,

Inc.

(a)

.............

54,332

4,662,229

Nephros,

Inc.

(a)

....................

4,131

6,176

Newell

Brands,

Inc.

.................

414,352

3,741,599

Nova

Lifestyle,

Inc.

(a)

................

558

1,334

NVR,

Inc.

(a)

.......................

3,287

19,601,367

PulteGroup,

Inc.

...................

222,207

16,454,428

Skyline

Champion

Corp.

(a)

.............

56,240

3,583,613

Sonos,

Inc.

(a)(b)

.....................

146,928

1,896,840

Taylor

Morrison

Home

Corp.

(a)

..........

111,677

4,758,557

Tempur

Sealy

International,

Inc.

.........

176,784

7,661,819

Toll

Brothers,

Inc.

...................

113,723

8,410,953

TopBuild

Corp.

(a)

...................

32,855

8,266,318

TRI

Pointe

Homes,

Inc.

(a)

..............

107,941

2,952,186

Vizio

Holding

Corp.,

Class

A

(a)

..........

146,266

791,299

Whirlpool

Corp.

....................

56,229

7,517,817

Yunhong

Green

CTI

Ltd.

(a)

.............

230

603

209,036,345

Household

Products

—

1.2%

Central

Garden

&

Pet

Co.

(a)

............

9

397

Central

Garden

&

Pet

Co.,

Class

A,

NVS

(a)

..

54,650

2,190,919

Church

&

Dwight

Co.,

Inc.

.............

254,803

23,347,599

Clorox

Co.

(The)

...................

129,559

16,980,002

Colgate-Palmolive

Co.

...............

854,964

60,796,490

Energizer

Holdings,

Inc.

..............

66,976

2,145,911

Kimberly-Clark

Corp.

................

346,736

41,903,045

Procter

&

Gamble

Co.

(The)

...........

2,438,752

355,716,367

Reynolds

Consumer

Products,

Inc.

.......

60,006

1,537,954

Spectrum

Brands

Holdings,

Inc.

.........

38,925

3,049,774

WD-40

Co.

(b)

......................

14,097

2,865,074

510,533,532

Security

Shares

Shares

Value

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

AES

Corp.

(The)

...................

724,713

$

11,015,638

Altus

Power,

Inc.,

Class

A

(a)

............

80,460

422,415

Clearway

Energy,

Inc.,

Class

A

..........

36,364

724,371

Clearway

Energy,

Inc.,

Class

C

.........

90,118

1,906,897

Montauk

Renewables,

Inc.

(a)

...........

80,739

735,532

Ormat

Technologies,

Inc.

(b)

............

54,311

3,797,425

Sunnova

Energy

International,

Inc.

(a)(b)

.....

108,681

1,137,890

Vistra

Corp.

......................

359,808

11,938,429

31,678,597

Industrial

Conglomerates

—

0.7%

3M

Co.

..........................

572,527

53,599,978

General

Electric

Co.

(b)

................

1,127,588

124,654,853

Honeywell

International,

Inc.

...........

687,067

126,928,758

305,183,589

Industrial

REITs

—

0.4%

Americold

Realty

Trust,

Inc.

............

262,348

7,978,003

EastGroup

Properties,

Inc.

............

44,756

7,453,217

First

Industrial

Realty

Trust,

Inc.

.........

125,297

5,962,884

Innovative

Industrial

Properties,

Inc.

......

29,133

2,204,203

LXP

Industrial

Trust

.................

302,295

2,690,425

Plymouth

Industrial

REIT,

Inc.

..........

37,462

784,829

Prologis,

Inc.

......................

953,410

106,982,136

Rexford

Industrial

Realty,

Inc.

..........

206,396

10,185,643

STAG

Industrial,

Inc.

................

173,634

5,992,109

Terreno

Realty

Corp.

................

76,749

4,359,343

154,592,792

Insurance

—

2.3%

Aflac,

Inc.

........................

562,947

43,206,182

Allstate

Corp.

(The)

.................

272,401

30,348,195

Ambac

Financial

Group,

Inc.

(a)

..........

44,585

537,695

American

Equity

Investment

Life

Holding

Co.

66,745

3,580,202

American

Financial

Group,

Inc.

.........

69,960

7,812,433

American

International

Group,

Inc.

.......

735,918

44,596,631

AMERISAFE,

Inc.

..................

19,769

989,834

Aon

plc,

Class

A

...................

210,617

68,286,244

Arch

Capital

Group

Ltd.

(a)

.............

387,683

30,902,212

Argo

Group

International

Holdings

Ltd.

....

38,758

1,156,539

Arthur

J

Gallagher

&

Co.

..............

222,607

50,738,814

Assurant,

Inc.

.....................

54,690

7,852,390

Assured

Guaranty

Ltd.

...............

64,054

3,876,548

Atlantic

American

Corp.

..............

749

1,453

Axis

Capital

Holdings

Ltd.

.............

81,431

4,590,265

Brighthouse

Financial,

Inc.

(a)

...........

75,068

3,673,828

Brown

&

Brown,

Inc.

.................

246,393

17,208,087

BRP

Group,

Inc.,

Class

A

(a)(b)

...........

68,244

1,585,308

Chubb

Ltd.

.......................

425,251

88,528,753

Cincinnati

Financial

Corp.

.............

163,883

16,763,592

CNA

Financial

Corp.

.................

27,646

1,087,870

CNO

Financial

Group,

Inc.

.............

131,484

3,120,115

Conifer

Holdings,

Inc.

(a)

...............

833

1,058

Donegal

Group,

Inc.,

Class

A

...........

45,444

647,804

Employers

Holdings,

Inc.

..............

20,055

801,197

Enstar

Group

Ltd.

(a)

.................

14,636

3,541,912

Erie

Indemnity

Co.,

Class

A,

NVS

........

26,356

7,743,129

Everest

Group

Ltd.

..................

44,431

16,513,670

F&G

Annuities

&

Life,

Inc.

.............

19,285

541,137

FG

Financial

Group,

Inc.

(a)

.............

9

13

Fidelity

National

Financial,

Inc.,

Class

A

....

259,364

10,711,733

First

American

Financial

Corp.

..........

106,364

6,008,502

Genworth

Financial,

Inc.,

Class

A

(a)

.......

415,737

2,436,219

Globe

Life,

Inc.

....................

90,194

9,806,794

Goosehead

Insurance,

Inc.,

Class

A

(a)(b)

....

23,848

1,777,391

Hanover

Insurance

Group,

Inc.

(The)

.....

38,937

4,321,228

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

29

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Insurance

(continued)

Hartford

Financial

Services

Group,

Inc.

(The)

318,192

$

22,562,995

HCI

Group,

Inc.

....................

9,323

506,146

Horace

Mann

Educators

Corp.

..........

20,403

599,440

Kemper

Corp.

.....................

65,139

2,737,792

Kinsale

Capital

Group,

Inc.

............

22,658

9,383,358

Lemonade,

Inc.

(a)(b)

..................

78,071

907,185

Lincoln

National

Corp.

...............

164,472

4,060,814

Loews

Corp.

......................

193,774

12,267,832

Markel

Group,

Inc.

(a)

.................

13,897

20,463,194

Marsh

&

McLennan

Cos.,

Inc.

..........

510,905

97,225,222

MBIA,

Inc.

(a)

......................

73,714

531,478

Mercury

General

Corp.

...............

29,965

839,919

MetLife,

Inc.

......................

657,228

41,346,213

National

Western

Life

Group,

Inc.,

Class

A

(b)

.

2,379

1,040,789

Old

Republic

International

Corp.

.........

277,699

7,481,211

Oscar

Health,

Inc.,

Class

A

(a)

...........

170,718

950,899

Palomar

Holdings,

Inc.

(a)

..............

25,371

1,287,578

Primerica,

Inc.

.....................

37,700

7,314,177

Principal

Financial

Group,

Inc.

..........

227,776

16,415,816

ProAssurance

Corp.

.................

35,192

664,777

Progressive

Corp.

(The)

..............

606,765

84,522,365

Prudential

Financial,

Inc.

..............

382,841

36,327,783

Reinsurance

Group

of

America,

Inc.

......

69,731

10,124,244

RenaissanceRe

Holdings

Ltd.

..........

53,930

10,673,826

RLI

Corp.

........................

41,713

5,668,380

Ryan

Specialty

Holdings,

Inc.,

Class

A

(a)(b)

..

103,016

4,985,974

Safety

Insurance

Group,

Inc.

...........

11,527

786,026

Selective

Insurance

Group,

Inc.

.........

64,170

6,620,419

SiriusPoint

Ltd.

(a)

...................

84,708

861,480

Skyward

Specialty

Insurance

Group,

Inc.

(a)

..

39,816

1,089,366

Stewart

Information

Services

Corp.

.......

16,242

711,400

Tiptree,

Inc.

......................

36,203

606,762

Travelers

Cos.,

Inc.

(The)

.............

236,888

38,686,179

Trupanion,

Inc.

(a)(b)

..................

34,956

985,759

United

Fire

Group,

Inc.

...............

22,023

434,954

Unum

Group

......................

194,443

9,564,651

White

Mountains

Insurance

Group

Ltd.

(b)

...

2,585

3,866,359

Willis

Towers

Watson

plc

..............

109,146

22,807,148

WR

Berkley

Corp.

..................

217,272

13,794,599

996,999,486

Interactive

Media

&

Services

—

5.2%

Alphabet,

Inc.,

Class

A

(a)

..............

6,137,971

803,214,885

Alphabet,

Inc.,

Class

C,

NVS

(a)

..........

5,227,067

689,188,784

Bumble,

Inc.,

Class

A

(a)

...............

123,826

1,847,484

Cargurus,

Inc.,

Class

A

(a)

..............

94,244

1,651,155

Cars.com,

Inc.

(a)

....................

73,725

1,243,004

Eventbrite,

Inc.,

Class

A

(a)(b)

............

103,573

1,021,230

fuboTV,

Inc.

(a)(b)

....................

324,038

865,181

IAC,

Inc.

(a)(b)

......................

75,022

3,780,359

IZEA

Worldwide,

Inc.

(a)

...............

1

2

Liberty

TripAdvisor

Holdings,

Inc.,

Class

A

(a)

.

72

35

Match

Group,

Inc.

(a)

.................

289,070

11,324,317

Meta

Platforms,

Inc.,

Class

A

(a)

..........

2,300,882

690,747,785

Nextdoor

Holdings,

Inc.,

Class

A

(a)

.......

266,984

485,911

Pinterest,

Inc.,

Class

A

(a)

..............

603,648

16,316,605

QuinStreet,

Inc.

(a)

...................

64,979

582,862

Rumble,

Inc.

(a)(b)

....................

95,652

487,825

Shutterstock,

Inc.

...................

24,687

939,340

Snap,

Inc.,

Class

A,

NVS

(a)(b)

...........

1,063,909

9,479,429

Super

League

Enterprise,

Inc.

(a)(b)

........

43,528

75,739

Travelzoo

(a)

.......................

9

53

TripAdvisor,

Inc.

(a)

..................

129,622

2,149,133

Vimeo,

Inc.

(a)

......................

160,567

568,407

Yelp,

Inc.

(a)

.......................

75,044

3,121,080

Security

Shares

Shares

Value

Interactive

Media

&

Services

(continued)

Ziff

Davis,

Inc.

(a)(b)

...................

49,826

$

3,173,418

ZipRecruiter,

Inc.,

Class

A

(a)

............

90,711

1,087,625

ZoomInfo

Technologies,

Inc.

(a)

..........

323,838

5,310,943

2,248,662,591

IT

Services

—

1.4%

Accenture

plc,

Class

A

...............

652,779

200,474,959

Akamai

Technologies,

Inc.

(a)

............

156,101

16,631,001

BigCommerce

Holdings,

Inc.

(a)(b)

.........

89,587

884,224

Cloudflare,

Inc.,

Class

A

(a)(b)

............

305,654

19,268,428

Cognizant

Technology

Solutions

Corp.,

Class

A

522,429

35,389,340

DigitalOcean

Holdings,

Inc.

(a)(b)

..........

58,004

1,393,836

DXC

Technology

Co.

(a)(b)

..............

220,800

4,599,264

Edgio,

Inc.

(a)

......................

162

138

EPAM

Systems,

Inc.

(a)

................

60,216

15,396,629

Fastly,

Inc.,

Class

A

(a)(b)

...............

126,308

2,421,324

Gartner,

Inc.

(a)

.....................

81,019

27,838,939

GoDaddy,

Inc.,

Class

A

(a)(b)

.............

152,337

11,346,060

Grid

Dynamics

Holdings,

Inc.,

Class

A

(a)

....

65,260

794,867

Hackett

Group,

Inc.

(The)

.............

27,080

638,817

Inpixon

(a)

........................

1

—

International

Business

Machines

Corp.

....

941,921

132,151,516

Kyndryl

Holdings,

Inc.

(a)

...............

244,802

3,696,510

MongoDB,

Inc.,

Class

A

(a)

.............

73,528

25,430,394

Okta,

Inc.,

Class

A

(a)(b)

................

161,140

13,134,521

Perficient,

Inc.

(a)

....................

36,777

2,127,917

Snowflake,

Inc.,

Class

A

(a)

.............

337,921

51,624,191

Squarespace,

Inc.,

Class

A

(a)

...........

51,246

1,484,597

Thoughtworks

Holding,

Inc.

(a)(b)

..........

142,983

583,371

Twilio,

Inc.,

Class

A

(a)

................

189,775

11,107,531

VeriSign,

Inc.

(a)(b)

...................

92,030

18,638,836

597,057,210

Leisure

Products

—

0.1%

Acushnet

Holdings

Corp.

(b)

............

33,354

1,769,096

Brunswick

Corp.

...................

72,396

5,719,284

Hasbro,

Inc.

......................

136,047

8,998,149

Johnson

Outdoors,

Inc.,

Class

A

.........

8,566

468,475

Malibu

Boats,

Inc.,

Class

A

(a)

...........

21,724

1,064,910

MasterCraft

Boat

Holdings,

Inc.

(a)

........

27,244

605,362

Mattel,

Inc.

(a)

......................

372,449

8,205,051

Peloton

Interactive,

Inc.,

Class

A

(a)(b)

......

344,312

1,738,776

Polaris,

Inc.

.......................

55,043

5,732,178

Smith

&

Wesson

Brands,

Inc.

...........

55,119

711,586

Sturm

Ruger

&

Co.,

Inc.

..............

22,673

1,181,717

Topgolf

Callaway

Brands

Corp.

(a)

........

159,012

2,200,726

Vista

Outdoor,

Inc.

(a)

.................

67,304

2,229,108

YETI

Holdings,

Inc.

(a)(b)

...............

89,413

4,311,495

44,935,913

Life

Sciences

Tools

&

Services

—

1.5%

10X

Genomics,

Inc.,

Class

A

(a)(b)

.........

110,974

4,577,677

Adaptive

Biotechnologies

Corp.

(a)(b)

.......

110,488

602,160

Agilent

Technologies,

Inc.

.............

307,338

34,366,535

Applied

DNA

Sciences,

Inc.

(a)

...........

366

450

Avantor,

Inc.

(a)(b)

....................

708,891

14,943,422

Azenta,

Inc.

(a)

.....................

64,898

3,257,231

BioLife

Solutions,

Inc.

(a)

...............

38,363

529,793

Bio-Rad

Laboratories,

Inc.,

Class

A

(a)

......

22,074

7,912,425

Bio-Techne

Corp.

...................

163,824

11,151,500

Bruker

Corp.

......................

102,979

6,415,592

Champions

Oncology,

Inc.

(a)

............

9

56

Charles

River

Laboratories

International,

Inc.

(a)

(b)

...........................

53,394

10,464,156

ChromaDex

Corp.

(a)(b)

................

81

118

CryoPort,

Inc.

(a)(b)

...................

51,524

706,394

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

30

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Life

Sciences

Tools

&

Services

(continued)

Cytek

Biosciences,

Inc.

(a)

..............

96,404

$

532,150

Danaher

Corp.

....................

680,309

168,784,663

Fortrea

Holdings,

Inc.

(a)

...............

91,940

2,628,565

Illumina,

Inc.

(a)

.....................

167,038

22,930,977

IQVIA

Holdings,

Inc.

(a)

................

190,398

37,460,806

Maravai

LifeSciences

Holdings,

Inc.,

Class

A

(a)

(b)

...........................

121,537

1,215,370

MaxCyte,

Inc.

(a)

....................

173,133

540,175

Medpace

Holdings,

Inc.

(a)

.............

24,477

5,926,616

Mesa

Laboratories,

Inc.

..............

5,155

541,636

Mettler-Toledo

International,

Inc.

(a)

.......

22,856

25,326,048

Nautilus

Biotechnology,

Inc.

(a)

...........

129,474

409,138

OmniAb

Operations,

Inc.,

12.50

Earnout

Shares,

NVS

(a)(d)

.................

7,100

—

OmniAb

Operations,

Inc.,

15.00

Earnout

Shares,

NVS

(a)(d)

.................

7,100

—

OmniAb,

Inc.

(a)(b)

...................

105,747

548,827

Pacific

Biosciences

of

California,

Inc.

(a)(b)

...

238,944

1,995,182

PhenomeX,

Inc.

(a)

...................

90

90

Quanterix

Corp.

(a)

...................

33,614

912,284

Repligen

Corp.

(a)(b)

..................

53,639

8,529,137

Revvity,

Inc.

......................

129,975

14,388,233

SomaLogic,

Inc.,

Class

A

(a)(b)

...........

243,135

581,093

Sotera

Health

Co.

(a)(b)

................

112,076

1,678,898

Thermo

Fisher

Scientific,

Inc.

...........

399,485

202,207,322

Waters

Corp.

(a)

....................

61,455

16,851,576

West

Pharmaceutical

Services,

Inc.

......

76,333

28,640,905

637,557,200

Machinery

—

2.0%

3D

Systems

Corp.

(a)(b)

................

152,631

749,418

AGCO

Corp.

......................

64,038

7,574,415

Alamo

Group,

Inc.

..................

10,582

1,829,205

Albany

International

Corp.,

Class

A

.......

35,796

3,088,479

Allison

Transmission

Holdings,

Inc.

.......

86,713

5,121,270

Astec

Industries,

Inc.

................

22,494

1,059,692

Barnes

Group,

Inc.

..................

63,432

2,154,785

Blue

Bird

Corp.

(a)(b)

..................

24,071

513,916

Caterpillar,

Inc.

....................

527,709

144,064,557

Chart

Industries,

Inc.

(a)(b)

..............

43,238

7,312,411

CIRCOR

International,

Inc.

(a)

...........

22,721

1,266,696

CNH

Industrial

NV

..................

1,005,286

12,163,961

Columbus

McKinnon

Corp.

............

37,050

1,293,415

Crane

Co.

........................

52,086

4,627,320

Cummins,

Inc.

.....................

146,190

33,398,567

Deere

&

Co.

......................

281,737

106,321,909

Desktop

Metal,

Inc.,

Class

A

(a)(b)

.........

338,108

493,638

Donaldson

Co.,

Inc.

.................

122,229

7,289,738

Douglas

Dynamics,

Inc.

..............

26,388

796,390

Dover

Corp.

......................

143,932

20,079,953

Energy

Recovery,

Inc.

(a)(b)

.............

65,982

1,399,478

Enerpac

Tool

Group

Corp.,

Class

A

.......

58,642

1,549,908

EnPro

Industries,

Inc.

................

22,328

2,705,930

Esab

Corp.

.......................

61,061

4,287,703

ESCO

Technologies,

Inc.

.............

27,701

2,893,092

Federal

Signal

Corp.

................

64,078

3,827,379

Flowserve

Corp.

...................

140,577

5,590,747

Fortive

Corp.

......................

362,475

26,881,146

Franklin

Electric

Co.,

Inc.

.............

41,735

3,724,014

Gates

Industrial

Corp.

plc

(a)

............

164,622

1,911,261

Gorman-Rupp

Co.

(The)

..............

30,924

1,017,400

Graco,

Inc.

.......................

173,880

12,672,374

Greenbrier

Cos.,

Inc.

(The)

............

36,513

1,460,520

Helios

Technologies,

Inc.

..............

37,056

2,055,867

Hillenbrand,

Inc.

...................

74,573

3,155,184

Security

Shares

Shares

Value

Machinery

(continued)

Hillman

Solutions

Corp.

(a)(b)

............

248,634

$

2,051,230

Hyster-Yale

Materials

Handling,

Inc.

......

13,783

614,446

IDEX

Corp.

.......................

76,618

15,938,076

Illinois

Tool

Works,

Inc.

...............

282,808

65,133,510

Ingersoll

Rand,

Inc.

.................

415,280

26,461,642

ITT,

Inc.

.........................

85,140

8,336,057

John

Bean

Technologies

Corp.

..........

34,398

3,616,606

Kadant,

Inc.

(b)

.....................

13,399

3,022,144

Kennametal,

Inc.

...................

83,596

2,079,868

Lincoln

Electric

Holdings,

Inc.

..........

59,244

10,769,967

Lindsay

Corp.

.....................

13,023

1,532,547

LiqTech

International,

Inc.

(a)(b)

...........

1,453

5,623

Luxfer

Holdings

plc

.................

49,281

643,117

Manitowoc

Co.,

Inc.

(The)

(a)(b)

...........

45,191

680,125

Markforged

Holding

Corp.

(a)

............

117

170

Microvast

Holdings,

Inc.

(a)(b)

............

295,356

558,223

Middleby

Corp.

(The)

(a)

...............

56,087

7,179,136

Miller

Industries,

Inc.

................

13,044

511,455

Mueller

Industries,

Inc.

...............

57,671

4,334,552

Mueller

Water

Products,

Inc.,

Class

A

.....

165,892

2,103,511

Nikola

Corp.

(a)(b)

....................

955,608

1,500,305

Nordson

Corp.

.....................

55,204

12,319,877

Omega

Flex,

Inc.

(b)

..................

5,308

417,899

Oshkosh

Corp.

....................

68,115

6,500,214

Otis

Worldwide

Corp.

................

422,389

33,922,061

PACCAR,

Inc.

.....................

541,176

46,010,784

Parker-Hannifin

Corp.

................

132,242

51,510,904

Pentair

plc

.......................

169,924

11,002,579

Proto

Labs,

Inc.

(a)(b)

..................

27,561

727,610

RBC

Bearings,

Inc.

(a)(b)

...............

30,184

7,066,980

REV

Group,

Inc.

...................

50,005

800,080

Shyft

Group,

Inc.

(The)

...............

36,721

549,713

Snap-on,

Inc.

.....................

54,266

13,841,086

SPX

Technologies,

Inc.

(a)(b)

.............

46,585

3,792,019

Standex

International

Corp.

............

14,411

2,099,539

Stanley

Black

&

Decker,

Inc.

...........

159,209

13,306,688

Symbotic,

Inc.,

Class

A

(a)(b)

.............

16,463

550,358

Tennant

Co.

......................

19,638

1,456,158

Terex

Corp.

.......................

69,532

4,006,434

Timken

Co.

(The)

...................

67,326

4,947,788

Titan

International,

Inc.

(a)

..............

46,041

618,331

Toro

Co.

(The)

.....................

107,344

8,920,286

Trinity

Industries,

Inc.

................

92,252

2,246,336

Wabash

National

Corp.

...............

49,006

1,035,007

Watts

Water

Technologies,

Inc.,

Class

A

....

27,775

4,800,075

Westinghouse

Air

Brake

Technologies

Corp.

.

185,213

19,682,586

Xylem,

Inc.

.......................

247,502

22,530,107

868,065,547

Marine

Transportation

—

0.0%

Genco

Shipping

&

Trading

Ltd.

..........

51,309

717,813

Kirby

Corp.

(a)

......................

63,324

5,243,227

Matson,

Inc.

......................

36,330

3,223,198

9,184,238

Media

—

0.9%

Altice

USA,

Inc.,

Class

A

(a)(b)

............

224,467

734,007

AMC

Networks,

Inc.,

Class

A

(a)

..........

42,498

500,626

Boston

Omaha

Corp.,

Class

A

(a)

.........

46,415

760,742

Cable

One,

Inc.

....................

5,073

3,123,142

Cardlytics,

Inc.

(a)(b)

..................

38,690

638,385

Charter

Communications,

Inc.,

Class

A

(a)(b)

..

104,970

46,167,905

Clear

Channel

Outdoor

Holdings,

Inc.

(a)(b)

...

430,845

680,735

Comcast

Corp.,

Class

A

..............

4,259,894

188,883,700

Cumulus

Media,

Inc.,

Class

A

(a)

.........

45

229

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

31

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Media

(continued)

Daily

Journal

Corp.

(a)(b)

...............

3,356

$

986,664

DISH

Network

Corp.,

Class

A

(a)(b)

........

258,722

1,516,111

EW

Scripps

Co.

(The),

Class

A,

NVS

(a)

....

86,653

474,858

Fox

Corp.,

Class

A,

NVS

..............

255,297

7,965,266

Fox

Corp.,

Class

B

..................

138,269

3,993,209

Gannett

Co.,

Inc.

(a)(b)

.................

186,284

456,396

Gray

Television,

Inc.

.................

85,408

591,023

iHeartMedia,

Inc.,

Class

A

(a)(b)

...........

143,133

452,300

Integral

Ad

Science

Holding

Corp.

(a)

......

50,720

603,061

Interpublic

Group

of

Cos.,

Inc.

(The)

......

400,822

11,487,559

John

Wiley

&

Sons,

Inc.,

Class

A

........

46,202

1,717,328

Liberty

Broadband

Corp.,

Class

A

(a)(b)

......

18,531

1,684,653

Liberty

Broadband

Corp.,

Class

C,

NVS

(a)

..

117,327

10,714,302

Liberty

Media

Corp.-Liberty

SiriusXM,

NVS

(a)

163,174

4,154,410

Liberty

Media

Corp.-Liberty

SiriusXM,

Class

A,

NVS

(a)

........................

76,852

1,955,883

Magnite,

Inc.

(a)

.....................

129,566

976,928

Mediaco

Holding,

Inc.,

Class

A

(a)(b)

........

858

626

National

CineMedia,

Inc.

(a)(b)

............

115,211

517,297

New

York

Times

Co.

(The),

Class

A

.......

168,158

6,928,110

News

Corp.,

Class

A,

NVS

............

394,394

7,911,544

News

Corp.,

Class

B

................

119,262

2,488,998

Nexstar

Media

Group,

Inc.

.............

34,050

4,881,749

Omnicom

Group,

Inc.

................

203,119

15,128,303

Paramount

Global,

Class

B,

NVS

(b)

.......

525,422

6,777,944

PubMatic,

Inc.,

Class

A

(a)(b)

.............

48,508

586,947

Saga

Communications,

Inc.,

Class

A

......

9

193

Scholastic

Corp.,

NVS

...............

31,445

1,199,312

Sinclair,

Inc.,

Class

A

(b)

...............

45,310

508,378

Sirius

XM

Holdings,

Inc.

(b)

.............

721,572

3,261,505

Stagwell,

Inc.,

Class

A

(a)(b)

.............

114,819

538,501

TechTarget,

Inc.

(a)

...................

28,813

874,763

TEGNA,

Inc.

......................

214,319

3,122,628

Thryv

Holdings,

Inc.

(a)

................

31,800

596,886

Trade

Desk,

Inc.

(The),

Class

A

(a)(b)

.......

461,459

36,063,021

Urban

One,

Inc.,

Class

A

(a)

.............

233

1,170

WideOpenWest,

Inc.

(a)(b)

..............

72,583

555,260

383,162,557

Metals

&

Mining

—

0.5%

5E

Advanced

Materials,

Inc.

(a)

..........

36

81

Alcoa

Corp.

.......................

185,991

5,404,899

Alpha

Metallurgical

Resources,

Inc.

......

12,148

3,155,200

Arch

Resources,

Inc.,

Class

A

..........

19,505

3,328,723

ATI,

Inc.

(a)(b)

.......................

136,394

5,612,613

Carpenter

Technology

Corp.

...........

52,963

3,559,643

Century

Aluminum

Co.

(a)(b)

.............

99,214

713,349

Cleveland-Cliffs,

Inc.

(a)

...............

530,375

8,289,761

Coeur

Mining,

Inc.

(a)(b)

................

368,715

818,547

Commercial

Metals

Co.

...............

113,845

5,625,081

Compass

Minerals

International,

Inc.

......

37,446

1,046,616

Freeport-McMoRan,

Inc.

..............

1,494,987

55,748,065

Golden

Minerals

Co.

(a)

...............

3,703

2,364

Haynes

International,

Inc.

.............

10,943

509,068

Hecla

Mining

Co.

(b)

..................

600,956

2,349,738

Kaiser

Aluminum

Corp.

...............

19,218

1,446,347

Materion

Corp.

....................

22,452

2,288,083

MP

Materials

Corp.,

Class

A

(a)(b)

.........

158,945

3,035,850

Newmont

Corp.

....................

825,205

30,491,325

Nucor

Corp.

......................

255,885

40,007,620

Olympic

Steel,

Inc.

..................

9,794

550,521

Paramount

Gold

Nevada

Corp.

(a)

........

153

43

Piedmont

Lithium,

Inc.

(a)(b)

.............

17,858

708,963

Reliance

Steel

&

Aluminum

Co.

.........

59,394

15,574,889

Royal

Gold,

Inc.

....................

67,589

7,186,738

Security

Shares

Shares

Value

Metals

&

Mining

(continued)

Ryerson

Holding

Corp.

...............

31,449

$

914,851

Schnitzer

Steel

Industries,

Inc.,

Class

A

....

27,620

769,217

Steel

Dynamics,

Inc.

.................

158,485

16,992,762

SunCoke

Energy,

Inc.

................

101,913

1,034,417

TimkenSteel

Corp.

(a)

.................

52,948

1,150,031

United

States

Steel

Corp.

.............

229,766

7,462,800

Warrior

Met

Coal,

Inc.

................

55,828

2,851,694

Worthington

Industries,

Inc.

............

32,597

2,015,147

230,645,046

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.1%

AGNC

Investment

Corp.

..............

613,093

5,787,598

Annaly

Capital

Management,

Inc.

........

503,711

9,474,804

Apollo

Commercial

Real

Estate

Finance,

Inc.

131,882

1,335,965

Arbor

Realty

Trust,

Inc.

...............

190,696

2,894,765

Ares

Commercial

Real

Estate

Corp.

......

55,889

532,063

ARMOUR

Residential

REIT,

Inc.

.........

395,910

1,682,618

Blackstone

Mortgage

Trust,

Inc.,

Class

A

...

160,107

3,482,327

BrightSpire

Capital,

Inc.,

Class

A

........

119,454

747,782

Chimera

Investment

Corp.

.............

262,356

1,432,464

Claros

Mortgage

Trust,

Inc.

............

125,271

1,388,003

Dynex

Capital,

Inc.

..................

47,983

572,917

Ellington

Financial,

Inc.

...............

70,506

879,210

Franklin

BSP

Realty

Trust,

Inc.

..........

92,990

1,231,188

Granite

Point

Mortgage

Trust,

Inc.

.......

117,998

575,830

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

....................

108,652

2,303,422

Invesco

Mortgage

Capital,

Inc.

..........

59,908

599,679

KKR

Real

Estate

Finance

Trust,

Inc.

......

67,354

799,492

Ladder

Capital

Corp.,

Class

A

..........

116,320

1,193,443

Manhattan

Bridge

Capital,

Inc.

..........

879

4,219

MFA

Financial,

Inc.

..................

154,386

1,483,649

New

York

Mortgage

Trust,

Inc.

..........

95,721

812,671

Orchid

Island

Capital,

Inc.

.............

58,989

501,996

PennyMac

Mortgage

Investment

Trust

.....

89,754

1,112,950

Ready

Capital

Corp.

.................

165,538

1,673,589

Redwood

Trust,

Inc.

.................

113,182

806,988

Rithm

Capital

Corp.

.................

487,670

4,530,454

Starwood

Property

Trust,

Inc.

...........

277,293

5,365,620

TPG

RE

Finance

Trust,

Inc.

............

72,034

484,789

Two

Harbors

Investment

Corp.

..........

110,552

1,463,709

55,154,204

Multi-Utilities

—

0.6%

Ameren

Corp.

.....................

264,309

19,778,242

Avista

Corp.

......................

69,253

2,241,720

Black

Hills

Corp.

...................

67,492

3,414,420

CenterPoint

Energy,

Inc.

..............

651,856

17,502,334

CMS

Energy

Corp.

..................

296,559

15,750,249

Consolidated

Edison,

Inc.

.............

356,472

30,489,050

Dominion

Energy,

Inc.

................

873,818

39,033,450

DTE

Energy

Co.

...................

211,361

20,983,920

NiSource,

Inc.

.....................

432,170

10,665,956

Northwestern

Energy

Group,

Inc.

........

61,388

2,950,307

Public

Service

Enterprise

Group,

Inc.

.....

515,913

29,360,609

Sempra

.........................

656,100

44,634,483

Unitil

Corp.

.......................

22,257

950,596

WEC

Energy

Group,

Inc.

..............

321,707

25,913,499

263,668,835

Office

REITs

—

0.1%

Alexandria

Real

Estate

Equities,

Inc.

......

163,131

16,329,413

Boston

Properties,

Inc.

...............

147,573

8,777,642

Brandywine

Realty

Trust

..............

182,767

829,762

COPT

Defense

Properties

.............

117,202

2,792,924

Cousins

Properties,

Inc.

..............

159,318

3,245,308

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

32

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Office

REITs

(continued)

Douglas

Emmett,

Inc.

................

171,842

$

2,192,704

Easterly

Government

Properties,

Inc.

.....

93,799

1,072,123

Equity

Commonwealth

...............

112,610

2,068,646

Highwoods

Properties,

Inc.

............

110,720

2,281,939

Hudson

Pacific

Properties,

Inc.

..........

156,113

1,038,151

JBG

SMITH

Properties

...............

99,361

1,436,760

Kilroy

Realty

Corp.

..................

111,354

3,519,900

Orion

Office

REIT,

Inc.

...............

131,041

682,724

Paramount

Group,

Inc.

...............

195,144

901,565

Peakstone

Realty

Trust,

Class

E,

NVS

(b)

...

55,797

928,462

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

..

127,597

717,095

Postal

Realty

Trust,

Inc.,

Class

A

........

47,192

637,092

SL

Green

Realty

Corp.

(b)

..............

70,750

2,638,975

Vornado

Realty

Trust

................

167,452

3,797,811

55,888,996

Oil,

Gas

&

Consumable

Fuels

—

4.2%

Antero

Midstream

Corp.

..............

383,696

4,596,678

Antero

Resources

Corp.

(a)

.............

291,903

7,408,498

APA

Corp.

.......................

318,992

13,110,571

Barnwell

Industries,

Inc.

..............

9

24

Berry

Corp.

.......................

79,686

653,425

California

Resources

Corp.

............

66,539

3,726,849

Callon

Petroleum

Co.

(a)(b)

..............

63,345

2,478,056

Camber

Energy,

Inc.

(a)

...............

1

—

Centrus

Energy

Corp.,

Class

A

(a)(b)

.......

14,423

818,650

Cheniere

Energy,

Inc.

................

248,980

41,320,721

Chesapeake

Energy

Corp.

(b)

...........

115,026

9,918,692

Chevron

Corp.

.....................

1,834,891

309,399,320

Chord

Energy

Corp.

.................

41,529

6,730,605

Civitas

Resources,

Inc.

...............

86,080

6,961,290

Clean

Energy

Fuels

Corp.

(a)(b)

...........

236,243

904,811

CNX

Resources

Corp.

(a)(b)

.............

174,087

3,930,884

Comstock

Resources,

Inc.

.............

95,968

1,058,527

ConocoPhillips

....................

1,241,843

148,772,791

CONSOL

Energy,

Inc.

................

29,575

3,102,713

Coterra

Energy,

Inc.

.................

790,231

21,375,749

Crescent

Energy,

Inc.,

Class

A

..........

89,675

1,133,492

CVR

Energy,

Inc.

...................

34,107

1,160,661

Delek

US

Holdings,

Inc.

..............

75,213

2,136,801

Denbury,

Inc.

(a)

....................

52,379

5,133,666

Devon

Energy

Corp.

.................

671,305

32,021,249

Diamondback

Energy,

Inc.

.............

184,739

28,612,376

Dorian

LPG

Ltd.

....................

33,923

974,608

DT

Midstream,

Inc.

..................

101,020

5,345,978

Earthstone

Energy,

Inc.,

Class

A

(a)(b)

......

64,734

1,310,216

EOG

Resources,

Inc.

................

603,522

76,502,449

EQT

Corp.

(b)

......................

375,083

15,220,868

Equitrans

Midstream

Corp.

............

449,354

4,210,447

Excelerate

Energy,

Inc.,

Class

A

(b)

........

32,674

556,765

Exxon

Mobil

Corp.

..................

4,142,457

487,070,094

Gevo,

Inc.

(a)(b)

.....................

478,205

569,064

Green

Plains,

Inc.

(a)(b)

................

22,860

688,086

Gulfport

Energy

Corp.

(a)

..............

11,534

1,368,624

Harvest

Natural

Resources,

Inc.,

NVS

(a)(d)

...

8,626

—

Hess

Corp.

.......................

287,553

43,995,609

HF

Sinclair

Corp.

...................

148,989

8,481,944

Houston

American

Energy

Corp.

(a)

.......

18

35

International

Seaways,

Inc.

............

41,713

1,877,085

Kinder

Morgan,

Inc.

.................

2,010,381

33,332,117

Kinetik

Holdings,

Inc.,

Class

A

..........

27,273

920,464

Kosmos

Energy

Ltd.

(a)

................

486,335

3,978,220

Magnolia

Oil

&

Gas

Corp.,

Class

A

.......

189,132

4,333,014

Marathon

Oil

Corp.

..................

639,444

17,105,127

Marathon

Petroleum

Corp.

............

412,221

62,385,526

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Matador

Resources

Co.

..............

115,664

$

6,879,695

Murphy

Oil

Corp.

...................

153,100

6,943,085

New

Fortress

Energy,

Inc.,

Class

A

.......

70,726

2,318,398

NextDecade

Corp.

(a)(b)

................

101,343

518,876

Northern

Oil

&

Gas,

Inc.

..............

84,854

3,413,676

Occidental

Petroleum

Corp.

............

687,503

44,605,195

ONEOK,

Inc.

......................

592,321

37,570,921

Overseas

Shipholding

Group,

Inc.,

Class

A

(a)(b)

114,654

503,331

Ovintiv,

Inc.

.......................

253,903

12,078,166

Par

Pacific

Holdings,

Inc.

(a)

............

64,492

2,317,843

PBF

Energy,

Inc.,

Class

A

.............

112,492

6,021,697

Peabody

Energy

Corp.

...............

120,753

3,138,371

Permian

Resources

Corp.,

Class

A

.......

271,600

3,791,536

Phillips

66

........................

460,190

55,291,829

Pioneer

Natural

Resources

Co.

.........

242,052

55,563,037

Range

Resources

Corp.

..............

254,095

8,235,219

REX

American

Resources

Corp.

(a)

.......

20,413

831,217

SandRidge

Energy,

Inc.

..............

25,931

406,079

SilverBow

Resources,

Inc.

(a)(b)

..........

19,391

693,616

Sitio

Royalties

Corp.,

Class

A

...........

81,437

1,971,590

SM

Energy

Co.

....................

128,398

5,090,981

Southwestern

Energy

Co.

(a)

............

1,134,058

7,314,674

Talos

Energy,

Inc.

(a)(b)

................

111,684

1,836,085

Targa

Resources

Corp.

...............

233,147

19,985,361

Tellurian,

Inc.

(a)(b)

...................

612,406

710,391

Texas

Pacific

Land

Corp.

..............

6,534

11,915,141

Uranium

Energy

Corp.

(a)(b)

.............

400,864

2,064,450

US

Energy

Corp.

...................

18

24

VAALCO

Energy,

Inc.

................

143,638

630,571

Valero

Energy

Corp.

.................

364,295

51,624,244

Vertex

Energy,

Inc.

(a)(b)

...............

106,519

474,010

Vital

Energy,

Inc.

(a)(b)

.................

18,346

1,016,735

Vitesse

Energy,

Inc.

.................

22,308

510,630

W&T

Offshore,

Inc.

(a)(b)

...............

144,490

632,866

Williams

Cos.,

Inc.

(The)

..............

1,262,794

42,543,530

World

Kinect

Corp.

..................

74,583

1,672,897

1,827,809,406

Paper

&

Forest

Products

—

0.0%

Clearwater

Paper

Corp.

(a)

.............

18,387

666,529

Louisiana-Pacific

Corp.

...............

69,297

3,830,045

Mercer

International,

Inc.

..............

67,694

580,814

Sylvamo

Corp.

....................

36,750

1,614,795

6,692,183

Passenger

Airlines

—

0.2%

Alaska

Air

Group,

Inc.

(a)

...............

133,340

4,944,247

Allegiant

Travel

Co.

.................

16,818

1,292,632

American

Airlines

Group,

Inc.

(a)(b)

........

676,777

8,669,513

Delta

Air

Lines,

Inc.

.................

662,526

24,513,462

Frontier

Group

Holdings,

Inc.

(a)(b)

.........

89,300

432,212

Hawaiian

Holdings,

Inc.

(a)(b)

............

67,334

426,224

JetBlue

Airways

Corp.

(a)(b)

.............

335,030

1,541,138

Joby

Aviation,

Inc.,

Class

A

(a)(b)

..........

394,511

2,544,596

SkyWest,

Inc.

(a)

....................

47,645

1,998,231

Southwest

Airlines

Co.

...............

621,026

16,811,174

Spirit

Airlines,

Inc.

..................

112,277

1,852,571

Sun

Country

Airlines

Holdings,

Inc.

(a)

......

38,897

577,232

United

Airlines

Holdings,

Inc.

(a)

..........

340,460

14,401,458

Wheels

Up

Experience,

Inc.

(a)(b)

.........

19

39

80,004,729

Personal

Care

Products

—

0.2%

Beauty

Health

Co.

(The),

Class

A

(a)(b)

......

108,910

655,638

BellRing

Brands,

Inc.

(a)

...............

136,978

5,647,603

Coty,

Inc.,

Class

A

(a)(b)

................

377,221

4,138,114

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

33

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Personal

Care

Products

(continued)

Edgewell

Personal

Care

Co.

...........

55,857

$

2,064,475

elf

Beauty,

Inc.

(a)

...................

56,554

6,211,326

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

....

240,274

34,731,607

Herbalife

Ltd.

(a)(b)

...................

111,155

1,555,058

Inter

Parfums,

Inc.

..................

19,808

2,661,007

Kenvue,

Inc.

......................

1,792,454

35,992,476

Mannatech,

Inc.

....................

256

2,650

Medifast,

Inc.

.....................

12,340

923,649

Natural

Alternatives

International,

Inc.

(a)

....

880

5,711

Nu

Skin

Enterprises,

Inc.,

Class

A

........

55,770

1,182,882

Olaplex

Holdings,

Inc.

(a)

..............

203,335

396,503

United-Guardian,

Inc.

................

18

136

USANA

Health

Sciences,

Inc.

(a)

.........

18,166

1,064,709

97,233,544

Pharmaceuticals

—

3.7%

AcelRx

Pharmaceuticals,

Inc.

(a)(b)

........

9

5

Acer

Therapeutics,

Inc.

(a)(b)

.............

18

15

Aclaris

Therapeutics,

Inc.

(a)

............

87,376

598,526

Agile

Therapeutics,

Inc.

(a)

.............

295

711

Amneal

Pharmaceuticals,

Inc.,

Class

A

(a)

...

126,591

534,214

Amphastar

Pharmaceuticals,

Inc.

(a)

.......

39,550

1,818,904

Amylyx

Pharmaceuticals,

Inc.

(a)

.........

40,894

748,769

ANI

Pharmaceuticals,

Inc.

(a)

............

22,905

1,329,864

Arvinas,

Inc.

(a)

.....................

66,048

1,297,183

Atea

Pharmaceuticals,

Inc.

(a)

...........

153,532

460,596

Athira

Pharma,

Inc.

(a)

................

45

91

Avenue

Therapeutics,

Inc.

(a)

............

513

361

Axsome

Therapeutics,

Inc.

(a)(b)

..........

41,462

2,897,779

Aytu

BioPharma,

Inc.

(a)(b)

..............

1,266

3,418

Baudax

Bio,

Inc.

(a)

..................

2

1

Bristol-Myers

Squibb

Co.

..............

2,164,428

125,623,401

Cassava

Sciences,

Inc.

(a)(b)

............

43,540

724,506

Catalent,

Inc.

(a)

....................

189,133

8,611,225

cbdMD,

Inc.

(a)

.....................

3

3

Collegium

Pharmaceutical,

Inc.

(a)

........

36,319

811,730

Corcept

Therapeutics,

Inc.

(a)

...........

98,525

2,684,314

Cumberland

Pharmaceuticals,

Inc.

(a)

......

9

17

Cymabay

Therapeutics,

Inc.

(a)(b)

.........

110,306

1,644,662

Dare

Bioscience,

Inc.

(a)(b)

..............

99

46

DMK

Pharmaceuticals

Corp.

(a)

..........

795

548

Elanco

Animal

Health,

Inc.

(a)

............

529,226

5,948,500

Eli

Lilly

&

Co.

.....................

825,306

443,296,612

Eloxx

Pharmaceuticals,

Inc.

(a)

...........

1,131

5,384

Evoke

Pharma,

Inc.

(a)

................

9

12

Evolus,

Inc.

(a)(b)

....................

58,915

538,483

Harmony

Biosciences

Holdings,

Inc.

(a)(b)

....

36,822

1,206,657

Harrow,

Inc.

(a)(b)

....................

30,146

433,198

Hoth

Therapeutics,

Inc.

(a)

..............

1

1

Innoviva,

Inc.

(a)(b)

...................

68,432

888,932

Intra-Cellular

Therapies,

Inc.

(a)

..........

93,496

4,870,207

Jaguar

Health,

Inc.

(a)

.................

9

2

Jazz

Pharmaceuticals

plc

(a)

............

66,261

8,576,824

Johnson

&

Johnson

.................

2,491,534

388,056,420

KALA

BIO,

Inc.

(a)(b)

..................

9

80

Kiora

Pharmaceuticals,

Inc.

(a)

...........

1

1

Ligand

Pharmaceuticals,

Inc.

(a)

..........

18,999

1,138,420

Lipocine,

Inc.

(a)(b)

...................

7

21

Liquidia

Corp.

(a)

....................

68,831

436,389

Marinus

Pharmaceuticals,

Inc.

(a)(b)

........

75,519

607,928

Merck

&

Co.,

Inc.

...................

2,627,612

270,512,655

MyMD

Pharmaceuticals,

Inc.

(a)(b)

.........

2

1

NGM

Biopharmaceuticals,

Inc.

(a)

.........

54

58

NovaBay

Pharmaceuticals,

Inc.

(a)

........

20

9

Ocular

Therapeutix,

Inc.

(a)(b)

............

126,926

398,548

Security

Shares

Shares

Value

Pharmaceuticals

(continued)

Ocuphire

Pharma,

Inc.

(a)(b)

.............

27

$

90

Onconova

Therapeutics,

Inc.

(a)

..........

3

2

Organon

&

Co.

....................

271,261

4,709,091

Pacira

BioSciences,

Inc.

(a)

.............

56,162

1,723,050

Perrigo

Co.

plc

....................

140,554

4,490,700

Pfizer,

Inc.

.......................

5,842,513

193,796,156

Phathom

Pharmaceuticals,

Inc.

(a)(b)

.......

44,251

458,883

Phibro

Animal

Health

Corp.,

Class

A

......

38,639

493,420

Pliant

Therapeutics,

Inc.

(a)(b)

............

61,790

1,071,439

Prestige

Consumer

Healthcare,

Inc.

(a)

.....

55,367

3,166,439

Pulmatrix,

Inc.

(a)

....................

1

2

Revance

Therapeutics,

Inc.

(a)(b)

..........

100,298

1,150,418

Royalty

Pharma

plc,

Class

A

...........

419,371

11,381,729

RVL

Pharmaceuticals

plc

(a)

............

12,604

1,091

Scilex

Holding

Co.,

(Acquired

01/06/23

,

cost

$526,994)

(a)(b)(f)

..................

50,286

69,168

SCYNEXIS,

Inc.

(a)

..................

45

103

Seelos

Therapeutics,

Inc.

(a)(b)

...........

117

21

Sonoma

Pharmaceuticals,

Inc.

(a)

.........

609

470

Supernus

Pharmaceuticals,

Inc.

(a)

........

77,982

2,149,964

Tarsus

Pharmaceuticals,

Inc.

(a)(b)

.........

40,264

715,491

TFF

Pharmaceuticals,

Inc.

(a)

............

18,034

6,312

Theravance

Biopharma,

Inc.

(a)

..........

79,851

689,114

Titan

Pharmaceuticals,

Inc.

(a)

...........

60

28

Ventyx

Biosciences,

Inc.

(a)(b)

............

52,304

1,816,518

Viatris,

Inc.

.......................

1,247,623

12,301,563

WaVe

Life

Sciences

Ltd.

(a)(b)

............

86,529

497,542

Xeris

Biopharma

Holdings,

Inc.

(a)

........

219,927

409,064

Zoetis,

Inc.,

Class

A

.................

476,023

82,818,482

1,600,622,581

Professional

Services

—

1.0%

Alight,

Inc.,

Class

A

(a)(b)

...............

386,962

2,743,561

ASGN,

Inc.

(a)

......................

49,719

4,061,048

Automatic

Data

Processing,

Inc.

.........

426,165

102,526,776

Barrett

Business

Services,

Inc.

..........

8,964

808,911

Booz

Allen

Hamilton

Holding

Corp.

.......

134,971

14,748,281

Broadridge

Financial

Solutions,

Inc.

......

122,783

21,984,296

CACI

International,

Inc.,

Class

A

(a)

.......

23,483

7,372,018

CBIZ,

Inc.

(a)

.......................

51,346

2,664,857

Ceridian

HCM

Holding,

Inc.

(a)(b)

..........

163,018

11,060,771

Clarivate

plc

(a)(b)

....................

461,606

3,097,376

Concentrix

Corp.

(b)

..................

43,745

3,504,412

Conduent,

Inc.

(a)(b)

..................

183,565

638,806

CRA

International,

Inc.

...............

9,210

928,000

CSG

Systems

International,

Inc.

.........

42,724

2,184,051

Dun

&

Bradstreet

Holdings,

Inc.

.........

268,190

2,679,218

Equifax,

Inc.

......................

128,010

23,448,872

ExlService

Holdings,

Inc.

(a)(b)

...........

171,972

4,822,095

Exponent,

Inc.

.....................

52,780

4,517,968

First

Advantage

Corp.

................

70,028

965,686

Forrester

Research,

Inc.

(a)

.............

17,569

507,744

Franklin

Covey

Co.

(a)

................

17,713

760,242

FTI

Consulting,

Inc.

(a)(b)

...............

35,446

6,323,921

GEE

Group,

Inc.

(a)(b)

.................

802

475

Genpact

Ltd.

......................

178,891

6,475,854

Heidrick

&

Struggles

International,

Inc.

....

31,069

777,346

Huron

Consulting

Group,

Inc.

(a)

..........

19,797

2,062,056

ICF

International,

Inc.

................

18,577

2,244,287

Insperity,

Inc.

......................

36,400

3,552,640

Jacobs

Solutions,

Inc.

................

130,131

17,762,882

KBR,

Inc.

........................

139,628

8,229,674

Kelly

Services,

Inc.,

Class

A,

NVS

.......

46,986

854,675

Kforce,

Inc.

.......................

22,615

1,349,211

Korn

Ferry

.......................

55,885

2,651,184

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

34

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Professional

Services

(continued)

Legalzoom.com,

Inc.

(a)

...............

111,416

$

1,218,891

Leidos

Holdings,

Inc.

................

143,145

13,192,243

ManpowerGroup,

Inc.

................

52,598

3,856,485

Maximus,

Inc.

.....................

62,151

4,641,437

NV5

Global,

Inc.

(a)

..................

17,074

1,643,031

Paychex,

Inc.

.....................

329,281

37,975,978

Paycom

Software,

Inc.

...............

51,541

13,363,035

Paycor

HCM,

Inc.

(a)(b)

................

74,760

1,706,771

Paylocity

Holding

Corp.

(a)

.............

45,088

8,192,490

Planet

Labs

PBC,

Class

A

(a)(b)

...........

188,236

489,414

Resources

Connection,

Inc.

............

36,984

551,432

Robert

Half,

Inc.

...................

111,363

8,160,681

Science

Applications

International

Corp.

...

55,554

5,863,169

SS&C

Technologies

Holdings,

Inc.

.......

221,463

11,635,666

Sterling

Check

Corp.

(a)(b)

..............

40,876

515,855

TransUnion

.......................

200,215

14,373,435

TriNet

Group,

Inc.

(a)

.................

35,584

4,144,824

TrueBlue,

Inc.

(a)

....................

37,912

556,169

TTEC

Holdings,

Inc.

.................

34,123

894,705

Upwork,

Inc.

(a)

.....................

138,281

1,570,872

Verisk

Analytics,

Inc.

.................

149,118

35,227,636

Verra

Mobility

Corp.,

Class

A

(a)(b)

.........

178,020

3,328,974

441,412,387

Real

Estate

Management

&

Development

—

0.2%

Altisource

Portfolio

Solutions

SA

(a)

.......

18

72

Anywhere

Real

Estate,

Inc.

(a)

...........

117,902

758,110

Avalon

GloboCare

Corp.

(a)

.............

2,501

1,991

CBRE

Group,

Inc.,

Class

A

(a)(b)

..........

319,407

23,591,401

Compass,

Inc.,

Class

A

(a)(b)

............

377,085

1,093,546

Comstock

Holding

Cos.,

Inc.,

Class

A

(a)

....

285

1,339

CoStar

Group,

Inc.

(a)

.................

424,198

32,616,584

Cushman

&

Wakefield

plc

(a)

............

163,287

1,244,247

DigitalBridge

Group,

Inc.,

Class

A

(b)

.......

153,015

2,690,004

Doma

Holdings,

Inc.

(a)(b)

...............

7

36

eXp

World

Holdings,

Inc.

(b)

.............

79,596

1,292,639

Forestar

Group,

Inc.

(a)

................

22,750

612,885

FRP

Holdings,

Inc.

(a)

.................

8,554

461,659

Howard

Hughes

Holdings,

Inc.

(a)(b)

........

35,249

2,613,008

InterGroup

Corp.

(The)

(a)(b)

.............

126

3,846

Jones

Lang

LaSalle,

Inc.

(a)

.............

49,686

7,014,669

JW

Mays,

Inc.

(a)

....................

106

5,022

Kennedy-Wilson

Holdings,

Inc.

..........

137,856

2,031,997

Marcus

&

Millichap,

Inc.

..............

27,097

795,026

Newmark

Group,

Inc.,

Class

A

..........

163,287

1,049,935

Opendoor

Technologies,

Inc.

(a)(b)

.........

622,279

1,642,817

RE/MAX

Holdings,

Inc.,

Class

A

.........

37,761

488,627

Redfin

Corp.

(a)(b)

....................

109,344

769,782

RMR

Group,

Inc.

(The),

Class

A

.........

21,968

538,655

Seritage

Growth

Properties,

Class

A

(a)

.....

57,747

446,962

St.

Joe

Co.

(The)

...................

40,135

2,180,535

Tejon

Ranch

Co.

(a)

..................

37,862

614,122

WeWork,

Inc.

(a)(b)

...................

45,089

135,718

Zillow

Group,

Inc.,

Class

A

(a)(b)

..........

59,768

2,677,009

Zillow

Group,

Inc.,

Class

C,

NVS

(a)(b)

......

165,119

7,621,893

94,994,136

Residential

REITs

—

0.4%

ACRE

Realty

Investors,

Inc.,

NVS

(a)(d)

.....

2,715

—

American

Homes

4

Rent,

Class

A

........

326,996

11,016,495

Apartment

Income

REIT

Corp.

..........

152,941

4,695,289

Apartment

Investment

&

Management

Co.,

Class

A

(a)

......................

155,542

1,057,686

AvalonBay

Communities,

Inc.

..........

145,440

24,977,866

Camden

Property

Trust

...............

106,337

10,057,353

Security

Shares

Shares

Value

Residential

REITs

(continued)

Centerspace

......................

17,504

$

1,054,791

Elme

Communities

..................

89,894

1,226,154

Equity

LifeStyle

Properties,

Inc.

.........

185,894

11,843,307

Equity

Residential

..................

355,649

20,880,153

Essex

Property

Trust,

Inc.

.............

66,314

14,064,536

Independence

Realty

Trust,

Inc.

.........

225,924

3,178,751

Invitation

Homes,

Inc.

................

598,066

18,952,711

Mid-America

Apartment

Communities,

Inc.

..

117,210

15,079,066

NexPoint

Residential

Trust,

Inc.

.........

29,259

941,555

Sun

Communities,

Inc.

...............

129,037

15,270,238

UDR,

Inc.

........................

312,107

11,132,857

UMH

Properties,

Inc.

................

68,055

954,131

Veris

Residential,

Inc.

................

92,532

1,526,778

167,909,717

Retail

REITs

—

0.3%

Acadia

Realty

Trust

.................

72,063

1,034,104

Agree

Realty

Corp.

.................

88,123

4,867,915

Alexander's,

Inc.

...................

2,331

424,778

Brixmor

Property

Group,

Inc.

...........

307,251

6,384,676

CBL

&

Associates

Properties,

Inc.

........

35,498

744,748

Federal

Realty

Investment

Trust

.........

76,036

6,891,143

Getty

Realty

Corp.

..................

44,103

1,222,976

InvenTrust

Properties

Corp.

............

66,809

1,590,722

Kimco

Realty

Corp.

.................

636,768

11,200,749

Kite

Realty

Group

Trust

...............

238,868

5,116,553

Macerich

Co.

(The)

.................

221,283

2,414,198

NETSTREIT

Corp.

..................

72,470

1,129,083

NNN

REIT,

Inc.

....................

189,916

6,711,631

Phillips

Edison

&

Co.,

Inc.

.............

119,956

4,023,324

Realty

Income

Corp.

.................

732,568

36,584,446

Regency

Centers

Corp.

..............

172,073

10,228,019

Retail

Opportunity

Investments

Corp.

.....

126,560

1,566,813

RPT

Realty

.......................

88,337

932,839

Saul

Centers,

Inc.

..................

23,251

820,063

Simon

Property

Group,

Inc.

............

339,531

36,679,534

SITE

Centers

Corp.

.................

190,261

2,345,918

Spirit

Realty

Capital,

Inc.

..............

143,626

4,815,780

Tanger

Factory

Outlet

Centers,

Inc.

.......

116,312

2,628,651

Urban

Edge

Properties

...............

158,416

2,417,428

Wheeler

REIT,

Inc.

(a)

.................

73

239

Whitestone

REIT

...................

90,569

872,179

153,648,509

Semiconductors

&

Semiconductor

Equipment

—

6.7%

ACM

Research,

Inc.,

Class

A

(a)

..........

53,392

966,662

Advanced

Micro

Devices,

Inc.

(a)

.........

1,672,366

171,952,672

Aehr

Test

Systems

(a)(b)

................

28,528

1,303,730

Allegro

MicroSystems,

Inc.

(a)

...........

75,323

2,405,817

Alpha

&

Omega

Semiconductor

Ltd.

(a)

.....

28,040

836,714

Ambarella,

Inc.

(a)

...................

40,557

2,150,738

Amkor

Technology,

Inc.

...............

108,817

2,459,264

Analog

Devices,

Inc.

.................

517,929

90,684,189

Applied

Materials,

Inc.

...............

868,193

120,201,321

Axcelis

Technologies,

Inc.

(a)

............

33,805

5,511,905

Broadcom,

Inc.

....................

427,025

354,678,424

CEVA,

Inc.

(a)

......................

31,223

605,414

Cirrus

Logic,

Inc.

(a)(b)

.................

56,742

4,196,638

Cohu,

Inc.

(a)

......................

68,973

2,375,430

Credo

Technology

Group

Holding

Ltd.

(a)

....

123,161

1,878,205

Diodes,

Inc.

(a)

.....................

48,200

3,800,088

Enphase

Energy,

Inc.

(a)

...............

142,182

17,083,167

Entegris,

Inc.

(b)

....................

154,858

14,542,715

First

Solar,

Inc.

(a)

...................

111,208

17,970,101

FormFactor,

Inc.

(a)

..................

82,983

2,899,426

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

35

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

Ichor

Holdings

Ltd.

(a)

.................

30,830

$

954,497

Impinj,

Inc.

(a)

......................

22,112

1,216,823

indie

Semiconductor,

Inc.,

Class

A

(a)(b)

.....

158,078

995,891

Intel

Corp.

.......................

4,334,962

154,107,899

KLA

Corp.

........................

141,126

64,728,851

Kulicke

&

Soffa

Industries,

Inc.

..........

58,496

2,844,660

Lam

Research

Corp.

................

137,853

86,402,125

Lattice

Semiconductor

Corp.

(a)(b)

.........

143,434

12,325,284

MACOM

Technology

Solutions

Holdings,

Inc.

(a)

54,412

4,438,931

Marvell

Technology,

Inc.

..............

890,339

48,194,050

MaxLinear,

Inc.

(a)

...................

79,525

1,769,431

Meta

Materials,

Inc.

(a)(b)

...............

432

92

Microchip

Technology,

Inc.

.............

562,155

43,876,198

Micron

Technology,

Inc.

...............

1,133,340

77,101,120

MKS

Instruments,

Inc.

...............

65,893

5,702,380

Monolithic

Power

Systems,

Inc.

.........

49,642

22,934,604

Navitas

Semiconductor

Corp.

(a)

.........

141,706

984,857

NVE

Corp.

.......................

6,476

531,939

NVIDIA

Corp.

.....................

2,556,875

1,112,215,056

NXP

Semiconductors

NV

.............

265,743

53,127,341

ON

Semiconductor

Corp.

(a)

............

445,901

41,446,498

Onto

Innovation,

Inc.

(a)

...............

51,434

6,558,864

PDF

Solutions,

Inc.

(a)

................

33,904

1,098,490

Peraso,

Inc.

(a)

.....................

293

55

Photronics,

Inc.

(a)

...................

74,163

1,498,834

Power

Integrations,

Inc.

..............

59,193

4,517,018

Qorvo,

Inc.

(a)

......................

100,096

9,556,165

QUALCOMM,

Inc.

..................

1,154,321

128,198,890

Rambus,

Inc.

(a)

....................

112,372

6,269,234

Semtech

Corp.

(a)

...................

63,762

1,641,872

Silicon

Laboratories,

Inc.

(a)

.............

33,169

3,843,955

SiTime

Corp.

(a)(b)

...................

17,660

2,017,655

Skyworks

Solutions,

Inc.

..............

164,710

16,238,759

SMART

Global

Holdings,

Inc.

(a)

..........

50,942

1,240,438

SolarEdge

Technologies,

Inc.

(a)(b)

........

58,779

7,612,468

Synaptics,

Inc.

(a)(b)

..................

42,613

3,811,307

Teradyne,

Inc.

(b)

....................

160,898

16,163,813

Texas

Instruments,

Inc.

...............

936,839

148,966,769

Trio-Tech

International

(a)

..............

311

2,177

Ultra

Clean

Holdings,

Inc.

(a)

............

46,788

1,388,200

Universal

Display

Corp.

..............

45,566

7,153,406

Veeco

Instruments,

Inc.

(a)

.............

71,365

2,006,070

Wolfspeed,

Inc.

(a)(b)

..................

130,532

4,973,269

2,929,158,855

Software

—

10.0%

8x8,

Inc.

(a)(b)

.......................

178,677

450,266

A10

Networks,

Inc.

..................

72,185

1,084,941

ACI

Worldwide,

Inc.

(a)

................

119,582

2,697,770

Adeia,

Inc.

.......................

109,378

1,168,157

Adobe,

Inc.

(a)

......................

471,591

240,464,251

Agilysys,

Inc.

(a)

....................

20,836

1,378,510

Akerna

Corp.

(a)

....................

605

133

Alarm.com

Holdings,

Inc.

(a)

............

51,756

3,164,362

Alkami

Technology,

Inc.

(a)(b)

............

53,273

970,634

Altair

Engineering,

Inc.,

Class

A

(a)(b)

.......

55,980

3,502,109

Alteryx,

Inc.,

Class

A

(a)(b)

..............

64,616

2,435,377

American

Software,

Inc.,

Class

A

........

50,920

583,543

Amplitude,

Inc.,

Class

A

(a)(b)

............

99,763

1,154,258

ANSYS,

Inc.

(a)

.....................

89,775

26,712,551

Appfolio,

Inc.,

Class

A

(a)

..............

20,609

3,763,822

Appian

Corp.,

Class

A

(a)(b)

.............

43,654

1,991,059

AppLovin

Corp.,

Class

A

(a)(b)

............

142,061

5,676,758

Asana,

Inc.,

Class

A

(a)(b)

...............

79,893

1,462,841

Aspen

Technology,

Inc.

(a)

..............

29,884

6,104,106

Security

Shares

Shares

Value

Software

(continued)

Atlassian

Corp.,

Class

A

(a)(b)

............

157,660

$

31,770,067

Aurora

Innovation,

Inc.,

Class

A

(a)(b)

.......

803,925

1,889,224

Autodesk,

Inc.

(a)

....................

220,109

45,542,753

AvePoint,

Inc.,

Class

A

(a)(b)

.............

95,069

638,864

Aware,

Inc.

(a)

......................

18

25

Bentley

Systems,

Inc.,

Class

B

(b)

.........

239,538

12,015,226

BILL

Holdings,

Inc.

(a)(b)

................

101,935

11,067,083

Blackbaud,

Inc.

(a)

...................

44,370

3,120,098

BlackLine,

Inc.

(a)

...................

52,609

2,918,221

Box,

Inc.,

Class

A

(a)

.................

151,231

3,661,303

Braze,

Inc.,

Class

A

(a)

................

51,322

2,398,277

C3.ai,

Inc.,

Class

A

(a)(b)

...............

92,355

2,356,900

Cadence

Design

Systems,

Inc.

(a)

........

279,655

65,523,166

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)(b)

..

215,332

2,874,682

Cerence,

Inc.

(a)(b)

...................

44,114

898,602

Cleanspark,

Inc.

(a)(b)

.................

190,554

726,011

Clear

Secure,

Inc.,

Class

A

............

83,821

1,595,952

Clearwater

Analytics

Holdings,

Inc.,

Class

A

(a)(b)

98,123

1,897,699

CommVault

Systems,

Inc.

(a)

............

46,425

3,138,794

Confluent,

Inc.,

Class

A

(a)(b)

............

223,091

6,605,725

Consensus

Cloud

Solutions,

Inc.

(a)

.......

22,471

565,820

CoreCard

Corp.

(a)(b)

.................

9

180

Couchbase,

Inc.

(a)

..................

37,319

640,394

Crowdstrike

Holdings,

Inc.,

Class

A

(a)

......

232,166

38,859,945

Datadog,

Inc.,

Class

A

(a)(b)

.............

311,530

28,377,268

Digimarc

Corp.

(a)(b)

..................

20,066

651,944

Digital

Turbine,

Inc.

(a)(b)

...............

91,648

554,470

DocuSign,

Inc.

(a)

...................

209,638

8,804,796

Dolby

Laboratories,

Inc.,

Class

A

........

60,361

4,784,213

Domo,

Inc.,

Class

B

(a)(b)

...............

45,931

450,583

DoubleVerify

Holdings,

Inc.

(a)(b)

..........

131,558

3,677,046

Dropbox,

Inc.,

Class

A

(a)(b)

.............

268,843

7,320,595

Dynatrace,

Inc.

(a)

...................

249,581

11,662,920

E2open

Parent

Holdings,

Inc.,

Class

A

(a)(b)

..

205,259

931,876

Elastic

NV

(a)

......................

82,201

6,678,009

EngageSmart,

Inc.

(a)

.................

52,182

938,754

Envestnet,

Inc.

(a)

...................

47,342

2,084,468

Everbridge,

Inc.

(a)

...................

49,954

1,119,969

Fair

Isaac

Corp.

(a)

...................

25,515

22,160,543

Five9,

Inc.

(a)

......................

76,304

4,906,347

Fortinet,

Inc.

(a)

.....................

673,510

39,521,567

Freshworks,

Inc.,

Class

A

(a)

............

166,000

3,306,720

Gen

Digital,

Inc.

....................

586,359

10,366,827

Gitlab,

Inc.,

Class

A

(a)(b)

...............

84,135

3,804,585

Greenidge

Generation

Holdings,

Inc.

(a)

.....

687

2,810

Guidewire

Software,

Inc.

(a)(b)

............

83,625

7,526,250

HashiCorp,

Inc.,

Class

A

(a)

.............

109,823

2,507,259

HubSpot,

Inc.

(a)

....................

51,583

25,404,627

Informatica,

Inc.,

Class

A

(a)(b)

...........

41,128

866,567

Instructure

Holdings,

Inc.

(a)(b)

...........

20,914

531,216

Intapp,

Inc.

(a)(b)

.....................

28,835

966,549

InterDigital,

Inc.

....................

28,547

2,290,611

Intuit,

Inc.

........................

289,881

148,111,798

Inuvo,

Inc.

(a)(b)

.....................

19,435

4,159

Issuer

Direct

Corp.

(a)

.................

318

5,978

Jamf

Holding

Corp.

(a)(b)

...............

74,390

1,313,727

LivePerson,

Inc.

(a)(b)

.................

116,592

453,543

LiveRamp

Holdings,

Inc.

(a)

.............

67,954

1,959,793

Manhattan

Associates,

Inc.

(a)

...........

63,940

12,638,380

Marathon

Digital

Holdings,

Inc.

(a)(b)

.......

177,735

1,510,748

Marin

Software,

Inc.

(a)

................

3,737

1,588

Matterport,

Inc.,

Class

A

(a)(b)

............

490,043

1,063,393

MeridianLink,

Inc.

(a)

.................

35,258

601,501

Microsoft

Corp.

....................

7,690,079

2,428,142,444

MicroStrategy,

Inc.,

Class

A

(a)(b)

..........

12,710

4,172,439

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

36

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Software

(continued)

Mitek

Systems,

Inc.

(a)(b)

...............

66,791

$

716,000

Model

N,

Inc.

(a)(b)

...................

34,469

841,388

N-able,

Inc.

(a)

......................

72,259

932,141

nCino,

Inc.

(a)(b)

.....................

68,332

2,172,958

NCR

Corp.

(a)

......................

147,469

3,977,239

New

Relic,

Inc.

(a)

...................

57,326

4,908,252

Nutanix,

Inc.,

Class

A

(a)

...............

246,771

8,607,372

Oblong,

Inc.

(a)

.....................

75

32

Olo,

Inc.,

Class

A

(a)

..................

137,263

831,814

ON24,

Inc.

.......................

90,883

575,289

OneSpan,

Inc.

(a)

....................

48,448

520,816

Oracle

Corp.

......................

1,627,672

172,403,018

PagerDuty,

Inc.

(a)(b)

..................

103,838

2,335,317

Palantir

Technologies,

Inc.,

Class

A

(a)(b)

....

1,985,584

31,769,344

Palo

Alto

Networks,

Inc.

(a)(b)

............

315,993

74,081,399

Pegasystems,

Inc.

(b)

.................

44,080

1,913,513

PowerSchool

Holdings,

Inc.,

Class

A

(a)(b)

...

59,229

1,342,129

Procore

Technologies,

Inc.

(a)(b)

..........

93,151

6,084,623

Progress

Software

Corp.

..............

42,842

2,252,632

PROS

Holdings,

Inc.

(a)(b)

..............

45,421

1,572,475

PTC,

Inc.

(a)

.......................

122,265

17,322,505

Q2

Holdings,

Inc.

(a)(b)

.................

64,730

2,088,837

Qualys,

Inc.

(a)

.....................

37,599

5,735,727

Rapid7,

Inc.

(a)(b)

....................

65,468

2,997,125

Red

Violet,

Inc.

(a)

...................

23,832

476,878

Rekor

Systems,

Inc.

(a)(b)

...............

54

152

Remark

Holdings,

Inc.

(a)(b)

.............

5,339

2,662

RingCentral,

Inc.,

Class

A

(a)(b)

...........

93,681

2,775,768

Riot

Platforms,

Inc.

(a)(b)

...............

194,353

1,813,313

Roper

Technologies,

Inc.

..............

109,551

53,053,358

Salesforce,

Inc.

(a)

...................

1,007,798

204,361,278

Samsara,

Inc.,

Class

A

(a)(b)

.............

159,621

4,024,045

SEMrush

Holdings,

Inc.,

Class

A

(a)

.......

53,307

453,110

SentinelOne,

Inc.,

Class

A

(a)

............

245,555

4,140,057

ServiceNow,

Inc.

(a)

..................

210,847

117,855,039

Smartsheet,

Inc.,

Class

A

(a)

............

138,718

5,612,530

SolarWinds

Corp.

(a)

.................

61,009

575,925

SoundHound

AI,

Inc.,

Class

A

(a)(b)

........

284,686

572,219

Splunk,

Inc.

(a)

.....................

158,473

23,176,676

Sprinklr,

Inc.,

Class

A

(a)(b)

..............

116,909

1,618,021

Sprout

Social,

Inc.,

Class

A

(a)(b)

..........

50,951

2,541,436

SPS

Commerce,

Inc.

(a)

...............

36,800

6,278,448

SRAX,

Inc.,

NVS

(a)(b)

.................

10,903

654

Synopsys,

Inc.

(a)

...................

156,948

72,034,424

Tenable

Holdings,

Inc.

(a)(b)

.............

119,971

5,374,701

Teradata

Corp.

(a)

...................

106,737

4,805,300

Tyler

Technologies,

Inc.

(a)

.............

43,711

16,878,566

UiPath,

Inc.,

Class

A

(a)(b)

..............

423,317

7,242,954

Unity

Software,

Inc.

(a)(b)

...............

253,438

7,955,419

Varonis

Systems,

Inc.

(a)

...............

114,826

3,506,786

Verb

Technology

Co.,

Inc.

(a)

............

3,053

2,138

Verint

Systems,

Inc.

(a)

................

78,806

1,811,750

Vertex,

Inc.,

Class

A

(a)(b)

...............

45,088

1,041,533

Viant

Technology,

Inc.,

Class

A

(a)

.........

18

101

VMware,

Inc.,

Class

A

(a)

..............

226,679

37,737,520

Workday,

Inc.,

Class

A

(a)

..............

212,169

45,584,510

Workiva,

Inc.,

Class

A

(a)(b)

.............

48,391

4,903,944

Xperi,

Inc.

(a)(b)

.....................

76,786

757,110

Yext,

Inc.

(a)(b)

......................

116,187

735,464

Zeta

Global

Holdings

Corp.,

Class

A

(a)

.....

178,209

1,488,045

Zoom

Video

Communications,

Inc.,

Class

A

(a)

263,278

18,413,663

Zscaler,

Inc.

(a)(b)

....................

91,452

14,229,017

Zuora,

Inc.,

Class

A

(a)

................

135,492

1,116,454

4,368,582,252

Security

Shares

Shares

Value

Specialized

REITs

—

1.0%

American

Tower

Corp.

...............

482,252

$

79,306,341

Crown

Castle,

Inc.

..................

450,676

41,475,712

CubeSmart

.......................

231,625

8,831,861

Digital

Realty

Trust,

Inc.

..............

313,140

37,896,203

EPR

Properties

....................

83,421

3,465,308

Equinix,

Inc.

......................

96,863

70,347,722

Extra

Space

Storage,

Inc.

.............

217,350

26,425,413

Farmland

Partners,

Inc.

..............

71,946

738,166

Four

Corners

Property

Trust,

Inc.

........

99,538

2,208,748

Gaming

&

Leisure

Properties,

Inc.

.......

270,261

12,310,389

Gladstone

Land

Corp.

...............

46,510

661,837

Iron

Mountain,

Inc.

..................

298,710

17,758,310

Lamar

Advertising

Co.,

Class

A

.........

88,908

7,421,151

National

Storage

Affiliates

Trust

.........

86,039

2,730,878

Outfront

Media,

Inc.

.................

147,823

1,493,012

PotlatchDeltic

Corp.

.................

83,125

3,773,044

Power

REIT

(a)

.....................

239

277

Public

Storage

.....................

161,887

42,660,462

Rayonier,

Inc.

.....................

140,715

4,004,749

Safehold,

Inc.

(b)

....................

61,951

1,102,728

SBA

Communications

Corp.

...........

111,912

22,401,425

Uniti

Group,

Inc.

...................

266,306

1,256,964

VICI

Properties,

Inc.

.................

1,038,286

30,214,123

Weyerhaeuser

Co.

..................

761,301

23,341,489

441,826,312

Specialty

Retail

—

2.1%

Abercrombie

&

Fitch

Co.,

Class

A

(a)

.......

55,153

3,108,975

Academy

Sports

&

Outdoors,

Inc.

(b)

.......

78,088

3,691,220

Advance

Auto

Parts,

Inc.

..............

60,960

3,409,493

American

Eagle

Outfitters,

Inc.

..........

196,396

3,262,138

America's

Car-Mart,

Inc.

(a)(b)

............

7,251

659,768

Arhaus,

Inc.,

Class

A

(a)(b)

..............

50,751

471,984

Arko

Corp.

.......................

86,829

620,827

Asbury

Automotive

Group,

Inc.

(a)(b)

........

21,358

4,913,835

AutoNation,

Inc.

(a)(b)

.................

27,805

4,209,677

AutoZone,

Inc.

(a)

...................

18,763

47,657,832

Bath

&

Body

Works,

Inc.

..............

236,747

8,002,049

Best

Buy

Co.,

Inc.

..................

201,360

13,988,479

Boot

Barn

Holdings,

Inc.

(a)(b)

............

30,497

2,476,051

Buckle,

Inc.

(The)

..................

32,193

1,074,924

Build-A-Bear

Workshop,

Inc.

...........

15,743

463,002

Burlington

Stores,

Inc.

(a)

..............

67,534

9,137,350

Caleres,

Inc.

......................

39,120

1,125,091

Camping

World

Holdings,

Inc.,

Class

A

....

53,830

1,098,670

CarMax,

Inc.

(a)(b)

....................

163,749

11,581,967

Carvana

Co.,

Class

A

(a)(b)

..............

103,876

4,360,714

Chewy,

Inc.,

Class

A

(a)(b)

..............

127,390

2,326,141

Chico's

FAS,

Inc.

(a)

..................

136,887

1,023,915

Children's

Place,

Inc.

(The)

(a)

...........

18,422

497,947

Conn's,

Inc.

(a)

.....................

27

107

Designer

Brands,

Inc.,

Class

A

..........

56,588

716,404

Dick's

Sporting

Goods,

Inc.

............

65,392

7,100,263

EVgo,

Inc.,

Class

A

(a)(b)

...............

138,489

468,093

Five

Below,

Inc.

(a)(b)

..................

58,299

9,380,309

Floor

&

Decor

Holdings,

Inc.,

Class

A

(a)(b)

...

109,937

9,949,298

Foot

Locker,

Inc.

...................

81,180

1,408,473

GameStop

Corp.,

Class

A

(a)(b)

...........

285,758

4,703,577

Gap,

Inc.

(The)

....................

223,124

2,371,808

Genesco,

Inc.

(a)(b)

...................

15,691

483,597

GNC

Holdings,

Inc.,

NVS

(a)(d)

...........

83,651

1

Group

1

Automotive,

Inc.

(b)

.............

15,053

4,044,892

Guess?,

Inc.

......................

38,390

830,760

Haverty

Furniture

Cos.,

Inc.

............

16,931

487,274

Hibbett,

Inc.

......................

16,727

794,700

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

37

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Specialty

Retail

(continued)

Home

Depot,

Inc.

(The)

..............

1,039,482

$

314,089,881

Kirkland's,

Inc.

(a)(b)

..................

18

31

Leslie's,

Inc.

(a)(b)

....................

205,133

1,161,053

Lithia

Motors,

Inc.

..................

28,856

8,522,042

Lowe's

Cos.,

Inc.

...................

606,218

125,996,349

MarineMax,

Inc.

(a)

...................

26,400

866,448

Monro,

Inc.

.......................

36,161

1,004,191

Murphy

USA,

Inc.

(b)

.................

19,443

6,644,256

National

Vision

Holdings,

Inc.

(a)

.........

82,951

1,342,147

ODP

Corp.

(The)

(a)

..................

41,712

1,925,009

O'Reilly

Automotive,

Inc.

(a)

.............

62,045

56,390,219

Overstock.com,

Inc.

(a)(b)

...............

46,416

734,301

Penske

Automotive

Group,

Inc.

(b)

........

20,662

3,451,794

Petco

Health

&

Wellness

Co.,

Inc.

(a)(b)

.....

136,415

557,937

PetMed

Express,

Inc.

................

67,259

689,405

Revolve

Group,

Inc.,

Class

A

(a)(b)

.........

40,626

552,920

RH

(a)(b)

..........................

16,482

4,357,181

Ross

Stores,

Inc.

...................

355,356

40,137,460

Sally

Beauty

Holdings,

Inc.

(a)(b)

..........

109,986

921,683

Shift

Technologies,

Inc.

(a)(b)

.............

18

29

Shoe

Carnival,

Inc.

..................

25,486

612,429

Signet

Jewelers

Ltd.

(b)

................

47,662

3,422,608

Sleep

Number

Corp.

(a)(b)

..............

25,013

615,070

Sonic

Automotive,

Inc.,

Class

A

.........

17,260

824,338

Stitch

Fix,

Inc.,

Class

A

(a)(b)

.............

144,044

496,952

TJX

Cos.,

Inc.

(The)

.................

1,188,693

105,651,034

Tractor

Supply

Co.

..................

112,979

22,940,386

Ulta

Beauty,

Inc.

(a)

..................

51,922

20,740,243

Upbound

Group,

Inc.

................

54,231

1,597,103

Urban

Outfitters,

Inc.

(a)

...............

63,108

2,063,000

Valvoline,

Inc.

(b)

....................

144,196

4,648,879

Victoria's

Secret

&

Co.

(a)(b)

.............

87,932

1,466,706

Warby

Parker,

Inc.,

Class

A

(a)(b)

..........

97,441

1,282,324

Wayfair,

Inc.,

Class

A

(a)(b)

..............

94,837

5,744,277

Williams-Sonoma,

Inc.

...............

66,290

10,301,466

Winmark

Corp.

....................

2,925

1,091,405

Xcel

Brands,

Inc.

(a)

..................

315

343

Zumiez,

Inc.

(a)

.....................

28,171

501,444

925,245,948

Technology

Hardware,

Storage

&

Peripherals

—

6.3%

Apple,

Inc.

.......................

15,215,080

2,604,973,847

Avid

Technology,

Inc.

(a)

...............

40,008

1,075,015

Corsair

Gaming,

Inc.

(a)(b)

..............

45,108

655,419

Dell

Technologies,

Inc.,

Class

C

.........

261,672

18,029,201

Hewlett

Packard

Enterprise

Co.

.........

1,342,896

23,326,104

HP,

Inc.

.........................

897,382

23,062,717

IonQ,

Inc.

(a)(b)

......................

179,329

2,668,415

NetApp,

Inc.

......................

218,764

16,599,812

Pure

Storage,

Inc.,

Class

A

(a)

...........

301,048

10,723,330

Quantum

Corp.

(a)

...................

108

66

Seagate

Technology

Holdings

plc

........

200,948

13,252,521

Super

Micro

Computer,

Inc.

(a)(b)

..........

47,175

12,936,328

Western

Digital

Corp.

(a)

...............

336,530

15,355,864

Xerox

Holdings

Corp.

................

120,537

1,891,226

2,744,549,865

Textiles,

Apparel

&

Luxury

Goods

—

0.6%

Capri

Holdings

Ltd.

(a)

................

121,752

6,405,373

Carter's,

Inc.

......................

40,640

2,810,256

Columbia

Sportswear

Co.

.............

37,829

2,803,129

Crocs,

Inc.

(a)

......................

63,675

5,618,045

Culp,

Inc.

(a)

.......................

13

72

Deckers

Outdoor

Corp.

(a)

..............

26,488

13,617,216

Figs,

Inc.,

Class

A

(a)(b)

................

135,413

798,937

Security

Shares

Shares

Value

Textiles,

Apparel

&

Luxury

Goods

(continued)

G-III

Apparel

Group

Ltd.

(a)(b)

............

37,653

$

938,313

Hanesbrands,

Inc.

..................

370,928

1,468,875

Jerash

Holdings

US,

Inc.

..............

1,955

5,885

Kontoor

Brands,

Inc.

.................

52,065

2,286,174

Levi

Strauss

&

Co.,

Class

A

............

99,578

1,352,269

Lululemon

Athletica,

Inc.

(a)

.............

119,899

46,234,253

Movado

Group,

Inc.

.................

21,042

575,499

NIKE,

Inc.,

Class

B

.................

1,268,389

121,283,356

Oxford

Industries,

Inc.

...............

16,152

1,552,692

PVH

Corp.

.......................

66,199

5,064,885

Ralph

Lauren

Corp.,

Class

A

...........

42,357

4,917,224

Skechers

USA,

Inc.,

Class

A

(a)

..........

139,957

6,850,895

Steven

Madden

Ltd.

.................

77,382

2,458,426

Tapestry,

Inc.

......................

239,883

6,896,636

Under

Armour,

Inc.,

Class

A

(a)(b)

.........

194,499

1,332,318

Under

Armour,

Inc.,

Class

C,

NVS

(a)

......

201,228

1,283,835

VF

Corp.

........................

352,419

6,227,244

Vince

Holding

Corp.

(a)

................

896

1,405

Wolverine

World

Wide,

Inc.

............

84,777

683,303

243,466,515

Tobacco

—

0.5%

22nd

Century

Group,

Inc.

(a)(b)

...........

135,912

132,895

Altria

Group,

Inc.

...................

1,838,263

77,298,959

Philip

Morris

International,

Inc.

..........

1,604,325

148,528,408

Turning

Point

Brands,

Inc.

.............

24,584

567,645

Universal

Corp.

....................

25,369

1,197,670

Vector

Group

Ltd.

..................

143,187

1,523,510

229,249,087

Trading

Companies

&

Distributors

—

0.5%

Air

Lease

Corp.,

Class

A

..............

110,469

4,353,583

Alta

Equipment

Group,

Inc.,

Class

A

......

43,903

529,470

Applied

Industrial

Technologies,

Inc.

......

39,690

6,136,471

Beacon

Roofing

Supply,

Inc.

(a)

..........

56,791

4,382,561

BlueLinx

Holdings,

Inc.

(a)(b)

.............

8,946

734,377

Boise

Cascade

Co.

.................

40,457

4,168,689

Core

&

Main,

Inc.,

Class

A

(a)(b)

..........

100,699

2,905,166

Custom

Truck

One

Source,

Inc.

(a)(b)

.......

100,725

624,495

Distribution

Solutions

Group,

Inc.

(a)

.......

17,554

456,404

DXP

Enterprises,

Inc.

(a)

...............

17,881

624,762

Fastenal

Co.

......................

589,377

32,203,559

Ferguson

plc

......................

210,706

34,654,816

FTAI

Aviation

Ltd.

...................

101,714

3,615,933

GATX

Corp.

......................

37,113

4,039,008

Global

Industrial

Co.

.................

18,767

628,695

GMS,

Inc.

(a)

.......................

43,224

2,765,039

H&E

Equipment

Services,

Inc.

..........

34,741

1,500,464

Herc

Holdings,

Inc.

..................

30,160

3,587,230

Hudson

Technologies,

Inc.

(a)(b)

..........

50,709

674,430

McGrath

RentCorp

..................

28,271

2,833,885

MRC

Global,

Inc.

(a)

..................

85,562

877,011

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

....

49,133

4,822,404

NOW,

Inc.

(a)

......................

110,388

1,310,306

Rush

Enterprises,

Inc.,

Class

A

.........

54,049

2,206,821

Rush

Enterprises,

Inc.,

Class

B

.........

22,332

1,011,416

SiteOne

Landscape

Supply,

Inc.

(a)(b)

.......

46,531

7,605,492

Titan

Machinery,

Inc.

(a)

...............

25,298

672,421

Transcat,

Inc.

(a)(b)

...................

8,983

880,065

United

Rentals,

Inc.

.................

70,460

31,324,402

Veritiv

Corp.

......................

15,175

2,563,057

Watsco,

Inc.

......................

34,624

13,078,177

WESCO

International,

Inc.

.............

46,545

6,694,102

WW

Grainger,

Inc.

..................

45,785

31,675,894

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

38

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Trading

Companies

&

Distributors

(continued)

Xometry,

Inc.,

Class

A

(a)(b)

.............

47,715

$

810,201

216,950,806

Water

Utilities

—

0.1%

American

States

Water

Co.

............

37,900

2,981,972

American

Water

Works

Co.,

Inc.

.........

201,898

25,001,029

Artesian

Resources

Corp.,

Class

A,

NVS

...

14,154

594,327

California

Water

Service

Group

.........

61,057

2,888,607

Consolidated

Water

Co.

Ltd.

...........

14,729

418,893

Essential

Utilities,

Inc.

................

251,103

8,620,366

Middlesex

Water

Co.

................

19,254

1,275,578

SJW

Group

.......................

29,340

1,763,627

York

Water

Co.

(The)

................

21,509

806,372

44,350,771

Wireless

Telecommunication

Services

—

0.2%

Gogo,

Inc.

(a)(b)

.....................

71,508

853,090

Shenandoah

Telecommunications

Co.

.....

48,827

1,006,325

Telephone

&

Data

Systems,

Inc.

.........

108,889

1,993,758

T-Mobile

US,

Inc.

(a)

..................

534,179

74,811,769

United

States

Cellular

Corp.

(a)

..........

14,762

634,323

79,299,265

Total

Common

Stocks

—

99.7%

(Cost:

$35,311,068,303)

...........................

43,428,675,015

Rights

Biotechnology

—

0.0%

(a)

Aeglea

BioTherapeutics,

Inc.,

CVR

.......

33,740

506

Catalyst

Biosciences,

Inc.,

CVR

(b)(d)

.......

7,839

—

Contra

Aduro

Biotech

I,

CVR

(d)

..........

4,142

10,517

Contra

Miragen

Therape,

CVR

(d)

.........

119

—

Dianthus

Therapeutics,

Inc.,

CVR

........

19,942

977

Disc

Medicine,

Inc.,

CVR

(b)(d)

...........

47,740

—

Oncternal

Therapeutics,

Inc.,

CVR

(b)(d)

.....

722

740

Qualigen

Therapeutics,

Inc.,

CVR

(b)(d)

.....

14,465

978

Sting

Agonist,

CVR

(d)

................

11,084

3,768

Sting

Antagonist,

CVR

(d)

..............

11,084

4,434

21,920

Chemicals

—

0.0%

Ikonics

Corp.,

CVR

(a)

................

237

156

Diversified

Telecommunication

Services

—

0.0%

Contra

Communications,

CVR

(a)(d)

........

2,058

5,092

Financial

Services

—

0.0%

Contra

Costa

County

Board

of

Education,

CVR

(a)(d)

.......................

266

37

Pharmaceuticals

—

0.0%

(a)

Contra

CVR

Bioblast

PH,

CVR

(b)(d)

........

167,980

2

Contra

Spectrum

Pharmaals,

Inc.,

CVR

(d)

...

146,012

10,330

Contran

Corp.,

CVR

(b)

................

97

3

Seelos

Therapeutics,

Inc.,

CVR

(d)

........

43

23

10,358

Total

Rights

—

0.0%

(Cost:

$14,271)

................................

37,563

Security

Shares

Shares

Value

Warrants

Biotechnology

—

0.0%

Salarius

Pharmaceuticals,

Inc.

(Issued/

Exercisable

07/02/21,

1

Share

for

1

Warrant,

Expires

01/20/25,

Strike

Price

USD

15.17)

(a)

(b)

...........................

19,965

$

—

Total

Warrants

—

0.0%

(Cost:

$—)

....................................

—

Total

Long-Term

Investments

—

99.7%

(Cost:

$35,311,082,574)

...........................

43,428,712,578

Short-Term

Securities

Money

Market

Funds

—

2.7%

(e)(g)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.54%

(h)

............

877,707,647

878,058,730

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

5.31%

..................

274,898,510

274,898,510

Total

Short-Term

Securities

—

2.7%

(Cost:

$1,152,325,630)

...........................

1,152,957,240

Total

Investments

—

102.4%

(Cost:

$36,463,408,204

)

...........................

44,581,669,818

Liabilities

in

Excess

of

Other

Assets

—

(2.4)%

............

(1,040,037,142)

Net

Assets

—

100.0%

..............................

$

43,541,632,676

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(d)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(e)

Affiliate

of

the

Fund.

(f)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$69,170,

representing

less

than

0.05%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$526,996.

(g)

Annualized

7-day

yield

as

of

period

end.

(h)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

39

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

September

30,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

Affiliated

Issuer

Value

at

03/31/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/23

Shares

Held

at

09/30/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

1,047,232,697

$

—

$

(169,253,620)

(a)

$

41,073

$

38,580

$

878,058,730

877,707,647

$

5,454,395

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

84,512,098

190,386,412

(a)

—

—

—

274,898,510

274,898,510

2,169,078

—

BlackRock,

Inc.

............

101,971,881

2,737,935

(7,628,997)

(1,693,266)

(1,382,735)

94,004,818

145,408

1,539,965

—

$

(1,652,193)

$

(1,344,155)

$

1,246,962,058

$

9,163,438

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

S&P

500

E-Mini

Index

.......................................................

440

12/15/23

$

95,161

$

(3,331,804)

S&P

Midcap

400

E-Mini

Index

.................................................

36

12/15/23

9,073

(254,001)

$

(3,585,805)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

3,585,805

$

—

$

—

$

—

$

3,585,805

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

September

30,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

12,393,744

$

—

$

—

$

—

$

12,393,744

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

(9,376,149)

$

—

$

—

$

—

$

(9,376,149)

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

40

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

109,970,155

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

43,428,605,189

$

69,824

$

2

$

43,428,675,015

Rights

................................................

—

1,642

35,921

37,563

Warrants

..............................................

—

—

—

—

Short-Term

Securities

Money

Market

Funds

......................................

1,152,957,240

—

—

1,152,957,240

$

44,581,562,429

$

71,466

$

35,923

$

44,581,669,818

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

...........................................

$

(3,585,805)

$

—

$

—

$

(3,585,805)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Statements

of

Assets

and

Liabilities

(unaudited)

September

30,

2023

41

Financial

Statements

See

notes

to

financial

statements.

iShares

Core

S&P

500

ETF

iShares

Core

S&P

Total

U.S.

Stock

Market

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

........................................................................

$

339,007,507,897‌

$

43,334,707,760‌

Investments,

at

value

—

affiliated

(c)

...........................................................................

5,541,006,631‌

1,246,962,058‌

Cash  

..............................................................................................

—‌

4,811,652‌

Cash

pledged:

Futures

contracts

.....................................................................................

41,617,000‌

5,117,790‌

Receivables:

–‌

–‌

Securities

lending

income

—

affiliated

.......................................................................

386,669‌

510,409‌

Capital

shares

sold

....................................................................................

2,635,080‌

1,386,524‌

Dividends

—

unaffiliated

................................................................................

227,105,263‌

30,214,582‌

Dividends

—

affiliated

..................................................................................

3,386,928‌

418,741‌

Total

assets

..........................................................................................

344,823,645,468‌

44,624,129,516‌

LIABILITIES

Bank

overdraft

.........................................................................................

82,424‌

—‌

Collateral

on

securities

loaned

..............................................................................

2,584,445,285‌

877,832,822‌

Payables:

–‌

–‌

Income

dividend

distributions

.............................................................................

1,543,082,455‌

203,398,859‌

Investment

advisory

fees

................................................................................

8,570,944‌

1,100,358‌

Variation

margin

on

futures

contracts

........................................................................

2,245,648‌

164,801‌

Total

liabilities

.........................................................................................

4,138,426,756‌

1,082,496,840‌

Commitments

and

contingent

liabilities

—‌

—‌

NET

ASSETS

.........................................................................................

$

340,685,218,712‌

$

43,541,632,676‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.........................................................................................

$

321,888,707,483‌

$

36,466,641,708‌

Accumulated

earnings

...................................................................................

18,796,511,229‌

7,074,990,968‌

NET

ASSETS

.........................................................................................

$

340,685,218,712‌

$

43,541,632,676‌

NET

ASSET

VALUE

Shares

outstanding

.....................................................................................

793,800,000‌

462,200,000‌

Net

asset

value

........................................................................................

$

429.18‌

$

94.21‌

Shares

authorized

......................................................................................

Unlimited

Unlimited

Par

value

............................................................................................

None

None

(a)

  Investments,

at

cost

—

unaffiliated

.........................................................................

$

321,363,856,985‌

$

35,229,445,846‌

(b)

  Securities

loaned,

at

value

...............................................................................

$

2,529,862,169‌

$

852,693,583‌

(c)

  Investments,

at

cost

—

affiliated

...........................................................................

$

5,583,397,160‌

$

1,233,962,358‌

Statements

of

Operations

(unaudited)

Six

Months

Ended

September

30,

2023

2023

iShares

Semi-Annual

Report

to

Shareholders

42

See

notes

to

financial

statements.

iShares

Core

S&P

500

ETF

iShares

Core

S&P

Total

U.S.

Stock

Market

ETF

INVESTMENT

INCOME

–

–

Dividends

—

unaffiliated

................................................................................

$

2,601,558,931‌

$

336,407,133‌

Dividends

—

affiliated

..................................................................................

29,249,591‌

3,709,043‌

Interest

—

unaffiliated

..................................................................................

1,116,599‌

160,952‌

Securities

lending

income

—

affiliated

—

net

..................................................................

3,135,662‌

5,454,395‌

Foreign

taxes

withheld

.................................................................................

(722,222‌)

(102,394‌)

Total

investment

income

..................................................................................

2,634,338,561‌

345,629,129‌

EXPENSES

Investment

advisory

...................................................................................

49,511,984‌

6,537,940‌

Total

expenses

........................................................................................

49,511,984‌

6,537,940‌

Net

investment

income

...................................................................................

2,584,826,577‌

339,091,189‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

12,383,741,917‌

$

1,652,722,863‌

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

............................................................................

(837,927,693‌)

(318,717,390‌)

Investments

—

affiliated

..............................................................................

(20,317,219‌)

(1,884,002‌)

Foreign

currency

transactions

..........................................................................

65,787‌

7,114‌

Futures

contracts

...................................................................................

95,737,447‌

12,393,744‌

In-kind

redemptions

—

unaffiliated

(a)

......................................................................

10,709,964,061‌

115,735,260‌

In-kind

redemptions

—

affiliated

(a)

........................................................................

21,435,530‌

231,809‌

9,968,957,913‌

(192,233,465‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

............................................................................

2,517,504,026‌

1,855,676,632‌

Investments

—

affiliated

..............................................................................

(32,141,005‌)

(1,344,155‌)

Futures

contracts

...................................................................................

(70,579,018‌)

(9,376,149‌)

2,414,784,003‌

1,844,956,328‌

Net

realized

and

unrealized

gain

............................................................................

12,383,741,916‌

1,652,722,863‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

...................................................

$

14,968,568,493‌

$

1,991,814,052‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

Statements

of

Changes

in

Net

Assets

43

Financial

Statements

See

notes

to

financial

statements.

iShares

Core

S&P

500

ETF

iShares

Core

S&P

Total

U.S.

Stock

Market

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

2,584,826,577‌

$

4,950,343,117‌

$

339,091,189‌

$

662,684,610‌

Net

realized

gain

(loss)

............................................

9,968,957,913‌

19,401,982,816‌

(192,233,465‌)

2,688,837,892‌

Net

change

in

unrealized

appreciation

(depreciation)

........................

2,414,784,003‌

(49,592,599,433‌)

1,844,956,328‌

(7,151,239,861‌)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...................

14,968,568,493‌

(25,240,273,500‌)

1,991,814,052‌

(3,799,717,359‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(2,533,021,159‌)

(4,916,354,006‌)

(332,874,020‌)

(664,521,474‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

.................

22,594,125,891‌

2,846,350,227‌

689,223,073‌

915,103,627‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...................................

35,029,673,225‌

(27,310,277,279‌)

2,348,163,105‌

(3,549,135,206‌)

Beginning

of

period

................................................

305,655,545,487‌

332,965,822,766‌

41,193,469,571‌

44,742,604,777‌

End

of

period

....................................................

$

340,685,218,712‌

$

305,655,545,487‌

$

43,541,632,676‌

$

41,193,469,571‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2023

iShares

Semi-Annual

Report

to

Shareholders

44

iShares

Core

S&P

500

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

period

................

$

411.24

‌

$

453.38

‌

$

397.36

‌

$

258.44

‌

$

284.57

‌

$

265.21

‌

Net

investment

income

(a)

........................

3.40

‌

6.66

‌

5.98

‌

5.60

‌

5.90

‌

5.38

‌

Net

realized

and

unrealized

gain

(loss)

(b)

..............

17.87

‌

(42.24

)

55.94

‌

139.01

‌

(25.20

)

19.43

‌

Net

increase

(decrease)

from

investment

operations

.......

21.27

‌

(35.58

)

61.92

‌

144.61

‌

(19.30

)

24.81

‌

Distributions

from

net

investment

income

(c)

..............

(3.33

)

(6.56

)

(5.90

)

(5.69

)

(6.83

)

(5.45

)

Net

asset

value,

end

of

period

.....................

$

429.18

‌

$

411.24

‌

$

453.38

‌

$

397.36

‌

$

258.44

‌

$

284.57

‌

Total

Return

(d)

—

—

—

—

—

—

Based

on

net

asset

value

.........................

5.18

%

(e)

(7.76

)%

15.61

%

56.31

%

(7.01

)%

9.46

%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

................................

0.03

%

(g)

0.03

%

0.03

%

0.03

%

0.04

%

0.04

%

Net

investment

income

...........................

1.57

%

(g)

1.67

%

1.35

%

1.64

%

1.96

%

1.95

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

340,685,219

‌

$

305,655,545

‌

$

332,965,823

‌

$

261,940,015

‌

$

162,018,956

‌

$

169,347,166

‌

Portfolio

turnover

rate

(h)

...........................

2

%

3

%

3

%

5

%

4

%

5

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

45

Financial

Highlights

iShares

Core

S&P

Total

U.S.

Stock

Market

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

period

................

$

90.56

‌

$

100.92

‌

$

91.51

‌

$

57.19

‌

$

64.40

‌

$

60.42

‌

Net

investment

income

(a)

........................

0.75

‌

1.43

‌

1.29

‌

1.20

‌

1.27

‌

1.19

‌

Net

realized

and

unrealized

gain

(loss)

(b)

..............

3.63

‌

(10.35

)

9.41

‌

34.37

‌

(7.09

)

4.00

‌

Net

increase

(decrease)

from

investment

operations

.......

4.38

‌

(8.92

)

10.70

‌

35.57

‌

(5.82

)

5.19

‌

Distributions

from

net

investment

income

(c)

..............

(0.73

)

(1.44

)

(1.29

)

(1.25

)

(1.39

)

(1.21

)

Net

asset

value,

end

of

period

.....................

$

94.21

‌

$

90.56

‌

$

100.92

‌

$

91.51

‌

$

57.19

‌

$

64.40

‌

Total

Return

(d)

—

—

—

—

—

—

Based

on

net

asset

value

.........................

4.84

%

(e)

(8.76

)%

11.70

%

62.58

%

(9.28

)%

8.68

%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

................................

0.03

%

(g)

0.03

%

0.03

%

0.03

%

0.03

%

0.03

%

Net

investment

income

...........................

1.56

%

(g)

1.62

%

1.29

%

1.54

%

1.88

%

1.90

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

43,541,633

‌

$

41,193,470

‌

$

44,742,605

‌

$

36,065,476

‌

$

21,439,033

‌

$

18,750,686

‌

Portfolio

turnover

rate

(h)

...........................

2

%

4

%

4

%

5

%

4

%

6

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

(unaudited)

2023

iShares

Semi-Annual

Report

to

Shareholders

46

1.

ORGANIZATION

iShares

Trust

(the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Delaware

statutory

trust

and

is

authorized

to

have

multiple

series

or

portfolios. 

These

financial

statements

relate

only

to

the

following

funds

(each,

a

“Fund”

and

collectively,

the

“Funds”):

2.

Significant

Accounting

Policies

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. Each

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies:

Investment Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

date

may

have

passed

are

subsequently

recorded

when

the

Funds

are

informed

of

the

ex-dividend

date.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest.

Upon

notification

from

issuers

or

as

estimated

by

management,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain. Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

is

recognized

daily

on

an

accrual

basis.

Foreign

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

September

30,

2023

,

if

any,

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

The

Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

include

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes. 

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments.

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Funds.

Because

such

gains

or

losses

are

not

taxable

to

the

Funds

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

Funds’

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

(“NAV”)

per

share.

Distributions:

Dividends

and

distributions

paid

by

each

Fund

are

recorded

on

the

ex-dividend

dates.

Distributions

are

determined

on

a

tax

basis

and

may

differ

from

net

investment

income

and

net

realized

capital

gains

for

financial

reporting

purposes.

Dividends

and

distributions

are

paid

in

U.S.

dollars

and

cannot

be

automatically

reinvested

in

additional

shares

of

the

Funds.

Indemnifications:

In

the

normal

course

of

business,

each

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Funds,

which

cannot

be

predicted

with

any

certainty.

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

iShares

ETF

Diversification

Classification

Core

S&P

500

.......................................................................................................

Diversified

Core

S&P

Total

U.S.

Stock

Market

.........................................................................................

Diversified

Notes

to

Financial

Statements

(unaudited)

(continued)

47

Notes

to

Financial

Statements

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.

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”).

Each

business

day,

the

Funds

use

current

market

factors

supplied

by

independent

pricing

services

to

value

certain

foreign

instruments

(“Systematic

Fair

Value

Price”).

The

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

follows

the

close

of

the

local

markets.

If

events

(e.g.,

market

volatility,

company

announcement

or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that

application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the Valuation

Committee,

in

accordance

with

BFA’s

policies

and

procedures as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the Valuation

Committee

seeks

to

determine

the

price

that each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

Fair

value

pricing

could

result

in

a

difference

between

the

prices

used

to

calculate

a

fund’s

NAV

and

the

prices

used

by

the

fund’s

underlying

index,

which

in

turn

could

result

in

a

difference

between

the

fund’s

performance

and

the

performance

of

the

fund’s

underlying

index.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

–

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that each

Fund

has

the

ability

to

access;

Level

2

–

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market-corroborated

inputs);

and

Level

3

–

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

(including

the Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

Securities

and

Other

Investments

Warrants:

Warrants

entitle

a

fund

to

purchase

a

specified

number

of

shares

of

common

stock

and

are

non-income

producing.

The

purchase

price

and

number

of

shares

are

subject

to

adjustment

under

certain

conditions

until

the

expiration

date

of

the

warrants,

if

any.

If

the

price

of

the

underlying

stock

does

not

rise

above

the

strike

price

before

the

warrant

expires,

the

warrant

generally

expires

without

any

value

and

a

fund

will

lose

any

amount

it

paid

for

the

warrant.

Thus,

investments

in

warrants

may

involve

more

risk

than

investments

in

common

stock.

Warrants

may

trade

in

the

same

markets

as

their

underlying

stock;

however,

the

price

of

the

warrant

does

not

necessarily

move

with

the

price

of

the

underlying

stock.

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.

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

iShares

Semi-Annual

Report

to

Shareholders

48

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

Core

S&P

500

Barclays

Bank

PLC

.....................................

$

196,113,921‌

$

(196,113,921‌)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

5,727,902‌

(5,727,902‌)

–‌

–‌

BNP

Paribas

SA

.......................................

113,600,530‌

(113,600,530‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

155,510,632‌

(155,510,632‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

23,284,255‌

(23,284,255‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

143,758,901‌

(143,758,901‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

137,036,362‌

(137,036,362‌)

–‌

–‌

HSBC

Bank

PLC

......................................

30,065,386‌

(30,065,386‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

173,841,624‌

(173,841,624‌)

–‌

–‌

Jefferies

LLC

.........................................

7,647,022‌

(7,647,022‌)

–‌

–‌

Morgan

Stanley

.......................................

205,795,554‌

(205,795,554‌)

–‌

–‌

National

Financial

Services

LLC

............................

91,652‌

(91,652‌)

–‌

–‌

Natixis

SA

...........................................

19,021,477‌

(19,021,477‌)

–‌

–‌

Nomura

Securities

International,

Inc.

.........................

15,378‌

(15,378‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

210,713,516‌

(210,713,516‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

151,116,133‌

(151,116,133‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

17,188,571‌

(17,188,571‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

328,048,915‌

(328,048,915‌)

–‌

–‌

UBS

AG

............................................

255,878,896‌

(255,878,896‌)

–‌

–‌

UBS

Securities

LLC

....................................

4,667,903‌

(4,667,903‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

32,992,678‌

(32,992,678‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

316,649,201‌

(316,649,201‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

1,095,760‌

(1,095,760‌)

–‌

–‌

$

2,529,862,169‌

$

(2,529,862,169‌)

$

–‌

$

–‌

Core

S&P

Total

U.S.

Stock

Market

Barclays

Bank

PLC

.....................................

$

51,419,626‌

$

(51,419,626‌)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

5,231,758‌

(5,231,758‌)

–‌

–‌

BMO

Capital

Markets

Corp.

...............................

548,392‌

(548,392‌)

–‌

–‌

BNP

Paribas

SA

.......................................

79,416,110‌

(79,416,110‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

48,765,064‌

(48,765,064‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

2,928,388‌

(2,928,388‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

93,996,247‌

(93,996,247‌)

–‌

–‌

Credit

Suisse

Securities

(USA)

LLC

..........................

1,066,717‌

(1,066,717‌)

–‌

–‌

Deutsche

Bank

Securities,

Inc.

.............................

3,147‌

–‌

–‌

3,147‌

Goldman

Sachs

&

Co.

LLC

...............................

81,543,676‌

(81,543,676‌)

–‌

–‌

HSBC

Bank

PLC

......................................

8,828,938‌

(8,828,938‌)

–‌

–‌

ING

Financial

Markets

LLC

...............................

156,967‌

(156,967‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

98,018,435‌

(98,018,435‌)

–‌

–‌

Jefferies

LLC

.........................................

5,816,191‌

(5,816,191‌)

–‌

–‌

Mizuho

Securities

USA

LLC

...............................

486,137‌

(486,137‌)

–‌

–‌

Morgan

Stanley

.......................................

101,200,885‌

(101,200,885‌)

–‌

–‌

National

Financial

Services

LLC

............................

16,222,859‌

(16,222,859‌)

–‌

–‌

Natixis

SA

...........................................

8,711,237‌

(8,711,237‌)

–‌

–‌

Nomura

Securities

International,

Inc.

.........................

395,522‌

(395,522‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

32,514,798‌

(32,514,798‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

99,328,830‌

(99,328,830‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

4,383,296‌

(4,383,296‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

3,262,524‌

(3,262,524‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

27,725,461‌

(27,725,461‌)

–‌

–‌

UBS

AG

............................................

54,083,100‌

(54,083,100‌)

–‌

–‌

UBS

Securities

LLC

....................................

1,403,207‌

(1,403,207‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

4,777,460‌

(4,777,460‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

16,722,296‌

(16,722,296‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

3,736,315‌

(3,736,315‌)

–‌

–‌

$

852,693,583‌

$

(852,690,436‌)

$

–‌

$

3,147‌

Notes

to

Financial

Statements

(unaudited)

(continued)

49

Notes

to

Financial

Statements

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

each

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BlackRock,

Inc.

(“BlackRock”).

BlackRock’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent

the

collateral

received

does

not

cover

the

value

of

the

securities

loaned

in

the

event

of

borrower

default.

Each

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

the

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

by

each

Fund.

5.

Derivative

Financial

Instruments

Futures

Contracts:

 Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded

agreements

between

the

Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any,

are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

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,

(a)

Collateral

received,

if

any,

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

each

Fund

is

disclosed

in

the

Fund’s

Statements

of

Assets

and

Liabilities.

iShares

ETF

Investment

Advisory

Fees

Core

S&P

500

....................................................................................................

0.03‌

%

Core

S&P

Total

U.S.

Stock

Market

......................................................................................

0.03‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

iShares

Semi-Annual

Report

to

Shareholders

50

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

September

30,

2023,

the

Funds

paid

BTC

the

following

amounts

for

securities

lending

agent

services:

Officers

and

Trustees:

Certain

officers

and/or 

trustees

of

the 

Trust

are

officers

and/or 

trustees

of

BlackRock

or

its

affiliates.

Other

Transactions:

Cross

trading

is

the

buying

or

selling

of

portfolio

securities

between

funds

to

which

BFA

(or

an

affiliate)

serves

as

investment

adviser.

At

its

regularly

scheduled

quarterly

meetings,

the

Board

reviews

such

transactions

as

of

the

most

recent

calendar

quarter

for

compliance

with

the

requirements

and

restrictions

set

forth

by

Rule

17a-7.

For

the six

months ended September

30,

2023,

transactions

executed

by

the

Funds

pursuant

to

Rule

17a-7

under

the

1940

Act

were

as

follows:

Each

Fund

may

invest

its

positive

cash

balances

in

certain

money

market

funds

managed

by

BFA

or

an

affiliate.

The

income

earned

on

these

temporary

cash

investments

is

shown

as

dividends

–

affiliated

in

the

Statements

of

Operations.

A

fund,

in

order

to

improve

its

portfolio

liquidity

and

its

ability

to

track

its

underlying

index,

may

invest

in

shares

of

other

iShares

funds

that

invest

in

securities

in

the

fund’s

underlying

index.

7.

Purchases

and

Sales

For

the six

months ended

September

30,

2023,

purchases

and

sales

of

investments,

excluding

short-term securities

and

in-kind

transactions,

were

as

follows:

For

the six

months ended

September

30,

2023,

in-kind

transactions

were

as

follows:

8.

Income

Tax

Information

Each

Fund

is

treated

as

an

entity

separate

from

the

Trust’s other

funds

for

federal

income

tax

purposes.

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the

Funds

as

of

September

30,

2023,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

financial

statements.

As

of

March

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

Amounts

Core

S&P

500

...........................................................................................................

$

1,214,901‌

Core

S&P

Total

U.S.

Stock

Market

.............................................................................................

1,474,471‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

Core

S&P

500

........................................................................

$

1,787,742,224‌

$

626,486,056‌

$

(275,673,487‌)

Core

S&P

Total

U.S.

Stock

Market

..........................................................

127,179,717‌

96,127,018‌

(64,105,305‌)

iShares

ETF

Purchases

Sales

Core

S&P

500

........................................................................................

$

5,654,619,824‌

$

5,541,083,290‌

Core

S&P

Total

U.S.

Stock

Market

..........................................................................

948,947,778‌

923,562,732‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

Core

S&P

500

........................................................................................

$

52,132,313,459‌

$

29,601,185,143‌

Core

S&P

Total

U.S.

Stock

Market

..........................................................................

928,107,846‌

243,205,811‌

iShares

ETF

Non-Expiring

Capital

Loss

Carryforwards

Core

S&P

500

.......................................................................................................

$

7,049,586,471‌

Core

S&P

Total

U.S.

Stock

Market

.........................................................................................

662,909,533‌

Notes

to

Financial

Statements

(unaudited)

(continued)

51

Notes

to

Financial

Statements

As

of

September

30,

2023,

gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows:

9.

Principal

Risks

In

the

normal

course

of

business,

each

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including,

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and

their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject.

BFA

uses

a

“passive”

or

index

approach

to

try

to

achieve

each

Fund’s

investment

objective

following

the

securities

included

in

its

underlying

index

during

upturns

as

well

as

downturns.

BFA

does

not

take

steps

to

reduce

market

exposure

or

to

lessen

the

effects

of

a

declining

market.

Divergence

from

the

underlying

index

and

the

composition

of

the

portfolio

is

monitored

by

BFA.

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Infectious

Illness

Risk:

An

outbreak

of

an

infectious

illness,

such

as

the

COVID-19

pandemic,

may

adversely

impact

the

economies

of

many

nations

and

the

global

economy,

and

may

impact

individual

issuers

and

capital

markets

in

ways

that

cannot

be

foreseen.

An

infectious

illness

outbreak

may

result

in,

among

other

things,

closed

international

borders,

prolonged

quarantines,

supply

chain

disruptions,

market

volatility

or

disruptions

and

other

significant

economic,

social

and

political

impacts.

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)

Core

S&P

500

...................................................

$

328,689,204,415‌

$

41,934,163,939‌

$

(26,104,373,710‌)

$

15,829,790,229‌

Core

S&P

Total

U.S.

Stock

Market

......................................

36,655,607,979‌

11,057,596,447‌

(3,135,120,413‌)

7,922,476,034‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

iShares

Semi-Annual

Report

to

Shareholders

52

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

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

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

From

time

to

time,

settlement

of

securities

related

to

in-kind

contributions

or

in-kind

redemptions

may

be

delayed.

In

such

cases,

securities

related

to

in-kind

transactions

are

reflected

as

a

receivable

or

a

payable

in

the

Statements

of

Assets

and

Liabilities.

11.

Subsequent

Events

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

available

to

be

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Six

Months

Ended

09/30/23

Year

Ended

03/31/23

iShares

ETF

Shares

Amount

Shares

Amount

Core

S&P

500

Shares

sold

118,650,000‌

$

52,287,217,488‌

165,050,000‌

$

66,040,882,304‌

Shares

redeemed

(68,100,000‌)

(29,693,091,597‌)

(156,200,000‌)

(63,194,532,077‌)

50,550,000‌

$

22,594,125,891‌

8,850,000‌

$

2,846,350,227‌

Core

S&P

Total

U.S.

Stock

Market

Shares

sold

9,850,000‌

$

933,947,288‌

96,250,000‌

$

8,153,486,233‌

Shares

redeemed

(2,550,000‌)

(244,724,215‌)

(84,700,000‌)

(7,238,382,606‌)

7,300,000‌

$

689,223,073‌

11,550,000‌

$

915,103,627‌

Board

Review

and

Approval

of

Investment

Advisory

Contract

53

Board

Review

and

Approval

of

Investment

Advisory

Contract

iShares

Core

S&P

500

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust's

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

the

approval

of

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

legal

and

compliance

services;

and

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

on

May

2,

2023

and

May

15,

2023,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel,

and

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

7-8,

2023,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

material

factors,

none

of

which

was

controlling,

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“

Broadridge

”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

other

fund(s)

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2022,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

factors

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

to

the

iShares

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund,

including

related

programs

implemented

pursuant

to

regulatory

requirements.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies

provided

at

the

May

2,

2023

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

2023

iShares

Semi-Annual

Report

to

Shareholders

54

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability

(as

discussed

above),

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

relatively

low

fee

rates

established

at

inception,

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business

and

the

provision

of

improved

or

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund

increase.

However,

the

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

noted

that

BFA

and

its

affiliates

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

as

applicable

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

further

considered

other

direct

benefits

that

might

accrue

to

BFA,

including

the

potential

for

reduction

in

the

Fund’s

expenses

that

are

borne

by

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

in

part

to

the

size

and

scope

of

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

in

the

iShares

complex)

as

well

as

in

response

to

a

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

by

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

by

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

and

paid

for

by

authorized

participants

under

the

ETF

Servicing

Platform.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

iShares

Core

S&P

Total

U.S.

Stock

Market

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust's

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

the

approval

of

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

legal

and

compliance

services;

and

ability

to

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

55

Board

Review

and

Approval

of

Investment

Advisory

Contract

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

on

May

2,

2023

and

May

15,

2023,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel,

and

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

7-8,

2023,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

material

factors,

none

of

which

was

controlling,

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“

Broadridge

”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

other

fund(s)

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2022,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

factors

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

to

the

iShares

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund,

including

related

programs

implemented

pursuant

to

regulatory

requirements.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies

provided

at

the

May

2,

2023

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

2023

iShares

Semi-Annual

Report

to

Shareholders

56

Economies

of

Scale:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability

(as

discussed

above),

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

relatively

low

fee

rates

established

at

inception,

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business

and

the

provision

of

improved

or

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund

increase.

However,

the

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

noted

that

BFA

and

its

affiliates

do

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

as

applicable

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

further

considered

other

direct

benefits

that

might

accrue

to

BFA,

including

the

potential

for

reduction

in

the

Fund’s

expenses

that

are

borne

by

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

in

part

to

the

size

and

scope

of

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

in

the

iShares

complex)

as

well

as

in

response

to

a

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

by

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

by

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

and

paid

for

by

authorized

participants

under

the

ETF

Servicing

Platform.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

In

dependent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Supplemental

Information

(unaudited)

57

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.

September

30,

2023

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

Core

S&P

500

........................

$

3.325541‌

$

—‌

$

—‌

$

3.325541‌

100‌%

—‌%

—‌%

100‌%

General

Information

2023

iShares

Semi-Annual

Report

to

Shareholders

58

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

enrol

led,

you

will

no

longer

receive

prospectuses

and

shareholder

reports

in

the

mail.

To

enroll

in

electronic

delivery:

•  

Go

to

icsdelivery.com

.

• 

 If

your

brokerage

firm

is

not

listed,

electronic

delivery

may

not

be

available.

Please

contact

your

broker-dealer

or

financial

advisor.

Householding

Householding

is

an

option

available

to

certain

fund

investors.

Householding

is

a

method

of

delivery,

based

on

the

preference

of

the

individual

investor,

in

which

a

single

copy

of

certain

shareholder

documents

and

Rule

30e-3

notices

can

be

delivered

to

investors

who

share

the

same

address,

even

if

their

accounts

are

registered

under

different

names.

Please

contact

your

broker-dealer

if

you

are

interested

in

enrolling

in

householding

and

receiving

a

single

copy

of

prospectuses

and

other

shareholder

documents,

or

if

you

are

currently

enrolled

in

householding

and

wish

to

change

your

householding

status.

Availability

of

Quarterly

Schedule

of

Investments

The

Funds

file

their

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

their

reports

on

Form

N-PORT.

The

Funds’

Forms

N-PORT

are

available

on

the

SEC’s

website

at

sec.gov

.

Additionally,

each

Fund

makes

its

portfolio

holdings

for

the

first

and

third

quarters

of

each

fiscal

year

available

at

iShares.com/fundreports

.

Availability

of

Proxy

Voting

Policies

and

Proxy

Voting

Records

A

description

of

the

policies

and

procedures

that

the

iShares

Funds

use

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and

information

about

how

the

iShares

Funds

voted

proxies

relating

to

portfolio

securities

during

the

most

recent

twelve-month

period

ending

June

30

is

available

without

charge,

upon

request

(1)

by

calling

toll-free

1-800-474-2737;

(2)

on

the

iShares

website

at

iShares.com

;

and

(3)

on

the

SEC

website

at

sec.gov

.

A

description

of

the

Trust’s policies

and

procedures

with

respect

to

the

disclosure

of each

Fund’s

portfolio

securities

is

available

in

the

Fund

Prospectus. Each

Fund

discloses

its

portfolio

holdings

daily

and

provides

information

regarding

its

top

holdings

in

Fund

fact

sheets

at

iShares.com

.

Glossary

of

Terms

Used

in

this

Report

59

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviation

USD

United

States

Dollar

Portfolio

Abbreviation

CVR

Contingent

Value

Rights

MSCI

Morgan

Stanley

Capital

International

NVS

Non-Voting

Shares

REIT

Real

Estate

Investment

Trust

iS-SAR-319-0923

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 S&P

Dow

Jones

Indices

LLC,

nor

does

this

company

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

company

listed

above.

©2023

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

of

BlackRock,

Inc.

or

its

subsidiaries.

All

other

marks

are

the

property

of

their

respective

owners.

SEPTEMBER

30,

2023

2023

Semi-Annual

Report

(Unaudited)

iShares

Trust

iShares

Russell

2000

ETF

|

IWM

|

NYSE

Arca

iShares

Russell

2000

Growth

ETF

|

IWO

|

NYSE

Arca

iShares

Russell

2000

Value

ETF

|

IWN

|

NYSE

Arca

Dear

Shareholder,

The

combination

of

continued

economic

growth

and

moderating

inflation

provided

a

supportive

backdrop

for

investors

during

the

12-month

reporting

period

ended

September

30,

2023.

Significantly

tighter

monetary

policy

helped

to

rein

in

inflation

while

the

economy

proved

more

resilient

than

many

investors

anticipated.

A

moderating

labor

market

also

helped

ease

inflationary

pressure,

although

wages

continued

to

grow

and

unemployment

rates

touched

the

lowest

levels

in

decades.

This

robust

labor

market

powered

further

growth

in

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

substantial,

as

the

durability

of

consumer

sentiment

and

spending

mitigated

investors’

concerns

about

the

economy’s

trajectory.

The

U.S.

economy

resumed

growth

in

the

third

quarter

of

2022

and

continued

to

expand

thereafter.

All

major

classes

of

equities

rose,

although

large-capitalization

U.S.

stocks

posted

significantly

higher

returns

than

small-capitalization

U.S.

stocks

due

primarily

to

the

performance

of

large

technology

companies.

International

developed

market

equities

also

advanced

strongly,

and

emerging

market

equities

posted

solid

gains.

The

10-year

U.S.

Treasury

yield

rose

during

the

reporting

period,

driving

its

price

down,

as

investors

reacted

to

elevated

inflation

and

attempted

to

anticipate

future

interest

rate

changes.

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

six

times

during

the

12-month

period.

Furthermore,

the

Fed

wound

down

its

bond-buying

programs

and

incrementally

reduced

its

balance

sheet

by

not

replacing

securities

that

reach

maturity.

However,

the

Fed

declined

to

raise

interest

rates

at

two

of

its

meetings

late

in

the

period.

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

decelerated

the

pace

of

interest

rate

hikes

and

recently

opted

for

two

pauses,

we

believe

that

the

new

economic

regime

means

that

the

Fed

will

need

to

maintain

high

rates

for

an

extended

period

to

keep

inflation

under

control.

Furthermore,

ongoing

structural

changes

may

mean

that

the

Fed

will

be

hesitant

to

cut

interest

rates

in

the

event

of

faltering

economic

activity

lest

inflation

accelerate

again.

We

believe

investors

should

expect

a

period

of

higher

volatility

as

markets

adjust

to

the

new

economic

reality

and

policymakers

attempt

to

adapt.

While

we

favor

an

overweight

position

in

developed

market

equities

in

the

long

term,

we

prefer

an

underweight

stance

in

the

near

term.

Expectations

for

corporate

earnings

remain

elevated,

which

seems

inconsistent

with

macroeconomic

constraints.

Nevertheless,

we

are

overweight

on

Japanese

stocks

in

the

near

term

as

shareholder-friendly

policies

generate

increased

investor

interest.

We

also

believe

that

stocks

with

an

AI

tilt

should

benefit

from

an

investment

cycle

that

is

set

to

support

revenues

and

margins.

In

credit,

there

are

selective

opportunities

in

the

near

term

despite

tightening

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,

U.S.

inflation-linked

bonds,

euro

area

government

bonds

and

gilts,

U.S.

mortgage-backed

securities,

and

hard-

currency

emerging

market

bonds.

Overall,

our

view

is

that

investors

need

to

think

globally,

position

themselves

to

be

prepared

for

a

decarbonizing

economy,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

iShares.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock,

Inc.

The

Markets

in

Review

Rob

Kapito

President,

BlackRock,

Inc.

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Total

Returns

as

of

September

30,

2023

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

5.18

%

21.62

%

U.S.

small

cap

equities

(Russell

2000

®

Index)

(0.19

)

8.93

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

(1.28

)

25.65

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

(2.05

)

11.70

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

2.50

4.47

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(6.98

)

(2.90

)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

(4.05

)

0.64

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

(4.05

)

2.66

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

2.22

10.28

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

...................................................................................................

2

Semi-Annual

Report:

Fund

Summary

........................................................................................................

4

About

Fund

Performance

..................................................................................................

7

Disclosure

of Expenses

...................................................................................................

7

Schedules

of

Investments

.................................................................................................

8

Financial

Statements:

Statements

of

Assets

and

Liabilities

.........................................................................................

55

Statements

of

Operations

................................................................................................

56

Statements

of

Changes

in

Net

Assets

........................................................................................

57

Financial

Highlights

.....................................................................................................

59

Notes

to

Financial

Statements

...............................................................................................

62

Board

Review

and

Approval

of

Investment

Advisory

Contract

............................................................................

70

Supplemental

Information

.................................................................................................

76

General

Information

.....................................................................................................

77

Glossary

of

Terms

Used

in

this

Report

..........................................................................................

78

Fund

Summary

as

of

September

30,

2023

2023

iShares

Semi-Annual

Report

To

Shareholders

4

iShares

®

Russell

2000

ETF

Investment

Objective

The 

iShares

Russell

2000

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

small-capitalization

U.S.

equities,

as

represented

by

the

Russell

2000

®

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(0.31‌)%

8.79‌%

2.30‌%

6.61‌%

8.79‌%

12.03‌%

89.74‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(0.19‌)

8.86‌

2.29‌

6.61‌

8.86‌

11.99‌

89.60‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(0.19‌)

8.93‌

2.40‌

6.65‌

8.93‌

12.56‌

90.30‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

996.90‌

$

0.95‌

$

1,000.00‌

$

1,024.05‌

$

0.96‌

0.19‌%

(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.

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Industrials

......................................

17.3‌

%

Financials

......................................

15.9‌

Health

Care

....................................

14.9‌

Information

Technology

.............................

13.3‌

Consumer

Discretionary

............................

10.6‌

Energy

........................................

8.5‌

Real

Estate

.....................................

6.1‌

Materials

......................................

4.6‌

Consumer

Staples

................................

3.6‌

Utilities

........................................

2.8‌

Communication

Services

............................

2.4‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Super

Micro

Computer,

Inc.

...........................

0.6‌

%

Chart

Industries,

Inc.

...............................

0.3‌

ChampionX

Corp.

.................................

0.3‌

Chord

Energy

Corp.

................................

0.3‌

Murphy

Oil

Corp.

..................................

0.3‌

Matador

Resources

Co.

.............................

0.3‌

Light

&

Wonder,

Inc.,

Class

A

..........................

0.3‌

Weatherford

International

plc

..........................

0.3‌

Simpson

Manufacturing

Co.,

Inc.

.......................

0.3‌

SPS

Commerce,

Inc.

...............................

0.3‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

September

30,

2023

5

Fund

Summary

iShares

®

Russell

2000

Growth

ETF

Investment

Objective

The 

iShares

Russell

2000

Growth

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

small-capitalization

U.S.

equities

that

exhibit

growth

characteristics, as

represented

by

the

Russell

2000

®

Growth

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(0.86‌)%

9.51‌%

1.50‌%

6.74‌%

9.51‌%

7.71‌%

92.04‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(0.83‌)

9.36‌

1.48‌

6.73‌

9.36‌

7.60‌

91.80‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(0.78‌)

9.59‌

1.55‌

6.72‌

9.59‌

8.01‌

91.56‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

991.40‌

$

1.19‌

$

1,000.00‌

$

1,023.80‌

$

1.21‌

0.24‌%

(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.

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Health

Care

....................................

21.5‌

%

Information

Technology

.............................

21.2‌

Industrials

......................................

20.1‌

Consumer

Discretionary

............................

11.0‌

Financials

......................................

6.4‌

Energy

........................................

5.8‌

Consumer

Staples

................................

4.5‌

Materials

......................................

4.2‌

Communication

Services

............................

2.1‌

Real

Estate

.....................................

1.6‌

Utilities

........................................

1.6‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Super

Micro

Computer,

Inc.

...........................

1.2‌

%

ChampionX

Corp.

.................................

0.6‌

Weatherford

International

plc

..........................

0.6‌

Simpson

Manufacturing

Co.,

Inc.

.......................

0.6‌

SPS

Commerce,

Inc.

...............................

0.6‌

Selective

Insurance

Group,

Inc.

........................

0.6‌

HealthEquity

,

Inc.

..................................

0.6‌

Fabrinet

........................................

0.6‌

Rambus,

Inc.

....................................

0.6‌

Comfort

Systems

USA,

Inc.

...........................

0.5‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

September

30,

2023

2023

iShares

Semi-Annual

Report

To

Shareholders

6

iShares

®

Russell

2000

Value

ETF

Investment

Objective

The

iShares

Russell

2000

Value

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

small-capitalization

U.S.

equities

that

exhibit value

characteristics, as

represented

by

the

Russell

2000

®

 Value

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(0.09‌)%

7.61‌%

2.40‌%

6.04‌%

7.61‌%

12.57‌%

79.79‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.06‌

7.61‌

2.40‌

6.04‌

7.61‌

12.57‌

79.72‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.13‌

7.84‌

2.59‌

6.19‌

7.84‌

13.65‌

82.33‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

999.10‌

$

1.20‌

$

1,000.00‌

$

1,023.80‌

$

1.21‌

0.24‌%

(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.

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Financials

......................................

25.4‌

%

Industrials

......................................

14.6‌

Energy

........................................

11.0‌

Real

Estate

.....................................

10.4‌

Consumer

Discretionary

............................

10.2‌

Health

Care

....................................

8.4‌

Information

Technology

.............................

5.8‌

Materials

......................................

4.9‌

Utilities

........................................

4.0‌

Consumer

Staples

................................

2.7‌

Communication

Services

............................

2.6‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Chord

Energy

Corp.

................................

0.6‌

%

Murphy

Oil

Corp.

..................................

0.6‌

PBF

Energy,

Inc.,

Class

A

............................

0.5‌

Commercial

Metals

Co.

..............................

0.5‌

Civitas

Resources,

Inc.

..............................

0.5‌

Matador

Resources

Co.

.............................

0.5‌

UFP

Industries,

Inc.

................................

0.5‌

SouthState

Corp.

..................................

0.4‌

Essent

Group

Ltd.

.................................

0.4‌

Asbury

Automotive

Group,

Inc.

.........................

0.4‌

(a)

Excludes

money

market

funds.

About

Fund

Performance

7

About

Fund

Performance

/

Disclosure

of

Expenses

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time

and

may

continue

to

affect

adversely

the

value

and

liquidity

of

each

Fund’s

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Performance

data

current

to

the

most

recent

month-end

is

available

at

iShares.com

.

Performance

results

assume

reinvestment

of

all

dividends

and

capital

gain

distributions

and

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

The

investment

return

and

principal

value

of

shares

will

vary

with

changes

in

market

conditions.

Shares

may

be

worth

more

or

less

than

their

original

cost

when

they

are

redeemed

or

sold

in

the

market.

Performance

for

certain

funds

may

reflect

a

waiver

of

a

portion

of

investment

advisory

fees.

Without

such

a

waiver,

performance

would

have

been

lower.

Net

asset

value

or

“NAV”

is

the

value

of

one

share

of

a

fund

as

calculated

in

accordance

with

the

standard

formula

for

valuing

mutual

fund

shares.

Beginning

August

10,

2020,

the

price

used

to

calculate

market

return

(“Market

Price”)

is

the

closing

price.

Prior

to

August

10,

2020,

Market Price

was

determined

using

the

midpoint

between

the

highest

bid

and

the

lowest

ask

on

the

primary

stock

exchange

on

which

shares

of

a

fund

are

listed

for

trading,

as

of

the

time

that

such

fund’s

NAV

is

calculated.

Market

and

NAV

returns

assume

that

dividends

and

capital

gain

distributions

have

been

reinvested

at

Market

Price

and

NAV,

respectively.

An

index

is

a

statistical

composite

that

tracks

a

specified

financial

market

or

sector.

Unlike

a

fund,

an

index

does

not

actually

hold

a

portfolio

of

securities

and

therefore

does

not

incur

the

expenses

incurred

by

a

fund.

These

expenses

negatively

impact

fund

performance.

Also,

market

returns

do

not

include

brokerage

commissions

that

may

be

payable

on

secondary

market

transactions.

If

brokerage

commissions

were

included,

market

returns

would

be

lower.

Disclosure

of Expenses

Shareholders

of each

Fund

may

incur

the

following

charges: (1)

transactional

expenses,

including

brokerage

commissions

on

purchases

and

sales

of

fund

shares

and

(2)

ongoing

expenses,

including

management

fees

and

other

fund

expenses.

The

expense

examples

shown (which are

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period) are

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in each

Fund and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

funds.

The

expense

examples

provide information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to estimate

the

expenses

a

shareholder paid during

the period

covered

by

this

report,

shareholders

can divide their

account

value

by

$1,000 and

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

the

Period.”

The

expense

examples also

provide

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on a

fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the ongoing expenses

of

investing

in the

Funds

and

other

funds, compare

the

5%

hypothetical

examples

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

expenses

shown

in

the

expense

examples are

intended

to highlight shareholders’

ongoing

costs

only

and

do

not

reflect

any

transactional

expenses,

such

as

brokerage

commissions

and

other

fees

paid

on

purchases

and

sales

of

fund

shares.

Therefore,

the

hypothetical

examples are

useful

in

comparing

ongoing expenses

only

and

will

not

help

shareholders determine

the

relative

total expenses

of

owning

different

funds. If

these

transactional expenses

were

included, shareholder

expenses would

have

been

higher.

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

September

30,

2023

iShares

®

Russell

2000

ETF

8

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

0.9%

AAR

Corp.

(a)

......................

796,998

$

47,445,291

AeroVironment,

Inc.

(a)(b)

...............

592,193

66,047,285

AerSale

Corp.

(a)(b)

...................

583,614

8,719,193

Archer

Aviation,

Inc.,

Class

A

(a)(b)

.........

3,468,818

17,552,219

Astronics

Corp.

(a)(b)

..................

600,738

9,527,705

Cadre

Holdings,

Inc.

.................

435,519

11,606,581

Ducommun,

Inc.

(a)(b)

.................

293,189

12,756,653

Eve

Holding,

Inc.

(a)(b)

.................

398,644

3,304,759

Kaman

Corp.

.....................

644,478

12,663,993

Kratos

Defense

&

Security

Solutions,

Inc.

(a)(b)

2,849,399

42,797,973

Leonardo

DRS,

Inc.

(a)(b)

...............

1,144,342

19,110,511

Moog,

Inc.,

Class

A

.................

647,356

73,125,334

National

Presto

Industries,

Inc.

..........

115,265

8,352,102

Park

Aerospace

Corp.

................

428,812

6,659,450

Parsons

Corp.

(a)(b)

...................

947,301

51,485,809

Redwire

Corp.

(a)(b)

...................

225,178

650,764

Rocket

Lab

USA,

Inc.

(a)(b)

..............

6,360,141

27,857,418

Terran

Orbital

Corp.

(a)(b)

...............

1,949,603

1,622,850

Triumph

Group,

Inc.

(a)

................

1,476,379

11,309,063

V2X,

Inc.

(a)(b)

......................

259,541

13,407,888

Virgin

Galactic

Holdings,

Inc.,

Class

C

(a)(b)

...

5,739,192

10,330,546

456,333,387

Air

Freight

&

Logistics

—

0.3%

Air

Transport

Services

Group,

Inc.

(a)(b)

.....

1,281,910

26,753,462

Forward

Air

Corp.

..................

596,563

41,007,741

Hub

Group,

Inc.,

Class

A

(a)

.............

714,567

56,122,092

Radiant

Logistics,

Inc.

(a)

..............

818,291

4,623,344

128,506,639

Automobile

Components

—

1.5%

Adient

plc

(a)

.......................

2,185,111

80,193,574

American

Axle

&

Manufacturing

Holdings,

Inc.

(a)

(b)

...........................

2,603,119

18,898,644

Atmus

Filtration

Technologies,

Inc.

(a)(b)

.....

367,481

7,661,979

Cooper-Standard

Holdings,

Inc.

(a)(b)

.......

386,471

5,186,441

Dana,

Inc.

........................

2,986,586

43,813,217

Dorman

Products,

Inc.

(a)(b)

.............

597,537

45,269,403

Fox

Factory

Holding

Corp.

(a)(b)

..........

970,860

96,192,809

Gentherm,

Inc.

(a)

...................

752,526

40,832,061

Goodyear

Tire

&

Rubber

Co.

(The)

(a)(b)

.....

6,415,596

79,745,858

Holley,

Inc.

(a)(b)

.....................

1,206,953

6,022,695

LCI

Industries

.....................

560,474

65,810,857

Luminar

Technologies,

Inc.,

Class

A

(a)(b)

....

6,219,983

28,300,923

Modine

Manufacturing

Co.

(a)(b)

..........

1,172,129

53,624,902

Patrick

Industries,

Inc.

(b)

..............

490,339

36,804,845

Solid

Power,

Inc.,

Class

A

(a)(b)

...........

3,556,012

7,183,144

Standard

Motor

Products,

Inc.

..........

481,154

16,176,397

Stoneridge,

Inc.

(a)(b)

..................

600,610

12,054,243

Visteon

Corp.

(a)(b)

...................

640,732

88,465,867

XPEL,

Inc.

(a)(b)(c)

....................

512,783

39,540,697

771,778,556

Automobiles

—

0.1%

(b)

Fisker,

Inc.,

Class

A

(a)

................

4,458,211

28,621,715

Livewire

Group,

Inc.

(a)

................

230,561

1,597,788

Winnebago

Industries,

Inc.

............

671,156

39,900,224

Workhorse

Group,

Inc.

(a)

..............

4,147,150

1,718,579

71,838,306

Banks

—

8.4%

1st

Source

Corp.

...................

389,439

16,391,487

ACNB

Corp.

......................

194,456

6,146,754

Amalgamated

Financial

Corp.

..........

454,826

7,832,104

Amerant

Bancorp,

Inc.,

Class

A

.........

627,492

10,943,460

Security

Shares

Shares

Value

Banks

(continued)

American

National

Bankshares,

Inc.

......

239,728

$

9,095,280

Ameris

Bancorp

....................

1,504,042

57,740,172

Ames

National

Corp.

................

195,332

3,240,558

Arrow

Financial

Corp.

(b)

...............

372,969

6,347,936

Associated

Banc-Corp.

...............

3,502,760

59,932,224

Atlantic

Union

Bankshares

Corp.

........

1,567,960

45,125,889

Axos

Financial,

Inc.

(a)(b)

...............

1,301,258

49,265,628

Banc

of

California,

Inc.

...............

1,166,940

14,446,717

BancFirst

Corp.

....................

503,248

43,646,699

Bancorp,

Inc.

(The)

(a)(b)

...............

1,118,450

38,586,525

Bank

First

Corp.

(b)

..................

210,541

16,243,238

Bank

of

Hawaii

Corp.

................

817,365

40,614,867

Bank

of

Marin

Bancorp

...............

385,769

7,051,857

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

....

1,155,301

31,285,551

Bank7

Corp.

......................

68,921

1,551,412

BankUnited,

Inc.

...................

1,586,630

36,016,501

Bankwell

Financial

Group,

Inc.

..........

159,951

3,882,011

Banner

Corp.

.....................

702,049

29,752,837

Bar

Harbor

Bankshares

..............

368,318

8,703,354

BayCom

Corp.

....................

287,191

5,516,939

BCB

Bancorp,

Inc.

..................

388,676

4,329,851

Berkshire

Hills

Bancorp,

Inc.

...........

895,570

17,956,178

Blue

Foundry

Bancorp

(a)(b)

.............

575,080

4,813,420

Blue

Ridge

Bankshares,

Inc.

...........

425,225

1,922,017

Bridgewater

Bancshares,

Inc.

(a)(b)

........

513,268

4,865,781

Brookline

Bancorp,

Inc.

(b)

..............

1,944,364

17,713,156

Burke

&

Herbert

Financial

Services

Corp.

(b)

.

156,399

7,267,080

Business

First

Bancshares,

Inc.

.........

561,110

10,526,424

Byline

Bancorp,

Inc.

.................

593,363

11,695,185

C&F

Financial

Corp.

.................

66,857

3,583,535

Cadence

Bank

....................

3,760,891

79,806,107

Cambridge

Bancorp

.................

182,072

11,341,265

Camden

National

Corp.

..............

353,186

9,966,909

Capital

Bancorp,

Inc.

(b)

...............

219,053

4,190,484

Capital

City

Bank

Group,

Inc.

...........

314,062

9,368,469

Capitol

Federal

Financial,

Inc.

..........

2,883,683

13,755,168

Capstar

Financial

Holdings,

Inc.

.........

478,824

6,794,513

Carter

Bankshares,

Inc.

(a)(b)

............

565,880

7,090,476

Cathay

General

Bancorp

..............

1,535,490

53,373,632

Central

Pacific

Financial

Corp.

..........

550,458

9,181,639

Central

Valley

Community

Bancorp

.......

199,668

2,817,315

Chemung

Financial

Corp.

(b)

............

75,723

2,999,388

ChoiceOne

Financial

Services,

Inc.

.......

140,300

2,755,492

Citizens

&

Northern

Corp.

.............

359,265

6,305,101

Citizens

Financial

Services,

Inc.

(b)

........

87,304

4,183,608

City

Holding

Co.

...................

317,082

28,648,359

Civista

Bancshares,

Inc.

..............

374,057

5,797,883

CNB

Financial

Corp.

.................

503,609

9,120,359

Coastal

Financial

Corp.

(a)(b)

............

248,288

10,654,038

Codorus

Valley

Bancorp,

Inc.

...........

188,815

3,519,512

Colony

Bankcorp,

Inc.

...............

444,322

4,440,998

Columbia

Financial,

Inc.

(a)(b)

............

686,856

10,790,508

Community

Bank

System,

Inc.

..........

1,122,323

47,373,254

Community

Trust

Bancorp,

Inc.

.........

374,582

12,833,179

ConnectOne

Bancorp,

Inc.

............

856,354

15,268,792

CrossFirst

Bankshares,

Inc.

(a)(b)

.........

1,054,295

10,637,837

Customers

Bancorp,

Inc.

(a)

.............

650,572

22,412,205

CVB

Financial

Corp.

.................

2,917,178

48,337,639

Dime

Community

Bancshares,

Inc.

.......

796,561

15,899,358

Eagle

Bancorp,

Inc.

.................

626,442

13,437,181

Eastern

Bankshares,

Inc.

.............

3,545,279

44,457,799

Enterprise

Bancorp,

Inc.

..............

223,151

6,109,874

Enterprise

Financial

Services

Corp.

......

835,878

31,345,425

Equity

Bancshares,

Inc.,

Class

A

........

368,334

8,865,799

Esquire

Financial

Holdings,

Inc.

.........

158,892

7,259,775

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2000

ETF

Schedules

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Banks

(continued)

ESSA

Bancorp,

Inc.

(b)

................

167,001

$

2,506,685

Evans

Bancorp,

Inc.

.................

121,152

3,246,874

Farmers

&

Merchants

Bancorp,

Inc.

......

303,931

5,327,910

Farmers

National

Banc

Corp.

...........

859,849

9,939,854

FB

Financial

Corp.

..................

837,983

23,765,198

Fidelity

D&D

Bancorp,

Inc.

(b)

...........

99,048

4,496,779

Financial

Institutions,

Inc.

.............

368,400

6,200,172

First

Bancorp

.....................

4,726,708

76,010,999

First

Bancorp,

Inc.

(The)

..............

247,054

5,805,769

First

Bancshares,

Inc.

(The)

............

701,729

18,925,631

First

Bank

........................

488,159

5,262,354

First

Busey

Corp.

...................

1,223,155

23,509,039

First

Business

Financial

Services,

Inc.

.....

191,620

5,750,516

First

Commonwealth

Financial

Corp.

......

2,172,906

26,531,182

First

Community

Bankshares,

Inc.

.......

409,959

12,073,293

First

Community

Corp.

(b)

..............

140,943

2,434,086

First

Financial

Bancorp

...............

2,071,497

40,601,341

First

Financial

Bankshares,

Inc.

.........

2,973,751

74,700,625

First

Financial

Corp.

.................

296,166

10,013,372

First

Foundation,

Inc.

................

1,273,765

7,744,491

First

Interstate

BancSystem,

Inc.,

Class

A

..

1,920,880

47,906,747

First

Merchants

Corp.

................

1,389,677

38,660,814

First

Mid

Bancshares,

Inc.

.............

465,184

12,355,287

First

of

Long

Island

Corp.

(The)

.........

552,659

6,361,105

First

Western

Financial,

Inc.

(a)(b)

.........

198,473

3,602,285

Five

Star

Bancorp

..................

301,266

6,043,396

Flushing

Financial

Corp.

..............

670,995

8,810,164

FS

Bancorp,

Inc.

...................

129,419

3,817,860

Fulton

Financial

Corp.

................

3,572,873

43,267,492

FVCBankcorp,

Inc.

(a)(b)

...............

373,726

4,787,430

German

American

Bancorp,

Inc.

.........

683,236

18,508,863

Glacier

Bancorp,

Inc.

(b)

...............

2,545,774

72,554,559

Great

Southern

Bancorp,

Inc.

...........

219,936

10,539,333

Greene

County

Bancorp,

Inc.

(b)

..........

161,439

3,882,608

Guaranty

Bancshares,

Inc.

(b)

...........

207,209

5,944,826

Hancock

Whitney

Corp.

..............

1,983,520

73,370,405

Hanmi

Financial

Corp.

...............

714,416

11,594,972

HarborOne

Bancorp,

Inc.

.............

1,011,525

9,629,718

HBT

Financial,

Inc.

..................

326,994

5,964,371

Heartland

Financial

USA,

Inc.

..........

973,681

28,655,432

Heritage

Commerce

Corp.

.............

1,465,974

12,416,800

Heritage

Financial

Corp.

..............

773,259

12,611,854

Hilltop

Holdings,

Inc.

.................

1,068,397

30,299,739

Hingham

Institution

for

Savings

(The)

(b)

....

35,666

6,660,625

Home

Bancorp,

Inc.

.................

174,800

5,570,876

Home

BancShares,

Inc.

(b)

.............

4,360,076

91,299,991

HomeStreet,

Inc.

...................

432,692

3,370,671

HomeTrust

Bancshares,

Inc.

...........

373,380

8,091,145

Hope

Bancorp,

Inc.

.................

2,510,847

22,220,996

Horizon

Bancorp,

Inc.

................

995,998

10,637,259

Independent

Bank

Corp.

..............

1,429,377

55,739,756

Independent

Bank

Group,

Inc.

..........

824,063

32,591,692

International

Bancshares

Corp.

.........

1,232,378

53,411,263

John

Marshall

Bancorp,

Inc.

(b)

..........

270,341

4,825,587

Kearny

Financial

Corp.

...............

1,360,332

9,427,101

Lakeland

Bancorp,

Inc.

...............

1,476,728

18,636,307

Lakeland

Financial

Corp.

..............

528,121

25,064,623

LCNB

Corp.

......................

203,684

2,906,571

Live

Oak

Bancshares,

Inc.

(b)

............

765,867

22,171,850

Luther

Burbank

Corp.

................

419,596

3,524,606

Macatawa

Bank

Corp.

...............

626,266

5,611,343

MainStreet

Bancshares,

Inc.

...........

111,731

2,294,955

Mercantile

Bank

Corp.

...............

375,206

11,597,617

Metrocity

Bankshares,

Inc.

............

444,463

8,747,032

Metropolitan

Bank

Holding

Corp.

(a)

.......

243,319

8,827,613

Security

Shares

Shares

Value

Banks

(continued)

Mid

Penn

Bancorp,

Inc.

...............

343,313

$

6,910,891

Middlefield

Banc

Corp.

...............

150,148

3,815,261

Midland

States

Bancorp,

Inc.

...........

489,639

10,057,185

MidWestOne

Financial

Group,

Inc.

.......

369,799

7,518,014

MVB

Financial

Corp.

................

275,705

6,225,419

National

Bank

Holdings

Corp.,

Class

A

....

711,226

21,166,086

National

Bankshares,

Inc.

.............

122,002

3,054,930

NBT

Bancorp,

Inc.

..................

933,631

29,586,766

Nicolet

Bankshares,

Inc.

(b)

.............

291,848

20,365,153

Northeast

Bank

(b)

...................

157,362

6,939,664

Northeast

Community

Bancorp,

Inc.

......

273,025

4,029,849

Northfield

Bancorp,

Inc.

..............

960,795

9,079,513

Northrim

BanCorp,

Inc.

...............

129,668

5,137,446

Northwest

Bancshares,

Inc.

............

2,706,972

27,692,324

Norwood

Financial

Corp.

..............

155,198

3,997,900

Oak

Valley

Bancorp

(b)

................

134,913

3,383,618

OceanFirst

Financial

Corp.

............

1,360,821

19,691,080

OFG

Bancorp

.....................

981,106

29,295,825

Old

National

Bancorp

................

6,687,068

97,229,969

Old

Second

Bancorp,

Inc.

.............

1,013,355

13,791,762

Orange

County

Bancorp,

Inc.

(b)

..........

111,576

4,816,736

Origin

Bancorp,

Inc.

.................

678,087

19,576,372

Orrstown

Financial

Services,

Inc.

........

259,485

5,451,780

Pacific

Premier

Bancorp,

Inc.

...........

2,226,529

48,449,271

PacWest

Bancorp

..................

2,850,672

22,548,816

Park

National

Corp.

(b)

................

336,757

31,830,272

Parke

Bancorp,

Inc.

.................

264,480

4,308,379

Pathward

Financial,

Inc.

..............

577,204

26,603,332

PCB

Bancorp

.....................

268,533

4,148,835

Peapack-Gladstone

Financial

Corp.

(b)

.....

427,235

10,958,578

Penns

Woods

Bancorp,

Inc.

(b)

..........

127,564

2,689,049

Peoples

Bancorp,

Inc.

...............

797,311

20,235,753

Peoples

Financial

Services

Corp.

........

169,927

6,814,073

Pioneer

Bancorp,

Inc.

(a)(b)

..............

277,026

2,365,802

Plumas

Bancorp

(b)

..................

111,522

3,807,361

Ponce

Financial

Group,

Inc.

(a)(b)

.........

419,382

3,279,567

Preferred

Bank

....................

212,051

13,200,175

Premier

Financial

Corp.

..............

817,957

13,954,346

Primis

Financial

Corp.

................

564,081

4,597,260

Princeton

Bancorp,

Inc.

...............

96,811

2,806,551

Provident

Financial

Services,

Inc.

........

1,555,051

23,776,730

QCR

Holdings,

Inc.

(b)

................

381,649

18,517,609

RBB

Bancorp

.....................

414,291

5,294,639

Red

River

Bancshares,

Inc.

............

106,700

4,903,932

Renasant

Corp.

....................

1,195,342

31,306,007

Republic

Bancorp,

Inc.,

Class

A

.........

201,992

8,897,748

S&T

Bancorp,

Inc.

..................

847,267

22,943,990

Sandy

Spring

Bancorp,

Inc.

............

1,034,501

22,169,356

Seacoast

Banking

Corp.

of

Florida

.......

1,810,445

39,757,372

ServisFirst

Bancshares,

Inc.

...........

1,164,669

60,760,782

Shore

Bancshares,

Inc.

...............

713,263

7,503,527

Sierra

Bancorp

....................

343,019

6,503,640

Simmons

First

National

Corp.,

Class

A

....

2,565,996

43,519,292

SmartFinancial,

Inc.

.................

370,395

7,915,341

South

Plains

Financial,

Inc.

............

290,751

7,687,456

Southern

First

Bancshares,

Inc.

(a)(b)

.......

192,708

5,191,554

Southern

Missouri

Bancorp,

Inc.

.........

205,813

7,962,905

Southern

States

Bancshares,

Inc.

(b)

.......

138,643

3,131,945

Southside

Bancshares,

Inc.

............

654,559

18,785,843

SouthState

Corp.

...................

1,742,741

117,391,034

Stellar

Bancorp,

Inc.

.................

1,109,257

23,649,359

Sterling

Bancorp,

Inc.

(a)

...............

444,020

2,593,077

Stock

Yards

Bancorp,

Inc.

.............

620,923

24,396,065

Summit

Financial

Group,

Inc.

...........

271,472

6,118,979

Texas

Capital

Bancshares,

Inc.

(a)

........

1,096,456

64,581,258

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2000

ETF

10

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Banks

(continued)

Third

Coast

Bancshares,

Inc.

(a)

..........

299,311

$

5,118,218

Timberland

Bancorp,

Inc.

.............

164,782

4,465,592

Tompkins

Financial

Corp.

.............

312,697

15,319,026

Towne

Bank

......................

1,627,645

37,321,900

TriCo

Bancshares

..................

716,051

22,935,114

Triumph

Financial,

Inc.

(a)(b)

.............

508,405

32,939,560

TrustCo

Bank

Corp.

.................

411,892

11,240,533

Trustmark

Corp.

...................

1,340,275

29,124,176

UMB

Financial

Corp.

................

1,014,811

62,969,023

United

Bankshares,

Inc.

..............

2,976,351

82,117,524

United

Community

Banks,

Inc.

..........

2,543,533

64,631,174

Unity

Bancorp,

Inc.

(b)

................

187,388

4,390,501

Univest

Financial

Corp.

...............

696,785

12,110,123

USCB

Financial

Holdings,

Inc.,

Class

A

(a)(b)

..

248,248

2,609,086

Valley

National

Bancorp

..............

10,035,298

85,902,151

Veritex

Holdings,

Inc.

................

1,127,508

20,238,769

Virginia

National

Bankshares

Corp.

(b)

......

96,655

2,933,479

Washington

Federal,

Inc.

..............

1,356,747

34,759,858

Washington

Trust

Bancorp,

Inc.

.........

403,520

10,624,682

WesBanco,

Inc.

....................

1,326,508

32,393,325

West

Bancorp,

Inc.

..................

398,058

6,492,326

Westamerica

Bancorp

...............

570,118

24,657,603

WSFS

Financial

Corp.

...............

1,291,362

47,134,713

4,283,932,535

Beverages

—

0.4%

Coca-Cola

Consolidated,

Inc.

...........

108,802

69,232,889

Duckhorn

Portfolio,

Inc.

(The)

(a)(b)

........

1,012,949

10,392,857

MGP

Ingredients,

Inc.

(b)

...............

360,336

38,008,241

National

Beverage

Corp.

(a)

.............

535,427

25,175,777

Primo

Water

Corp.

..................

3,568,169

49,240,732

Vita

Coco

Co.,

Inc.

(The)

(a)(b)

...........

654,367

17,039,717

Zevia

PBC,

Class

A

(a)(b)

...............

512,426

1,137,586

210,227,799

Biotechnology

—

6.6%

2seventy

bio,

Inc.

(a)(b)

................

1,137,330

4,458,334

4D

Molecular

Therapeutics,

Inc.

(a)(b)

.......

887,988

11,304,087

89bio,

Inc.

(a)

......................

1,408,731

21,750,807

Aadi

Bioscience,

Inc.

(a)

...............

370,739

1,794,377

ACADIA

Pharmaceuticals,

Inc.

(a)(b)

........

2,761,078

57,540,866

ACELYRIN,

Inc.

(a)(b)

.................

739,118

7,516,830

Acrivon

Therapeutics,

Inc.

(a)(b)

...........

192,991

1,844,994

Actinium

Pharmaceuticals,

Inc.

(a)(b)

.......

610,436

3,613,781

Adicet

Bio,

Inc.

(a)(b)

..................

684,672

938,001

ADMA

Biologics,

Inc.

(a)(b)

..............

4,777,952

17,105,068

Aerovate

Therapeutics,

Inc.

(a)(b)

..........

247,936

3,364,492

Agenus,

Inc.

(a)(b)

....................

7,993,540

9,032,700

Agios

Pharmaceuticals,

Inc.

(a)(b)

.........

1,269,414

31,417,996

Akero

Therapeutics,

Inc.

(a)(b)

............

1,168,089

59,081,942

Aldeyra

Therapeutics,

Inc.

(a)(b)

...........

1,058,317

7,069,558

Alector,

Inc.

(a)(b)

....................

1,453,936

9,421,505

Alkermes

plc

(a)

.....................

3,781,844

105,929,450

Allakos,

Inc.

(a)(b)

....................

1,509,473

3,426,504

Allogene

Therapeutics,

Inc.

(a)(b)

..........

1,880,716

5,961,870

Allovir,

Inc.

(a)(b)

.....................

1,139,763

2,450,490

Alpine

Immune

Sciences,

Inc.

(a)(b)

........

713,624

8,170,995

Altimmune,

Inc.

(a)(b)

..................

1,186,780

3,085,628

ALX

Oncology

Holdings,

Inc.

(a)(b)

.........

513,031

2,462,549

Amicus

Therapeutics,

Inc.

(a)(b)

...........

6,386,773

77,663,160

AnaptysBio,

Inc.

(a)(b)

.................

437,139

7,851,016

Anavex

Life

Sciences

Corp.

(a)(b)

.........

1,614,161

10,572,755

Anika

Therapeutics,

Inc.

(a)(b)

............

342,591

6,382,470

Annexon,

Inc.

(a)(b)

...................

1,012,002

2,388,325

Apogee

Therapeutics,

Inc.

(a)(b)

..........

425,473

9,062,575

Security

Shares

Shares

Value

Biotechnology

(continued)

Arbutus

Biopharma

Corp.

(a)

............

2,737,330

$

5,556,780

Arcellx,

Inc.

(a)(b)

....................

861,516

30,911,194

Arcturus

Therapeutics

Holdings,

Inc.

(a)(b)

....

532,121

13,595,692

Arcus

Biosciences,

Inc.

(a)(b)

............

1,208,651

21,695,285

Arcutis

Biotherapeutics,

Inc.

(a)(b)

.........

1,177,627

6,253,199

Ardelyx,

Inc.

(a)(b)

....................

4,850,592

19,790,415

Arrowhead

Pharmaceuticals,

Inc.

(a)(b)

......

2,306,337

61,971,275

ARS

Pharmaceuticals,

Inc.

(a)(b)

..........

564,575

2,134,093

Astria

Therapeutics,

Inc.

(a)(b)

............

574,610

4,286,591

Atara

Biotherapeutics,

Inc.

(a)(b)

..........

2,236,511

3,310,036

Aura

Biosciences,

Inc.

(a)

..............

614,442

5,511,545

Aurinia

Pharmaceuticals,

Inc.

(a)(b)

........

3,075,119

23,893,675

Avid

Bioservices,

Inc.

(a)(b)

..............

1,414,624

13,354,051

Avidity

Biosciences,

Inc.

(a)(b)

............

1,601,668

10,218,642

Avita

Medical,

Inc.

(a)(b)

................

581,037

8,488,951

Beam

Therapeutics,

Inc.

(a)(b)

............

1,590,682

38,255,902

BioAtla,

Inc.

(a)(b)

....................

975,796

1,658,853

BioCryst

Pharmaceuticals,

Inc.

(a)(b)

.......

4,301,975

30,457,983

Biohaven

Ltd.

(a)(b)

...................

1,324,873

34,459,947

Biomea

Fusion,

Inc.

(a)(b)

...............

449,914

6,190,817

Bioxcel

Therapeutics,

Inc.

(a)(b)

...........

435,737

1,102,415

Bluebird

Bio,

Inc.

(a)(b)

.................

2,490,051

7,569,755

Blueprint

Medicines

Corp.

(a)(b)

...........

1,386,710

69,640,576

Bridgebio

Pharma,

Inc.

(a)(b)

.............

2,608,191

68,777,997

Cabaletta

Bio,

Inc.

(a)(b)

................

778,256

11,845,056

CareDx,

Inc.

(a)

.....................

1,188,163

8,317,141

Caribou

Biosciences,

Inc.

(a)(b)

...........

1,694,772

8,101,010

Carisma

Therapeutics,

Inc.

(b)

...........

608,930

2,575,774

Catalyst

Pharmaceuticals,

Inc.

(a)(b)

........

2,280,253

26,656,158

Celcuity,

Inc.

(a)(b)

....................

378,321

3,457,854

Celldex

Therapeutics,

Inc.

(a)(b)

...........

1,055,964

29,060,129

Century

Therapeutics,

Inc.

(a)(b)

..........

525,551

1,051,102

Cerevel

Therapeutics

Holdings,

Inc.

(a)(b)

....

1,408,810

30,754,322

Cogent

Biosciences,

Inc.

(a)(b)

...........

1,842,618

17,965,525

Coherus

Biosciences,

Inc.

(a)(b)

...........

2,268,562

8,484,422

Compass

Therapeutics,

Inc.

(a)(b)

.........

2,024,139

3,987,554

Crinetics

Pharmaceuticals,

Inc.

(a)(b)

.......

1,468,417

43,670,722

Cue

Biopharma,

Inc.

(a)(b)

..............

795,670

1,830,041

Cullinan

Oncology,

Inc.

(a)(b)

.............

535,916

4,850,040

Cytokinetics,

Inc.

(a)(b)

.................

2,120,092

62,457,910

Day

One

Biopharmaceuticals,

Inc.

(a)(b)

.....

1,424,187

17,474,774

Deciphera

Pharmaceuticals,

Inc.

(a)

.......

1,197,217

15,228,600

Denali

Therapeutics,

Inc.

(a)(b)

...........

2,692,820

55,552,877

Design

Therapeutics,

Inc.

(a)(b)

...........

752,718

1,776,414

Disc

Medicine,

Inc.

(a)(b)

...............

199,617

9,378,007

Dynavax

Technologies

Corp.

(a)(b)

.........

2,945,646

43,507,191

Dyne

Therapeutics,

Inc.

(a)(b)

............

968,399

8,676,855

Eagle

Pharmaceuticals,

Inc.

(a)(b)

.........

233,853

3,687,862

Editas

Medicine,

Inc.

(a)(b)

..............

1,874,483

14,620,967

Emergent

BioSolutions,

Inc.

(a)(b)

.........

1,171,067

3,981,628

Enanta

Pharmaceuticals,

Inc.

(a)(b)

........

459,709

5,134,950

Entrada

Therapeutics,

Inc.

(a)(b)

..........

477,422

7,543,268

EQRx,

Inc.

(a)(b)

.....................

7,263,059

16,123,991

Erasca,

Inc.

(a)(b)

....................

1,876,598

3,696,898

Fate

Therapeutics,

Inc.

(a)(b)

.............

1,973,616

4,184,066

Fennec

Pharmaceuticals,

Inc.

(a)(b)

........

369,949

2,778,317

FibroGen,

Inc.

(a)(b)

...................

2,047,186

1,766,517

Foghorn

Therapeutics,

Inc.

(a)(b)

..........

461,640

2,308,200

Genelux

Corp.

(a)(b)

..................

401,487

9,832,417

Generation

Bio

Co.

(a)(b)

...............

1,038,069

3,934,282

Geron

Corp.

(a)(b)

....................

11,362,152

24,087,762

Graphite

Bio,

Inc.

(a)

..................

623,519

1,546,327

Gritstone

bio,

Inc.

(a)(b)

................

1,963,189

3,376,685

Halozyme

Therapeutics,

Inc.

(a)(b)

.........

2,949,016

112,652,411

Heron

Therapeutics,

Inc.

(a)(b)

............

2,358,101

2,428,844

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2000

ETF

Schedules

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Biotechnology

(continued)

HilleVax,

Inc.

(a)(b)

...................

472,859

$

6,359,954

Humacyte,

Inc.

(a)(b)

..................

1,418,095

4,155,018

Icosavax,

Inc.

(a)(b)

...................

636,449

4,932,480

Ideaya

Biosciences,

Inc.

(a)(b)

............

1,237,115

33,377,363

IGM

Biosciences,

Inc.

(a)(b)

.............

281,076

2,346,985

Immuneering

Corp.,

Class

A

(a)(b)

.........

482,654

3,706,783

ImmunityBio,

Inc.

(a)(b)

.................

2,537,073

4,287,653

ImmunoGen,

Inc.

(a)(b)

.................

5,458,326

86,623,634

Immunovant,

Inc.

(a)

..................

1,227,019

47,105,259

Inhibrx,

Inc.

(a)(b)

....................

787,493

14,450,497

Inozyme

Pharma,

Inc.

(a)(b)

.............

794,377

3,336,383

Insmed,

Inc.

(a)(b)

....................

2,998,854

75,721,063

Intellia

Therapeutics,

Inc.

(a)(b)

...........

2,011,910

63,616,594

Intercept

Pharmaceuticals,

Inc.

(a)(b)

.......

919,492

17,047,382

Iovance

Biotherapeutics,

Inc.

(a)(b)

.........

5,214,615

23,726,498

Ironwood

Pharmaceuticals,

Inc.,

Class

A

(a)(b)

.

3,163,546

30,464,948

iTeos

Therapeutics,

Inc.

(a)

.............

575,705

6,303,970

Janux

Therapeutics,

Inc.

(a)(b)

............

393,764

3,969,141

KalVista

Pharmaceuticals,

Inc.

(a)(b)

........

574,579

5,533,196

Karyopharm

Therapeutics,

Inc.

(a)(b)

.......

2,555,771

3,424,733

Keros

Therapeutics,

Inc.

(a)(b)

............

515,966

16,448,996

Kezar

Life

Sciences,

Inc.

(a)(b)

...........

1,608,175

1,913,728

Kiniksa

Pharmaceuticals

Ltd.,

Class

A

(a)(b)

...

712,569

12,377,324

Kodiak

Sciences,

Inc.

(a)(b)

..............

746,509

1,343,716

Krystal

Biotech,

Inc.

(a)(b)

...............

492,838

57,169,208

Kura

Oncology,

Inc.

(a)(b)

...............

1,599,617

14,588,507

Kymera

Therapeutics,

Inc.

(a)(b)

..........

870,056

12,093,778

Larimar

Therapeutics,

Inc.

(a)

............

504,935

1,994,493

Lexicon

Pharmaceuticals,

Inc.

(a)(b)

........

2,150,457

2,343,998

Lineage

Cell

Therapeutics,

Inc.

(a)(b)

.......

2,723,311

3,213,507

Lyell

Immunopharma,

Inc.

(a)(b)

...........

3,987,108

5,861,049

MacroGenics,

Inc.

(a)(b)

................

1,381,549

6,438,018

Madrigal

Pharmaceuticals,

Inc.

(a)(b)

.......

310,273

45,312,269

MannKind

Corp.

(a)(b)

.................

5,838,127

24,111,465

MeiraGTx

Holdings

plc

(a)

..............

733,724

3,602,585

Merrimack

Pharmaceuticals,

Inc.

(a)(b)

......

236,325

2,913,887

Mersana

Therapeutics,

Inc.

(a)(b)

..........

2,407,118

3,057,040

MiMedx

Group,

Inc.

(a)(b)

...............

2,629,963

19,172,430

Mineralys

Therapeutics,

Inc.

(a)(b)

.........

315,480

3,000,215

Mirum

Pharmaceuticals,

Inc.

(a)(b)

.........

567,683

17,938,783

Monte

Rosa

Therapeutics,

Inc.

(a)(b)

.......

705,976

3,381,625

Morphic

Holding,

Inc.

(a)(b)

..............

783,922

17,959,653

Myriad

Genetics,

Inc.

(a)(b)

..............

1,845,757

29,605,942

Nkarta,

Inc.

(a)(b)

....................

720,606

1,001,642

Novavax,

Inc.

(a)(b)

...................

1,988,606

14,397,507

Nurix

Therapeutics,

Inc.

(a)(b)

............

1,074,213

8,443,314

Nuvalent,

Inc.,

Class

A

(a)(b)

.............

546,576

25,126,099

Nuvectis

Pharma,

Inc.

(a)(b)

.............

156,748

2,020,482

Ocean

Biomedical,

Inc.

(a)(b)

.............

218,641

852,700

Olema

Pharmaceuticals,

Inc.

(a)(b)

.........

617,187

7,622,259

Omega

Therapeutics,

Inc.

(a)(b)

...........

491,698

1,057,151

Organogenesis

Holdings,

Inc.,

Class

A

(a)(b)

..

1,635,402

5,200,578

ORIC

Pharmaceuticals,

Inc.

(a)(b)

.........

893,703

5,406,903

Outlook

Therapeutics,

Inc.

(a)(b)

..........

3,584,298

792,130

Ovid

therapeutics,

Inc.

(a)(b)

.............

1,304,529

5,009,391

PDL

BioPharma,

Inc.

(a)(d)

..............

11,853

—

PDS

Biotechnology

Corp.

(a)(b)

...........

632,916

3,196,226

PepGen,

Inc.

(a)

....................

248,269

1,261,207

PMV

Pharmaceuticals,

Inc.

(a)(b)

..........

906,287

5,564,602

Point

Biopharma

Global,

Inc.

(a)(b)

.........

2,047,073

13,653,977

Poseida

Therapeutics,

Inc.

(a)(b)

..........

1,536,943

3,657,924

Precigen,

Inc.

(a)(b)

...................

3,143,223

4,463,377

Prelude

Therapeutics,

Inc.

(a)

............

187,836

580,413

Prime

Medicine,

Inc.

(a)(b)

..............

912,579

8,706,004

ProKidney

Corp.,

Class

A

(a)(b)

...........

1,014,398

4,645,943

Security

Shares

Shares

Value

Biotechnology

(continued)

Protagonist

Therapeutics,

Inc.

(a)(b)

........

1,300,511

$

21,692,523

Protalix

BioTherapeutics,

Inc.

(a)(b)

........

1,428,344

2,371,051

Prothena

Corp.

plc

(a)

.................

943,328

45,515,576

PTC

Therapeutics,

Inc.

(a)(b)

.............

1,611,824

36,120,976

Rallybio

Corp.

(a)(b)

...................

664,585

2,239,651

RAPT

Therapeutics,

Inc.

(a)(b)

............

671,556

11,161,261

Recursion

Pharmaceuticals,

Inc.,

Class

A

(a)(b)

3,100,902

23,721,900

REGENXBIO,

Inc.

(a)(b)

................

929,875

15,305,742

Relay

Therapeutics,

Inc.

(a)(b)

............

2,055,513

17,286,864

Reneo

Pharmaceuticals,

Inc.

(a)(b)

.........

270,347

2,058,692

Replimune

Group,

Inc.

(a)(b)

.............

945,470

16,176,992

REVOLUTION

Medicines,

Inc.

(a)(b)

........

2,312,243

64,002,886

Rhythm

Pharmaceuticals,

Inc.

(a)(b)

........

1,172,424

26,877,820

Rigel

Pharmaceuticals,

Inc.

(a)(b)

..........

3,844,660

4,152,233

Rocket

Pharmaceuticals,

Inc.

(a)(b)

........

1,280,665

26,240,826

Sage

Therapeutics,

Inc.

(a)(b)

............

1,210,502

24,912,131

Sagimet

Biosciences,

Inc.,

Class

A

(a)(b)

.....

104,678

921,166

Sana

Biotechnology,

Inc.

(a)(b)

...........

2,146,468

8,306,831

Sangamo

Therapeutics,

Inc.

(a)(b)

.........

3,333,752

1,999,584

Savara,

Inc.

(a)

.....................

2,023,369

7,648,335

Scholar

Rock

Holding

Corp.

(a)(b)

.........

955,785

6,786,073

Selecta

Biosciences,

Inc.

(a)(b)

...........

2,440,144

2,586,553

Seres

Therapeutics,

Inc.

(a)(b)

............

2,210,396

5,260,742

SpringWorks

Therapeutics,

Inc.

(a)(b)

.......

1,329,498

30,737,994

Stoke

Therapeutics,

Inc.

(a)(b)

............

631,646

2,488,685

Summit

Therapeutics,

Inc.

(a)(b)

...........

2,666,933

4,987,165

Sutro

Biopharma,

Inc.

(a)(b)

.............

1,360,841

4,722,118

Syndax

Pharmaceuticals,

Inc.

(a)(b)

........

1,504,147

21,840,214

Tango

Therapeutics,

Inc.

(a)(b)

............

1,016,077

11,441,027

Tenaya

Therapeutics,

Inc.

(a)(b)

...........

1,033,009

2,634,173

TG

Therapeutics,

Inc.

(a)(b)

..............

3,130,414

26,170,261

Travere

Therapeutics,

Inc.

(a)(b)

..........

1,661,402

14,852,934

Turnstone

Biologics

Corp.

(a)(b)

...........

107,946

425,307

Twist

Bioscience

Corp.

(a)(b)

.............

1,302,336

26,385,327

Tyra

Biosciences,

Inc.

(a)(b)

.............

310,805

4,279,785

UroGen

Pharma

Ltd.

(a)(b)

..............

447,933

6,275,541

Vanda

Pharmaceuticals,

Inc.

(a)(b)

.........

1,285,810

5,554,699

Vaxcyte,

Inc.

(a)(b)

....................

2,134,997

108,842,147

Vaxxinity,

Inc.,

Class

A

(a)(b)

.............

975,253

1,336,097

Vera

Therapeutics,

Inc.,

Class

A

(a)(b)

.......

767,607

10,523,892

Veracyte,

Inc.

(a)(b)

...................

1,662,251

37,118,065

Vericel

Corp.

(a)(b)

....................

1,088,392

36,482,900

Verve

Therapeutics,

Inc.

(a)(b)

............

1,153,803

15,299,428

Vigil

Neuroscience,

Inc.

(a)(b)

............

351,125

1,892,564

Viking

Therapeutics,

Inc.

(a)(b)

............

2,188,800

24,230,016

Vir

Biotechnology,

Inc.

(a)

..............

1,909,582

17,892,783

Viridian

Therapeutics,

Inc.

(a)(b)

...........

964,225

14,791,212

Vor

BioPharma,

Inc.

(a)(b)

...............

762,413

1,616,316

Voyager

Therapeutics,

Inc.

(a)(b)

..........

714,757

5,539,367

X4

Pharmaceuticals,

Inc.

(a)(b)

...........

2,792,570

3,043,901

Xencor,

Inc.

(a)(b)

....................

1,322,438

26,647,126

XOMA

Corp.

(a)(b)

....................

153,331

2,160,434

Y-mAbs

Therapeutics,

Inc.

(a)(b)

..........

857,112

4,671,260

Zentalis

Pharmaceuticals,

Inc.

(a)(b)

........

1,325,483

26,589,189

Zura

Bio

Ltd.,

Class

A

(a)(b)

.............

250,269

1,651,775

Zymeworks,

Inc.

(a)(b)

.................

1,217,611

7,719,654

3,375,275,007

Broadline

Retail

—

0.1%

Big

Lots,

Inc.

(b)

.....................

687,235

3,511,771

ContextLogic,

Inc.,

Class

A

(a)(b)

..........

526,882

2,323,550

Dillard's,

Inc.,

Class

A

(b)

...............

79,485

26,294,433

Savers

Value

Village,

Inc.

(a)

............

547,032

10,213,087

42,342,841

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2000

ETF

12

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Building

Products

—

1.9%

AAON,

Inc.

(b)

......................

1,541,549

$

87,667,892

American

Woodmark

Corp.

(a)(b)

..........

375,082

28,359,950

Apogee

Enterprises,

Inc.

..............

505,405

23,794,467

AZZ,

Inc.

(b)

.......................

564,255

25,718,743

CSW

Industrials,

Inc.

................

349,786

61,296,499

Gibraltar

Industries,

Inc.

(a)

.............

699,072

47,194,351

Griffon

Corp.

......................

997,929

39,587,843

Insteel

Industries,

Inc.

(b)

..............

426,438

13,842,177

Janus

International

Group,

Inc.

(a)(b)

.......

1,923,943

20,586,190

JELD-WEN

Holding,

Inc.

(a)(b)

............

1,937,949

25,890,999

Masonite

International

Corp.

(a)(b)

.........

507,487

47,307,938

Masterbrand,

Inc.

(a)

.................

2,955,223

35,905,959

PGT

Innovations,

Inc.

(a)

...............

1,293,866

35,904,782

Quanex

Building

Products

Corp.

.........

755,069

21,270,294

Resideo

Technologies,

Inc.

(a)

...........

3,348,182

52,901,276

Simpson

Manufacturing

Co.,

Inc.

........

976,226

146,248,417

UFP

Industries,

Inc.

.................

1,368,746

140,159,590

Zurn

Elkay

Water

Solutions

Corp.

........

3,369,870

94,423,757

948,061,124

Capital

Markets

—

1.4%

AlTi

Global,

Inc.,

Class

A

(a)(b)

...........

466,587

3,247,445

Artisan

Partners

Asset

Management,

Inc.,

Class

A

.......................

1,334,119

49,922,733

AssetMark

Financial

Holdings,

Inc.

(a)(b)

.....

496,453

12,451,041

Avantax,

Inc.

(a)

.....................

877,041

22,434,709

B

Riley

Financial,

Inc.

................

427,138

17,508,387

Bakkt

Holdings,

Inc.,

Class

A

(a)(b)

.........

1,699,811

1,988,779

BGC

Group,

Inc.,

Class

A

.............

7,220,095

38,122,102

Brightsphere

Investment

Group,

Inc.

(b)

.....

747,239

14,488,964

Cohen

&

Steers,

Inc.

................

591,462

37,078,753

Diamond

Hill

Investment

Group,

Inc.

......

66,214

11,161,694

Donnelley

Financial

Solutions,

Inc.

(a)

......

563,622

31,720,646

Forge

Global

Holdings,

Inc.

(a)(b)

..........

2,515,947

5,107,372

GCM

Grosvenor,

Inc.,

Class

A

..........

924,025

7,170,434

Hamilton

Lane,

Inc.,

Class

A

...........

832,257

75,269,323

MarketWise,

Inc.,

Class

A

.............

687,913

1,100,661

Moelis

&

Co.,

Class

A

................

1,454,017

65,619,787

NexPoint

Strategic

Cash

Accrual

(a)(d)

......

679,291

81,515

Open

Lending

Corp.,

Class

A

(a)(b)

........

2,258,627

16,533,150

P10,

Inc.,

Class

A

..................

889,229

10,359,518

Patria

Investments

Ltd.,

Class

A

.........

1,207,014

17,598,264

Perella

Weinberg

Partners,

Class

A

.......

966,078

9,834,674

Piper

Sandler

Cos.

..................

397,181

57,714,371

PJT

Partners,

Inc.,

Class

A

............

543,736

43,194,388

Sculptor

Capital

Management,

Inc.,

Class

A

.

490,816

5,693,466

Silvercrest

Asset

Management

Group,

Inc.,

Class

A

.......................

211,196

3,351,681

StepStone

Group,

Inc.,

Class

A

.........

1,230,049

38,844,947

StoneX

Group,

Inc.

(a)(b)

...............

408,997

39,639,989

Value

Line,

Inc.

....................

20,654

902,993

Victory

Capital

Holdings,

Inc.,

Class

A

.....

630,289

21,013,835

Virtus

Investment

Partners,

Inc.

.........

158,709

32,057,631

WisdomTree,

Inc.

...................

3,150,812

22,055,684

713,268,936

Chemicals

—

1.9%

AdvanSix,

Inc.

.....................

611,624

19,009,274

American

Vanguard

Corp.

(b)

............

610,092

6,668,306

Aspen

Aerogels,

Inc.

(a)(b)

..............

1,177,388

10,125,537

Avient

Corp.

......................

2,065,852

72,965,893

Balchem

Corp.

....................

725,971

90,049,443

Cabot

Corp.

......................

1,262,169

87,430,447

Chase

Corp.

......................

167,696

21,335,962

Core

Molding

Technologies,

Inc.

(a)(b)

.......

162,501

4,629,654

Security

Shares

Shares

Value

Chemicals

(continued)

Danimer

Scientific,

Inc.,

Class

A

(a)(b)

.......

2,043,385

$

4,229,807

Ecovyst,

Inc.

(a)(b)

....................

2,171,982

21,372,303

FutureFuel

Corp.

...................

679,312

4,870,667

Hawkins,

Inc.

.....................

438,801

25,823,439

HB

Fuller

Co.

.....................

1,225,981

84,114,556

Ingevity

Corp.

(a)(b)

...................

834,734

39,741,686

Innospec,

Inc.

.....................

564,904

57,733,189

Intrepid

Potash,

Inc.

(a)(b)

...............

249,796

6,284,867

Koppers

Holdings,

Inc.

(b)

..............

462,415

18,288,513

Kronos

Worldwide,

Inc.

...............

553,297

4,288,052

Livent

Corp.

(a)(b)

....................

4,106,728

75,604,862

LSB

Industries,

Inc.

(a)(b)

...............

1,263,394

12,924,521

Mativ

Holdings,

Inc.

.................

1,243,535

17,732,809

Minerals

Technologies,

Inc.

............

743,483

40,713,129

Origin

Materials,

Inc.,

Class

A

(a)(b)

........

2,626,917

3,362,454

Orion

SA

........................

1,278,630

27,209,246

Perimeter

Solutions

SA

(a)(b)

............

3,542,010

16,080,725

PureCycle

Technologies,

Inc.

(a)(b)

.........

2,648,185

14,856,318

Quaker

Chemical

Corp.

(b)

.............

316,711

50,673,760

Rayonier

Advanced

Materials,

Inc.

(a)

......

1,444,948

5,115,116

Sensient

Technologies

Corp.

...........

960,057

56,144,133

Stepan

Co.

.......................

484,789

36,344,631

Trinseo

plc

.......................

801,719

6,550,044

Tronox

Holdings

plc

.................

2,682,112

36,047,585

Valhi,

Inc.

(b)

.......................

67,824

899,346

979,220,274

Commercial

Services

&

Supplies

—

1.6%

ABM

Industries,

Inc.

.................

1,506,213

60,263,582

ACCO

Brands

Corp.

.................

2,123,354

12,188,052

ACV

Auctions,

Inc.,

Class

A

(a)(b)

..........

2,895,421

43,952,491

Aris

Water

Solutions,

Inc.,

Class

A

(b)

......

676,763

6,754,095

BrightView

Holdings,

Inc.

(a)

............

958,738

7,430,219

Brink's

Co.

(The)

...................

1,049,744

76,253,404

Casella

Waste

Systems,

Inc.,

Class

A

(a)(b)

...

1,278,315

97,535,434

CECO

Environmental

Corp.

(a)(b)

.........

671,801

10,728,662

Cimpress

plc

(a)(b)

...................

407,157

28,505,062

CompX

International,

Inc.

.............

29,591

550,097

CoreCivic,

Inc.

(a)

...................

2,596,531

29,210,974

Deluxe

Corp.

......................

992,867

18,755,258

Ennis,

Inc.

.......................

588,809

12,494,527

Enviri

Corp.

(a)

.....................

1,798,255

12,983,401

GEO

Group,

Inc.

(The)

(a)

..............

2,756,039

22,544,399

Healthcare

Services

Group,

Inc.

.........

1,707,433

17,808,526

Heritage-Crystal

Clean,

Inc.

(a)(b)

.........

396,915

18,000,095

HNI

Corp.

........................

1,050,225

36,369,292

Interface,

Inc.

(b)

....................

1,320,060

12,949,789

LanzaTech

Global,

Inc.

(a)(b)

.............

467,954

2,185,345

Li-Cycle

Holdings

Corp.

(a)(b)

............

3,150,141

11,183,001

Liquidity

Services,

Inc.

(a)(b)

.............

527,510

9,294,726

Matthews

International

Corp.,

Class

A

(b)

....

681,124

26,502,535

MillerKnoll,

Inc.

....................

1,738,634

42,509,601

Montrose

Environmental

Group,

Inc.

(a)(b)

....

639,034

18,698,135

NL

Industries,

Inc.

..................

197,077

936,116

OPENLANE,

Inc.

(a)(b)

.................

2,471,675

36,877,391

Performant

Financial

Corp.

(a)

...........

1,518,512

3,431,837

Pitney

Bowes,

Inc.

..................

2,823,565

8,527,166

Quad/Graphics,

Inc.,

Class

A

(a)(b)

.........

728,844

3,666,085

SP

Plus

Corp.

(a)

....................

444,247

16,037,317

Steelcase,

Inc.,

Class

A

..............

2,122,601

23,709,453

UniFirst

Corp.

.....................

342,217

55,784,793

Viad

Corp.

(a)(b)

.....................

469,505

12,301,031

VSE

Corp.

.......................

287,883

14,520,818

811,442,709

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2000

ETF

Schedules

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Communications

Equipment

—

0.7%

ADTRAN

Holdings,

Inc.

..............

1,790,603

$

14,736,663

Aviat

Networks,

Inc.

(a)(b)

...............

242,170

7,555,704

Calix,

Inc.

(a)(b)

......................

1,346,971

61,745,151

Cambium

Networks

Corp.

(a)

............

275,474

2,019,224

Clearfield,

Inc.

(a)(b)

...................

300,685

8,617,632

CommScope

Holding

Co.,

Inc.

(a)(b)

........

4,751,597

15,965,366

Comtech

Telecommunications

Corp.

......

617,007

5,398,811

Digi

International,

Inc.

(a)(b)

.............

800,602

21,616,254

DZS,

Inc.

(a)(b)

......................

536,052

1,125,709

Extreme

Networks,

Inc.

(a)

..............

2,875,342

69,612,030

Harmonic,

Inc.

(a)(b)

..................

2,509,616

24,167,602

Infinera

Corp.

(a)(b)

...................

4,544,053

18,994,141

KVH

Industries,

Inc.

(a)(b)

...............

393,808

2,008,421

NETGEAR,

Inc.

(a)

...................

672,533

8,467,190

NetScout

Systems,

Inc.

(a)(b)

............

1,569,272

43,971,001

Ribbon

Communications,

Inc.

(a)(b)

........

2,043,067

5,475,420

Viavi

Solutions,

Inc.

(a)

................

5,055,197

46,204,501

357,680,820

Construction

&

Engineering

—

1.6%

Ameresco,

Inc.,

Class

A

(a)(b)

............

736,231

28,389,067

API

Group

Corp.

(a)(b)

.................

4,763,199

123,509,750

Arcosa,

Inc.

......................

1,105,092

79,456,115

Argan,

Inc.

.......................

282,336

12,851,935

Bowman

Consulting

Group

Ltd.

(a)(b)

.......

227,036

6,363,819

Comfort

Systems

USA,

Inc.

............

804,925

137,167,269

Concrete

Pumping

Holdings,

Inc.

(a)(b)

......

553,329

4,747,563

Construction

Partners,

Inc.,

Class

A

(a)(b)

....

915,169

33,458,579

Dycom

Industries,

Inc.

(a)(b)

.............

652,902

58,108,278

Eneti,

Inc.

........................

572,615

5,771,959

Fluor

Corp.

(a)

......................

3,254,495

119,439,966

Granite

Construction,

Inc.

.............

1,016,173

38,634,897

Great

Lakes

Dredge

&

Dock

Corp.

(a)(b)

.....

1,486,924

11,850,784

IES

Holdings,

Inc.

(a)(b)

................

186,165

12,262,689

INNOVATE

Corp.

(a)(b)

.................

1,128,884

1,828,792

Limbach

Holdings,

Inc.

(a)(b)

.............

207,915

6,597,143

MYR

Group,

Inc.

(a)

..................

374,892

50,520,446

Northwest

Pipe

Co.

(a)(b)

...............

211,777

6,389,312

Primoris

Services

Corp.

(b)

.............

1,212,261

39,677,303

Sterling

Infrastructure,

Inc.

(a)

...........

681,733

50,093,741

Tutor

Perini

Corp.

(a)

.................

984,828

7,711,203

834,830,610

Construction

Materials

—

0.3%

(b)

Knife

River

Corp.

(a)

..................

1,284,751

62,734,391

Summit

Materials,

Inc.,

Class

A

(a)

........

2,726,161

84,892,654

United

States

Lime

&

Minerals,

Inc.

.......

46,397

9,325,797

156,952,842

Consumer

Finance

—

0.8%

Atlanticus

Holdings

Corp.

(a)(b)

...........

113,100

3,428,061

Bread

Financial

Holdings,

Inc.

..........

642,741

21,981,742

Consumer

Portfolio

Services,

Inc.

(a)(b)

......

196,029

1,777,983

Encore

Capital

Group,

Inc.

(a)(b)

..........

531,290

25,374,410

Enova

International,

Inc.

(a)

.............

690,708

35,136,316

FirstCash

Holdings,

Inc.

..............

857,565

86,082,375

Green

Dot

Corp.,

Class

A

(a)

............

1,011,599

14,091,574

LendingClub

Corp.

(a)

.................

2,446,929

14,926,267

LendingTree,

Inc.

(a)(b)

................

245,537

3,805,824

Navient

Corp.

.....................

2,057,319

35,427,033

Nelnet,

Inc.,

Class

A

.................

330,555

29,525,173

NerdWallet,

Inc.,

Class

A

(a)(b)

...........

789,083

7,014,948

OppFi,

Inc.,

Class

A

(a)(b)

...............

249,690

629,219

PRA

Group,

Inc.

(a)(b)

.................

885,466

17,009,802

PROG

Holdings,

Inc.

(a)

...............

1,057,320

35,113,597

Regional

Management

Corp.

...........

190,527

5,273,787

Security

Shares

Shares

Value

Consumer

Finance

(continued)

Upstart

Holdings,

Inc.

(a)(b)

..............

1,639,254

$

46,784,309

World

Acceptance

Corp.

(a)(b)

............

92,300

11,727,638

395,110,058

Consumer

Staples

Distribution

&

Retail

—

0.6%

Andersons,

Inc.

(The)

................

735,560

37,888,696

Chefs'

Warehouse,

Inc.

(The)

(a)(b)

........

807,042

17,093,150

HF

Foods

Group,

Inc.

(a)(b)

..............

858,515

3,408,304

Ingles

Markets,

Inc.,

Class

A

(b)

..........

326,969

24,630,575

Natural

Grocers

by

Vitamin

Cottage,

Inc.

(b)

..

204,155

2,635,641

PriceSmart,

Inc.

....................

589,907

43,906,778

SpartanNash

Co.

...................

811,762

17,858,764

Sprouts

Farmers

Market,

Inc.

(a)(b)

........

2,362,076

101,096,853

United

Natural

Foods,

Inc.

(a)(b)

..........

1,343,008

18,990,133

Village

Super

Market,

Inc.,

Class

A

.......

188,507

4,267,798

Weis

Markets,

Inc.

(b)

.................

378,292

23,832,396

295,609,088

Containers

&

Packaging

—

0.3%

Greif,

Inc.,

Class

A,

NVS

..............

563,848

37,670,685

Greif,

Inc.,

Class

B

..................

113,902

7,581,317

Myers

Industries,

Inc.

................

832,431

14,925,488

O-I

Glass,

Inc.

(a)(b)

...................

3,544,378

59,297,444

Pactiv

Evergreen,

Inc.

...............

970,914

7,893,531

Ranpak

Holdings

Corp.,

Class

A

(a)(b)

......

1,001,414

5,447,692

TriMas

Corp.

(b)

.....................

946,475

23,434,721

156,250,878

Distributors

—

0.0%

Weyco

Group,

Inc.

..................

126,158

3,198,105

Diversified

Consumer

Services

—

1.2%

2U,

Inc.

(a)(b)

.......................

1,824,301

4,506,023

Adtalem

Global

Education,

Inc.

(a)(b)

.......

991,156

42,471,035

Carriage

Services,

Inc.

...............

297,885

8,415,251

Chegg,

Inc.

(a)(b)

....................

2,703,343

24,113,820

Coursera,

Inc.

(a)

....................

2,972,145

55,549,390

Duolingo,

Inc.,

Class

A

(a)(b)

.............

654,148

108,503,529

European

Wax

Center,

Inc.,

Class

A

(a)(b)

....

770,621

12,484,060

Frontdoor,

Inc.

(a)

....................

1,868,758

57,165,307

Graham

Holdings

Co.,

Class

B

..........

81,642

47,597,286

Laureate

Education,

Inc.

..............

2,987,445

42,122,974

Lincoln

Educational

Services

Corp.

(a)(b)

.....

495,033

4,183,029

Nerdy,

Inc.,

Class

A

(a)(b)

...............

1,371,921

5,076,108

OneSpaWorld

Holdings

Ltd.

(a)

..........

1,885,520

21,155,534

Perdoceo

Education

Corp.

(b)

...........

1,517,489

25,949,062

Rover

Group,

Inc.,

Class

A

(a)(b)

..........

2,125,457

13,305,361

Strategic

Education,

Inc.

(b)

.............

517,389

38,933,522

Stride,

Inc.

(a)(b)

.....................

964,805

43,445,169

Udemy,

Inc.

(a)(b)

....................

1,961,100

18,630,450

Universal

Technical

Institute,

Inc.

(a)(b)

......

711,189

5,959,764

WW

International,

Inc.

(a)(b)

.............

1,253,656

13,877,972

593,444,646

Diversified

REITs

—

0.6%

Alexander

&

Baldwin,

Inc.

.............

1,704,489

28,516,101

Alpine

Income

Property

Trust,

Inc.

.......

301,173

4,927,190

American

Assets

Trust,

Inc.

............

1,122,400

21,830,680

Armada

Hoffler

Properties,

Inc.

.........

1,554,359

15,916,636

Broadstone

Net

Lease,

Inc.

............

4,320,211

61,779,017

CTO

Realty

Growth,

Inc.

..............

554,553

8,989,304

Empire

State

Realty

Trust,

Inc.,

Class

A

(b)

...

3,023,028

24,305,145

Essential

Properties

Realty

Trust,

Inc.

.....

3,569,885

77,216,613

Gladstone

Commercial

Corp.

...........

947,280

11,518,925

Global

Net

Lease,

Inc.

...............

4,482,688

43,078,632

NexPoint

Diversified

Real

Estate

Trust

....

710,151

6,185,415

One

Liberty

Properties,

Inc.

............

387,067

7,303,954

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2000

ETF

14

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Diversified

REITs

(continued)

Star

Holdings

(a)(b)

...................

310,328

$

3,885,307

315,452,919

Diversified

Telecommunication

Services

—

0.4%

Anterix,

Inc.

(a)(b)

....................

300,137

9,418,299

AST

SpaceMobile,

Inc.,

Class

A

(a)(b)

.......

1,817,992

6,908,370

ATN

International,

Inc.

...............

242,631

7,657,434

Bandwidth,

Inc.,

Class

A

(a)(b)

............

544,044

6,131,376

Charge

Enterprises,

Inc.

(a)(b)

............

3,042,343

1,512,653

Cogent

Communications

Holdings,

Inc.

....

984,204

60,922,228

Consolidated

Communications

Holdings,

Inc.

(a)

(b)

...........................

1,728,471

5,911,371

EchoStar

Corp.,

Class

A

(a)(b)

............

783,506

13,123,725

Globalstar,

Inc.

(a)(b)

..................

15,753,505

20,637,092

IDT

Corp.,

Class

B

(a)

.................

350,260

7,723,233

Liberty

Latin

America

Ltd.,

Class

A

(a)

......

861,231

7,027,645

Liberty

Latin

America

Ltd.,

Class

C,

NVS

(a)(b)

.

3,234,470

26,393,275

Lumen

Technologies,

Inc.

(a)

............

23,153,139

32,877,457

Ooma,

Inc.

(a)(b)

.....................

534,016

6,947,548

213,191,706

Electric

Utilities

—

0.7%

ALLETE,

Inc.

.....................

1,325,817

70,003,138

Genie

Energy

Ltd.,

Class

B

(b)

...........

437,890

6,450,120

MGE

Energy,

Inc.

...................

833,165

57,080,134

Otter

Tail

Corp.

....................

940,127

71,374,442

PNM

Resources,

Inc.

................

1,947,758

86,889,484

Portland

General

Electric

Co.

...........

2,213,097

89,586,166

381,383,484

Electrical

Equipment

—

1.6%

Allient,

Inc.

.......................

297,930

9,211,996

Amprius

Technologies,

Inc.

(a)(b)

..........

165,284

783,446

Array

Technologies,

Inc.

(a)(b)

............

3,448,339

76,518,642

Atkore,

Inc.

(a)(b)

.....................

878,279

131,030,444

Babcock

&

Wilcox

Enterprises,

Inc.

(a)

......

1,324,026

5,574,149

Blink

Charging

Co.

(a)(b)

................

1,234,765

3,778,381

Bloom

Energy

Corp.,

Class

A

(a)(b)

........

4,392,109

58,239,365

Dragonfly

Energy

Holdings

Corp.

(a)(b)

......

561,528

864,753

Encore

Wire

Corp.

(b)

.................

364,654

66,534,769

Energy

Vault

Holdings,

Inc.

(a)(b)

..........

2,227,295

5,679,602

EnerSys

.........................

939,556

88,947,767

Enovix

Corp.

(a)(b)

....................

3,110,058

39,031,228

Eos

Energy

Enterprises,

Inc.,

Class

A

(a)(b)

...

2,466,236

5,302,407

ESS

Tech,

Inc.

(a)(b)

..................

2,184,877

4,107,569

Fluence

Energy,

Inc.,

Class

A

(a)(b)

........

900,478

20,701,989

FTC

Solar,

Inc.

(a)(b)

..................

1,519,120

1,944,474

FuelCell

Energy,

Inc.

(a)(b)

..............

9,326,154

11,937,477

GrafTech

International

Ltd.

(b)

...........

4,403,332

16,864,762

LSI

Industries,

Inc.

..................

588,978

9,352,971

NEXTracker,

Inc.,

Class

A

(a)(b)

...........

1,128,389

45,316,102

NuScale

Power

Corp.,

Class

A

(a)(b)

........

1,204,514

5,902,119

Powell

Industries,

Inc.

................

208,897

17,317,561

Preformed

Line

Products

Co.

(b)

..........

56,798

9,234,219

SES

AI

Corp.,

Class

A

(a)(b)

.............

2,903,792

6,591,608

Shoals

Technologies

Group,

Inc.,

Class

A

(a)(b)

3,901,654

71,205,185

SKYX

Platforms

Corp.

(a)(b)

.............

1,302,563

1,849,639

Stem,

Inc.

(a)(b)

.....................

3,224,161

13,670,443

SunPower

Corp.

(a)(b)

.................

2,015,064

12,432,945

Thermon

Group

Holdings,

Inc.

(a)(b)

........

758,908

20,847,203

TPI

Composites,

Inc.

(a)(b)

..............

959,807

2,543,489

Vicor

Corp.

(a)(b)

.....................

505,915

29,793,334

793,110,038

Security

Shares

Shares

Value

Electronic

Equipment,

Instruments

&

Components

—

2.8%

908

Devices,

Inc.

(a)(b)

.................

498,486

$

3,319,917

Advanced

Energy

Industries,

Inc.

(b)

.......

854,150

88,079,948

Aeva

Technologies,

Inc.

(a)(b)

............

1,881,492

1,439,153

Akoustis

Technologies,

Inc.

(a)(b)

..........

1,610,201

1,212,320

Arlo

Technologies,

Inc.

(a)(b)

.............

1,989,888

20,495,846

Badger

Meter,

Inc.

(b)

.................

669,170

96,273,488

Bel

Fuse,

Inc.,

Class

B,

NVS

...........

240,618

11,482,291

Belden,

Inc.

(b)

.....................

968,965

93,553,571

Benchmark

Electronics,

Inc.

...........

822,650

19,957,489

Climb

Global

Solutions,

Inc.

(b)

...........

93,883

4,037,908

CTS

Corp.

.......................

713,862

29,796,600

Daktronics,

Inc.

(a)(b)

..................

856,214

7,637,429

ePlus,

Inc.

(a)

......................

607,609

38,595,324

Evolv

Technologies

Holdings,

Inc.

(a)(b)

.....

2,580,622

12,541,823

Fabrinet

(a)

........................

838,515

139,713,369

FARO

Technologies,

Inc.

(a)(b)

...........

436,213

6,643,524

Insight

Enterprises,

Inc.

(a)(b)

............

655,961

95,442,325

Iteris,

Inc.

(a)(b)

......................

883,761

3,658,771

Itron,

Inc.

(a)

.......................

1,039,024

62,944,074

Kimball

Electronics,

Inc.

(a)

.............

542,926

14,865,314

Knowles

Corp.

(a)(b)

..................

2,072,081

30,687,520

Lightwave

Logic,

Inc.

(a)(b)

..............

2,620,536

11,713,796

Luna

Innovations,

Inc.

(a)(b)

.............

731,963

4,289,303

Methode

Electronics,

Inc.

.............

808,991

18,485,444

MicroVision,

Inc.

(a)(b)

.................

4,009,437

8,780,667

Mirion

Technologies,

Inc.,

Class

A

(a)(b)

.....

4,557,936

34,047,782

Motomova,

Inc.,

NVS

(a)(d)

..............

26,106

—

Napco

Security

Technologies,

Inc.

.......

712,201

15,846,472

nLight,

Inc.

(a)(b)

.....................

1,017,798

10,585,099

Novanta,

Inc.

(a)(b)

...................

814,721

116,863,580

OSI

Systems,

Inc.

(a)(b)

................

361,584

42,681,375

PAR

Technology

Corp.

(a)(b)

.............

605,641

23,341,404

PC

Connection,

Inc.

.................

263,992

14,091,893

Plexus

Corp.

(a)(b)

....................

627,168

58,314,081

Presto

Automation,

Inc.

(a)(b)

............

184,611

263,994

Richardson

Electronics

Ltd.

............

266,127

2,908,768

Rogers

Corp.

(a)

....................

394,519

51,867,413

Sanmina

Corp.

(a)

...................

1,308,824

71,042,967

ScanSource,

Inc.

(a)(b)

.................

574,286

17,406,609

SmartRent,

Inc.,

Class

A

(a)(b)

............

4,223,944

11,024,494

TTM

Technologies,

Inc.

(a)

..............

2,330,540

30,017,355

Vishay

Intertechnology,

Inc.

............

2,920,600

72,197,232

Vishay

Precision

Group,

Inc.

(a)(b)

.........

268,709

9,023,248

Vuzix

Corp.

(a)(b)

....................

1,359,241

4,934,045

1,412,105,025

Energy

Equipment

&

Services

—

3.0%

Archrock,

Inc.

.....................

3,171,779

39,964,415

Atlas

Energy

Solutions,

Inc.,

Class

A

(b)

.....

369,415

8,212,096

Borr

Drilling

Ltd.

(a)(b)

.................

5,006,183

35,543,899

Bristow

Group,

Inc.

(a)(b)

...............

532,871

15,010,976

Cactus,

Inc.,

Class

A

................

1,470,273

73,822,407

ChampionX

Corp.

(b)

.................

4,540,539

161,733,999

Core

Laboratories,

Inc.

...............

1,065,223

25,576,004

Diamond

Offshore

Drilling,

Inc.

(a)(b)

.......

2,324,657

34,125,965

DMC

Global,

Inc.

(a)

..................

443,620

10,855,381

Dril-Quip,

Inc.

(a)(b)

...................

775,426

21,843,750

Expro

Group

Holdings

NV

(a)(b)

...........

2,006,309

46,606,558

Forum

Energy

Technologies,

Inc.

(a)(b)

......

212,879

5,113,354

Helix

Energy

Solutions

Group,

Inc.

(a)

......

3,282,715

36,667,927

Helmerich

&

Payne,

Inc.

..............

2,222,389

93,695,920

KLX

Energy

Services

Holdings,

Inc.

(a)(b)

....

285,198

3,379,596

Kodiak

Gas

Services,

Inc.

(a)(b)

...........

311,842

5,575,735

Liberty

Energy,

Inc.,

Class

A

...........

3,776,572

69,942,114

Mammoth

Energy

Services,

Inc.

(a)(b)

.......

515,622

2,392,486

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2000

ETF

Schedules

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Energy

Equipment

&

Services

(continued)

Nabors

Industries

Ltd.

(a)

..............

210,160

$

25,879,102

Newpark

Resources,

Inc.

(a)

............

1,718,286

11,873,356

Noble

Corp.

plc

(b)

...................

2,518,227

127,548,198

Oceaneering

International,

Inc.

(a)(b)

.......

2,293,132

58,979,355

Oil

States

International,

Inc.

(a)(b)

.........

1,463,312

12,247,921

Patterson-UTI

Energy,

Inc.

............

8,069,145

111,676,967

ProFrac

Holding

Corp.,

Class

A

(a)(b)

.......

590,700

6,426,816

ProPetro

Holding

Corp.

(a)(b)

............

2,269,362

24,123,318

Ranger

Energy

Services,

Inc.

...........

318,815

4,520,797

RPC,

Inc.

........................

1,939,881

17,342,536

SEACOR

Marine

Holdings,

Inc.

(a)(b)

.......

539,578

7,489,343

Seadrill

Ltd.

(a)

.....................

1,151,243

51,564,174

Select

Water

Solutions,

Inc.,

Class

A

......

1,867,371

14,845,600

Solaris

Oilfield

Infrastructure,

Inc.,

Class

A

..

717,333

7,646,770

TETRA

Technologies,

Inc.

(a)

............

2,865,721

18,283,300

Tidewater,

Inc.

(a)(b)

..................

1,082,807

76,955,094

US

Silica

Holdings,

Inc.

(a)

.............

1,716,478

24,099,351

Valaris

Ltd.

(a)

......................

1,398,945

104,892,896

Weatherford

International

plc

(a)

..........

1,621,707

146,488,793

1,542,946,269

Entertainment

—

0.4%

Atlanta

Braves

Holdings,

Inc.,

Class

A

(a)(b)

...

253,135

9,889,984

Atlanta

Braves

Holdings,

Inc.,

Class

C,

NVS

(a)(b)

1,037,209

37,059,478

Cinemark

Holdings,

Inc.

(a)(b)

............

2,506,615

45,996,385

IMAX

Corp.

(a)(b)

....................

1,023,745

19,778,753

Lions

Gate

Entertainment

Corp.,

Class

A

(a)(b)

.

1,393,538

11,817,203

Lions

Gate

Entertainment

Corp.,

Class

B,

NVS

(a)(b)

.......................

2,622,937

20,642,514

Loop

Media,

Inc.

(a)

..................

763,458

379,439

Madison

Square

Garden

Entertainment

Corp.

(a)

(b)

...........................

986,149

32,454,164

Marcus

Corp.

(The)

(b)

................

568,100

8,805,550

Playstudios,

Inc.,

Class

A

(a)(b)

...........

1,912,590

6,082,036

Reservoir

Media,

Inc.

(a)(b)

..............

444,689

2,712,603

Sphere

Entertainment

Co.,

Class

A

(a)(b)

.....

598,906

22,255,347

Vivid

Seats,

Inc.,

Class

A

(a)(b)

...........

577,427

3,707,081

221,580,537

Financial

Services

—

2.3%

Acacia

Research

Corp.

(a)(b)

.............

811,602

2,962,347

Alerus

Financial

Corp.

...............

432,630

7,865,213

A-Mark

Precious

Metals,

Inc.

...........

430,350

12,622,166

AvidXchange

Holdings,

Inc.

(a)(b)

..........

3,424,634

32,465,530

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

....................

626,060

13,272,472

Cannae

Holdings,

Inc.

(a)(b)

.............

1,654,849

30,846,385

Cantaloupe,

Inc.

(a)

..................

1,338,052

8,362,825

Cass

Information

Systems,

Inc.

.........

321,875

11,989,844

Compass

Diversified

Holdings

..........

1,456,401

27,336,647

Enact

Holdings,

Inc.

.................

697,409

18,990,447

Essent

Group

Ltd.

..................

2,413,539

114,136,259

EVERTEC,

Inc.

....................

1,485,278

55,222,636

Federal

Agricultural

Mortgage

Corp.,

Class

C,

NVS

.........................

207,707

32,049,190

Finance

of

America

Cos.,

Inc.,

Class

A

(a)(b)

..

1,070,165

1,369,811

Flywire

Corp.

(a)(b)

...................

2,197,339

70,073,141

I3

Verticals,

Inc.,

Class

A

(a)(b)

...........

512,123

10,826,280

International

Money

Express,

Inc.

(a)(b)

......

748,810

12,677,353

Jackson

Financial,

Inc.,

Class

A

.........

1,802,169

68,878,899

Marqeta,

Inc.,

Class

A

(a)(b)

.............

11,177,633

66,842,245

Merchants

Bancorp

.................

365,529

10,132,464

Mr

Cooper

Group,

Inc.

(a)(b)

.............

1,494,635

80,052,651

NewtekOne,

Inc.

(b)

..................

538,185

7,938,229

NMI

Holdings,

Inc.,

Class

A

(a)

...........

1,869,598

50,647,410

Security

Shares

Shares

Value

Financial

Services

(continued)

Ocwen

Financial

Corp.

(a)(b)

.............

145,939

$

3,776,901

Pagseguro

Digital

Ltd.,

Class

A

(a)

........

4,578,356

39,419,645

Payoneer

Global,

Inc.

(a)

...............

5,753,020

35,208,482

Paysafe

Ltd.

(a)

.....................

754,852

9,050,676

Paysign,

Inc.

(a)(b)

....................

702,241

1,369,370

PennyMac

Financial

Services,

Inc.

.......

580,933

38,690,138

Priority

Technology

Holdings,

Inc.

(a)(b)

......

203,124

658,122

Radian

Group,

Inc.

..................

3,296,667

82,779,308

Remitly

Global,

Inc.

(a)(b)

...............

2,973,954

75,003,120

Repay

Holdings

Corp.,

Class

A

(a)(b)

.......

1,875,599

14,235,797

Security

National

Financial

Corp.,

Class

A

(a)(b)

253,711

1,989,097

StoneCo

Ltd.,

Class

A

(a)

..............

6,633,370

70,778,058

SWK

Holdings

Corp.

(a)(b)

..............

37,842

596,012

Velocity

Financial,

Inc.

(a)(b)

.............

206,529

2,333,778

Walker

&

Dunlop,

Inc.

................

725,022

53,825,633

Waterstone

Financial,

Inc.

.............

442,741

4,848,014

1,182,122,595

Food

Products

—

1.2%

Alico,

Inc.

(b)

.......................

169,928

4,241,403

B&G

Foods,

Inc.

...................

1,625,352

16,074,731

Benson

Hill,

Inc.

(a)(b)

.................

3,925,681

1,301,363

Beyond

Meat,

Inc.

(a)(b)

................

1,349,209

12,979,391

BRC,

Inc.,

Class

A

(a)(b)

................

859,967

3,087,282

Calavo

Growers,

Inc.

................

391,971

9,889,428

Cal-Maine

Foods,

Inc.

................

869,422

42,097,413

Dole

plc

(b)

........................

1,633,456

18,915,420

Forafric

Global

plc

(a)(b)

................

46,935

529,896

Fresh

Del

Monte

Produce,

Inc.

..........

786,133

20,313,677

Hain

Celestial

Group,

Inc.

(The)

(a)

........

2,046,171

21,218,793

Hostess

Brands,

Inc.,

Class

A

(a)

.........

3,024,581

100,748,793

J

&

J

Snack

Foods

Corp.

..............

343,580

56,226,867

John

B

Sanfilippo

&

Son,

Inc.

...........

204,071

20,162,215

Lancaster

Colony

Corp.

..............

444,958

73,431,419

Limoneira

Co.

(b)

....................

376,388

5,766,264

Mission

Produce,

Inc.

(a)(b)

..............

1,080,592

10,460,131

Seneca

Foods

Corp.,

Class

A

(a)(b)

........

120,814

6,503,418

Simply

Good

Foods

Co.

(The)

(a)(b)

........

2,061,554

71,164,844

Sovos

Brands,

Inc.

(a)(b)

...............

1,155,835

26,064,079

SunOpta,

Inc.

(a)(b)

...................

2,063,717

6,954,726

TreeHouse

Foods,

Inc.

(a)

..............

1,175,096

51,210,684

Utz

Brands,

Inc.,

Class

A

(b)

............

1,619,752

21,753,269

Vital

Farms,

Inc.

(a)(b)

.................

684,795

7,929,926

Westrock

Coffee

Co.

(a)(b)

..............

628,272

5,566,490

614,591,922

Gas

Utilities

—

0.9%

Brookfield

Infrastructure

Corp.,

Class

A

(b)

...

2,246,434

79,388,978

Chesapeake

Utilities

Corp.

............

398,420

38,945,555

New

Jersey

Resources

Corp.

...........

2,216,291

90,047,903

Northwest

Natural

Holding

Co.

..........

826,998

31,558,244

ONE

Gas,

Inc.

.....................

1,262,036

86,171,818

RGC

Resources,

Inc.

................

164,875

2,852,337

Southwest

Gas

Holdings,

Inc.

..........

1,409,602

85,154,057

Spire,

Inc.

........................

1,179,750

66,750,255

480,869,147

Ground

Transportation

—

0.5%

ArcBest

Corp.

(b)

....................

550,423

55,950,498

Bird

Global,

Inc.,

Class

A

(a)

............

2

1

Covenant

Logistics

Group,

Inc.,

Class

A

....

190,237

8,341,893

Daseke,

Inc.

(a)(b)

....................

945,304

4,849,410

FTAI

Infrastructure,

Inc.

...............

2,173,212

6,997,743

Heartland

Express,

Inc.

(b)

.............

1,039,502

15,270,284

Marten

Transport

Ltd.

................

1,316,309

25,944,450

PAM

Transportation

Services,

Inc.

(a)(b)

.....

153,708

3,312,407

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2000

ETF

16

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Ground

Transportation

(continued)

RXO,

Inc.

(a)(b)

......................

2,649,479

$

52,274,221

TuSimple

Holdings,

Inc.,

Class

A

(a)(b)

......

3,879,398

6,051,861

Universal

Logistics

Holdings,

Inc.

........

154,967

3,902,069

Werner

Enterprises,

Inc.

..............

1,433,060

55,817,687

238,712,524

Health

Care

Equipment

&

Supplies

—

3.0%

Accuray,

Inc.

(a)(b)

....................

2,131,520

5,797,734

Alphatec

Holdings,

Inc.

(a)(b)

.............

1,820,256

23,608,720

AngioDynamics,

Inc.

(a)(b)

..............

872,913

6,380,994

Artivion,

Inc.

(a)(b)

....................

896,044

13,584,027

AtriCure,

Inc.

(a)(b)

...................

1,061,669

46,501,102

Atrion

Corp.

......................

30,327

12,530,207

Avanos

Medical,

Inc.

(a)(b)

..............

1,058,213

21,397,067

AxoGen,

Inc.

(a)

.....................

919,277

4,596,385

Axonics,

Inc.

(a)(b)

....................

1,116,487

62,657,250

Beyond

Air,

Inc.

(a)(b)

..................

607,817

1,404,057

Butterfly

Network,

Inc.,

Class

A

(a)(b)

.......

3,219,087

3,798,523

Cerus

Corp.

(a)(b)

....................

4,100,975

6,643,579

ClearPoint

Neuro,

Inc.

(a)(b)

.............

507,320

2,541,673

CONMED

Corp.

(b)

..................

699,550

70,549,618

Cutera,

Inc.

(a)(b)

....................

415,638

2,502,141

CVRx,

Inc.

(a)(b)

.....................

250,680

3,802,816

Embecta

Corp.

....................

1,314,953

19,790,043

Glaukos

Corp.

(a)(b)

...................

1,067,772

80,349,843

Haemonetics

Corp.

(a)(b)

...............

1,140,792

102,192,147

Inari

Medical,

Inc.

(a)(b)

................

1,217,124

79,599,910

Inmode

Ltd.

(a)(b)

....................

1,763,238

53,708,229

Inogen,

Inc.

(a)

.....................

527,521

2,753,660

Integer

Holdings

Corp.

(a)(b)

.............

757,382

59,401,470

iRadimed

Corp.

....................

160,770

7,133,365

iRhythm

Technologies,

Inc.

(a)(b)

..........

699,101

65,897,260

KORU

Medical

Systems,

Inc.

(a)(b)

.........

638,457

1,723,834

Lantheus

Holdings,

Inc.

(a)(b)

............

1,548,481

107,588,460

LeMaitre

Vascular,

Inc.

...............

447,325

24,370,266

LivaNova

plc

(a)

.....................

1,236,852

65,404,734

Merit

Medical

Systems,

Inc.

(a)(b)

..........

1,295,051

89,384,420

Nano-X

Imaging

Ltd.

(a)(b)

..............

1,082,946

7,104,126

Neogen

Corp.

(a)(b)

...................

4,959,858

91,955,767

Nevro

Corp.

(a)(b)

....................

808,629

15,541,849

Omnicell,

Inc.

(a)(b)

...................

1,023,679

46,106,502

OraSure

Technologies,

Inc.

(a)(b)

..........

1,643,241

9,744,419

Orchestra

BioMed

Holdings,

Inc.

(a)(b)

......

244,488

2,131,935

Orthofix

Medical,

Inc.

(a)(b)

..............

807,306

10,381,955

OrthoPediatrics

Corp.

(a)(b)

..............

360,871

11,547,872

Outset

Medical,

Inc.

(a)(b)

...............

1,131,996

12,316,116

Paragon

28,

Inc.

(a)(b)

.................

1,000,417

12,555,233

PROCEPT

BioRobotics

Corp.

(a)(b)

........

824,776

27,060,901

Pulmonx

Corp.

(a)(b)

..................

834,643

8,621,862

Pulse

Biosciences,

Inc.

(a)(b)

.............

366,828

1,478,317

RxSight,

Inc.

(a)(b)

....................

615,094

17,154,972

Sanara

Medtech,

Inc.

(a)(b)

..............

83,546

2,600,787

Semler

Scientific,

Inc.

(a)(b)

..............

110,662

2,807,495

SI-BONE,

Inc.

(a)(b)

...................

797,280

16,934,227

Sight

Sciences,

Inc.

(a)(b)

...............

477,637

1,609,637

Silk

Road

Medical,

Inc.

(a)(b)

.............

880,348

13,196,417

STAAR

Surgical

Co.

(a)(b)

...............

1,109,328

44,572,799

Surmodics,

Inc.

(a)(b)

..................

311,945

10,010,315

Tactile

Systems

Technology,

Inc.

(a)(b)

......

535,213

7,519,743

Tela

Bio,

Inc.

(a)(b)

....................

353,333

2,826,664

TransMedics

Group,

Inc.

(a)(b)

............

720,832

39,465,552

Treace

Medical

Concepts,

Inc.

(a)(b)

........

1,029,577

13,497,754

UFP

Technologies,

Inc.

(a)(b)

.............

161,446

26,065,457

Utah

Medical

Products,

Inc.

............

70,138

6,031,868

Varex

Imaging

Corp.

(a)(b)

..............

881,291

16,559,458

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

Vicarious

Surgical,

Inc.,

Class

A

(a)(b)

.......

1,518,202

$

896,802

Zimvie,

Inc.

(a)(b)

....................

590,902

5,560,388

Zynex,

Inc.

(a)(b)

.....................

443,247

3,545,976

1,534,996,699

Health

Care

Providers

&

Services

—

2.7%

23andMe

Holding

Co.,

Class

A

(a)(b)

.......

6,034,316

5,899,751

Accolade,

Inc.

(a)(b)

...................

1,539,947

16,292,639

AdaptHealth

Corp.

(a)(b)

................

2,166,982

19,719,536

Addus

HomeCare

Corp.

(a)

.............

355,503

30,285,301

Agiliti,

Inc.

(a)(b)

.....................

665,044

4,316,135

AirSculpt

Technologies,

Inc.

(a)(b)

.........

267,403

1,829,036

Alignment

Healthcare,

Inc.

(a)(b)

..........

1,962,688

13,621,055

AMN

Healthcare

Services,

Inc.

(a)(b)

.......

906,627

77,226,488

Apollo

Medical

Holdings,

Inc.

(a)(b)

.........

976,096

30,112,562

ATI

Physical

Therapy,

Inc.

(a)

............

2

18

Aveanna

Healthcare

Holdings,

Inc.

(a)(b)

.....

1,134,431

1,349,973

Brookdale

Senior

Living,

Inc.

(a)(b)

.........

4,225,923

17,495,321

Cano

Health,

Inc.,

Class

A

(a)(b)

..........

5,443,847

1,380,560

CareMax,

Inc.,

Class

A

(a)(b)

.............

1,768,560

3,749,347

Castle

Biosciences,

Inc.

(a)(b)

............

567,145

9,579,079

Community

Health

Systems,

Inc.

(a)(b)

......

2,872,523

8,330,317

CorVel

Corp.

(a)(b)

....................

197,621

38,862,170

Cross

Country

Healthcare,

Inc.

(a)(b)

.......

786,733

19,503,111

DocGo,

Inc.

(a)(b)

....................

1,764,266

9,403,538

Enhabit,

Inc.

(a)(b)

....................

1,150,283

12,940,684

Ensign

Group,

Inc.

(The)

(b)

.............

1,239,241

115,162,666

Fulgent

Genetics,

Inc.

(a)(b)

.............

464,688

12,425,757

Guardant

Health,

Inc.

(a)

...............

2,571,653

76,223,795

HealthEquity,

Inc.

(a)(b)

................

1,915,031

139,893,014

Hims

&

Hers

Health,

Inc.,

Class

A

(a)(b)

.....

2,787,968

17,536,319

InfuSystem

Holdings,

Inc.

(a)(b)

...........

372,633

3,592,182

Innovage

Holding

Corp.

(a)(b)

............

434,541

2,602,901

Invitae

Corp.

(a)(b)

....................

6,121,289

3,704,604

Joint

Corp.

(The)

(a)

..................

329,646

2,963,517

LifeStance

Health

Group,

Inc.

(a)(b)

........

2,427,592

16,677,557

ModivCare,

Inc.

(a)

...................

292,007

9,201,141

National

HealthCare

Corp.

.............

282,241

18,057,779

National

Research

Corp.

..............

327,418

14,527,537

NeoGenomics,

Inc.

(a)(b)

...............

2,912,344

35,821,831

OPKO

Health,

Inc.

(a)(b)

................

9,266,001

14,825,602

Option

Care

Health,

Inc.

(a)

.............

3,873,775

125,316,621

Owens

&

Minor,

Inc.

(a)

................

1,695,550

27,400,088

P3

Health

Partners,

Inc.,

Class

A

(a)(b)

......

924,569

1,359,116

Patterson

Cos.,

Inc.

.................

1,952,894

57,883,778

Pediatrix

Medical

Group,

Inc.

(a)(b)

.........

1,929,247

24,520,729

Pennant

Group,

Inc.

(The)

(a)(b)

..........

649,308

7,226,798

PetIQ,

Inc.,

Class

A

(a)(b)

...............

629,648

12,404,066

Privia

Health

Group,

Inc.

(a)(b)

............

2,498,442

57,464,166

Progyny,

Inc.

(a)(b)

...................

1,785,446

60,740,873

Quipt

Home

Medical

Corp.

(a)(b)

..........

846,488

4,308,624

RadNet,

Inc.

(a)(b)

....................

1,349,187

38,033,581

Select

Medical

Holdings

Corp.

..........

2,367,355

59,823,061

Surgery

Partners,

Inc.

(a)(b)

.............

1,540,394

45,056,524

US

Physical

Therapy,

Inc.

.............

330,447

30,311,903

Viemed

Healthcare,

Inc.

(a)(b)

............

707,123

4,758,938

1,361,721,689

Health

Care

REITs

—

0.6%

CareTrust

REIT,

Inc.

.................

2,335,054

47,868,607

Community

Healthcare

Trust,

Inc.

........

592,498

17,597,191

Diversified

Healthcare

Trust

............

5,498,773

10,667,620

Global

Medical

REIT,

Inc.

.............

1,461,753

13,111,924

LTC

Properties,

Inc.

.................

969,731

31,157,457

National

Health

Investors,

Inc.

..........

971,893

49,916,424

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2000

ETF

Schedules

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Health

Care

REITs

(continued)

Physicians

Realty

Trust

...............

5,505,742

$

67,114,995

Sabra

Health

Care

REIT,

Inc.

...........

5,323,471

74,209,186

Universal

Health

Realty

Income

Trust

.....

314,951

12,733,469

324,376,873

Health

Care

Technology

—

0.5%

American

Well

Corp.,

Class

A

(a)(b)

........

5,584,202

6,533,516

Computer

Programs

&

Systems,

Inc.

(a)(b)

...

319,787

5,097,405

Definitive

Healthcare

Corp.,

Class

A

(a)(b)

....

1,056,790

8,443,752

Evolent

Health,

Inc.,

Class

A

(a)(b)

.........

2,513,381

68,439,365

Health

Catalyst,

Inc.

(a)(b)

...............

1,274,505

12,897,990

HealthStream,

Inc.

(b)

.................

545,926

11,781,083

Multiplan

Corp.,

Class

A

(a)(b)

............

8,908,506

14,966,290

NextGen

Healthcare,

Inc.

(a)

............

1,255,997

29,804,809

OptimizeRx

Corp.

(a)(b)

................

393,156

3,058,754

Phreesia,

Inc.

(a)(b)

...................

1,178,471

22,013,838

Schrodinger,

Inc.

(a)(b)

.................

1,238,233

35,004,847

Sharecare,

Inc.,

Class

A

(a)(b)

............

7,051,902

6,631,609

Simulations

Plus,

Inc.

(b)

...............

359,983

15,011,291

Veradigm,

Inc.

(a)(b)

...................

2,478,579

32,568,528

272,253,077

Hotel

&

Resort

REITs

—

0.9%

Apple

Hospitality

REIT,

Inc.

............

4,971,165

76,257,671

Braemar

Hotels

&

Resorts,

Inc.

.........

1,548,856

4,290,331

Chatham

Lodging

Trust

...............

1,102,933

10,555,069

DiamondRock

Hospitality

Co.

(b)

.........

4,879,100

39,179,173

Hersha

Hospitality

Trust,

Class

A

........

723,951

7,138,157

Pebblebrook

Hotel

Trust

(b)

.............

2,789,038

37,903,026

RLJ

Lodging

Trust

..................

3,646,665

35,700,850

Ryman

Hospitality

Properties,

Inc.

.......

1,319,056

109,850,984

Service

Properties

Trust

..............

3,793,626

29,172,984

Summit

Hotel

Properties,

Inc.

...........

2,451,866

14,220,823

Sunstone

Hotel

Investors,

Inc.

(b)

.........

4,791,248

44,798,169

Xenia

Hotels

&

Resorts,

Inc.

...........

2,487,321

29,300,641

438,367,878

Hotels,

Restaurants

&

Leisure

—

2.2%

Accel

Entertainment,

Inc.,

Class

A

(a)(b)

.....

1,215,694

13,311,849

Bally's

Corp.

(a)(b)

....................

667,665

8,753,088

Biglari

Holdings,

Inc.,

Class

B,

NVS

(a)(b)

....

16,337

2,711,942

BJ's

Restaurants,

Inc.

(a)

...............

529,215

12,415,384

Bloomin'

Brands,

Inc.

................

2,004,257

49,284,680

Bluegreen

Vacations

Holding

Corp.

.......

248,160

9,102,509

Bowlero

Corp.,

Class

A

(a)(b)

.............

676,919

6,511,961

Brinker

International,

Inc.

(a)(b)

...........

1,002,830

31,679,400

Carrols

Restaurant

Group,

Inc.

(a)(b)

.......

852,757

5,619,669

Century

Casinos,

Inc.

(a)

...............

580,431

2,977,611

Cheesecake

Factory,

Inc.

(The)

(b)

........

1,110,456

33,646,817

Chuy's

Holdings,

Inc.

(a)(b)

..............

411,878

14,654,619

Cracker

Barrel

Old

Country

Store,

Inc.

.....

506,968

34,068,250

Dave

&

Buster's

Entertainment,

Inc.

(a)(b)

....

825,175

30,589,237

Denny's

Corp.

(a)

....................

1,233,112

10,444,459

Dine

Brands

Global,

Inc.

..............

365,187

18,058,497

El

Pollo

Loco

Holdings,

Inc.

............

651,838

5,833,950

Everi

Holdings,

Inc.

(a)(b)

...............

1,920,800

25,392,976

Fiesta

Restaurant

Group,

Inc.

(a)

.........

398,917

3,374,838

First

Watch

Restaurant

Group,

Inc.

(a)(b)

.....

484,317

8,373,841

Full

House

Resorts,

Inc.

(a)(b)

............

721,849

3,082,295

Global

Business

Travel

Group

I

(a)(b)

.......

710,948

3,910,214

Golden

Entertainment,

Inc.

............

462,753

15,816,898

Hilton

Grand

Vacations,

Inc.

(a)(b)

.........

1,856,172

75,546,200

Inspired

Entertainment,

Inc.

(a)(b)

..........

481,369

5,757,173

International

Game

Technology

plc

.......

2,478,968

75,162,310

Jack

in

the

Box,

Inc.

.................

467,778

32,304,749

Krispy

Kreme,

Inc.

(b)

.................

2,003,103

24,978,694

Security

Shares

Shares

Value

Hotels,

Restaurants

&

Leisure

(continued)

Kura

Sushi

USA,

Inc.,

Class

A

(a)(b)

........

133,401

$

8,820,474

Life

Time

Group

Holdings,

Inc.

(a)(b)

........

1,021,849

15,542,323

Light

&

Wonder,

Inc.,

Class

A

(a)(b)

........

2,081,141

148,447,788

Lindblad

Expeditions

Holdings,

Inc.

(a)(b)

....

801,635

5,771,772

Monarch

Casino

&

Resort,

Inc.

..........

306,484

19,032,656

Mondee

Holdings,

Inc.,

Class

A

(a)(b)

.......

1,034,303

3,692,462

Nathan's

Famous,

Inc.

...............

53,037

3,747,594

Noodles

&

Co.,

Class

A

(a)(b)

............

946,237

2,327,743

ONE

Group

Hospitality,

Inc.

(The)

(a)(b)

.....

472,853

2,600,692

Papa

John's

International,

Inc.

(b)

.........

749,259

51,114,449

PlayAGS,

Inc.

(a)

....................

841,533

5,486,795

Portillo's,

Inc.,

Class

A

(a)(b)

.............

1,022,800

15,740,892

Potbelly

Corp.

(a)(b)

...................

571,148

4,454,954

RCI

Hospitality

Holdings,

Inc.

(b)

..........

194,336

11,788,422

Red

Robin

Gourmet

Burgers,

Inc.

(a)(b)

......

364,031

2,926,809

Red

Rock

Resorts,

Inc.,

Class

A

.........

1,088,114

44,612,674

Rush

Street

Interactive,

Inc.,

Class

A

(a)(b)

...

1,428,362

6,599,032

Sabre

Corp.

(a)

.....................

7,548,421

33,892,410

SeaWorld

Entertainment,

Inc.

(a)(b)

........

833,229

38,536,841

Shake

Shack,

Inc.,

Class

A

(a)(b)

..........

855,581

49,683,589

Six

Flags

Entertainment

Corp.

(a)

.........

1,654,462

38,896,402

Super

Group

SGHC

Ltd.

(a)(b)

............

3,074,870

11,346,270

Sweetgreen,

Inc.,

Class

A

(a)(b)

...........

2,204,012

25,897,141

Target

Hospitality

Corp.

(a)(b)

............

713,442

11,329,459

Xponential

Fitness,

Inc.,

Class

A

(a)(b)

......

562,802

8,723,431

1,134,377,184

Household

Durables

—

2.0%

Beazer

Homes

USA,

Inc.

(a)(b)

...........

672,679

16,756,434

Cavco

Industries,

Inc.

(a)(b)

..............

198,365

52,697,646

Century

Communities,

Inc.

............

656,340

43,830,385

Cricut,

Inc.,

Class

A

(b)

................

1,085,445

10,083,784

Dream

Finders

Homes,

Inc.,

Class

A

(a)(b)

....

548,763

12,199,002

Ethan

Allen

Interiors,

Inc.

.............

519,579

15,535,412

GoPro,

Inc.,

Class

A

(a)(b)

...............

3,057,347

9,600,070

Green

Brick

Partners,

Inc.

(a)(b)

...........

592,734

24,604,388

Helen

of

Troy

Ltd.

(a)(b)

................

548,479

63,930,712

Hooker

Furnishings

Corp.

.............

234,820

4,567,249

Hovnanian

Enterprises,

Inc.,

Class

A

(a)

.....

109,928

11,175,281

Installed

Building

Products,

Inc.

.........

539,249

67,346,808

iRobot

Corp.

(a)(b)

....................

629,156

23,845,012

KB

Home

........................

1,657,559

76,711,831

Landsea

Homes

Corp.

(a)

..............

307,732

2,766,511

La-Z-Boy,

Inc.

.....................

991,515

30,617,983

Legacy

Housing

Corp.

(a)(b)

.............

205,459

3,987,959

LGI

Homes,

Inc.

(a)(b)

.................

473,911

47,149,405

Lovesac

Co.

(The)

(a)(b)

................

323,259

6,439,319

M/I

Homes,

Inc.

(a)

...................

612,743

51,494,922

MDC

Holdings,

Inc.

.................

1,346,484

55,515,535

Meritage

Homes

Corp.

(b)

..............

825,214

100,997,941

Purple

Innovation,

Inc.

(b)

..............

1,300,474

2,223,811

Skyline

Champion

Corp.

(a)(b)

............

1,217,503

77,579,291

Snap

One

Holdings

Corp.

(a)(b)

...........

407,852

3,768,553

Sonos,

Inc.

(a)(b)

.....................

2,901,619

37,459,901

Taylor

Morrison

Home

Corp.

(a)(b)

.........

2,397,882

102,173,752

Traeger,

Inc.

(a)(b)

....................

814,274

2,222,968

TRI

Pointe

Homes,

Inc.

(a)

..............

2,252,684

61,610,907

United

Homes

Group,

Inc.,

Class

A

(a)(b)

.....

89,161

499,302

Vizio

Holding

Corp.,

Class

A

(a)(b)

.........

1,714,423

9,275,028

VOXX

International

Corp.,

Class

A

(a)(b)

.....

290,535

2,318,469

1,030,985,571

Household

Products

—

0.3%

Central

Garden

&

Pet

Co.

(a)(b)

...........

212,789

9,392,506

Central

Garden

&

Pet

Co.,

Class

A,

NVS

(a)(b)

.

906,599

36,345,554

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2000

ETF

18

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Household

Products

(continued)

Energizer

Holdings,

Inc.

(b)

.............

1,638,384

$

52,493,823

Oil-Dri

Corp.

of

America

..............

109,211

6,743,779

WD-40

Co.

(b)

......................

308,656

62,731,246

167,706,908

Independent

Power

and

Renewable

Electricity

Producers

—

0.3%

(b)

Altus

Power,

Inc.,

Class

A

(a)

............

1,466,759

7,700,485

Montauk

Renewables,

Inc.

(a)

...........

1,524,253

13,885,945

Ormat

Technologies,

Inc.

..............

1,219,381

85,259,119

Sunnova

Energy

International,

Inc.

(a)

......

2,294,944

24,028,064

130,873,613

Industrial

Conglomerates

—

0.0%

Brookfield

Business

Corp.,

Class

A

(b)

......

585,551

10,586,762

Industrial

REITs

—

0.5%

Innovative

Industrial

Properties,

Inc.

......

637,587

48,239,832

LXP

Industrial

Trust

.................

6,644,675

59,137,608

Plymouth

Industrial

REIT,

Inc.

..........

988,831

20,716,009

Terreno

Realty

Corp.

................

1,866,146

105,997,093

234,090,542

Insurance

—

1.8%

Ambac

Financial

Group,

Inc.

(a)

..........

1,024,982

12,361,283

American

Coastal

Insurance

Corp.

(a)(b)

.....

446,945

3,289,515

American

Equity

Investment

Life

Holding

Co.

1,774,879

95,204,510

AMERISAFE,

Inc.

..................

446,246

22,343,537

Argo

Group

International

Holdings

Ltd.

....

735,201

21,938,398

BRP

Group,

Inc.,

Class

A

(a)(b)

...........

1,372,157

31,875,207

CNO

Financial

Group,

Inc.

.............

2,626,097

62,317,282

Crawford

&

Co.,

Class

A,

NVS

..........

337,204

3,149,485

Donegal

Group,

Inc.,

Class

A

...........

350,577

4,997,475

eHealth,

Inc.

(a)(b)

....................

628,152

4,648,325

Employers

Holdings,

Inc.

..............

575,934

23,008,563

Enstar

Group

Ltd.

(a)

.................

273,149

66,102,058

F&G

Annuities

&

Life,

Inc.

.............

434,769

12,199,618

Fidelis

Insurance

Holdings

Ltd.

(a)

........

301,689

4,428,795

Genworth

Financial,

Inc.,

Class

A

(a)

.......

9,814,509

57,513,023

GoHealth,

Inc.,

Class

A

(a)(b)

............

85,600

1,240,344

Goosehead

Insurance,

Inc.,

Class

A

(a)(b)

....

492,694

36,720,484

Greenlight

Capital

Re

Ltd.,

Class

A

(a)(b)

.....

564,901

6,067,037

HCI

Group,

Inc.

....................

147,298

7,996,808

Hippo

Holdings,

Inc.

(a)(b)

...............

249,540

1,988,834

Horace

Mann

Educators

Corp.

..........

860,597

25,284,340

Investors

Title

Co.

..................

28,347

4,197,907

James

River

Group

Holdings

Ltd.

........

777,010

11,927,103

Kingsway

Financial

Services,

Inc.

(a)(b)

......

209,150

1,579,082

Lemonade,

Inc.

(a)(b)

..................

1,165,772

13,546,271

Maiden

Holdings

Ltd.

(a)

...............

1,632,598

2,873,372

MBIA,

Inc.

(a)(b)

.....................

1,127,734

8,130,962

Mercury

General

Corp.

...............

628,983

17,630,393

National

Western

Life

Group,

Inc.,

Class

A

(b)

.

52,044

22,768,730

NI

Holdings,

Inc.

(a)

..................

194,224

2,499,663

Oscar

Health,

Inc.,

Class

A

(a)

...........

3,539,608

19,715,617

Palomar

Holdings,

Inc.

(a)(b)

.............

559,609

28,400,157

ProAssurance

Corp.

.................

1,126,638

21,282,192

Safety

Insurance

Group,

Inc.

...........

305,137

20,807,292

Selective

Insurance

Group,

Inc.

.........

1,375,186

141,877,940

Selectquote,

Inc.

(a)(b)

.................

3,209,990

3,755,688

SiriusPoint

Ltd.

(a)

...................

2,090,496

21,260,344

Skyward

Specialty

Insurance

Group,

Inc.

(a)(b)

.

534,869

14,634,016

Stewart

Information

Services

Corp.

.......

567,693

24,864,953

Tiptree,

Inc.

......................

549,082

9,202,614

Trupanion,

Inc.

(a)(b)

..................

901,923

25,434,229

United

Fire

Group,

Inc.

...............

470,909

9,300,453

Security

Shares

Shares

Value

Insurance

(continued)

Universal

Insurance

Holdings,

Inc.

.......

585,329

$

8,206,313

938,570,212

Interactive

Media

&

Services

—

0.7%

Bumble,

Inc.,

Class

A

(a)(b)

..............

2,309,136

34,452,309

Cargurus,

Inc.,

Class

A

(a)

..............

2,238,754

39,222,970

Cars.com,

Inc.

(a)(b)

..................

1,517,562

25,586,095

DHI

Group,

Inc.

(a)

...................

1,001,986

3,066,077

Eventbrite,

Inc.,

Class

A

(a)(b)

............

1,765,702

17,409,822

EverQuote,

Inc.,

Class

A

(a)(b)

............

497,935

3,600,070

fuboTV,

Inc.

(a)(b)

....................

6,444,424

17,206,612

Grindr,

Inc.

(a)(b)

.....................

919,703

5,288,292

MediaAlpha,

Inc.,

Class

A

(a)(b)

...........

487,572

4,027,345

Nextdoor

Holdings,

Inc.,

Class

A

(a)(b)

......

3,371,294

6,135,755

Outbrain,

Inc.

(a)

....................

899,783

4,381,943

QuinStreet,

Inc.

(a)(b)

..................

1,189,429

10,669,178

Shutterstock,

Inc.

...................

566,528

21,556,390

System1,

Inc.,

Class

A

(a)(b)

.............

714,403

864,428

TrueCar,

Inc.

(a)(b)

....................

1,982,827

4,104,452

Vimeo,

Inc.

(a)

......................

3,275,363

11,594,785

Yelp,

Inc.

(a)(b)

......................

1,536,644

63,909,024

Ziff

Davis,

Inc.

(a)(b)

...................

1,075,729

68,513,180

ZipRecruiter,

Inc.,

Class

A

(a)(b)

...........

1,560,540

18,710,875

360,299,602

IT

Services

—

0.5%

BigBear.ai

Holdings,

Inc.

(a)(b)

............

702,026

1,060,059

BigCommerce

Holdings,

Inc.

(a)(b)

.........

1,539,727

15,197,105

Brightcove,

Inc.

(a)(b)

..................

938,510

3,087,698

DigitalOcean

Holdings,

Inc.

(a)(b)

..........

1,444,026

34,699,945

Fastly,

Inc.,

Class

A

(a)(b)

...............

2,700,796

51,774,259

Grid

Dynamics

Holdings,

Inc.,

Class

A

(a)(b)

..

1,269,839

15,466,639

Hackett

Group,

Inc.

(The)

.............

570,267

13,452,599

Information

Services

Group,

Inc.

.........

813,614

3,563,629

Perficient,

Inc.

(a)(b)

...................

784,188

45,373,118

Rackspace

Technology,

Inc.

(a)(b)

.........

1,573,456

3,697,622

Squarespace,

Inc.,

Class

A

(a)(b)

..........

1,021,388

29,589,610

Thoughtworks

Holding,

Inc.

(a)(b)

..........

2,136,995

8,718,940

Tucows,

Inc.,

Class

A

(a)(b)

..............

229,163

4,677,217

Unisys

Corp.

(a)(b)

....................

1,555,749

5,367,334

235,725,774

Leisure

Products

—

0.4%

Acushnet

Holdings

Corp.

(b)

............

707,468

37,524,103

AMMO,

Inc.

(a)(b)

....................

2,131,179

4,304,982

Clarus

Corp.

(b)

.....................

646,085

4,884,403

Escalade,

Inc.

(b)

....................

183,957

2,816,382

Funko,

Inc.,

Class

A

(a)(b)

...............

808,729

6,186,777

JAKKS

Pacific,

Inc.

(a)

................

166,035

3,086,591

Johnson

Outdoors,

Inc.,

Class

A

.........

122,519

6,700,564

Latham

Group,

Inc.

(a)(b)

...............

928,300

2,599,240

Malibu

Boats,

Inc.,

Class

A

(a)(b)

..........

460,611

22,579,151

Marine

Products

Corp.

...............

179,711

2,553,693

MasterCraft

Boat

Holdings,

Inc.

(a)(b)

.......

384,431

8,542,057

Smith

&

Wesson

Brands,

Inc.

...........

1,057,197

13,648,413

Solo

Brands,

Inc.,

Class

A

(a)(b)

...........

491,177

2,505,003

Sturm

Ruger

&

Co.,

Inc.

..............

397,746

20,730,521

Topgolf

Callaway

Brands

Corp.

(a)(b)

.......

3,279,809

45,392,556

Vista

Outdoor,

Inc.

(a)(b)

................

1,312,788

43,479,538

227,533,974

Life

Sciences

Tools

&

Services

—

0.4%

Adaptive

Biotechnologies

Corp.

(a)(b)

.......

2,618,582

14,271,272

Akoya

Biosciences,

Inc.

(a)(b)

............

486,635

2,262,853

BioLife

Solutions,

Inc.

(a)(b)

..............

788,203

10,885,083

Codexis,

Inc.

(a)

.....................

1,573,483

2,973,883

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2000

ETF

Schedules

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Life

Sciences

Tools

&

Services

(continued)

CryoPort,

Inc.

(a)(b)

...................

923,435

$

12,660,294

Cytek

Biosciences,

Inc.

(a)(b)

............

2,760,060

15,235,531

Harvard

Bioscience,

Inc.

(a)(b)

............

885,566

3,807,934

MaxCyte,

Inc.

(a)(b)

...................

2,013,713

6,282,785

Mesa

Laboratories,

Inc.

(b)

.............

117,112

12,304,958

NanoString

Technologies,

Inc.

(a)(b)

........

1,130,484

1,944,432

Nautilus

Biotechnology,

Inc.

(a)(b)

.........

1,118,920

3,535,787

OmniAb

Operations,

Inc.,

12.50

Earnout

Shares,

NVS

(a)(d)

.................

130,676

1

OmniAb

Operations,

Inc.,

15.00

Earnout

Shares,

NVS

(a)(d)

.................

130,676

1

OmniAb,

Inc.

(a)(b)

...................

2,133,584

11,073,301

Pacific

Biosciences

of

California,

Inc.

(a)(b)

...

5,738,030

47,912,551

Quanterix

Corp.

(a)

...................

806,619

21,891,640

Quantum-Si,

Inc.,

Class

A

(a)(b)

...........

2,271,202

3,770,195

Seer,

Inc.,

Class

A

(a)

.................

1,353,534

2,991,310

SomaLogic,

Inc.,

Class

A

(a)(b)

...........

3,503,660

8,373,747

182,177,558

Machinery

—

3.7%

374Water,

Inc.

(a)(b)

..................

1,229,872

1,525,041

3D

Systems

Corp.

(a)(b)

................

2,913,831

14,306,910

Alamo

Group,

Inc.

..................

229,246

39,627,464

Albany

International

Corp.,

Class

A

.......

710,163

61,272,864

Astec

Industries,

Inc.

................

519,676

24,481,936

Barnes

Group,

Inc.

..................

1,122,837

38,142,773

Blue

Bird

Corp.

(a)(b)

..................

406,275

8,673,971

Chart

Industries,

Inc.

(a)(b)

..............

978,944

165,559,009

CIRCOR

International,

Inc.

(a)

...........

462,566

25,788,055

Columbus

McKinnon

Corp.

............

642,008

22,412,499

Commercial

Vehicle

Group,

Inc.

(a)(b)

.......

744,037

5,773,727

Desktop

Metal,

Inc.,

Class

A

(a)(b)

.........

6,410,306

9,359,047

Douglas

Dynamics,

Inc.

..............

515,766

15,565,818

Energy

Recovery,

Inc.

(a)(b)

.............

1,261,995

26,766,914

Enerpac

Tool

Group

Corp.,

Class

A

(b)

......

1,289,167

34,072,684

EnPro

Industries,

Inc.

................

476,983

57,805,570

ESCO

Technologies,

Inc.

.............

578,837

60,453,736

Federal

Signal

Corp.

................

1,360,494

81,262,307

Franklin

Electric

Co.,

Inc.

.............

1,048,667

93,572,556

Gencor

Industries,

Inc.

(a)(b)

.............

203,705

2,878,352

Gorman-Rupp

Co.

(The)

..............

506,191

16,653,684

Greenbrier

Cos.,

Inc.

(The)

............

696,676

27,867,040

Helios

Technologies,

Inc.

(b)

............

747,158

41,452,326

Hillenbrand,

Inc.

...................

1,572,727

66,542,079

Hillman

Solutions

Corp.

(a)(b)

............

4,389,811

36,215,941

Hyliion

Holdings

Corp.,

Class

A

(a)(b)

.......

3,408,424

4,021,940

Hyster-Yale

Materials

Handling,

Inc.

......

249,841

11,137,912

John

Bean

Technologies

Corp.

(b)

.........

725,463

76,275,180

Kadant,

Inc.

(b)

.....................

265,385

59,857,587

Kennametal,

Inc.

...................

1,852,897

46,100,077

Lindsay

Corp.

.....................

252,095

29,666,540

Luxfer

Holdings

plc

.................

612,384

7,991,611

Manitowoc

Co.,

Inc.

(The)

(a)(b)

...........

805,174

12,117,869

Mayville

Engineering

Co.,

Inc.

(a)(b)

........

247,284

2,712,706

Microvast

Holdings,

Inc.

(a)(b)

............

2,415,753

4,565,773

Miller

Industries,

Inc.

................

247,707

9,712,591

Mueller

Industries,

Inc.

...............

1,275,004

95,829,301

Mueller

Water

Products,

Inc.,

Class

A

(b)

....

3,533,624

44,806,352

Nikola

Corp.

(a)(b)

....................

14,111,840

22,155,589

Omega

Flex,

Inc.

(b)

..................

73,458

5,783,348

Park-Ohio

Holdings

Corp.

.............

188,558

3,754,190

Proto

Labs,

Inc.

(a)(b)

..................

601,866

15,889,262

REV

Group,

Inc.

...................

723,998

11,583,968

Shyft

Group,

Inc.

(The)

(b)

..............

784,265

11,740,447

SPX

Technologies,

Inc.

(a)

..............

1,004,416

81,759,462

Security

Shares

Shares

Value

Machinery

(continued)

Standex

International

Corp.

............

268,723

$

39,150,254

Tennant

Co.

......................

421,269

31,237,096

Terex

Corp.

(b)

.....................

1,531,650

88,253,673

Titan

International,

Inc.

(a)

..............

1,197,526

16,082,774

Trinity

Industries,

Inc.

................

1,849,684

45,039,805

Velo3D,

Inc.

(a)(b)

....................

2,039,570

3,181,729

Wabash

National

Corp.

(b)

..............

1,083,414

22,881,704

Watts

Water

Technologies,

Inc.,

Class

A

....

619,429

107,049,720

1,888,370,763

Marine

Transportation

—

0.3%

Costamare,

Inc.

....................

1,105,720

10,637,026

Eagle

Bulk

Shipping,

Inc.

(b)

............

212,475

8,930,324

Genco

Shipping

&

Trading

Ltd.

..........

968,409

13,548,042

Golden

Ocean

Group

Ltd.

.............

2,821,959

22,237,037

Himalaya

Shipping

Ltd.

(a)

..............

295,194

1,425,787

Matson,

Inc.

......................

811,730

72,016,686

Pangaea

Logistics

Solutions

Ltd.

........

765,133

4,498,982

Safe

Bulkers,

Inc.

..................

1,564,691

5,069,599

138,363,483

Media

—

0.7%

Advantage

Solutions,

Inc.,

Class

A

(a)(b)

.....

2,047,999

5,816,317

AMC

Networks,

Inc.,

Class

A

(a)(b)

.........

715,473

8,428,272

Boston

Omaha

Corp.,

Class

A

(a)(b)

........

522,714

8,567,282

Cardlytics,

Inc.

(a)(b)

..................

778,031

12,837,512

Clear

Channel

Outdoor

Holdings,

Inc.

(a)(b)

...

8,448,404

13,348,478

Daily

Journal

Corp.

(a)

................

28,440

8,361,360

Emerald

Holding,

Inc.

(a)(b)

..............

316,271

1,429,545

Entravision

Communications

Corp.,

Class

A

.

1,329,458

4,852,522

EW

Scripps

Co.

(The),

Class

A,

NVS

(a)(b)

...

1,371,021

7,513,195

Gambling.com

Group

Ltd.

(a)

............

235,877

3,085,271

Gannett

Co.,

Inc.

(a)(b)

.................

3,272,538

8,017,718

Gray

Television,

Inc.

.................

1,918,521

13,276,165

iHeartMedia,

Inc.,

Class

A

(a)(b)

...........

2,380,329

7,521,840

Integral

Ad

Science

Holding

Corp.

(a)(b)

.....

1,086,182

12,914,704

John

Wiley

&

Sons,

Inc.,

Class

A

........

980,426

36,442,434

Magnite,

Inc.

(a)(b)

....................

3,066,484

23,121,289

PubMatic,

Inc.,

Class

A

(a)(b)

.............

973,670

11,781,407

Scholastic

Corp.,

NVS

...............

625,047

23,839,293

Sinclair,

Inc.,

Class

A

(b)

...............

769,364

8,632,264

Stagwell,

Inc.,

Class

A

(a)(b)

.............

1,800,024

8,442,113

TechTarget,

Inc.

(a)

...................

602,341

18,287,073

TEGNA,

Inc.

......................

4,600,669

67,031,747

Thryv

Holdings,

Inc.

(a)(b)

...............

715,139

13,423,159

Townsquare

Media,

Inc.,

Class

A

........

249,222

2,173,216

Urban

One,

Inc.,

Class

A

(a)

.............

186,238

934,915

Urban

One,

Inc.,

Class

D,

NVS

(a)(b)

.......

210,601

1,059,323

WideOpenWest,

Inc.

(a)(b)

..............

1,167,380

8,930,457

340,068,871

Metals

&

Mining

—

1.9%

5E

Advanced

Materials,

Inc.

(a)(b)

.........

958,737

2,166,746

Alpha

Metallurgical

Resources,

Inc.

......

284,919

74,002,012

Arch

Resources,

Inc.,

Class

A

..........

417,469

71,245,259

ATI,

Inc.

(a)(b)

.......................

2,931,544

120,633,036

Caledonia

Mining

Corp.

plc

(b)

...........

327,093

3,225,137

Carpenter

Technology

Corp.

...........

1,098,338

73,819,297

Century

Aluminum

Co.

(a)(b)

.............

1,224,497

8,804,133

Coeur

Mining,

Inc.

(a)(b)

................

7,516,587

16,686,823

Commercial

Metals

Co.

...............

2,668,271

131,839,270

Compass

Minerals

International,

Inc.

......

783,288

21,892,900

Constellium

SE,

Class

A

(a)(b)

............

2,888,353

52,568,025

Contango

ORE,

Inc.

(a)(b)

...............

82,249

1,491,997

Dakota

Gold

Corp.

(a)(b)

................

1,181,272

3,047,682

Haynes

International,

Inc.

.............

277,194

12,895,065

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2000

ETF

20

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Metals

&

Mining

(continued)

Hecla

Mining

Co.

(b)

..................

13,884,278

$

54,287,527

i-80

Gold

Corp.

(a)(b)

..................

4,312,306

6,597,828

Ivanhoe

Electric,

Inc.

(a)(b)

..............

1,278,326

15,212,079

Kaiser

Aluminum

Corp.

...............

366,784

27,604,164

Materion

Corp.

....................

467,867

47,680,326

Novagold

Resources,

Inc.

(a)(b)

...........

5,518,995

21,192,941

Olympic

Steel,

Inc.

..................

227,880

12,809,135

Perpetua

Resources

Corp.

(a)(b)

..........

815,358

2,658,067

Piedmont

Lithium,

Inc.

(a)(b)

.............

410,504

16,297,009

PolyMet

Mining

Corp.

(a)(b)

..............

796,874

1,657,498

Ramaco

Resources,

Inc.,

Class

A

(b)

.......

504,974

5,549,664

Ramaco

Resources,

Inc.,

Class

B

(b)

......

100,744

1,201,876

Ryerson

Holding

Corp.

...............

550,257

16,006,976

Schnitzer

Steel

Industries,

Inc.,

Class

A

....

594,309

16,551,506

SunCoke

Energy,

Inc.

................

1,932,474

19,614,611

TimkenSteel

Corp.

(a)(b)

................

991,256

21,530,080

Tredegar

Corp.

....................

588,541

3,184,007

Warrior

Met

Coal,

Inc.

................

1,179,677

60,257,901

Worthington

Industries,

Inc.

............

700,125

43,281,727

987,492,304

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

1.2%

AFC

Gamma,

Inc.

..................

364,077

4,274,264

Angel

Oak

Mortgage

REIT,

Inc.

(b)

........

282,856

2,412,762

Apollo

Commercial

Real

Estate

Finance,

Inc.

3,252,048

32,943,246

Arbor

Realty

Trust,

Inc.

...............

3,767,702

57,193,716

Ares

Commercial

Real

Estate

Corp.

......

1,241,322

11,817,386

ARMOUR

Residential

REIT,

Inc.

.........

5,159,781

21,929,069

Blackstone

Mortgage

Trust,

Inc.,

Class

A

...

3,941,615

85,730,126

BrightSpire

Capital,

Inc.,

Class

A

........

3,013,865

18,866,795

Chicago

Atlantic

Real

Estate

Finance,

Inc.

..

374,056

5,506,104

Chimera

Investment

Corp.

.............

5,379,466

29,371,884

Claros

Mortgage

Trust,

Inc.

............

2,097,186

23,236,821

Dynex

Capital,

Inc.

..................

1,197,498

14,298,126

Ellington

Financial,

Inc.

...............

1,447,247

18,047,170

Franklin

BSP

Realty

Trust,

Inc.

..........

1,875,607

24,833,037

Granite

Point

Mortgage

Trust,

Inc.

.......

1,209,050

5,900,164

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

(b)

...................

2,366,596

50,171,835

Invesco

Mortgage

Capital,

Inc.

..........

979,337

9,803,163

KKR

Real

Estate

Finance

Trust,

Inc.

......

1,333,469

15,828,277

Ladder

Capital

Corp.,

Class

A

..........

2,619,253

26,873,536

MFA

Financial,

Inc.

..................

2,337,349

22,461,924

New

York

Mortgage

Trust,

Inc.

..........

2,082,121

17,677,207

NexPoint

Real

Estate

Finance,

Inc.

.......

205,913

3,368,737

Orchid

Island

Capital,

Inc.

.............

991,021

8,433,589

PennyMac

Mortgage

Investment

Trust

.....

2,035,376

25,238,662

Ready

Capital

Corp.

.................

3,644,796

36,848,888

Redwood

Trust,

Inc.

.................

2,589,620

18,463,991

TPG

RE

Finance

Trust,

Inc.

............

1,574,169

10,594,157

Two

Harbors

Investment

Corp.

..........

2,251,852

29,814,521

631,939,157

Multi-Utilities

—

0.4%

Avista

Corp.

......................

1,770,235

57,302,507

Black

Hills

Corp.

...................

1,530,885

77,447,472

Northwestern

Energy

Group,

Inc.

........

1,383,355

66,484,041

Unitil

Corp.

.......................

361,623

15,444,919

216,678,939

Office

REITs

—

0.7%

Brandywine

Realty

Trust

..............

3,968,942

18,018,997

City

Office

REIT,

Inc.

................

980,759

4,168,226

COPT

Defense

Properties

.............

2,587,861

61,668,728

Douglas

Emmett,

Inc.

................

1,764,076

22,509,610

Easterly

Government

Properties,

Inc.

.....

2,194,989

25,088,724

Security

Shares

Shares

Value

Office

REITs

(continued)

Equity

Commonwealth

...............

2,412,020

$

44,308,807

Hudson

Pacific

Properties,

Inc.

..........

3,162,521

21,030,765

JBG

SMITH

Properties

...............

2,484,253

35,922,298

Office

Properties

Income

Trust

..........

1,131,052

4,637,313

Orion

Office

REIT,

Inc.

...............

1,373,757

7,157,274

Paramount

Group,

Inc.

...............

4,382,393

20,246,656

Peakstone

Realty

Trust,

Class

E,

NVS

(b)

...

808,355

13,451,027

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

..

2,934,896

16,494,116

Postal

Realty

Trust,

Inc.,

Class

A

........

445,337

6,012,049

SL

Green

Realty

Corp.

(b)

..............

1,265,545

47,204,828

347,919,418

Oil,

Gas

&

Consumable

Fuels

—

5.4%

Amplify

Energy

Corp.

(a)(b)

..............

832,441

6,118,441

Ardmore

Shipping

Corp.

..............

941,828

12,253,182

Berry

Corp.

.......................

1,811,129

14,851,258

California

Resources

Corp.

............

1,641,811

91,957,834

Callon

Petroleum

Co.

(a)(b)

..............

1,401,447

54,824,607

Centrus

Energy

Corp.,

Class

A

(a)(b)

.......

278,302

15,796,422

Chord

Energy

Corp.

.................

955,363

154,835,681

Civitas

Resources,

Inc.

...............

1,578,067

127,618,278

Clean

Energy

Fuels

Corp.

(a)(b)

...........

3,872,309

14,830,943

CNX

Resources

Corp.

(a)(b)

.............

3,631,733

82,004,531

Comstock

Resources,

Inc.

(b)

............

2,096,264

23,121,792

CONSOL

Energy,

Inc.

................

762,471

79,990,833

Crescent

Energy,

Inc.,

Class

A

..........

882,173

11,150,667

CVR

Energy,

Inc.

...................

741,427

25,230,761

Delek

US

Holdings,

Inc.

..............

1,553,359

44,130,929

Denbury,

Inc.

(a)(b)

...................

1,160,044

113,695,912

DHT

Holdings,

Inc.

..................

3,142,001

32,362,610

Dorian

LPG

Ltd.

....................

730,094

20,975,601

Earthstone

Energy,

Inc.,

Class

A

(a)(b)

......

1,303,402

26,380,857

Empire

Petroleum

Corp.

(a)(b)

............

260,971

2,513,151

Encore

Energy

Corp.

(a)(b)

..............

3,184,874

10,382,689

Energy

Fuels,

Inc.

(a)(b)

................

3,584,822

29,467,237

Enviva,

Inc.

.......................

733,100

5,476,257

Equitrans

Midstream

Corp.

............

9,952,624

93,256,087

Evolution

Petroleum

Corp.

.............

705,436

4,825,182

Excelerate

Energy,

Inc.,

Class

A

(b)

........

417,057

7,106,651

FLEX

LNG

Ltd.

....................

683,437

20,612,460

Gevo,

Inc.

(a)(b)

.....................

5,834,234

6,942,738

Golar

LNG

Ltd.

....................

2,316,285

56,193,074

Granite

Ridge

Resources,

Inc.

..........

557,980

3,403,678

Green

Plains,

Inc.

(a)(b)

................

800,581

24,097,488

Gulfport

Energy

Corp.

(a)(b)

.............

249,144

29,563,427

Hallador

Energy

Co.

(a)(b)

...............

520,172

7,500,880

HighPeak

Energy,

Inc.

(b)

..............

269,485

4,548,907

International

Seaways,

Inc.

............

925,554

41,649,930

Kinetik

Holdings,

Inc.,

Class

A

..........

394,364

13,309,785

Kosmos

Energy

Ltd.

(a)(b)

...............

10,408,882

85,144,655

Magnolia

Oil

&

Gas

Corp.,

Class

A

.......

4,189,348

95,977,963

Matador

Resources

Co.

..............

2,585,579

153,790,239

Murphy

Oil

Corp.

...................

3,392,588

153,853,866

NACCO

Industries,

Inc.,

Class

A

.........

90,574

3,176,430

NextDecade

Corp.

(a)(b)

................

682,087

3,492,285

Nordic

American

Tankers

Ltd.

..........

4,677,377

19,270,793

Northern

Oil

&

Gas,

Inc.

..............

1,854,247

74,596,357

Overseas

Shipholding

Group,

Inc.,

Class

A

(a)(b)

1,363,085

5,983,943

Par

Pacific

Holdings,

Inc.

(a)(b)

...........

1,310,180

47,087,869

PBF

Energy,

Inc.,

Class

A

.............

2,596,192

138,974,158

Peabody

Energy

Corp.

(b)

..............

2,843,701

73,907,789

Permian

Resources

Corp.,

Class

A

.......

6,270,359

87,534,212

PrimeEnergy

Resources

Corp.

(a)(b)

........

12,544

1,454,979

REX

American

Resources

Corp.

(a)(b)

......

386,488

15,737,791

Riley

Exploration

Permian,

Inc.

..........

197,928

6,292,131

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2000

ETF

Schedules

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Ring

Energy,

Inc.

(a)(b)

.................

2,711,480

$

5,287,386

SandRidge

Energy,

Inc.

..............

567,830

8,892,218

Scorpio

Tankers,

Inc.

................

1,126,712

60,977,653

SFL

Corp.

Ltd.

.....................

2,619,440

29,206,756

SilverBow

Resources,

Inc.

(a)

............

404,465

14,467,713

Sitio

Royalties

Corp.,

Class

A

...........

1,840,378

44,555,551

SM

Energy

Co.

....................

2,742,977

108,759,038

Talos

Energy,

Inc.

(a)(b)

................

2,519,592

41,422,093

Teekay

Corp.

(a)(b)

...................

1,545,294

9,534,464

Teekay

Tankers

Ltd.,

Class

A

...........

545,660

22,715,826

Tellurian,

Inc.

(a)(b)

...................

12,135,569

14,077,260

Uranium

Energy

Corp.

(a)(b)

.............

8,401,070

43,265,511

VAALCO

Energy,

Inc.

................

2,465,593

10,823,953

Verde

Clean

Fuels,

Inc.,

Class

A

(a)(b)

......

85,697

323,078

Vertex

Energy,

Inc.

(a)(b)

...............

1,489,398

6,627,821

Vital

Energy,

Inc.

(a)(b)

.................

387,134

21,454,966

Vitesse

Energy,

Inc.

.................

567,531

12,990,785

W&T

Offshore,

Inc.

(a)(b)

...............

2,260,345

9,900,311

World

Kinect

Corp.

..................

1,445,345

32,419,088

2,776,957,691

Paper

&

Forest

Products

—

0.1%

Clearwater

Paper

Corp.

(a)(b)

............

383,220

13,891,725

Glatfelter

Corp.

(a)

...................

1,032,853

2,065,706

Sylvamo

Corp.

....................

831,773

36,548,106

52,505,537

Passenger

Airlines

—

0.4%

Allegiant

Travel

Co.

.................

361,140

27,757,220

Blade

Air

Mobility,

Inc.,

Class

A

(a)

........

1,365,314

3,536,163

Frontier

Group

Holdings,

Inc.

(a)(b)

.........

885,950

4,287,998

Hawaiian

Holdings,

Inc.

(a)(b)

............

1,173,408

7,427,673

JetBlue

Airways

Corp.

(a)(b)

.............

7,564,275

34,795,665

Joby

Aviation,

Inc.,

Class

A

(a)(b)

..........

6,367,775

41,072,149

SkyWest,

Inc.

(a)(b)

...................

1,005,620

42,175,703

Spirit

Airlines,

Inc.

..................

2,495,497

41,175,701

Sun

Country

Airlines

Holdings,

Inc.

(a)(b)

.....

862,279

12,796,220

215,024,492

Personal

Care

Products

—

0.9%

Beauty

Health

Co.

(The),

Class

A

(a)(b)

......

1,863,780

11,219,956

BellRing

Brands,

Inc.

(a)

...............

3,048,244

125,679,100

Edgewell

Personal

Care

Co.

...........

1,176,724

43,491,719

elf

Beauty,

Inc.

(a)

...................

1,214,216

133,357,343

Herbalife

Ltd.

(a)(b)

...................

2,256,996

31,575,374

Inter

Parfums,

Inc.

..................

417,863

56,135,715

Medifast,

Inc.

.....................

246,482

18,449,178

Nature's

Sunshine

Products,

Inc.

(a)

.......

293,867

4,869,376

Nu

Skin

Enterprises,

Inc.,

Class

A

........

1,159,605

24,595,222

Thorne

HealthTech,

Inc.

(a)(b)

............

320,537

3,266,272

USANA

Health

Sciences,

Inc.

(a)(b)

........

259,949

15,235,611

Waldencast

plc,

Class

A

(a)(b)

............

705,588

6,646,639

474,521,505

Pharmaceuticals

—

1.7%

Aclaris

Therapeutics,

Inc.

(a)(b)

...........

1,583,296

10,845,578

Amneal

Pharmaceuticals,

Inc.,

Class

A

(a)(b)

..

2,782,031

11,740,171

Amphastar

Pharmaceuticals,

Inc.

(a)(b)

......

864,215

39,745,248

Amylyx

Pharmaceuticals,

Inc.

(a)(b)

........

1,161,442

21,266,003

ANI

Pharmaceuticals,

Inc.

(a)(b)

...........

326,706

18,968,550

Arvinas,

Inc.

(a)(b)

....................

1,122,349

22,042,934

Assertio

Holdings,

Inc.

(a)(b)

.............

2,072,382

5,305,298

Atea

Pharmaceuticals,

Inc.

(a)(b)

..........

1,741,139

5,223,417

Axsome

Therapeutics,

Inc.

(a)(b)

..........

800,742

55,963,858

Biote

Corp.,

Class

A

(a)(b)

...............

290,944

1,489,633

Bright

Green

Corp.

(a)(b)

...............

1,273,971

504,365

Security

Shares

Shares

Value

Pharmaceuticals

(continued)

Cara

Therapeutics,

Inc.

(a)(b)

............

1,118,175

$

1,878,534

Cassava

Sciences,

Inc.

(a)(b)

............

910,618

15,152,684

Citius

Pharmaceuticals,

Inc.

(a)(b)

.........

2,769,304

1,895,312

Collegium

Pharmaceutical,

Inc.

(a)(b)

.......

788,006

17,611,934

Corcept

Therapeutics,

Inc.

(a)(b)

..........

1,823,927

49,692,891

CorMedix,

Inc.

(a)(b)

..................

1,175,237

4,348,377

Cymabay

Therapeutics,

Inc.

(a)(b)

.........

2,228,301

33,223,968

Edgewise

Therapeutics,

Inc.

(a)(b)

.........

945,760

5,419,205

Enliven

Therapeutics,

Inc.

(a)(b)

...........

525,862

7,183,275

Evolus,

Inc.

(a)(b)

....................

942,805

8,617,238

Eyenovia,

Inc.

(a)(b)

...................

661,529

1,098,138

EyePoint

Pharmaceuticals,

Inc.

(a)(b)

.......

593,907

4,745,317

Harmony

Biosciences

Holdings,

Inc.

(a)(b)

....

750,473

24,593,000

Harrow,

Inc.

(a)(b)

....................

660,442

9,490,552

Ikena

Oncology,

Inc.

(a)(b)

..............

511,753

2,215,890

Innoviva,

Inc.

(a)(b)

...................

1,335,389

17,346,703

Intra-Cellular

Therapies,

Inc.

(a)(b)

.........

2,132,751

111,095,000

Ligand

Pharmaceuticals,

Inc.

(a)(b)

.........

380,457

22,796,983

Liquidia

Corp.

(a)(b)

...................

1,069,296

6,779,337

Longboard

Pharmaceuticals,

Inc.

(a)

.......

345,025

1,918,339

Marinus

Pharmaceuticals,

Inc.

(a)(b)

........

1,133,055

9,121,093

NGM

Biopharmaceuticals,

Inc.

(a)(b)

........

1,034,203

1,106,597

Nuvation

Bio,

Inc.,

Class

A

(a)

...........

3,283,443

4,399,814

Ocular

Therapeutix,

Inc.

(a)(b)

............

1,773,082

5,567,477

Omeros

Corp.

(a)(b)

...................

1,354,914

3,956,349

Optinose,

Inc.

(a)(b)

...................

1,654,419

2,034,935

Pacira

BioSciences,

Inc.

(a)(b)

............

1,038,923

31,874,158

Phathom

Pharmaceuticals,

Inc.

(a)(b)

.......

695,258

7,209,825

Phibro

Animal

Health

Corp.,

Class

A

......

461,477

5,893,061

Pliant

Therapeutics,

Inc.

(a)(b)

............

1,289,672

22,362,912

Prestige

Consumer

Healthcare,

Inc.

(a)(b)

....

1,131,706

64,722,266

Rain

Oncology,

Inc.

(a)

................

469,162

404,324

Revance

Therapeutics,

Inc.

(a)(b)

..........

1,904,494

21,844,546

Scilex

Holding

Co.,

(Acquired

01/06/23

,

cost

$14,991,359)

(a)(b)(e)

................

1,430,473

1,967,616

scPharmaceuticals,

Inc.

(a)(b)

............

646,822

4,605,373

SIGA

Technologies,

Inc.

..............

1,078,658

5,662,955

Supernus

Pharmaceuticals,

Inc.

(a)(b)

.......

1,123,580

30,977,101

Taro

Pharmaceutical

Industries

Ltd.

(a)(b)

....

184,945

6,974,276

Tarsus

Pharmaceuticals,

Inc.

(a)(b)

.........

535,433

9,514,644

Terns

Pharmaceuticals,

Inc.

(a)(b)

.........

968,075

4,869,417

Theravance

Biopharma,

Inc.

(a)(b)

.........

1,269,590

10,956,562

Theseus

Pharmaceuticals,

Inc.

(a)(b)

.......

467,936

1,258,748

Third

Harmonic

Bio,

Inc.

(a)(b)

............

428,003

2,734,939

Trevi

Therapeutics,

Inc.

(a)(b)

............

908,046

1,979,540

Ventyx

Biosciences,

Inc.

(a)(b)

............

1,065,392

37,001,064

Verrica

Pharmaceuticals,

Inc.

(a)(b)

........

480,501

1,866,746

WaVe

Life

Sciences

Ltd.

(a)(b)

............

1,321,504

7,598,648

Xeris

Biopharma

Holdings,

Inc.

(a)(b)

.......

3,051,275

5,675,372

Zevra

Therapeutics,

Inc.

(a)(b)

............

772,396

3,722,949

858,061,039

Professional

Services

—

2.5%

Alight,

Inc.,

Class

A

(a)(b)

...............

9,074,849

64,340,679

ASGN,

Inc.

(a)

......................

1,103,215

90,110,601

Asure

Software,

Inc.

(a)(b)

...............

421,572

3,988,071

Barrett

Business

Services,

Inc.

(b)

.........

157,507

14,213,432

BlackSky

Technology,

Inc.,

Class

A

(a)(b)

.....

2,743,894

3,210,356

CBIZ,

Inc.

(a)(b)

......................

1,079,795

56,041,360

Conduent,

Inc.

(a)(b)

..................

4,014,398

13,970,105

CRA

International,

Inc.

...............

156,938

15,813,073

CSG

Systems

International,

Inc.

.........

725,633

37,094,359

ExlService

Holdings,

Inc.

(a)(b)

...........

3,682,296

103,251,580

Exponent,

Inc.

.....................

1,151,490

98,567,544

First

Advantage

Corp.

................

1,244,070

17,155,725

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2000

ETF

22

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Professional

Services

(continued)

FiscalNote

Holdings,

Inc.,

Class

A

(a)(b)

.....

1,499,287

$

3,118,517

Forrester

Research,

Inc.

(a)(b)

............

272,334

7,870,453

Franklin

Covey

Co.

(a)(b)

...............

263,381

11,304,312

Heidrick

&

Struggles

International,

Inc.

....

454,824

11,379,696

HireQuest,

Inc.

(b)

...................

106,002

1,635,611

HireRight

Holdings

Corp.

(a)(b)

...........

339,815

3,231,641

Huron

Consulting

Group,

Inc.

(a)(b)

........

433,569

45,160,547

IBEX

Holdings

Ltd.

(a)

.................

242,271

3,743,087

ICF

International,

Inc.

(b)

...............

426,748

51,555,426

Innodata,

Inc.

(a)(b)

...................

590,478

5,036,777

Insperity,

Inc.

......................

829,964

81,004,486

Kelly

Services,

Inc.,

Class

A,

NVS

.......

739,605

13,453,415

Kforce,

Inc.

.......................

443,389

26,452,588

Korn

Ferry

.......................

1,192,870

56,589,753

Legalzoom.com,

Inc.

(a)(b)

..............

2,379,523

26,031,982

Maximus,

Inc.

.....................

1,384,987

103,430,829

Mistras

Group,

Inc.

(a)(b)

...............

424,429

2,313,138

NV5

Global,

Inc.

(a)(b)

.................

312,032

30,026,839

Planet

Labs

PBC,

Class

A

(a)(b)

...........

3,865,686

10,050,784

Resources

Connection,

Inc.

............

758,378

11,307,416

Skillsoft

Corp.,

Class

A

(a)(b)

.............

1,848,641

1,638,635

Sterling

Check

Corp.

(a)(b)

..............

708,569

8,942,141

TriNet

Group,

Inc.

(a)(b)

................

857,150

99,840,832

TrueBlue,

Inc.

(a)(b)

...................

700,398

10,274,839

TTEC

Holdings,

Inc.

.................

461,366

12,097,017

Upwork,

Inc.

(a)(b)

....................

2,822,509

32,063,702

Verra

Mobility

Corp.,

Class

A

(a)(b)

.........

3,178,773

59,443,055

Willdan

Group,

Inc.

(a)(b)

...............

279,779

5,715,885

1,252,470,288

Real

Estate

Management

&

Development

—

0.7%

American

Realty

Investors,

Inc.

(a)

........

30,689

448,673

Anywhere

Real

Estate,

Inc.

(a)(b)

..........

2,487,453

15,994,323

Compass,

Inc.,

Class

A

(a)(b)

............

6,841,981

19,841,745

Cushman

&

Wakefield

plc

(a)(b)

...........

3,370,926

25,686,456

DigitalBridge

Group,

Inc.,

Class

A

(b)

.......

3,701,890

65,079,226

Douglas

Elliman,

Inc.

................

1,949,584

4,406,060

eXp

World

Holdings,

Inc.

(b)

.............

1,626,757

26,418,534

Forestar

Group,

Inc.

(a)(b)

...............

414,316

11,161,673

FRP

Holdings,

Inc.

(a)(b)

................

146,404

7,901,424

Kennedy-Wilson

Holdings,

Inc.

..........

2,747,167

40,493,242

Marcus

&

Millichap,

Inc.

(b)

.............

557,461

16,355,906

Maui

Land

&

Pineapple

Co.,

Inc.

(a)(b)

......

144,398

1,913,273

Newmark

Group,

Inc.,

Class

A

..........

3,170,938

20,389,131

Opendoor

Technologies,

Inc.

(a)(b)

.........

12,467,869

32,915,174

RE/MAX

Holdings,

Inc.,

Class

A

.........

424,995

5,499,435

Redfin

Corp.

(a)(b)

....................

2,429,552

17,104,046

RMR

Group,

Inc.

(The),

Class

A

.........

372,901

9,143,533

St.

Joe

Co.

(The)

...................

783,543

42,569,891

Stratus

Properties,

Inc.

(a)

..............

133,082

3,646,447

Tejon

Ranch

Co.

(a)(b)

.................

455,535

7,388,778

Transcontinental

Realty

Investors,

Inc.

(a)

...

26,517

811,951

375,168,921

Residential

REITs

—

0.4%

Apartment

Investment

&

Management

Co.,

Class

A

(a)

......................

3,423,464

23,279,555

BRT

Apartments

Corp.

...............

294,078

5,078,727

Centerspace

......................

352,017

21,212,545

Clipper

Realty,

Inc.

..................

325,545

1,686,323

Elme

Communities

..................

2,014,239

27,474,220

Independence

Realty

Trust,

Inc.

.........

5,164,505

72,664,585

NexPoint

Residential

Trust,

Inc.

.........

524,384

16,874,677

UMH

Properties,

Inc.

................

1,303,203

18,270,906

Security

Shares

Shares

Value

Residential

REITs

(continued)

Veris

Residential,

Inc.

................

1,827,125

$

30,147,563

216,689,101

Retail

REITs

—

1.2%

Acadia

Realty

Trust

.................

2,124,244

30,482,901

Alexander's,

Inc.

...................

53,311

9,714,864

CBL

&

Associates

Properties,

Inc.

(b)

.......

618,179

12,969,395

Getty

Realty

Corp.

..................

1,042,164

28,899,208

InvenTrust

Properties

Corp.

............

1,589,645

37,849,448

Kite

Realty

Group

Trust

...............

4,980,039

106,672,435

Macerich

Co.

(The)

.................

4,981,621

54,349,485

NETSTREIT

Corp.

..................

1,507,048

23,479,808

Phillips

Edison

&

Co.,

Inc.

.............

2,696,354

90,435,713

Retail

Opportunity

Investments

Corp.

.....

2,874,808

35,590,123

RPT

Realty

.......................

1,967,542

20,777,244

Saul

Centers,

Inc.

..................

283,938

10,014,493

SITE

Centers

Corp.

.................

4,421,188

54,513,248

Tanger

Factory

Outlet

Centers,

Inc.

.......

2,339,620

52,875,412

Urban

Edge

Properties

...............

2,645,264

40,366,729

Whitestone

REIT

...................

1,171,732

11,283,779

620,274,285

Semiconductors

&

Semiconductor

Equipment

—

3.1%

ACM

Research,

Inc.,

Class

A

(a)(b)

.........

1,094,835

19,821,988

Aehr

Test

Systems

(a)(b)

................

589,606

26,944,994

Alpha

&

Omega

Semiconductor

Ltd.

(a)

.....

532,117

15,878,371

Ambarella,

Inc.

(a)(b)

..................

863,009

45,765,367

Amkor

Technology,

Inc.

...............

2,335,052

52,772,175

Atomera,

Inc.

(a)(b)

...................

491,793

3,078,624

Axcelis

Technologies,

Inc.

(a)

............

741,799

120,950,327

CEVA,

Inc.

(a)

......................

535,317

10,379,797

Cohu,

Inc.

(a)

......................

1,065,764

36,704,912

Credo

Technology

Group

Holding

Ltd.

(a)

....

2,223,448

33,907,582

Diodes,

Inc.

(a)(b)

....................

1,027,151

80,980,585

FormFactor,

Inc.

(a)(b)

.................

1,758,289

61,434,618

Ichor

Holdings

Ltd.

(a)(b)

................

649,810

20,118,118

Impinj,

Inc.

(a)(b)

.....................

525,279

28,906,103

indie

Semiconductor,

Inc.,

Class

A

(a)(b)

.....

3,126,135

19,694,651

inTEST

Corp.

(a)

....................

248,449

3,768,971

Kulicke

&

Soffa

Industries,

Inc.

..........

1,258,347

61,193,415

MACOM

Technology

Solutions

Holdings,

Inc.

(a)

(b)

...........................

1,235,454

100,788,337

Maxeon

Solar

Technologies

Ltd.

(a)(b)

.......

668,220

7,744,670

MaxLinear,

Inc.

(a)(b)

..................

1,704,019

37,914,423

Navitas

Semiconductor

Corp.

(a)(b)

........

2,479,323

17,231,295

NVE

Corp.

.......................

108,362

8,900,855

Onto

Innovation,

Inc.

(a)(b)

..............

1,114,612

142,135,322

PDF

Solutions,

Inc.

(a)(b)

...............

695,737

22,541,879

Photronics,

Inc.

(a)

...................

1,382,638

27,943,114

Power

Integrations,

Inc.

(b)

.............

1,288,982

98,362,216

Rambus,

Inc.

(a)(b)

...................

2,485,351

138,657,732

Semtech

Corp.

(a)(b)

..................

1,455,318

37,474,438

Silicon

Laboratories,

Inc.

(a)(b)

............

723,024

83,791,251

SiTime

Corp.

(a)(b)

...................

391,116

44,685,003

SkyWater

Technology,

Inc.

(a)(b)

..........

387,232

2,331,137

SMART

Global

Holdings,

Inc.

(a)(b)

........

1,104,348

26,890,874

Synaptics,

Inc.

(a)(b)

..................

899,884

80,485,625

Transphorm,

Inc.

(a)(b)

.................

551,377

1,224,057

Ultra

Clean

Holdings,

Inc.

(a)

............

1,012,712

30,047,165

Veeco

Instruments,

Inc.

(a)(b)

............

1,153,437

32,423,114

1,583,873,105

Software

—

5.4%

8x8,

Inc.

(a)(b)

.......................

2,613,091

6,584,989

A10

Networks,

Inc.

..................

1,620,839

24,361,210

ACI

Worldwide,

Inc.

(a)(b)

...............

2,482,082

55,995,770

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2000

ETF

Schedules

of

Investments

23

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Software

(continued)

Adeia,

Inc.

.......................

2,454,450

$

26,213,526

Agilysys,

Inc.

(a)

....................

457,388

30,260,790

Alarm.com

Holdings,

Inc.

(a)

............

1,090,729

66,687,171

Alkami

Technology,

Inc.

(a)(b)

............

910,739

16,593,665

Altair

Engineering,

Inc.,

Class

A

(a)(b)

.......

1,229,788

76,935,537

American

Software,

Inc.,

Class

A

(b)

.......

733,596

8,407,010

Amplitude,

Inc.,

Class

A

(a)(b)

............

1,548,745

17,918,980

Appfolio,

Inc.,

Class

A

(a)(b)

.............

438,463

80,076,498

Appian

Corp.,

Class

A

(a)(b)

.............

938,511

42,805,487

Applied

Digital

Corp.

(a)(b)

..............

1,564,528

9,762,655

Asana,

Inc.,

Class

A

(a)(b)

...............

1,818,167

33,290,638

Aurora

Innovation,

Inc.,

Class

A

(a)(b)

.......

7,567,106

17,782,699

AvePoint,

Inc.,

Class

A

(a)(b)

.............

3,504,385

23,549,467

Bit

Digital,

Inc.

(a)(b)

...................

1,668,231

3,570,014

Blackbaud,

Inc.

(a)

...................

992,354

69,782,333

BlackLine,

Inc.

(a)(b)

..................

1,285,047

71,281,557

Box,

Inc.,

Class

A

(a)(b)

................

3,208,381

77,674,904

Braze,

Inc.,

Class

A

(a)(b)

...............

1,192,650

55,732,534

C3.ai,

Inc.,

Class

A

(a)(b)

...............

1,379,382

35,201,829

Cerence,

Inc.

(a)(b)

...................

928,701

18,917,639

Cipher

Mining,

Inc.

(a)(b)

................

1,010,547

2,354,574

Cleanspark,

Inc.

(a)(b)

.................

2,521,498

9,606,907

Clear

Secure,

Inc.,

Class

A

(b)

...........

1,893,920

36,060,237

CommVault

Systems,

Inc.

(a)

............

1,002,283

67,764,354

Consensus

Cloud

Solutions,

Inc.

(a)(b)

......

452,465

11,393,069

CoreCard

Corp.

(a)(b)

.................

145,583

2,911,660

Couchbase,

Inc.

(a)(b)

.................

781,156

13,404,637

CS

Disco,

Inc.

(a)(b)

...................

531,022

3,525,986

Digimarc

Corp.

(a)(b)

..................

327,394

10,637,031

Digital

Turbine,

Inc.

(a)(b)

...............

2,194,841

13,278,788

Domo,

Inc.,

Class

B

(a)(b)

...............

713,007

6,994,599

E2open

Parent

Holdings,

Inc.,

Class

A

(a)(b)

..

3,865,881

17,551,100

Ebix,

Inc.

(b)

.......................

603,229

5,959,903

eGain

Corp.

(a)(b)

....................

477,647

2,927,976

Enfusion,

Inc.,

Class

A

(a)(b)

.............

847,620

7,603,151

EngageSmart,

Inc.

(a)(b)

................

1,098,149

19,755,700

Envestnet,

Inc.

(a)(b)

..................

1,091,954

48,078,735

Everbridge,

Inc.

(a)(b)

..................

929,452

20,838,314

EverCommerce,

Inc.

(a)

...............

533,023

5,346,221

Expensify,

Inc.,

Class

A

(a)(b)

............

1,277,293

4,151,202

Freshworks,

Inc.,

Class

A

(a)(b)

...........

3,692,251

73,549,640

Instructure

Holdings,

Inc.

(a)(b)

...........

428,562

10,885,475

Intapp,

Inc.

(a)(b)

.....................

500,351

16,771,766

InterDigital,

Inc.

....................

610,236

48,965,337

Jamf

Holding

Corp.

(a)(b)

...............

1,597,062

28,204,115

Kaltura,

Inc.

(a)(b)

....................

1,825,285

3,157,743

LivePerson,

Inc.

(a)(b)

.................

1,644,267

6,396,199

LiveRamp

Holdings,

Inc.

(a)

.............

1,499,402

43,242,754

LiveVox

Holdings,

Inc.,

Class

A

(a)(b)

.......

497,362

1,661,189

Marathon

Digital

Holdings,

Inc.

(a)(b)

.......

3,900,406

33,153,451

Matterport,

Inc.,

Class

A

(a)(b)

............

5,806,641

12,600,411

MeridianLink,

Inc.

(a)(b)

................

604,292

10,309,222

MicroStrategy,

Inc.,

Class

A

(a)(b)

..........

251,633

82,606,081

Mitek

Systems,

Inc.

(a)(b)

...............

970,004

10,398,443

Model

N,

Inc.

(a)(b)

...................

851,682

20,789,558

N-able,

Inc.

(a)

......................

1,584,642

20,441,882

NextNav,

Inc.

(a)(b)

...................

1,249,759

6,423,761

Olo,

Inc.,

Class

A

(a)(b)

.................

2,359,171

14,296,576

ON24,

Inc.

.......................

764,106

4,836,791

OneSpan,

Inc.

(a)(b)

...................

930,810

10,006,207

PagerDuty,

Inc.

(a)(b)

..................

2,021,397

45,461,219

PowerSchool

Holdings,

Inc.,

Class

A

(a)(b)

...

1,277,496

28,948,059

Progress

Software

Corp.

..............

989,735

52,040,266

PROS

Holdings,

Inc.

(a)(b)

..............

1,018,852

35,272,656

Q2

Holdings,

Inc.

(a)(b)

.................

1,301,310

41,993,274

Security

Shares

Shares

Value

Software

(continued)

Qualys,

Inc.

(a)(b)

....................

847,947

$

129,354,315

Rapid7,

Inc.

(a)(b)

....................

1,366,714

62,568,167

Red

Violet,

Inc.

(a)(b)

..................

234,790

4,698,148

Rimini

Street,

Inc.

(a)(b)

................

1,205,458

2,652,008

Riot

Platforms,

Inc.

(a)(b)

...............

3,890,651

36,299,774

Sapiens

International

Corp.

NV

.........

701,387

19,940,432

SEMrush

Holdings,

Inc.,

Class

A

(a)(b)

......

729,583

6,201,455

SolarWinds

Corp.

(a)(b)

................

1,174,153

11,084,004

SoundHound

AI,

Inc.,

Class

A

(a)(b)

........

3,208,407

6,448,898

SoundThinking,

Inc.

(a)(b)

...............

211,836

3,791,864

Sprinklr,

Inc.,

Class

A

(a)(b)

..............

2,340,206

32,388,451

Sprout

Social,

Inc.,

Class

A

(a)(b)

..........

1,090,502

54,394,240

SPS

Commerce,

Inc.

(a)(b)

..............

835,625

142,565,981

Tenable

Holdings,

Inc.

(a)(b)

.............

2,602,518

116,592,806

Terawulf,

Inc.

(a)(b)

...................

3,038,480

3,828,485

Varonis

Systems,

Inc.

(a)(b)

..............

2,480,038

75,740,361

Verint

Systems,

Inc.

(a)(b)

...............

1,431,854

32,918,323

Veritone,

Inc.

(a)(b)

...................

693,463

1,789,135

Viant

Technology,

Inc.,

Class

A

(a)(b)

.......

305,351

1,709,966

Weave

Communications,

Inc.

(a)

.........

750,982

6,120,503

Workiva,

Inc.,

Class

A

(a)(b)

.............

1,114,472

112,940,592

Xperi,

Inc.

(a)(b)

.....................

985,498

9,717,010

Yext,

Inc.

(a)(b)

......................

2,456,504

15,549,670

Zeta

Global

Holdings

Corp.,

Class

A

(a)(b)

....

3,132,086

26,152,918

Zuora,

Inc.,

Class

A

(a)(b)

...............

2,946,116

24,275,996

2,781,666,623

Specialized

REITs

—

0.4%

Farmland

Partners,

Inc.

..............

1,121,543

11,507,031

Four

Corners

Property

Trust,

Inc.

........

2,007,147

44,538,592

Gladstone

Land

Corp.

(b)

..............

775,478

11,035,052

Outfront

Media,

Inc.

.................

3,420,473

34,546,777

PotlatchDeltic

Corp.

.................

1,810,810

82,192,666

Safehold,

Inc.

.....................

1,006,744

17,920,043

Uniti

Group,

Inc.

...................

5,479,583

25,863,632

227,603,793

Specialty

Retail

—

2.5%

1-800-Flowers.com,

Inc.,

Class

A

(a)(b)

......

590,990

4,136,930

Aaron's

Co.,

Inc.

(The)

...............

705,474

7,386,313

Abercrombie

&

Fitch

Co.,

Class

A

(a)(b)

......

1,113,091

62,744,940

Academy

Sports

&

Outdoors,

Inc.

(b)

.......

1,701,824

80,445,220

American

Eagle

Outfitters,

Inc.

..........

4,165,483

69,188,673

America's

Car-Mart,

Inc.

(a)(b)

............

138,977

12,645,517

Arko

Corp.

.......................

1,824,557

13,045,583

Asbury

Automotive

Group,

Inc.

(a)(b)

........

471,191

108,406,913

BARK,

Inc.

(a)(b)

.....................

2,969,315

3,563,178

Big

5

Sporting

Goods

Corp.

(b)

...........

550,869

3,861,592

Boot

Barn

Holdings,

Inc.

(a)(b)

............

675,098

54,811,207

Buckle,

Inc.

(The)

..................

694,632

23,193,762

Build-A-Bear

Workshop,

Inc.

...........

302,842

8,906,583

Caleres,

Inc.

(b)

.....................

796,557

22,908,979

Camping

World

Holdings,

Inc.,

Class

A

(b)

...

955,654

19,504,898

CarParts.com,

Inc.

(a)(b)

................

1,215,712

5,008,733

Carvana

Co.,

Class

A

(a)(b)

..............

2,184,690

91,713,286

Cato

Corp.

(The),

Class

A

.............

410,324

3,143,082

Chico's

FAS,

Inc.

(a)(b)

.................

2,753,889

20,599,090

Children's

Place,

Inc.

(The)

(a)(b)

..........

278,849

7,537,288

Designer

Brands,

Inc.,

Class

A

..........

1,132,718

14,340,210

Destination

XL

Group,

Inc.

(a)(b)

..........

1,312,942

5,881,980

Duluth

Holdings,

Inc.,

Class

B

(a)(b)

........

297,882

1,790,271

Envela

Corp.

(a)(b)

...................

95,398

452,187

EVgo,

Inc.,

Class

A

(a)(b)

...............

2,315,475

7,826,306

Foot

Locker,

Inc.

...................

1,874,310

32,519,279

Genesco,

Inc.

(a)(b)

...................

275,498

8,490,848

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2000

ETF

24

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Specialty

Retail

(continued)

Group

1

Automotive,

Inc.

(b)

.............

316,966

$

85,171,934

GrowGeneration

Corp.

(a)(b)

.............

1,388,089

4,053,220

Guess?,

Inc.

......................

665,018

14,390,990

Haverty

Furniture

Cos.,

Inc.

............

332,146

9,559,162

Hibbett,

Inc.

......................

287,538

13,660,930

J

Jill,

Inc.

(a)(b)

......................

92,400

2,735,040

Lands'

End,

Inc.

(a)(b)

.................

343,580

2,566,543

Lazydays

Holdings,

Inc.

(a)(b)

............

254,355

1,933,098

Leslie's,

Inc.

(a)(b)

....................

4,037,410

22,851,741

MarineMax,

Inc.

(a)(b)

.................

482,654

15,840,704

Monro,

Inc.

(b)

......................

715,658

19,873,823

National

Vision

Holdings,

Inc.

(a)(b)

........

1,772,149

28,673,371

ODP

Corp.

(The)

(a)(b)

.................

759,581

35,054,663

OneWater

Marine,

Inc.,

Class

A

(a)(b)

.......

262,462

6,724,276

Overstock.com,

Inc.

(a)(b)

...............

1,027,850

16,260,587

PetMed

Express,

Inc.

................

517,011

5,299,363

Rent

the

Runway,

Inc.,

Class

A

(a)(b)

.......

1,133,670

771,576

Revolve

Group,

Inc.,

Class

A

(a)(b)

.........

933,259

12,701,655

Sally

Beauty

Holdings,

Inc.

(a)(b)

..........

2,452,748

20,554,028

Shoe

Carnival,

Inc.

(b)

................

409,572

9,842,015

Signet

Jewelers

Ltd.

(b)

................

1,017,156

73,041,972

Sleep

Number

Corp.

(a)(b)

..............

485,866

11,947,445

Sonic

Automotive,

Inc.,

Class

A

.........

359,748

17,181,564

Sportsman's

Warehouse

Holdings,

Inc.

(a)(b)

..

850,269

3,817,708

Stitch

Fix,

Inc.,

Class

A

(a)(b)

.............

1,985,198

6,848,933

ThredUp,

Inc.,

Class

A

(a)(b)

.............

1,627,452

6,526,083

Tile

Shop

Holdings,

Inc.

(a)

.............

681,643

3,742,220

Tilly's,

Inc.,

Class

A

(a)

................

469,777

3,814,589

Torrid

Holdings,

Inc.

(a)(b)

...............

372,171

822,498

Upbound

Group,

Inc.

................

1,261,354

37,146,875

Urban

Outfitters,

Inc.

(a)(b)

..............

1,453,463

47,513,705

Warby

Parker,

Inc.,

Class

A

(a)(b)

..........

1,932,738

25,434,832

Winmark

Corp.

....................

63,600

23,731,068

Zumiez,

Inc.

(a)(b)

....................

378,985

6,745,933

1,290,886,992

Technology

Hardware,

Storage

&

Peripherals

—

0.9%

Avid

Technology,

Inc.

(a)(b)

..............

776,901

20,875,330

CompoSecure,

Inc.,

Class

A

(a)(b)

.........

348,508

2,247,877

Corsair

Gaming,

Inc.

(a)(b)

..............

847,435

12,313,231

CPI

Card

Group,

Inc.

(a)(b)

..............

96,616

1,789,328

Eastman

Kodak

Co.

(a)

................

1,290,449

5,432,790

Immersion

Corp.

...................

683,944

4,520,870

Intevac,

Inc.

(a)(b)

....................

519,840

1,616,702

IonQ,

Inc.

(a)(b)

......................

3,666,922

54,563,799

Super

Micro

Computer,

Inc.

(a)(b)

..........

1,056,480

289,707,946

Turtle

Beach

Corp.

(a)(b)

................

356,887

3,238,749

Xerox

Holdings

Corp.

................

2,653,761

41,637,510

437,944,132

Textiles,

Apparel

&

Luxury

Goods

—

0.5%

Allbirds,

Inc.,

Class

A

(a)(b)

..............

2,171,104

2,409,925

Figs,

Inc.,

Class

A

(a)(b)

................

2,900,844

17,114,980

Fossil

Group,

Inc.

(a)(b)

................

1,142,998

2,354,576

G-III

Apparel

Group

Ltd.

(a)(b)

............

946,174

23,578,656

Hanesbrands,

Inc.

..................

8,051,926

31,885,627

Kontoor

Brands,

Inc.

.................

1,279,134

56,166,774

Movado

Group,

Inc.

.................

344,349

9,417,945

Oxford

Industries,

Inc.

...............

341,042

32,784,368

Rocky

Brands,

Inc.

..................

155,283

2,282,660

Steven

Madden

Ltd.

.................

1,714,475

54,468,871

Vera

Bradley,

Inc.

(a)

.................

596,800

3,944,848

Wolverine

World

Wide,

Inc.

............

1,771,220

14,276,033

250,685,263

Security

Shares

Shares

Value

Tobacco

—

0.1%

22nd

Century

Group,

Inc.

(a)

............

1

$

1

Turning

Point

Brands,

Inc.

.............

389,843

9,001,475

Universal

Corp.

....................

556,661

26,279,966

Vector

Group

Ltd.

..................

3,329,669

35,427,678

70,709,120

Trading

Companies

&

Distributors

—

2.2%

Alta

Equipment

Group,

Inc.,

Class

A

......

495,044

5,970,231

Applied

Industrial

Technologies,

Inc.

......

878,203

135,778,966

Beacon

Roofing

Supply,

Inc.

(a)(b)

.........

1,228,692

94,818,162

BlueLinx

Holdings,

Inc.

(a)(b)

.............

200,655

16,471,769

Boise

Cascade

Co.

.................

904,307

93,179,793

Custom

Truck

One

Source,

Inc.

(a)(b)

.......

1,275,352

7,907,182

Distribution

Solutions

Group,

Inc.

(a)(b)

......

205,329

5,338,554

DXP

Enterprises,

Inc.

(a)(b)

..............

321,911

11,247,570

EVI

Industries,

Inc.

(a)

.................

101,553

2,520,545

FTAI

Aviation

Ltd.

...................

2,268,778

80,655,058

GATX

Corp.

......................

804,097

87,509,877

Global

Industrial

Co.

.................

295,055

9,884,342

GMS,

Inc.

(a)

.......................

931,321

59,576,604

H&E

Equipment

Services,

Inc.

..........

728,283

31,454,543

Herc

Holdings,

Inc.

..................

643,863

76,581,065

Hudson

Technologies,

Inc.

(a)(b)

..........

990,916

13,179,183

Karat

Packaging,

Inc.

................

120,946

2,789,015

McGrath

RentCorp

..................

556,923

55,825,962

MRC

Global,

Inc.

(a)(b)

.................

1,928,578

19,767,924

NOW,

Inc.

(a)

......................

2,441,918

28,985,567

Rush

Enterprises,

Inc.,

Class

A

.........

1,414,249

57,743,787

Rush

Enterprises,

Inc.,

Class

B

.........

210,964

9,554,559

Textainer

Group

Holdings

Ltd.

..........

945,991

35,238,165

Titan

Machinery,

Inc.

(a)

...............

468,512

12,453,049

Transcat,

Inc.

(a)(b)

...................

167,078

16,368,632

Triton

International

Ltd.

(d)

..............

1,222,160

100,540,907

Veritiv

Corp.

......................

299,349

50,560,046

Willis

Lease

Finance

Corp.

(a)(b)

..........

63,064

2,667,607

Xometry,

Inc.,

Class

A

(a)(b)

.............

783,251

13,299,602

1,137,868,266

Water

Utilities

—

0.5%

American

States

Water

Co.

............

837,350

65,882,698

Artesian

Resources

Corp.,

Class

A,

NVS

...

200,479

8,418,113

Cadiz,

Inc.

(a)(b)

.....................

903,465

2,990,469

California

Water

Service

Group

.........

1,307,881

61,875,850

Consolidated

Water

Co.

Ltd.

...........

342,626

9,744,284

Global

Water

Resources,

Inc.

...........

275,981

2,690,815

Middlesex

Water

Co.

................

398,117

26,375,251

Pure

Cycle

Corp.

(a)(b)

.................

437,945

4,204,272

SJW

Group

.......................

724,355

43,540,979

York

Water

Co.

(The)

................

306,569

11,493,272

237,216,003

Wireless

Telecommunication

Services

—

0.2%

Gogo,

Inc.

(a)(b)

.....................

1,517,285

18,101,210

Shenandoah

Telecommunications

Co.

(b)

....

1,106,443

22,803,790

Spok

Holdings,

Inc.

.................

414,783

5,918,954

Telephone

&

Data

Systems,

Inc.

.........

2,258,876

41,360,020

Tingo

Group,

Inc.

(a)(b)

.................

2,738,535

2,806,998

90,990,972

Total

Common

Stocks

—

99.8%

(Cost:

$75,180,550,503)

...........................

51,067,965,305

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2000

ETF

Schedules

of

Investments

25

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

September

30,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Rights

Biotechnology

—

0.0%

(a)(b)(d)

Contra

Aduro

Biotech

I,

CVR

...........

272,340

$

691,468

Oncternal

Therapeutics,

Inc.,

CVR

.......

13,273

13,605

705,073

Pharmaceuticals

—

0.0%

Contra

Chinook

Therape,

CVR

(a)(b)(d)

......

1,316,575

566,127

Total

Rights

—

0.0%

(Cost:

$540,672)

................................

1,271,200

Warrants

Oil,

Gas

&

Consumable

Fuels

—

0.0%

(a)

Chord

Energy

Corp.

(Issued/Exercisable

09/01/20,

1

Share

for

1

Warrant,

Expires

09/01/24,

Strike

Price

USD

116.37)

.....

92,645

2,542,179

Chord

Energy

Corp.

(Issued/Exercisable

09/01/20,

1

Share

for

1

Warrant,

Expires

09/01/25,

Strike

Price

USD

133.70)

(b)

...

46,322

822,215

Total

Warrants

—

0.0%

(Cost:

$11,350,880)

..............................

3,364,394

Total

Long-Term

Investments

—

99.8%

(Cost:

$75,192,442,055)

...........................

51,072,600,899

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

12.4%

(f)(g)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.54%

(h)

............

5,927,897,783

$

5,930,268,942

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

5.31%

..................

401,990,327

401,990,327

Total

Short-Term

Securities

—

12.4%

(Cost:

$6,328,515,174)

...........................

6,332,259,269

Total

Investments

—

112.2%

(Cost:

$81,520,957,229

)

...........................

57,404,860,168

Liabilities

in

Excess

of

Other

Assets

—

(12.2)%

...........

(6,223,506,524)

Net

Assets

—

100.0%

..............................

$

51,181,353,644

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(d)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(e)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$1,967,616,

representing

less

than

0.05%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$14,991,359.

(f)

Affiliate

of

the

Fund.

(g)

Annualized

7-day

yield

as

of

period

end.

(h)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

03/31/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/23

Shares

Held

at

09/30/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

6,230,712,235

$

—

$

(301,067,456)

(a)

$

48,840

$

575,323

$

5,930,268,942

5,927,897,783

$

42,617,776

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

83,779,266

318,211,061

(a)

—

—

—

401,990,327

401,990,327

2,771,269

—

$

48,840

$

575,323

$

6,332,259,269

$

45,389,045

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Russell

2000

E-Mini

Index

....................................................

1,757

12/15/23

$

158,007

$

703,419

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2000

ETF

26

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

......

$

—

$

—

$

703,419

$

—

$

—

$

—

$

703,419

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

September

30,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

1,625,821

$

—

$

—

$

—

$

1,625,821

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

(4,343,242)

$

—

$

—

$

—

$

(4,343,242)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

171,428,140

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

50,965,375,265

$

1,967,616

$

100,622,424

$

51,067,965,305

Rights

................................................

—

—

1,271,200

1,271,200

Warrants

..............................................

3,364,394

—

—

3,364,394

Short-Term

Securities

Money

Market

Funds

......................................

6,332,259,269

—

—

6,332,259,269

$

57,300,998,928

$

1,967,616

$

101,893,624

$

57,404,860,168

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

703,419

$

—

$

—

$

703,419

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

September

30,

2023

iShares

®

Russell

2000

Growth

ETF

Schedules

of

Investments

27

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

0.7%

AeroVironment,

Inc.

(a)

................

223,120

$

24,884,574

Cadre

Holdings,

Inc.

.................

167,807

4,472,056

Eve

Holding,

Inc.

(a)(b)

.................

161,945

1,342,524

Leonardo

DRS,

Inc.

(a)(b)

...............

433,240

7,235,108

Moog,

Inc.,

Class

A

.................

49,485

5,589,826

Parsons

Corp.

(a)(b)

...................

161,598

8,782,851

Redwire

Corp.

(a)(b)

...................

45,681

132,018

Rocket

Lab

USA,

Inc.

(a)(b)

..............

2,384,494

10,444,084

Terran

Orbital

Corp.

(a)(b)

...............

68,689

57,177

Virgin

Galactic

Holdings,

Inc.,

Class

C

(a)(b)

...

1,214,444

2,185,999

65,126,217

Air

Freight

&

Logistics

—

0.2%

Forward

Air

Corp.

..................

224,768

15,450,552

Automobile

Components

—

1.6%

Atmus

Filtration

Technologies,

Inc.

(a)(b)

.....

87,012

1,814,200

Cooper-Standard

Holdings,

Inc.

(a)(b)

.......

44,808

601,323

Dorman

Products,

Inc.

(a)

..............

225,760

17,103,578

Fox

Factory

Holding

Corp.

(a)(b)

..........

365,282

36,192,141

Gentherm,

Inc.

(a)(b)

..................

284,047

15,412,390

LCI

Industries

.....................

80,594

9,463,347

Luminar

Technologies,

Inc.,

Class

A

(a)(b)

....

2,325,678

10,581,835

Modine

Manufacturing

Co.

(a)(b)

..........

282,354

12,917,696

Patrick

Industries,

Inc.

...............

23,194

1,740,942

Stoneridge,

Inc.

(a)(b)

..................

44,905

901,243

Visteon

Corp.

(a)(b)

...................

241,431

33,334,378

XPEL,

Inc.

(a)(b)(c)

....................

193,957

14,956,024

155,019,097

Automobiles

—

0.1%

(a)(b)

Fisker,

Inc.,

Class

A

.................

1,670,426

10,724,135

Livewire

Group,

Inc.

.................

98,226

680,706

Workhorse

Group,

Inc.

...............

229,107

94,942

11,499,783

Banks

—

1.0%

Axos

Financial,

Inc.

(a)

................

58,729

2,223,480

BancFirst

Corp.

....................

28,485

2,470,504

Bancorp,

Inc.

(The)

(a)(b)

...............

452,768

15,620,496

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

....

35,335

956,872

Bank7

Corp.

......................

9,876

222,309

BayCom

Corp.

....................

19,876

381,818

Burke

&

Herbert

Financial

Services

Corp.

(b)

.

5,240

243,477

Capital

City

Bank

Group,

Inc.

...........

46,468

1,386,140

Citizens

Financial

Services,

Inc.

(b)

........

6,806

326,144

City

Holding

Co.

...................

6,050

546,617

Coastal

Financial

Corp.

(a)(b)

............

94,635

4,060,788

Columbia

Financial,

Inc.

(a)(b)

............

111,047

1,744,548

Esquire

Financial

Holdings,

Inc.

.........

56,923

2,600,812

First

Bancorp

.....................

115,934

1,560,472

First

Financial

Bankshares,

Inc.

.........

1,121,334

28,167,910

Five

Star

Bancorp

..................

53,136

1,065,908

FS

Bancorp,

Inc.

...................

15,847

467,486

Greene

County

Bancorp,

Inc.

...........

32,959

792,664

HomeTrust

Bancshares,

Inc.

...........

38,127

826,212

Lakeland

Financial

Corp.

..............

13,404

636,154

Metropolitan

Bank

Holding

Corp.

(a)

.......

10,398

377,239

MVB

Financial

Corp.

................

13,783

311,220

NBT

Bancorp,

Inc.

..................

6,052

191,788

Pathward

Financial,

Inc.

..............

69,032

3,181,685

Plumas

Bancorp

...................

9,883

337,406

ServisFirst

Bancshares,

Inc.

...........

148,758

7,760,705

Stellar

Bancorp,

Inc.

.................

29,189

622,309

Stock

Yards

Bancorp,

Inc.

.............

207,047

8,134,877

Security

Shares

Shares

Value

Banks

(continued)

Westamerica

Bancorp

...............

65,554

$

2,835,210

90,053,250

Beverages

—

0.6%

Coca-Cola

Consolidated,

Inc.

...........

40,849

25,993,036

Duckhorn

Portfolio,

Inc.

(The)

(a)

.........

72,683

745,728

MGP

Ingredients,

Inc.

(b)

...............

135,301

14,271,549

National

Beverage

Corp.

(a)

.............

202,584

9,525,500

Primo

Water

Corp.

..................

186,164

2,569,063

Vita

Coco

Co.,

Inc.

(The)

(a)(b)

...........

244,150

6,357,666

Zevia

PBC,

Class

A

(a)

................

120,141

266,713

59,729,255

Biotechnology

—

9.0%

(a)

4D

Molecular

Therapeutics,

Inc.

(b)

........

30,519

388,507

89bio,

Inc.

.......................

531,405

8,204,893

ACADIA

Pharmaceuticals,

Inc.

(b)

.........

1,039,870

21,670,891

ACELYRIN,

Inc.

....................

127,959

1,301,343

Actinium

Pharmaceuticals,

Inc.

(b)

........

220,567

1,305,757

ADMA

Biologics,

Inc.

(b)

...............

957,602

3,428,215

Aerovate

Therapeutics,

Inc.

............

96,791

1,313,454

Agenus,

Inc.

(b)

.....................

485,975

549,152

Akero

Therapeutics,

Inc.

(b)

.............

440,145

22,262,534

Aldeyra

Therapeutics,

Inc.

(b)

............

405,966

2,711,853

Alector,

Inc.

......................

544,243

3,526,695

Alkermes

plc

......................

1,419,672

39,765,013

Alpine

Immune

Sciences,

Inc.

(b)

.........

142,739

1,634,362

Amicus

Therapeutics,

Inc.

(b)

............

2,396,575

29,142,352

AnaptysBio,

Inc.

...................

134,910

2,422,984

Anavex

Life

Sciences

Corp.

(b)

...........

608,339

3,984,620

Apogee

Therapeutics,

Inc.

.............

75,207

1,601,909

Arbutus

Biopharma

Corp.

.............

644,683

1,308,707

Arcellx,

Inc.

(b)

.....................

323,914

11,622,034

Arcturus

Therapeutics

Holdings,

Inc.

(b)

.....

18,233

465,853

Arcus

Biosciences,

Inc.

(b)

..............

136,254

2,445,759

Arcutis

Biotherapeutics,

Inc.

(b)

..........

449,322

2,385,900

Ardelyx,

Inc.

(b)

.....................

1,185,553

4,837,056

Arrowhead

Pharmaceuticals,

Inc.

(b)

.......

865,023

23,243,168

ARS

Pharmaceuticals,

Inc.

(b)

...........

42,438

160,416

Astria

Therapeutics,

Inc.

(b)

.............

199,281

1,486,636

Aurinia

Pharmaceuticals,

Inc.

(b)

..........

1,157,007

8,989,944

Avid

Bioservices,

Inc.

(b)

...............

536,243

5,062,134

Avita

Medical,

Inc.

(b)

.................

215,968

3,155,293

Beam

Therapeutics,

Inc.

(b)

.............

541,697

13,027,813

BioCryst

Pharmaceuticals,

Inc.

(b)

.........

1,224,542

8,669,757

Biomea

Fusion,

Inc.

(b)

................

168,637

2,320,445

Bioxcel

Therapeutics,

Inc.

(b)

............

162,708

411,651

Blueprint

Medicines

Corp.

(b)

............

520,202

26,124,544

Bridgebio

Pharma,

Inc.

(b)

..............

682,452

17,996,259

Cabaletta

Bio,

Inc.

(b)

.................

261,964

3,987,092

Catalyst

Pharmaceuticals,

Inc.

(b)

.........

861,263

10,068,164

Celldex

Therapeutics,

Inc.

(b)

............

102,580

2,823,002

Cerevel

Therapeutics

Holdings,

Inc.

(b)

.....

530,770

11,586,709

Cogent

Biosciences,

Inc.

(b)

.............

376,582

3,671,675

Coherus

Biosciences,

Inc.

(b)

............

701,389

2,623,195

Compass

Therapeutics,

Inc.

(b)

..........

73,877

145,538

Crinetics

Pharmaceuticals,

Inc.

.........

92,124

2,739,768

Cue

Biopharma,

Inc.

(b)

...............

310,312

713,718

Cytokinetics,

Inc.

(b)

..................

738,002

21,741,539

Day

One

Biopharmaceuticals,

Inc.

(b)

......

490,377

6,016,926

Deciphera

Pharmaceuticals,

Inc.

........

155,069

1,972,478

Denali

Therapeutics,

Inc.

(b)

............

1,010,037

20,837,063

Disc

Medicine,

Inc.

(b)

.................

70,589

3,316,271

Dynavax

Technologies

Corp.

(b)

..........

934,298

13,799,581

Dyne

Therapeutics,

Inc.

(b)

.............

104,453

935,899

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2000

Growth

ETF

28

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Biotechnology

(continued)

Enanta

Pharmaceuticals,

Inc.

(b)

.........

21,391

$

238,938

Fennec

Pharmaceuticals,

Inc.

(b)

.........

38,617

290,014

Foghorn

Therapeutics,

Inc.

(b)

...........

177,641

888,205

Genelux

Corp.

(b)

....................

39,464

966,473

Geron

Corp.

(b)

.....................

3,222,986

6,832,730

Halozyme

Therapeutics,

Inc.

(b)

..........

1,110,387

42,416,783

Heron

Therapeutics,

Inc.

(b)

.............

811,682

836,032

HilleVax,

Inc.

......................

42,977

578,041

Humacyte,

Inc.

(b)

...................

466,937

1,368,125

Ideaya

Biosciences,

Inc.

..............

300,339

8,103,146

Immuneering

Corp.,

Class

A

(b)

..........

146,087

1,121,948

ImmunityBio,

Inc.

(b)

..................

778,609

1,315,849

ImmunoGen,

Inc.

(b)

..................

1,196,684

18,991,375

Immunovant,

Inc.

...................

463,125

17,779,369

Inhibrx,

Inc.

.......................

194,884

3,576,121

Insmed,

Inc.

(b)

.....................

1,126,269

28,438,292

Intellia

Therapeutics,

Inc.

(b)

............

109,784

3,471,370

Intercept

Pharmaceuticals,

Inc.

(b)

........

347,436

6,441,463

Ironwood

Pharmaceuticals,

Inc.,

Class

A

...

482,380

4,645,319

Janux

Therapeutics,

Inc.

(b)

.............

17,488

176,279

Karyopharm

Therapeutics,

Inc.

(b)

........

960,788

1,287,456

Keros

Therapeutics,

Inc.

(b)

.............

193,147

6,157,526

Krystal

Biotech,

Inc.

(b)

................

185,424

21,509,184

Kymera

Therapeutics,

Inc.

(b)

............

326,470

4,537,933

Lexicon

Pharmaceuticals,

Inc.

(b)

.........

349,301

380,738

Lineage

Cell

Therapeutics,

Inc.

(b)

........

1,133,467

1,337,491

MacroGenics,

Inc.

..................

157,804

735,367

Madrigal

Pharmaceuticals,

Inc.

(b)

........

116,843

17,063,752

MannKind

Corp.

(b)

..................

1,787,552

7,382,590

MeiraGTx

Holdings

plc

...............

198,062

972,484

Merrimack

Pharmaceuticals,

Inc.

........

87,146

1,074,510

Mersana

Therapeutics,

Inc.

............

548,153

696,154

Mineralys

Therapeutics,

Inc.

(b)

..........

31,692

301,391

Mirum

Pharmaceuticals,

Inc.

(b)

..........

211,823

6,693,607

Morphic

Holding,

Inc.

................

261,551

5,992,133

Novavax,

Inc.

(b)

....................

608,617

4,406,387

Nuvalent,

Inc.,

Class

A

(b)

..............

205,611

9,451,938

Nuvectis

Pharma,

Inc.

(b)

..............

63,491

818,399

Omega

Therapeutics,

Inc.

(b)

............

202,111

434,539

Organogenesis

Holdings,

Inc.,

Class

A

(b)

...

81,785

260,076

Outlook

Therapeutics,

Inc.

(b)

............

1,307,761

289,015

PDS

Biotechnology

Corp.

(b)

............

235,529

1,189,421

PepGen,

Inc.

(b)

....................

36,950

187,706

Prime

Medicine,

Inc.

(b)

................

341,474

3,257,662

ProKidney

Corp.,

Class

A

(b)

............

100,628

460,876

Protagonist

Therapeutics,

Inc.

(b)

.........

307,899

5,135,755

Prothena

Corp.

plc

(b)

.................

355,692

17,162,139

PTC

Therapeutics,

Inc.

...............

490,639

10,995,220

RAPT

Therapeutics,

Inc.

(b)

.............

189,477

3,149,108

Reneo

Pharmaceuticals,

Inc.

(b)

..........

69,354

528,131

REVOLUTION

Medicines,

Inc.

(b)

.........

867,137

24,002,352

Rhythm

Pharmaceuticals,

Inc.

(b)

.........

442,308

10,139,911

Rigel

Pharmaceuticals,

Inc.

............

1,211,469

1,308,387

Rocket

Pharmaceuticals,

Inc.

(b)

..........

425,735

8,723,310

Sage

Therapeutics,

Inc.

(b)

.............

425,570

8,758,231

Sagimet

Biosciences,

Inc.,

Class

A

(b)

......

20,346

179,045

Sana

Biotechnology,

Inc.

(b)

.............

61,717

238,845

Savara,

Inc.

(b)

.....................

44,606

168,611

Selecta

Biosciences,

Inc.

(b)

............

250,709

265,752

Seres

Therapeutics,

Inc.

(b)

.............

557,915

1,327,838

SpringWorks

Therapeutics,

Inc.

(b)

........

497,631

11,505,229

Summit

Therapeutics,

Inc.

(b)

............

982,742

1,837,728

Syndax

Pharmaceuticals,

Inc.

(b)

.........

471,708

6,849,200

TG

Therapeutics,

Inc.

(b)

...............

1,178,029

9,848,322

Travere

Therapeutics,

Inc.

(b)

............

579,161

5,177,699

Security

Shares

Shares

Value

Biotechnology

(continued)

Turnstone

Biologics

Corp.

(b)

............

23,056

$

90,841

Tyra

Biosciences,

Inc.

(b)

..............

42,662

587,456

UroGen

Pharma

Ltd.

(b)

...............

132,843

1,861,130

Vaxcyte,

Inc.

(b)

.....................

802,679

40,920,575

Vaxxinity,

Inc.,

Class

A

(b)

..............

354,264

485,342

Vera

Therapeutics,

Inc.,

Class

A

.........

141,853

1,944,805

Vericel

Corp.

(b)

.....................

407,445

13,657,556

Viking

Therapeutics,

Inc.

(b)

.............

824,961

9,132,318

Vir

Biotechnology,

Inc.

...............

35,296

330,724

Viridian

Therapeutics,

Inc.

(b)

............

281,640

4,320,358

Voyager

Therapeutics,

Inc.

(b)

...........

268,748

2,082,797

X4

Pharmaceuticals,

Inc.

(b)

............

520,910

567,792

Xencor,

Inc.

(b)

.....................

270,442

5,449,406

Y-mAbs

Therapeutics,

Inc.

(b)

............

152,434

830,765

Zentalis

Pharmaceuticals,

Inc.

(b)

.........

499,929

10,028,576

850,851,982

Broadline

Retail

—

0.1%

Dillard's,

Inc.,

Class

A

................

29,916

9,896,512

Qurate

Retail,

Inc.,

Class

B

(a)(b)

..........

14,924

113,721

Savers

Value

Village,

Inc.

(a)

............

109,364

2,041,826

12,052,059

Building

Products

—

2.0%

AAON,

Inc.

(b)

......................

579,679

32,966,345

American

Woodmark

Corp.

(a)

...........

9,082

686,690

Apogee

Enterprises,

Inc.

..............

72,933

3,433,686

CSW

Industrials,

Inc.

................

131,605

23,062,460

Gibraltar

Industries,

Inc.

(a)

.............

147,610

9,965,151

Griffon

Corp.

......................

224,529

8,907,066

Janus

International

Group,

Inc.

(a)

........

723,546

7,741,942

Masonite

International

Corp.

(a)

..........

189,830

17,695,953

PGT

Innovations,

Inc.

(a)(b)

..............

486,427

13,498,349

Simpson

Manufacturing

Co.,

Inc.

........

367,563

55,064,613

UFP

Industries,

Inc.

.................

77,938

7,980,851

Zurn

Elkay

Water

Solutions

Corp.

........

253,021

7,089,648

188,092,754

Capital

Markets

—

2.0%

AlTi

Global,

Inc.,

Class

A

(a)(b)

...........

186,566

1,298,499

Artisan

Partners

Asset

Management,

Inc.,

Class

A

.......................

305,209

11,420,921

AssetMark

Financial

Holdings,

Inc.

(a)

......

191,493

4,802,645

Avantax,

Inc.

(a)

.....................

294,202

7,525,687

B

Riley

Financial,

Inc.

................

163,058

6,683,747

BGC

Group,

Inc.,

Class

A

.............

1,301,747

6,873,224

Brightsphere

Investment

Group,

Inc.

......

114,538

2,220,892

Cohen

&

Steers,

Inc.

................

224,867

14,096,912

Diamond

Hill

Investment

Group,

Inc.

......

25,455

4,290,949

Donnelley

Financial

Solutions,

Inc.

(a)

......

151,816

8,544,205

GCM

Grosvenor,

Inc.,

Class

A

..........

335,258

2,601,602

Hamilton

Lane,

Inc.,

Class

A

...........

186,766

16,891,117

Moelis

&

Co.,

Class

A

................

277,122

12,506,516

Open

Lending

Corp.,

Class

A

(a)(b)

........

786,561

5,757,627

P10,

Inc.,

Class

A

(b)

.................

367,219

4,278,101

Patria

Investments

Ltd.,

Class

A

.........

477,383

6,960,244

Perella

Weinberg

Partners,

Class

A

.......

368,860

3,754,995

Piper

Sandler

Cos.

..................

123,823

17,992,720

PJT

Partners,

Inc.,

Class

A

............

205,285

16,307,840

Sculptor

Capital

Management,

Inc.,

Class

A

.

109,174

1,266,418

Silvercrest

Asset

Management

Group,

Inc.,

Class

A

.......................

93,256

1,479,973

StepStone

Group,

Inc.,

Class

A

.........

467,771

14,772,208

StoneX

Group,

Inc.

(a)(b)

...............

17,745

1,719,845

Value

Line,

Inc.

....................

6,927

302,849

Victory

Capital

Holdings,

Inc.,

Class

A

.....

213,475

7,117,257

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2000

Growth

ETF

Schedules

of

Investments

29

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Capital

Markets

(continued)

Virtus

Investment

Partners,

Inc.

.........

8,325

$

1,681,567

WisdomTree,

Inc.

...................

1,184,627

8,292,389

191,440,949

Chemicals

—

2.4%

American

Vanguard

Corp.

(b)

............

41,298

451,387

Balchem

Corp.

....................

273,663

33,945,159

Cabot

Corp.

......................

474,950

32,899,786

Chase

Corp.

......................

54,494

6,933,272

Core

Molding

Technologies,

Inc.

(a)

........

4,921

140,199

Ecovyst,

Inc.

(a)(b)

....................

174,827

1,720,298

Hawkins,

Inc.

.....................

166,200

9,780,870

HB

Fuller

Co.

(b)

....................

413,000

28,335,930

Ingevity

Corp.

(a)

....................

314,032

14,951,064

Innospec,

Inc.

.....................

188,979

19,313,654

Livent

Corp.

(a)(b)

....................

1,545,304

28,449,047

Orion

SA

(b)

.......................

480,287

10,220,507

PureCycle

Technologies,

Inc.

(a)(b)

.........

215,735

1,210,273

Quaker

Chemical

Corp.

..............

119,338

19,094,080

Sensient

Technologies

Corp.

...........

362,158

21,179,000

Stepan

Co.

.......................

22,224

1,666,133

230,290,659

Commercial

Services

&

Supplies

—

1.3%

ACV

Auctions,

Inc.,

Class

A

(a)(b)

..........

1,091,205

16,564,492

Aris

Water

Solutions,

Inc.,

Class

A

(b)

......

21,705

216,616

Brink's

Co.

(The)

...................

394,067

28,625,027

Casella

Waste

Systems,

Inc.,

Class

A

(a)

....

481,264

36,720,443

Cimpress

plc

(a)(b)

...................

87,317

6,113,063

Healthcare

Services

Group,

Inc.

.........

608,777

6,349,544

Heritage-Crystal

Clean,

Inc.

(a)(b)

.........

23,182

1,051,304

HNI

Corp.

........................

39,300

1,360,959

LanzaTech

Global,

Inc.

(a)(b)

.............

178,445

833,338

Liquidity

Services,

Inc.

(a)

..............

114,523

2,017,895

Matthews

International

Corp.,

Class

A

(b)

....

68,630

2,670,393

Montrose

Environmental

Group,

Inc.

(a)

.....

238,928

6,991,033

Performant

Financial

Corp.

(a)(b)

..........

471,478

1,065,540

Pitney

Bowes,

Inc.

..................

598,066

1,806,160

SP

Plus

Corp.

(a)

....................

167,881

6,060,504

Viad

Corp.

(a)

......................

175,609

4,600,956

123,047,267

Communications

Equipment

—

1.0%

(a)

Calix,

Inc.

........................

506,696

23,226,945

Cambium

Networks

Corp.

.............

101,280

742,382

Clearfield,

Inc.

(b)

....................

112,091

3,212,528

CommScope

Holding

Co.,

Inc.

..........

1,792,923

6,024,221

Digi

International,

Inc.

(b)

...............

268,095

7,238,565

Extreme

Networks,

Inc.

...............

1,080,514

26,159,244

Harmonic,

Inc.

(b)

....................

941,623

9,067,830

Infinera

Corp.

(b)

....................

1,709,787

7,146,910

Viavi

Solutions,

Inc.

(b)

................

1,571,888

14,367,056

97,185,681

Construction

&

Engineering

—

2.3%

Ameresco,

Inc.,

Class

A

(a)(b)

............

275,726

10,631,995

API

Group

Corp.

(a)(b)

.................

1,201,305

31,149,839

Bowman

Consulting

Group

Ltd.

(a)(b)

.......

87,080

2,440,852

Comfort

Systems

USA,

Inc.

(b)

...........

303,161

51,661,666

Concrete

Pumping

Holdings,

Inc.

(a)(b)

......

127,436

1,093,401

Construction

Partners,

Inc.,

Class

A

(a)(b)

....

342,961

12,538,654

Dycom

Industries,

Inc.

(a)(b)

.............

245,104

21,814,256

Fluor

Corp.

(a)

......................

1,138,165

41,770,655

Granite

Construction,

Inc.

.............

53,482

2,033,386

IES

Holdings,

Inc.

(a)(b)

................

69,733

4,593,313

INNOVATE

Corp.

(a)(b)

.................

91,781

148,685

Security

Shares

Shares

Value

Construction

&

Engineering

(continued)

Limbach

Holdings,

Inc.

(a)

..............

14,153

$

449,075

MYR

Group,

Inc.

(a)

..................

141,053

19,008,302

Primoris

Services

Corp.

..............

27,937

914,378

Sterling

Infrastructure,

Inc.

(a)

...........

224,411

16,489,720

216,738,177

Construction

Materials

—

0.0%

United

States

Lime

&

Minerals,

Inc.

.......

17,499

3,517,299

Consumer

Finance

—

0.6%

FirstCash

Holdings,

Inc.

..............

324,756

32,599,007

LendingTree,

Inc.

(a)(b)

................

24,027

372,418

NerdWallet,

Inc.,

Class

A

(a)(b)

...........

301,546

2,680,744

PROG

Holdings,

Inc.

(a)

...............

75,789

2,516,953

Regional

Management

Corp.

...........

15,420

426,826

Upstart

Holdings,

Inc.

(a)(b)

..............

618,646

17,656,157

World

Acceptance

Corp.

(a)(b)

............

2,740

348,144

56,600,249

Consumer

Staples

Distribution

&

Retail

—

0.6%

Chefs'

Warehouse,

Inc.

(The)

(a)(b)

........

303,781

6,434,082

PriceSmart,

Inc.

....................

155,787

11,595,226

Sprouts

Farmers

Market,

Inc.

(a)(b)

........

888,009

38,006,785

56,036,093

Containers

&

Packaging

—

0.3%

Myers

Industries,

Inc.

................

317,720

5,696,720

O-I

Glass,

Inc.

(a)

....................

1,136,233

19,009,178

24,705,898

Diversified

Consumer

Services

—

1.6%

Carriage

Services,

Inc.

...............

112,462

3,177,052

Chegg,

Inc.

(a)

......................

869,896

7,759,472

Coursera,

Inc.

(a)

....................

1,117,158

20,879,683

Duolingo,

Inc.,

Class

A

(a)(b)

.............

245,668

40,748,951

European

Wax

Center,

Inc.,

Class

A

(a)(b)

....

272,001

4,406,416

Frontdoor,

Inc.

(a)

....................

706,175

21,601,893

Laureate

Education,

Inc.

..............

950,411

13,400,795

Nerdy,

Inc.,

Class

A

(a)

................

509,638

1,885,661

OneSpaWorld

Holdings

Ltd.

(a)

..........

712,629

7,995,697

Rover

Group,

Inc.,

Class

A

(a)(b)

..........

792,063

4,958,315

Stride,

Inc.

(a)(b)

.....................

363,642

16,374,799

Udemy,

Inc.

(a)(b)

....................

736,487

6,996,627

Universal

Technical

Institute,

Inc.

(a)

.......

47,976

402,039

150,587,400

Diversified

REITs

—

0.0%

Essential

Properties

Realty

Trust,

Inc.

.....

146,701

3,173,143

Gladstone

Commercial

Corp.

...........

64,870

788,819

3,961,962

Diversified

Telecommunication

Services

—

0.4%

Anterix,

Inc.

(a)(b)

....................

101,080

3,171,890

AST

SpaceMobile,

Inc.,

Class

A

(a)(b)

.......

690,538

2,624,044

Bandwidth,

Inc.,

Class

A

(a)(b)

............

49,187

554,337

Charge

Enterprises,

Inc.

(a)(b)

............

1,141,401

567,505

Cogent

Communications

Holdings,

Inc.

....

233,852

14,475,439

Consolidated

Communications

Holdings,

Inc.

(a)

46,442

158,832

Globalstar,

Inc.

(a)(b)

..................

5,155,824

6,754,129

IDT

Corp.,

Class

B

(a)(b)

................

103,317

2,278,140

Ooma,

Inc.

(a)(b)

.....................

202,351

2,632,587

33,216,903

Electric

Utilities

—

0.3%

Genie

Energy

Ltd.,

Class

B

............

86,149

1,268,975

MGE

Energy,

Inc.

...................

158,996

10,892,816

Otter

Tail

Corp.

....................

187,273

14,217,766

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2000

Growth

ETF

30

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Electric

Utilities

(continued)

PNM

Resources,

Inc.

................

77,083

$

3,438,673

29,818,230

Electrical

Equipment

—

2.5%

Allient,

Inc.

.......................

111,283

3,440,870

Amprius

Technologies,

Inc.

(a)(b)

..........

46,404

219,955

Array

Technologies,

Inc.

(a)(b)

............

1,297,119

28,783,071

Atkore,

Inc.

(a)(b)

.....................

331,105

49,397,555

Babcock

&

Wilcox

Enterprises,

Inc.

(a)

......

35,735

150,444

Blink

Charging

Co.

(a)(b)

................

254,289

778,124

Bloom

Energy

Corp.,

Class

A

(a)(b)

........

1,647,388

21,844,365

Dragonfly

Energy

Holdings

Corp.

(a)(b)

......

233,155

359,059

EnerSys

.........................

329,739

31,216,391

Enovix

Corp.

(a)(b)

....................

1,175,151

14,748,145

Eos

Energy

Enterprises,

Inc.,

Class

A

(a)(b)

...

838,925

1,803,689

Fluence

Energy,

Inc.,

Class

A

(a)(b)

........

335,610

7,715,674

FTC

Solar,

Inc.

(a)(b)

..................

547,709

701,068

GrafTech

International

Ltd.

............

945,283

3,620,434

LSI

Industries,

Inc.

..................

172,476

2,738,919

NEXTracker,

Inc.,

Class

A

(a)(b)

...........

426,157

17,114,465

NuScale

Power

Corp.,

Class

A

(a)(b)

........

451,422

2,211,968

Preformed

Line

Products

Co.

...........

9,541

1,551,176

SES

AI

Corp.,

Class

A

(a)(b)

.............

122,242

277,489

Shoals

Technologies

Group,

Inc.,

Class

A

(a)(b)

1,467,637

26,784,375

SKYX

Platforms

Corp.

(a)(b)

.............

536,492

761,819

SunPower

Corp.

(a)(b)

.................

757,962

4,676,626

Thermon

Group

Holdings,

Inc.

(a)(b)

........

31,284

859,371

TPI

Composites,

Inc.

(a)(b)

..............

358,685

950,515

Vicor

Corp.

(a)(b)

.....................

190,481

11,217,426

233,922,993

Electronic

Equipment,

Instruments

&

Components

—

3.4%

Advanced

Energy

Industries,

Inc.

(b)

.......

321,891

33,193,400

Akoustis

Technologies,

Inc.

(a)(b)

..........

572,422

430,977

Arlo

Technologies,

Inc.

(a)

..............

660,195

6,800,008

Badger

Meter,

Inc.

(b)

.................

252,105

36,270,346

Bel

Fuse,

Inc.,

Class

B,

NVS

...........

7,424

354,273

Belden,

Inc.

(b)

.....................

226,022

21,822,424

Climb

Global

Solutions,

Inc.

............

32,268

1,387,847

CTS

Corp.

.......................

268,169

11,193,374

ePlus,

Inc.

(a)

......................

12,977

824,299

Evolv

Technologies

Holdings,

Inc.

(a)(b)

.....

179,037

870,120

Fabrinet

(a)

........................

315,285

52,532,787

FARO

Technologies,

Inc.

(a)

.............

12,166

185,288

Insight

Enterprises,

Inc.

(a)(b)

............

247,260

35,976,330

Iteris,

Inc.

(a)(b)

......................

199,215

824,750

Itron,

Inc.

(a)

.......................

37,367

2,263,693

Kimball

Electronics,

Inc.

(a)(b)

............

48,157

1,318,539

Lightwave

Logic,

Inc.

(a)(b)

..............

980,393

4,382,357

Luna

Innovations,

Inc.

(a)(b)

.............

272,075

1,594,359

MicroVision,

Inc.

(a)(b)

.................

1,508,097

3,302,732

Napco

Security

Technologies,

Inc.

(b)

......

268,777

5,980,288

Novanta,

Inc.

(a)(b)

...................

306,850

44,014,564

OSI

Systems,

Inc.

(a)

.................

136,079

16,062,765

PAR

Technology

Corp.

(a)(b)

.............

17,809

686,359

Plexus

Corp.

(a)

.....................

209,073

19,439,608

Rogers

Corp.

(a)(b)

...................

109,064

14,338,644

Sanmina

Corp.

(a)(b)

..................

25,072

1,360,908

317,411,039

Energy

Equipment

&

Services

—

3.4%

Archrock,

Inc.

.....................

218,095

2,747,997

Atlas

Energy

Solutions,

Inc.,

Class

A

......

22,180

493,061

Borr

Drilling

Ltd.

(a)(b)

.................

1,888,523

13,408,513

Cactus,

Inc.,

Class

A

................

553,589

27,795,704

ChampionX

Corp.

..................

1,706,030

60,768,789

Security

Shares

Shares

Value

Energy

Equipment

&

Services

(continued)

Core

Laboratories,

Inc.

(b)

..............

129,689

$

3,113,833

DMC

Global,

Inc.

(a)(b)

.................

51,778

1,267,008

Expro

Group

Holdings

NV

(a)

............

284,207

6,602,129

KLX

Energy

Services

Holdings,

Inc.

(a)(b)

....

11,950

141,607

Kodiak

Gas

Services,

Inc.

(a)(b)

...........

41,659

744,863

Liberty

Energy,

Inc.,

Class

A

...........

84,802

1,570,533

Nabors

Industries

Ltd.

(a)

..............

71,457

8,799,215

Noble

Corp.

plc

....................

785,154

39,768,050

Oceaneering

International,

Inc.

(a)

........

862,739

22,189,647

Patterson-UTI

Energy,

Inc.

............

177,416

2,455,437

ProFrac

Holding

Corp.,

Class

A

(a)(b)

.......

49,887

542,770

Solaris

Oilfield

Infrastructure,

Inc.,

Class

A

..

25,910

276,201

TETRA

Technologies,

Inc.

(a)

............

1,072,871

6,844,917

Tidewater,

Inc.

(a)(b)

..................

407,784

28,981,209

Valaris

Ltd.

(a)(b)

.....................

525,907

39,432,507

Weatherford

International

plc

(a)

..........

609,722

55,076,188

323,020,178

Entertainment

—

0.6%

(a)

Atlanta

Braves

Holdings,

Inc.,

Class

A

(b)

....

88,951

3,475,316

Atlanta

Braves

Holdings,

Inc.,

Class

C,

NVS

(b)

384,793

13,748,654

Cinemark

Holdings,

Inc.

(b)

.............

785,432

14,412,677

IMAX

Corp.

(b)

.....................

388,854

7,512,659

Lions

Gate

Entertainment

Corp.,

Class

A

(b)

..

363,349

3,081,200

Lions

Gate

Entertainment

Corp.,

Class

B,

NVS

664,482

5,229,473

Loop

Media,

Inc.

(b)

..................

306,588

152,374

Madison

Square

Garden

Entertainment

Corp.

(b)

316,218

10,406,734

Vivid

Seats,

Inc.,

Class

A

(b)

............

66,087

424,279

58,443,366

Financial

Services

—

1.6%

AvidXchange

Holdings,

Inc.

(a)(b)

..........

1,169,890

11,090,557

Cantaloupe,

Inc.

(a)(b)

.................

334,937

2,093,356

Cass

Information

Systems,

Inc.

.........

105,390

3,925,777

EVERTEC,

Inc.

....................

557,515

20,728,408

Federal

Agricultural

Mortgage

Corp.,

Class

C,

NVS

.........................

14,183

2,188,437

Flywire

Corp.

(a)(b)

...................

821,903

26,210,487

I3

Verticals,

Inc.,

Class

A

(a)

.............

192,015

4,059,197

International

Money

Express,

Inc.

(a)(b)

......

281,663

4,768,555

Marqeta,

Inc.,

Class

A

(a)(b)

.............

557,713

3,335,124

NMI

Holdings,

Inc.,

Class

A

(a)

...........

56,768

1,537,845

Pagseguro

Digital

Ltd.,

Class

A

(a)

........

1,012,321

8,716,084

Payoneer

Global,

Inc.

(a)

...............

2,222,077

13,599,111

Paysign,

Inc.

(a)(b)

....................

314,508

613,291

PennyMac

Financial

Services,

Inc.

.......

15,866

1,056,676

Priority

Technology

Holdings,

Inc.

(a)(b)

......

149,880

485,611

Remitly

Global,

Inc.

(a)(b)

...............

1,121,375

28,281,077

StoneCo

Ltd.,

Class

A

(a)(b)

.............

1,514,406

16,158,712

148,848,305

Food

Products

—

1.6%

Beyond

Meat,

Inc.

(a)(b)

................

507,066

4,877,975

BRC,

Inc.,

Class

A

(a)(b)

................

292,158

1,048,847

Calavo

Growers,

Inc.

................

150,075

3,786,392

Cal-Maine

Foods,

Inc.

................

309,060

14,964,685

Dole

plc

.........................

348,541

4,036,105

Hostess

Brands,

Inc.,

Class

A

(a)

.........

211,198

7,035,005

J

&

J

Snack

Foods

Corp.

(b)

............

129,380

21,173,037

John

B

Sanfilippo

&

Son,

Inc.

...........

77,055

7,613,034

Lancaster

Colony

Corp.

..............

167,402

27,626,352

Mission

Produce,

Inc.

(a)(b)

..............

56,674

548,604

Simply

Good

Foods

Co.

(The)

(a)

.........

776,005

26,787,693

Sovos

Brands,

Inc.

(a)(b)

...............

436,354

9,839,783

SunOpta,

Inc.

(a)(b)

...................

731,072

2,463,713

TreeHouse

Foods,

Inc.

(a)(b)

.............

53,495

2,331,312

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2000

Growth

ETF

Schedules

of

Investments

31

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Food

Products

(continued)

Utz

Brands,

Inc.,

Class

A

(b)

............

610,795

$

8,202,977

Vital

Farms,

Inc.

(a)(b)

.................

260,516

3,016,775

Westrock

Coffee

Co.

(a)(b)

..............

245,350

2,173,801

147,526,090

Gas

Utilities

—

0.3%

Brookfield

Infrastructure

Corp.,

Class

A

....

84,574

2,988,845

Chesapeake

Utilities

Corp.

............

96,708

9,453,207

New

Jersey

Resources

Corp.

...........

439,032

17,837,870

RGC

Resources,

Inc.

................

4,587

79,355

30,359,277

Ground

Transportation

—

0.4%

ArcBest

Corp.

.....................

81,467

8,281,121

Daseke,

Inc.

(a)(b)

....................

348,250

1,786,522

Marten

Transport

Ltd.

................

399,721

7,878,501

PAM

Transportation

Services,

Inc.

(a)

......

8,054

173,564

RXO,

Inc.

(a)(b)

......................

866,958

17,105,081

Werner

Enterprises,

Inc.

..............

80,272

3,126,594

38,351,383

Health

Care

Equipment

&

Supplies

—

4.6%

Accuray,

Inc.

(a)(b)

....................

777,300

2,114,256

Alphatec

Holdings,

Inc.

(a)(b)

.............

281,193

3,647,073

Artivion,

Inc.

(a)

.....................

48,187

730,515

AtriCure,

Inc.

(a)(b)

...................

287,240

12,581,112

Atrion

Corp.

......................

11,864

4,901,849

AxoGen,

Inc.

(a)(b)

...................

342,340

1,711,700

Axonics,

Inc.

(a)(b)

....................

420,930

23,622,592

Beyond

Air,

Inc.

(a)(b)

..................

190,906

440,993

Cerus

Corp.

(a)(b)

....................

1,520,228

2,462,769

ClearPoint

Neuro,

Inc.

(a)(b)

.............

177,075

887,146

CONMED

Corp.

(b)

..................

262,611

26,484,319

CVRx,

Inc.

(a)(b)

.....................

82,190

1,246,822

Embecta

Corp.

....................

53,382

803,399

Glaukos

Corp.

(a)(b)

...................

400,919

30,169,155

Haemonetics

Corp.

(a)(b)

...............

429,079

38,436,897

Inari

Medical,

Inc.

(a)(b)

................

425,375

27,819,525

Inmode

Ltd.

(a)(b)

....................

662,473

20,178,928

iRadimed

Corp.

....................

63,176

2,803,119

iRhythm

Technologies,

Inc.

(a)(b)

..........

262,406

24,734,390

KORU

Medical

Systems,

Inc.

(a)(b)

.........

271,835

733,954

Lantheus

Holdings,

Inc.

(a)(b)

............

582,353

40,461,886

LeMaitre

Vascular,

Inc.

...............

168,969

9,205,431

LivaNova

plc

(a)

.....................

31,339

1,657,206

Merit

Medical

Systems,

Inc.

(a)

...........

488,100

33,688,662

Nano-X

Imaging

Ltd.

(a)(b)

..............

41,137

269,859

Nevro

Corp.

(a)

.....................

104,754

2,013,372

Omnicell,

Inc.

(a)(b)

...................

190,479

8,579,174

Orchestra

BioMed

Holdings,

Inc.

(a)(b)

......

116,743

1,017,999

OrthoPediatrics

Corp.

(a)(b)

..............

118,776

3,800,832

Outset

Medical,

Inc.

(a)(b)

...............

425,496

4,629,396

Paragon

28,

Inc.

(a)(b)

.................

374,714

4,702,661

PROCEPT

BioRobotics

Corp.

(a)(b)

........

309,075

10,140,751

Pulmonx

Corp.

(a)(b)

..................

313,030

3,233,600

Pulse

Biosciences,

Inc.

(a)(b)

.............

35,252

142,066

RxSight,

Inc.

(a)(b)

....................

233,408

6,509,749

Sanara

Medtech,

Inc.

(a)(b)

..............

31,432

978,478

Semler

Scientific,

Inc.

(a)

...............

41,019

1,040,652

SI-BONE,

Inc.

(a)

....................

300,386

6,380,199

Sight

Sciences,

Inc.

(a)(b)

...............

180,052

606,775

Silk

Road

Medical,

Inc.

(a)

..............

331,293

4,966,082

STAAR

Surgical

Co.

(a)(b)

...............

417,550

16,777,159

Surmodics,

Inc.

(a)

...................

117,751

3,778,630

Tactile

Systems

Technology,

Inc.

(a)(b)

......

197,544

2,775,493

Tela

Bio,

Inc.

(a)(b)

....................

132,778

1,062,224

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

TransMedics

Group,

Inc.

(a)(b)

............

272,190

$

14,902,402

Treace

Medical

Concepts,

Inc.

(a)(b)

........

385,675

5,056,199

UFP

Technologies,

Inc.

(a)(b)

.............

60,819

9,819,228

Utah

Medical

Products,

Inc.

............

25,392

2,183,712

Vicarious

Surgical,

Inc.,

Class

A

(a)

........

304,249

179,720

Zynex,

Inc.

(a)

......................

163,935

1,311,480

428,381,590

Health

Care

Providers

&

Services

—

4.3%

Accolade,

Inc.

(a)(b)

...................

548,912

5,807,489

AdaptHealth

Corp.

(a)(b)

................

424,099

3,859,301

Addus

HomeCare

Corp.

(a)

.............

62,558

5,329,316

Agiliti,

Inc.

(a)(b)

.....................

224,232

1,455,266

AirSculpt

Technologies,

Inc.

(a)(b)

.........

98,468

673,521

Alignment

Healthcare,

Inc.

(a)(b)

..........

726,066

5,038,898

AMN

Healthcare

Services,

Inc.

(a)

.........

340,306

28,987,265

Apollo

Medical

Holdings,

Inc.

(a)(b)

.........

366,315

11,300,818

Aveanna

Healthcare

Holdings,

Inc.

(a)

......

111,190

132,316

Castle

Biosciences,

Inc.

(a)(b)

............

82,169

1,387,834

CorVel

Corp.

(a)(b)

....................

74,868

14,722,792

Cross

Country

Healthcare,

Inc.

(a)(b)

.......

44,350

1,099,436

DocGo,

Inc.

(a)(b)

....................

674,267

3,593,843

Ensign

Group,

Inc.

(The)

..............

466,392

43,341,809

Guardant

Health,

Inc.

(a)

...............

965,744

28,624,652

HealthEquity,

Inc.

(a)(b)

................

720,022

52,597,607

Hims

&

Hers

Health,

Inc.,

Class

A

(a)(b)

.....

1,048,272

6,593,631

InfuSystem

Holdings,

Inc.

(a)(b)

...........

144,444

1,392,440

Innovage

Holding

Corp.

(a)(b)

............

167,761

1,004,888

Invitae

Corp.

(a)(b)

....................

2,022,737

1,224,160

Joint

Corp.

(The)

(a)

..................

121,169

1,089,309

LifeStance

Health

Group,

Inc.

(a)(b)

........

497,118

3,415,201

ModivCare,

Inc.

(a)(b)

..................

109,203

3,440,987

National

Research

Corp.

..............

122,648

5,441,892

NeoGenomics,

Inc.

(a)(b)

...............

95,768

1,177,946

Option

Care

Health,

Inc.

(a)

.............

1,456,102

47,104,900

P3

Health

Partners,

Inc.,

Class

A

(a)(b)

......

342,287

503,162

Patterson

Cos.,

Inc.

.................

162,304

4,810,691

Pennant

Group,

Inc.

(The)

(a)(b)

..........

246,203

2,740,239

PetIQ,

Inc.,

Class

A

(a)(b)

...............

195,011

3,841,717

Privia

Health

Group,

Inc.

(a)(b)

............

942,745

21,683,135

Progyny,

Inc.

(a)

.....................

670,099

22,796,768

Quipt

Home

Medical

Corp.

(a)(b)

..........

342,775

1,744,725

RadNet,

Inc.

(a)(b)

....................

510,642

14,394,998

Select

Medical

Holdings

Corp.

..........

893,803

22,586,402

Surgery

Partners,

Inc.

(a)(b)

.............

527,008

15,414,984

US

Physical

Therapy,

Inc.

.............

125,405

11,503,401

Viemed

Healthcare,

Inc.

(a)

.............

278,611

1,875,052

403,732,791

Health

Care

REITs

—

0.1%

CareTrust

REIT,

Inc.

.................

85,767

1,758,223

Community

Healthcare

Trust,

Inc.

........

148,038

4,396,729

National

Health

Investors,

Inc.

..........

37,866

1,944,798

Universal

Health

Realty

Income

Trust

.....

112,113

4,532,728

12,632,478

Health

Care

Technology

—

0.7%

Definitive

Healthcare

Corp.,

Class

A

(a)(b)

....

134,980

1,078,490

Evolent

Health,

Inc.,

Class

A

(a)(b)

.........

942,421

25,662,124

Health

Catalyst,

Inc.

(a)

................

256,948

2,600,314

HealthStream,

Inc.

..................

87,035

1,878,215

NextGen

Healthcare,

Inc.

(a)(b)

...........

268,573

6,373,237

OptimizeRx

Corp.

(a)(b)

................

142,947

1,112,128

Phreesia,

Inc.

(a)(b)

...................

442,571

8,267,226

Schrodinger,

Inc.

(a)(b)

.................

468,234

13,236,975

Sharecare,

Inc.,

Class

A

(a)(b)

............

158,254

148,822

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2000

Growth

ETF

32

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Health

Care

Technology

(continued)

Simulations

Plus,

Inc.

(b)

...............

134,867

$

5,623,954

65,981,485

Hotel

&

Resort

REITs

—

0.4%

Ryman

Hospitality

Properties,

Inc.

.......

493,302

41,082,191

Hotels,

Restaurants

&

Leisure

—

3.6%

Accel

Entertainment,

Inc.,

Class

A

(a)

......

454,805

4,980,115

Bally's

Corp.

(a)(b)

....................

135,429

1,775,474

BJ's

Restaurants,

Inc.

(a)(b)

.............

124,287

2,915,773

Bloomin'

Brands,

Inc.

................

752,350

18,500,286

Bluegreen

Vacations

Holding

Corp.

.......

72,642

2,664,509

Bowlero

Corp.,

Class

A

(a)(b)

.............

220,573

2,121,912

Brinker

International,

Inc.

(a)(b)

...........

344,217

10,873,815

Century

Casinos,

Inc.

(a)

...............

206,600

1,059,858

Cheesecake

Factory,

Inc.

(The)

.........

419,409

12,708,093

Chuy's

Holdings,

Inc.

(a)(b)

..............

125,664

4,471,125

Cracker

Barrel

Old

Country

Store,

Inc.

.....

191,069

12,839,837

Dave

&

Buster's

Entertainment,

Inc.

(a)(b)

....

310,524

11,511,125

Denny's

Corp.

(a)(b)

...................

358,004

3,032,294

Dine

Brands

Global,

Inc.

..............

122,534

6,059,306

Everi

Holdings,

Inc.

(a)

................

448,350

5,927,187

First

Watch

Restaurant

Group,

Inc.

(a)(b)

.....

74,409

1,286,532

Full

House

Resorts,

Inc.

(a)(b)

............

251,455

1,073,713

Global

Business

Travel

Group

I

(a)(b)

.......

277,154

1,524,347

Golden

Entertainment,

Inc.

............

172,578

5,898,716

Hilton

Grand

Vacations,

Inc.

(a)(b)

.........

694,617

28,270,912

Inspired

Entertainment,

Inc.

(a)

...........

185,180

2,214,753

International

Game

Technology

plc

.......

934,062

28,320,760

Jack

in

the

Box,

Inc.

.................

176,512

12,189,919

Krispy

Kreme,

Inc.

..................

240,868

3,003,624

Kura

Sushi

USA,

Inc.,

Class

A

(a)(b)

........

48,888

3,232,475

Life

Time

Group

Holdings,

Inc.

(a)(b)

........

117,672

1,789,791

Light

&

Wonder,

Inc.,

Class

A

(a)(b)

........

366,056

26,110,774

Lindblad

Expeditions

Holdings,

Inc.

(a)(b)

....

30,097

216,698

Monarch

Casino

&

Resort,

Inc.

..........

115,192

7,153,423

Mondee

Holdings,

Inc.,

Class

A

(a)(b)

.......

334,912

1,195,636

Nathan's

Famous,

Inc.

...............

21,430

1,514,244

Noodles

&

Co.,

Class

A

(a)(b)

............

349,746

860,375

ONE

Group

Hospitality,

Inc.

(The)

(a)(b)

.....

177,215

974,683

Papa

John's

International,

Inc.

..........

219,902

15,001,714

PlayAGS,

Inc.

(a)

....................

308,984

2,014,576

Portillo's,

Inc.,

Class

A

(a)(b)

.............

387,672

5,966,272

Potbelly

Corp.

(a)(b)

...................

227,612

1,775,374

RCI

Hospitality

Holdings,

Inc.

...........

74,231

4,502,852

Red

Robin

Gourmet

Burgers,

Inc.

(a)

.......

132,635

1,066,385

Red

Rock

Resorts,

Inc.,

Class

A

.........

221,152

9,067,232

Rush

Street

Interactive,

Inc.,

Class

A

(a)

....

541,471

2,501,596

Sabre

Corp.

(a)

.....................

717,868

3,223,227

SeaWorld

Entertainment,

Inc.

(a)(b)

........

296,307

13,704,199

Shake

Shack,

Inc.,

Class

A

(a)

...........

323,212

18,768,921

Six

Flags

Entertainment

Corp.

(a)

.........

491,195

11,547,994

Super

Group

SGHC

Ltd.

(a)(b)

............

1,169,548

4,315,632

Sweetgreen,

Inc.,

Class

A

(a)(b)

...........

665,387

7,818,297

Target

Hospitality

Corp.

(a)(b)

............

265,263

4,212,376

Xponential

Fitness,

Inc.,

Class

A

(a)(b)

......

179,405

2,780,778

336,539,509

Household

Durables

—

1.1%

Cavco

Industries,

Inc.

(a)

...............

74,555

19,806,281

Cricut,

Inc.,

Class

A

(b)

................

411,744

3,825,102

Dream

Finders

Homes,

Inc.,

Class

A

(a)(b)

....

82,931

1,843,556

Green

Brick

Partners,

Inc.

(a)(b)

...........

71,953

2,986,769

Installed

Building

Products,

Inc.

.........

202,970

25,348,923

iRobot

Corp.

(a)

.....................

213,712

8,099,685

LGI

Homes,

Inc.

(a)(b)

.................

12,886

1,282,028

Security

Shares

Shares

Value

Household

Durables

(continued)

Lovesac

Co.

(The)

(a)(b)

................

120,178

$

2,393,946

Skyline

Champion

Corp.

(a)(b)

............

256,636

16,352,846

Sonos,

Inc.

(a)(b)

.....................

1,092,515

14,104,369

Vizio

Holding

Corp.,

Class

A

(a)(b)

.........

575,529

3,113,612

99,157,117

Household

Products

—

0.5%

Energizer

Holdings,

Inc.

(b)

.............

618,696

19,823,020

Oil-Dri

Corp.

of

America

..............

10,863

670,790

WD-40

Co.

(b)

......................

116,165

23,609,375

44,103,185

Independent

Power

and

Renewable

Electricity

Producers

—

0.3%

Montauk

Renewables,

Inc.

(a)(b)

..........

574,257

5,231,481

Ormat

Technologies,

Inc.

..............

293,527

20,523,408

Sunnova

Energy

International,

Inc.

(a)(b)

.....

422,233

4,420,780

30,175,669

Industrial

Conglomerates

—

0.0%

Brookfield

Business

Corp.,

Class

A

(b)

......

220,281

3,982,680

Insurance

—

1.2%

AMERISAFE,

Inc.

..................

86,895

4,350,833

BRP

Group,

Inc.,

Class

A

(a)(b)

...........

516,047

11,987,772

Crawford

&

Co.,

Class

A,

NVS

..........

128,038

1,195,875

eHealth,

Inc.

(a)(b)

....................

79,994

591,956

F&G

Annuities

&

Life,

Inc.

.............

9,053

254,027

Fidelis

Insurance

Holdings

Ltd.

(a)

........

31,398

460,923

Goosehead

Insurance,

Inc.,

Class

A

(a)(b)

....

184,439

13,746,239

HCI

Group,

Inc.

....................

56,037

3,042,249

Investors

Title

Co.

..................

2,137

316,468

Kingsway

Financial

Services,

Inc.

(a)(b)

......

84,039

634,494

Lemonade,

Inc.

(a)(b)

..................

69,805

811,134

Oscar

Health,

Inc.,

Class

A

(a)(b)

..........

99,620

554,883

Palomar

Holdings,

Inc.

(a)

..............

208,448

10,578,736

Selective

Insurance

Group,

Inc.

.........

516,839

53,322,280

SiriusPoint

Ltd.

(a)

...................

73,124

743,671

Skyward

Specialty

Insurance

Group,

Inc.

(a)(b)

.

57,252

1,566,415

Tiptree,

Inc.

......................

59,206

992,292

Trupanion,

Inc.

(a)(b)

..................

340,601

9,604,948

Universal

Insurance

Holdings,

Inc.

.......

46,807

656,234

115,411,429

Interactive

Media

&

Services

—

0.9%

Cargurus,

Inc.,

Class

A

(a)

..............

835,896

14,644,898

Cars.com,

Inc.

(a)

....................

573,863

9,675,330

Eventbrite,

Inc.,

Class

A

(a)(b)

............

596,781

5,884,261

EverQuote,

Inc.,

Class

A

(a)(b)

............

171,361

1,238,940

Grindr,

Inc.

(a)(b)

.....................

359,072

2,064,664

MediaAlpha,

Inc.,

Class

A

(a)(b)

...........

151,834

1,254,149

Nextdoor

Holdings,

Inc.,

Class

A

(a)

.......

750,503

1,365,915

QuinStreet,

Inc.

(a)

...................

446,620

4,006,181

Shutterstock,

Inc.

...................

212,677

8,092,360

Vimeo,

Inc.

(a)(b)

.....................

163,133

577,491

Yelp,

Inc.

(a)

.......................

576,315

23,968,941

Ziff

Davis,

Inc.

(a)(b)

...................

93,023

5,924,635

ZipRecruiter,

Inc.,

Class

A

(a)(b)

...........

588,449

7,055,503

85,753,268

IT

Services

—

0.7%

BigBear.ai

Holdings,

Inc.

(a)(b)

............

248,571

375,342

BigCommerce

Holdings,

Inc.

(a)(b)

.........

571,046

5,636,224

DigitalOcean

Holdings,

Inc.

(a)(b)

..........

545,230

13,101,877

Fastly,

Inc.,

Class

A

(a)(b)

...............

849,616

16,287,139

Grid

Dynamics

Holdings,

Inc.,

Class

A

(a)(b)

..

384,345

4,681,322

Hackett

Group,

Inc.

(The)

.............

198,134

4,673,981

Information

Services

Group,

Inc.

.........

161,055

705,421

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2000

Growth

ETF

Schedules

of

Investments

33

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

IT

Services

(continued)

Perficient,

Inc.

(a)(b)

...................

294,784

$

17,056,202

Squarespace,

Inc.,

Class

A

(a)

...........

114,960

3,330,391

Thoughtworks

Holding,

Inc.

(a)(b)

..........

804,024

3,280,418

Tucows,

Inc.,

Class

A

(a)(b)

..............

34,263

699,308

69,827,625

Leisure

Products

—

0.4%

Acushnet

Holdings

Corp.

(b)

............

266,901

14,156,429

Clarus

Corp.

(b)

.....................

18,955

143,300

Escalade,

Inc.

.....................

7,034

107,690

Funko,

Inc.,

Class

A

(a)

................

203,104

1,553,745

Malibu

Boats,

Inc.,

Class

A

(a)(b)

..........

106,308

5,211,218

Marine

Products

Corp.

...............

77,871

1,106,547

MasterCraft

Boat

Holdings,

Inc.

(a)(b)

.......

146,082

3,245,942

Solo

Brands,

Inc.,

Class

A

(a)(b)

...........

135,997

693,585

Sturm

Ruger

&

Co.,

Inc.

..............

139,989

7,296,227

33,514,683

Life

Sciences

Tools

&

Services

—

0.4%

Adaptive

Biotechnologies

Corp.

(a)(b)

.......

711,503

3,877,691

Akoya

Biosciences,

Inc.

(a)(b)

............

191,218

889,164

BioLife

Solutions,

Inc.

(a)(b)

..............

270,404

3,734,279

CryoPort,

Inc.

(a)(b)

...................

297,454

4,078,094

Cytek

Biosciences,

Inc.

(a)(b)

............

1,039,215

5,736,467

Harvard

Bioscience,

Inc.

(a)(b)

............

348,324

1,497,793

MaxCyte,

Inc.

(a)

....................

28,958

90,349

Mesa

Laboratories,

Inc.

(b)

.............

44,138

4,637,580

NanoString

Technologies,

Inc.

(a)(b)

........

372,192

640,170

OmniAb

Operations,

Inc.,

12.50

Earnout

Shares,

NVS

(a)(d)

.................

5,861

—

OmniAb

Operations,

Inc.,

15.00

Earnout

Shares,

NVS

(a)(d)

.................

5,861

—

Pacific

Biosciences

of

California,

Inc.

(a)(b)

...

1,185,343

9,897,614

Quanterix

Corp.

(a)

...................

49,449

1,342,046

36,421,247

Machinery

—

4.8%

374Water,

Inc.

(a)(b)

..................

495,929

614,952

Alamo

Group,

Inc.

..................

86,429

14,940,117

Albany

International

Corp.,

Class

A

.......

234,201

20,206,862

Blue

Bird

Corp.

(a)

...................

11,980

255,773

Chart

Industries,

Inc.

(a)(b)

..............

226,003

38,221,627

CIRCOR

International,

Inc.

(a)

...........

155,200

8,652,400

Commercial

Vehicle

Group,

Inc.

(a)

........

33,456

259,619

Douglas

Dynamics,

Inc.

..............

196,696

5,936,285

Energy

Recovery,

Inc.

(a)(b)

.............

478,880

10,157,045

Enerpac

Tool

Group

Corp.,

Class

A

.......

483,853

12,788,235

ESCO

Technologies,

Inc.

.............

127,091

13,273,384

Federal

Signal

Corp.

................

512,001

30,581,820

Franklin

Electric

Co.,

Inc.

.............

395,280

35,270,834

Gorman-Rupp

Co.

(The)

..............

41,718

1,372,522

Helios

Technologies,

Inc.

..............

280,959

15,587,605

Hillenbrand,

Inc.

...................

591,323

25,018,876

Hyster-Yale

Materials

Handling,

Inc.

......

91,949

4,099,087

John

Bean

Technologies

Corp.

(b)

.........

272,412

28,641,398

Kadant,

Inc.

(b)

.....................

100,135

22,585,449

Lindsay

Corp.

.....................

94,958

11,174,658

Mayville

Engineering

Co.,

Inc.

(a)(b)

........

10,306

113,057

Miller

Industries,

Inc.

................

7,391

289,801

Mueller

Industries,

Inc.

...............

208,911

15,701,751

Mueller

Water

Products,

Inc.,

Class

A

.....

1,328,286

16,842,667

Omega

Flex,

Inc.

(b)

..................

27,747

2,184,521

Shyft

Group,

Inc.

(The)

...............

293,755

4,397,512

SPX

Technologies,

Inc.

(a)

..............

311,103

25,323,784

Standex

International

Corp.

............

81,865

11,926,912

Tennant

Co.

......................

83,526

6,193,453

Security

Shares

Shares

Value

Machinery

(continued)

Terex

Corp.

.......................

334,960

$

19,300,395

Trinity

Industries,

Inc.

................

127,154

3,096,200

Velo3D,

Inc.

(a)(b)

....................

773,409

1,206,518

Wabash

National

Corp.

(b)

..............

407,426

8,604,837

Watts

Water

Technologies,

Inc.,

Class

A

....

234,495

40,525,426

455,345,382

Media

—

0.2%

Boston

Omaha

Corp.,

Class

A

(a)(b)

........

12,909

211,578

Daily

Journal

Corp.

(a)(b)

...............

1,815

533,610

Entravision

Communications

Corp.,

Class

A

.

533,990

1,949,063

EW

Scripps

Co.

(The),

Class

A,

NVS

(a)(b)

...

236,722

1,297,237

Gambling.com

Group

Ltd.

(a)

............

92,944

1,215,708

Gray

Television,

Inc.

.................

48,399

334,921

Integral

Ad

Science

Holding

Corp.

(a)(b)

.....

411,068

4,887,599

Magnite,

Inc.

(a)(b)

....................

484,549

3,653,499

PubMatic,

Inc.,

Class

A

(a)(b)

.............

65,248

789,501

Sinclair,

Inc.,

Class

A

(b)

...............

45,027

505,203

TechTarget,

Inc.

(a)

...................

222,450

6,753,582

Townsquare

Media,

Inc.,

Class

A

........

95,445

832,280

22,963,781

Metals

&

Mining

—

1.3%

5E

Advanced

Materials,

Inc.

(a)(b)

.........

259,952

587,491

Alpha

Metallurgical

Resources,

Inc.

......

7,480

1,942,780

ATI,

Inc.

(a)(b)

.......................

1,103,665

45,415,815

Century

Aluminum

Co.

(a)(b)

.............

448,902

3,227,605

Compass

Minerals

International,

Inc.

......

292,746

8,182,251

Constellium

SE,

Class

A

(a)

.............

670,082

12,195,492

Contango

ORE,

Inc.

(a)(b)

...............

12,797

232,138

Dakota

Gold

Corp.

(a)(b)

................

306,067

789,653

Hecla

Mining

Co.

(b)

..................

1,094,127

4,278,036

i-80

Gold

Corp.

(a)(b)

..................

118,403

181,157

Ivanhoe

Electric,

Inc.

(a)(b)

..............

479,874

5,710,501

Kaiser

Aluminum

Corp.

...............

129,927

9,778,306

Materion

Corp.

....................

175,270

17,861,766

NioCorp

Developments

Ltd.

(a)

...........

19,074

69,239

Novagold

Resources,

Inc.

(a)(b)

...........

2,063,097

7,922,292

Perpetua

Resources

Corp.

(a)(b)

..........

330,689

1,078,046

Piedmont

Lithium,

Inc.

(a)(b)

.............

51,783

2,055,785

Ryerson

Holding

Corp.

...............

12,731

370,345

121,878,698

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.0%

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

....................

69,081

1,464,517

Multi-Utilities

—

0.0%

Unitil

Corp.

.......................

41,484

1,771,782

Oil,

Gas

&

Consumable

Fuels

—

2.4%

Crescent

Energy,

Inc.,

Class

A

..........

133,787

1,691,068

CVR

Energy,

Inc.

...................

235,355

8,009,131

Denbury,

Inc.

(a)

....................

436,462

42,777,641

Dorian

LPG

Ltd.

....................

161,411

4,637,338

Empire

Petroleum

Corp.

(a)(b)

............

105,393

1,014,935

Energy

Fuels,

Inc.

(a)(b)

................

1,157,946

9,518,316

Enviva,

Inc.

.......................

280,921

2,098,480

Equitrans

Midstream

Corp.

............

1,091,337

10,225,828

Evolution

Petroleum

Corp.

.............

273,979

1,874,016

Excelerate

Energy,

Inc.,

Class

A

.........

122,148

2,081,402

FLEX

LNG

Ltd.

....................

175,751

5,300,650

Golar

LNG

Ltd.

....................

55,648

1,350,020

HighPeak

Energy,

Inc.

(b)

..............

85,849

1,449,131

Kinetik

Holdings,

Inc.,

Class

A

..........

21,316

719,415

Kosmos

Energy

Ltd.

(a)(b)

...............

3,909,705

31,981,387

Magnolia

Oil

&

Gas

Corp.,

Class

A

.......

1,478,708

33,877,200

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2000

Growth

ETF

34

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Matador

Resources

Co.

(b)

.............

172,710

$

10,272,791

NextDecade

Corp.

(a)(b)

................

266,540

1,364,685

Northern

Oil

&

Gas,

Inc.

..............

619,249

24,912,387

Par

Pacific

Holdings,

Inc.

(a)

............

185,257

6,658,136

Permian

Resources

Corp.,

Class

A

.......

371,776

5,189,993

REX

American

Resources

Corp.

(a)(b)

......

37,675

1,534,126

Riley

Exploration

Permian,

Inc.

..........

74,990

2,383,932

SilverBow

Resources,

Inc.

(a)(b)

..........

15,478

553,648

Sitio

Royalties

Corp.,

Class

A

...........

311,541

7,542,408

Tellurian,

Inc.

(a)(b)

...................

306,155

355,140

VAALCO

Energy,

Inc.

................

91,670

402,431

Vertex

Energy,

Inc.

(a)(b)

...............

555,381

2,471,445

W&T

Offshore,

Inc.

(a)(b)

...............

849,058

3,718,874

225,965,954

Paper

&

Forest

Products

—

0.2%

Sylvamo

Corp.

....................

312,259

13,720,660

Passenger

Airlines

—

0.1%

Allegiant

Travel

Co.

.................

13,515

1,038,763

Frontier

Group

Holdings,

Inc.

(a)(b)

.........

330,352

1,598,904

Joby

Aviation,

Inc.,

Class

A

(a)(b)

..........

791,329

5,104,072

Sun

Country

Airlines

Holdings,

Inc.

(a)(b)

.....

180,641

2,680,712

10,422,451

Personal

Care

Products

—

1.2%

Beauty

Health

Co.

(The),

Class

A

(a)(b)

......

707,685

4,260,264

BellRing

Brands,

Inc.

(a)

...............

305,908

12,612,587

elf

Beauty,

Inc.

(a)(b)

..................

456,930

50,184,622

Herbalife

Ltd.

(a)(b)

...................

618,434

8,651,892

Inter

Parfums,

Inc.

..................

156,953

21,085,066

Medifast,

Inc.

.....................

93,554

7,002,517

Thorne

HealthTech,

Inc.

(a)(b)

............

60,574

617,249

USANA

Health

Sciences,

Inc.

(a)(b)

........

98,186

5,754,681

110,168,878

Pharmaceuticals

—

2.6%

Aclaris

Therapeutics,

Inc.

(a)(b)

...........

592,607

4,059,358

Amphastar

Pharmaceuticals,

Inc.

(a)(b)

......

325,680

14,978,023

Amylyx

Pharmaceuticals,

Inc.

(a)(b)

........

434,848

7,962,067

ANI

Pharmaceuticals,

Inc.

(a)

............

94,440

5,483,186

Arvinas,

Inc.

(a)(b)

....................

397,928

7,815,306

Axsome

Therapeutics,

Inc.

(a)(b)

..........

301,715

21,086,861

Biote

Corp.,

Class

A

(a)

................

47,442

242,903

Bright

Green

Corp.

(a)(b)

...............

502,565

198,965

Cassava

Sciences,

Inc.

(a)(b)

............

343,398

5,714,143

Citius

Pharmaceuticals,

Inc.

(a)(b)

.........

119,220

81,594

Collegium

Pharmaceutical,

Inc.

(a)

........

294,907

6,591,171

Corcept

Therapeutics,

Inc.

(a)(b)

..........

688,136

18,748,265

CorMedix,

Inc.

(a)(b)

..................

414,704

1,534,405

Cymabay

Therapeutics,

Inc.

(a)(b)

.........

839,083

12,510,727

Evolus,

Inc.

(a)(b)

....................

351,420

3,211,979

Eyenovia,

Inc.

(a)(b)

...................

280,942

466,364

EyePoint

Pharmaceuticals,

Inc.

(a)(b)

.......

122,308

977,241

Harmony

Biosciences

Holdings,

Inc.

(a)(b)

....

282,565

9,259,655

Harrow,

Inc.

(a)(b)

....................

250,009

3,592,629

Innoviva,

Inc.

(a)(b)

...................

44,806

582,030

Intra-Cellular

Therapies,

Inc.

(a)

..........

801,551

41,752,792

Ligand

Pharmaceuticals,

Inc.

(a)

..........

21,997

1,318,060

Liquidia

Corp.

(a)(b)

...................

283,744

1,798,937

Longboard

Pharmaceuticals,

Inc.

(a)

.......

44,332

246,486

Marinus

Pharmaceuticals,

Inc.

(a)(b)

........

438,131

3,526,955

Ocular

Therapeutix,

Inc.

(a)(b)

............

656,311

2,060,817

Omeros

Corp.

(a)(b)

...................

207,490

605,871

Optinose,

Inc.

(a)(b)

...................

669,290

823,227

Pacira

BioSciences,

Inc.

(a)

.............

390,196

11,971,213

Security

Shares

Shares

Value

Pharmaceuticals

(continued)

Phathom

Pharmaceuticals,

Inc.

(a)(b)

.......

67,328

$

698,191

Phibro

Animal

Health

Corp.,

Class

A

......

51,122

652,828

Pliant

Therapeutics,

Inc.

(a)(b)

............

483,768

8,388,537

Revance

Therapeutics,

Inc.

(a)(b)

..........

715,604

8,207,978

Scilex

Holding

Co.,

(Acquired

01/06/23

,

cost

$809,658)

(a)(b)(e)

..................

77,257

106,268

scPharmaceuticals,

Inc.

(a)(b)

............

242,565

1,727,063

SIGA

Technologies,

Inc.

..............

391,836

2,057,139

Supernus

Pharmaceuticals,

Inc.

(a)

........

421,294

11,615,076

Terns

Pharmaceuticals,

Inc.

(a)

...........

240,140

1,207,904

Ventyx

Biosciences,

Inc.

(a)(b)

............

400,146

13,897,071

Verrica

Pharmaceuticals,

Inc.

(a)(b)

........

175,375

681,332

Xeris

Biopharma

Holdings,

Inc.

(a)

........

1,131,450

2,104,497

240,545,114

Professional

Services

—

3.8%

ASGN,

Inc.

(a)

......................

109,263

8,924,602

Asure

Software,

Inc.

(a)

................

27,892

263,858

Barrett

Business

Services,

Inc.

..........

53,757

4,851,032

CBIZ,

Inc.

(a)(b)

......................

407,836

21,166,689

CRA

International,

Inc.

...............

58,400

5,884,384

CSG

Systems

International,

Inc.

.........

272,514

13,930,916

ExlService

Holdings,

Inc.

(a)

............

1,391,346

39,013,342

Exponent,

Inc.

.....................

433,541

37,111,110

First

Advantage

Corp.

................

40,784

562,411

FiscalNote

Holdings,

Inc.,

Class

A

(a)(b)

.....

123,917

257,747

Forrester

Research,

Inc.

(a)

.............

101,441

2,931,645

Franklin

Covey

Co.

(a)

................

100,052

4,294,232

HireQuest,

Inc.

....................

46,025

710,166

Huron

Consulting

Group,

Inc.

(a)

..........

162,708

16,947,665

IBEX

Holdings

Ltd.

(a)(b)

...............

90,895

1,404,328

ICF

International,

Inc.

(b)

...............

160,514

19,391,696

Innodata,

Inc.

(a)(b)

...................

216,044

1,842,855

Insperity,

Inc.

......................

312,240

30,474,624

Kforce,

Inc.

.......................

166,555

9,936,671

Legalzoom.com,

Inc.

(a)(b)

..............

896,510

9,807,819

Maximus,

Inc.

.....................

520,744

38,889,162

NV5

Global,

Inc.

(a)

..................

105,837

10,184,695

Planet

Labs

PBC,

Class

A

(a)(b)

...........

1,307,482

3,399,453

Sterling

Check

Corp.

(a)(b)

..............

13,662

172,415

TriNet

Group,

Inc.

(a)(b)

................

322,319

37,543,717

TTEC

Holdings,

Inc.

.................

172,395

4,520,197

Upwork,

Inc.

(a)

.....................

1,062,773

12,073,101

Verra

Mobility

Corp.,

Class

A

(a)(b)

.........

1,193,152

22,311,942

358,802,474

Real

Estate

Management

&

Development

—

0.6%

Anywhere

Real

Estate,

Inc.

(a)(b)

..........

89,704

576,797

Compass,

Inc.,

Class

A

(a)(b)

............

2,203,668

6,390,637

DigitalBridge

Group,

Inc.,

Class

A

(b)

.......

439,151

7,720,275

eXp

World

Holdings,

Inc.

(b)

.............

611,744

9,934,722

Marcus

&

Millichap,

Inc.

..............

75,568

2,217,165

Maui

Land

&

Pineapple

Co.,

Inc.

(a)(b)

......

58,648

777,086

Opendoor

Technologies,

Inc.

(a)(b)

.........

267,328

705,746

Redfin

Corp.

(a)(b)

....................

905,351

6,373,671

RMR

Group,

Inc.

(The),

Class

A

.........

93,698

2,297,475

St.

Joe

Co.

(The)

...................

294,442

15,997,034

52,990,608

Residential

REITs

—

0.0%

Clipper

Realty,

Inc.

..................

90,081

466,620

NexPoint

Residential

Trust,

Inc.

.........

57,494

1,850,157

UMH

Properties,

Inc.

................

82,464

1,156,145

3,472,922

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2000

Growth

ETF

Schedules

of

Investments

35

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Retail

REITs

—

0.3%

Alexander's,

Inc.

...................

18,378

$

3,349,023

CBL

&

Associates

Properties,

Inc.

(b)

.......

173,416

3,638,268

Phillips

Edison

&

Co.,

Inc.

.............

170,062

5,703,879

Saul

Centers,

Inc.

..................

90,266

3,183,682

Tanger

Factory

Outlet

Centers,

Inc.

.......

410,404

9,275,130

25,149,982

Semiconductors

&

Semiconductor

Equipment

—

4.5%

ACM

Research,

Inc.,

Class

A

(a)(b)

.........

68,646

1,242,836

Aehr

Test

Systems

(a)(b)

................

222,688

10,176,842

Ambarella,

Inc.

(a)

...................

199,480

10,578,424

Atomera,

Inc.

(a)(b)

...................

115,812

724,983

Axcelis

Technologies,

Inc.

(a)(b)

...........

279,094

45,506,277

CEVA,

Inc.

(a)

......................

173,921

3,372,328

Credo

Technology

Group

Holding

Ltd.

(a)

....

836,495

12,756,549

Diodes,

Inc.

(a)

.....................

304,113

23,976,269

FormFactor,

Inc.

(a)(b)

.................

662,594

23,151,034

Impinj,

Inc.

(a)(b)

.....................

197,400

10,862,922

indie

Semiconductor,

Inc.,

Class

A

(a)(b)

.....

1,102,074

6,943,066

inTEST

Corp.

(a)

....................

91,162

1,382,928

Kulicke

&

Soffa

Industries,

Inc.

(b)

.........

335,842

16,331,996

MACOM

Technology

Solutions

Holdings,

Inc.

(a)

(b)

...........................

465,160

37,947,753

Maxeon

Solar

Technologies

Ltd.

(a)(b)

.......

169,299

1,962,175

MaxLinear,

Inc.

(a)

...................

637,955

14,194,499

Navitas

Semiconductor

Corp.

(a)

.........

150,463

1,045,718

NVE

Corp.

.......................

36,687

3,013,470

Onto

Innovation,

Inc.

(a)(b)

..............

359,300

45,817,936

PDF

Solutions,

Inc.

(a)

................

261,892

8,485,301

Power

Integrations,

Inc.

..............

487,106

37,171,059

Rambus,

Inc.

(a)(b)

...................

935,902

52,213,973

Silicon

Laboratories,

Inc.

(a)(b)

............

271,949

31,516,170

SiTime

Corp.

(a)(b)

...................

147,542

16,856,673

SkyWater

Technology,

Inc.

(a)(b)

..........

149,544

900,255

SMART

Global

Holdings,

Inc.

(a)(b)

........

91,665

2,232,043

Synaptics,

Inc.

(a)

...................

27,778

2,484,464

Transphorm,

Inc.

(a)(b)

.................

221,425

491,563

423,339,506

Software

—

10.2%

8x8,

Inc.

(a)(b)

.......................

983,557

2,478,564

A10

Networks,

Inc.

..................

610,305

9,172,884

ACI

Worldwide,

Inc.

(a)

................

804,175

18,142,188

Adeia,

Inc.

.......................

802,499

8,570,689

Agilysys,

Inc.

(a)

....................

172,197

11,392,553

Alarm.com

Holdings,

Inc.

(a)

............

410,281

25,084,580

Alkami

Technology,

Inc.

(a)(b)

............

338,052

6,159,307

Altair

Engineering,

Inc.,

Class

A

(a)(b)

.......

459,809

28,765,651

American

Software,

Inc.,

Class

A

........

224,498

2,572,747

Amplitude,

Inc.,

Class

A

(a)(b)

............

583,120

6,746,698

Appfolio,

Inc.,

Class

A

(a)(b)

.............

164,984

30,131,028

Appian

Corp.,

Class

A

(a)(b)

.............

352,475

16,076,385

Applied

Digital

Corp.

(a)(b)

..............

581,843

3,630,700

Asana,

Inc.,

Class

A

(a)(b)

...............

681,036

12,469,769

AvePoint,

Inc.,

Class

A

(a)(b)

.............

1,311,684

8,814,516

Blackbaud,

Inc.

(a)

...................

373,089

26,235,618

BlackLine,

Inc.

(a)(b)

..................

482,436

26,760,725

Box,

Inc.,

Class

A

(a)(b)

................

1,207,941

29,244,252

Braze,

Inc.,

Class

A

(a)

................

449,807

21,019,481

C3.ai,

Inc.,

Class

A

(a)(b)

...............

396,458

10,117,608

Cipher

Mining,

Inc.

(a)(b)

................

45,293

105,533

Cleanspark,

Inc.

(a)(b)

.................

119,519

455,367

Clear

Secure,

Inc.,

Class

A

............

715,443

13,622,035

CommVault

Systems,

Inc.

(a)

............

356,565

24,107,360

Consensus

Cloud

Solutions,

Inc.

(a)(b)

......

97,910

2,465,374

Security

Shares

Shares

Value

Software

(continued)

CoreCard

Corp.

(a)

...................

62,806

$

1,256,120

Couchbase,

Inc.

(a)(b)

.................

290,785

4,989,871

CXApp,

Inc.

(a)

.....................

16,536

29,930

Digimarc

Corp.

(a)(b)

..................

121,197

3,937,691

Digital

Turbine,

Inc.

(a)(b)

...............

213,334

1,290,671

Domo,

Inc.,

Class

B

(a)(b)

...............

274,003

2,687,969

Ebix,

Inc.

........................

59,575

588,601

eGain

Corp.

(a)

.....................

177,468

1,087,879

Enfusion,

Inc.,

Class

A

(a)(b)

.............

324,364

2,909,545

EngageSmart,

Inc.

(a)(b)

................

418,066

7,521,007

Envestnet,

Inc.

(a)(b)

..................

421,233

18,546,889

Everbridge,

Inc.

(a)(b)

..................

346,641

7,771,691

EverCommerce,

Inc.

(a)(b)

..............

154,297

1,547,599

Expensify,

Inc.,

Class

A

(a)

.............

472,912

1,536,964

Freshworks,

Inc.,

Class

A

(a)

............

1,387,041

27,629,857

Instructure

Holdings,

Inc.

(a)(b)

...........

165,857

4,212,768

Intapp,

Inc.

(a)(b)

.....................

188,940

6,333,269

InterDigital,

Inc.

(b)

...................

230,113

18,464,267

Jamf

Holding

Corp.

(a)(b)

...............

600,513

10,605,060

Kaltura,

Inc.

(a)(b)

....................

687,240

1,188,925

LivePerson,

Inc.

(a)(b)

.................

620,001

2,411,804

LiveVox

Holdings,

Inc.,

Class

A

(a)

........

180,041

601,337

Marathon

Digital

Holdings,

Inc.

(a)(b)

.......

1,469,688

12,492,348

MeridianLink,

Inc.

(a)(b)

................

154,774

2,640,444

MicroStrategy,

Inc.,

Class

A

(a)(b)

..........

94,647

31,070,717

Mitek

Systems,

Inc.

(a)(b)

...............

340,105

3,645,926

Model

N,

Inc.

(a)(b)

...................

320,753

7,829,581

N-able,

Inc.

(a)

......................

543,177

7,006,983

NextNav,

Inc.

(a)(b)

...................

426,071

2,190,005

Olo,

Inc.,

Class

A

(a)(b)

.................

510,841

3,095,696

OneSpan,

Inc.

(a)

....................

327,045

3,515,734

PagerDuty,

Inc.

(a)(b)

..................

762,468

17,147,905

PowerSchool

Holdings,

Inc.,

Class

A

(a)(b)

...

481,822

10,918,087

Progress

Software

Corp.

..............

374,501

19,691,263

PROS

Holdings,

Inc.

(a)(b)

..............

275,402

9,534,417

Q2

Holdings,

Inc.

(a)(b)

.................

489,259

15,788,388

Qualys,

Inc.

(a)(b)

....................

319,077

48,675,196

Rapid7,

Inc.

(a)(b)

....................

514,025

23,532,064

Red

Violet,

Inc.

(a)

...................

97,574

1,952,456

Rimini

Street,

Inc.

(a)(b)

................

462,208

1,016,858

Riot

Platforms,

Inc.

(a)(b)

...............

1,023,361

9,547,958

Sapiens

International

Corp.

NV

.........

264,941

7,532,273

SEMrush

Holdings,

Inc.,

Class

A

(a)(b)

......

267,185

2,271,072

SoundHound

AI,

Inc.,

Class

A

(a)(b)

........

1,203,925

2,419,889

SoundThinking,

Inc.

(a)(b)

...............

82,214

1,471,631

Sprinklr,

Inc.,

Class

A

(a)(b)

..............

884,909

12,247,141

Sprout

Social,

Inc.,

Class

A

(a)(b)

..........

410,693

20,485,367

SPS

Commerce,

Inc.

(a)(b)

..............

314,796

53,707,346

Tenable

Holdings,

Inc.

(a)

..............

978,356

43,830,349

Varonis

Systems,

Inc.

(a)(b)

..............

931,180

28,438,237

Verint

Systems,

Inc.

(a)

................

499,362

11,480,332

Veritone,

Inc.

(a)(b)

...................

238,841

616,210

Viant

Technology,

Inc.,

Class

A

(a)

.........

129,211

723,582

Weave

Communications,

Inc.

(a)(b)

........

282,827

2,305,040

Workiva,

Inc.,

Class

A

(a)(b)

.............

418,887

42,450,009

Yext,

Inc.

(a)

.......................

923,243

5,844,128

Zeta

Global

Holdings

Corp.,

Class

A

(a)(b)

....

1,181,977

9,869,508

Zuora,

Inc.,

Class

A

(a)(b)

...............

1,115,416

9,191,028

957,666,494

Specialized

REITs

—

0.1%

Four

Corners

Property

Trust,

Inc.

........

80,868

1,794,461

Outfront

Media,

Inc.

.................

601,056

6,070,666

7,865,127

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2000

Growth

ETF

36

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Specialty

Retail

—

1.7%

Abercrombie

&

Fitch

Co.,

Class

A

(a)(b)

......

216,697

$

12,215,210

Academy

Sports

&

Outdoors,

Inc.

(b)

.......

639,186

30,214,322

American

Eagle

Outfitters,

Inc.

..........

351,315

5,835,342

Arko

Corp.

.......................

704,962

5,040,478

Boot

Barn

Holdings,

Inc.

(a)(b)

............

254,210

20,639,310

Buckle,

Inc.

(The)

..................

264,766

8,840,537

Build-A-Bear

Workshop,

Inc.

...........

87,347

2,568,875

Camping

World

Holdings,

Inc.,

Class

A

....

356,957

7,285,492

CarParts.com,

Inc.

(a)(b)

................

449,302

1,851,124

Carvana

Co.,

Class

A

(a)(b)

..............

362,349

15,211,411

Envela

Corp.

(a)(b)

...................

53,787

254,950

EVgo,

Inc.,

Class

A

(a)(b)

...............

115,068

388,930

Guess?,

Inc.

......................

29,890

646,820

Hibbett,

Inc.

......................

89,995

4,275,663

Leslie's,

Inc.

(a)(b)

....................

137,830

780,118

National

Vision

Holdings,

Inc.

(a)

.........

46,912

759,036

Revolve

Group,

Inc.,

Class

A

(a)(b)

.........

352,422

4,796,464

Sally

Beauty

Holdings,

Inc.

(a)(b)

..........

862,651

7,229,015

Sleep

Number

Corp.

(a)(b)

..............

97,760

2,403,918

Stitch

Fix,

Inc.,

Class

A

(a)(b)

.............

353,626

1,220,010

ThredUp,

Inc.,

Class

A

(a)(b)

.............

115,378

462,666

Torrid

Holdings,

Inc.

(a)(b)

...............

97,394

215,241

Upbound

Group,

Inc.

................

444,618

13,094,000

Urban

Outfitters,

Inc.

(a)(b)

..............

182,200

5,956,118

Warby

Parker,

Inc.,

Class

A

(a)(b)

..........

729,588

9,601,378

161,786,428

Technology

Hardware,

Storage

&

Peripherals

—

1.3%

(a)

Avid

Technology,

Inc.

................

204,874

5,504,964

CompoSecure,

Inc.,

Class

A

(b)

..........

116,359

750,516

Corsair

Gaming,

Inc.

(b)

...............

324,374

4,713,154

CPI

Card

Group,

Inc.

................

38,344

710,131

IonQ,

Inc.

(b)

.......................

217,664

3,238,840

Super

Micro

Computer,

Inc.

(b)

...........

397,381

108,969,818

123,887,423

Textiles,

Apparel

&

Luxury

Goods

—

0.7%

Figs,

Inc.,

Class

A

(a)(b)

................

975,823

5,757,356

Hanesbrands,

Inc.

..................

2,025,343

8,020,358

Kontoor

Brands,

Inc.

.................

480,861

21,114,606

Oxford

Industries,

Inc.

...............

96,875

9,312,594

Rocky

Brands,

Inc.

..................

6,860

100,842

Steven

Madden

Ltd.

.................

647,146

20,559,828

Wolverine

World

Wide,

Inc.

............

611,329

4,927,312

69,792,896

Tobacco

—

0.1%

Ispire

Technology,

Inc.

(a)(b)

.............

23,744

217,257

Turning

Point

Brands,

Inc.

.............

147,079

3,396,054

Vector

Group

Ltd.

..................

227,773

2,423,505

6,036,816

Trading

Companies

&

Distributors

—

2.0%

Alta

Equipment

Group,

Inc.,

Class

A

......

193,226

2,330,306

Applied

Industrial

Technologies,

Inc.

......

330,563

51,108,346

Beacon

Roofing

Supply,

Inc.

(a)(b)

.........

48,151

3,715,813

Custom

Truck

One

Source,

Inc.

(a)

........

473,942

2,938,440

Distribution

Solutions

Group,

Inc.

(a)(b)

......

70,111

1,822,886

EVI

Industries,

Inc.

(a)

.................

32,969

818,291

FTAI

Aviation

Ltd.

...................

856,350

30,443,243

GATX

Corp.

......................

18,710

2,036,209

Global

Industrial

Co.

.................

89,908

3,011,918

GMS,

Inc.

(a)

.......................

111,056

7,104,252

H&E

Equipment

Services,

Inc.

..........

276,001

11,920,483

Herc

Holdings,

Inc.

..................

242,113

28,796,920

Hudson

Technologies,

Inc.

(a)

...........

60,788

808,480

Security

Shares

Shares

Value

Trading

Companies

&

Distributors

(continued)

Karat

Packaging,

Inc.

................

48,450

$

1,117,257

McGrath

RentCorp

..................

211,295

21,180,211

MRC

Global,

Inc.

(a)

..................

250,061

2,563,125

Transcat,

Inc.

(a)(b)

...................

62,863

6,158,688

Triton

International

Ltd.

(d)

..............

70,639

5,811,112

Xometry,

Inc.,

Class

A

(a)(b)

.............

31,746

539,047

184,225,027

Water

Utilities

—

0.6%

American

States

Water

Co.

............

316,861

24,930,623

Artesian

Resources

Corp.,

Class

A,

NVS

...

56,007

2,351,734

Cadiz,

Inc.

(a)(b)

.....................

340,657

1,127,575

California

Water

Service

Group

.........

156,906

7,423,223

Consolidated

Water

Co.

Ltd.

...........

37,783

1,074,548

Global

Water

Resources,

Inc.

...........

103,213

1,006,327

Middlesex

Water

Co.

................

150,218

9,951,942

Pure

Cycle

Corp.

(a)(b)

.................

173,736

1,667,866

York

Water

Co.

(The)

................

119,159

4,467,271

54,001,109

Wireless

Telecommunication

Services

—

0.0%

Gogo,

Inc.

(a)(b)

.....................

54,243

647,119

Total

Common

Stocks

—

99.8%

(Cost:

$10,385,983,931)

...........................

9,403,512,442

Rights

Biotechnology

—

0.0%

(a)(d)

Contra

Aduro

Biotech

I,

CVR

...........

105,692

268,351

Oncternal

Therapeutics,

Inc.,

CVR

(b)

......

6,020

6,170

274,521

Pharmaceuticals

—

0.0%

Contra

Chinook

Therape,

CVR

(a)(d)

.......

137,855

59,278

Total

Rights

—

0.0%

(Cost:

$66,105)

................................

333,799

Total

Long-Term

Investments

—

99.8%

(Cost:

$10,386,050,036)

...........................

9,403,846,241

Short-Term

Securities

Money

Market

Funds

—

15.8%

(f)(g)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.54%

(h)

............

1,457,946,525

1,458,529,703

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

5.31%

..................

33,873,036

33,873,036

Total

Short-Term

Securities

—

15.8%

(Cost:

$1,491,553,546)

...........................

1,492,402,739

Total

Investments

—

115.6%

(Cost:

$11,877,603,582

)

...........................

10,896,248,980

Liabilities

in

Excess

of

Other

Assets

—

(15.6)%

...........

(1,474,092,353)

Net

Assets

—

100.0%

..............................

$

9,422,156,627

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2000

Growth

ETF

Schedules

of

Investments

37

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

September

30,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(d)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(e)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$106,268,

representing

less

than

0.05%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$809,658.

(f)

Affiliate

of

the

Fund.

(g)

Annualized

7-day

yield

as

of

period

end.

(h)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

03/31/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/23

Shares

Held

at

09/30/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

1,385,478,252

$

72,910,988

(a)

$

—

$

60,350

$

80,113

$

1,458,529,703

1,457,946,525

$

9,120,576

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

12,196,139

21,676,897

(a)

—

—

—

33,873,036

33,873,036

496,767

—

$

60,350

$

80,113

$

1,492,402,739

$

9,617,343

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Russell

2000

E-Mini

Index

....................................................

200

12/15/23

$

17,986

$

(355,483)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

355,483

$

—

$

—

$

—

$

355,483

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2000

Growth

ETF

38

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

For

the

period

ended

September

30,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

1,789,937

$

—

$

—

$

—

$

1,789,937

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

(906,021)

$

—

$

—

$

—

$

(906,021)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

21,842,975

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

9,397,595,062

$

106,268

$

5,811,112

$

9,403,512,442

Rights

................................................

—

—

333,799

333,799

Short-Term

Securities

Money

Market

Funds

......................................

1,492,402,739

—

—

1,492,402,739

$

10,889,997,801

$

106,268

$

6,144,911

$

10,896,248,980

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

...........................................

$

(355,483)

$

—

$

—

$

(355,483)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

September

30,

2023

iShares

®

Russell

2000

Value

ETF

Schedules

of

Investments

39

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.1%

AAR

Corp.

(a)

......................

311,821

$

18,562,704

AerSale

Corp.

(a)(b)

...................

229,777

3,432,868

Archer

Aviation,

Inc.,

Class

A

(a)(b)

.........

1,369,986

6,932,129

Astronics

Corp.

(a)(b)

..................

237,210

3,762,151

Ducommun,

Inc.

(a)(b)

.................

116,815

5,082,621

Kaman

Corp.

.....................

253,842

4,987,995

Kratos

Defense

&

Security

Solutions,

Inc.

(a)(b)

1,126,203

16,915,569

Moog,

Inc.,

Class

A

.................

201,163

22,723,372

National

Presto

Industries,

Inc.

..........

45,686

3,310,408

Park

Aerospace

Corp.

................

162,215

2,519,199

Parsons

Corp.

(a)(b)

...................

201,344

10,943,046

Terran

Orbital

Corp.

(a)(b)

...............

748,002

622,637

Triumph

Group,

Inc.

(a)

................

583,842

4,472,230

V2X,

Inc.

(a)(b)

......................

101,857

5,261,933

Virgin

Galactic

Holdings,

Inc.,

Class

C

(a)(b)

...

1,020,091

1,836,164

111,365,026

Air

Freight

&

Logistics

—

0.3%

(a)

Air

Transport

Services

Group,

Inc.

(b)

......

505,438

10,548,491

Hub

Group,

Inc.,

Class

A

..............

282,464

22,184,722

Radiant

Logistics,

Inc.

...............

303,584

1,715,250

34,448,463

Automobile

Components

—

1.4%

Adient

plc

(a)

.......................

858,197

31,495,830

American

Axle

&

Manufacturing

Holdings,

Inc.

(a)

1,025,615

7,445,965

Atmus

Filtration

Technologies,

Inc.

(a)(b)

.....

56,202

1,171,812

Cooper-Standard

Holdings,

Inc.

(a)(b)

.......

104,704

1,405,128

Dana,

Inc.

........................

1,172,847

17,205,665

Goodyear

Tire

&

Rubber

Co.

(The)

(a)

......

2,519,876

31,322,059

Holley,

Inc.

(a)

......................

479,421

2,392,311

LCI

Industries

.....................

137,909

16,193,275

Modine

Manufacturing

Co.

(a)

...........

165,286

7,561,834

Patrick

Industries,

Inc.

...............

169,630

12,732,428

Solid

Power,

Inc.,

Class

A

(a)(b)

...........

1,370,784

2,768,984

Standard

Motor

Products,

Inc.

..........

188,007

6,320,795

Stoneridge,

Inc.

(a)(b)

..................

194,533

3,904,277

141,920,363

Automobiles

—

0.2%

Winnebago

Industries,

Inc.

............

261,888

15,569,242

Workhorse

Group,

Inc.

(a)(b)

.............

1,613,364

668,578

16,237,820

Banks

—

15.6%

1st

Source

Corp.

...................

148,231

6,239,043

ACNB

Corp.

......................

74,883

2,367,052

Amalgamated

Financial

Corp.

..........

166,072

2,859,760

Amerant

Bancorp,

Inc.,

Class

A

.........

236,278

4,120,688

American

National

Bankshares,

Inc.

......

92,561

3,511,764

Ameris

Bancorp

....................

596,611

22,903,896

Ames

National

Corp.

................

70,763

1,173,958

Arrow

Financial

Corp.

................

137,837

2,345,986

Associated

Banc-Corp.

...............

1,361,312

23,292,048

Atlantic

Union

Bankshares

Corp.

........

677,523

19,499,112

Axos

Financial,

Inc.

(a)(b)

...............

450,192

17,044,269

Banc

of

California,

Inc.

...............

503,262

6,230,384

BancFirst

Corp.

....................

169,307

14,683,996

Bank

First

Corp.

...................

82,999

6,403,373

Bank

of

Hawaii

Corp.

................

341,289

16,958,650

Bank

of

Marin

Bancorp

...............

140,418

2,566,841

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

....

419,634

11,363,689

Bank7

Corp.

......................

22,786

512,913

BankUnited,

Inc.

...................

671,904

15,252,221

Bankwell

Financial

Group,

Inc.

..........

59,773

1,450,691

Security

Shares

Shares

Value

Banks

(continued)

Banner

Corp.

.....................

311,636

$

13,207,134

Bar

Harbor

Bankshares

..............

129,782

3,066,749

BayCom

Corp.

....................

99,058

1,902,904

BCB

Bancorp,

Inc.

..................

141,493

1,576,232

Berkshire

Hills

Bancorp,

Inc.

...........

397,609

7,972,060

Blue

Foundry

Bancorp

(a)(b)

.............

211,500

1,770,255

Blue

Ridge

Bankshares,

Inc.

...........

159,150

719,358

Bridgewater

Bancshares,

Inc.

(a)

.........

203,048

1,924,895

Brookline

Bancorp,

Inc.

...............

791,024

7,206,229

Burke

&

Herbert

Financial

Services

Corp.

(b)

.

52,621

2,445,035

Business

First

Bancshares,

Inc.

.........

216,880

4,068,669

Byline

Bancorp,

Inc.

.................

226,197

4,458,343

C&F

Financial

Corp.

.................

27,641

1,481,558

Cadence

Bank

....................

1,592,456

33,791,916

Cambridge

Bancorp

.................

67,757

4,220,584

Camden

National

Corp.

..............

128,674

3,631,180

Capital

Bancorp,

Inc.

................

86,287

1,650,670

Capital

City

Bank

Group,

Inc.

...........

78,990

2,356,272

Capitol

Federal

Financial,

Inc.

..........

1,148,975

5,480,611

Capstar

Financial

Holdings,

Inc.

.........

179,783

2,551,121

Carter

Bankshares,

Inc.

(a)(b)

............

210,263

2,634,595

Cathay

General

Bancorp

..............

631,024

21,934,394

Central

Pacific

Financial

Corp.

..........

249,654

4,164,229

Central

Valley

Community

Bancorp

.......

88,738

1,252,093

Chemung

Financial

Corp.

.............

30,736

1,217,453

ChoiceOne

Financial

Services,

Inc.

.......

54,323

1,066,904

Citizens

&

Northern

Corp.

.............

134,667

2,363,406

Citizens

Financial

Services,

Inc.

.........

28,408

1,361,311

City

Holding

Co.

...................

122,640

11,080,524

Civista

Bancshares,

Inc.

..............

142,086

2,202,333

CNB

Financial

Corp.

.................

188,093

3,406,364

Codorus

Valley

Bancorp,

Inc.

...........

75,119

1,400,218

Colony

Bankcorp,

Inc.

...............

159,993

1,599,130

Columbia

Financial,

Inc.

(a)(b)

............

156,148

2,453,085

Community

Bank

System,

Inc.

..........

479,085

20,222,178

Community

Trust

Bancorp,

Inc.

.........

140,629

4,817,950

ConnectOne

Bancorp,

Inc.

............

334,043

5,955,987

CrossFirst

Bankshares,

Inc.

(a)(b)

.........

403,266

4,068,954

Customers

Bancorp,

Inc.

(a)(b)

...........

258,558

8,907,323

CVB

Financial

Corp.

.................

1,198,975

19,867,016

Dime

Community

Bancshares,

Inc.

.......

314,155

6,270,534

Eagle

Bancorp,

Inc.

.................

267,215

5,731,762

Eastern

Bankshares,

Inc.

.............

1,394,082

17,481,788

Enterprise

Bancorp,

Inc.

..............

84,468

2,312,734

Enterprise

Financial

Services

Corp.

......

327,925

12,297,187

Equity

Bancshares,

Inc.,

Class

A

........

137,302

3,304,859

Esquire

Financial

Holdings,

Inc.

.........

5,564

254,219

ESSA

Bancorp,

Inc.

.................

73,337

1,100,788

Evans

Bancorp,

Inc.

.................

48,189

1,291,465

Farmers

&

Merchants

Bancorp,

Inc.

......

115,504

2,024,785

Farmers

National

Banc

Corp.

...........

327,515

3,786,073

FB

Financial

Corp.

..................

323,898

9,185,747

Fidelity

D&D

Bancorp,

Inc.

(b)

...........

39,637

1,799,520

Financial

Institutions,

Inc.

.............

143,324

2,412,143

First

Bancorp

.....................

1,820,528

29,782,794

First

Bancorp,

Inc.

(The)

..............

87,343

2,052,560

First

Bancshares,

Inc.

(The)

............

273,183

7,367,746

First

Bank

........................

193,716

2,088,258

First

Busey

Corp.

...................

467,367

8,982,794

First

Business

Financial

Services,

Inc.

.....

70,252

2,108,263

First

Commonwealth

Financial

Corp.

......

921,979

11,257,364

First

Community

Bankshares,

Inc.

.......

156,092

4,596,909

First

Community

Corp.

...............

59,346

1,024,905

First

Financial

Bancorp

...............

848,999

16,640,380

First

Financial

Corp.

.................

105,718

3,574,326

2023

ishares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2000

Value

ETF

40

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Banks

(continued)

First

Foundation,

Inc.

................

457,981

$

2,784,524

First

Interstate

BancSystem,

Inc.,

Class

A

..

743,613

18,545,708

First

Merchants

Corp.

................

536,999

14,939,312

First

Mid

Bancshares,

Inc.

.............

173,556

4,609,647

First

of

Long

Island

Corp.

(The)

.........

194,436

2,237,958

First

Western

Financial,

Inc.

(a)(b)

.........

77,314

1,403,249

Five

Star

Bancorp

..................

69,147

1,387,089

Flushing

Financial

Corp.

..............

254,051

3,335,690

FS

Bancorp,

Inc.

...................

44,543

1,314,019

Fulton

Financial

Corp.

................

1,470,628

17,809,305

FVCBankcorp,

Inc.

(a)(b)

...............

144,435

1,850,212

German

American

Bancorp,

Inc.

.........

253,769

6,874,602

Glacier

Bancorp,

Inc.

(b)

...............

1,002,273

28,564,780

Great

Southern

Bancorp,

Inc.

...........

80,376

3,851,618

Greene

County

Bancorp,

Inc.

...........

28,231

678,956

Guaranty

Bancshares,

Inc.

............

77,572

2,225,541

Hancock

Whitney

Corp.

..............

778,727

28,805,112

Hanmi

Financial

Corp.

...............

284,727

4,621,119

HarborOne

Bancorp,

Inc.

.............

379,695

3,614,696

HBT

Financial,

Inc.

..................

115,437

2,105,571

Heartland

Financial

USA,

Inc.

..........

377,003

11,095,198

Heritage

Commerce

Corp.

.............

545,605

4,621,274

Heritage

Financial

Corp.

..............

309,956

5,055,382

Hilltop

Holdings,

Inc.

.................

419,681

11,902,153

Hingham

Institution

for

Savings

(The)

(b)

....

13,754

2,568,559

Home

Bancorp,

Inc.

.................

65,180

2,077,287

Home

BancShares,

Inc.

..............

1,711,158

35,831,649

HomeStreet,

Inc.

...................

160,990

1,254,112

HomeTrust

Bancshares,

Inc.

...........

112,159

2,430,486

Hope

Bancorp,

Inc.

.................

1,055,059

9,337,272

Horizon

Bancorp,

Inc.

................

392,937

4,196,567

Independent

Bank

Corp.

..............

581,012

22,909,205

Independent

Bank

Group,

Inc.

..........

322,844

12,768,480

International

Bancshares

Corp.

.........

481,382

20,863,096

John

Marshall

Bancorp,

Inc.

...........

106,454

1,900,204

Kearny

Financial

Corp.

...............

516,064

3,576,324

Lakeland

Bancorp,

Inc.

...............

563,623

7,112,922

Lakeland

Financial

Corp.

..............

208,922

9,915,438

LCNB

Corp.

......................

87,702

1,251,508

Live

Oak

Bancshares,

Inc.

(b)

............

302,090

8,745,506

Luther

Burbank

Corp.

................

120,176

1,009,478

Macatawa

Bank

Corp.

...............

230,074

2,061,463

MainStreet

Bancshares,

Inc.

...........

52,508

1,078,514

Mercantile

Bank

Corp.

...............

141,770

4,382,111

Metrocity

Bankshares,

Inc.

............

157,981

3,109,066

Metropolitan

Bank

Holding

Corp.

(a)(b)

......

85,546

3,103,609

Mid

Penn

Bancorp,

Inc.

...............

128,157

2,579,800

Middlefield

Banc

Corp.

(b)

..............

66,428

1,687,935

Midland

States

Bancorp,

Inc.

...........

188,885

3,879,698

MidWestOne

Financial

Group,

Inc.

.......

134,443

2,733,226

MVB

Financial

Corp.

................

97,371

2,198,637

National

Bank

Holdings

Corp.,

Class

A

....

319,384

9,504,868

National

Bankshares,

Inc.

.............

46,543

1,165,437

NBT

Bancorp,

Inc.

..................

376,233

11,922,824

Nicolet

Bankshares,

Inc.

(b)

.............

115,625

8,068,313

Northeast

Bank

....................

59,770

2,635,857

Northeast

Community

Bancorp,

Inc.

......

112,566

1,661,474

Northfield

Bancorp,

Inc.

..............

376,041

3,553,587

Northrim

BanCorp,

Inc.

...............

48,866

1,936,071

Northwest

Bancshares,

Inc.

............

1,150,015

11,764,653

Norwood

Financial

Corp.

..............

60,840

1,567,238

Oak

Valley

Bancorp

(b)

................

56,661

1,421,058

OceanFirst

Financial

Corp.

............

521,843

7,551,068

OFG

Bancorp

.....................

420,484

12,555,652

Old

National

Bancorp

................

2,627,052

38,197,336

Security

Shares

Shares

Value

Banks

(continued)

Old

Second

Bancorp,

Inc.

.............

392,537

$

5,342,429

Orange

County

Bancorp,

Inc.

...........

45,306

1,955,860

Origin

Bancorp,

Inc.

.................

266,617

7,697,233

Orrstown

Financial

Services,

Inc.

........

94,528

1,986,033

Pacific

Premier

Bancorp,

Inc.

...........

859,509

18,702,916

PacWest

Bancorp

..................

1,060,131

8,385,636

Park

National

Corp.

.................

128,864

12,180,225

Parke

Bancorp,

Inc.

.................

89,688

1,461,018

Pathward

Financial,

Inc.

..............

160,821

7,412,240

PCB

Bancorp

.....................

102,832

1,588,754

Peapack-Gladstone

Financial

Corp.

(b)

.....

157,645

4,043,594

Penns

Woods

Bancorp,

Inc.

............

57,352

1,208,980

Peoples

Bancorp,

Inc.

...............

302,410

7,675,166

Peoples

Financial

Services

Corp.

........

63,309

2,538,691

Pioneer

Bancorp,

Inc.

(a)(b)

..............

116,664

996,311

Plumas

Bancorp

...................

40,094

1,368,809

Ponce

Financial

Group,

Inc.

(a)(b)

.........

170,347

1,332,114

Preferred

Bank

....................

97,374

6,061,532

Premier

Financial

Corp.

..............

319,629

5,452,871

Primis

Financial

Corp.

................

193,440

1,576,536

Princeton

Bancorp,

Inc.

...............

42,020

1,218,160

Provident

Financial

Services,

Inc.

........

667,272

10,202,589

QCR

Holdings,

Inc.

.................

149,246

7,241,416

RBB

Bancorp

.....................

152,378

1,947,391

Red

River

Bancshares,

Inc.

............

42,368

1,947,233

Renasant

Corp.

....................

498,131

13,046,051

Republic

Bancorp,

Inc.,

Class

A

.........

77,400

3,409,470

S&T

Bancorp,

Inc.

..................

350,675

9,496,279

Sandy

Spring

Bancorp,

Inc.

............

397,753

8,523,847

Seacoast

Banking

Corp.

of

Florida

.......

760,449

16,699,460

ServisFirst

Bancshares,

Inc.

...........

302,394

15,775,895

Shore

Bancshares,

Inc.

...............

264,025

2,777,543

Sierra

Bancorp

....................

126,012

2,389,188

Simmons

First

National

Corp.,

Class

A

....

1,144,144

19,404,682

SmartFinancial,

Inc.

.................

133,010

2,842,424

South

Plains

Financial,

Inc.

............

103,364

2,732,944

Southern

First

Bancshares,

Inc.

(a)(b)

.......

73,169

1,971,173

Southern

Missouri

Bancorp,

Inc.

.........

77,513

2,998,978

Southern

States

Bancshares,

Inc.

........

57,569

1,300,484

Southside

Bancshares,

Inc.

............

263,666

7,567,214

SouthState

Corp.

...................

683,398

46,033,689

Stellar

Bancorp,

Inc.

.................

415,167

8,851,360

Sterling

Bancorp,

Inc.

(a)(b)

..............

180,593

1,054,663

Stock

Yards

Bancorp,

Inc.

.............

32,209

1,265,492

Summit

Financial

Group,

Inc.

...........

101,031

2,277,239

Texas

Capital

Bancshares,

Inc.

(a)

........

430,517

25,357,451

Third

Coast

Bancshares,

Inc.

(a)

..........

105,675

1,807,042

Timberland

Bancorp,

Inc.

.............

63,623

1,724,183

Tompkins

Financial

Corp.

.............

125,534

6,149,911

Towne

Bank

......................

630,968

14,468,096

TriCo

Bancshares

..................

279,996

8,968,272

Triumph

Financial,

Inc.

(a)(b)

.............

198,978

12,891,785

TrustCo

Bank

Corp.

.................

170,738

4,659,440

Trustmark

Corp.

...................

549,657

11,944,047

UMB

Financial

Corp.

................

398,545

24,729,717

United

Bankshares,

Inc.

..............

1,173,564

32,378,631

United

Community

Banks,

Inc.

..........

1,042,729

26,495,744

Unity

Bancorp,

Inc.

..................

63,651

1,491,343

Univest

Financial

Corp.

...............

261,568

4,546,052

USCB

Financial

Holdings,

Inc.,

Class

A

(a)

...

97,065

1,020,153

Valley

National

Bancorp

..............

3,877,551

33,191,837

Veritex

Holdings,

Inc.

................

429,245

7,704,948

Virginia

National

Bankshares

Corp.

(b)

......

39,220

1,190,327

Washington

Federal,

Inc.

..............

592,483

15,179,414

Washington

Trust

Bancorp,

Inc.

.........

152,069

4,003,977

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2000

Value

ETF

Schedules

of

Investments

41

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Banks

(continued)

WesBanco,

Inc.

....................

522,095

$

12,749,560

West

Bancorp,

Inc.

..................

141,605

2,309,578

Westamerica

Bancorp

...............

163,230

7,059,697

WSFS

Financial

Corp.

...............

552,257

20,157,380

1,613,388,159

Beverages

—

0.2%

Duckhorn

Portfolio,

Inc.

(The)

(a)(b)

........

317,866

3,261,305

Primo

Water

Corp.

..................

1,208,758

16,680,860

Zevia

PBC,

Class

A

(a)(b)

...............

90,744

201,452

20,143,617

Biotechnology

—

4.2%

2seventy

bio,

Inc.

(a)(b)

................

449,166

1,760,731

4D

Molecular

Therapeutics,

Inc.

(a)(b)

.......

322,021

4,099,327

Aadi

Bioscience,

Inc.

(a)

...............

140,401

679,541

ACELYRIN,

Inc.

(a)(b)

.................

160,831

1,635,651

Acrivon

Therapeutics,

Inc.

(a)(b)

...........

76,816

734,361

Adicet

Bio,

Inc.

(a)(b)

..................

282,889

387,558

ADMA

Biologics,

Inc.

(a)(b)

..............

882,312

3,158,677

Agenus,

Inc.

(a)(b)

....................

2,694,640

3,044,943

Agios

Pharmaceuticals,

Inc.

(a)(b)

.........

497,969

12,324,733

Allakos,

Inc.

(a)(b)

....................

578,736

1,313,731

Allogene

Therapeutics,

Inc.

(a)(b)

..........

762,062

2,415,737

Allovir,

Inc.

(a)(b)

.....................

457,896

984,476

Alpine

Immune

Sciences,

Inc.

(a)(b)

........

127,532

1,460,241

Altimmune,

Inc.

(a)(b)

..................

441,945

1,149,057

ALX

Oncology

Holdings,

Inc.

(a)(b)

.........

207,968

998,246

AnaptysBio,

Inc.

(a)(b)

.................

30,381

545,643

Anika

Therapeutics,

Inc.

(a)(b)

............

131,911

2,457,502

Annexon,

Inc.

(a)(b)

...................

429,745

1,014,198

Apogee

Therapeutics,

Inc.

(a)(b)

..........

94,285

2,008,271

Arbutus

Biopharma

Corp.

(a)(b)

...........

384,944

781,436

Arcturus

Therapeutics

Holdings,

Inc.

(a)(b)

....

191,379

4,889,733

Arcus

Biosciences,

Inc.

(a)(b)

............

331,126

5,943,712

Ardelyx,

Inc.

(a)(b)

....................

636,891

2,598,515

ARS

Pharmaceuticals,

Inc.

(a)(b)

..........

170,394

644,089

Astria

Therapeutics,

Inc.

(a)(b)

............

32,757

244,367

Atara

Biotherapeutics,

Inc.

(a)

...........

748,604

1,107,934

Aura

Biosciences,

Inc.

(a)(b)

.............

250,835

2,249,990

Avidity

Biosciences,

Inc.

(a)(b)

............

632,712

4,036,703

Beam

Therapeutics,

Inc.

(a)(b)

............

62,687

1,507,622

BioAtla,

Inc.

(a)

.....................

396,608

674,234

BioCryst

Pharmaceuticals,

Inc.

(a)(b)

.......

414,959

2,937,910

Biohaven

Ltd.

(a)

....................

519,226

13,505,068

Bluebird

Bio,

Inc.

(a)(b)

.................

975,741

2,966,253

Bridgebio

Pharma,

Inc.

(a)(b)

.............

309,184

8,153,182

Cabaletta

Bio,

Inc.

(a)(b)

................

34,128

519,428

CareDx,

Inc.

(a)

.....................

468,504

3,279,528

Caribou

Biosciences,

Inc.

(a)(b)

...........

671,134

3,208,021

Carisma

Therapeutics,

Inc.

(b)

...........

236,144

998,889

Celcuity,

Inc.

(a)(b)

....................

156,980

1,434,797

Celldex

Therapeutics,

Inc.

(a)(b)

...........

308,534

8,490,856

Century

Therapeutics,

Inc.

(a)

...........

219,918

439,836

Cogent

Biosciences,

Inc.

(a)(b)

...........

334,084

3,257,319

Coherus

Biosciences,

Inc.

(a)(b)

...........

165,499

618,966

Compass

Therapeutics,

Inc.

(a)(b)

.........

699,927

1,378,856

Crinetics

Pharmaceuticals,

Inc.

(a)

........

482,348

14,345,030

Cullinan

Oncology,

Inc.

(a)

..............

211,523

1,914,283

Cytokinetics,

Inc.

(a)(b)

.................

63,562

1,872,537

Day

One

Biopharmaceuticals,

Inc.

(a)(b)

.....

45,060

552,886

Deciphera

Pharmaceuticals,

Inc.

(a)(b)

......

310,208

3,945,846

Design

Therapeutics,

Inc.

(a)(b)

...........

296,089

698,770

Disc

Medicine,

Inc.

(a)(b)

...............

3,980

186,980

Dynavax

Technologies

Corp.

(a)(b)

.........

189,985

2,806,078

Security

Shares

Shares

Value

Biotechnology

(continued)

Dyne

Therapeutics,

Inc.

(a)(b)

............

266,557

$

2,388,351

Eagle

Pharmaceuticals,

Inc.

(a)(b)

.........

92,766

1,462,920

Editas

Medicine,

Inc.

(a)(b)

..............

739,314

5,766,649

Emergent

BioSolutions,

Inc.

(a)(b)

.........

460,736

1,566,502

Enanta

Pharmaceuticals,

Inc.

(a)

.........

157,619

1,760,604

Entrada

Therapeutics,

Inc.

(a)(b)

..........

187,354

2,960,193

EQRx,

Inc.

(a)(b)

.....................

2,851,565

6,330,474

Erasca,

Inc.

(a)(b)

....................

742,627

1,462,975

Fate

Therapeutics,

Inc.

(a)(b)

.............

770,542

1,633,549

Fennec

Pharmaceuticals,

Inc.

(a)(b)

........

120,859

907,651

FibroGen,

Inc.

(a)(b)

...................

808,282

697,467

Genelux

Corp.

(a)(b)

..................

121,984

2,987,388

Generation

Bio

Co.

(a)(b)

...............

412,377

1,562,909

Geron

Corp.

(a)(b)

....................

1,107,400

2,347,688

Graphite

Bio,

Inc.

(a)

..................

230,808

572,404

Gritstone

bio,

Inc.

(a)(b)

................

797,308

1,371,370

HilleVax,

Inc.

(a)(b)

...................

150,047

2,018,132

Humacyte,

Inc.

(a)(b)

..................

59,718

174,974

Icosavax,

Inc.

(a)

....................

253,415

1,963,966

Ideaya

Biosciences,

Inc.

(a)(b)

............

171,631

4,630,604

IGM

Biosciences,

Inc.

(a)(b)

.............

109,304

912,688

Immuneering

Corp.,

Class

A

(a)(b)

.........

43,723

335,793

ImmunityBio,

Inc.

(a)(b)

.................

133,439

225,512

ImmunoGen,

Inc.

(a)(b)

.................

896,313

14,224,487

Inhibrx,

Inc.

(a)(b)

....................

104,111

1,910,437

Inozyme

Pharma,

Inc.

(a)

..............

313,371

1,316,158

Intellia

Therapeutics,

Inc.

(a)(b)

...........

678,846

21,465,111

Iovance

Biotherapeutics,

Inc.

(a)(b)

.........

2,057,836

9,363,154

Ironwood

Pharmaceuticals,

Inc.,

Class

A

(a)

..

734,333

7,071,627

iTeos

Therapeutics,

Inc.

(a)

.............

224,364

2,456,786

Janux

Therapeutics,

Inc.

(a)(b)

............

144,063

1,452,155

KalVista

Pharmaceuticals,

Inc.

(a)(b)

........

214,066

2,061,456

Kezar

Life

Sciences,

Inc.

(a)(b)

...........

638,257

759,526

Kiniksa

Pharmaceuticals

Ltd.,

Class

A

(a)(b)

...

281,155

4,883,662

Kodiak

Sciences,

Inc.

(a)(b)

..............

299,720

539,496

Kura

Oncology,

Inc.

(a)(b)

...............

631,979

5,763,649

Larimar

Therapeutics,

Inc.

(a)

............

234,697

927,053

Lexicon

Pharmaceuticals,

Inc.

(a)(b)

........

497,451

542,222

Lyell

Immunopharma,

Inc.

(a)(b)

...........

1,571,511

2,310,121

MacroGenics,

Inc.

(a)(b)

................

382,774

1,783,727

MannKind

Corp.

(a)(b)

.................

431,331

1,781,397

MeiraGTx

Holdings

plc

(a)

..............

68,917

338,382

Mersana

Therapeutics,

Inc.

(a)

...........

341,843

434,141

MiMedx

Group,

Inc.

(a)

................

1,021,206

7,444,592

Mineralys

Therapeutics,

Inc.

(a)(b)

.........

91,916

874,121

Monte

Rosa

Therapeutics,

Inc.

(a)(b)

.......

273,900

1,311,981

Morphic

Holding,

Inc.

(a)

...............

35,854

821,415

Myriad

Genetics,

Inc.

(a)(b)

..............

725,361

11,634,790

Nkarta,

Inc.

(a)(b)

....................

306,454

425,971

Novavax,

Inc.

(a)(b)

...................

146,973

1,064,085

Nurix

Therapeutics,

Inc.

(a)(b)

............

435,691

3,424,531

Ocean

Biomedical,

Inc.

(a)(b)

.............

82,026

319,901

Olema

Pharmaceuticals,

Inc.

(a)(b)

.........

240,663

2,972,188

Organogenesis

Holdings,

Inc.,

Class

A

(a)(b)

..

561,083

1,784,244

ORIC

Pharmaceuticals,

Inc.

(a)(b)

.........

348,560

2,108,788

Ovid

therapeutics,

Inc.

(a)(b)

.............

492,212

1,890,094

PepGen,

Inc.

(a)(b)

...................

67,587

343,342

PMV

Pharmaceuticals,

Inc.

(a)(b)

..........

353,039

2,167,659

Point

Biopharma

Global,

Inc.

(a)(b)

.........

812,437

5,418,955

Poseida

Therapeutics,

Inc.

(a)(b)

..........

597,935

1,423,085

Precigen,

Inc.

(a)(b)

...................

1,248,977

1,773,547

Prelude

Therapeutics,

Inc.

(a)

............

79,270

244,944

ProKidney

Corp.,

Class

A

(a)(b)

...........

302,529

1,385,583

Protagonist

Therapeutics,

Inc.

(a)(b)

........

190,688

3,180,676

Protalix

BioTherapeutics,

Inc.

(a)(b)

........

585,461

971,865

2023

ishares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2000

Value

ETF

42

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Biotechnology

(continued)

PTC

Therapeutics,

Inc.

(a)

..............

121,100

$

2,713,851

Rallybio

Corp.

(a)(b)

...................

266,654

898,624

RAPT

Therapeutics,

Inc.

(a)(b)

............

65,980

1,096,588

Recursion

Pharmaceuticals,

Inc.,

Class

A

(a)(b)

1,218,899

9,324,577

REGENXBIO,

Inc.

(a)(b)

................

365,263

6,012,229

Relay

Therapeutics,

Inc.

(a)(b)

............

811,134

6,821,637

Reneo

Pharmaceuticals,

Inc.

(a)(b)

.........

18,851

143,550

Replimune

Group,

Inc.

(a)(b)

.............

372,851

6,379,481

Rigel

Pharmaceuticals,

Inc.

(a)

...........

257,707

278,324

Rocket

Pharmaceuticals,

Inc.

(a)(b)

........

59,809

1,225,486

Sage

Therapeutics,

Inc.

(a)(b)

............

29,048

597,808

Sagimet

Biosciences,

Inc.,

Class

A

(a)(b)

.....

24,628

216,726

Sana

Biotechnology,

Inc.

(a)(b)

...........

768,594

2,974,459

Sangamo

Therapeutics,

Inc.

(a)(b)

.........

1,312,130

787,016

Savara,

Inc.

(a)

.....................

754,095

2,850,479

Scholar

Rock

Holding

Corp.

(a)(b)

.........

386,106

2,741,353

Selecta

Biosciences,

Inc.

(a)(b)

...........

771,316

817,595

Seres

Therapeutics,

Inc.

(a)

.............

292,307

695,691

Stoke

Therapeutics,

Inc.

(a)(b)

............

246,053

969,449

Sutro

Biopharma,

Inc.

(a)

...............

542,392

1,882,100

Syndax

Pharmaceuticals,

Inc.

(a)(b)

........

97,849

1,420,768

Tango

Therapeutics,

Inc.

(a)

.............

404,039

4,549,479

Tenaya

Therapeutics,

Inc.

(a)(b)

...........

400,501

1,021,278

Travere

Therapeutics,

Inc.

(a)

............

42,710

381,827

Turnstone

Biologics

Corp.

(a)

............

27,346

107,743

Twist

Bioscience

Corp.

(a)(b)

.............

511,966

10,372,431

Tyra

Biosciences,

Inc.

(a)(b)

.............

80,504

1,108,540

UroGen

Pharma

Ltd.

(a)

...............

26,240

367,622

Vanda

Pharmaceuticals,

Inc.

(a)

..........

509,232

2,199,882

Vera

Therapeutics,

Inc.,

Class

A

(a)(b)

.......

158,713

2,175,955

Veracyte,

Inc.

(a)(b)

...................

651,981

14,558,736

Verve

Therapeutics,

Inc.

(a)(b)

............

454,442

6,025,901

Vigil

Neuroscience,

Inc.

(a)(b)

............

133,907

721,759

Vir

Biotechnology,

Inc.

(a)

..............

711,741

6,669,013

Viridian

Therapeutics,

Inc.

(a)(b)

...........

79,549

1,220,282

Vor

BioPharma,

Inc.

(a)(b)

...............

318,996

676,272

X4

Pharmaceuticals,

Inc.

(a)(b)

...........

525,119

572,380

Xencor,

Inc.

(a)(b)

....................

237,336

4,782,320

XOMA

Corp.

(a)(b)

....................

65,749

926,403

Y-mAbs

Therapeutics,

Inc.

(a)(b)

..........

171,720

935,874

Zura

Bio

Ltd.,

Class

A

(a)(b)

.............

104,337

688,624

Zymeworks,

Inc.

(a)(b)

.................

482,073

3,056,343

438,740,600

Broadline

Retail

—

0.0%

Big

Lots,

Inc.

(b)

.....................

254,549

1,300,745

ContextLogic,

Inc.,

Class

A

(a)(b)

..........

199,364

879,195

Savers

Value

Village,

Inc.

(a)

............

112,517

2,100,693

4,280,633

Building

Products

—

1.7%

American

Woodmark

Corp.

(a)

...........

137,482

10,395,014

Apogee

Enterprises,

Inc.

..............

120,754

5,685,098

AZZ,

Inc.

........................

224,019

10,210,786

Gibraltar

Industries,

Inc.

(a)(b)

............

120,510

8,135,630

Griffon

Corp.

......................

156,730

6,217,479

Insteel

Industries,

Inc.

................

168,984

5,485,221

JELD-WEN

Holding,

Inc.

(a)

.............

767,181

10,249,538

Masterbrand,

Inc.

(a)

.................

1,157,783

14,067,063

Quanex

Building

Products

Corp.

.........

296,905

8,363,814

Resideo

Technologies,

Inc.

(a)

...........

1,310,749

20,709,834

UFP

Industries,

Inc.

.................

456,012

46,695,629

Zurn

Elkay

Water

Solutions

Corp.

........

1,063,223

29,791,509

176,006,615

Security

Shares

Shares

Value

Capital

Markets

—

0.8%

Artisan

Partners

Asset

Management,

Inc.,

Class

A

.......................

152,727

$

5,715,044

Avantax,

Inc.

(a)

.....................

36,138

924,410

Bakkt

Holdings,

Inc.,

Class

A

(a)(b)

.........

648,867

759,174

BGC

Group,

Inc.,

Class

A

(b)

............

1,477,546

7,801,443

Brightsphere

Investment

Group,

Inc.

......

178,301

3,457,256

Donnelley

Financial

Solutions,

Inc.

(a)(b)

.....

63,342

3,564,888

Forge

Global

Holdings,

Inc.

(a)(b)

..........

1,015,856

2,062,188

GCM

Grosvenor,

Inc.,

Class

A

..........

38,200

296,432

Hamilton

Lane,

Inc.,

Class

A

...........

134,648

12,177,565

MarketWise,

Inc.,

Class

A

.............

311,809

498,895

Moelis

&

Co.,

Class

A

................

248,301

11,205,824

NexPoint

Strategic

Cash

Accrual

(a)(c)

......

299,955

35,995

Open

Lending

Corp.,

Class

A

(a)(b)

........

73,014

534,463

Piper

Sandler

Cos.

..................

27,607

4,011,573

Sculptor

Capital

Management,

Inc.,

Class

A

.

83,209

965,224

StoneX

Group,

Inc.

(a)

................

143,295

13,888,151

Victory

Capital

Holdings,

Inc.,

Class

A

.....

23,476

782,690

Virtus

Investment

Partners,

Inc.

.........

54,678

11,044,409

79,725,624

Chemicals

—

1.4%

AdvanSix,

Inc.

.....................

234,909

7,300,972

American

Vanguard

Corp.

.............

194,436

2,125,185

Aspen

Aerogels,

Inc.

(a)(b)

..............

463,441

3,985,593

Avient

Corp.

......................

808,941

28,571,796

Chase

Corp.

......................

8,995

1,144,434

Core

Molding

Technologies,

Inc.

(a)

........

62,457

1,779,400

Danimer

Scientific,

Inc.,

Class

A

(a)(b)

.......

799,929

1,655,853

Ecovyst,

Inc.

(a)(b)

....................

666,935

6,562,640

FutureFuel

Corp.

...................

222,269

1,593,669

HB

Fuller

Co.

.....................

52,371

3,593,174

Innospec,

Inc.

.....................

26,381

2,696,138

Intrepid

Potash,

Inc.

(a)(b)

...............

95,934

2,413,699

Koppers

Holdings,

Inc.

...............

181,574

7,181,252

Kronos

Worldwide,

Inc.

...............

208,583

1,616,518

LSB

Industries,

Inc.

(a)(b)

...............

493,403

5,047,513

Mativ

Holdings,

Inc.

.................

486,248

6,933,897

Minerals

Technologies,

Inc.

............

291,961

15,987,784

Origin

Materials,

Inc.,

Class

A

(a)(b)

........

1,052,892

1,347,702

Perimeter

Solutions

SA

(a)(b)

............

1,397,717

6,345,635

PureCycle

Technologies,

Inc.

(a)(b)

.........

814,495

4,569,317

Rayonier

Advanced

Materials,

Inc.

(a)

......

564,693

1,999,013

Stepan

Co.

.......................

167,935

12,590,087

Trinseo

plc

.......................

311,983

2,548,901

Tronox

Holdings

plc

.................

1,055,074

14,180,195

Valhi,

Inc.

........................

30,496

404,377

144,174,744

Commercial

Services

&

Supplies

—

1.8%

ABM

Industries,

Inc.

.................

593,993

23,765,660

ACCO

Brands

Corp.

.................

824,145

4,730,592

Aris

Water

Solutions,

Inc.,

Class

A

.......

240,917

2,404,352

BrightView

Holdings,

Inc.

(a)

............

362,957

2,812,917

CECO

Environmental

Corp.

(a)(b)

.........

270,069

4,313,002

Cimpress

plc

(a)(b)

...................

68,769

4,814,518

CompX

International,

Inc.

.............

14,417

268,012

CoreCivic,

Inc.

(a)

...................

1,020,904

11,485,170

Deluxe

Corp.

......................

392,221

7,409,055

Ennis,

Inc.

.......................

229,480

4,869,566

Enviri

Corp.

(a)(b)

....................

710,987

5,133,326

GEO

Group,

Inc.

(The)

(a)

..............

1,082,094

8,851,529

Healthcare

Services

Group,

Inc.

.........

39,161

408,449

Heritage-Crystal

Clean,

Inc.

(a)

...........

132,699

6,017,900

HNI

Corp.

........................

375,578

13,006,266

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2000

Value

ETF

Schedules

of

Investments

43

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Commercial

Services

&

Supplies

(continued)

Interface,

Inc.

.....................

518,738

$

5,088,820

Li-Cycle

Holdings

Corp.

(a)(b)

............

1,249,314

4,435,065

Liquidity

Services,

Inc.

(a)

..............

82,635

1,456,029

Matthews

International

Corp.,

Class

A

.....

196,460

7,644,258

MillerKnoll,

Inc.

....................

682,025

16,675,511

NL

Industries,

Inc.

..................

74,555

354,136

OPENLANE,

Inc.

(a)(b)

.................

967,910

14,441,217

Performant

Financial

Corp.

(a)

...........

161,361

364,676

Quad/Graphics,

Inc.,

Class

A

(a)(b)

.........

282,141

1,419,169

Steelcase,

Inc.,

Class

A

..............

834,302

9,319,153

UniFirst

Corp.

.....................

134,593

21,940,005

VSE

Corp.

.......................

114,266

5,763,577

189,191,930

Communications

Equipment

—

0.4%

ADTRAN

Holdings,

Inc.

..............

702,202

5,779,122

Aviat

Networks,

Inc.

(a)

................

100,978

3,150,514

Comtech

Telecommunications

Corp.

......

249,614

2,184,123

Digi

International,

Inc.

(a)

...............

34,211

923,697

DZS,

Inc.

(a)

.......................

192,762

404,800

KVH

Industries,

Inc.

(a)(b)

...............

168,014

856,871

NETGEAR,

Inc.

(a)

...................

261,263

3,289,301

NetScout

Systems,

Inc.

(a)

.............

615,193

17,237,708

Ribbon

Communications,

Inc.

(a)(b)

........

776,941

2,082,202

Viavi

Solutions,

Inc.

(a)

................

351,494

3,212,655

39,120,993

Construction

&

Engineering

—

1.0%

API

Group

Corp.

(a)(b)

.................

615,952

15,971,635

Arcosa,

Inc.

......................

434,876

31,267,584

Argan,

Inc.

.......................

111,455

5,073,432

Concrete

Pumping

Holdings,

Inc.

(a)(b)

......

89,229

765,585

Eneti,

Inc.

........................

226,726

2,285,398

Fluor

Corp.

(a)

......................

87,693

3,218,333

Granite

Construction,

Inc.

.............

341,860

12,997,517

Great

Lakes

Dredge

&

Dock

Corp.

(a)(b)

.....

589,325

4,696,920

INNOVATE

Corp.

(a)(b)

.................

371,511

601,848

Limbach

Holdings,

Inc.

(a)(b)

.............

66,572

2,112,330

Northwest

Pipe

Co.

(a)

................

85,554

2,581,164

Primoris

Services

Corp.

(b)

.............

446,061

14,599,576

Southland

Holdings,

Inc.

(a)(b)

............

20,625

125,194

Sterling

Infrastructure,

Inc.

(a)

...........

33,306

2,447,325

Tutor

Perini

Corp.

(a)

.................

384,813

3,013,086

101,756,927

Construction

Materials

—

0.6%

(a)

Knife

River

Corp.

...................

507,232

24,768,138

Summit

Materials,

Inc.,

Class

A

(b)

........

1,073,113

33,416,739

58,184,877

Consumer

Finance

—

1.0%

Atlanticus

Holdings

Corp.

(a)(b)

...........

40,210

1,218,765

Bread

Financial

Holdings,

Inc.

..........

403,728

13,807,497

Consumer

Portfolio

Services,

Inc.

(a)(b)

......

82,847

751,422

Encore

Capital

Group,

Inc.

(a)(b)

..........

209,252

9,993,875

Enova

International,

Inc.

(a)

.............

273,739

13,925,103

Green

Dot

Corp.,

Class

A

(a)

............

419,834

5,848,288

LendingClub

Corp.

(a)(b)

................

962,839

5,873,318

LendingTree,

Inc.

(a)

..................

71,196

1,103,538

Navient

Corp.

.....................

797,571

13,734,173

Nelnet,

Inc.,

Class

A

.................

130,030

11,614,280

OppFi,

Inc.,

Class

A

(a)(b)

...............

78,175

197,001

PRA

Group,

Inc.

(a)

..................

345,800

6,642,818

PROG

Holdings,

Inc.

(a)

...............

335,356

11,137,173

Regional

Management

Corp.

...........

64,209

1,777,305

Security

Shares

Shares

Value

Consumer

Finance

(continued)

World

Acceptance

Corp.

(a)(b)

............

34,019

$

4,322,454

101,947,010

Consumer

Staples

Distribution

&

Retail

—

0.6%

Andersons,

Inc.

(The)

................

289,516

14,912,969

HF

Foods

Group,

Inc.

(a)(b)

..............

364,579

1,447,379

Ingles

Markets,

Inc.,

Class

A

...........

125,480

9,452,409

Natural

Grocers

by

Vitamin

Cottage,

Inc.

...

82,842

1,069,490

PriceSmart,

Inc.

....................

68,256

5,080,294

SpartanNash

Co.

...................

312,182

6,868,004

United

Natural

Foods,

Inc.

(a)

............

524,086

7,410,576

Village

Super

Market,

Inc.,

Class

A

.......

75,230

1,703,207

Weis

Markets,

Inc.

..................

148,260

9,340,380

57,284,708

Containers

&

Packaging

—

0.3%

Greif,

Inc.,

Class

A,

NVS

..............

221,517

14,799,551

Greif,

Inc.,

Class

B

..................

43,727

2,910,469

O-I

Glass,

Inc.

(a)(b)

...................

207,860

3,477,498

Pactiv

Evergreen,

Inc.

...............

363,936

2,958,800

Ranpak

Holdings

Corp.,

Class

A

(a)(b)

......

387,074

2,105,682

TriMas

Corp.

......................

371,153

9,189,748

35,441,748

Distributors

—

0.0%

Weyco

Group,

Inc.

(b)

.................

50,523

1,280,758

Diversified

Consumer

Services

—

0.7%

2U,

Inc.

(a)(b)

.......................

692,885

1,711,426

Adtalem

Global

Education,

Inc.

(a)(b)

.......

389,667

16,697,231

Chegg,

Inc.

(a)

......................

142,196

1,268,388

European

Wax

Center,

Inc.,

Class

A

(a)

.....

19,461

315,268

Graham

Holdings

Co.,

Class

B

..........

32,029

18,672,907

Laureate

Education,

Inc.

..............

177,617

2,504,400

Lincoln

Educational

Services

Corp.

(a)(b)

.....

208,171

1,759,045

Perdoceo

Education

Corp.

.............

599,846

10,257,367

Strategic

Education,

Inc.

(b)

.............

202,667

15,250,692

Universal

Technical

Institute,

Inc.

(a)(b)

......

233,898

1,960,065

WW

International,

Inc.

(a)(b)

.............

485,528

5,374,795

75,771,584

Diversified

REITs

—

1.2%

Alexander

&

Baldwin,

Inc.

.............

668,552

11,184,875

Alpine

Income

Property

Trust,

Inc.

.......

141,351

2,312,502

American

Assets

Trust,

Inc.

............

434,736

8,455,615

Armada

Hoffler

Properties,

Inc.

.........

628,242

6,433,198

Broadstone

Net

Lease,

Inc.

............

1,688,037

24,138,929

CTO

Realty

Growth,

Inc.

..............

212,654

3,447,121

Empire

State

Realty

Trust,

Inc.,

Class

A

(b)

...

1,193,035

9,592,002

Essential

Properties

Realty

Trust,

Inc.

.....

1,245,913

26,949,098

Gladstone

Commercial

Corp.

...........

304,197

3,699,036

Global

Net

Lease,

Inc.

...............

1,760,094

16,914,503

NexPoint

Diversified

Real

Estate

Trust

(b)

...

277,865

2,420,204

One

Liberty

Properties,

Inc.

............

152,362

2,875,071

Star

Holdings

(a)

....................

121,095

1,516,110

119,938,264

Diversified

Telecommunication

Services

—

0.5%

Anterix,

Inc.

(a)(b)

....................

10,869

341,069

ATN

International,

Inc.

...............

97,438

3,075,143

Bandwidth,

Inc.,

Class

A

(a)(b)

............

162,519

1,831,589

Cogent

Communications

Holdings,

Inc.

....

143,237

8,866,370

Consolidated

Communications

Holdings,

Inc.

(a)

601,561

2,057,339

EchoStar

Corp.,

Class

A

(a)(b)

............

309,249

5,179,921

Globalstar,

Inc.

(a)(b)

..................

784,326

1,027,467

IDT

Corp.,

Class

B

(a)(b)

................

32,076

707,276

Liberty

Latin

America

Ltd.,

Class

A

(a)

......

302,294

2,466,719

2023

ishares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2000

Value

ETF

44

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Diversified

Telecommunication

Services

(continued)

Liberty

Latin

America

Ltd.,

Class

C,

NVS

(a)(b)

.

1,303,917

$

10,639,963

Lumen

Technologies,

Inc.

(a)

............

9,033,984

12,828,257

49,021,113

Electric

Utilities

—

1.1%

ALLETE,

Inc.

.....................

517,543

27,326,270

Genie

Energy

Ltd.,

Class

B

............

83,451

1,229,233

MGE

Energy,

Inc.

...................

160,706

11,009,968

Otter

Tail

Corp.

....................

173,806

13,195,352

PNM

Resources,

Inc.

................

684,691

30,544,066

Portland

General

Electric

Co.

...........

870,129

35,222,822

118,527,711

Electrical

Equipment

—

0.7%

Babcock

&

Wilcox

Enterprises,

Inc.

(a)

......

479,203

2,017,445

Blink

Charging

Co.

(a)(b)

................

235,550

720,783

Encore

Wire

Corp.

(b)

.................

143,453

26,174,434

Energy

Vault

Holdings,

Inc.

(a)(b)

..........

874,639

2,230,329

EnerSys

.........................

25,948

2,456,497

Eos

Energy

Enterprises,

Inc.,

Class

A

(a)(b)

...

76,165

163,755

ESS

Tech,

Inc.

(a)(b)

..................

872,000

1,639,360

FuelCell

Energy,

Inc.

(a)(b)

..............

3,625,506

4,640,648

GrafTech

International

Ltd.

............

763,426

2,923,921

LSI

Industries,

Inc.

..................

54,942

872,479

Powell

Industries,

Inc.

................

81,949

6,793,572

Preformed

Line

Products

Co.

...........

11,570

1,881,051

SES

AI

Corp.,

Class

A

(a)(b)

.............

1,014,225

2,302,291

Stem,

Inc.

(a)(b)

.....................

1,287,447

5,458,775

Thermon

Group

Holdings,

Inc.

(a)(b)

........

263,715

7,244,251

67,519,591

Electronic

Equipment,

Instruments

&

Components

—

2.2%

908

Devices,

Inc.

(a)(b)

.................

200,201

1,333,339

Aeva

Technologies,

Inc.

(a)(b)

............

709,388

542,611

Arlo

Technologies,

Inc.

(a)(b)

.............

92,407

951,792

Bel

Fuse,

Inc.,

Class

B,

NVS

...........

87,199

4,161,136

Belden,

Inc.

......................

144,125

13,915,269

Benchmark

Electronics,

Inc.

...........

318,262

7,721,036

Climb

Global

Solutions,

Inc.

............

6,061

260,684

Daktronics,

Inc.

(a)(b)

..................

336,962

3,005,701

ePlus,

Inc.

(a)

......................

226,241

14,370,828

Evolv

Technologies

Holdings,

Inc.

(a)

.......

824,206

4,005,641

FARO

Technologies,

Inc.

(a)(b)

...........

156,248

2,379,657

Iteris,

Inc.

(a)(b)

......................

168,125

696,037

Itron,

Inc.

(a)

.......................

369,847

22,405,331

Kimball

Electronics,

Inc.

(a)

.............

159,439

4,365,440

Knowles

Corp.

(a)(b)

..................

812,383

12,031,392

Methode

Electronics,

Inc.

.............

316,740

7,237,509

Mirion

Technologies,

Inc.,

Class

A

(a)(b)

.....

1,789,061

13,364,286

Motomova,

Inc.,

NVS

(a)(c)

..............

19,086

—

nLight,

Inc.

(a)(b)

.....................

392,715

4,084,236

PAR

Technology

Corp.

(a)(b)

.............

220,993

8,517,070

PC

Connection,

Inc.

.................

103,009

5,498,620

Plexus

Corp.

(a)

.....................

28,466

2,646,769

Richardson

Electronics

Ltd.

............

104,166

1,138,534

Rogers

Corp.

(a)(b)

...................

41,300

5,429,711

Sanmina

Corp.

(a)

...................

490,503

26,624,503

ScanSource,

Inc.

(a)

..................

225,176

6,825,085

SmartRent,

Inc.,

Class

A

(a)(b)

............

1,645,530

4,294,833

TTM

Technologies,

Inc.

(a)

..............

918,419

11,829,237

Vishay

Intertechnology,

Inc.

............

1,150,890

28,450,001

Vishay

Precision

Group,

Inc.

(a)

..........

112,477

3,776,978

Vuzix

Corp.

(a)(b)

....................

548,533

1,991,175

223,854,441

Security

Shares

Shares

Value

Energy

Equipment

&

Services

—

2.6%

Archrock,

Inc.

.....................

1,019,609

$

12,847,073

Atlas

Energy

Solutions,

Inc.,

Class

A

(b)

.....

122,999

2,734,268

Bristow

Group,

Inc.

(a)

................

211,430

5,955,983

Core

Laboratories,

Inc.

(b)

..............

288,792

6,933,896

Diamond

Offshore

Drilling,

Inc.

(a)(b)

.......

912,635

13,397,482

DMC

Global,

Inc.

(a)

..................

120,660

2,952,550

Dril-Quip,

Inc.

(a)

....................

304,756

8,584,976

Expro

Group

Holdings

NV

(a)

............

492,381

11,438,011

Forum

Energy

Technologies,

Inc.

(a)

.......

87,157

2,093,511

Helix

Energy

Solutions

Group,

Inc.

(a)

......

1,286,151

14,366,307

Helmerich

&

Payne,

Inc.

..............

873,043

36,807,493

KLX

Energy

Services

Holdings,

Inc.

(a)(b)

....

99,558

1,179,762

Kodiak

Gas

Services,

Inc.

(a)

............

89,828

1,606,125

Liberty

Energy,

Inc.,

Class

A

...........

1,399,123

25,911,758

Mammoth

Energy

Services,

Inc.

(a)(b)

.......

195,219

905,816

Nabors

Industries

Ltd.

(a)

..............

8,444

1,039,794

Newpark

Resources,

Inc.

(a)

............

678,408

4,687,799

Noble

Corp.

plc

....................

169,280

8,574,032

Oil

States

International,

Inc.

(a)

...........

569,843

4,769,586

Patterson-UTI

Energy,

Inc.

............

2,984,338

41,303,238

ProFrac

Holding

Corp.,

Class

A

(a)(b)

.......

181,844

1,978,463

ProPetro

Holding

Corp.

(a)

..............

892,852

9,491,017

Ranger

Energy

Services,

Inc.

...........

137,277

1,946,588

RPC,

Inc.

........................

766,414

6,851,741

SEACOR

Marine

Holdings,

Inc.

(a)(b)

.......

214,309

2,974,609

Seadrill

Ltd.

(a)

.....................

451,251

20,211,532

Select

Water

Solutions,

Inc.,

Class

A

......

731,498

5,815,409

Solaris

Oilfield

Infrastructure,

Inc.,

Class

A

..

256,653

2,735,921

US

Silica

Holdings,

Inc.

(a)

.............

675,954

9,490,394

269,585,134

Entertainment

—

0.2%

Cinemark

Holdings,

Inc.

(a)(b)

............

169,166

3,104,196

Lions

Gate

Entertainment

Corp.,

Class

A

(a)(b)

.

147,164

1,247,951

Lions

Gate

Entertainment

Corp.,

Class

B,

NVS

(a)(b)

.......................

368,488

2,900,000

Madison

Square

Garden

Entertainment

Corp.

(a)

(b)

...........................

56,039

1,844,244

Marcus

Corp.

(The)

(b)

................

217,122

3,365,391

Playstudios,

Inc.,

Class

A

(a)

............

793,410

2,523,044

Reservoir

Media,

Inc.

(a)

...............

155,891

950,935

Sphere

Entertainment

Co.,

Class

A

(a)(b)

.....

232,966

8,657,017

Vivid

Seats,

Inc.,

Class

A

(a)(b)

...........

154,208

990,015

25,582,793

Financial

Services

—

3.0%

Acacia

Research

Corp.

(a)(b)

.............

329,745

1,203,569

Alerus

Financial

Corp.

...............

164,434

2,989,410

A-Mark

Precious

Metals,

Inc.

...........

165,884

4,865,378

AvidXchange

Holdings,

Inc.

(a)(b)

..........

112,865

1,069,960

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

....................

244,595

5,185,414

Cannae

Holdings,

Inc.

(a)(b)

.............

648,399

12,086,157

Cantaloupe,

Inc.

(a)(b)

.................

168,345

1,052,156

Cass

Information

Systems,

Inc.

.........

17,928

667,818

Compass

Diversified

Holdings

..........

569,753

10,694,264

Enact

Holdings,

Inc.

.................

265,672

7,234,249

Essent

Group

Ltd.

..................

947,934

44,827,799

Federal

Agricultural

Mortgage

Corp.,

Class

C,

NVS

.........................

68,186

10,521,100

Finance

of

America

Cos.,

Inc.,

Class

A

(a)(b)

..

486,314

622,482

Jackson

Financial,

Inc.,

Class

A

.........

744,570

28,457,465

Marqeta,

Inc.,

Class

A

(a)(b)

.............

3,820,494

22,846,554

Merchants

Bancorp

.................

141,461

3,921,299

Mr

Cooper

Group,

Inc.

(a)(b)

.............

585,985

31,385,357

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2000

Value

ETF

Schedules

of

Investments

45

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Financial

Services

(continued)

NewtekOne,

Inc.

(b)

..................

208,572

$

3,076,437

NMI

Holdings,

Inc.,

Class

A

(a)

...........

674,717

18,278,084

Ocwen

Financial

Corp.

(a)(b)

.............

57,446

1,486,703

Pagseguro

Digital

Ltd.,

Class

A

(a)

........

700,043

6,027,370

Paysafe

Ltd.

(a)

.....................

291,414

3,494,054

PennyMac

Financial

Services,

Inc.

.......

214,393

14,278,574

Radian

Group,

Inc.

..................

1,416,938

35,579,313

Repay

Holdings

Corp.,

Class

A

(a)(b)

.......

722,999

5,487,562

Security

National

Financial

Corp.,

Class

A

(a)(b)

107,747

844,736

StoneCo

Ltd.,

Class

A

(a)

..............

1,023,020

10,915,623

SWK

Holdings

Corp.

(a)(b)

..............

19,428

305,991

Velocity

Financial,

Inc.

(a)(b)

.............

72,656

821,013

Walker

&

Dunlop,

Inc.

................

285,537

21,198,267

Waterstone

Financial,

Inc.

.............

164,542

1,801,735

313,225,893

Food

Products

—

0.8%

Alico,

Inc.

........................

64,742

1,615,960

B&G

Foods,

Inc.

...................

641,226

6,341,725

Benson

Hill,

Inc.

(a)(b)

.................

1,522,246

504,625

Cal-Maine

Foods,

Inc.

................

22,941

1,110,803

Dole

plc

.........................

273,518

3,167,338

Forafric

Global

plc

(a)(b)

................

35,831

404,532

Fresh

Del

Monte

Produce,

Inc.

..........

304,713

7,873,784

Hain

Celestial

Group,

Inc.

(The)

(a)

........

805,015

8,348,006

Hostess

Brands,

Inc.,

Class

A

(a)

.........

968,507

32,260,968

Limoneira

Co.

.....................

144,321

2,210,998

Mission

Produce,

Inc.

(a)(b)

..............

365,909

3,541,999

Seneca

Foods

Corp.,

Class

A

(a)(b)

........

47,221

2,541,906

SunOpta,

Inc.

(a)(b)

...................

31,518

106,216

TreeHouse

Foods,

Inc.

(a)

..............

405,781

17,683,936

87,712,796

Gas

Utilities

—

1.5%

Brookfield

Infrastructure

Corp.,

Class

A

....

796,330

28,142,302

Chesapeake

Utilities

Corp.

............

55,431

5,418,380

New

Jersey

Resources

Corp.

...........

414,078

16,823,989

Northwest

Natural

Holding

Co.

..........

323,671

12,351,286

ONE

Gas,

Inc.

.....................

494,485

33,763,436

RGC

Resources,

Inc.

................

67,367

1,165,449

Southwest

Gas

Holdings,

Inc.

..........

554,556

33,500,728

Spire,

Inc.

........................

460,545

26,057,636

157,223,206

Ground

Transportation

—

0.5%

ArcBest

Corp.

.....................

131,381

13,354,879

Bird

Global,

Inc.,

Class

A

(a)

............

2

1

Covenant

Logistics

Group,

Inc.,

Class

A

....

75,492

3,310,324

FTAI

Infrastructure,

Inc.

...............

869,911

2,801,113

Heartland

Express,

Inc.

(b)

.............

412,987

6,066,779

Marten

Transport

Ltd.

................

100,264

1,976,204

PAM

Transportation

Services,

Inc.

(a)

......

51,186

1,103,058

RXO,

Inc.

(a)(b)

......................

139,833

2,758,905

TuSimple

Holdings,

Inc.,

Class

A

(a)(b)

......

1,474,105

2,299,604

Universal

Logistics

Holdings,

Inc.

........

60,990

1,535,728

Werner

Enterprises,

Inc.

(b)

.............

483,769

18,842,803

54,049,398

Health

Care

Equipment

&

Supplies

—

1.5%

Alphatec

Holdings,

Inc.

(a)(b)

.............

424,943

5,511,511

AngioDynamics,

Inc.

(a)

...............

329,290

2,407,110

Artivion,

Inc.

(a)

.....................

300,367

4,553,564

AtriCure,

Inc.

(a)(b)

...................

116,679

5,110,540

Avanos

Medical,

Inc.

(a)(b)

..............

414,843

8,388,126

Butterfly

Network,

Inc.,

Class

A

(a)(b)

.......

1,247,413

1,471,947

Cutera,

Inc.

(a)(b)

....................

144,965

872,689

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

CVRx,

Inc.

(a)(b)

.....................

14,331

$

217,401

Embecta

Corp.

....................

463,520

6,975,976

Inari

Medical,

Inc.

(a)(b)

................

32,606

2,132,432

Inogen,

Inc.

(a)

.....................

218,237

1,139,197

Integer

Holdings

Corp.

(a)(b)

.............

297,875

23,362,336

LivaNova

plc

(a)

.....................

456,740

24,152,411

Nano-X

Imaging

Ltd.

(a)(b)

..............

382,936

2,512,060

Neogen

Corp.

(a)

....................

1,953,928

36,225,825

Nevro

Corp.

(a)

.....................

211,273

4,060,667

Omnicell,

Inc.

(a)

....................

203,716

9,175,369

OraSure

Technologies,

Inc.

(a)

...........

646,761

3,835,293

Orthofix

Medical,

Inc.

(a)

...............

315,995

4,063,696

OrthoPediatrics

Corp.

(a)(b)

..............

17,063

546,016

Pulse

Biosciences,

Inc.

(a)(b)

.............

97,964

394,795

Varex

Imaging

Corp.

(a)(b)

..............

346,160

6,504,346

Vicarious

Surgical,

Inc.,

Class

A

(a)

........

320,270

189,184

Zimvie,

Inc.

(a)

......................

234,771

2,209,195

156,011,686

Health

Care

Providers

&

Services

—

1.1%

23andMe

Holding

Co.,

Class

A

(a)(b)

.......

2,398,299

2,344,817

Accolade,

Inc.

(a)(b)

...................

37,361

395,279

AdaptHealth

Corp.

(a)(b)

................

414,920

3,775,772

Addus

HomeCare

Corp.

(a)

.............

73,275

6,242,297

Agiliti,

Inc.

(a)(b)

.....................

32,889

213,450

Aveanna

Healthcare

Holdings,

Inc.

(a)(b)

.....

333,278

396,601

Brookdale

Senior

Living,

Inc.

(a)(b)

.........

1,668,731

6,908,546

Cano

Health,

Inc.,

Class

A

(a)(b)

..........

2,291,164

581,039

CareMax,

Inc.,

Class

A

(a)(b)

.............

686,022

1,454,367

Castle

Biosciences,

Inc.

(a)

.............

135,730

2,292,480

Community

Health

Systems,

Inc.

(a)(b)

......

1,136,380

3,295,502

Cross

Country

Healthcare,

Inc.

(a)(b)

.......

261,539

6,483,552

Enhabit,

Inc.

(a)(b)

....................

452,943

5,095,609

Fulgent

Genetics,

Inc.

(a)(b)

.............

182,527

4,880,772

Invitae

Corp.

(a)(b)

....................

297,210

179,871

LifeStance

Health

Group,

Inc.

(a)(b)

........

429,730

2,952,245

National

HealthCare

Corp.

.............

110,728

7,084,377

NeoGenomics,

Inc.

(a)(b)

...............

1,041,003

12,804,337

OPKO

Health,

Inc.

(a)(b)

................

3,634,245

5,814,792

Owens

&

Minor,

Inc.

(a)

................

667,866

10,792,715

Patterson

Cos.,

Inc.

.................

604,402

17,914,475

Pediatrix

Medical

Group,

Inc.

(a)

..........

752,866

9,568,927

PetIQ,

Inc.,

Class

A

(a)

................

38,889

766,113

Surgery

Partners,

Inc.

(a)(b)

.............

57,259

1,674,826

113,912,761

Health

Care

REITs

—

1.1%

CareTrust

REIT,

Inc.

.................

828,342

16,981,011

Community

Healthcare

Trust,

Inc.

........

84,784

2,518,085

Diversified

Healthcare

Trust

............

2,160,300

4,190,982

Global

Medical

REIT,

Inc.

.............

574,886

5,156,728

LTC

Properties,

Inc.

.................

374,421

12,030,147

National

Health

Investors,

Inc.

..........

341,601

17,544,627

Physicians

Realty

Trust

...............

2,135,389

26,030,392

Sabra

Health

Care

REIT,

Inc.

...........

2,084,245

29,054,375

113,506,347

Health

Care

Technology

—

0.4%

American

Well

Corp.,

Class

A

(a)(b)

........

2,190,517

2,562,905

Computer

Programs

&

Systems,

Inc.

(a)(b)

...

122,636

1,954,818

Definitive

Healthcare

Corp.,

Class

A

(a)(b)

....

276,752

2,211,248

Health

Catalyst,

Inc.

(a)(b)

...............

226,430

2,291,472

HealthStream,

Inc.

..................

135,696

2,928,320

Multiplan

Corp.,

Class

A

(a)(b)

............

3,519,811

5,913,282

NextGen

Healthcare,

Inc.

(a)

............

215,058

5,103,326

Sharecare,

Inc.,

Class

A

(a)(b)

............

2,679,410

2,519,717

2023

ishares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2000

Value

ETF

46

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Health

Care

Technology

(continued)

Veradigm,

Inc.

(a)(b)

...................

969,442

$

12,738,468

38,223,556

Hotel

&

Resort

REITs

—

1.2%

Apple

Hospitality

REIT,

Inc.

............

1,939,354

29,749,690

Braemar

Hotels

&

Resorts,

Inc.

.........

618,940

1,714,464

Chatham

Lodging

Trust

...............

443,424

4,243,568

DiamondRock

Hospitality

Co.

...........

1,892,535

15,197,056

Hersha

Hospitality

Trust,

Class

A

........

286,833

2,828,173

Pebblebrook

Hotel

Trust

(b)

.............

1,089,872

14,811,361

RLJ

Lodging

Trust

..................

1,412,615

13,829,501

Service

Properties

Trust

..............

1,485,174

11,420,988

Summit

Hotel

Properties,

Inc.

...........

949,070

5,504,606

Sunstone

Hotel

Investors,

Inc.

..........

1,883,277

17,608,640

Xenia

Hotels

&

Resorts,

Inc.

...........

1,000,457

11,785,383

128,693,430

Hotels,

Restaurants

&

Leisure

—

0.9%

Bally's

Corp.

(a)(b)

....................

124,211

1,628,406

Biglari

Holdings,

Inc.,

Class

B,

NVS

(a)

.....

5,670

941,220

BJ's

Restaurants,

Inc.

(a)

...............

76,091

1,785,095

Bluegreen

Vacations

Holding

Corp.

.......

17,712

649,676

Bowlero

Corp.,

Class

A

(a)(b)

.............

37,203

357,893

Brinker

International,

Inc.

(a)(b)

...........

33,650

1,063,003

Carrols

Restaurant

Group,

Inc.

(a)

.........

327,693

2,159,497

Century

Casinos,

Inc.

(a)(b)

..............

42,900

220,077

Chuy's

Holdings,

Inc.

(a)(b)

..............

27,929

993,714

Denny's

Corp.

(a)(b)

...................

114,816

972,492

Dine

Brands

Global,

Inc.

..............

15,684

775,574

El

Pollo

Loco

Holdings,

Inc.

............

255,315

2,285,069

Everi

Holdings,

Inc.

(a)

................

289,608

3,828,618

Fiesta

Restaurant

Group,

Inc.

(a)

.........

158,174

1,338,152

First

Watch

Restaurant

Group,

Inc.

(a)(b)

.....

114,522

1,980,085

Full

House

Resorts,

Inc.

(a)

.............

32,373

138,233

Krispy

Kreme,

Inc.

(b)

.................

532,046

6,634,614

Life

Time

Group

Holdings,

Inc.

(a)(b)

........

277,973

4,227,969

Light

&

Wonder,

Inc.,

Class

A

(a)(b)

........

435,709

31,079,123

Lindblad

Expeditions

Holdings,

Inc.

(a)(b)

....

288,016

2,073,715

Mondee

Holdings,

Inc.,

Class

A

(a)(b)

.......

65,396

233,464

Papa

John's

International,

Inc.

..........

65,472

4,466,500

Red

Rock

Resorts,

Inc.,

Class

A

.........

197,746

8,107,586

Sabre

Corp.

(a)(b)

....................

2,209,023

9,918,513

SeaWorld

Entertainment,

Inc.

(a)(b)

........

18,499

855,579

Six

Flags

Entertainment

Corp.

(a)

.........

136,618

3,211,889

Sweetgreen,

Inc.,

Class

A

(a)(b)

...........

170,883

2,007,875

Xponential

Fitness,

Inc.,

Class

A

(a)(b)

......

31,239

484,204

94,417,835

Household

Durables

—

2.9%

Beazer

Homes

USA,

Inc.

(a)(b)

...........

263,760

6,570,262

Century

Communities,

Inc.

............

255,379

17,054,210

Dream

Finders

Homes,

Inc.,

Class

A

(a)(b)

....

127,176

2,827,122

Ethan

Allen

Interiors,

Inc.

.............

202,628

6,058,577

GoPro,

Inc.,

Class

A

(a)(b)

...............

1,187,786

3,729,648

Green

Brick

Partners,

Inc.

(a)(b)

...........

155,865

6,469,956

Helen

of

Troy

Ltd.

(a)(b)

................

215,605

25,130,919

Hooker

Furnishings

Corp.

.............

90,791

1,765,885

Hovnanian

Enterprises,

Inc.,

Class

A

(a)

.....

43,299

4,401,776

iRobot

Corp.

(a)(b)

....................

25,283

958,226

KB

Home

........................

650,545

30,107,223

Landsea

Homes

Corp.

(a)

..............

123,498

1,110,247

La-Z-Boy,

Inc.

.....................

391,720

12,096,314

Legacy

Housing

Corp.

(a)(b)

.............

84,525

1,640,630

LGI

Homes,

Inc.

(a)(b)

.................

171,550

17,067,509

M/I

Homes,

Inc.

(a)

...................

241,644

20,307,762

MDC

Holdings,

Inc.

.................

526,818

21,720,706

Security

Shares

Shares

Value

Household

Durables

(continued)

Meritage

Homes

Corp.

...............

326,612

$

39,974,043

Purple

Innovation,

Inc.

(b)

..............

505,091

863,706

Skyline

Champion

Corp.

(a)(b)

............

211,252

13,460,977

Snap

One

Holdings

Corp.

(a)(b)

...........

163,113

1,507,164

Taylor

Morrison

Home

Corp.

(a)

..........

944,391

40,240,501

Traeger,

Inc.

(a)(b)

....................

330,958

903,515

TRI

Pointe

Homes,

Inc.

(a)

..............

886,185

24,237,160

United

Homes

Group,

Inc.,

Class

A

(a)(b)

.....

41,919

234,746

Vizio

Holding

Corp.,

Class

A

(a)

..........

64,335

348,052

VOXX

International

Corp.,

Class

A

(a)(b)

.....

104,997

837,876

301,624,712

Household

Products

—

0.2%

Central

Garden

&

Pet

Co.

(a)(b)

...........

91,802

4,052,140

Central

Garden

&

Pet

Co.,

Class

A,

NVS

(a)

..

348,388

13,966,875

Oil-Dri

Corp.

of

America

..............

32,764

2,023,177

20,042,192

Independent

Power

and

Renewable

Electricity

Producers

—

0.2%

(b)

Altus

Power,

Inc.,

Class

A

(a)

............

578,884

3,039,141

Ormat

Technologies,

Inc.

..............

171,756

12,009,179

Sunnova

Energy

International,

Inc.

(a)

......

460,519

4,821,634

19,869,954

Industrial

REITs

—

0.9%

Innovative

Industrial

Properties,

Inc.

......

250,578

18,958,732

LXP

Industrial

Trust

.................

2,601,799

23,156,011

Plymouth

Industrial

REIT,

Inc.

..........

388,786

8,145,067

Terreno

Realty

Corp.

................

735,589

41,781,455

92,041,265

Insurance

—

2.5%

Ambac

Financial

Group,

Inc.

(a)

..........

396,029

4,776,110

American

Coastal

Insurance

Corp.

(a)(b)

.....

172,187

1,267,296

American

Equity

Investment

Life

Holding

Co.

696,976

37,385,793

AMERISAFE,

Inc.

..................

82,941

4,152,856

Argo

Group

International

Holdings

Ltd.

....

285,155

8,509,025

CNO

Financial

Group,

Inc.

.............

1,021,281

24,234,998

Donegal

Group,

Inc.,

Class

A

...........

129,661

1,848,318

eHealth,

Inc.

(a)(b)

....................

163,910

1,212,934

Employers

Holdings,

Inc.

..............

242,544

9,689,633

Enstar

Group

Ltd.

(a)

.................

106,742

25,831,564

F&G

Annuities

&

Life,

Inc.

.............

155,935

4,375,536

Fidelis

Insurance

Holdings

Ltd.

(a)

........

99,475

1,460,293

Genworth

Financial,

Inc.,

Class

A

(a)

.......

4,295,764

25,173,177

GoHealth,

Inc.,

Class

A

(a)(b)

............

33,732

488,777

Greenlight

Capital

Re

Ltd.,

Class

A

(a)

......

229,357

2,463,294

Hippo

Holdings,

Inc.

(a)(b)

...............

99,628

794,035

Horace

Mann

Educators

Corp.

..........

374,234

10,994,995

Investors

Title

Co.

..................

8,634

1,278,609

James

River

Group

Holdings

Ltd.

........

338,113

5,190,035

Lemonade,

Inc.

(a)(b)

..................

379,510

4,409,906

Maiden

Holdings

Ltd.

(a)

...............

775,975

1,365,716

MBIA,

Inc.

(a)(b)

.....................

428,376

3,088,591

Mercury

General

Corp.

...............

242,146

6,787,352

National

Western

Life

Group,

Inc.,

Class

A

(b)

.

20,373

8,912,984

NI

Holdings,

Inc.

(a)

..................

71,416

919,124

Oscar

Health,

Inc.,

Class

A

(a)

...........

1,276,961

7,112,673

ProAssurance

Corp.

.................

482,287

9,110,401

Safety

Insurance

Group,

Inc.

...........

129,387

8,822,899

Selectquote,

Inc.

(a)(b)

.................

1,243,989

1,455,467

SiriusPoint

Ltd.

(a)

...................

745,470

7,581,430

Skyward

Specialty

Insurance

Group,

Inc.

(a)(b)

.

152,905

4,183,481

Stewart

Information

Services

Corp.

.......

241,214

10,565,173

Tiptree,

Inc.

......................

160,616

2,691,924

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2000

Value

ETF

Schedules

of

Investments

47

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Insurance

(continued)

United

Fire

Group,

Inc.

...............

190,396

$

3,760,321

Universal

Insurance

Holdings,

Inc.

.......

178,282

2,499,514

254,394,234

Interactive

Media

&

Services

—

0.5%

(a)

Bumble,

Inc.,

Class

A

................

912,409

13,613,142

DHI

Group,

Inc.

....................

387,939

1,187,093

Eventbrite,

Inc.,

Class

A

(b)

.............

68,465

675,065

EverQuote,

Inc.,

Class

A

(b)

.............

16,091

116,338

fuboTV,

Inc.

(b)

.....................

2,544,683

6,794,304

Liberty

TripAdvisor

Holdings,

Inc.,

Class

B

..

2,348

68,937

MediaAlpha,

Inc.,

Class

A

(b)

............

33,469

276,454

Nextdoor

Holdings,

Inc.,

Class

A

(b)

.......

568,064

1,033,877

Outbrain,

Inc.

.....................

358,989

1,748,277

System1,

Inc.,

Class

A

(b)

..............

325,501

393,856

TrueCar,

Inc.

......................

799,806

1,655,598

Vimeo,

Inc.

.......................

436,467

1,545,093

Ziff

Davis,

Inc.

(b)

....................

324,920

20,694,155

49,802,189

IT

Services

—

0.2%

Brightcove,

Inc.

(a)

...................

398,308

1,310,433

Fastly,

Inc.,

Class

A

(a)(b)

...............

173,927

3,334,181

Grid

Dynamics

Holdings,

Inc.,

Class

A

(a)(b)

..

103,131

1,256,136

Hackett

Group,

Inc.

(The)

.............

18,027

425,257

Information

Services

Group,

Inc.

.........

141,582

620,129

Rackspace

Technology,

Inc.

(a)(b)

.........

594,024

1,395,956

Squarespace,

Inc.,

Class

A

(a)(b)

..........

279,270

8,090,452

Tucows,

Inc.,

Class

A

(a)(b)

..............

57,519

1,173,963

Unisys

Corp.

(a)(b)

....................

605,949

2,090,524

19,697,031

Leisure

Products

—

0.5%

AMMO,

Inc.

(a)(b)

....................

797,267

1,610,479

Clarus

Corp.

......................

229,323

1,733,682

Escalade,

Inc.

.....................

70,109

1,073,369

Funko,

Inc.,

Class

A

(a)(b)

...............

93,232

713,225

JAKKS

Pacific,

Inc.

(a)

................

64,879

1,206,101

Johnson

Outdoors,

Inc.,

Class

A

.........

48,971

2,678,224

Latham

Group,

Inc.

(a)

................

348,445

975,646

Malibu

Boats,

Inc.,

Class

A

(a)(b)

..........

67,969

3,331,840

Smith

&

Wesson

Brands,

Inc.

...........

409,216

5,282,979

Solo

Brands,

Inc.,

Class

A

(a)(b)

...........

52,617

268,347

Sturm

Ruger

&

Co.,

Inc.

..............

11,004

573,528

Topgolf

Callaway

Brands

Corp.

(a)(b)

.......

1,288,747

17,836,258

Vista

Outdoor,

Inc.

(a)(b)

................

518,486

17,172,256

54,455,934

Life

Sciences

Tools

&

Services

—

0.3%

(a)

Adaptive

Biotechnologies

Corp.

(b)

........

278,529

1,517,983

BioLife

Solutions,

Inc.

................

28,976

400,159

Codexis,

Inc.

......................

545,798

1,031,558

CryoPort,

Inc.

(b)

....................

54,843

751,898

MaxCyte,

Inc.

(b)

....................

735,412

2,294,485

Nautilus

Biotechnology,

Inc.

(b)

...........

439,157

1,387,736

OmniAb

Operations,

Inc.,

12.50

Earnout

Shares,

NVS

(c)

..................

52,020

—

OmniAb

Operations,

Inc.,

15.00

Earnout

Shares,

NVS

(c)

..................

52,020

—

OmniAb,

Inc.

(b)

.....................

847,980

4,401,016

Pacific

Biosciences

of

California,

Inc.

(b)

....

1,020,838

8,523,997

Quanterix

Corp.

(b)

...................

264,583

7,180,783

Quantum-Si,

Inc.,

Class

A

(b)

............

909,542

1,509,840

Seer,

Inc.,

Class

A

..................

541,174

1,195,995

SomaLogic,

Inc.,

Class

A

(b)

............

1,345,610

3,216,008

33,411,458

Security

Shares

Shares

Value

Machinery

—

2.6%

3D

Systems

Corp.

(a)(b)

................

1,145,090

$

5,622,392

Albany

International

Corp.,

Class

A

.......

34,893

3,010,568

Astec

Industries,

Inc.

................

204,694

9,643,134

Barnes

Group,

Inc.

..................

438,244

14,887,149

Blue

Bird

Corp.

(a)(b)

..................

146,641

3,130,785

Chart

Industries,

Inc.

(a)(b)

..............

148,918

25,185,012

CIRCOR

International,

Inc.

(a)

...........

19,067

1,062,985

Columbus

McKinnon

Corp.

............

253,696

8,856,527

Commercial

Vehicle

Group,

Inc.

(a)

........

245,108

1,902,038

Desktop

Metal,

Inc.,

Class

A

(a)(b)

.........

2,500,795

3,651,161

EnPro

Industries,

Inc.

................

187,692

22,746,393

ESCO

Technologies,

Inc.

.............

96,549

10,083,578

Gencor

Industries,

Inc.

(a)

..............

91,799

1,297,120

Gorman-Rupp

Co.

(The)

..............

158,160

5,203,464

Greenbrier

Cos.,

Inc.

(The)

............

274,038

10,961,520

Hillman

Solutions

Corp.

(a)(b)

............

1,740,189

14,356,559

Hyliion

Holdings

Corp.,

Class

A

(a)(b)

.......

1,325,518

1,564,111

Kennametal,

Inc.

...................

727,054

18,089,104

Luxfer

Holdings

plc

.................

241,033

3,145,481

Manitowoc

Co.,

Inc.

(The)

(a)(b)

...........

312,147

4,697,812

Mayville

Engineering

Co.,

Inc.

(a)(b)

........

86,565

949,618

Microvast

Holdings,

Inc.

(a)(b)

............

932,393

1,762,223

Miller

Industries,

Inc.

................

91,962

3,605,830

Mueller

Industries,

Inc.

...............

283,279

21,291,250

Nikola

Corp.

(a)(b)

....................

5,578,295

8,757,923

Park-Ohio

Holdings

Corp.

.............

73,716

1,467,686

Proto

Labs,

Inc.

(a)(b)

..................

236,741

6,249,962

REV

Group,

Inc.

...................

283,815

4,541,040

SPX

Technologies,

Inc.

(a)(b)

.............

68,532

5,578,505

Standex

International

Corp.

............

20,229

2,947,163

Tennant

Co.

......................

77,313

5,732,759

Terex

Corp.

.......................

253,522

14,607,938

Titan

International,

Inc.

(a)(b)

.............

468,289

6,289,121

Trinity

Industries,

Inc.

................

595,585

14,502,495

267,380,406

Marine

Transportation

—

0.5%

Costamare,

Inc.

....................

435,745

4,191,867

Eagle

Bulk

Shipping,

Inc.

.............

84,256

3,541,280

Genco

Shipping

&

Trading

Ltd.

..........

378,329

5,292,823

Golden

Ocean

Group

Ltd.

.............

1,108,903

8,738,156

Himalaya

Shipping

Ltd.

(a)

..............

82,516

398,552

Matson,

Inc.

......................

318,622

28,268,144

Pangaea

Logistics

Solutions

Ltd.

........

316,240

1,859,491

Safe

Bulkers,

Inc.

..................

596,923

1,934,030

54,224,343

Media

—

1.1%

Advantage

Solutions,

Inc.,

Class

A

(a)(b)

.....

787,021

2,235,140

AMC

Networks,

Inc.,

Class

A

(a)

..........

277,351

3,267,195

Boston

Omaha

Corp.,

Class

A

(a)(b)

........

196,931

3,227,699

Cardlytics,

Inc.

(a)(b)

..................

303,560

5,008,740

Clear

Channel

Outdoor

Holdings,

Inc.

(a)(b)

...

3,349,978

5,292,965

Daily

Journal

Corp.

(a)(b)

...............

9,412

2,767,128

Emerald

Holding,

Inc.

(a)(b)

..............

147,255

665,593

EW

Scripps

Co.

(The),

Class

A,

NVS

(a)

....

285,945

1,566,979

Gannett

Co.,

Inc.

(a)(b)

.................

1,277,904

3,130,865

Gray

Television,

Inc.

.................

696,449

4,819,427

iHeartMedia,

Inc.,

Class

A

(a)(b)

...........

918,449

2,902,299

John

Wiley

&

Sons,

Inc.,

Class

A

........

384,527

14,292,869

Magnite,

Inc.

(a)(b)

....................

690,851

5,209,016

PubMatic,

Inc.,

Class

A

(a)(b)

.............

315,913

3,822,547

Scholastic

Corp.,

NVS

...............

245,287

9,355,246

Sinclair,

Inc.,

Class

A

(b)

...............

251,698

2,824,052

Stagwell,

Inc.,

Class

A

(a)(b)

.............

715,454

3,355,479

2023

ishares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2000

Value

ETF

48

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Media

(continued)

TEGNA,

Inc.

......................

1,814,218

$

26,433,156

Thryv

Holdings,

Inc.

(a)(b)

...............

274,472

5,151,839

Urban

One,

Inc.,

Class

A

(a)(b)

...........

86,643

434,948

Urban

One,

Inc.,

Class

D,

NVS

(a)(b)

.......

83,548

420,246

WideOpenWest,

Inc.

(a)(b)

..............

462,847

3,540,780

109,724,208

Metals

&

Mining

—

2.5%

5E

Advanced

Materials,

Inc.

(a)(b)

.........

85,413

193,033

Alpha

Metallurgical

Resources,

Inc.

......

104,433

27,124,383

Arch

Resources,

Inc.,

Class

A

..........

164,138

28,011,791

Caledonia

Mining

Corp.

plc

(b)

...........

141,754

1,397,695

Carpenter

Technology

Corp.

...........

431,216

28,982,027

Coeur

Mining,

Inc.

(a)(b)

................

2,968,792

6,590,718

Commercial

Metals

Co.

...............

1,050,741

51,917,113

Constellium

SE,

Class

A

(a)

.............

436,385

7,942,207

Contango

ORE,

Inc.

(a)(b)

...............

13,195

239,357

Dakota

Gold

Corp.

(a)(b)

................

139,814

360,720

Haynes

International,

Inc.

.............

111,220

5,173,955

Hecla

Mining

Co.

(b)

..................

4,325,664

16,913,346

i-80

Gold

Corp.

(a)(b)

..................

1,638,112

2,506,311

Kaiser

Aluminum

Corp.

...............

7,866

591,995

Olympic

Steel,

Inc.

..................

89,632

5,038,215

Piedmont

Lithium,

Inc.

(a)(b)

.............

106,057

4,210,463

PolyMet

Mining

Corp.

(a)(b)

..............

308,793

642,290

Ramaco

Resources,

Inc.,

Class

A

(b)

.......

199,660

2,194,263

Ramaco

Resources,

Inc.,

Class

B

(b)

......

40,115

478,572

Ryerson

Holding

Corp.

...............

202,766

5,898,463

Schnitzer

Steel

Industries,

Inc.,

Class

A

....

229,642

6,395,530

SunCoke

Energy,

Inc.

................

748,926

7,601,599

TimkenSteel

Corp.

(a)

.................

388,441

8,436,939

Tredegar

Corp.

....................

249,198

1,348,161

Warrior

Met

Coal,

Inc.

................

463,427

23,671,851

Worthington

Industries,

Inc.

............

275,779

17,048,658

260,909,655

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

2.4%

AFC

Gamma,

Inc.

..................

142,437

1,672,210

Angel

Oak

Mortgage

REIT,

Inc.

(b)

........

104,051

887,555

Apollo

Commercial

Real

Estate

Finance,

Inc.

1,271,444

12,879,728

Arbor

Realty

Trust,

Inc.

(b)

..............

1,636,892

24,848,021

Ares

Commercial

Real

Estate

Corp.

......

478,277

4,553,197

ARMOUR

Residential

REIT,

Inc.

.........

2,044,813

8,690,455

Blackstone

Mortgage

Trust,

Inc.,

Class

A

...

1,542,006

33,538,630

BrightSpire

Capital,

Inc.,

Class

A

........

1,172,923

7,342,498

Chicago

Atlantic

Real

Estate

Finance,

Inc.

..

147,002

2,163,869

Chimera

Investment

Corp.

.............

2,077,275

11,341,921

Claros

Mortgage

Trust,

Inc.

............

821,235

9,099,284

Dynex

Capital,

Inc.

..................

477,583

5,702,341

Ellington

Financial,

Inc.

...............

572,573

7,139,985

Franklin

BSP

Realty

Trust,

Inc.

..........

743,358

9,842,060

Granite

Point

Mortgage

Trust,

Inc.

.......

471,435

2,300,603

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

(b)

...................

855,959

18,146,331

Invesco

Mortgage

Capital,

Inc.

..........

370,465

3,708,355

KKR

Real

Estate

Finance

Trust,

Inc.

......

532,989

6,326,579

Ladder

Capital

Corp.,

Class

A

..........

1,015,670

10,420,774

MFA

Financial,

Inc.

..................

907,934

8,725,246

New

York

Mortgage

Trust,

Inc.

(b)

.........

813,704

6,908,347

NexPoint

Real

Estate

Finance,

Inc.

.......

80,774

1,321,463

Orchid

Island

Capital,

Inc.

.............

395,052

3,361,893

PennyMac

Mortgage

Investment

Trust

.....

798,567

9,902,231

Ready

Capital

Corp.

.................

1,438,535

14,543,589

Redwood

Trust,

Inc.

.................

1,025,457

7,311,508

TPG

RE

Finance

Trust,

Inc.

............

619,056

4,166,247

Security

Shares

Shares

Value

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(continued)

Two

Harbors

Investment

Corp.

..........

879,292

$

11,641,826

248,486,746

Multi-Utilities

—

0.8%

Avista

Corp.

......................

679,581

21,998,037

Black

Hills

Corp.

...................

599,169

30,311,960

Northwestern

Energy

Group,

Inc.

........

539,885

25,946,873

Unitil

Corp.

.......................

100,974

4,312,599

82,569,469

Office

REITs

—

1.4%

Brandywine

Realty

Trust

..............

1,520,375

6,902,502

City

Office

REIT,

Inc.

................

345,887

1,470,020

COPT

Defense

Properties

.............

1,014,919

24,185,520

Douglas

Emmett,

Inc.

................

1,162,648

14,835,388

Easterly

Government

Properties,

Inc.

.....

845,809

9,667,597

Equity

Commonwealth

...............

940,526

17,277,463

Hudson

Pacific

Properties,

Inc.

..........

1,247,984

8,299,094

JBG

SMITH

Properties

...............

991,973

14,343,929

Office

Properties

Income

Trust

..........

429,109

1,759,347

Orion

Office

REIT,

Inc.

...............

522,242

2,720,881

Paramount

Group,

Inc.

...............

1,680,009

7,761,641

Peakstone

Realty

Trust,

Class

E,

NVS

(b)

...

322,773

5,370,943

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

..

1,126,710

6,332,110

Postal

Realty

Trust,

Inc.,

Class

A

........

167,718

2,264,193

SL

Green

Realty

Corp.

(b)

..............

546,332

20,378,184

143,568,812

Oil,

Gas

&

Consumable

Fuels

—

8.3%

Amplify

Energy

Corp.

(a)(b)

..............

320,736

2,357,410

Ardmore

Shipping

Corp.

..............

367,743

4,784,336

Berry

Corp.

.......................

686,050

5,625,610

California

Resources

Corp.

............

644,415

36,093,684

Callon

Petroleum

Co.

(a)(b)

..............

552,371

21,608,754

Centrus

Energy

Corp.,

Class

A

(a)(b)

.......

110,103

6,249,446

Chord

Energy

Corp.

.................

374,906

60,761,015

Civitas

Resources,

Inc.

...............

620,286

50,162,529

Clean

Energy

Fuels

Corp.

(a)(b)

...........

1,521,974

5,829,160

CNX

Resources

Corp.

(a)(b)

.............

1,429,162

32,270,478

Comstock

Resources,

Inc.

.............

826,201

9,112,997

CONSOL

Energy,

Inc.

................

300,033

31,476,462

Crescent

Energy,

Inc.,

Class

A

..........

213,951

2,704,341

CVR

Energy,

Inc.

...................

22,117

752,642

Delek

US

Holdings,

Inc.

..............

588,241

16,711,927

DHT

Holdings,

Inc.

..................

1,228,364

12,652,149

Dorian

LPG

Ltd.

....................

116,224

3,339,116

Earthstone

Energy,

Inc.,

Class

A

(a)(b)

......

510,025

10,322,906

Encore

Energy

Corp.

(a)(b)

..............

1,278,490

4,167,877

Energy

Fuels,

Inc.

(a)(b)

................

198,288

1,629,927

Equitrans

Midstream

Corp.

............

2,781,136

26,059,244

Excelerate

Energy,

Inc.,

Class

A

.........

34,931

595,224

FLEX

LNG

Ltd.

....................

83,037

2,504,396

Gevo,

Inc.

(a)(b)

.....................

2,151,930

2,560,797

Golar

LNG

Ltd.

....................

849,455

20,607,778

Granite

Ridge

Resources,

Inc.

..........

231,733

1,413,571

Green

Plains,

Inc.

(a)(b)

................

429,801

12,937,010

Gulfport

Energy

Corp.

(a)(b)

.............

98,242

11,657,396

Hallador

Energy

Co.

(a)(b)

...............

205,858

2,968,472

HighPeak

Energy,

Inc.

(b)

..............

17,478

295,029

International

Seaways,

Inc.

............

363,711

16,366,995

Kinetik

Holdings,

Inc.,

Class

A

..........

137,297

4,633,774

Magnolia

Oil

&

Gas

Corp.,

Class

A

.......

107,334

2,459,022

Matador

Resources

Co.

..............

837,112

49,791,422

Murphy

Oil

Corp.

...................

1,331,906

60,401,937

NACCO

Industries,

Inc.,

Class

A

.........

37,364

1,310,356

Nordic

American

Tankers

Ltd.

..........

1,835,137

7,560,764

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2000

Value

ETF

Schedules

of

Investments

49

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Northern

Oil

&

Gas,

Inc.

..............

89,487

$

3,600,062

Overseas

Shipholding

Group,

Inc.,

Class

A

(a)

551,030

2,419,022

Par

Pacific

Holdings,

Inc.

(a)

............

306,408

11,012,304

PBF

Energy,

Inc.,

Class

A

.............

1,019,822

54,591,072

Peabody

Energy

Corp.

...............

1,116,583

29,019,992

Permian

Resources

Corp.,

Class

A

.......

2,087,276

29,138,373

PrimeEnergy

Resources

Corp.

(a)(b)

........

6,189

717,862

REX

American

Resources

Corp.

(a)

.......

103,238

4,203,851

Ring

Energy,

Inc.

(a)(b)

.................

1,101,737

2,148,387

SandRidge

Energy,

Inc.

..............

219,574

3,438,529

Scorpio

Tankers,

Inc.

................

443,040

23,977,325

SFL

Corp.

Ltd.

.....................

1,029,376

11,477,542

SilverBow

Resources,

Inc.

(a)(b)

..........

142,911

5,111,926

Sitio

Royalties

Corp.,

Class

A

...........

403,396

9,766,217

SM

Energy

Co.

....................

1,075,141

42,629,341

Talos

Energy,

Inc.

(a)(b)

................

992,903

16,323,325

Teekay

Corp.

(a)(b)

...................

592,748

3,657,255

Teekay

Tankers

Ltd.,

Class

A

...........

213,891

8,904,282

Tellurian,

Inc.

(a)(b)

...................

4,513,425

5,235,573

Uranium

Energy

Corp.

(a)(b)

.............

3,289,018

16,938,443

VAALCO

Energy,

Inc.

................

866,576

3,804,269

Verde

Clean

Fuels,

Inc.,

Class

A

(a)(b)

......

42,407

159,874

Vital

Energy,

Inc.

(a)(b)

.................

152,684

8,461,747

Vitesse

Energy,

Inc.

.................

224,602

5,141,140

World

Kinect

Corp.

..................

552,785

12,398,968

857,012,634

Paper

&

Forest

Products

—

0.1%

(a)

Clearwater

Paper

Corp.

..............

151,506

5,492,093

Glatfelter

Corp.

....................

411,777

823,554

6,315,647

Passenger

Airlines

—

0.7%

Allegiant

Travel

Co.

.................

127,853

9,826,782

Blade

Air

Mobility,

Inc.,

Class

A

(a)

........

542,821

1,405,906

Hawaiian

Holdings,

Inc.

(a)(b)

............

457,107

2,893,487

JetBlue

Airways

Corp.

(a)(b)

.............

2,951,284

13,575,906

Joby

Aviation,

Inc.,

Class

A

(a)(b)

..........

1,673,613

10,794,804

SkyWest,

Inc.

(a)

....................

395,813

16,600,397

Spirit

Airlines,

Inc.

..................

985,733

16,264,595

Sun

Country

Airlines

Holdings,

Inc.

(a)(b)

.....

147,938

2,195,400

73,557,277

Personal

Care

Products

—

0.7%

BellRing

Brands,

Inc.

(a)

...............

880,541

36,304,706

Edgewell

Personal

Care

Co.

...........

458,719

16,954,254

Herbalife

Ltd.

(a)(b)

...................

236,895

3,314,161

Nature's

Sunshine

Products,

Inc.

(a)

.......

116,569

1,931,548

Nu

Skin

Enterprises,

Inc.,

Class

A

........

453,792

9,624,928

Thorne

HealthTech,

Inc.

(a)(b)

............

56,623

576,989

Waldencast

plc,

Class

A

(a)(b)

............

309,336

2,913,945

71,620,531

Pharmaceuticals

—

0.8%

Amneal

Pharmaceuticals,

Inc.,

Class

A

(a)(b)

..

1,090,532

4,602,045

ANI

Pharmaceuticals,

Inc.

(a)

............

30,205

1,753,702

Arvinas,

Inc.

(a)(b)

....................

24,422

479,648

Assertio

Holdings,

Inc.

(a)(b)

.............

792,498

2,028,795

Atea

Pharmaceuticals,

Inc.

(a)

...........

683,377

2,050,131

Biote

Corp.,

Class

A

(a)(b)

...............

72,168

369,500

Cara

Therapeutics,

Inc.

(a)

.............

423,292

711,131

Citius

Pharmaceuticals,

Inc.

(a)(b)

.........

937,613

641,702

Edgewise

Therapeutics,

Inc.

(a)(b)

.........

378,020

2,166,055

Enliven

Therapeutics,

Inc.

(a)(b)

...........

205,125

2,802,007

EyePoint

Pharmaceuticals,

Inc.

(a)(b)

.......

104,011

831,048

Ikena

Oncology,

Inc.

(a)

................

218,839

947,573

Security

Shares

Shares

Value

Pharmaceuticals

(continued)

Innoviva,

Inc.

(a)(b)

...................

483,486

$

6,280,483

Ligand

Pharmaceuticals,

Inc.

(a)

..........

127,374

7,632,250

Liquidia

Corp.

(a)(b)

...................

117,330

743,872

Longboard

Pharmaceuticals,

Inc.

(a)

.......

79,704

443,154

NGM

Biopharmaceuticals,

Inc.

(a)(b)

........

404,526

432,843

Nuvation

Bio,

Inc.,

Class

A

(a)

...........

1,322,300

1,771,882

Omeros

Corp.

(a)(b)

...................

309,399

903,445

Phathom

Pharmaceuticals,

Inc.

(a)(b)

.......

205,358

2,129,562

Phibro

Animal

Health

Corp.,

Class

A

......

121,148

1,547,060

Prestige

Consumer

Healthcare,

Inc.

(a)(b)

....

447,054

25,567,018

Rain

Oncology,

Inc.

(a)

................

146,715

126,439

Scilex

Holding

Co.,

(Acquired

01/06/23

,

cost

$6,061,469)

(a)(b)(d)

.................

578,384

795,568

Taro

Pharmaceutical

Industries

Ltd.

(a)(b)

....

72,805

2,745,477

Tarsus

Pharmaceuticals,

Inc.

(a)(b)

.........

211,490

3,758,177

Terns

Pharmaceuticals,

Inc.

(a)

...........

126,723

637,417

Theravance

Biopharma,

Inc.

(a)(b)

.........

507,866

4,382,884

Theseus

Pharmaceuticals,

Inc.

(a)(b)

.......

177,297

476,929

Third

Harmonic

Bio,

Inc.

(a)

.............

183,302

1,171,300

Trevi

Therapeutics,

Inc.

(a)(b)

............

380,720

829,970

WaVe

Life

Sciences

Ltd.

(a)

.............

535,886

3,081,344

Zevra

Therapeutics,

Inc.

(a)(b)

............

298,139

1,437,030

86,277,441

Professional

Services

—

1.1%

Alight,

Inc.,

Class

A

(a)(b)

...............

3,578,162

25,369,169

ASGN,

Inc.

(a)(b)

.....................

319,787

26,120,202

Asure

Software,

Inc.

(a)

................

139,138

1,316,245

Barrett

Business

Services,

Inc.

..........

5,839

526,911

BlackSky

Technology,

Inc.,

Class

A

(a)(b)

.....

1,076,685

1,259,721

Conduent,

Inc.

(a)(b)

..................

1,554,161

5,408,480

First

Advantage

Corp.

................

446,382

6,155,608

FiscalNote

Holdings,

Inc.,

Class

A

(a)(b)

.....

446,432

928,579

Heidrick

&

Struggles

International,

Inc.

....

178,076

4,455,461

HireRight

Holdings

Corp.

(a)(b)

...........

129,512

1,231,659

Kelly

Services,

Inc.,

Class

A,

NVS

.......

287,521

5,230,007

Korn

Ferry

.......................

467,650

22,185,316

Mistras

Group,

Inc.

(a)(b)

...............

194,599

1,060,565

NV5

Global,

Inc.

(a)

..................

12,817

1,233,380

Planet

Labs

PBC,

Class

A

(a)(b)

...........

168,666

438,532

Resources

Connection,

Inc.

............

294,706

4,394,066

Skillsoft

Corp.,

Class

A

(a)

..............

842,502

746,794

Sterling

Check

Corp.

(a)(b)

..............

263,372

3,323,755

TrueBlue,

Inc.

(a)

....................

271,608

3,984,489

Willdan

Group,

Inc.

(a)(b)

...............

109,281

2,232,611

117,601,550

Real

Estate

Management

&

Development

—

0.9%

American

Realty

Investors,

Inc.

(a)

........

14,759

215,777

Anywhere

Real

Estate,

Inc.

(a)(b)

..........

876,430

5,635,445

Compass,

Inc.,

Class

A

(a)(b)

............

401,721

1,164,991

Cushman

&

Wakefield

plc

(a)

............

1,102,657

8,402,246

DigitalBridge

Group,

Inc.,

Class

A

(b)

.......

993,576

17,467,066

Douglas

Elliman,

Inc.

................

727,781

1,644,785

Forestar

Group,

Inc.

(a)

................

162,897

4,388,445

FRP

Holdings,

Inc.

(a)

.................

58,051

3,133,013

Kennedy-Wilson

Holdings,

Inc.

..........

1,075,684

15,855,582

Marcus

&

Millichap,

Inc.

(b)

.............

135,048

3,962,308

Newmark

Group,

Inc.,

Class

A

..........

1,250,005

8,037,532

Opendoor

Technologies,

Inc.

(a)(b)

.........

4,632,533

12,229,887

RE/MAX

Holdings,

Inc.,

Class

A

.........

159,036

2,057,926

RMR

Group,

Inc.

(The),

Class

A

.........

47,012

1,152,734

Stratus

Properties,

Inc.

(a)

..............

53,280

1,459,872

Tejon

Ranch

Co.

(a)

..................

184,870

2,998,591

2023

ishares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2000

Value

ETF

50

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Real

Estate

Management

&

Development

(continued)

Transcontinental

Realty

Investors,

Inc.

(a)

...

14,822

$

453,850

90,260,050

Residential

REITs

—

0.8%

Apartment

Investment

&

Management

Co.,

Class

A

(a)

......................

1,315,699

8,946,753

BRT

Apartments

Corp.

...............

113,773

1,964,860

Centerspace

......................

137,597

8,291,595

Clipper

Realty,

Inc.

..................

31,161

161,414

Elme

Communities

..................

791,087

10,790,427

Independence

Realty

Trust,

Inc.

.........

2,021,998

28,449,512

NexPoint

Residential

Trust,

Inc.

.........

144,578

4,652,520

UMH

Properties,

Inc.

................

421,406

5,908,112

Veris

Residential,

Inc.

................

713,126

11,766,579

80,931,772

Retail

REITs

—

2.1%

Acadia

Realty

Trust

.................

848,849

12,180,983

CBL

&

Associates

Properties,

Inc.

........

63,378

1,329,670

Getty

Realty

Corp.

(b)

.................

407,413

11,297,562

InvenTrust

Properties

Corp.

............

618,529

14,727,176

Kite

Realty

Group

Trust

...............

1,950,917

41,788,642

Macerich

Co.

(The)

.................

1,941,631

21,183,194

NETSTREIT

Corp.

..................

608,171

9,475,304

Phillips

Edison

&

Co.,

Inc.

.............

879,696

29,505,004

Retail

Opportunity

Investments

Corp.

.....

1,120,191

13,867,965

RPT

Realty

.......................

780,798

8,245,227

Saul

Centers,

Inc.

..................

12,659

446,483

SITE

Centers

Corp.

.................

1,723,135

21,246,255

Tanger

Factory

Outlet

Centers,

Inc.

.......

491,127

11,099,470

Urban

Edge

Properties

...............

1,039,580

15,863,991

Whitestone

REIT

...................

452,692

4,359,424

216,616,350

Semiconductors

&

Semiconductor

Equipment

—

1.8%

ACM

Research,

Inc.,

Class

A

(a)(b)

.........

363,039

6,572,821

Alpha

&

Omega

Semiconductor

Ltd.

(a)

.....

210,504

6,281,439

Ambarella,

Inc.

(a)

...................

132,421

7,022,286

Amkor

Technology,

Inc.

...............

919,637

20,783,796

Atomera,

Inc.

(a)(b)

...................

51,128

320,061

CEVA,

Inc.

(a)(b)

.....................

27,599

535,145

Cohu,

Inc.

(a)

......................

417,499

14,378,666

Diodes,

Inc.

(a)(b)

....................

87,381

6,889,118

Ichor

Holdings

Ltd.

(a)(b)

................

258,486

8,002,727

indie

Semiconductor,

Inc.,

Class

A

(a)(b)

.....

72,327

455,660

Kulicke

&

Soffa

Industries,

Inc.

..........

148,023

7,198,359

Maxeon

Solar

Technologies

Ltd.

(a)(b)

.......

88,246

1,022,771

Navitas

Semiconductor

Corp.

(a)(b)

........

827,475

5,750,951

NVE

Corp.

.......................

3,495

287,079

Onto

Innovation,

Inc.

(a)(b)

..............

62,816

8,010,296

Photronics,

Inc.

(a)

...................

546,911

11,053,071

Semtech

Corp.

(a)(b)

..................

573,792

14,775,144

SMART

Global

Holdings,

Inc.

(a)(b)

........

340,821

8,298,991

Synaptics,

Inc.

(a)

...................

324,390

29,013,442

Ultra

Clean

Holdings,

Inc.

(a)

............

396,361

11,760,031

Veeco

Instruments,

Inc.

(a)

.............

455,211

12,795,981

181,207,835

Software

—

0.9%

ACI

Worldwide,

Inc.

(a)

................

130,816

2,951,209

Adeia,

Inc.

.......................

121,205

1,294,469

American

Software,

Inc.,

Class

A

........

64,907

743,834

Aurora

Innovation,

Inc.,

Class

A

(a)(b)

.......

2,992,660

7,032,751

Bit

Digital,

Inc.

(a)(b)

...................

505,206

1,081,141

C3.ai,

Inc.,

Class

A

(a)(b)

...............

131,477

3,355,293

Cerence,

Inc.

(a)(b)

...................

364,082

7,416,350

Security

Shares

Shares

Value

Software

(continued)

Cipher

Mining,

Inc.

(a)(b)

................

379,693

$

884,685

Cleanspark,

Inc.

(a)(b)

.................

873,938

3,329,704

CommVault

Systems,

Inc.

(a)

............

25,550

1,727,435

Consensus

Cloud

Solutions,

Inc.

(a)(b)

......

78,665

1,980,785

CS

Disco,

Inc.

(a)(b)

...................

213,588

1,418,224

Digital

Turbine,

Inc.

(a)

................

627,546

3,796,653

E2open

Parent

Holdings,

Inc.,

Class

A

(a)(b)

..

1,538,977

6,986,956

Ebix,

Inc.

........................

179,334

1,771,820

EverCommerce,

Inc.

(a)(b)

..............

58,959

591,359

LiveRamp

Holdings,

Inc.

(a)

.............

592,002

17,073,338

Matterport,

Inc.,

Class

A

(a)(b)

............

2,269,886

4,925,653

MeridianLink,

Inc.

(a)(b)

................

79,063

1,348,815

Mitek

Systems,

Inc.

(a)(b)

...............

24,378

261,332

N-able,

Inc.

(a)

......................

72,341

933,199

NextNav,

Inc.

(a)(b)

...................

29,902

153,696

Olo,

Inc.,

Class

A

(a)(b)

.................

402,862

2,441,344

ON24,

Inc.

.......................

304,084

1,924,852

OneSpan,

Inc.

(a)

....................

28,326

304,504

PROS

Holdings,

Inc.

(a)(b)

..............

115,174

3,987,324

Riot

Platforms,

Inc.

(a)(b)

...............

464,717

4,335,810

SolarWinds

Corp.

(a)

.................

461,311

4,354,776

Terawulf,

Inc.

(a)(b)

...................

1,214,675

1,530,490

Verint

Systems,

Inc.

(a)(b)

...............

39,327

904,128

Xperi,

Inc.

(a)(b)

.....................

393,725

3,882,128

94,724,057

Specialized

REITs

—

0.8%

Farmland

Partners,

Inc.

..............

438,439

4,498,384

Four

Corners

Property

Trust,

Inc.

........

702,882

15,596,951

Gladstone

Land

Corp.

...............

305,608

4,348,802

Outfront

Media,

Inc.

.................

717,567

7,247,427

PotlatchDeltic

Corp.

.................

709,733

32,214,781

Safehold,

Inc.

.....................

396,915

7,065,087

Uniti

Group,

Inc.

...................

2,134,322

10,074,000

81,045,432

Specialty

Retail

—

3.3%

1-800-Flowers.com,

Inc.,

Class

A

(a)(b)

......

227,509

1,592,563

Aaron's

Co.,

Inc.

(The)

...............

278,221

2,912,974

Abercrombie

&

Fitch

Co.,

Class

A

(a)(b)

......

210,281

11,853,540

American

Eagle

Outfitters,

Inc.

..........

1,266,815

21,041,797

America's

Car-Mart,

Inc.

(a)(b)

............

54,014

4,914,734

Asbury

Automotive

Group,

Inc.

(a)(b)

........

185,443

42,664,871

BARK,

Inc.

(a)(b)

.....................

1,195,026

1,434,031

Big

5

Sporting

Goods

Corp.

(b)

...........

201,860

1,415,039

Build-A-Bear

Workshop,

Inc.

...........

24,624

724,192

Caleres,

Inc.

......................

310,802

8,938,666

Carvana

Co.,

Class

A

(a)(b)

..............

480,423

20,168,158

Cato

Corp.

(The),

Class

A

.............

152,081

1,164,940

Chico's

FAS,

Inc.

(a)(b)

.................

1,081,510

8,089,695

Children's

Place,

Inc.

(The)

(a)(b)

..........

106,857

2,888,345

Designer

Brands,

Inc.,

Class

A

(b)

.........

445,851

5,644,474

Destination

XL

Group,

Inc.

(a)(b)

..........

524,596

2,350,190

Duluth

Holdings,

Inc.,

Class

B

(a)(b)

........

114,646

689,022

EVgo,

Inc.,

Class

A

(a)(b)

...............

789,457

2,668,365

Foot

Locker,

Inc.

...................

737,996

12,804,231

Genesco,

Inc.

(a)(b)

...................

109,454

3,373,372

Group

1

Automotive,

Inc.

(b)

.............

124,833

33,543,875

GrowGeneration

Corp.

(a)(b)

.............

527,334

1,539,815

Guess?,

Inc.

(b)

.....................

230,895

4,996,568

Haverty

Furniture

Cos.,

Inc.

............

131,588

3,787,103

Hibbett,

Inc.

......................

19,177

911,099

J

Jill,

Inc.

(a)(b)

......................

39,431

1,167,158

Lands'

End,

Inc.

(a)(b)

.................

141,573

1,057,550

Lazydays

Holdings,

Inc.

(a)(b)

............

111,444

846,974

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2000

Value

ETF

Schedules

of

Investments

51

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Specialty

Retail

(continued)

Leslie's,

Inc.

(a)(b)

....................

1,459,972

$

8,263,441

MarineMax,

Inc.

(a)(b)

.................

190,561

6,254,212

Monro,

Inc.

(b)

......................

281,529

7,818,060

National

Vision

Holdings,

Inc.

(a)

.........

646,196

10,455,451

ODP

Corp.

(The)

(a)(b)

.................

296,498

13,683,383

OneWater

Marine,

Inc.,

Class

A

(a)(b)

.......

104,127

2,667,734

Overstock.com,

Inc.

(a)(b)

...............

403,838

6,388,717

PetMed

Express,

Inc.

................

189,835

1,945,809

Rent

the

Runway,

Inc.,

Class

A

(a)(b)

.......

399,898

272,171

Sally

Beauty

Holdings,

Inc.

(a)(b)

..........

58,598

491,051

Shoe

Carnival,

Inc.

..................

164,128

3,943,996

Signet

Jewelers

Ltd.

(b)

................

400,115

28,732,258

Sleep

Number

Corp.

(a)(b)

..............

89,268

2,195,100

Sonic

Automotive,

Inc.,

Class

A

.........

140,180

6,694,997

Sportsman's

Warehouse

Holdings,

Inc.

(a)(b)

..

340,751

1,529,972

Stitch

Fix,

Inc.,

Class

A

(a)(b)

.............

406,874

1,403,715

ThredUp,

Inc.,

Class

A

(a)(b)

.............

544,649

2,184,042

Tile

Shop

Holdings,

Inc.

(a)

.............

252,389

1,385,616

Tilly's,

Inc.,

Class

A

(a)

................

194,247

1,577,286

Upbound

Group,

Inc.

................

29,470

867,891

Urban

Outfitters,

Inc.

(a)

...............

379,885

12,418,441

Winmark

Corp.

....................

25,346

9,457,353

Zumiez,

Inc.

(a)

.....................

147,468

2,624,930

338,438,967

Technology

Hardware,

Storage

&

Peripherals

—

0.4%

Avid

Technology,

Inc.

(a)(b)

..............

91,876

2,468,708

CompoSecure,

Inc.,

Class

A

(a)(b)

.........

15,035

96,976

Eastman

Kodak

Co.

(a)(b)

...............

515,900

2,171,939

Immersion

Corp.

...................

279,512

1,847,574

Intevac,

Inc.

(a)

.....................

225,488

701,268

IonQ,

Inc.

(a)(b)

......................

1,215,102

18,080,718

Turtle

Beach

Corp.

(a)(b)

................

141,189

1,281,290

Xerox

Holdings

Corp.

................

1,033,897

16,221,844

42,870,317

Textiles,

Apparel

&

Luxury

Goods

—

0.3%

Allbirds,

Inc.,

Class

A

(a)(b)

..............

818,916

908,997

Figs,

Inc.,

Class

A

(a)(b)

................

146,225

862,727

Fossil

Group,

Inc.

(a)

.................

446,119

919,005

G-III

Apparel

Group

Ltd.

(a)

.............

371,876

9,267,150

Hanesbrands,

Inc.

..................

1,054,448

4,175,614

Movado

Group,

Inc.

.................

137,737

3,767,107

Oxford

Industries,

Inc.

...............

33,030

3,175,174

Rocky

Brands,

Inc.

..................

63,084

927,335

Vera

Bradley,

Inc.

(a)

.................

226,899

1,499,802

Wolverine

World

Wide,

Inc.

............

68,614

553,029

26,055,940

Tobacco

—

0.2%

Universal

Corp.

....................

216,595

10,225,450

Vector

Group

Ltd.

..................

1,068,917

11,373,277

21,598,727

Trading

Companies

&

Distributors

—

2.5%

Beacon

Roofing

Supply,

Inc.

(a)(b)

.........

433,175

33,428,115

BlueLinx

Holdings,

Inc.

(a)(b)

.............

78,284

6,426,334

Boise

Cascade

Co.

.................

356,127

36,695,326

Distribution

Solutions

Group,

Inc.

(a)(b)

......

5,028

130,728

DXP

Enterprises,

Inc.

(a)

...............

126,441

4,417,849

EVI

Industries,

Inc.

(a)

.................

6,958

172,698

GATX

Corp.

......................

296,289

32,245,132

Global

Industrial

Co.

.................

24,746

828,991

GMS,

Inc.

(a)

.......................

252,295

16,139,311

Hudson

Technologies,

Inc.

(a)

...........

331,044

4,402,885

MRC

Global,

Inc.

(a)(b)

.................

496,338

5,087,465

Security

Shares

Shares

Value

Trading

Companies

&

Distributors

(continued)

NOW,

Inc.

(a)

......................

961,935

$

11,418,168

Rush

Enterprises,

Inc.,

Class

A

.........

555,199

22,668,775

Rush

Enterprises,

Inc.,

Class

B

.........

84,032

3,805,809

Textainer

Group

Holdings

Ltd.

..........

376,565

14,027,046

Titan

Machinery,

Inc.

(a)

...............

181,633

4,827,805

Triton

International

Ltd.

(c)

..............

420,843

34,620,620

Veritiv

Corp.

......................

117,750

19,887,975

Willis

Lease

Finance

Corp.

(a)(b)

..........

27,631

1,168,791

Xometry,

Inc.,

Class

A

(a)(b)

.............

270,208

4,588,132

256,987,955

Water

Utilities

—

0.4%

Artesian

Resources

Corp.,

Class

A,

NVS

...

18,855

791,721

California

Water

Service

Group

.........

353,060

16,703,269

Consolidated

Water

Co.

Ltd.

...........

96,905

2,755,978

SJW

Group

.......................

285,929

17,187,192

37,438,160

Wireless

Telecommunication

Services

—

0.3%

Gogo,

Inc.

(a)

......................

539,339

6,434,314

Shenandoah

Telecommunications

Co.

(b)

....

435,389

8,973,367

Spok

Holdings,

Inc.

.................

163,728

2,336,399

Telephone

&

Data

Systems,

Inc.

.........

888,483

16,268,124

Tingo

Group,

Inc.

(a)(b)

.................

1,088,601

1,115,816

35,128,020

Total

Common

Stocks

—

99.7%

(Cost:

$12,047,805,032)

...........................

10,299,309,424

Rights

Biotechnology

—

0.0%

Contra

Aduro

Biotech

I,

CVR

(a)(c)

.........

19,180

48,698

Pharmaceuticals

—

0.0%

Contra

Chinook

Therape,

CVR

(a)(c)

........

381,225

163,927

Total

Rights

—

0.0%

(Cost:

$148,678)

................................

212,625

Warrants

Oil,

Gas

&

Consumable

Fuels

—

0.0%

(a)

Chord

Energy

Corp.

(Issued/Exercisable

09/01/20,

1

Share

for

1

Warrant,

Expires

09/01/24,

Strike

Price

USD

116.37)

.....

42,563

1,167,928

Chord

Energy

Corp.

(Issued/Exercisable

09/01/20,

1

Share

for

1

Warrant,

Expires

09/01/25,

Strike

Price

USD

133.70)

....

21,281

377,738

Total

Warrants

—

0.0%

(Cost:

$5,241,813)

..............................

1,545,666

Total

Long-Term

Investments

—

99.7%

(Cost:

$12,053,195,523)

...........................

10,301,067,715

2023

ishares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2000

Value

ETF

52

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

September

30,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

9.3%

(e)(f)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.54%

(g)

............

876,001,984

$

876,352,384

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

5.31%

..................

88,901,938

88,901,938

Total

Short-Term

Securities

—

9.3%

(Cost:

$964,779,098)

.............................

965,254,322

Total

Investments

—

109.0%

(Cost:

$13,017,974,621

)

...........................

11,266,322,037

Liabilities

in

Excess

of

Other

Assets

—

(9.0)%

............

(929,888,434)

Net

Assets

—

100.0%

..............................

$

10,336,433,603

(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)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$795,568,

representing

less

than

0.05%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$6,061,469.

(e)

Affiliate

of

the

Fund.

(f)

Annualized

7-day

yield

as

of

period

end.

(g)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

03/31/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/23

Shares

Held

at

09/30/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

1,029,227,065

$

—

$

(152,940,614)

(a)

$

81,917

$

(15,984)

$

876,352,384

876,001,984

$

8,007,194

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

35,812,559

53,089,379

(a)

—

—

—

88,901,938

88,901,938

600,824

—

$

81,917

$

(15,984)

$

965,254,322

$

8,608,018

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2000

Value

ETF

Schedules

of

Investments

53

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Russell

2000

E-Mini

Index

....................................................

684

12/15/23

$

61,512

$

(7,800)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

7,800

$

—

$

—

$

—

$

7,800

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

September

30,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

(872,403)

$

—

$

—

$

—

$

(872,403)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

(762,771)

$

—

$

—

$

—

$

(762,771)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

51,506,390

2023

ishares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2000

Value

ETF

54

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

.........................................

$

10,263,857,241

$

795,568

$

34,656,615

$

10,299,309,424

Rights

................................................

—

—

212,625

212,625

Warrants

..............................................

1,545,666

—

—

1,545,666

Short-Term

Securities

Money

Market

Funds

......................................

965,254,322

—

—

965,254,322

$

11,230,657,229

$

795,568

$

34,869,240

$

11,266,322,037

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

...........................................

$

(7,800)

$

—

$

—

$

(7,800)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Statements

of

Assets

and

Liabilities

(unaudited)

September

30,

2023

55

Financial

Statements

See

notes

to

financial

statements.

iShares

Russell

2000

ETF

iShares

Russell

2000

Growth

ETF

iShares

Russell

2000

Value

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.........................................................

$

51,072,600,899‌

$

9,403,846,241‌

$

10,301,067,715‌

Investments,

at

value

—

affiliated

(c)

............................................................

6,332,259,269‌

1,492,402,739‌

965,254,322‌

Cash  

...............................................................................

4,046,128‌

2,206,977‌

34,017‌

Cash

pledged:

Futures

contracts

......................................................................

14,721,000‌

1,378,000‌

4,492,000‌

Receivables:

–‌

–‌

–‌

Securities

lending

income

—

affiliated

........................................................

4,559,979‌

1,081,908‌

686,712‌

Capital

shares

sold

.....................................................................

18,125,486‌

—‌

—‌

Dividends

—

unaffiliated

.................................................................

54,211,688‌

2,446,938‌

18,758,568‌

Dividends

—

affiliated

...................................................................

445,463‌

56,482‌

138,813‌

Total

assets

...........................................................................

57,500,969,912‌

10,903,419,285‌

11,290,432,147‌

LIABILITIES

Collateral

on

securities

loaned

...............................................................

5,928,380,911‌

1,457,896,843‌

875,937,240‌

Payables:

–‌

–‌

–‌

Investments

purchased

..................................................................

50,368,779‌

2,381,222‌

2,427,981‌

Capital

shares

redeemed

.................................................................

95,663,071‌

—‌

1,174,088‌

Income

dividend

distributions

..............................................................

236,105,329‌

18,992,159‌

71,970,871‌

Investment

advisory

fees

.................................................................

8,199,247‌

1,887,266‌

2,121,803‌

Variation

margin

on

futures

contracts

.........................................................

898,931‌

105,168‌

366,561‌

Total

liabilities

..........................................................................

6,319,616,268‌

1,481,262,658‌

953,998,544‌

Commitments

and

contingent

liabilities

—‌

—‌

—‌

NET

ASSETS

..........................................................................

$

51,181,353,644‌

$

9,422,156,627‌

$

10,336,433,603‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

..........................................................................

$

90,290,481,243‌

$

13,463,000,763‌

$

13,966,356,612‌

Accumulated

loss

.......................................................................

(39,109,127,599‌)

(4,040,844,136‌)

(3,629,923,009‌)

NET

ASSETS

..........................................................................

$

51,181,353,644‌

$

9,422,156,627‌

$

10,336,433,603‌

NET

ASSET

VALUE

Shares

outstanding

......................................................................

289,600,000‌

42,000,000‌

76,250,000‌

Net

asset

value

.........................................................................

$

176.73‌

$

224.34‌

$

135.56‌

Shares

authorized

.......................................................................

Unlimited

Unlimited

Unlimited

Par

value

.............................................................................

None

None

None

(a)

  Investments,

at

cost

—

unaffiliated

..........................................................

$

75,192,442,055‌

$

10,386,050,036‌

$

12,053,195,523‌

(b)

  Securities

loaned,

at

value

................................................................

$

5,708,398,896‌

$

1,409,508,656‌

$

836,469,970‌

(c)

  Investments,

at

cost

—

affiliated

............................................................

$

6,328,515,174‌

$

1,491,553,546‌

$

964,779,098‌

Statements

of

Operations

(unaudited)

Six

Months

Ended

September

30,

2023

2023

iShares

Semi-Annual

Report

to

Shareholders

56

See

notes

to

financial

statements.

iShares

Russell

2000

ETF

iShares

Russell

2000

Growth

ETF

iShares

Russell

2000

Value

ETF

INVESTMENT

INCOME

–

–

–

Dividends

—

unaffiliated

.................................................................

$

425,077,372‌

$

36,095,199‌

$

120,121,498‌

Dividends

—

affiliated

...................................................................

2,771,269‌

496,767‌

600,824‌

Interest

—

unaffiliated

...................................................................

429,832‌

73,464‌

85,066‌

Securities

lending

income

—

affiliated

—

net

...................................................

42,617,776‌

9,120,576‌

8,007,194‌

Foreign

taxes

withheld

..................................................................

(594,696‌)

(87,112‌)

(150,144‌)

Total

investment

income

...................................................................

470,301,553‌

45,698,894‌

128,664,438‌

EXPENSES

Investment

advisory

....................................................................

50,291,731‌

11,602,918‌

13,320,041‌

Total

expenses

.........................................................................

50,291,731‌

11,602,918‌

13,320,041‌

Net

investment

income

....................................................................

420,009,822‌

34,095,976‌

115,344,397‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(544,398,397‌)

$

(118,856,048‌)

$

(107,322,386‌)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.............................................................

(2,428,073,732‌)

(470,327,994‌)

(472,913,519‌)

Investments

—

affiliated

...............................................................

48,840‌

60,350‌

81,917‌

Futures

contracts

....................................................................

1,625,821‌

1,789,937‌

(872,403‌)

In-kind

redemptions

—

unaffiliated

(a)

.......................................................

2,269,888,242‌

304,240,859‌

266,723,336‌

(156,510,829‌)

(164,236,848‌)

(206,980,669‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.............................................................

(384,119,651‌)

46,206,708‌

100,437,036‌

Investments

—

affiliated

...............................................................

575,323‌

80,113‌

(15,984‌)

Futures

contracts

....................................................................

(4,343,242‌)

(906,021‌)

(762,771‌)

(387,887,570‌)

45,380,800‌

99,658,281‌

Net

realized

and

unrealized

loss

..............................................................

(544,398,399‌)

(118,856,048‌)

(107,322,388‌)

NET

INCREASE

(DECREASE)

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..........................

$

(124,388,577‌)

$

(84,760,072‌)

$

8,022,009‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

Statements

of

Changes

in

Net

Assets

57

Financial

Statements

See

notes

to

financial

statements.

iShares

Russell

2000

ETF

iShares

Russell

2000

Growth

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

420,009,822‌

$

785,729,779‌

$

34,095,976‌

$

76,608,260‌

Net

realized

loss

................................................

(156,510,829‌)

(1,592,131,820‌)

(164,236,848‌)

(1,078,230,843‌)

Net

change

in

unrealized

appreciation

(depreciation)

........................

(387,887,570‌)

(6,402,013,183‌)

45,380,800‌

(65,525,691‌)

Net

decrease

in

net

assets

resulting

from

operations

..........................

(124,388,577‌)

(7,208,415,224‌)

(84,760,072‌)

(1,067,148,274‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(384,943,634‌)

(820,928,177‌)

(33,388,716‌)

(b)

(78,266,196‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........

1,982,110,820‌

(4,215,356,230‌)

162,083,221‌

(307,182,293‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...................................

1,472,778,609‌

(12,244,699,631‌)

43,934,433‌

(1,452,596,763‌)

Beginning

of

period

................................................

49,708,575,035‌

61,953,274,666‌

9,378,222,194‌

10,830,818,957‌

End

of

period

....................................................

$

51,181,353,644‌

$

49,708,575,035‌

$

9,422,156,627‌

$

9,378,222,194‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(b)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

Statements

of

Changes

in

Net

Assets

(continued)

2023

iShares

Semi-Annual

Report

to

Shareholders

58

See

notes

to

financial

statements.

iShares

Russell

2000

Value

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................................................

$

115,344,397‌

$

243,336,335‌

Net

realized

gain

(loss)

..............................................................................

(206,980,669‌)

482,054,675‌

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

99,658,281‌

(2,530,831,492‌)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.....................................................

8,022,009‌

(1,805,440,482‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

(122,358,000‌)

(b)

(262,828,957‌)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

...................................................

(994,760,994‌)

(1,144,200,441‌)

NET

ASSETS

Total

decrease

in

net

assets

............................................................................

(1,109,096,985‌)

(3,212,469,880‌)

Beginning

of

period

..................................................................................

11,445,530,588‌

14,658,000,468‌

End

of

period

......................................................................................

$

10,336,433,603‌

$

11,445,530,588‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(b)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

59

Financial

Highlights

See

notes

to

financial

statements.

iShares

Russell

2000

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

period

...............

$

178.62

‌

$

205.42

‌

$

220.43

‌

$

114.62

‌

$

153.10

‌

$

151.96

‌

Net

investment

income

(a)

.......................

1.47

‌

2.67

‌

1.97

‌

1.73

‌

1.83

‌

1.89

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.............

(2.02

)

(26.65

)

(14.89

)

106.10

‌

(38.22

)

1.18

‌

Net

increase

(decrease)

from

investment

operations

......

(0.55

)

(23.98

)

(12.92

)

107.83

‌

(36.39

)

3.07

‌

Distributions

from

net

investment

income

(c)

.............

(1.34

)

(2.82

)

(2.09

)

(2.02

)

(2.09

)

(1.93

)

Net

asset

value,

end

of

period

....................

$

176.73

‌

$

178.62

‌

$

205.42

‌

$

220.43

‌

$

114.62

‌

$

153.10

‌

Total

Return

(d)

—

—

—

—

—

—

Based

on

net

asset

value

........................

(0.31

)%

(e)

(11.63

)%

(5.92

)%

94.67

%

(24.04

)%

2.01

%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

...............................

0.19

%

(g)

0.19

%

0.19

%

0.19

%

0.19

%

0.19

%

Net

investment

income

..........................

1.60

%

(g)

1.47

%

0.90

%

1.01

%

1.19

%

1.21

%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

51,181,354

‌

$

49,708,575

‌

$

61,953,275

‌

$

69,303,587

‌

$

32,602,673

‌

$

43,174,723

‌

Portfolio

turnover

rate

(h)

..........................

12

%

18

%

23

%

20

%

18

%

22

%

(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.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

iShares

Semi-Annual

Report

to

Shareholders

60

See

notes

to

financial

statements.

iShares

Russell

2000

Growth

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

period

................

$

227.08

‌

$

256.05

‌

$

300.18

‌

$

158.74

‌

$

196.60

‌

$

190.63

‌

Net

investment

income

(a)

........................

0.82

‌

1.80

‌

0.67

‌

1.02

‌

1.32

‌

1.21

‌

Net

realized

and

unrealized

gain

(loss)

(b)

..............

(2.76

)

(28.92

)

(43.86

)

141.60

‌

(37.65

)

6.04

‌

Net

increase

(decrease)

from

investment

operations

.......

(1.94

)

(27.12

)

(43.19

)

142.62

‌

(36.33

)

7.25

‌

Distributions

from

net

investment

income

(c)

..............

(0.80

)

(d)

(1.85

)

(0.94

)

(1.18

)

(1.53

)

(1.28

)

Net

asset

value,

end

of

period

.....................

$

224.34

‌

$

227.08

‌

$

256.05

‌

$

300.18

‌

$

158.74

‌

$

196.60

‌

Total

Return

(e)

—

—

—

—

—

—

Based

on

net

asset

value

.........................

(0.86

)%

(f)

(10.55

)%

(14.42

)%

90.06

%

(18.61

)%

3.81

%

Ratios

to

Average

Net

Assets

(g)

Total

expenses

................................

0.24

%

(h)

0.24

%

0.23

%

0.24

%

0.24

%

0.24

%

Net

investment

income

...........................

0.70

%

(h)

0.80

%

0.23

%

0.42

%

0.66

%

0.61

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

9,422,157

‌

$

9,378,222

‌

$

10,830,819

‌

$

12,082,282

‌

$

6,936,895

‌

$

9,171,566

‌

Portfolio

turnover

rate

(i)

...........................

30

%

35

%

40

%

35

%

33

%

35

%

(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.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

61

Financial

Highlights

See

notes

to

financial

statements.

iShares

Russell

2000

Value

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

period

................

$

137.24

‌

$

161.43

‌

$

159.14

‌

$

82.34

‌

$

119.84

‌

$

122.00

‌

Net

investment

income

(a)

........................

1.45

‌

2.89

‌

2.26

‌

1.84

‌

2.07

‌

2.18

‌

Net

realized

and

unrealized

gain

(loss)

(b)

..............

(1.56

)

(23.96

)

2.61

‌

77.01

‌

(37.17

)

(2.10

)

Net

increase

(decrease)

from

investment

operations

.......

(0.11

)

(21.07

)

4.87

‌

78.85

‌

(35.10

)

0.08

‌

Distributions

from

net

investment

income

(c)

..............

(1.57

)

(d)

(3.12

)

(2.58

)

(2.05

)

(2.40

)

(2.24

)

Net

asset

value,

end

of

period

.....................

$

135.56

‌

$

137.24

‌

$

161.43

‌

$

159.14

‌

$

82.34

‌

$

119.84

‌

Total

Return

(e)

—

—

—

—

—

—

Based

on

net

asset

value

.........................

(0.09

)%

(f)

(13.04

)%

3.07

%

96.79

%

(29.79

)%

0.03

%

Ratios

to

Average

Net

Assets

(g)

Total

expenses

................................

0.24

%

(h)

0.24

%

0.23

%

0.24

%

0.24

%

0.24

%

Net

investment

income

...........................

2.08

%

(h)

1.99

%

1.39

%

1.57

%

1.74

%

1.73

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

10,336,434

‌

$

11,445,531

‌

$

14,658,000

‌

$

16,319,316

‌

$

6,607,533

‌

$

9,107,939

‌

Portfolio

turnover

rate

(i)

...........................

24

%

32

%

35

%

28

%

25

%

26

%

(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.

Notes

to

Financial

Statements

(unaudited)

2023

iShares

Semi-Annual

Report

To

Shareholders

62

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

September

30,

2023

,

if

any,

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

The

Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

include

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes. 

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments.

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Funds.

Because

such

gains

or

losses

are

not

taxable

to

the

Funds

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

Funds’

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

(“NAV”)

per

share.

Distributions:

Dividends

and

distributions

paid

by

each

Fund

are

recorded

on

the

ex-dividend

dates.

Distributions

are

determined

on

a

tax

basis

and

may

differ

from

net

investment

income

and

net

realized

capital

gains

for

financial

reporting

purposes.

Dividends

and

distributions

are

paid

in

U.S.

dollars

and

cannot

be

automatically

reinvested

in

additional

shares

of

the

Funds.

Indemnifications:

In

the

normal

course

of

business,

each

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Funds,

which

cannot

be

predicted

with

any

certainty.

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:

iShares

ETF

Diversification

Classification

Russell

2000

........................................................................................................

Diversified

Russell

2000

Growth

..................................................................................................

Diversified

Russell

2000

Value

...................................................................................................

Diversified

Notes

to

Financial

Statements

(unaudited)

(continued)

63

Notes

to

Financial

Statements

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.

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”).

Each

business

day,

the

Funds

use

current

market

factors

supplied

by

independent

pricing

services

to

value

certain

foreign

instruments

(“Systematic

Fair

Value

Price”).

The

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

follows

the

close

of

the

local

markets.

If

events

(e.g.,

market

volatility,

company

announcement

or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that

application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the Valuation

Committee,

in

accordance

with

BFA’s

policies

and

procedures as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the Valuation

Committee

seeks

to

determine

the

price

that each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

Fair

value

pricing

could

result

in

a

difference

between

the

prices

used

to

calculate

a

fund’s

NAV

and

the

prices

used

by

the

fund’s

underlying

index,

which

in

turn

could

result

in

a

difference

between

the

fund’s

performance

and

the

performance

of

the

fund’s

underlying

index.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

–

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that each

Fund

has

the

ability

to

access;

Level

2

–

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market-corroborated

inputs);

and

Level

3

–

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

(including

the Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

Securities

and

Other

Investments

Warrants:

Warrants

entitle

a

fund

to

purchase

a

specified

number

of

shares

of

common

stock

and

are

non-income

producing.

The

purchase

price

and

number

of

shares

are

subject

to

adjustment

under

certain

conditions

until

the

expiration

date

of

the

warrants,

if

any.

If

the

price

of

the

underlying

stock

does

not

rise

above

the

strike

price

before

the

warrant

expires,

the

warrant

generally

expires

without

any

value

and

a

fund

will

lose

any

amount

it

paid

for

the

warrant.

Thus,

investments

in

warrants

may

involve

more

risk

than

investments

in

common

stock.

Warrants

may

trade

in

the

same

markets

as

their

underlying

stock;

however,

the

price

of

the

warrant

does

not

necessarily

move

with

the

price

of

the

underlying

stock.

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.

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

iShares

Semi-Annual

Report

To

Shareholders

64

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

Russell

2000

Barclays

Bank

PLC

.....................................

$

236,785,377‌

$

(236,785,377‌)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

39,207,620‌

(39,207,620‌)

–‌

–‌

BMO

Capital

Markets

Corp.

...............................

635,974‌

(635,974‌)

–‌

–‌

BNP

Paribas

SA

.......................................

551,528,890‌

(551,528,890‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

418,330,967‌

(418,330,967‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

24,223,962‌

(24,223,962‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

198,111,909‌

(198,111,909‌)

–‌

–‌

Credit

Suisse

Securities

(USA)

LLC

..........................

3,185,611‌

(3,185,611‌)

–‌

–‌

Deutsche

Bank

Securities,

Inc.

.............................

195,379‌

(195,379‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

718,985,582‌

(718,985,582‌)

–‌

–‌

HSBC

Bank

PLC

......................................

60,737,710‌

(60,737,710‌)

–‌

–‌

ING

Financial

Markets

LLC

...............................

937,231‌

(937,231‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

1,077,747,105‌

(1,077,747,105‌)

–‌

–‌

Jefferies

LLC

.........................................

53,069,054‌

(53,069,054‌)

–‌

–‌

Mizuho

Securities

USA

LLC

...............................

2,078,661‌

(2,078,661‌)

–‌

–‌

Morgan

Stanley

.......................................

1,189,770,776‌

(1,189,770,776‌)

–‌

–‌

National

Financial

Services

LLC

............................

170,928,278‌

(170,928,278‌)

–‌

–‌

Natixis

SA

...........................................

69,599,668‌

(69,599,668‌)

–‌

–‌

Nomura

Securities

International,

Inc.

.........................

5,427,581‌

(5,427,581‌)

–‌

–‌

Pershing

LLC

.........................................

3,805,766‌

(3,805,766‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

135,420,025‌

(135,420,025‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

166,190,252‌

(166,190,252‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

9,103,388‌

(9,103,388‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

38,410,355‌

(38,410,355‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

223,795,574‌

(223,795,574‌)

–‌

–‌

UBS

AG

............................................

115,565,368‌

(115,565,368‌)

–‌

–‌

UBS

Securities

LLC

....................................

11,315,134‌

(11,315,134‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

14,037,887‌

(14,037,887‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

110,921,821‌

(110,921,821‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

58,345,991‌

(58,345,991‌)

–‌

–‌

$

5,708,398,896‌

$

(5,708,398,896‌)

$

–‌

$

–‌

Russell

2000

Growth

Barclays

Bank

PLC

.....................................

$

63,599,483‌

$

(63,599,483‌)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

4,982,786‌

(4,982,786‌)

–‌

–‌

BMO

Capital

Markets

Corp.

...............................

154,876‌

(154,876‌)

–‌

–‌

BNP

Paribas

SA

.......................................

89,022,101‌

(89,022,101‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

77,760,025‌

(77,760,025‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

10,432,963‌

(10,432,963‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

37,806,173‌

(37,806,173‌)

–‌

–‌

Credit

Suisse

Securities

(USA)

LLC

..........................

9,131,516‌

(9,131,516‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

216,418,349‌

(216,418,349‌)

–‌

–‌

HSBC

Bank

PLC

......................................

26,203,274‌

(26,203,274‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

251,737,039‌

(251,737,039‌)

–‌

–‌

Jefferies

LLC

.........................................

8,972,360‌

(8,972,360‌)

–‌

–‌

Mizuho

Securities

USA

LLC

...............................

62,590‌

(62,590‌)

–‌

–‌

Morgan

Stanley

.......................................

278,190,460‌

(278,190,460‌)

–‌

–‌

National

Financial

Services

LLC

............................

50,645,176‌

(50,645,176‌)

–‌

–‌

Natixis

SA

...........................................

23,224,059‌

(23,224,059‌)

–‌

–‌

Nomura

Securities

International,

Inc.

.........................

218,168‌

(218,168‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

33,126,645‌

(33,126,645‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

49,754,958‌

(49,754,958‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

1,399,489‌

(1,399,489‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

29,143,811‌

(29,143,811‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

58,825,818‌

(58,825,818‌)

–‌

–‌

Notes

to

Financial

Statements

(unaudited)

(continued)

65

Notes

to

Financial

Statements

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

each

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BlackRock,

Inc.

(“BlackRock”).

BlackRock’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent

the

collateral

received

does

not

cover

the

value

of

the

securities

loaned

in

the

event

of

borrower

default.

Each

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

the

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

by

each

Fund.

5.

Derivative

Financial

Instruments

Futures

Contracts:

 Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded

agreements

between

the

Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any,

are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

Russell

2000

Growth

(continued)

UBS

AG

............................................

28,611,879‌

(28,611,879‌)

–‌

–‌

UBS

Securities

LLC

....................................

7,045,398‌

(7,045,398‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

1,920,993‌

(1,920,993‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

28,431,635‌

(28,431,635‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

22,686,632‌

(22,686,632‌)

–‌

–‌

$

1,409,508,656‌

$

(1,409,508,656‌)

$

–‌

$

–‌

Russell

2000

Value

Barclays

Bank

PLC

.....................................

$

41,865,150‌

$

(41,865,150‌)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

3,257,115‌

(3,257,115‌)

–‌

–‌

BNP

Paribas

SA

.......................................

54,371,219‌

(54,371,219‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

74,315,805‌

(74,315,805‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

3,390,483‌

(3,390,483‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

28,757,180‌

(28,757,180‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

136,955,849‌

(136,955,849‌)

–‌

–‌

HSBC

Bank

PLC

......................................

5,215,120‌

(5,215,120‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

150,400,975‌

(150,400,975‌)

–‌

–‌

Jefferies

LLC

.........................................

9,744,101‌

(9,744,101‌)

–‌

–‌

Mizuho

Securities

USA

LLC

...............................

158,837‌

(158,837‌)

–‌

–‌

Morgan

Stanley

.......................................

148,545,722‌

(148,545,722‌)

–‌

–‌

National

Financial

Services

LLC

............................

24,133,947‌

(24,133,947‌)

–‌

–‌

Natixis

SA

...........................................

6,756,318‌

(6,756,318‌)

–‌

–‌

Nomura

Securities

International,

Inc.

.........................

60,735‌

(60,735‌)

–‌

–‌

Pershing

LLC

.........................................

1,867,758‌

(1,867,758‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

20,986,657‌

(20,986,657‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

43,018,850‌

(43,018,850‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

838,886‌

(838,886‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

5,485,947‌

(5,485,947‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

40,302,970‌

(40,302,970‌)

–‌

–‌

UBS

AG

............................................

13,902,772‌

(13,902,772‌)

–‌

–‌

UBS

Securities

LLC

....................................

1,232,291‌

(1,232,291‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

1,756,227‌

(1,756,227‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

10,539,521‌

(10,539,521‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

8,609,535‌

(8,609,535‌)

–‌

–‌

$

836,469,970‌

$

(836,469,970‌)

$

–‌

$

–‌

(a)

Collateral

received,

if

any,

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

each

Fund

is

disclosed

in

the

Fund’s

Statements

of

Assets

and

Liabilities.

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

iShares

Semi-Annual

Report

To

Shareholders

66

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

the iShares

Russell

2000

ETF, BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Fund,

based

on the

Fund’s

allocable

portion

of

the

aggregate

of

the

average

daily

net

assets

of

the

Fund

and

certain

other

iShares

funds,

as

follows:

For

its

investment

advisory

services

to

each

of

the iShares

Russell

2000

Growth

ETF

and

iShares

Russell

2000

Value

ETF, BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Funds,

based

on each

Fund’s

allocable

portion

of

the

aggregate

of

the

average

daily

net

assets

of

the

Fund

and

certain

other

iShares

funds,

as

follows:

Distributor:

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

is

the

distributor

for

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

September

30,

2023,

the

Funds

paid

BTC

the

following

amounts

for

securities

lending

agent

services:

Officers

and

Trustees:

Certain

officers

and/or 

trustees

of

the 

Trust

are

officers

and/or 

trustees

of

BlackRock

or

its

affiliates.

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$46

billion

...................................................................................................

0.2000%

Over

$46

billion,

up

to

and

including

$81

billion

..............................................................................

0.1900

Over

$81

billion,

up

to

and

including

$111

billion

.............................................................................

0.1805

Over

$111

billion,

up

to

and

including

$141

billion

............................................................................

0.1715

Over

$141

billion,

up

to

and

including

$171

billion

............................................................................

0.1630

Over

$171

billion

..................................................................................................

0.1548

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$46

billion

...................................................................................................

0.2500%

Over

$46

billion,

up

to

and

including

$81

billion

..............................................................................

0.2375

Over

$81

billion,

up

to

and

including

$111

billion

.............................................................................

0.2257

Over

$111

billion,

up

to

and

including

$141

billion

............................................................................

0.2144

Over

$141

billion,

up

to

and

including

$171

billion

............................................................................

0.2037

Over

$171

billion

..................................................................................................

0.1935

iShares

ETF

Amounts

Russell

2000

............................................................................................................

$

11,267,444‌

Russell

2000

Growth

......................................................................................................

2,428,146‌

Russell

2000

Value

.......................................................................................................

2,069,415‌

Notes

to

Financial

Statements

(unaudited)

(continued)

67

Notes

to

Financial

Statements

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 September

30,

2023,

transactions

executed

by

the

Funds

pursuant

to

Rule

17a-7

under

the

1940

Act

were

as

follows:

Each

Fund

may

invest

its

positive

cash

balances

in

certain

money

market

funds

managed

by

BFA

or

an

affiliate.

The

income

earned

on

these

temporary

cash

investments

is

shown

as

dividends

–

affiliated

in

the

Statements

of

Operations.

A

fund,

in

order

to

improve

its

portfolio

liquidity

and

its

ability

to

track

its

underlying

index,

may

invest

in

shares

of

other

iShares

funds

that

invest

in

securities

in

the

fund’s

underlying

index.

7.

Purchases

and

Sales

For

the six

months ended

September

30,

2023,

purchases

and

sales

of

investments,

excluding

short-term securities

and

in-kind

transactions,

were

as

follows:

For

the six

months ended

September

30,

2023,

in-kind

transactions

were

as

follows:

8.

Income

Tax

Information

Each

Fund

is

treated

as

an

entity

separate

from

the

Trust’s other

funds

for

federal

income

tax

purposes.

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the

Funds

as

of

September

30,

2023,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’ financial

statements.

;

As

of

March

31,

2023,

the

Funds

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

and

qualified

late-year

losses as

follows:

A

fund

may

own

shares

in

certain

foreign

investment

entities,

referred

to,

under

U.S.

tax

law,

as

“passive

foreign

investment

companies.”

Such

fund

may

elect

to

mark-to-

market

annually

the

shares

of

each

passive

foreign

investment

company

and

would

be

required

to

distribute

to

shareholders

any

such

marked-to-market

gains.

As

of

September

30,

2023,

gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows:

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

Russell

2000

.........................................................................

$

693,522,304‌

$

1,473,119,062‌

$

(23,696,883‌)

Russell

2000

Growth

...................................................................

1,358,503,090‌

1,753,264,839‌

(464,074,068‌)

Russell

2000

Value

....................................................................

1,227,035,162‌

1,427,099,688‌

(27,269,285‌)

iShares

ETF

Purchases

Sales

Russell

2000

.........................................................................................

$

6,260,512,869‌

$

6,115,131,397‌

Russell

2000

Growth

...................................................................................

2,907,390,088‌

2,896,962,484‌

Russell

2000

Value

....................................................................................

2,612,938,188‌

2,673,432,668‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

Russell

2000

.........................................................................................

$

37,813,289,697‌

$

35,916,995,308‌

Russell

2000

Growth

...................................................................................

1,426,240,408‌

1,266,018,997‌

Russell

2000

Value

....................................................................................

965,402,048‌

1,865,261,337‌

iShares

ETF

Non-Expiring

Capital

Loss

Carryforwards

Qualified

 Late-Year

Capital

Losses

Russell

2000

..........................................................................................

$

14,270,567,827‌

$

1,007,325‌

Russell

2000

Growth

....................................................................................

2,744,343,857‌

—‌

Russell

2000

Value

.....................................................................................

1,506,466,766‌

—‌

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Russell

2000

....................................................

$

82,116,624,732‌

$

770,688,218‌

$

(25,481,749,363‌)

$

(24,711,061,145‌)

Russell

2000

Growth

...............................................

12,028,313,650‌

782,712,834‌

(1,915,132,987‌)

(1,132,420,153‌)

Russell

2000

Value

................................................

13,175,021,237‌

831,830,303‌

(2,740,537,303‌)

(1,908,707,000‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

iShares

Semi-Annual

Report

To

Shareholders

68

9.

Principal

Risks

In

the

normal

course

of

business,

each

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including,

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and

their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject.

BFA

uses

a

“passive”

or

index

approach

to

try

to

achieve

each

Fund’s

investment

objective

following

the

securities

included

in

its

underlying

index

during

upturns

as

well

as

downturns.

BFA

does

not

take

steps

to

reduce

market

exposure

or

to

lessen

the

effects

of

a

declining

market.

Divergence

from

the

underlying

index

and

the

composition

of

the

portfolio

is

monitored

by

BFA.

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Infectious

Illness

Risk:

An

outbreak

of

an

infectious

illness,

such

as

the

COVID-19

pandemic,

may

adversely

impact

the

economies

of

many

nations

and

the

global

economy,

and

may

impact

individual

issuers

and

capital

markets

in

ways

that

cannot

be

foreseen.

An

infectious

illness

outbreak

may

result

in,

among

other

things,

closed

international

borders,

prolonged

quarantines,

supply

chain

disruptions,

market

volatility

or

disruptions

and

other

significant

economic,

social

and

political

impacts.

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.

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. 

Notes

to

Financial

Statements

(unaudited)

(continued)

69

Notes

to

Financial

Statements

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

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

From

time

to

time,

settlement

of

securities

related

to

in-kind

contributions

or

in-kind

redemptions

may

be

delayed.

In

such

cases,

securities

related

to

in-kind

transactions

are

reflected

as

a

receivable

or

a

payable

in

the

Statements

of

Assets

and

Liabilities.

11.

Subsequent

Events

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

available

to

be

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Six

Months

Ended

09/30/23

Year

Ended

03/31/23

iShares

ETF

Shares

Amount

Shares

Amount

Russell

2000

Shares

sold

219,400,000‌

$

39,890,475,404‌

417,700,000‌

$

75,423,168,543‌

Shares

redeemed

(208,100,000‌)

(37,908,364,584‌)

(441,000,000‌)

(79,638,524,773‌)

11,300,000‌

$

1,982,110,820‌

(23,300,000‌)

$

(4,215,356,230‌)

Russell

2000

Growth

Shares

sold

6,150,000‌

$

1,446,441,234‌

15,500,000‌

$

3,389,592,867‌

Shares

redeemed

(5,450,000‌)

(1,284,358,013‌)

(16,500,000‌)

(3,696,775,160‌)

700,000‌

$

162,083,221‌

(1,000,000‌)

$

(307,182,293‌)

Russell

2000

Value

Shares

sold

7,700,000‌

$

1,066,371,250‌

16,250,000‌

$

2,354,853,734‌

Shares

redeemed

(14,850,000‌)

(2,061,132,244‌)

(23,650,000‌)

(3,499,054,175‌)

(7,150,000‌)

$

(994,760,994‌)

(7,400,000‌)

$

(1,144,200,441‌)

Board

Review

and

Approval

of

Investment

Advisory

Contract

2023

iShares

Semi-Annual

Report

to

Shareholders

70

iShares

Russell

2000

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust's

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

the

approval

of

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

legal

and

compliance

services;

and

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

on

May

2,

2023

and

May

15,

2023,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel,

and

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

7-8,

2023,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

material

factors,

none

of

which

was

controlling,

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

other

fund(s)

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

for

the

Fund

were

within

range

of

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2022,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

factors

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year

.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

to

the

iShares

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund,

including

related

programs

implemented

pursuant

to

regulatory

requirements.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies

provided

at

the

May

2,

2023

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

71

Board

Review

and

Approval

of

Investment

Advisory

Contract

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability

(as

discussed

above),

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

relatively

low

fee

rates

established

at

inception,

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business

and

the

provision

of

improved

or

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

already

provided

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund,

on

an

aggregated

basis

with

the

assets

of

certain

other

iShares

funds,

increase.

The

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

new

or

revised

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

noted

that

BFA

and

its

affiliates

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

Further,

with

respect

to

comparisons

with

one

or

more

open-end

index

mutual

funds

registered

under

the

1940

Act

managed

by

BFA

(or

an

affiliate)

that

track

the

same

index

as

the

Fund

or

have

a

similar

investment

strategy

or

mandate,

and

have

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

that

are

lower

than

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

of

the

Fund,

the

Board

gave

weight

to

management’s

explanations

of

the

relevant

circumstances

applicable

to

such

mutual

funds.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

as

applicable

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

further

considered

other

direct

benefits

that

might

accrue

to

BFA,

including

the

potential

for

reduction

in

the

Fund’s

expenses

that

are

borne

by

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

in

part

to

the

size

and

scope

of

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

in

the

iShares

complex)

as

well

as

in

response

to

a

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

by

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

by

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

and

paid

for

by

authorized

participants

under

the

ETF

Servicing

Platform.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

2023

iShares

Semi-Annual

Report

to

Shareholders

72

iShares

Russell

2000

Growth

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust's

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

the

approval

of

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

legal

and

compliance

services;

and

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

on

May

2,

2023

and

May

15,

2023,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel,

and

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

7-8,

2023,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

material

factors,

none

of

which

was

controlling,

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

other

fund(s)

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

for

the

Fund

were

within

range

of

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2022,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

factors

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

to

the

iShares

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund,

including

related

programs

implemented

pursuant

to

regulatory

requirements.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies

provided

at

the

May

2,

2023

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

73

Board

Review

and

Approval

of

Investment

Advisory

Contract

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability

(as

discussed

above),

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

relatively

low

fee

rates

established

at

inception,

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business

and

the

provision

of

improved

or

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

already

provided

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund,

on

an

aggregated

basis

with

the

assets

of

certain

other

iShares

funds,

increase.

The

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

new

or

revised

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

noted

that

BFA

and

its

affiliates

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

as

applicable

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

further

considered

other

direct

benefits

that

might

accrue

to

BFA,

including

the

potential

for

reduction

in

the

Fund’s

expenses

that

are

borne

by

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

in

part

to

the

size

and

scope

of

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

in

the

iShares

complex)

as

well

as

in

response

to

a

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

by

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

by

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

and

paid

for

by

authorized

participants

under

the

ETF

Servicing

Platform.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

iShares

Russell

2000

Value

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust's

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

the

approval

of

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

legal

and

compliance

services;

and

ability

to

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

2023

iShares

Semi-Annual

Report

to

Shareholders

74

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

on

May

2,

2023

and

May

15,

2023,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel,

and

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

7-8,

2023,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

material

factors,

none

of

which

was

controlling,

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

other

fund(s)

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2022,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

factors

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

to

the

iShares

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund,

including

related

programs

implemented

pursuant

to

regulatory

requirements.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies

provided

at

the

May

2,

2023

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

75

Board

Review

and

Approval

of

Investment

Advisory

Contract

Economies

of

Scale:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability

(as

discussed

above),

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

relatively

low

fee

rates

established

at

inception,

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business

and

the

provision

of

improved

or

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

already

provided

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund,

on

an

aggregated

basis

with

the

assets

of

certain

other

iShares

funds,

increase.

The

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

new

or

revised

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

noted

that

BFA

and

its

affiliates

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

as

applicable

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

further

considered

other

direct

benefits

that

might

accrue

to

BFA,

including

the

potential

for

reduction

in

the

Fund’s

expenses

that

are

borne

by

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

in

part

to

the

size

and

scope

of

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

in

the

iShares

complex)

as

well

as

in

response

to

a

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

by

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

by

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

and

paid

for

by

authorized

participants

under

the

ETF

Servicing

Platform.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Supplemental

Information

(unaudited)

2023

iShares

Semi-Annual

Report

to

Shareholders

76

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.

September

30,

2023

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

Russell

2000

.........................

$

1.337551‌

$

—‌

$

—‌

$

1.337551‌

100‌%

—‌%

—‌%

100‌%

Russell

2000

Growth

(a)

..................

0.799363‌

—‌

0.004970‌

0.804333‌

99‌

—‌

1‌

100‌

Russell

2000

Value

(a)

...................

1.519301‌

—‌

0.049987‌

1.569288‌

97‌

—‌

3‌

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

77

General

Information

Electronic

Delivery

Shareholders

can

sign

up

for

e-mail

notifications

announcing

that

the

shareholder

report

or

prospectus

has

been

posted

on

the

iShares

website

at

iShares.com

.

Once

you

have

enrolled,

you

will

no

longer

receive

prospectuses

and

shareholder

reports

in

the

mail.

To

enroll

in

electronic

delivery:

•  

Go

to

icsdelivery.com

.

• 

 If

your

brokerage

firm

is

not

listed,

electronic

delivery

may

not

be

available.

Please

contact

your

broker-dealer

or

financial

advisor.

Householding

Householding

is

an

option

available

to

certain

fund

investors.

Householding

is

a

method

of

delivery,

based

on

the

preference

of

the

individual

investor,

in

which

a

single

copy

of

certain

shareholder

documents

and

Rule

30e-3

notices

can

be

delivered

to

investors

who

share

the

same

address,

even

if

their

accounts

are

registered

under

different

names.

Please

contact

your

broker-dealer

if

you

are

interested

in

enrolling

in

householding

and

receiving

a

single

copy

of

prospectuses

and

other

shareholder

documents,

or

if

you

are

currently

enrolled

in

householding

and

wish

to

change

your

householding

status.

Availability

of

Quarterly

Schedule

of

Investments

The

Funds

file

their

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

their

reports

on

Form

N-PORT.

The

Funds’

Forms

N-PORT

are

available

on

the

SEC’s

website

at

sec.gov

.

Additionally,

each

Fund

makes

its

portfolio

holdings

for

the

first

and

third

quarters

of

each

fiscal

year

available

at

iShares.com/fundreports

.

Availability

of

Proxy

Voting

Policies

and

Proxy

Voting

Records

A

description

of

the

policies

and

procedures

that

the

iShares

Funds

use

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and

information

about

how

the

iShares

Funds

voted

proxies

relating

to

portfolio

securities

during

the

most

recent

twelve-month

period

ending

June

30

is

available

without

charge,

upon

request

(1)

by

calling

toll-free

1-800-474-2737;

(2)

on

the

iShares

website

at

iShares.com

;

and

(3)

on

the

SEC

website

at

sec.gov

.

A

description

of

the

Trust’s policies

and

procedures

with

respect

to

the

disclosure

of each

Fund’s

portfolio

securities

is

available

in

the

Fund

Prospectus. Each

Fund

discloses

its

portfolio

holdings

daily

and

provides

information

regarding

its

top

holdings

in

Fund

fact

sheets

at

iShares.com

.

Glossary

of

Terms

Used

in

this

Report

2023

iShares

Semi-Annual

Report

to

Shareholders

78

Currency

Abbreviation

USD

United

States

Dollar

Portfolio

Abbreviation

CVR

Contingent

Value

Rights

NVS

Non-Voting

Shares

REIT

Real

Estate

Investment

Trust

iS-SAR-316-0923

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

FTSE

Russell,

nor

does

this

company

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

company

listed

above.

©2023

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

of

BlackRock,

Inc.

or

its

subsidiaries.

All

other

marks

are

the

property

of

their

respective

owners.

SEPTEMBER

30,

2023

2023

Semi-Annual

Report

(Unaudited)

iShares

Trust

iShares

Micro-Cap

ETF

|

IWC

|

NYSE

Arca

iShares

Russell

2500

ETF

|

SMMD

|

Cboe

BZX

iShares

Russell

Mid-Cap

ETF

|

IWR

|

NYSE

Arca

iShares

Russell

Mid-Cap

Growth

ETF

|

IWP

|

NYSE

Arca

Dear

Shareholder,

The

combination

of

continued

economic

growth

and

moderating

inflation

provided

a

supportive

backdrop

for

investors

during

the

12-month

reporting

period

ended

September

30,

2023.

Significantly

tighter

monetary

policy

helped

to

rein

in

inflation

while

the

economy

proved

more

resilient

than

many

investors

anticipated.

A

moderating

labor

market

also

helped

ease

inflationary

pressure,

although

wages

continued

to

grow

and

unemployment

rates

touched

the

lowest

levels

in

decades.

This

robust

labor

market

powered

further

growth

in

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

substantial,

as

the

durability

of

consumer

sentiment

and

spending

mitigated

investors’

concerns

about

the

economy’s

trajectory.

The

U.S.

economy

resumed

growth

in

the

third

quarter

of

2022

and

continued

to

expand

thereafter.

All

major

classes

of

equities

rose,

although

large-capitalization

U.S.

stocks

posted

significantly

higher

returns

than

small-capitalization

U.S.

stocks

due

primarily

to

the

performance

of

large

technology

companies.

International

developed

market

equities

also

advanced

strongly,

and

emerging

market

equities

posted

solid

gains.

The

10-year

U.S.

Treasury

yield

rose

during

the

reporting

period,

driving

its

price

down,

as

investors

reacted

to

elevated

inflation

and

attempted

to

anticipate

future

interest

rate

changes.

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

six

times

during

the

12-month

period.

Furthermore,

the

Fed

wound

down

its

bond-buying

programs

and

incrementally

reduced

its

balance

sheet

by

not

replacing

securities

that

reach

maturity.

However,

the

Fed

declined

to

raise

interest

rates

at

two

of

its

meetings

late

in

the

period.

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

decelerated

the

pace

of

interest

rate

hikes

and

recently

opted

for

two

pauses,

we

believe

that

the

new

economic

regime

means

that

the

Fed

will

need

to

maintain

high

rates

for

an

extended

period

to

keep

inflation

under

control.

Furthermore,

ongoing

structural

changes

may

mean

that

the

Fed

will

be

hesitant

to

cut

interest

rates

in

the

event

of

faltering

economic

activity

lest

inflation

accelerate

again.

We

believe

investors

should

expect

a

period

of

higher

volatility

as

markets

adjust

to

the

new

economic

reality

and

policymakers

attempt

to

adapt.

While

we

favor

an

overweight

position

in

developed

market

equities

in

the

long

term,

we

prefer

an

underweight

stance

in

the

near

term.

Expectations

for

corporate

earnings

remain

elevated,

which

seems

inconsistent

with

macroeconomic

constraints.

Nevertheless,

we

are

overweight

on

Japanese

stocks

in

the

near

term

as

shareholder-friendly

policies

generate

increased

investor

interest.

We

also

believe

that

stocks

with

an

AI

tilt

should

benefit

from

an

investment

cycle

that

is

set

to

support

revenues

and

margins.

In

credit,

there

are

selective

opportunities

in

the

near

term

despite

tightening

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,

U.S.

inflation-linked

bonds,

euro

area

government

bonds

and

gilts,

U.S.

mortgage-backed

securities,

and

hard-

currency

emerging

market

bonds.

Overall,

our

view

is

that

investors

need

to

think

globally,

position

themselves

to

be

prepared

for

a

decarbonizing

economy,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

iShares.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock,

Inc.

The

Markets

in

Review

Rob

Kapito

President,

BlackRock,

Inc.

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Total

Returns

as

of

September

30,

2023

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

5.18

%

21.62

%

U.S.

small

cap

equities

(Russell

2000

®

Index)

(0.19

)

8.93

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

(1.28

)

25.65

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

(2.05

)

11.70

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

2.50

4.47

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(6.98

)

(2.90

)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

(4.05

)

0.64

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

(4.05

)

2.66

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

2.22

10.28

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

...................................................................................................

2

Semi-Annual

Report:

Fund

Summary

........................................................................................................

4

About

Fund

Performance

..................................................................................................

8

Disclosure

of Expenses

...................................................................................................

8

Schedules

of

Investments

.................................................................................................

9

Financial

Statements:

Statements

of

Assets

and

Liabilities

.........................................................................................

49

Statements

of

Operations

................................................................................................

50

Statements

of

Changes

in

Net

Assets

........................................................................................

51

Financial

Highlights

.....................................................................................................

53

Notes

to

Financial

Statements

...............................................................................................

57

Board

Review

and

Approval

of

Investment

Advisory

Contract

............................................................................

66

Supplemental

Information

.................................................................................................

74

General

Information

.....................................................................................................

75

Glossary

of

Terms

Used

in

this

Report

..........................................................................................

76

Fund

Summary

as

of

September

30,

2023

2023

iShares

Semi-Annual

Report

To

Shareholders

4

iShares

®

Micro-Cap

ETF

Investment

Objective

The 

iShares

Micro-Cap

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

micro-capitalization

U.S.

equities,

as

represented

by

the

Russell

MicroCap

®

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(3.28‌)%

(1.60‌)%

0.02‌%

5.12‌%

(1.60‌)%

0.12‌%

64.70‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(3.57‌)

(1.93‌)

(0.02‌)

5.10‌

(1.93‌)

(0.10‌)

64.42‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(3.06‌)

(1.35‌)

0.23‌

5.25‌

(1.35‌)

1.16‌

66.73‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

967.20‌

$

2.95‌

$

1,000.00‌

$

1,022.00‌

$

3.03‌

0.60‌%

(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.

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Health

Care

....................................

23.9‌

%

Financials

......................................

20.9‌

Industrials

......................................

14.1‌

Information

Technology

.............................

10.6‌

Consumer

Discretionary

............................

10.3‌

Energy

........................................

6.7‌

Materials

......................................

4.0‌

Real

Estate

.....................................

3.8‌

Communication

Services

............................

3.1‌

Consumer

Staples

................................

1.7‌

Utilities

........................................

0.9‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

ImmunoGen

,

Inc.

..................................

1.1‌

%

Modine

Manufacturing

Co.

............................

0.7‌

Sterling

Infrastructure,

Inc.

............................

0.6‌

Crinetics

Pharmaceuticals,

Inc.

........................

0.5‌

Uranium

Energy

Corp.

..............................

0.5‌

Helix

Energy

Solutions

Group,

Inc.

......................

0.5‌

Diamond

Offshore

Drilling,

Inc.

.........................

0.4‌

Ideaya

Biosciences,

Inc.

.............................

0.4‌

Cymabay

Therapeutics,

Inc.

..........................

0.4‌

Energy

Fuels,

Inc.

.................................

0.4‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

September

30,

2023

5

Fund

Summary

iShares

®

Russell

2500

ETF

Investment

Objective

The 

iShares

Russell

2500

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

mid-

and

small-capitalization

U.S.

equities,

as

represented

by

the

Russell

2500

TM

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

July

6,

2017.

The

first

day

of

secondary

market

trading

was

July

7,

2017.

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

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.24‌%

11.36‌%

4.57‌%

7.12‌%

11.36‌%

25.03‌%

53.58‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25‌

11.30‌

4.55‌

7.13‌

11.30‌

24.93‌

53.68‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.19‌

11.28‌

4.55‌

7.12‌

11.28‌

24.89‌

53.49‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,002.40‌

$

0.35‌

$

1,000.00‌

$

1,024.65‌

$

0.35‌

0.07‌%

(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.

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Investment

Funds

................................

42.3‌

%

Industrials

......................................

12.4‌

Financials

......................................

9.1‌

Consumer

Discretionary

............................

8.0‌

Information

Technology

.............................

7.2‌

Health

Care

....................................

5.7‌

Real

Estate

.....................................

4.5‌

Materials

......................................

3.6‌

Energy

........................................

2.3‌

Consumer

Staples

................................

1.9‌

Communication

Services

............................

1.6‌

Utilities

........................................

1.4‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

iShares

Russell

2000

ETF

............................

42.4‌

%

FactSet

Research

Systems,

Inc.

........................

0.3‌

Hubbell,

Inc.

.....................................

0.3‌

CBOE

Global

Markets,

Inc.

...........................

0.3‌

PTC,

Inc.

.......................................

0.3‌

Jabil,

Inc.

.......................................

0.3‌

PulteGroup,

Inc.

..................................

0.3‌

Everest

Group

Ltd.

.................................

0.3‌

Builders

FirstSource

,

Inc.

............................

0.3‌

Textron,

Inc.

.....................................

0.3‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

September

30,

2023

2023

iShares

Semi-Annual

Report

To

Shareholders

6

iShares

®

Russell

Mid-Cap

ETF

Investment

Objective

The 

iShares

Russell

Mid-Cap

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

mid-capitalization

U.S.

equities,

as

represented

by

the

Russell

MidCap

®

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(0.22‌)%

13.30‌%

6.23‌%

8.82‌%

13.30‌%

35.31‌%

132.80‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(0.22‌)

13.22‌

6.23‌

8.81‌

13.22‌

35.29‌

132.74‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(0.14‌)

13.45‌

6.38‌

8.98‌

13.45‌

36.25‌

136.41‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

997.80‌

$

0.95‌

$

1,000.00‌

$

1,024.05‌

$

0.96‌

0.19‌%

(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.

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Industrials

......................................

19.1‌

%

Financials

......................................

15.0‌

Information

Technology

.............................

13.3‌

Health

Care

....................................

11.0‌

Consumer

Discretionary

............................

10.2‌

Real

Estate

.....................................

7.6‌

Materials

......................................

5.9‌

Energy

........................................

5.4‌

Utilities

........................................

5.3‌

Consumer

Staples

................................

3.7‌

Communication

Services

............................

3.5‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Phillips

66

.......................................

0.6‌

%

Parker-Hannifin

Corp.

...............................

0.5‌

Amphenol

Corp.,

Class

A

............................

0.5‌

Arthur

J

Gallagher

&

Co.

.............................

0.5‌

Apollo

Global

Management,

Inc.

........................

0.5‌

Marvell

Technology,

Inc.

.............................

0.5‌

Aflac,

Inc.

.......................................

0.5‌

Trane

Technologies

plc

..............................

0.5‌

Carrier

Global

Corp.

................................

0.5‌

TransDigm

Group,

Inc.

..............................

0.5‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

September

30,

2023

7

Fund

Summary

iShares

®

Russell

Mid-Cap

Growth

ETF

Investment

Objective

The 

iShares

Russell

Mid-Cap

Growth

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

mid-capitalization

U.S.

equities

that

exhibit

growth

characteristics,

as

represented

by

the

Russell

MidCap

®

Growth

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.58‌%

17.25‌%

6.75‌%

9.72‌%

17.25‌%

38.65‌%

152.91‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.62‌

17.32‌

6.75‌

9.72‌

17.32‌

38.65‌

152.75‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.68‌

17.47‌

6.97‌

9.94‌

17.47‌

40.06‌

158.07‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,005.80‌

$

1.15‌

$

1,000.00‌

$

1,023.85‌

$

1.16‌

0.23‌%

(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.

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Information

Technology

.............................

22.2‌

%

Health

Care

....................................

20.3‌

Industrials

......................................

19.5‌

Consumer

Discretionary

............................

12.7‌

Financials

......................................

10.5‌

Energy

........................................

4.4‌

Communication

Services

............................

4.2‌

Consumer

Staples

................................

2.9‌

Real

Estate

.....................................

1.6‌

Materials

......................................

1.3‌

Utilities

........................................

0.4‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Apollo

Global

Management,

Inc.

........................

1.7‌

%

Cheniere

Energy,

Inc.

...............................

1.4‌

Old

Dominion

Freight

Line,

Inc.

........................

1.3‌

Paychex,

Inc.

....................................

1.3‌

Cintas

Corp.

.....................................

1.3‌

Copart

,

Inc.

......................................

1.3‌

Dexcom

,

Inc.

.....................................

1.3‌

IDEXX

Laboratories,

Inc.

.............................

1.3‌

Ross

Stores,

Inc.

..................................

1.3‌

Crowdstrike

Holdings,

Inc.,

Class

A

......................

1.3‌

(a)

Excludes

money

market

funds.

About

Fund

Performance

2023

iShares

Semi-Annual

Report

To

Shareholders

8

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time

and

may

continue

to

affect

adversely

the

value

and

liquidity

of

each

Fund’s

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Performance

data

current

to

the

most

recent

month-end

is

available

at

iShares.com

.

Performance

results

assume

reinvestment

of

all

dividends

and

capital

gain

distributions

and

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

The

investment

return

and

principal

value

of

shares

will

vary

with

changes

in

market

conditions.

Shares

may

be

worth

more

or

less

than

their

original

cost

when

they

are

redeemed

or

sold

in

the

market.

Performance

for

certain

funds

may

reflect

a

waiver

of

a

portion

of

investment

advisory

fees.

Without

such

a

waiver,

performance

would

have

been

lower.

Net

asset

value

or

“NAV”

is

the

value

of

one

share

of

a

fund

as

calculated

in

accordance

with

the

standard

formula

for

valuing

mutual

fund

shares.

Beginning

August

10,

2020,

the

price

used

to

calculate

market

return

(“Market

Price”)

is

the

closing

price.

Prior

to

August

10,

2020,

Market Price

was

determined

using

the

midpoint

between

the

highest

bid

and

the

lowest

ask

on

the

primary

stock

exchange

on

which

shares

of

a

fund

are

listed

for

trading,

as

of

the

time

that

such

fund’s

NAV

is

calculated. Since

shares

of

a

fund

may

not

trade

in

the

secondary

market

until

after

the

fund’s

inception,

for

the

period

from

inception

to

the

first

day

of

secondary

market

trading

in

shares

of

the

fund,

the

NAV

of

the

fund

is

used

as

a

proxy

for

the

Market

Price

to

calculate

market

returns.

Market

and

NAV

returns

assume

that

dividends

and

capital

gain

distributions

have

been

reinvested

at

Market

Price

and

NAV,

respectively.

An

index

is

a

statistical

composite

that

tracks

a

specified

financial

market

or

sector.

Unlike

a

fund,

an

index

does

not

actually

hold

a

portfolio

of

securities

and

therefore

does

not

incur

the

expenses

incurred

by

a

fund.

These

expenses

negatively

impact

fund

performance.

Also,

market

returns

do

not

include

brokerage

commissions

that

may

be

payable

on

secondary

market

transactions.

If

brokerage

commissions

were

included,

market

returns

would

be

lower.

Disclosure

of Expenses

Shareholders

of each

Fund

may

incur

the

following

charges: (1)

transactional

expenses,

including

brokerage

commissions

on

purchases

and

sales

of

fund

shares

and

(2)

ongoing

expenses,

including

management

fees

and

other

fund

expenses.

The

expense

examples

shown (which are

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period) are

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in each

Fund and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

funds.

The

expense

examples

provide information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to estimate

the

expenses

a

shareholder paid during

the period

covered

by

this

report,

shareholders

can divide their

account

value

by

$1,000 and

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

the

Period.”

The

expense

examples also

provide

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on a

fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the ongoing expenses

of

investing

in the

Funds

and

other

funds, compare

the

5%

hypothetical

examples

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

expenses

shown

in

the

expense

examples are

intended

to highlight shareholders’

ongoing

costs

only

and

do

not

reflect

any

transactional

expenses,

such

as

brokerage

commissions

and

other

fees

paid

on

purchases

and

sales

of

fund

shares.

Therefore,

the

hypothetical

examples are

useful

in

comparing

ongoing expenses

only

and

will

not

help

shareholders determine

the

relative

total expenses

of

owning

different

funds. If

these

transactional expenses

were

included, shareholder

expenses would

have

been

higher.

Schedule

of

Investments

(unaudited)

September

30,

2023

iShares

®

Micro-Cap

ETF

Schedules

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.0%

AerSale

Corp.

(a)(b)

...................

57,063

$

852,521

Archer

Aviation,

Inc.,

Class

A

(a)(b)

.........

338,550

1,713,063

Astronics

Corp.

(a)(b)

..................

57,932

918,802

Byrna

Technologies,

Inc.

(a)(b)

............

38,459

86,148

Cadre

Holdings,

Inc.

.................

43,299

1,153,918

CPI

Aerostructures,

Inc.

(b)

.............

23,269

77,719

Ducommun,

Inc.

(b)

..................

29,115

1,266,794

Innovative

Solutions

and

Support,

Inc.

(a)(b)

..

24,624

187,142

National

Presto

Industries,

Inc.

..........

11,484

832,131

Park

Aerospace

Corp.

................

41,490

644,340

Redwire

Corp.

(a)(b)

...................

18,224

52,667

Terran

Orbital

Corp.

(a)(b)

...............

190,296

158,402

VirTra,

Inc.

(b)

......................

23,350

130,293

8,073,940

Air

Freight

&

Logistics

—

0.1%

(b)

Air

T,

Inc.

(a)

.......................

2,412

53,908

Radiant

Logistics,

Inc.

...............

81,347

459,611

513,519

Automobile

Components

—

1.1%

(b)

Cooper-Standard

Holdings,

Inc.

(a)

........

37,637

505,089

Holley,

Inc.

.......................

117,652

587,083

Modine

Manufacturing

Co.

.............

114,398

5,233,709

Motorcar

Parts

of

America,

Inc.

(a)

........

41,372

334,699

Solid

Power,

Inc.,

Class

A

(a)

............

345,514

697,938

Stoneridge,

Inc.

(a)

...................

58,970

1,183,528

Strattec

Security

Corp.

(a)

..............

8,540

197,274

Superior

Industries

International,

Inc.

.....

48,800

148,352

Sypris

Solutions,

Inc.

(a)

...............

26,239

51,691

8,939,363

Automobiles

—

0.0%

(a)(b)

Envirotech

Vehicles,

Inc.

..............

27,125

43,942

Volcon,

Inc.

.......................

40,615

20,511

Workhorse

Group,

Inc.

...............

390,463

161,808

226,261

Banks

—

14.2%

1895

Bancorp

of

Wisconsin,

Inc.

(a)(b)

......

12,851

92,270

ACNB

Corp.

......................

18,414

582,067

Affinity

Bancshares,

Inc.

(b)

.............

10,558

161,326

Amalgamated

Financial

Corp.

..........

39,175

674,593

Amerant

Bancorp,

Inc.,

Class

A

.........

57,234

998,161

American

National

Bankshares,

Inc.

......

22,951

870,761

AmeriServ

Financial,

Inc.

.............

33,941

89,944

Ames

National

Corp.

(a)

...............

19,311

320,369

Arrow

Financial

Corp.

................

32,937

560,588

Auburn

National

BanCorp,

Inc.

..........

5,163

111,521

Bank

First

Corp.

(a)

..................

20,739

1,600,014

Bank

of

Marin

Bancorp

...............

35,020

640,166

Bank

of

the

James

Financial

Group,

Inc.

...

8,453

86,643

Bank7

Corp.

......................

8,226

185,167

BankFinancial

Corp.

.................

24,545

211,578

Bankwell

Financial

Group,

Inc.

..........

13,080

317,452

Bar

Harbor

Bankshares

..............

33,188

784,232

BayCom

Corp.

....................

26,088

501,150

Bayfirst

Financial

Corp.

...............

8,005

89,256

BCB

Bancorp,

Inc.

..................

33,486

373,034

Blue

Foundry

Bancorp

(b)

..............

52,826

442,154

Blue

Ridge

Bankshares,

Inc.

...........

39,421

178,183

Bogota

Financial

Corp.

(a)(b)

.............

10,266

75,763

Bridgewater

Bancshares,

Inc.

(a)(b)

........

45,247

428,942

Broadway

Financial

Corp.

(b)

............

85,342

83,627

Burke

&

Herbert

Financial

Services

Corp.

..

14,345

666,540

Security

Shares

Shares

Value

Banks

(continued)

Business

First

Bancshares,

Inc.

.........

53,528

$

1,004,185

Byline

Bancorp,

Inc.

.................

54,964

1,083,340

C&F

Financial

Corp.

.................

7,227

387,367

California

Bancorp

(b)

.................

17,284

347,408

Cambridge

Bancorp

.................

16,870

1,050,832

Camden

National

Corp.

..............

31,895

900,077

Capital

Bancorp,

Inc.

................

21,635

413,878

Capital

City

Bank

Group,

Inc.

...........

29,288

873,661

Capstar

Financial

Holdings,

Inc.

.........

43,181

612,738

Carter

Bankshares,

Inc.

(a)(b)

............

52,642

659,604

Catalyst

Bancorp,

Inc.

(a)(b)

.............

10,221

124,594

CB

Financial

Services,

Inc.

............

10,435

226,231

Central

Pacific

Financial

Corp.

..........

55,563

926,791

Central

Valley

Community

Bancorp

.......

22,443

316,671

CF

Bankshares,

Inc.

.................

9,836

166,425

CFSB

Bancorp,

Inc.

(b)

................

5,468

38,713

Chemung

Financial

Corp.

.............

7,776

308,007

ChoiceOne

Financial

Services,

Inc.

.......

15,712

308,584

Citizens

&

Northern

Corp.

.............

33,422

586,556

Citizens

Community

Bancorp,

Inc.

.......

22,435

215,376

Citizens

Financial

Services,

Inc.

.........

8,473

406,026

Citizens

Holding

Co.

(a)

................

10,561

109,940

Civista

Bancshares,

Inc.

..............

34,252

530,906

CNB

Financial

Corp.

.................

45,988

832,843

Coastal

Financial

Corp.

(b)

.............

23,994

1,029,583

Codorus

Valley

Bancorp,

Inc.

...........

20,954

390,583

Colony

Bankcorp,

Inc.

...............

36,818

367,996

Community

Trust

Bancorp,

Inc.

.........

34,515

1,182,484

Community

West

Bancshares

..........

16,408

213,140

ConnectOne

Bancorp,

Inc.

............

82,718

1,474,862

CrossFirst

Bankshares,

Inc.

(a)(b)

.........

99,509

1,004,046

Cullman

Bancorp,

Inc.

...............

11,963

127,765

Dime

Community

Bancshares,

Inc.

.......

77,976

1,556,401

Eagle

Bancorp

Montana,

Inc.

...........

16,722

197,654

ECB

Bancorp,

Inc.

(a)(b)

................

18,609

204,699

Enterprise

Bancorp,

Inc.

..............

21,229

581,250

Equity

Bancshares,

Inc.,

Class

A

(a)

.......

32,426

780,494

Esquire

Financial

Holdings,

Inc.

.........

15,218

695,310

ESSA

Bancorp,

Inc.

.................

19,617

294,451

Evans

Bancorp,

Inc.

.................

11,600

310,880

Farmers

&

Merchants

Bancorp,

Inc.

......

28,472

499,114

Farmers

National

Banc

Corp.

...........

80,744

933,401

Fidelity

D&D

Bancorp,

Inc.

(a)

...........

10,294

467,348

Financial

Institutions,

Inc.

.............

33,889

570,352

Finward

Bancorp

...................

8,397

176,253

Finwise

Bancorp

(a)(b)

.................

22,570

195,005

First

Bancorp,

Inc.

(The)

..............

21,738

510,843

First

Bancshares,

Inc.

(The)

............

68,202

1,839,408

First

Bank

........................

46,641

502,790

First

Business

Financial

Services,

Inc.

.....

17,434

523,194

First

Capital,

Inc.

...................

7,302

196,424

First

Community

Bankshares,

Inc.

.......

39,343

1,158,651

First

Community

Corp.

...............

16,556

285,922

First

Financial

Corp.

.................

26,109

882,745

First

Financial

Northwest,

Inc.

..........

15,743

200,251

First

Foundation,

Inc.

................

114,197

694,318

First

Guaranty

Bancshares,

Inc.

.........

14,023

154,253

First

Internet

Bancorp

................

19,073

309,173

First

Mid

Bancshares,

Inc.

.............

42,727

1,134,829

First

National

Corp.

.................

11,912

212,510

First

Northwest

Bancorp

..............

17,526

215,044

First

of

Long

Island

Corp.

(The)

.........

47,648

548,428

First

Savings

Financial

Group,

Inc.

.......

12,683

189,611

First

Seacoast

Bancorp

...............

10,950

76,760

First

United

Corp.

..................

14,124

229,162

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Micro-Cap

ETF

10

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Banks

(continued)

First

US

Bancshares,

Inc.

.............

11,812

$

100,993

First

Western

Financial,

Inc.

(a)(b)

.........

18,073

328,025

Five

Star

Bancorp

..................

28,567

573,054

Flushing

Financial

Corp.

..............

62,920

826,140

FNCB

Bancorp,

Inc.

.................

36,698

218,353

Franklin

Financial

Services

Corp.

........

9,421

268,498

FS

Bancorp,

Inc.

...................

14,651

432,205

FVCBankcorp,

Inc.

(a)(b)

...............

35,775

458,278

German

American

Bancorp,

Inc.

.........

62,347

1,688,980

Great

Southern

Bancorp,

Inc.

...........

20,101

963,240

Greene

County

Bancorp,

Inc.

...........

15,604

375,276

Guaranty

Bancshares,

Inc.

............

18,510

531,052

Hanmi

Financial

Corp.

...............

67,431

1,094,405

Hanover

Bancorp,

Inc.

(a)

..............

12,045

217,894

HarborOne

Bancorp,

Inc.

.............

93,606

891,129

Hawthorn

Bancshares,

Inc.

............

14,017

227,776

HBT

Financial,

Inc.

..................

29,668

541,144

Heritage

Commerce

Corp.

.............

132,313

1,120,691

Hingham

Institution

for

Savings

(The)

.....

3,307

617,582

HMN

Financial,

Inc.

.................

8,262

158,052

Home

Bancorp,

Inc.

.................

15,824

504,311

Home

Federal

Bancorp,

Inc.

of

Louisiana

...

5,114

77,477

HomeStreet,

Inc.

...................

40,409

314,786

HomeTrust

Bancshares,

Inc.

...........

34,460

746,748

Horizon

Bancorp,

Inc.

................

96,312

1,028,612

IF

Bancorp,

Inc.

....................

5,445

81,076

Independent

Bank

Corp.

..............

44,847

822,494

Investar

Holding

Corp.

...............

21,155

224,031

John

Marshall

Bancorp,

Inc.

...........

27,744

495,230

Kentucky

First

Federal

Bancorp

.........

6,836

35,137

Lake

Shore

Bancorp,

Inc.

.............

3,830

39,296

Lakeland

Bancorp,

Inc.

...............

138,625

1,749,447

Landmark

Bancorp,

Inc.

..............

9,858

179,416

LCNB

Corp.

......................

23,704

338,256

LINKBANCORP,

Inc.

................

29,789

204,948

Luther

Burbank

Corp.

................

22,786

191,402

Macatawa

Bank

Corp.

...............

58,799

526,839

Magyar

Bancorp,

Inc.

................

12,798

127,596

MainStreet

Bancshares,

Inc.

...........

15,678

322,026

Mercantile

Bank

Corp.

...............

34,795

1,075,513

Meridian

Corp.

....................

20,930

205,009

Metrocity

Bankshares,

Inc.

............

40,602

799,047

Metropolitan

Bank

Holding

Corp.

(b)

.......

23,374

848,009

Mid

Penn

Bancorp,

Inc.

...............

31,803

640,194

Middlefield

Banc

Corp.

...............

17,553

446,022

Midland

States

Bancorp,

Inc.

...........

47,513

975,917

MidWestOne

Financial

Group,

Inc.

.......

31,829

647,084

MVB

Financial

Corp.

................

25,359

572,606

National

Bankshares,

Inc.

.............

13,029

326,246

Nicolet

Bankshares,

Inc.

(a)

.............

28,724

2,004,361

Northeast

Bank

....................

14,611

644,345

Northeast

Community

Bancorp,

Inc.

......

29,889

441,162

Northfield

Bancorp,

Inc.

..............

92,476

873,898

Northrim

BanCorp,

Inc.

...............

12,298

487,247

Norwood

Financial

Corp.

..............

16,510

425,298

NSTS

Bancorp,

Inc.

(a)(b)

...............

10,557

95,330

Oak

Valley

Bancorp

(a)

................

14,885

373,316

Ohio

Valley

Banc

Corp.

...............

9,662

236,236

Old

Point

Financial

Corp.

.............

7,979

145,697

Old

Second

Bancorp,

Inc.

.............

96,349

1,311,310

OP

Bancorp

......................

26,299

240,636

Orange

County

Bancorp,

Inc.

...........

11,413

492,699

Origin

Bancorp,

Inc.

.................

65,185

1,881,891

Orrstown

Financial

Services,

Inc.

........

22,713

477,200

Parke

Bancorp,

Inc.

.................

23,266

379,003

Security

Shares

Shares

Value

Banks

(continued)

Partners

Bancorp

...................

22,547

$

174,739

Pathfinder

Bancorp,

Inc.

..............

7,331

102,927

Patriot

National

Bancorp,

Inc.

(b)

.........

5,979

42,570

PB

Bankshares,

Inc.

(a)(b)

..............

5,475

69,423

PCB

Bancorp

.....................

24,319

375,729

Peapack-Gladstone

Financial

Corp.

......

37,828

970,288

Penns

Woods

Bancorp,

Inc.

(a)

..........

15,121

318,751

Peoples

Bancorp

of

North

Carolina,

Inc.

...

10,623

238,805

Peoples

Bancorp,

Inc.

...............

75,245

1,909,718

Peoples

Financial

Services

Corp.

........

15,504

621,710

Pioneer

Bancorp,

Inc.

(b)

...............

26,110

222,979

Plumas

Bancorp

...................

12,250

418,215

Ponce

Financial

Group,

Inc.

(a)(b)

.........

45,734

357,640

Preferred

Bank

....................

23,499

1,462,813

Premier

Financial

Corp.

..............

78,887

1,345,812

Primis

Financial

Corp.

................

44,812

365,218

Princeton

Bancorp,

Inc.

...............

11,221

325,297

Provident

Bancorp,

Inc.

(b)

.............

37,651

364,838

Provident

Financial

Holdings,

Inc.

........

12,877

168,560

QCR

Holdings,

Inc.

.................

36,833

1,787,137

RBB

Bancorp

.....................

37,081

473,895

Red

River

Bancshares,

Inc.

............

10,775

495,219

Republic

Bancorp,

Inc.,

Class

A

.........

19,233

847,214

Rhinebeck

Bancorp,

Inc.

(b)

.............

9,744

66,357

Richmond

Mutual

BanCorp,

Inc.

.........

22,833

254,588

Riverview

Bancorp,

Inc.

..............

43,881

243,978

SB

Financial

Group,

Inc.

..............

14,370

197,156

Shore

Bancshares,

Inc.

...............

66,556

700,169

Sierra

Bancorp

....................

30,906

585,978

SmartFinancial,

Inc.

.................

35,115

750,408

Sound

Financial

Bancorp,

Inc.

..........

4,927

181,117

South

Plains

Financial,

Inc.

............

26,881

710,734

Southern

First

Bancshares,

Inc.

(b)

........

17,020

458,519

Southern

Missouri

Bancorp,

Inc.

.........

18,991

734,762

Southern

States

Bancshares,

Inc.

(a)

.......

16,810

379,738

Stellar

Bancorp,

Inc.

.................

108,636

2,316,120

Sterling

Bancorp,

Inc.

(a)(b)

..............

48,482

283,135

Summit

Financial

Group,

Inc.

...........

24,981

563,072

Summit

State

Bank

.................

11,907

196,108

TC

Bancshares,

Inc.

.................

9,696

133,805

Territorial

Bancorp,

Inc.

...............

16,956

154,130

Texas

Community

Bancshares,

Inc.

......

5,701

73,258

Third

Coast

Bancshares,

Inc.

(b)

..........

28,748

491,591

Timberland

Bancorp,

Inc.

.............

16,928

458,749

TrustCo

Bank

Corp.

.................

41,527

1,133,272

Union

Bankshares,

Inc.

...............

9,133

204,579

United

Bancorp,

Inc.

.................

10,969

126,692

United

Security

Bancshares

............

31,029

230,856

Unity

Bancorp,

Inc.

..................

15,957

373,873

Univest

Financial

Corp.

...............

64,710

1,124,660

USCB

Financial

Holdings,

Inc.,

Class

A

(b)

...

23,626

248,309

Village

Bank

and

Trust

Financial

Corp.

....

1,344

61,192

Virginia

National

Bankshares

Corp.

(a)

......

10,489

318,341

Washington

Trust

Bancorp,

Inc.

.........

37,530

988,165

West

Bancorp,

Inc.

..................

35,817

584,175

Western

New

England

Bancorp,

Inc.

......

44,943

291,680

William

Penn

Bancorp

(a)

..............

25,068

312,849

112,752,424

Beverages

—

0.2%

(b)

Splash

Beverage

Group,

Inc.

(a)

..........

76,902

45,372

Vintage

Wine

Estates,

Inc.

(a)

...........

73,111

41,600

Vita

Coco

Co.,

Inc.

(The)

(a)

.............

63,425

1,651,587

Willamette

Valley

Vineyards,

Inc.

........

10,281

60,350

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Micro-Cap

ETF

Schedules

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Beverages

(continued)

Zevia

PBC,

Class

A

(a)

................

55,504

$

123,219

1,922,128

Biotechnology

—

13.9%

2seventy

bio,

Inc.

(a)(b)

................

110,518

433,231

4D

Molecular

Therapeutics,

Inc.

(a)(b)

.......

87,291

1,111,214

89bio,

Inc.

(b)

......................

137,736

2,126,644

Aadi

Bioscience,

Inc.

(b)

...............

36,160

175,014

Abeona

Therapeutics,

Inc.

(b)

............

38,705

162,948

Absci

Corp.

(a)(b)

....................

133,830

176,656

Acrivon

Therapeutics,

Inc.

(b)

............

19,398

185,445

Actinium

Pharmaceuticals,

Inc.

(a)(b)

.......

59,418

351,755

Acumen

Pharmaceuticals,

Inc.

(b)

.........

87,605

363,561

Acurx

Pharmaceuticals,

Inc.

(b)

..........

16,876

24,133

Adicet

Bio,

Inc.

(a)(b)

..................

67,838

92,938

ADMA

Biologics,

Inc.

(a)(b)

..............

467,004

1,671,874

Aerovate

Therapeutics,

Inc.

(b)

...........

24,850

337,214

Agenus,

Inc.

(b)

.....................

776,751

877,729

Aldeyra

Therapeutics,

Inc.

(a)(b)

...........

103,757

693,097

Alector,

Inc.

(a)(b)

....................

141,425

916,434

Aligos

Therapeutics,

Inc.

(b)

.............

64,799

48,405

Allakos,

Inc.

(b)

.....................

146,573

332,721

Allovir,

Inc.

(a)(b)

.....................

113,024

243,002

Alpine

Immune

Sciences,

Inc.

(b)

.........

70,734

809,904

Altimmune,

Inc.

(a)(b)

..................

110,480

287,248

ALX

Oncology

Holdings,

Inc.

(a)(b)

.........

48,453

232,574

AnaptysBio,

Inc.

(b)

..................

41,310

741,928

Anavex

Life

Sciences

Corp.

(a)(b)

.........

157,790

1,033,525

Anika

Therapeutics,

Inc.

(b)

.............

32,560

606,593

Anixa

Biosciences,

Inc.

(a)(b)

.............

66,510

217,488

Annexon,

Inc.

(b)

....................

100,884

238,086

Annovis

Bio,

Inc.

(a)(b)

.................

14,299

135,698

Applied

Therapeutics,

Inc.

(a)(b)

...........

73,213

182,300

Aravive,

Inc.

(a)(b)

....................

71,464

9,433

Arbutus

Biopharma

Corp.

(a)(b)

...........

278,274

564,896

Arcturus

Therapeutics

Holdings,

Inc.

(a)(b)

....

51,662

1,319,964

Armata

Pharmaceuticals,

Inc.

(a)(b)

........

21,025

63,075

ARS

Pharmaceuticals,

Inc.

(a)(b)

..........

54,062

204,354

Assembly

Biosciences,

Inc.

(a)(b)

..........

114,050

100,934

Astria

Therapeutics,

Inc.

(b)

.............

56,943

424,795

Atara

Biotherapeutics,

Inc.

(b)

...........

213,424

315,868

Atreca,

Inc.,

Class

A

(a)(b)

...............

64,402

16,809

aTyr

Pharma,

Inc.

(b)

.................

117,948

186,358

Aura

Biosciences,

Inc.

(b)

..............

61,168

548,677

Avid

Bioservices,

Inc.

(a)(b)

..............

138,232

1,304,910

Avidity

Biosciences,

Inc.

(a)(b)

............

157,501

1,004,856

Avita

Medical,

Inc.

(b)

.................

56,015

818,379

Azitra,

Inc.

(b)

......................

4,209

6,314

Bellerophon

Therapeutics,

Inc.

(b)

.........

21,098

8,439

Beyondspring,

Inc.

(a)(b)

................

53,623

42,898

BioAtla,

Inc.

(a)(b)

....................

98,853

168,050

BioCardia,

Inc.

(b)

...................

29,288

12,515

Biomea

Fusion,

Inc.

(a)(b)

...............

44,182

607,944

BioVie,

Inc.

(a)(b)

.....................

7,644

26,066

Bioxcel

Therapeutics,

Inc.

(a)(b)

...........

45,258

114,503

Black

Diamond

Therapeutics,

Inc.

(b)

......

51,097

146,648

Bluebird

Bio,

Inc.

(a)(b)

.................

238,478

724,973

Bolt

Biotherapeutics,

Inc.

(a)(b)

...........

59,484

61,863

BrainStorm

Cell

Therapeutics,

Inc.

(a)(b)

.....

83,472

16,703

C4

Therapeutics,

Inc.

(b)

...............

102,098

189,902

Cabaletta

Bio,

Inc.

(a)(b)

................

76,704

1,167,435

Candel

Therapeutics,

Inc.

(a)(b)

...........

44,493

41,378

Capricor

Therapeutics,

Inc.

(a)(b)

..........

49,061

167,789

Cardiff

Oncology,

Inc.

(a)(b)

..............

88,967

123,664

CareDx,

Inc.

(b)

.....................

115,983

811,881

Security

Shares

Shares

Value

Biotechnology

(continued)

Caribou

Biosciences,

Inc.

(a)(b)

...........

166,286

$

794,847

Carisma

Therapeutics,

Inc.

(a)

...........

59,482

251,609

Celcuity,

Inc.

(a)(b)

....................

39,046

356,880

CEL-SCI

Corp.

(a)(b)

..................

86,987

108,734

Century

Therapeutics,

Inc.

(b)

...........

52,152

104,304

Checkpoint

Therapeutics,

Inc.

(a)(b)

........

28,959

49,230

Chimerix,

Inc.

(b)

....................

190,657

182,993

Cidara

Therapeutics,

Inc.

(a)(b)

...........

188,768

177,857

Clene,

Inc.

(a)(b)

.....................

57,764

28,645

Cogent

Biosciences,

Inc.

(b)

.............

180,171

1,756,667

Coherus

Biosciences,

Inc.

(a)(b)

...........

222,250

831,215

Compass

Therapeutics,

Inc.

(a)(b)

.........

202,422

398,771

Corbus

Pharmaceuticals

Holdings,

Inc.

(b)

...

8,684

58,530

Corvus

Pharmaceuticals,

Inc.

(a)(b)

........

55,374

80,846

Coya

Therapeutics,

Inc.

(a)(b)

............

19,319

74,765

Crinetics

Pharmaceuticals,

Inc.

(b)

........

143,555

4,269,326

Cue

Biopharma,

Inc.

(a)(b)

..............

77,135

177,410

Cullinan

Oncology,

Inc.

(b)

..............

52,472

474,872

Cyteir

Therapeutics,

Inc.

(b)

.............

58,194

165,271

CytomX

Therapeutics,

Inc.

(a)(b)

..........

148,611

191,708

Day

One

Biopharmaceuticals,

Inc.

(a)(b)

.....

139,185

1,707,800

Deciphera

Pharmaceuticals,

Inc.

(b)

.......

116,083

1,476,576

DermTech,

Inc.

(a)(b)

..................

66,786

96,172

Design

Therapeutics,

Inc.

(a)(b)

...........

71,104

167,805

DiaMedica

Therapeutics,

Inc.

(b)

..........

50,360

129,929

Disc

Medicine,

Inc.

(b)

.................

19,662

923,721

Dyadic

International,

Inc.

(a)(b)

...........

45,544

87,444

Dyne

Therapeutics,

Inc.

(a)(b)

............

94,688

848,404

Eagle

Pharmaceuticals,

Inc.

(a)(b)

.........

23,046

363,435

Eiger

BioPharmaceuticals,

Inc.

(a)(b)

.......

95,859

29,237

Elevation

Oncology,

Inc.

(b)

.............

36,206

23,990

Eliem

Therapeutics,

Inc.

(a)(b)

............

13,132

34,668

Elutia,

Inc.,

Class

A

(b)

................

12,707

18,171

Emergent

BioSolutions,

Inc.

(b)

..........

111,595

379,423

Entrada

Therapeutics,

Inc.

(a)(b)

..........

47,155

745,049

Erasca,

Inc.

(b)

.....................

179,895

354,393

Exagen,

Inc.

(b)

.....................

21,737

53,256

Fennec

Pharmaceuticals,

Inc.

(b)

.........

40,494

304,110

Foghorn

Therapeutics,

Inc.

(a)(b)

..........

45,425

227,125

G1

Therapeutics,

Inc.

(a)(b)

..............

108,951

156,889

Gain

Therapeutics,

Inc.

(b)

..............

24,818

80,162

Galectin

Therapeutics,

Inc.

(a)(b)

..........

64,454

123,752

Galecto,

Inc.

(a)(b)

....................

37,236

26,791

Galera

Therapeutics,

Inc.

(a)(b)

...........

91,748

16,065

Gamida

Cell

Ltd.

(a)(b)

.................

204,480

210,614

Genelux

Corp.

(a)(b)

..................

41,222

1,009,527

Generation

Bio

Co.

(b)

................

100,895

382,392

GlycoMimetics,

Inc.

(b)

................

119,283

178,925

Gossamer

Bio,

Inc.

(a)(b)

...............

175,828

146,430

Graphite

Bio,

Inc.

(a)(b)

................

62,489

154,973

Greenwich

Lifesciences,

Inc.

(a)(b)

.........

13,159

116,326

Gritstone

bio,

Inc.

(a)(b)

................

196,050

337,206

HCW

Biologics,

Inc.

(a)(b)

...............

44,338

84,686

Heron

Therapeutics,

Inc.

(a)(b)

............

229,795

236,689

HilleVax,

Inc.

(b)

.....................

47,235

635,311

Hookipa

Pharma,

Inc.

(b)

...............

159,449

98,221

Humacyte,

Inc.

(b)

...................

136,480

399,886

Icosavax,

Inc.

(a)(b)

...................

61,415

475,966

Ideaya

Biosciences,

Inc.

(a)(b)

............

120,622

3,254,382

IGM

Biosciences,

Inc.

(a)(b)

.............

26,661

222,619

Immix

Biopharma,

Inc.

(b)

..............

16,840

57,593

ImmuCell

Corp.

(b)

...................

14,307

73,824

Immuneering

Corp.,

Class

A

(a)(b)

.........

49,678

381,527

Immunic,

Inc.

(a)(b)

...................

53,641

78,852

ImmunoGen,

Inc.

(b)

..................

532,507

8,450,886

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Micro-Cap

ETF

12

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Biotechnology

(continued)

Immunome,

Inc.

(a)(b)

.................

21,801

$

182,038

Impel

Pharmaceuticals,

Inc.

(a)(b)

.........

17,882

7,689

IN8bio,

Inc.

(a)(b)

.....................

24,419

25,396

Inhibrx,

Inc.

(a)(b)

....................

76,131

1,397,004

Inmune

Bio,

Inc.

(a)(b)

.................

26,305

179,926

Inozyme

Pharma,

Inc.

(b)

..............

75,286

316,201

Intensity

Therapeutics,

Inc.

(a)(b)

..........

9,500

38,760

Intercept

Pharmaceuticals,

Inc.

(b)

........

90,317

1,674,477

Invivyd,

Inc.

(a)(b)

....................

104,369

177,427

iTeos

Therapeutics,

Inc.

(b)

.............

55,223

604,692

Janux

Therapeutics,

Inc.

(b)

.............

38,521

388,292

Jasper

Therapeutics,

Inc.

(a)(b)

...........

170,975

119,682

KalVista

Pharmaceuticals,

Inc.

(a)(b)

........

54,875

528,446

Karyopharm

Therapeutics,

Inc.

(a)(b)

.......

251,086

336,455

Kezar

Life

Sciences,

Inc.

(a)(b)

...........

159,156

189,396

Kineta,

Inc.

.......................

12,896

43,975

Kiniksa

Pharmaceuticals

Ltd.,

Class

A

(b)

....

69,875

1,213,729

Kinnate

Biopharma,

Inc.

(b)

.............

66,339

92,875

Kodiak

Sciences,

Inc.

(a)(b)

..............

72,535

130,563

Kronos

Bio,

Inc.

(a)(b)

.................

99,596

129,475

Lantern

Pharma,

Inc.

(a)(b)

..............

14,726

50,216

Larimar

Therapeutics,

Inc.

(b)

............

57,134

225,679

Lexicon

Pharmaceuticals,

Inc.

(a)(b)

........

206,091

224,639

Lineage

Cell

Therapeutics,

Inc.

(b)

........

288,071

339,924

Longeveron,

Inc.,

Class

A

(a)(b)

...........

10,855

25,184

Lyell

Immunopharma,

Inc.

(a)(b)

...........

386,646

568,370

MacroGenics,

Inc.

(a)(b)

................

135,631

632,040

MAIA

Biotechnology,

Inc.

(a)(b)

...........

12,644

27,817

MannKind

Corp.

(a)(b)

.................

570,563

2,356,425

MediciNova,

Inc.

(b)

..................

103,731

216,798

MEI

Pharma,

Inc.

(a)(b)

................

14,882

104,323

MeiraGTx

Holdings

plc

(b)

..............

72,694

356,928

Merrimack

Pharmaceuticals,

Inc.

(a)(b)

......

23,404

288,571

Mersana

Therapeutics,

Inc.

(b)

...........

234,154

297,376

MiMedx

Group,

Inc.

(b)

................

256,389

1,869,076

Mineralys

Therapeutics,

Inc.

(b)

..........

31,137

296,113

MiNK

Therapeutics,

Inc.

(a)(b)

............

11,267

13,182

Mirum

Pharmaceuticals,

Inc.

(a)(b)

.........

54,925

1,735,630

Monte

Rosa

Therapeutics,

Inc.

(a)(b)

.......

68,001

325,725

Mustang

Bio,

Inc.

(a)(b)

................

12,355

25,328

NextCure,

Inc.

(b)

....................

51,922

66,979

Nkarta,

Inc.

(b)

......................

67,073

93,231

Nurix

Therapeutics,

Inc.

(b)

.............

105,504

829,261

Nuvectis

Pharma,

Inc.

(b)

..............

16,498

212,659

Ocean

Biomedical,

Inc.

(a)(b)

.............

19,309

75,305

Olema

Pharmaceuticals,

Inc.

(a)(b)

.........

59,217

731,330

Omega

Therapeutics,

Inc.

(a)(b)

...........

54,345

116,842

Organogenesis

Holdings,

Inc.,

Class

A

(b)

...

155,628

494,897

Orgenesis,

Inc.

(b)

...................

53,213

32,332

ORIC

Pharmaceuticals,

Inc.

(a)(b)

.........

86,999

526,344

Outlook

Therapeutics,

Inc.

(a)(b)

..........

346,212

76,513

Ovid

therapeutics,

Inc.

(a)(b)

.............

133,018

510,789

Passage

Bio,

Inc.

(b)

.................

85,804

56,459

PDS

Biotechnology

Corp.

(a)(b)

...........

62,447

315,357

PepGen,

Inc.

(b)

....................

22,620

114,910

PharmaCyte

Biotech,

Inc.

(a)(b)

...........

36,127

75,867

PMV

Pharmaceuticals,

Inc.

(a)(b)

..........

85,919

527,543

Point

Biopharma

Global,

Inc.

(a)(b)

.........

201,544

1,344,298

Portage

Biotech,

Inc.

(a)(b)

..............

22,357

46,950

Poseida

Therapeutics,

Inc.

(a)(b)

..........

150,848

359,018

Praxis

Precision

Medicines,

Inc.

(b)

........

262,148

448,273

Precigen,

Inc.

(a)(b)

...................

300,855

427,214

Prelude

Therapeutics,

Inc.

(a)(b)

..........

31,094

96,080

Protalix

BioTherapeutics,

Inc.

(a)(b)

........

147,103

244,191

Protara

Therapeutics,

Inc.

(a)(b)

...........

22,657

37,837

Security

Shares

Shares

Value

Biotechnology

(continued)

Puma

Biotechnology,

Inc.

(a)(b)

...........

78,201

$

205,669

Pyxis

Oncology,

Inc.

(a)(b)

...............

68,322

135,961

Quince

Therapeutics,

Inc.

(a)(b)

...........

66,261

74,212

Rallybio

Corp.

(a)(b)

...................

68,228

229,928

RAPT

Therapeutics,

Inc.

(b)

.............

65,354

1,086,183

Reneo

Pharmaceuticals,

Inc.

(b)

..........

28,776

219,129

Renovaro

Biosciences,

Inc.

(a)(b)

..........

59,316

265,143

RenovoRx,

Inc.

(b)

...................

15,334

19,321

Replimune

Group,

Inc.

(a)(b)

.............

92,076

1,575,420

Rezolute,

Inc.

(a)(b)

...................

64,231

84,785

Rhythm

Pharmaceuticals,

Inc.

(a)(b)

........

114,135

2,616,545

Rigel

Pharmaceuticals,

Inc.

(b)

...........

381,471

411,989

Sagimet

Biosciences,

Inc.,

Class

A

(b)

......

11,834

104,139

Sangamo

Therapeutics,

Inc.

(b)

..........

321,904

193,078

Savara,

Inc.

(b)

.....................

201,017

759,844

Scholar

Rock

Holding

Corp.

(a)(b)

.........

96,411

684,518

Selecta

Biosciences,

Inc.

(b)

............

258,349

273,850

SELLAS

Life

Sciences

Group,

Inc.

(a)(b)

.....

62,604

102,671

Sensei

Biotherapeutics,

Inc.

(a)(b)

.........

32,543

24,410

Sera

Prognostics,

Inc.,

Class

A

(a)(b)

.......

51,596

95,969

Seres

Therapeutics,

Inc.

(a)(b)

............

216,207

514,573

Shattuck

Labs,

Inc.

(a)(b)

...............

75,837

115,272

Solid

Biosciences,

Inc.

(a)(b)

.............

20,785

52,378

Spero

Therapeutics,

Inc.

(a)(b)

............

93,487

113,119

Spruce

Biosciences,

Inc.

(b)

.............

55,971

126,494

Stoke

Therapeutics,

Inc.

(a)(b)

............

61,603

242,716

Summit

Therapeutics,

Inc.

(a)(b)

...........

258,257

482,941

Sutro

Biopharma,

Inc.

(b)

...............

134,089

465,289

Syros

Pharmaceuticals,

Inc.

(a)(b)

.........

43,142

170,411

Talaris

Therapeutics,

Inc.

(b)

............

71,670

201,393

Tango

Therapeutics,

Inc.

(b)

.............

98,771

1,112,161

Tenaya

Therapeutics,

Inc.

(b)

............

102,221

260,664

TScan

Therapeutics,

Inc.

(b)

............

55,976

143,299

Turnstone

Biologics

Corp.

(b)

............

13,877

54,675

Tyra

Biosciences,

Inc.

(a)(b)

.............

31,221

429,913

UNITY

Biotechnology,

Inc.

(a)(b)

..........

29,745

71,388

UroGen

Pharma

Ltd.

(a)(b)

..............

43,576

610,500

Vanda

Pharmaceuticals,

Inc.

(b)

..........

125,596

542,575

Vaxxinity,

Inc.,

Class

A

(a)(b)

.............

91,779

125,737

Vera

Therapeutics,

Inc.,

Class

A

(b)

........

74,810

1,025,645

Verve

Therapeutics,

Inc.

(a)(b)

............

112,387

1,490,252

Vigil

Neuroscience,

Inc.

(b)

.............

35,831

193,129

Viracta

Therapeutics,

Inc.

(b)

............

66,099

68,743

Viridian

Therapeutics,

Inc.

(a)(b)

...........

93,499

1,434,275

Vor

BioPharma,

Inc.

(a)(b)

...............

83,469

176,954

Voyager

Therapeutics,

Inc.

(a)(b)

..........

70,627

547,359

Werewolf

Therapeutics,

Inc.

(a)(b)

.........

46,977

100,531

X4

Pharmaceuticals,

Inc.

(b)

............

274,732

299,458

XBiotech,

Inc.

(a)(b)

...................

53,423

220,103

Xilio

Therapeutics,

Inc.

(b)

..............

41,196

86,924

XOMA

Corp.

(a)(b)

....................

16,337

230,188

Y-mAbs

Therapeutics,

Inc.

(b)

............

82,028

447,053

Zura

Bio

Ltd.,

Class

A

(a)(b)

.............

26,250

173,250

Zymeworks,

Inc.

(b)

..................

118,820

753,319

109,889,080

Broadline

Retail

—

0.2%

1stdibs.com,

Inc.

(b)

..................

55,880

203,403

Big

Lots,

Inc.

......................

63,227

323,090

ContextLogic,

Inc.,

Class

A

(a)(b)

..........

49,486

218,233

Groupon,

Inc.

(a)(b)

...................

48,237

738,991

1,483,717

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Micro-Cap

ETF

Schedules

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Building

Products

—

0.5%

Alpha

Pro

Tech

Ltd.

(b)

................

24,674

$

107,085

Caesarstone

Ltd.

(b)

..................

50,851

217,642

Insteel

Industries,

Inc.

................

41,557

1,348,940

Molekule

Group,

Inc.

(b)

...............

40,348

5,851

Quanex

Building

Products

Corp.

.........

73,617

2,073,791

3,753,309

Capital

Markets

—

0.9%

AlTi

Global,

Inc.,

Class

A

(a)(b)

...........

46,613

324,427

Ashford,

Inc.

(a)(b)

....................

1,738

10,706

Avantax,

Inc.

(b)

.....................

85,593

2,189,469

Bakkt

Holdings,

Inc.,

Class

A

(a)(b)

.........

155,775

182,257

Cohen

&

Co.,

Inc.

(a)

.................

2,116

13,796

Diamond

Hill

Investment

Group,

Inc.

......

6,314

1,064,351

Forge

Global

Holdings,

Inc.

(a)(b)

..........

244,055

495,432

Greenhill

&

Co.,

Inc.

.................

28,268

418,366

Hennessy

Advisors,

Inc.

..............

11,304

76,867

Heritage

Global,

Inc.

(b)

...............

74,409

232,156

MarketWise,

Inc.,

Class

A

.............

70,477

112,763

Marygold

Cos.,

Inc.

(The)

(a)(b)

...........

33,718

36,415

NexPoint

Strategic

Cash

Accrual

(b)(c)

......

69,963

8,396

Perella

Weinberg

Partners,

Class

A

.......

93,778

954,660

Sculptor

Capital

Management,

Inc.,

Class

A

.

46,895

543,982

Siebert

Financial

Corp.

(a)(b)

.............

31,363

62,412

Silvercrest

Asset

Management

Group,

Inc.,

Class

A

.......................

21,429

340,078

Value

Line,

Inc.

....................

1,944

84,992

Westwood

Holdings

Group,

Inc.

.........

18,746

190,272

7,341,797

Chemicals

—

1.5%

Advanced

Emissions

Solutions,

Inc.

(b)

.....

51,485

91,643

AdvanSix,

Inc.

.....................

58,876

1,829,866

Alto

Ingredients,

Inc.

(a)(b)

..............

162,720

719,222

American

Vanguard

Corp.

.............

60,134

657,265

Aspen

Aerogels,

Inc.

(a)(b)

..............

113,914

979,660

Core

Molding

Technologies,

Inc.

(b)

........

17,056

485,925

Danimer

Scientific,

Inc.,

Class

A

(a)(b)

.......

195,243

404,153

Flexible

Solutions

International,

Inc.

......

16,696

45,413

FutureFuel

Corp.

...................

57,524

412,447

Hawkins,

Inc.

.....................

43,156

2,539,731

Intrepid

Potash,

Inc.

(a)(b)

...............

23,696

596,191

Koppers

Holdings,

Inc.

...............

44,830

1,773,027

Northern

Technologies

International

Corp.

..

17,353

232,010

Origin

Materials,

Inc.,

Class

A

(a)(b)

........

259,941

332,725

Rayonier

Advanced

Materials,

Inc.

(b)

......

142,467

504,333

Valhi,

Inc.

........................

5,043

66,870

11,670,481

Commercial

Services

&

Supplies

—

2.6%

ACCO

Brands

Corp.

.................

205,857

1,181,619

Acme

United

Corp.

..................

4,916

146,939

Aqua

Metals,

Inc.

(a)(b)

................

212,623

240,264

ARC

Document

Solutions,

Inc.

..........

79,665

253,335

Aris

Water

Solutions,

Inc.,

Class

A

.......

66,582

664,488

BrightView

Holdings,

Inc.

(b)

............

92,202

714,565

CECO

Environmental

Corp.

(a)(b)

.........

65,756

1,050,123

CompX

International,

Inc.

.............

3,492

64,916

Ennis,

Inc.

.......................

56,535

1,199,673

Enviri

Corp.

(b)

.....................

175,902

1,270,012

Fuel

Tech,

Inc.

(b)

...................

53,848

63,541

GEO

Group,

Inc.

(The)

(b)

..............

267,775

2,190,400

Heritage-Crystal

Clean,

Inc.

(b)

...........

39,308

1,782,618

Interface,

Inc.

.....................

127,065

1,246,508

LanzaTech

Global,

Inc.

(a)(b)

.............

46,046

215,035

Liquidity

Services,

Inc.

(b)

..............

51,374

905,210

Security

Shares

Shares

Value

Commercial

Services

&

Supplies

(continued)

Montrose

Environmental

Group,

Inc.

(a)(b)

....

62,201

$

1,820,001

NL

Industries,

Inc.

..................

18,628

88,483

Odyssey

Marine

Exploration,

Inc.

(a)(b)

......

40,209

150,382

Performant

Financial

Corp.

(a)(b)

..........

150,049

339,111

Perma-Fix

Environmental

Services,

Inc.

(a)(b)

.

27,882

291,367

Quad/Graphics,

Inc.,

Class

A

(b)

..........

70,740

355,822

Quest

Resource

Holding

Corp.

(b)

.........

37,809

279,787

SP

Plus

Corp.

(b)

....................

43,424

1,567,606

Viad

Corp.

(b)

......................

45,385

1,189,087

Virco

Mfg.

Corp.

(b)

..................

28,546

226,655

VSE

Corp.

.......................

28,497

1,437,389

20,934,936

Communications

Equipment

—

1.0%

Applied

Optoelectronics,

Inc.

(a)(b)

.........

62,362

684,111

Aviat

Networks,

Inc.

(a)(b)

...............

24,621

768,175

BK

Technologies

Corp.

...............

6,099

75,774

CalAmp

Corp.

(a)(b)

...................

79,523

32,255

Cambium

Networks

Corp.

(b)

............

26,302

192,794

Casa

Systems,

Inc.

(b)

................

70,101

59,411

Clearfield,

Inc.

(a)(b)

...................

29,151

835,468

ClearOne,

Inc.

.....................

29,073

22,084

Comtech

Telecommunications

Corp.

......

60,714

531,247

Digi

International,

Inc.

(a)(b)

.............

78,121

2,109,267

DZS,

Inc.

(a)(b)

......................

48,901

102,692

EMCORE

Corp.

(a)(b)

.................

118,487

56,341

Franklin

Wireless

Corp.

(b)

.............

19,510

62,042

Genasys,

Inc.

(a)(b)

...................

81,723

164,263

KVH

Industries,

Inc.

(b)

................

40,765

207,901

Lantronix,

Inc.

(a)(b)

...................

60,245

268,090

NETGEAR,

Inc.

(b)

...................

63,514

799,641

Network-1

Technologies,

Inc.

...........

34,181

79,984

Ondas

Holdings,

Inc.

(a)(b)

..............

95,372

58,129

Optical

Cable

Corp.

(b)

................

13,193

39,447

PCTEL,

Inc.

......................

38,181

158,833

Ribbon

Communications,

Inc.

(b)

.........

196,533

526,708

7,834,657

Construction

&

Engineering

—

1.7%

Argan,

Inc.

.......................

28,102

1,279,203

Bowman

Consulting

Group

Ltd.

(a)(b)

.......

23,320

653,660

Concrete

Pumping

Holdings,

Inc.

(a)(b)

......

57,802

495,941

Eneti,

Inc.

........................

55,004

554,440

Great

Lakes

Dredge

&

Dock

Corp.

(b)

......

146,157

1,164,871

IES

Holdings,

Inc.

(b)

.................

18,155

1,195,870

INNOVATE

Corp.

(a)(b)

.................

119,967

194,347

Limbach

Holdings,

Inc.

(a)(b)

.............

20,529

651,385

Matrix

Service

Co.

(b)

.................

58,125

685,875

Northwest

Pipe

Co.

(b)

................

21,910

661,025

Orion

Group

Holdings,

Inc.

(a)(b)

..........

63,886

342,429

Southland

Holdings,

Inc.

(a)(b)

............

9,409

57,113

Sterling

Infrastructure,

Inc.

(a)(b)

..........

66,571

4,891,637

Tutor

Perini

Corp.

(a)(b)

................

93,656

733,326

13,561,122

Construction

Materials

—

0.1%

Smith-Midland

Corp.

(b)

...............

9,860

186,847

United

States

Lime

&

Minerals,

Inc.

(a)

.....

4,560

916,560

1,103,407

Consumer

Finance

—

0.6%

Atlanticus

Holdings

Corp.

(a)(b)

...........

10,348

313,648

Consumer

Portfolio

Services,

Inc.

(a)(b)

......

18,773

170,271

Curo

Group

Holdings

Corp.

(b)

...........

48,768

51,206

LendingTree,

Inc.

(b)

..................

23,333

361,661

Medallion

Financial

Corp.

.............

43,203

303,285

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Micro-Cap

ETF

14

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Consumer

Finance

(continued)

Moneylion,

Inc.

(a)(b)

..................

14,608

$

316,117

NerdWallet,

Inc.,

Class

A

(b)

.............

76,307

678,369

Nicholas

Financial,

Inc.

(a)(b)

.............

9,883

47,834

Oportun

Financial

Corp.

(b)

.............

63,121

455,734

OppFi,

Inc.,

Class

A

(a)(b)

...............

23,914

60,263

Regional

Management

Corp.

...........

17,588

486,836

World

Acceptance

Corp.

(b)

.............

9,059

1,151,037

4,396,261

Consumer

Staples

Distribution

&

Retail

—

0.4%

HF

Foods

Group,

Inc.

(b)

...............

89,181

354,049

Natural

Grocers

by

Vitamin

Cottage,

Inc.

...

20,942

270,361

Rite

Aid

Corp.

(a)(b)

...................

122,975

55,093

SpartanNash

Co.

...................

76,637

1,686,014

Village

Super

Market,

Inc.,

Class

A

.......

19,483

441,095

2,806,612

Containers

&

Packaging

—

0.2%

Myers

Industries,

Inc.

................

81,093

1,453,997

Ranpak

Holdings

Corp.,

Class

A

(b)

.......

96,683

525,956

1,979,953

Distributors

—

0.0%

(a)

AMCON

Distributing

Co.

..............

360

74,160

Weyco

Group,

Inc.

..................

13,227

335,304

409,464

Diversified

Consumer

Services

—

1.3%

2U,

Inc.

(b)

........................

175,981

434,673

American

Public

Education,

Inc.

(b)

........

36,032

179,439

Carriage

Services,

Inc.

...............

29,865

843,686

Lincoln

Educational

Services

Corp.

(a)(b)

.....

52,769

445,898

Nerdy,

Inc.,

Class

A

(b)

................

133,865

495,301

OneSpaWorld

Holdings

Ltd.

(b)

..........

186,024

2,087,189

Perdoceo

Education

Corp.

.............

149,334

2,553,611

Regis

Corp.

(a)(b)

....................

100,933

70,956

Rover

Group,

Inc.,

Class

A

(b)

...........

207,020

1,295,945

Universal

Technical

Institute,

Inc.

(b)

.......

73,017

611,883

Wag!

Group

Co.

(b)

..................

33,290

63,584

WW

International,

Inc.

(a)(b)

.............

121,509

1,345,105

10,427,270

Diversified

REITs

—

0.5%

Alpine

Income

Property

Trust,

Inc.

.......

28,727

469,974

CTO

Realty

Growth,

Inc.

..............

48,697

789,378

Gladstone

Commercial

Corp.

...........

89,624

1,089,828

Modiv

Industrial,

Inc.,

Class

C

..........

16,669

278,206

NexPoint

Diversified

Real

Estate

Trust

....

68,168

593,743

One

Liberty

Properties,

Inc.

............

35,904

677,508

Star

Holdings

(b)

....................

28,752

359,975

4,258,612

Diversified

Telecommunication

Services

—

0.6%

Anterix,

Inc.

(a)(b)

....................

28,707

900,826

ATN

International,

Inc.

...............

24,448

771,579

Bandwidth,

Inc.,

Class

A

(a)(b)

............

52,220

588,519

Charge

Enterprises,

Inc.

(a)(b)

............

299,200

148,762

Consolidated

Communications

Holdings,

Inc.

(a)

(b)

...........................

167,941

574,358

IDT

Corp.,

Class

B

(b)

.................

34,645

763,922

NextPlat

Corp.

(b)

...................

9,366

16,391

Ooma,

Inc.

(a)(b)

.....................

53,087

690,662

4,455,019

Security

Shares

Shares

Value

Electric

Utilities

—

0.1%

Genie

Energy

Ltd.,

Class

B

............

44,041

$

648,724

Via

Renewables,

Inc.

................

5,058

36,670

685,394

Electrical

Equipment

—

1.5%

Allient,

Inc.

.......................

28,622

884,992

American

Superconductor

Corp.

(a)(b)

......

63,264

477,643

Amprius

Technologies,

Inc.

(a)(b)

..........

11,978

56,776

Babcock

&

Wilcox

Enterprises,

Inc.

(b)

......

131,060

551,763

Beam

Global

(a)(b)

...................

30,602

225,843

Blink

Charging

Co.

(a)(b)

................

120,921

370,018

Broadwind,

Inc.

(b)

...................

42,191

135,011

Dragonfly

Energy

Holdings

Corp.

(a)(b)

......

61,286

94,380

Energy

Vault

Holdings,

Inc.

(a)(b)

..........

218,595

557,417

Eos

Energy

Enterprises,

Inc.,

Class

A

(a)(b)

...

238,497

512,769

Espey

Mfg.

&

Electronics

Corp.

.........

3,847

62,129

ESS

Tech,

Inc.

(a)(b)

..................

203,572

382,715

Expion360,

Inc.

(b)

...................

8,009

34,118

Flux

Power

Holdings,

Inc.

(b)

............

25,316

87,087

FTC

Solar,

Inc.

(a)(b)

..................

138,893

177,783

Ideal

Power,

Inc.

(a)(b)

.................

13,358

130,775

LSI

Industries,

Inc.

..................

58,339

926,423

NeoVolta,

Inc.

(b)

....................

63,377

157,809

Orion

Energy

Systems,

Inc.

(b)

...........

66,908

84,304

Pioneer

Power

Solutions,

Inc.

(a)(b)

........

15,917

99,640

Powell

Industries,

Inc.

................

20,334

1,685,689

Preformed

Line

Products

Co.

...........

5,495

893,377

Servotronics,

Inc.

(b)

..................

1,481

16,306

SES

AI

Corp.,

Class

A

(a)(b)

.............

277,790

630,583

SKYX

Platforms

Corp.

(a)(b)

.............

139,106

197,531

Thermon

Group

Holdings,

Inc.

(b)

.........

74,561

2,048,191

TPI

Composites,

Inc.

(a)(b)

..............

92,148

244,192

Ultralife

Corp.

(a)(b)

...................

21,359

208,464

11,933,728

Electronic

Equipment,

Instruments

&

Components

—

2.6%

908

Devices,

Inc.

(a)(b)

.................

49,025

326,506

Aeva

Technologies,

Inc.

(a)(b)

............

180,070

137,736

Airgain,

Inc.

(a)(b)

....................

20,054

73,598

Akoustis

Technologies,

Inc.

(a)(b)

..........

154,345

116,206

AmpliTech

Group,

Inc.

(b)

..............

14,692

30,119

Arlo

Technologies,

Inc.

(b)

..............

194,247

2,000,744

Bel

Fuse,

Inc.,

Class

B,

NVS

...........

23,319

1,112,783

ClearSign

Technologies

Corp.

(b)

.........

66,140

72,093

Climb

Global

Solutions,

Inc.

............

9,266

398,531

Coda

Octopus

Group,

Inc.

(b)

............

14,100

87,420

CPS

Technologies

Corp.

(a)(b)

............

26,283

73,067

Daktronics,

Inc.

(b)

...................

83,112

741,359

Data

I/O

Corp.

(b)

....................

17,461

66,526

Evolv

Technologies

Holdings,

Inc.

(a)(b)

.....

251,063

1,220,166

FARO

Technologies,

Inc.

(b)

.............

41,800

636,614

Focus

Universal,

Inc.

(a)(b)

..............

63,037

122,292

Frequency

Electronics,

Inc.

............

13,242

91,899

Identiv,

Inc.

(a)(b)

.....................

50,180

423,519

Interlink

Electronics,

Inc.

(b)

.............

2,615

23,718

Iteris,

Inc.

(a)(b)

......................

93,962

389,003

Key

Tronic

Corp.

(b)

..................

22,885

102,296

Kimball

Electronics,

Inc.

(b)

.............

53,097

1,453,796

LightPath

Technologies,

Inc.,

Class

A

(b)

....

81,576

118,285

Lightwave

Logic,

Inc.

(a)(b)

..............

255,574

1,142,416

Luna

Innovations,

Inc.

(a)(b)

.............

71,432

418,591

MicroVision,

Inc.

(a)(b)

.................

394,183

863,261

Movella

Holdings,

Inc.

(a)(b)

.............

27,243

14,610

M-Tron

Industries,

Inc.

(a)(b)

.............

6,065

107,320

Napco

Security

Technologies,

Inc.

.......

69,992

1,557,322

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Micro-Cap

ETF

Schedules

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

Neonode,

Inc.

(b)

....................

26,363

$

42,181

nLight,

Inc.

(a)(b)

.....................

98,263

1,021,935

Ouster,

Inc.

(a)(b)

....................

69,598

350,774

Powerfleet,

Inc.

(b)

...................

76,780

158,935

Presto

Automation,

Inc.

(b)

..............

7,187

10,277

Research

Frontiers,

Inc.

(a)(b)

............

71,665

77,398

RF

Industries

Ltd.

(a)(b)

................

20,964

63,102

Richardson

Electronics

Ltd.

............

26,705

291,886

ScanSource,

Inc.

(b)

..................

54,891

1,663,746

SmartRent,

Inc.,

Class

A

(a)(b)

............

410,690

1,071,901

Sobr

Safe,

Inc.

(a)(b)

..................

20,867

22,954

Sono-Tek

Corp.

(a)(b)

..................

17,898

93,964

Vishay

Precision

Group,

Inc.

(b)

..........

27,577

926,036

Vuzix

Corp.

(a)(b)

....................

131,517

477,407

Wrap

Technologies,

Inc.

(a)(b)

............

60,777

91,165

20,285,457

Energy

Equipment

&

Services

—

2.5%

Bristow

Group,

Inc.

(b)

................

52,635

1,482,728

Dawson

Geophysical

Co.

(a)(b)

...........

13,062

30,826

Diamond

Offshore

Drilling,

Inc.

(b)

.........

226,158

3,319,999

DMC

Global,

Inc.

(b)

..................

43,519

1,064,910

Energy

Services

of

America

Corp.

.......

23,402

94,661

Forum

Energy

Technologies,

Inc.

(b)

.......

21,554

517,727

Geospace

Technologies

Corp.

(a)(b)

........

27,684

358,508

Gulf

Island

Fabrication,

Inc.

(a)(b)

..........

29,683

97,063

Helix

Energy

Solutions

Group,

Inc.

(b)

......

319,853

3,572,758

Independence

Contract

Drilling,

Inc.

(a)(b)

....

25,359

76,077

KLX

Energy

Services

Holdings,

Inc.

(b)

.....

28,350

335,948

Mammoth

Energy

Services,

Inc.

(b)

........

52,083

241,665

Natural

Gas

Services

Group,

Inc.

(b)

.......

26,259

382,331

NCS

Multistage

Holdings,

Inc.

(b)

.........

1,378

21,690

Newpark

Resources,

Inc.

(b)

............

166,891

1,153,217

Nine

Energy

Service,

Inc.

(b)

............

53,315

219,658

Oil

States

International,

Inc.

(b)

...........

140,665

1,177,366

Profire

Energy,

Inc.

(a)(b)

...............

81,334

226,109

Ranger

Energy

Services,

Inc.

...........

33,231

471,216

SEACOR

Marine

Holdings,

Inc.

(b)

........

53,708

745,467

Select

Water

Solutions,

Inc.,

Class

A

......

181,096

1,439,713

Smart

Sand,

Inc.

(b)

..................

64,856

150,466

Solaris

Oilfield

Infrastructure,

Inc.,

Class

A

..

68,667

731,990

TETRA

Technologies,

Inc.

(b)

............

278,095

1,774,246

19,686,339

Entertainment

—

0.3%

Chicken

Soup

For

The

Soul

Entertainment,

Inc.

(a)(b)

........................

23,630

8,152

CuriosityStream,

Inc.,

Class

A

(b)

.........

48,769

34,592

FG

Group

Holdings,

Inc.

(b)

.............

27,152

45,615

Gaia,

Inc.,

Class

A

(b)

.................

30,131

81,956

GameSquare

Holdings,

Inc.

(b)

...........

20,568

44,838

Golden

Matrix

Group,

Inc.

(b)

............

16,815

49,436

Kartoon

Studios,

Inc.

(a)(b)

..............

69,672

97,541

LiveOne,

Inc.

(a)(b)

...................

150,811

144,206

Loop

Media,

Inc.

(b)

..................

80,844

40,180

Marcus

Corp.

(The)

(a)

................

53,910

835,605

Playstudios,

Inc.,

Class

A

(a)(b)

...........

190,443

605,609

PodcastOne,

Inc.

(b)

..................

7,182

14,220

Reading

International,

Inc.,

Class

A,

NVS

(b)

.

36,899

78,226

Reservoir

Media,

Inc.

(a)(b)

..............

44,317

270,334

2,350,510

Financial

Services

—

1.5%

Acacia

Research

Corp.

(a)(b)

.............

84,803

309,531

Alerus

Financial

Corp.

...............

40,670

739,380

A-Mark

Precious

Metals,

Inc.

...........

41,942

1,230,159

Security

Shares

Shares

Value

Financial

Services

(continued)

AppTech

Payments

Corp.

(a)(b)

...........

29,291

$

96,514

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

....................

61,251

1,298,521

BM

Technologies,

Inc.,

Class

A

(b)

........

18,142

36,284

Cantaloupe,

Inc.

(b)

..................

127,796

798,725

Cass

Information

Systems,

Inc.

.........

30,523

1,136,982

Finance

of

America

Cos.,

Inc.,

Class

A

(a)(b)

..

116,269

148,824

I3

Verticals,

Inc.,

Class

A

(b)

.............

50,235

1,061,968

Income

Opportunity

Realty

Investors,

Inc.

(b)

.

1,605

17,896

International

Money

Express,

Inc.

(a)(b)

......

73,402

1,242,696

Merchants

Bancorp

.................

35,412

981,621

NewtekOne,

Inc.

(a)

..................

51,932

765,997

Ocwen

Financial

Corp.

(a)(b)

.............

14,444

373,811

Paysign,

Inc.

(a)(b)

....................

72,875

142,106

Priority

Technology

Holdings,

Inc.

(b)

.......

39,052

126,528

Security

National

Financial

Corp.,

Class

A

(b)

.

27,977

219,340

SWK

Holdings

Corp.

(b)

...............

8,653

136,285

Usio,

Inc.

(b)

.......................

47,867

83,767

Velocity

Financial,

Inc.

(b)

..............

19,392

219,130

Waterstone

Financial,

Inc.

.............

41,171

450,822

11,616,887

Food

Products

—

0.7%

Alico,

Inc.

........................

15,742

392,920

Benson

Hill,

Inc.

(a)(b)

.................

392,884

130,241

Bridgford

Foods

Corp.

(a)(b)

.............

4,193

46,542

Calavo

Growers,

Inc.

................

38,569

973,096

Farmer

Bros

Co.

(b)

..................

29,759

76,778

Forafric

Global

plc

(b)

.................

11,366

128,322

Lifecore

Biomedical,

Inc.

(a)(b)

............

58,031

437,844

Lifeway

Foods,

Inc.

(b)

................

8,769

90,672

Limoneira

Co.

.....................

39,047

598,200

Mama's

Creations,

Inc.

(b)

..............

44,610

194,946

Real

Good

Food

Co.,

Inc.

(The),

Class

A

(b)

..

16,670

55,845

Rocky

Mountain

Chocolate

Factory,

Inc.

(b)

..

11,335

54,408

S&W

Seed

Co.

(b)

...................

55,465

62,121

Sadot

Group,

Inc.

(a)(b)

................

62,494

43,683

Seneca

Foods

Corp.,

Class

A

(b)

.........

11,692

629,380

SunOpta,

Inc.

(a)(b)

...................

202,387

682,044

Vital

Farms,

Inc.

(b)

..................

68,055

788,077

Whole

Earth

Brands,

Inc.,

Class

A

(a)(b)

.....

73,398

264,233

5,649,352

Gas

Utilities

—

0.0%

RGC

Resources,

Inc.

................

17,820

308,286

Ground

Transportation

—

0.4%

Covenant

Logistics

Group,

Inc.,

Class

A

....

18,568

814,207

Daseke,

Inc.

(b)

.....................

90,207

462,762

FTAI

Infrastructure,

Inc.

...............

220,014

708,445

PAM

Transportation

Services,

Inc.

(a)(b)

.....

13,845

298,360

Patriot

Transportation

Holding,

Inc.

(b)

......

3,633

30,844

TuSimple

Holdings,

Inc.,

Class

A

(a)(b)

......

372,178

580,598

Universal

Logistics

Holdings,

Inc.

........

15,091

379,991

3,275,207

Health

Care

Equipment

&

Supplies

—

3.4%

Accuray,

Inc.

(a)(b)

....................

207,659

564,833

AngioDynamics,

Inc.

(a)(b)

..............

83,925

613,492

Apyx

Medical

Corp.

(a)(b)

...............

68,019

217,661

Artivion,

Inc.

(a)(b)

....................

87,759

1,330,426

AxoGen,

Inc.

(b)

.....................

90,341

451,705

Beyond

Air,

Inc.

(a)(b)

..................

60,176

139,007

BioSig

Technologies,

Inc.

(a)(b)

...........

130,164

63,689

Bioventus,

Inc.,

Class

A

(b)

.............

71,246

235,112

Butterfly

Network,

Inc.,

Class

A

(a)(b)

.......

310,543

366,441

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Micro-Cap

ETF

16

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

Cerus

Corp.

(b)

.....................

394,393

$

638,917

ClearPoint

Neuro,

Inc.

(a)(b)

.............

51,218

256,602

Co-Diagnostics,

Inc.

(a)(b)

...............

69,399

73,563

Cue

Health,

Inc.

(a)(b)

.................

245,724

108,684

Cutera,

Inc.

(a)(b)

....................

40,792

245,568

CVRx,

Inc.

(a)(b)

.....................

24,799

376,201

CytoSorbents

Corp.

(a)(b)

...............

90,374

169,903

DarioHealth

Corp.

(a)(b)

................

52,761

173,056

Delcath

Systems,

Inc.

(a)(b)

.............

17,303

70,077

Eargo,

Inc.

(a)(b)

.....................

11,313

24,889

Electromed,

Inc.

(a)(b)

.................

17,354

180,308

enVVeno

Medical

Corp.

(a)(b)

............

15,464

83,351

FONAR

Corp.

(b)

....................

14,272

219,789

Hyperfine,

Inc.,

Class

A

(b)

.............

118,084

242,072

Inogen,

Inc.

(b)

.....................

52,173

272,343

iRadimed

Corp.

....................

16,294

722,965

IRIDEX

Corp.

(b)

....................

29,210

74,193

Kewaunee

Scientific

Corp.

(b)

...........

5,836

103,297

KORU

Medical

Systems,

Inc.

(b)

..........

77,917

210,376

LeMaitre

Vascular,

Inc.

...............

43,877

2,390,419

LENSAR,

Inc.

(b)

....................

15,543

48,028

Lucid

Diagnostics,

Inc.

(a)(b)

.............

22,687

26,544

Monogram

Orthopaedics,

Inc.

(b)

.........

4,940

12,844

Nano-X

Imaging

Ltd.

(a)(b)

..............

106,249

696,993

Neuronetics,

Inc.

(a)(b)

.................

59,237

79,970

NeuroPace,

Inc.

(a)(b)

.................

22,862

222,447

OraSure

Technologies,

Inc.

(b)

...........

160,426

951,326

Orchestra

BioMed

Holdings,

Inc.

(a)(b)

......

32,081

279,746

Orthofix

Medical,

Inc.

(b)

...............

78,377

1,007,928

OrthoPediatrics

Corp.

(a)(b)

..............

35,121

1,123,872

Precision

Optics

Corp.,

Inc.

(b)

...........

5,768

35,589

Pro-Dex,

Inc.

(b)

....................

4,761

74,748

ProSomnus,

Inc.

(b)

..................

4,006

4,407

Pulmonx

Corp.

(b)

...................

81,757

844,550

Pulse

Biosciences,

Inc.

(a)(b)

.............

36,010

145,120

Retractable

Technologies,

Inc.

(b)

.........

26,388

31,402

Rockwell

Medical,

Inc.

(a)(b)

.............

27,988

58,215

RxSight,

Inc.

(b)

.....................

60,118

1,676,691

Sanara

Medtech,

Inc.

(a)(b)

..............

8,475

263,827

Semler

Scientific,

Inc.

(a)(b)

..............

11,152

282,926

Sensus

Healthcare,

Inc.

(b)

.............

31,607

87,551

SI-BONE,

Inc.

(a)(b)

...................

77,149

1,638,645

Sight

Sciences,

Inc.

(b)

................

48,237

162,559

Sonendo,

Inc.

(a)(b)

...................

107,434

80,124

Stereotaxis,

Inc.

(a)(b)

.................

126,946

200,575

Strata

Skin

Sciences,

Inc.

(a)(b)

...........

43,251

25,734

Surmodics,

Inc.

(b)

...................

30,694

984,970

Tactile

Systems

Technology,

Inc.

(b)

.......

51,262

720,231

Tela

Bio,

Inc.

(b)

.....................

36,287

290,296

UFP

Technologies,

Inc.

(a)(b)

.............

15,756

2,543,806

Utah

Medical

Products,

Inc.

............

7,562

650,332

Vicarious

Surgical,

Inc.,

Class

A

(a)(b)

.......

156,067

92,189

Vivani

Medical,

Inc.

(a)(b)

...............

49,811

50,807

VolitionRX

Ltd.

(a)(b)

..................

99,044

68,241

Zimvie,

Inc.

(b)

......................

57,596

541,978

Zynex,

Inc.

(b)

......................

43,625

349,000

26,973,150

Health

Care

Providers

&

Services

—

1.3%

Accolade,

Inc.

(a)(b)

...................

150,348

1,590,682

AirSculpt

Technologies,

Inc.

(b)

...........

27,155

185,740

Aveanna

Healthcare

Holdings,

Inc.

(b)

......

111,504

132,690

Biodesix,

Inc.

(a)(b)

...................

57,669

95,154

CareMax,

Inc.,

Class

A

(a)(b)

.............

167,586

355,282

Castle

Biosciences,

Inc.

(b)

.............

55,367

935,149

Security

Shares

Shares

Value

Health

Care

Providers

&

Services

(continued)

Cosmos

Health,

Inc.

(a)(b)

...............

21,355

$

33,527

Cross

Country

Healthcare,

Inc.

(a)(b)

.......

76,727

1,902,062

Cryo-Cell

International,

Inc.

(b)

...........

12,513

65,818

DocGo,

Inc.

(a)(b)

....................

173,265

923,502

Enzo

Biochem,

Inc.

(a)(b)

...............

94,594

132,432

Etao

International

Co.

Ltd.

(a)(b)

..........

114,617

37,824

Great

Elm

Group,

Inc.

(b)

..............

31,205

66,779

InfuSystem

Holdings,

Inc.

(a)(b)

...........

40,483

390,256

Invitae

Corp.

(a)(b)

....................

583,223

352,966

Joint

Corp.

(The)

(b)

..................

31,679

284,794

P3

Health

Partners,

Inc.,

Class

A

(a)(b)

......

92,062

135,331

Pennant

Group,

Inc.

(The)

(b)

............

63,555

707,367

PetIQ,

Inc.,

Class

A

(b)

................

60,903

1,199,789

Psychemedics

Corp.

................

9,041

35,893

Quipt

Home

Medical

Corp.

(a)(b)

..........

89,820

457,184

Sonida

Senior

Living,

Inc.

(b)

............

7,936

71,345

Viemed

Healthcare,

Inc.

(a)(b)

............

75,978

511,332

10,602,898

Health

Care

REITs

—

0.4%

Diversified

Healthcare

Trust

............

532,699

1,033,436

Global

Medical

REIT,

Inc.

.............

135,235

1,213,058

Universal

Health

Realty

Income

Trust

.....

28,533

1,153,589

3,400,083

Health

Care

Technology

—

0.7%

Akili,

Inc.

(b)

.......................

105,985

58,175

Augmedix,

Inc.

(b)

...................

45,722

235,468

Better

Therapeutics,

Inc.

(a)(b)

............

30,733

11,857

CareCloud,

Inc.

(a)(b)

..................

23,102

26,567

Computer

Programs

&

Systems,

Inc.

(b)

.....

31,817

507,163

Forian,

Inc.

(b)

......................

41,001

93,482

HealthStream,

Inc.

..................

54,385

1,173,628

iCAD,

Inc.

(a)(b)

.....................

50,127

105,768

LifeMD,

Inc.

(a)(b)

....................

47,770

298,563

OptimizeRx

Corp.

(b)

.................

37,080

288,482

Sharecare,

Inc.,

Class

A

(b)

.............

685,118

644,285

Simulations

Plus,

Inc.

(a)

...............

35,330

1,473,261

Streamline

Health

Solutions,

Inc.

(b)

.......

94,409

91,341

Tabula

Rasa

HealthCare,

Inc.

(b)

.........

41,660

429,515

5,437,555

Hotel

&

Resort

REITs

—

0.3%

Ashford

Hospitality

Trust,

Inc.

(a)(b)

........

76,872

183,724

Braemar

Hotels

&

Resorts,

Inc.

.........

146,214

405,013

Chatham

Lodging

Trust

...............

107,445

1,028,249

Hersha

Hospitality

Trust,

Class

A

........

69,354

683,830

Sotherly

Hotels,

Inc.

(b)

................

37,108

62,341

2,363,157

Hotels,

Restaurants

&

Leisure

—

2.0%

Allied

Gaming

&

Entertainment,

Inc.

(a)(b)

....

29,145

26,464

Ark

Restaurants

Corp.

...............

4,059

62,427

Biglari

Holdings,

Inc.,

Class

B,

NVS

(b)

.....

1,658

275,228

BJ's

Restaurants,

Inc.

(b)

...............

50,428

1,183,041

Bluegreen

Vacations

Holding

Corp.

.......

23,846

874,671

Canterbury

Park

Holding

Corp.

..........

6,964

140,882

Carrols

Restaurant

Group,

Inc.

(b)

.........

81,823

539,214

Century

Casinos,

Inc.

(b)

...............

60,556

310,652

Chuy's

Holdings,

Inc.

(a)(b)

..............

40,055

1,425,157

Denny's

Corp.

(b)

....................

121,585

1,029,825

El

Pollo

Loco

Holdings,

Inc.

............

62,238

557,030

FAT

Brands,

Inc.,

Class

B

.............

217

1,399

Fiesta

Restaurant

Group,

Inc.

(b)

.........

39,474

333,950

First

Watch

Restaurant

Group,

Inc.

(a)(b)

.....

49,458

855,129

Flanigan's

Enterprises,

Inc.

............

1,910

63,030

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Micro-Cap

ETF

Schedules

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Hotels,

Restaurants

&

Leisure

(continued)

Full

House

Resorts,

Inc.

(a)(b)

............

72,777

$

310,758

GAN

Ltd.

(b)

.......................

89,921

104,308

Golden

Entertainment,

Inc.

............

44,945

1,536,220

Good

Times

Restaurants,

Inc.

(a)(b)

........

20,113

61,144

Hall

of

Fame

Resort

&

Entertainment

Co.

(a)(b)

7,466

43,452

Inspired

Entertainment,

Inc.

(b)

...........

48,343

578,182

Kura

Sushi

USA,

Inc.,

Class

A

(a)(b)

........

13,010

860,221

Lindblad

Expeditions

Holdings,

Inc.

(a)(b)

....

77,881

560,743

Mondee

Holdings,

Inc.,

Class

A

(a)(b)

.......

100,777

359,774

Nathan's

Famous,

Inc.

(a)

..............

6,188

437,244

Noodles

&

Co.,

Class

A

(b)

.............

89,577

220,359

ONE

Group

Hospitality,

Inc.

(The)

(b)

.......

48,940

269,170

PlayAGS,

Inc.

(b)

....................

82,336

536,831

Potbelly

Corp.

(b)

....................

58,147

453,547

RCI

Hospitality

Holdings,

Inc.

(a)

..........

19,493

1,182,445

Red

Robin

Gourmet

Burgers,

Inc.

(a)(b)

......

35,379

284,447

15,476,944

Household

Durables

—

1.0%

Bassett

Furniture

Industries,

Inc.

........

18,696

273,896

Beazer

Homes

USA,

Inc.

(b)

............

65,656

1,635,491

Ethan

Allen

Interiors,

Inc.

.............

50,697

1,515,840

Flexsteel

Industries,

Inc.

..............

10,407

216,049

Hamilton

Beach

Brands

Holding

Co.,

Class

A

19,344

240,059

Hooker

Furnishings

Corp.

.............

23,852

463,921

Hovnanian

Enterprises,

Inc.,

Class

A

(b)

.....

10,732

1,091,015

Koss

Corp.

(a)(b)

.....................

9,447

28,436

Landsea

Homes

Corp.

(b)

..............

29,740

267,363

Legacy

Housing

Corp.

(a)(b)

.............

22,101

428,980

Lifetime

Brands,

Inc.

.................

26,177

147,377

Live

Ventures,

Inc.

(b)

.................

3,464

97,997

Lovesac

Co.

(The)

(a)(b)

................

31,301

623,516

Purple

Innovation,

Inc.

(a)

..............

122,604

209,653

Traeger,

Inc.

(a)(b)

....................

78,340

213,868

Tupperware

Brands

Corp.

(a)(b)

...........

99,382

139,135

United

Homes

Group,

Inc.,

Class

A

(a)(b)

.....

11,265

63,084

Universal

Electronics,

Inc.

(b)

............

27,558

249,400

VOXX

International

Corp.,

Class

A

(a)(b)

.....

26,529

211,701

8,116,781

Household

Products

—

0.1%

Oil-Dri

Corp.

of

America

..............

10,947

675,977

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

Altus

Power,

Inc.,

Class

A

(a)(b)

...........

142,440

747,810

Industrial

REITs

—

0.3%

Industrial

Logistics

Properties

Trust

.......

145,532

420,588

Plymouth

Industrial

REIT,

Inc.

..........

95,452

1,999,719

2,420,307

Insurance

—

1.8%

Ambac

Financial

Group,

Inc.

(a)(b)

.........

98,608

1,189,212

American

Coastal

Insurance

Corp.

(a)(b)

.....

43,769

322,140

Atlantic

American

Corp.

..............

10,874

21,096

Citizens,

Inc.,

Class

A

(a)(b)

.............

111,275

317,134

Crawford

&

Co.,

Class

A,

NVS

..........

32,324

301,906

Donegal

Group,

Inc.,

Class

A

...........

34,317

489,189

eHealth,

Inc.

(b)

.....................

61,318

453,753

GoHealth,

Inc.,

Class

A

(b)

..............

8,740

126,643

Greenlight

Capital

Re

Ltd.,

Class

A

(b)

......

57,194

614,264

HCI

Group,

Inc.

....................

14,362

779,713

Heritage

Insurance

Holdings,

Inc.

(b)

.......

51,329

333,125

Hippo

Holdings,

Inc.

(a)(b)

...............

23,555

187,733

ICC

Holdings,

Inc.

(b)

.................

3,640

57,512

Investors

Title

Co.

..................

2,710

401,324

Kingsway

Financial

Services,

Inc.

(a)(b)

......

23,879

180,286

Security

Shares

Shares

Value

Insurance

(continued)

Maiden

Holdings

Ltd.

(a)(b)

..............

200,755

$

353,329

MBIA,

Inc.

(a)(b)

.....................

107,878

777,800

Midwest

Holding,

Inc.

(a)(b)

..............

7,011

183,338

National

Western

Life

Group,

Inc.,

Class

A

..

5,073

2,219,387

NI

Holdings,

Inc.

(b)

..................

18,436

237,271

Root,

Inc.,

Class

A

(b)

.................

17,900

170,229

Selectquote,

Inc.

(b)

..................

301,943

353,273

Skyward

Specialty

Insurance

Group,

Inc.

(b)

..

53,109

1,453,062

Tiptree,

Inc.

......................

53,293

893,191

United

Fire

Group,

Inc.

...............

46,749

923,293

Universal

Insurance

Holdings,

Inc.

.......

56,531

792,565

Vericity,

Inc.

(a)(b)

....................

4,694

25,488

14,157,256

Interactive

Media

&

Services

—

0.7%

(b)

Arena

Group

Holdings,

Inc.

(The)

(a)

.......

20,712

88,647

DHI

Group,

Inc.

....................

95,661

292,723

EverQuote,

Inc.,

Class

A

(a)

.............

47,386

342,601

fuboTV,

Inc.

(a)

.....................

631,069

1,684,954

MediaAlpha,

Inc.,

Class

A

(a)

............

48,481

400,453

Nextdoor

Holdings,

Inc.,

Class

A

(a)

.......

323,664

589,068

Outbrain,

Inc.

(a)

....................

91,472

445,469

QuinStreet,

Inc.

....................

115,846

1,039,139

System1,

Inc.,

Class

A

...............

71,443

86,446

Travelzoo

........................

15,089

87,969

TrueCar,

Inc.

......................

196,874

407,529

5,464,998

IT

Services

—

0.8%

Backblaze,

Inc.,

Class

A

(b)

.............

45,092

248,006

BigBear.ai

Holdings,

Inc.

(a)(b)

............

65,174

98,413

Brightcove,

Inc.

(b)

...................

96,412

317,195

Castellum,

Inc.

(b)

...................

43,251

9,956

Computer

Task

Group,

Inc.

(b)

...........

32,760

338,411

Crexendo,

Inc.

.....................

27,895

58,858

CSP,

Inc.

........................

7,593

132,878

DecisionPoint

Systems,

Inc.

(b)

..........

13,039

65,195

Glimpse

Group,

Inc.

(The)

(b)

............

22,001

40,482

Grid

Dynamics

Holdings,

Inc.,

Class

A

(a)(b)

..

122,949

1,497,519

Hackett

Group,

Inc.

(The)

.............

55,411

1,307,145

Information

Services

Group,

Inc.

.........

78,637

344,430

OMNIQ

Corp.

(a)(b)

...................

11,731

18,887

PFSweb,

Inc.

.....................

38,645

287,519

Rackspace

Technology,

Inc.

(b)

..........

141,129

331,653

Research

Solutions,

Inc.

(b)

.............

42,824

105,775

Tucows,

Inc.,

Class

A

(a)(b)

..............

22,088

450,816

Unisys

Corp.

(a)(b)

....................

147,928

510,352

6,163,490

Leisure

Products

—

0.8%

American

Outdoor

Brands,

Inc.

(b)

........

29,268

286,241

AMMO,

Inc.

(a)(b)

....................

201,389

406,806

Clarus

Corp.

......................

61,919

468,108

Escalade,

Inc.

.....................

22,190

339,729

Funko,

Inc.,

Class

A

(a)(b)

...............

77,386

592,003

JAKKS

Pacific,

Inc.

(b)

................

16,110

299,485

Johnson

Outdoors,

Inc.,

Class

A

.........

11,946

653,327

Latham

Group,

Inc.

(b)

................

85,834

240,335

Marine

Products

Corp.

...............

18,918

268,825

MasterCraft

Boat

Holdings,

Inc.

(b)

........

38,454

854,448

Nautilus,

Inc.

(b)

.....................

68,842

58,522

Smith

&

Wesson

Brands,

Inc.

...........

101,386

1,308,893

Solo

Brands,

Inc.,

Class

A

(b)

............

48,636

248,043

Vision

Marine

Technologies,

Inc.

(b)

.......

8,673

20,989

6,045,754

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Micro-Cap

ETF

18

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Life

Sciences

Tools

&

Services

—

1.1%

(b)

Akoya

Biosciences,

Inc.

(a)

.............

49,488

$

230,119

Alpha

Teknova,

Inc.

(a)

................

12,667

35,341

BioLife

Solutions,

Inc.

(a)

...............

77,554

1,071,021

Champions

Oncology,

Inc.

.............

15,502

96,422

ChromaDex

Corp.

(a)

.................

118,160

172,514

Codexis,

Inc.

......................

149,077

281,755

Harvard

Bioscience,

Inc.

..............

89,293

383,960

Inotiv,

Inc.

(a)

.......................

49,821

153,449

MaxCyte,

Inc.

(a)

....................

194,764

607,664

Miromatrix

Medical,

Inc.

(a)

.............

50,396

60,979

NanoString

Technologies,

Inc.

(a)

.........

102,803

176,821

Nautilus

Biotechnology,

Inc.

............

112,760

356,322

OmniAb,

Inc.

(a)

.....................

207,735

1,078,145

Personalis,

Inc.

(a)

...................

86,455

104,610

PhenomeX,

Inc.

(a)

...................

192,953

192,586

Quanterix

Corp.

....................

78,512

2,130,816

Quantum-Si,

Inc.,

Class

A

(a)

............

226,582

376,126

Rapid

Micro

Biosystems,

Inc.,

Class

A

(a)

....

52,376

56,566

Seer,

Inc.,

Class

A

(a)

.................

129,398

285,970

Singular

Genomics

Systems,

Inc.

........

130,456

49,704

Standard

BioTools,

Inc.

(a)

..............

170,059

493,171

Telesis

Bio,

Inc.

(a)

...................

23,909

24,865

8,418,926

Machinery

—

2.9%

374Water,

Inc.

(a)(b)

..................

131,219

162,712

Blue

Bird

Corp.

(b)

...................

38,757

827,462

CIRCOR

International,

Inc.

(b)

...........

45,167

2,518,060

Columbus

McKinnon

Corp.

............

62,917

2,196,432

Commercial

Vehicle

Group,

Inc.

(b)

........

71,573

555,406

Douglas

Dynamics,

Inc.

..............

50,027

1,509,815

Eastern

Co.

(The)

..................

11,671

211,829

FreightCar

America,

Inc.

(b)

.............

31,098

83,032

Gencor

Industries,

Inc.

(b)

..............

23,463

331,532

Graham

Corp.

(b)

....................

22,379

371,491

Hurco

Cos.,

Inc.

....................

13,785

309,197

Hydrofarm

Holdings

Group,

Inc.

(a)(b)

.......

98,091

119,671

Hyliion

Holdings

Corp.,

Class

A

(a)(b)

.......

328,998

388,218

Hyster-Yale

Materials

Handling,

Inc.

......

24,203

1,078,970

L

B

Foster

Co.,

Class

A

(b)

..............

23,646

447,146

LS

Starrett

Co.

(The),

Class

A

(b)

.........

13,335

143,351

Luxfer

Holdings

plc

.................

61,136

797,825

Manitex

International,

Inc.

(b)

............

32,478

151,672

Manitowoc

Co.,

Inc.

(The)

(a)(b)

...........

77,689

1,169,219

Mayville

Engineering

Co.,

Inc.

(a)(b)

........

24,815

272,221

Microvast

Holdings,

Inc.

(a)(b)

............

233,681

441,657

Miller

Industries,

Inc.

................

24,586

964,017

Nauticus

Robotics,

Inc.

(a)(b)

.............

37,874

67,037

NN,

Inc.

(a)(b)

.......................

95,866

178,311

Park-Ohio

Holdings

Corp.

.............

18,733

372,974

Perma-Pipe

International

Holdings,

Inc.

(b)

...

16,975

138,686

REV

Group,

Inc.

...................

70,292

1,124,672

Shyft

Group,

Inc.

(The)

...............

76,236

1,141,253

Taylor

Devices,

Inc.

(b)

................

6,182

131,677

Titan

International,

Inc.

(b)

..............

116,268

1,561,479

Twin

Disc,

Inc.

(a)(b)

..................

24,138

331,173

Velo3D,

Inc.

(a)(b)

....................

198,569

309,768

Wabash

National

Corp.

...............

105,461

2,227,336

22,635,301

Marine

Transportation

—

0.4%

Eagle

Bulk

Shipping,

Inc.

.............

20,649

867,877

Genco

Shipping

&

Trading

Ltd.

..........

93,791

1,312,136

Himalaya

Shipping

Ltd.

(b)

..............

18,677

90,210

Navios

Maritime

Holdings,

Inc.

(a)(b)

........

40,937

81,874

Security

Shares

Shares

Value

Marine

Transportation

(continued)

Pangaea

Logistics

Solutions

Ltd.

........

81,201

$

477,462

Safe

Bulkers,

Inc.

..................

150,050

486,162

3,315,721

Media

—

1.3%

AdTheorent

Holding

Co.,

Inc.

(a)(b)

.........

150,472

194,109

Advantage

Solutions,

Inc.,

Class

A

(a)(b)

.....

193,696

550,097

Boston

Omaha

Corp.,

Class

A

(b)

.........

52,128

854,378

Cardlytics,

Inc.

(a)(b)

..................

74,780

1,233,870

Clear

Channel

Outdoor

Holdings,

Inc.

(a)(b)

...

834,198

1,318,033

comScore,

Inc.

(a)(b)

..................

177,204

108,786

Cumulus

Media,

Inc.,

Class

A

(b)

.........

35,216

179,249

Daily

Journal

Corp.

(b)

................

2,976

874,944

Direct

Digital

Holdings,

Inc.,

Class

A

(b)

.....

5,677

14,533

Emerald

Holding,

Inc.

(a)(b)

..............

35,550

160,686

Entravision

Communications

Corp.,

Class

A

.

132,272

482,793

Gambling.com

Group

Ltd.

(b)

............

23,653

309,381

Gannett

Co.,

Inc.

(a)(b)

.................

321,498

787,670

Harte

Hanks,

Inc.

(a)(b)

................

14,407

93,790

iHeartMedia,

Inc.,

Class

A

(b)

............

228,909

723,352

Innovid

Corp.

(b)

....................

221,533

283,562

Lee

Enterprises,

Inc.

(b)

...............

12,233

131,015

Marchex,

Inc.,

Class

B

(b)

..............

45,488

65,958

Saga

Communications,

Inc.,

Class

A

......

8,759

187,968

Thryv

Holdings,

Inc.

(b)

................

69,040

1,295,881

Townsquare

Media,

Inc.,

Class

A

........

26,083

227,444

Urban

One,

Inc.,

Class

A

(a)(b)

...........

19,019

95,475

Urban

One,

Inc.,

Class

D,

NVS

(b)

........

24,966

125,579

10,298,553

Metals

&

Mining

—

1.9%

5E

Advanced

Materials,

Inc.

(a)(b)

.........

87,943

198,751

Ampco-Pittsburgh

Corp.

(a)(b)

............

32,098

84,418

Ascent

Industries

Co.

(b)

...............

15,721

139,445

Caledonia

Mining

Corp.

plc

............

36,569

360,570

Contango

ORE,

Inc.

(a)(b)

...............

8,695

157,727

Dakota

Gold

Corp.

(a)(b)

................

119,409

308,075

Friedman

Industries,

Inc.

..............

14,839

198,843

Gold

Resource

Corp.

................

194,610

83,293

Haynes

International,

Inc.

.............

27,895

1,297,675

i-80

Gold

Corp.

(a)(b)

..................

429,563

657,231

Idaho

Strategic

Resources,

Inc.

(b)

........

23,741

119,655

Ivanhoe

Electric,

Inc.

(a)(b)

..............

123,826

1,473,529

NioCorp

Developments

Ltd.

(b)

...........

4,288

15,566

Olympic

Steel,

Inc.

..................

21,840

1,227,627

Perpetua

Resources

Corp.

(b)

...........

84,259

274,684

Piedmont

Lithium,

Inc.

(a)(b)

.............

39,787

1,579,544

PolyMet

Mining

Corp.

(a)(b)

..............

74,206

154,349

Ramaco

Resources,

Inc.,

Class

A

........

49,603

545,137

Ramaco

Resources,

Inc.,

Class

B

........

10,023

119,574

Schnitzer

Steel

Industries,

Inc.,

Class

A

....

57,666

1,605,998

SunCoke

Energy,

Inc.

................

185,772

1,885,586

TimkenSteel

Corp.

(a)(b)

................

96,933

2,105,385

Tredegar

Corp.

....................

59,000

319,190

Universal

Stainless

&

Alloy

Products,

Inc.

(b)

.

18,693

245,065

US

Gold

Corp.

(a)(b)

..................

18,879

58,714

US

Goldmining,

Inc.

(b)

................

4,187

33,664

15,249,295

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

1.9%

ACRES

Commercial

Realty

Corp.

(a)(b)

.....

17,518

145,401

AFC

Gamma,

Inc.

..................

36,588

429,543

AG

Mortgage

Investment

Trust,

Inc.

......

44,026

244,344

Angel

Oak

Mortgage

REIT,

Inc.

.........

26,508

226,113

Ares

Commercial

Real

Estate

Corp.

......

115,323

1,097,875

Arlington

Asset

Investment

Corp.,

Class

A

(b)

.

60,909

260,691

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Micro-Cap

ETF

Schedules

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(continued)

ARMOUR

Residential

REIT,

Inc.

.........

509,231

$

2,164,232

Cherry

Hill

Mortgage

Investment

Corp.

....

56,820

211,371

Chicago

Atlantic

Real

Estate

Finance,

Inc.

..

36,463

536,735

Dynex

Capital,

Inc.

..................

119,978

1,432,537

Ellington

Financial,

Inc.

...............

145,179

1,810,382

Ellington

Residential

Mortgage

REIT

......

30,216

187,641

Franklin

BSP

Realty

Trust,

Inc.

..........

184,803

2,446,792

Granite

Point

Mortgage

Trust,

Inc.

.......

114,318

557,872

Great

Ajax

Corp.

...................

50,932

328,002

Invesco

Mortgage

Capital,

Inc.

..........

93,579

936,726

Lument

Finance

Trust,

Inc.

............

67,836

141,099

Manhattan

Bridge

Capital,

Inc.

..........

19,614

94,147

NexPoint

Real

Estate

Finance,

Inc.

.......

18,059

295,445

Orchid

Island

Capital,

Inc.

.............

98,121

835,010

Sachem

Capital

Corp.

................

93,112

328,685

Seven

Hills

Realty

Trust

..............

28,317

309,222

Western

Asset

Mortgage

Capital

Corp.

....

12,915

121,401

15,141,266

Multi-Utilities

—

0.2%

Unitil

Corp.

.......................

35,524

1,517,230

Office

REITs

—

0.5%

City

Office

REIT,

Inc.

................

87,286

370,966

Creative

Media

&

Community

Trust

Corp.

...

27,611

111,825

Franklin

Street

Properties

Corp.

(a)

........

219,510

406,093

Office

Properties

Income

Trust

..........

107,143

439,286

Orion

Office

REIT,

Inc.

...............

127,309

663,280

Peakstone

Realty

Trust,

Class

E,

NVS

(a)

...

80,522

1,339,886

Postal

Realty

Trust,

Inc.,

Class

A

........

41,328

557,928

3,889,264

Oil,

Gas

&

Consumable

Fuels

—

4.2%

Adams

Resources

&

Energy,

Inc.

........

5,628

189,607

Aemetis,

Inc.

(a)(b)

...................

69,473

288,313

American

Resources

Corp.,

Class

A

(a)(b)

....

148,524

248,035

Amplify

Energy

Corp.

(b)

...............

80,996

595,321

Ardmore

Shipping

Corp.

..............

91,521

1,190,688

Battalion

Oil

Corp.

(a)(b)

................

7,326

45,275

Berry

Corp.

.......................

169,545

1,390,269

Centrus

Energy

Corp.,

Class

A

(a)(b)

.......

27,245

1,546,426

Clean

Energy

Technologies,

Inc.

(b)

.......

26,476

48,981

Dorian

LPG

Ltd.

....................

71,429

2,052,155

Empire

Petroleum

Corp.

(b)

.............

28,202

271,585

Encore

Energy

Corp.

(b)

...............

313,725

1,022,743

Energy

Fuels,

Inc.

(a)(b)

................

349,185

2,870,301

Epsilon

Energy

Ltd.

.................

47,275

249,612

Evolution

Petroleum

Corp.

.............

69,321

474,156

Gevo,

Inc.

(a)(b)

.....................

521,479

620,560

Granite

Ridge

Resources,

Inc.

..........

57,998

353,788

Hallador

Energy

Co.

(a)(b)

...............

50,389

726,609

Lightbridge

Corp.

(a)(b)

.................

26,151

117,418

NACCO

Industries,

Inc.,

Class

A

.........

9,352

327,975

NextDecade

Corp.

(b)

.................

68,669

351,585

Nordic

American

Tankers

Ltd.

..........

456,197

1,879,532

Overseas

Shipholding

Group,

Inc.,

Class

A

(a)(b)

140,547

617,001

PHX

Minerals,

Inc.,

Class

A

............

77,318

281,437

PrimeEnergy

Resources

Corp.

(a)(b)

........

1,614

187,208

REX

American

Resources

Corp.

(b)

.......

34,403

1,400,890

Riley

Exploration

Permian,

Inc.

..........

19,747

627,757

Ring

Energy,

Inc.

(a)(b)

.................

268,098

522,791

SandRidge

Energy,

Inc.

..............

68,256

1,068,889

SilverBow

Resources,

Inc.

(b)

............

39,205

1,402,363

Stabilis

Solutions,

Inc.

(b)

..............

6,709

29,721

Teekay

Corp.

(b)

....................

148,581

916,745

Uranium

Energy

Corp.

(a)(b)

.............

817,721

4,211,263

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

US

Energy

Corp.

...................

23,105

$

31,192

VAALCO

Energy,

Inc.

................

238,733

1,048,038

Verde

Clean

Fuels,

Inc.,

Class

A

(b)

.......

9,479

35,736

Vertex

Energy,

Inc.

(a)(b)

...............

145,591

647,880

Vital

Energy,

Inc.

(b)

..................

37,701

2,089,389

W&T

Offshore,

Inc.

(a)(b)

...............

217,631

953,224

32,932,458

Paper

&

Forest

Products

—

0.2%

(b)

Clearwater

Paper

Corp.

..............

37,355

1,354,119

Glatfelter

Corp.

....................

98,776

197,552

1,551,671

Passenger

Airlines

—

0.1%

(b)

Blade

Air

Mobility,

Inc.,

Class

A

..........

130,554

338,135

Hawaiian

Holdings,

Inc.

(a)

.............

113,470

718,265

Mesa

Air

Group,

Inc.

(a)

...............

79,153

67,992

1,124,392

Personal

Care

Products

—

0.2%

Honest

Co.,

Inc.

(The)

(a)(b)

.............

148,127

186,640

Lifevantage

Corp.

..................

26,439

170,531

Natural

Alternatives

International,

Inc.

(b)

....

11,027

71,565

Natural

Health

Trends

Corp.

...........

17,243

92,250

Nature's

Sunshine

Products,

Inc.

(b)

.......

28,983

480,248

Thorne

HealthTech,

Inc.

(a)(b)

............

31,163

317,551

United-Guardian,

Inc.

................

7,528

56,686

Upexi,

Inc.

(a)(b)

.....................

22,005

38,069

Veru,

Inc.

(a)(b)

......................

161,627

116,210

1,529,750

Pharmaceuticals

—

3.6%

Aclaris

Therapeutics,

Inc.

(a)(b)

...........

154,776

1,060,216

AN2

Therapeutics,

Inc.

(b)

..............

15,763

253,469

Anebulo

Pharmaceuticals,

Inc.

(b)

.........

3,827

12,208

ANI

Pharmaceuticals,

Inc.

(b)

............

32,265

1,873,306

Aquestive

Therapeutics,

Inc.

(b)

..........

92,202

141,069

Assertio

Holdings,

Inc.

(a)(b)

.............

197,588

505,825

Atea

Pharmaceuticals,

Inc.

(b)

...........

170,796

512,388

Athira

Pharma,

Inc.

(a)(b)

...............

73,472

148,413

Biote

Corp.,

Class

A

(a)(b)

...............

30,435

155,827

Bright

Green

Corp.

(a)(b)

...............

133,156

52,717

Cara

Therapeutics,

Inc.

(b)

.............

104,522

175,597

Citius

Pharmaceuticals,

Inc.

(a)(b)

.........

274,427

187,818

Clearside

Biomedical,

Inc.

(a)(b)

...........

124,839

108,598

Cognition

Therapeutics,

Inc.

(a)(b)

.........

49,243

70,910

Collegium

Pharmaceutical,

Inc.

(b)

........

76,873

1,718,112

CorMedix,

Inc.

(a)(b)

..................

115,988

429,156

Cymabay

Therapeutics,

Inc.

(a)(b)

.........

217,913

3,249,083

Dare

Bioscience,

Inc.

(b)

...............

186,466

86,110

Durect

Corp.

(a)(b)

....................

54,166

134,873

Edgewise

Therapeutics,

Inc.

(a)(b)

.........

95,237

545,708

Enliven

Therapeutics,

Inc.

(a)(b)

...........

52,014

710,511

Esperion

Therapeutics,

Inc.

(a)(b)

..........

198,636

194,663

Eton

Pharmaceuticals,

Inc.

(b)

...........

45,543

189,914

Evolus,

Inc.

(a)(b)

....................

92,241

843,083

Eyenovia,

Inc.

(a)(b)

...................

66,677

110,684

EyePoint

Pharmaceuticals,

Inc.

(a)(b)

.......

58,354

466,249

Fulcrum

Therapeutics,

Inc.

(a)(b)

..........

128,046

568,524

Harrow,

Inc.

(a)(b)

....................

65,247

937,599

Ikena

Oncology,

Inc.

(a)(b)

..............

54,940

237,890

Journey

Medical

Corp.

(b)

..............

13,710

37,565

KALA

BIO,

Inc.

(b)

...................

4,363

38,831

Liquidia

Corp.

(b)

....................

105,648

669,808

Longboard

Pharmaceuticals,

Inc.

(a)(b)

......

34,805

193,516

Lyra

Therapeutics,

Inc.

(a)(b)

.............

41,096

160,685

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Micro-Cap

ETF

20

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Pharmaceuticals

(continued)

Marinus

Pharmaceuticals,

Inc.

(a)(b)

........

112,067

$

902,139

MediWound

Ltd.

(b)

..................

13,667

145,417

Mind

Medicine

MindMed,

Inc.

(a)(b)

........

84,451

264,332

MyMD

Pharmaceuticals,

Inc.

(a)(b)

.........

85,779

50,781

NGM

Biopharmaceuticals,

Inc.

(b)

.........

97,190

103,993

Nuvation

Bio,

Inc.,

Class

A

(b)

...........

322,982

432,796

Ocular

Therapeutix,

Inc.

(a)(b)

............

173,538

544,909

Ocuphire

Pharma,

Inc.

(a)(b)

.............

45,413

152,134

Omeros

Corp.

(a)(b)

...................

134,973

394,121

Optinose,

Inc.

(b)

....................

163,749

201,411

Oramed

Pharmaceuticals,

Inc.

(a)(b)

........

82,166

214,453

Phathom

Pharmaceuticals,

Inc.

(b)

........

68,738

712,813

Phibro

Animal

Health

Corp.,

Class

A

......

45,118

576,157

ProPhase

Labs,

Inc.

(b)

................

27,826

121,600

Rain

Oncology,

Inc.

(b)

................

38,181

32,904

Relmada

Therapeutics,

Inc.

(b)

...........

57,479

172,437

Reviva

Pharmaceuticals

Holdings,

Inc.

(a)(b)

..

29,698

144,926

RVL

Pharmaceuticals

plc

(b)

............

108,177

9,368

Scilex

Holding

Co.,

(Acquired

01/06/23

,

cost

$1,421,381)

(a)(b)(d)

.................

135,628

186,556

scPharmaceuticals,

Inc.

(a)(b)

............

64,387

458,435

SCYNEXIS,

Inc.

(a)(b)

.................

80,460

183,449

SIGA

Technologies,

Inc.

..............

102,615

538,729

Tarsus

Pharmaceuticals,

Inc.

(a)(b)

.........

52,524

933,352

Terns

Pharmaceuticals,

Inc.

(b)

...........

95,022

477,961

TherapeuticsMD,

Inc.

(a)(b)

..............

19,108

57,706

Theravance

Biopharma,

Inc.

(a)(b)

.........

124,767

1,076,739

Theseus

Pharmaceuticals,

Inc.

(b)

........

45,146

121,443

Third

Harmonic

Bio,

Inc.

(a)(b)

............

43,175

275,888

Trevi

Therapeutics,

Inc.

(b)

.............

92,822

202,352

Verrica

Pharmaceuticals,

Inc.

(a)(b)

........

46,689

181,387

WaVe

Life

Sciences

Ltd.

(b)

.............

130,364

749,593

Xeris

Biopharma

Holdings,

Inc.

(b)

........

296,367

551,243

Zevra

Therapeutics,

Inc.

(a)(b)

............

75,840

365,549

28,317,998

Professional

Services

—

1.7%

Asure

Software,

Inc.

(a)(b)

...............

42,189

399,108

Barrett

Business

Services,

Inc.

..........

14,864

1,341,327

BGSF,

Inc.

.......................

22,482

216,052

BlackSky

Technology,

Inc.,

Class

A

(a)(b)

.....

262,724

307,387

CRA

International,

Inc.

...............

15,100

1,521,476

DLH

Holdings

Corp.

(a)(b)

...............

14,454

168,678

FiscalNote

Holdings,

Inc.,

Class

A

(a)(b)

.....

138,412

287,897

Forrester

Research,

Inc.

(b)

.............

26,213

757,556

Franklin

Covey

Co.

(b)

................

25,908

1,111,971

Heidrick

&

Struggles

International,

Inc.

....

44,148

1,104,583

HireQuest,

Inc.

(a)

...................

11,999

185,145

Hudson

Global,

Inc.

(b)

................

5,992

116,125

IBEX

Holdings

Ltd.

(b)

.................

24,472

378,092

Innodata,

Inc.

(a)(b)

...................

56,116

478,670

Kelly

Services,

Inc.,

Class

A,

NVS

.......

70,799

1,287,834

Mastech

Digital,

Inc.

(b)

................

8,728

78,552

Mistras

Group,

Inc.

(a)(b)

...............

46,577

253,845

Professional

Diversity

Network,

Inc.

(b)

.....

13,339

34,148

RCM

Technologies,

Inc.

(a)(b)

............

14,387

281,122

Resources

Connection,

Inc.

............

72,303

1,078,038

Skillsoft

Corp.,

Class

A

(b)

..............

193,519

171,535

StarTek,

Inc.

(b)

.....................

35,653

115,872

Steel

Connect,

Inc.

(b)

................

9,449

101,104

TrueBlue,

Inc.

(b)

....................

67,732

993,629

Where

Food

Comes

From,

Inc.

(b)

........

5,307

75,094

Willdan

Group,

Inc.

(a)(b)

...............

27,159

554,858

13,399,698

Security

Shares

Shares

Value

Real

Estate

Management

&

Development

—

0.6%

Altisource

Asset

Management

Corp.

(b)

.....

1,575

$

10,868

American

Realty

Investors,

Inc.

(b)

........

3,339

48,816

AMREP

Corp.

(a)(b)

...................

5,798

97,537

Comstock

Holding

Cos.,

Inc.,

Class

A

(b)

....

4,714

22,156

Douglas

Elliman,

Inc.

................

180,639

408,244

Fathom

Holdings,

Inc.

(b)

..............

20,086

81,951

Forestar

Group,

Inc.

(b)

................

40,847

1,100,418

FRP

Holdings,

Inc.

(b)

.................

14,614

788,718

InterGroup

Corp.

(The)

(b)

..............

823

25,118

JW

Mays,

Inc.

(b)

....................

880

41,694

LuxUrban

Hotels,

Inc.

(b)

...............

29,247

136,291

Maui

Land

&

Pineapple

Co.,

Inc.

(a)(b)

......

16,588

219,791

Rafael

Holdings,

Inc.,

Class

B

(a)(b)

........

30,681

58,294

RE/MAX

Holdings,

Inc.,

Class

A

.........

38,845

502,654

Stratus

Properties,

Inc.

(b)

..............

12,601

345,267

Tejon

Ranch

Co.

(b)

..................

46,220

749,688

Transcontinental

Realty

Investors,

Inc.

(b)

...

4,301

131,697

4,769,202

Residential

REITs

—

0.3%

Bluerock

Homes

Trust,

Inc.,

Class

A

(b)

.....

7,318

94,549

BRT

Apartments

Corp.

...............

26,575

458,950

Clipper

Realty,

Inc.

..................

25,987

134,613

UMH

Properties,

Inc.

................

123,953

1,737,821

2,425,933

Retail

REITs

—

0.6%

CBL

&

Associates

Properties,

Inc.

(a)

.......

59,960

1,257,961

NETSTREIT

Corp.

..................

149,933

2,335,956

Whitestone

REIT

...................

108,121

1,041,205

4,635,122

Semiconductors

&

Semiconductor

Equipment

—

2.8%

ACM

Research,

Inc.,

Class

A

(a)(b)

.........

106,742

1,932,564

Aehr

Test

Systems

(a)(b)

................

57,646

2,634,422

Alpha

&

Omega

Semiconductor

Ltd.

(b)

.....

51,657

1,541,445

Amtech

Systems,

Inc.

(b)

...............

25,684

195,712

Atomera,

Inc.

(a)(b)

...................

47,180

295,347

AXT,

Inc.

(b)

.......................

92,175

221,220

CEVA,

Inc.

(b)

......................

51,425

997,131

CVD

Equipment

Corp.

(a)(b)

.............

12,661

86,728

eMagin

Corp.

(a)(b)

...................

179,169

356,546

Everspin

Technologies,

Inc.

(b)

...........

41,682

409,734

GSI

Technology,

Inc.

(b)

...............

40,760

110,460

Ichor

Holdings

Ltd.

(a)(b)

................

63,394

1,962,678

indie

Semiconductor,

Inc.,

Class

A

(a)(b)

.....

307,125

1,934,887

inTEST

Corp.

(b)

....................

23,920

362,866

Kopin

Corp.

(a)(b)

....................

234,847

286,513

Navitas

Semiconductor

Corp.

(b)

.........

243,080

1,689,406

NVE

Corp.

.......................

10,631

873,230

Photronics,

Inc.

(a)(b)

..................

135,719

2,742,881

Pixelworks,

Inc.

(a)(b)

..................

120,751

136,449

QuickLogic

Corp.

(a)(b)

.................

30,101

258,869

SkyWater

Technology,

Inc.

(b)

...........

38,931

234,365

SMART

Global

Holdings,

Inc.

(a)(b)

........

107,411

2,615,458

SPI

Energy

Co.

Ltd.

(a)(b)

...............

54,962

43,695

Transphorm,

Inc.

(b)

..................

63,061

139,995

22,062,601

Software

—

3.1%

8x8,

Inc.

(a)(b)

.......................

259,275

653,373

A10

Networks,

Inc.

..................

157,457

2,366,579

American

Software,

Inc.,

Class

A

........

71,613

820,685

Applied

Digital

Corp.

(a)(b)

..............

153,470

957,653

Arteris,

Inc.

(a)(b)

.....................

38,674

251,768

AudioEye,

Inc.

(a)(b)

..................

16,429

81,324

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Micro-Cap

ETF

Schedules

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Software

(continued)

AvePoint,

Inc.,

Class

A

(a)(b)

.............

341,788

$

2,296,815

Aware,

Inc.

(b)

......................

28,311

39,069

Bit

Digital,

Inc.

(a)(b)

...................

160,827

344,170

Cipher

Mining,

Inc.

(a)(b)

................

93,333

217,466

Cleanspark,

Inc.

(a)(b)

.................

246,296

938,388

CoreCard

Corp.

(a)(b)

.................

16,182

323,640

Couchbase,

Inc.

(b)

..................

75,351

1,293,023

CS

Disco,

Inc.

(b)

....................

50,624

336,143

CXApp,

Inc.

(a)(b)

....................

4,349

7,872

CYNGN,

Inc.

(a)(b)

...................

27,580

13,238

Dave,

Inc.

(a)(b)

.....................

15,469

98,228

Digimarc

Corp.

(a)(b)

..................

31,687

1,029,511

Ebix,

Inc.

........................

58,871

581,645

eGain

Corp.

(b)

.....................

46,700

286,271

Expensify,

Inc.,

Class

A

(b)

.............

122,221

397,218

Intellicheck,

Inc.

(a)(b)

.................

40,211

89,268

Issuer

Direct

Corp.

(b)

.................

6,363

119,624

Kaltura,

Inc.

(a)(b)

....................

185,092

320,209

LivePerson,

Inc.

(a)(b)

.................

160,393

623,929

LiveVox

Holdings,

Inc.,

Class

A

(b)

........

49,789

166,295

Mawson

Infrastructure

Group,

Inc.

(a)(b)

.....

27,055

14,867

Mitek

Systems,

Inc.

(b)

................

95,095

1,019,418

Near

Intelligence,

Inc.

(a)(b)

.............

17,981

4,404

NextNav,

Inc.

(a)(b)

...................

121,925

626,694

ON24,

Inc.

.......................

72,225

457,184

OneSpan,

Inc.

(b)

....................

89,337

960,373

Park

City

Group,

Inc.

(a)

...............

26,155

229,118

Porch

Group,

Inc.

(a)(b)

................

172,285

138,276

Quantum

Computing,

Inc.

(a)(b)

...........

62,963

68,000

Red

Violet,

Inc.

(b)

...................

24,861

497,469

Rekor

Systems,

Inc.

(a)(b)

...............

122,914

346,617

Rimini

Street,

Inc.

(b)

.................

116,075

255,365

Smith

Micro

Software,

Inc.

(a)(b)

..........

120,924

146,318

SoundHound

AI,

Inc.,

Class

A

(a)(b)

........

307,705

618,487

SoundThinking,

Inc.

(b)

................

21,172

378,979

SRAX,

Inc.,

NVS

(b)

..................

49,878

2,993

Telos

Corp.

(a)(b)

.....................

115,666

276,442

Terawulf,

Inc.

(a)(b)

...................

301,399

379,763

Upland

Software,

Inc.

(a)(b)

..............

64,693

298,882

Veritone,

Inc.

(a)(b)

...................

58,925

152,027

Viant

Technology,

Inc.,

Class

A

(b)

.........

32,289

180,818

Weave

Communications,

Inc.

(b)

.........

73,148

596,156

Xperi,

Inc.

(b)

.......................

94,942

936,128

Yext,

Inc.

(b)

.......................

237,302

1,502,122

24,740,304

Specialized

REITs

—

0.3%

Farmland

Partners,

Inc.

..............

107,308

1,100,980

Gladstone

Land

Corp.

(a)

..............

74,712

1,063,152

Global

Self

Storage,

Inc.

..............

23,007

111,814

2,275,946

Specialty

Retail

—

3.4%

1-800-Flowers.com,

Inc.,

Class

A

(a)(b)

......

57,981

405,867

Aaron's

Co.,

Inc.

(The)

...............

68,275

714,839

America's

Car-Mart,

Inc.

(a)(b)

............

13,436

1,222,542

BARK,

Inc.

(a)(b)

.....................

296,777

356,132

Barnes

&

Noble

Education,

Inc.

(b)

........

103,278

112,573

Big

5

Sporting

Goods

Corp.

(a)

...........

47,384

332,162

Build-A-Bear

Workshop,

Inc.

...........

29,317

862,213

Caleres,

Inc.

......................

77,378

2,225,391

CarParts.com,

Inc.

(b)

.................

118,463

488,068

Cato

Corp.

(The),

Class

A

.............

38,798

297,193

Chico's

FAS,

Inc.

(a)(b)

.................

268,158

2,005,822

Children's

Place,

Inc.

(The)

(b)

...........

26,293

710,700

Security

Shares

Shares

Value

Specialty

Retail

(continued)

Citi

Trends,

Inc.

(a)(b)

..................

18,000

$

399,960

Conn's,

Inc.

(a)(b)

....................

29,026

114,653

Container

Store

Group,

Inc.

(The)

(a)(b)

.....

75,172

169,137

Destination

XL

Group,

Inc.

(b)

...........

129,787

581,446

Duluth

Holdings,

Inc.,

Class

B

(a)(b)

........

30,196

181,478

Envela

Corp.

(a)(b)

...................

17,247

81,751

Genesco,

Inc.

(a)(b)

...................

26,907

829,274

GrowGeneration

Corp.

(a)(b)

.............

131,276

383,326

Haverty

Furniture

Cos.,

Inc.

............

32,572

937,422

Hibbett,

Inc.

......................

28,036

1,331,990

J

Jill,

Inc.

(b)

.......................

10,124

299,670

JOANN,

Inc.

(b)

.....................

23,249

16,739

Kirkland's,

Inc.

(a)(b)

..................

23,426

40,293

Lands'

End,

Inc.

(a)(b)

.................

33,037

246,786

Lazydays

Holdings,

Inc.

(a)(b)

............

28,078

213,393

LL

Flooring

Holdings,

Inc.

(a)(b)

...........

67,487

213,934

Lulu's

Fashion

Lounge

Holdings,

Inc.

(a)(b)

...

38,270

76,923

MarineMax,

Inc.

(b)

...................

47,627

1,563,118

OneWater

Marine,

Inc.,

Class

A

(b)

........

25,675

657,793

PetMed

Express,

Inc.

................

45,224

463,546

RealReal,

Inc.

(The)

(b)

................

207,468

437,757

Rent

the

Runway,

Inc.,

Class

A

(a)(b)

.......

107,279

73,014

RumbleON,

Inc.,

Class

B

(a)(b)

...........

30,212

185,200

Shoe

Carnival,

Inc.

(a)

................

40,585

975,257

Sleep

Number

Corp.

(a)(b)

..............

47,645

1,171,590

Sportsman's

Warehouse

Holdings,

Inc.

(a)(b)

..

83,483

374,839

Stitch

Fix,

Inc.,

Class

A

(a)(b)

.............

190,558

657,425

Tandy

Leather

Factory,

Inc.

(b)

...........

6,524

27,466

ThredUp,

Inc.,

Class

A

(a)(b)

.............

160,101

642,005

Tile

Shop

Holdings,

Inc.

(b)

.............

63,666

349,526

Tilly's,

Inc.,

Class

A

(b)

................

49,848

404,766

Torrid

Holdings,

Inc.

(a)(b)

...............

27,175

60,057

Winmark

Corp.

....................

6,367

2,375,719

Zumiez,

Inc.

(b)

.....................

35,284

628,055

26,898,810

Technology

Hardware,

Storage

&

Peripherals

—

0.3%

AstroNova,

Inc.

(b)

...................

14,324

179,050

CompoSecure,

Inc.,

Class

A

(a)(b)

.........

36,519

235,548

CPI

Card

Group,

Inc.

(b)

...............

9,520

176,310

Eastman

Kodak

Co.

(b)

................

126,854

534,055

Immersion

Corp.

...................

69,700

460,717

Intevac,

Inc.

(b)

.....................

56,874

176,878

Movano,

Inc.

(a)(b)

....................

85,157

92,821

One

Stop

Systems,

Inc.

(a)(b)

............

37,412

69,212

Quantum

Corp.

(a)(b)

..................

145,364

88,672

Sonim

Technologies,

Inc.

(a)(b)

...........

46,138

31,259

TransAct

Technologies,

Inc.

(b)

...........

19,773

126,943

Turtle

Beach

Corp.

(b)

.................

34,979

317,434

2,488,899

Textiles,

Apparel

&

Luxury

Goods

—

0.4%

Allbirds,

Inc.,

Class

A

(a)(b)

..............

212,330

235,686

Crown

Crafts,

Inc.

..................

20,785

97,897

Culp,

Inc.

(b)

.......................

26,094

145,605

Delta

Apparel,

Inc.

(a)(b)

................

14,271

94,617

Fossil

Group,

Inc.

(b)

.................

106,487

219,363

Jerash

Holdings

US,

Inc.

..............

13,137

39,543

Lakeland

Industries,

Inc.

(a)

.............

15,806

238,197

Movado

Group,

Inc.

.................

33,926

927,876

PLBY

Group,

Inc.

(a)(b)

................

113,307

90,759

Rocky

Brands,

Inc.

..................

15,576

228,967

Superior

Group

of

Cos.,

Inc.

...........

27,104

210,869

Unifi,

Inc.

(a)(b)

......................

32,013

227,292

Vera

Bradley,

Inc.

(b)

.................

58,710

388,073

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Micro-Cap

ETF

22

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Textiles,

Apparel

&

Luxury

Goods

(continued)

Vince

Holding

Corp.

(b)

................

8,717

$

13,668

3,158,412

Tobacco

—

0.1%

Ispire

Technology,

Inc.

(a)(b)

.............

5,734

52,466

Turning

Point

Brands,

Inc.

.............

38,130

880,422

932,888

Trading

Companies

&

Distributors

—

1.1%

Alta

Equipment

Group,

Inc.,

Class

A

......

51,204

617,520

BlueLinx

Holdings,

Inc.

(b)

..............

19,404

1,592,874

Distribution

Solutions

Group,

Inc.

(b)

.......

19,954

518,804

DXP

Enterprises,

Inc.

(b)

...............

31,255

1,092,050

EVI

Industries,

Inc.

(b)

.................

10,596

262,993

Hudson

Technologies,

Inc.

(a)(b)

..........

97,714

1,299,596

Karat

Packaging,

Inc.

................

12,696

292,770

Mega

Matrix

Corp.

(b)

.................

57,687

50,733

Titan

Machinery,

Inc.

(b)

...............

45,892

1,219,809

Transcat,

Inc.

(a)(b)

...................

16,387

1,605,434

Willis

Lease

Finance

Corp.

(a)(b)

..........

6,965

294,620

8,847,203

Water

Utilities

—

0.5%

Artesian

Resources

Corp.,

Class

A,

NVS

...

20,341

854,119

Cadiz,

Inc.

(a)(b)

.....................

90,409

299,254

Consolidated

Water

Co.

Ltd.

...........

33,539

953,849

Global

Water

Resources,

Inc.

...........

24,961

243,370

Pure

Cycle

Corp.

(b)

..................

43,643

418,973

York

Water

Co.

(The)

................

31,746

1,190,157

3,959,722

Wireless

Telecommunication

Services

—

0.2%

FingerMotion,

Inc.

(a)(b)

................

91,359

567,339

KORE

Group

Holdings,

Inc.

(b)

...........

112,601

68,124

Spok

Holdings,

Inc.

.................

39,295

560,740

SurgePays,

Inc.

(a)(b)

.................

19,279

90,226

Tingo

Group,

Inc.

(a)(b)

.................

272,205

279,010

1,565,439

Total

Common

Stocks

—

99.8%

(Cost:

$1,012,400,302)

...........................

790,652,656

Preferred

Stocks

Software

—

0.0%

BTCS,

Inc.

(b)

......................

19,145

—

Total

Preferred

Stocks

—

0.0%

(Cost:

$–)

....................................

—

Rights

Biotechnology

—

0.0%

(b)(c)

Contra

Aduro

Biotech

I,

CVR

...........

33,109

84,063

Disc

Medicine,

Inc.,

CVR

(a)

............

44,944

—

OncoMed

Pharmaceuticals,

Inc.,

CVR

.....

60,904

14,331

Oncternal

Therapeutics,

Inc.,

CVR

(a)

......

1,634

1,675

100,069

Diversified

Telecommunication

Services

—

0.0%

Contra

Communications,

CVR

(b)(c)

........

4,194

10,377

Security

Shares

Shares

Value

Pharmaceuticals

—

0.0%

Contra

CVR

Catalyst,

CVR

(b)

...........

37,156

$

11,890

Total

Rights

—

0.0%

(Cost:

$15,237)

................................

122,336

Total

Long-Term

Investments

—

99.8%

(Cost:

$1,012,415,539)

...........................

790,774,992

Short-Term

Securities

Money

Market

Funds

—

17.4%

(e)(f)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.54%

(g)

............

133,388,080

133,441,436

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

5.31%

..................

4,320,544

4,320,544

Total

Short-Term

Securities

—

17.4%

(Cost:

$137,681,450)

.............................

137,761,980

Total

Investments

—

117.2%

(Cost:

$1,150,096,989

)

...........................

928,536,972

Liabilities

in

Excess

of

Other

Assets

—

(17.2)%

...........

(136,090,383)

Net

Assets

—

100.0%

..............................

$

792,446,589

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Non-income

producing

security.

(c)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(d)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$186,556,

representing

less

than

0.05%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$1,421,381.

(e)

Affiliate

of

the

Fund.

(f)

Annualized

7-day

yield

as

of

period

end.

(g)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Micro-Cap

ETF

Schedules

of

Investments

23

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

September

30,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Affiliated

Issuer

Value

at

03/31/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/23

Shares

Held

at

09/30/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

142,621,872

$

—

$

(9,188,352)

(a)

$

3,951

$

3,965

$

133,441,436

133,388,080

$

1,945,662

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

1,674,220

2,646,387

(a)

—

(63)

—

4,320,544

4,320,544

39,741

—

$

3,888

$

3,965

$

137,761,980

$

1,985,403

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Russell

2000

E-Mini

Index

....................................................

13

12/15/23

$

1,169

$

(26,175)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

26,175

$

—

$

—

$

—

$

26,175

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

September

30,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

(180,585)

$

—

$

—

$

—

$

(180,585)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

(69,296)

$

—

$

—

$

—

$

(69,296)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

2,297,875

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Micro-Cap

ETF

24

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

790,454,711

$

189,549

$

8,396

$

790,652,656

Preferred

Stocks

.........................................

—

—

—

—

Rights

................................................

—

11,890

110,446

122,336

Short-Term

Securities

Money

Market

Funds

......................................

137,761,980

—

—

137,761,980

$

928,216,691

$

201,439

$

118,842

$

928,536,972

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

...........................................

$

(26,175)

$

—

$

—

$

(26,175)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

September

30,

2023

iShares

®

Russell

2500

ETF

Schedules

of

Investments

25

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.3%

Axon

Enterprise,

Inc.

(a)(b)

..............

9,914

$

1,972,787

BWX

Technologies,

Inc.

..............

13,009

975,415

Curtiss-Wright

Corp.

.................

5,443

1,064,814

Hexcel

Corp.

......................

12,037

784,090

Huntington

Ingalls

Industries,

Inc.

........

5,583

1,142,170

Mercury

Systems,

Inc.

(a)(b)

.............

7,200

267,048

Spirit

AeroSystems

Holdings,

Inc.,

Class

A

(b)

.

14,879

240,147

Textron,

Inc.

......................

28,215

2,204,720

Woodward,

Inc.

....................

8,429

1,047,388

9,698,579

Air

Freight

&

Logistics

—

0.1%

GXO

Logistics,

Inc.

(a)(b)

...............

16,687

978,693

Automobile

Components

—

0.5%

BorgWarner,

Inc.

...................

33,205

1,340,486

Gentex

Corp.

.....................

33,419

1,087,454

Lear

Corp.

.......................

8,365

1,122,583

Phinia,

Inc.

.......................

6,605

176,948

QuantumScape

Corp.,

Class

A

(a)(b)

.......

42,270

282,786

4,010,257

Automobiles

—

0.2%

Harley-Davidson,

Inc.

................

18,776

620,735

Thor

Industries,

Inc.

.................

7,323

696,637

1,317,372

Banks

—

2.1%

Bank

OZK

.......................

15,786

585,187

BOK

Financial

Corp.

.................

4,106

328,398

Columbia

Banking

System,

Inc.

.........

29,720

603,316

Comerica,

Inc.

.....................

18,808

781,472

Commerce

Bancshares,

Inc.

...........

16,464

789,943

Cullen/Frost

Bankers,

Inc.

.............

8,519

777,018

East

West

Bancorp,

Inc.

..............

20,162

1,062,739

First

Citizens

BancShares,

Inc.,

Class

A

....

1,553

2,143,295

First

Hawaiian,

Inc.

.................

18,329

330,839

First

Horizon

Corp.

..................

79,505

876,145

FNB

Corp.

.......................

51,662

557,433

New

York

Community

Bancorp,

Inc.

......

102,329

1,160,411

Pinnacle

Financial

Partners,

Inc.

.........

10,786

723,094

Popular,

Inc.

......................

10,137

638,732

Prosperity

Bancshares,

Inc.

............

12,464

680,285

Synovus

Financial

Corp.

..............

20,718

575,960

Webster

Financial

Corp.

..............

24,942

1,005,412

Western

Alliance

Bancorp

.............

15,499

712,489

Wintrust

Financial

Corp.

..............

8,773

662,362

Zions

Bancorp

NA

..................

20,852

727,526

15,722,056

Beverages

—

0.2%

(b)

Boston

Beer

Co.,

Inc.

(The),

Class

A

......

1,354

527,424

Celsius

Holdings,

Inc.

(a)

...............

6,852

1,175,803

1,703,227

Biotechnology

—

1.5%

(b)

Apellis

Pharmaceuticals,

Inc.

(a)

..........

14,355

546,064

Exact

Sciences

Corp.

(a)

...............

25,464

1,737,154

Exelixis,

Inc.

(a)

.....................

45,547

995,202

Ionis

Pharmaceuticals,

Inc.

(a)

...........

20,331

922,214

Karuna

Therapeutics,

Inc.

.............

5,076

858,301

Mirati

Therapeutics,

Inc.

(a)

.............

6,572

286,276

Natera,

Inc.

.......................

14,838

656,581

Neurocrine

Biosciences,

Inc.

...........

13,798

1,552,275

Roivant

Sciences

Ltd.

(a)

...............

49,663

580,064

Security

Shares

Shares

Value

Biotechnology

(continued)

Sarepta

Therapeutics,

Inc.

(a)

...........

12,740

$

1,544,343

Ultragenyx

Pharmaceutical,

Inc.

(a)

........

9,618

342,882

United

Therapeutics

Corp.

(a)

............

6,426

1,451,441

11,472,797

Broadline

Retail

—

0.2%

Kohl's

Corp.

......................

15,681

328,674

Macy's,

Inc.

......................

38,409

445,929

Nordstrom,

Inc.

....................

16,335

244,045

Ollie's

Bargain

Outlet

Holdings,

Inc.

(b)

.....

8,841

682,348

1,700,996

Building

Products

—

1.9%

Advanced

Drainage

Systems,

Inc.

.......

9,750

1,109,843

Allegion

plc

.......................

12,509

1,303,438

AO

Smith

Corp.

....................

17,486

1,156,349

Armstrong

World

Industries,

Inc.

.........

6,436

463,392

AZEK

Co.,

Inc.

(The),

Class

A

(b)

.........

18,863

560,986

Builders

FirstSource,

Inc.

(a)(b)

...........

18,155

2,260,116

Carlisle

Cos.,

Inc.

..................

7,079

1,835,302

Fortune

Brands

Innovations,

Inc.

........

18,009

1,119,439

Hayward

Holdings,

Inc.

(b)

..............

18,854

265,841

Lennox

International,

Inc.

.............

4,555

1,705,574

Owens

Corning

....................

12,827

1,749,731

Trex

Co.,

Inc.

(a)(b)

...................

15,484

954,279

14,484,290

Capital

Markets

—

2.2%

Affiliated

Managers

Group,

Inc.

.........

5,149

671,121

Carlyle

Group,

Inc.

(The)

..............

30,172

909,988

CBOE

Global

Markets,

Inc.

............

15,053

2,351,429

Evercore,

Inc.,

Class

A

...............

5,095

702,499

FactSet

Research

Systems,

Inc.

.........

5,496

2,403,181

Houlihan

Lokey,

Inc.,

Class

A

...........

7,237

775,227

Invesco

Ltd.

......................

51,803

752,180

Janus

Henderson

Group

plc

...........

19,232

496,570

Jefferies

Financial

Group,

Inc.

..........

27,123

993,515

Lazard

Ltd.,

Class

A

.................

15,726

487,663

MarketAxess

Holdings,

Inc.

............

5,279

1,127,806

Morningstar,

Inc.

...................

3,675

860,832

Robinhood

Markets,

Inc.,

Class

A

(b)

.......

95,361

935,491

SEI

Investments

Co.

.................

14,661

883,032

Stifel

Financial

Corp.

................

14,750

906,240

TPG,

Inc.,

Class

A

..................

9,349

281,592

Virtu

Financial,

Inc.,

Class

A

............

13,095

226,151

XP,

Inc.,

Class

A

...................

47,664

1,098,655

16,863,172

Chemicals

—

0.9%

Ashland,

Inc.

......................

6,763

552,402

Axalta

Coating

Systems

Ltd.

(b)

..........

31,598

849,986

Chemours

Co.

(The)

.................

21,205

594,800

Element

Solutions,

Inc.

...............

31,994

627,402

Ginkgo

Bioworks

Holdings,

Inc.,

Class

A

(a)(b)

.

220,627

399,335

Huntsman

Corp.

...................

24,122

588,577

NewMarket

Corp.

...................

898

408,626

Olin

Corp.

........................

18,413

920,282

RPM

International,

Inc.

...............

18,113

1,717,294

Scotts

Miracle-Gro

Co.

(The)

...........

5,961

308,064

6,966,768

Commercial

Services

&

Supplies

—

0.6%

Clean

Harbors,

Inc.

(a)(b)

...............

7,218

1,208,005

Driven

Brands

Holdings,

Inc.

(a)(b)

.........

8,804

110,842

MSA

Safety,

Inc.

...................

5,260

829,239

Stericycle,

Inc.

(a)(b)

..................

13,137

587,355

Tetra

Tech,

Inc.

....................

7,585

1,153,148

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2500

ETF

26

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Commercial

Services

&

Supplies

(continued)

Vestis

Corp.

(b)

.....................

16,694

$

322,194

4,210,783

Communications

Equipment

—

0.6%

Ciena

Corp.

(a)(b)

....................

21,057

995,154

F5,

Inc.

(b)

........................

8,585

1,383,387

Juniper

Networks,

Inc.

...............

45,346

1,260,165

Lumentum

Holdings,

Inc.

(b)

............

9,769

441,363

Viasat,

Inc.

(a)(b)

.....................

16,697

308,227

4,388,296

Construction

&

Engineering

—

0.8%

AECOM

.........................

18,635

1,547,450

EMCOR

Group,

Inc.

.................

6,676

1,404,564

MasTec,

Inc.

(a)(b)

....................

8,882

639,238

MDU

Resources

Group,

Inc.

...........

28,782

563,552

Valmont

Industries,

Inc.

...............

2,940

706,217

WillScot

Mobile

Mini

Holdings

Corp.

(b)

.....

28,017

1,165,227

6,026,248

Construction

Materials

—

0.1%

Eagle

Materials,

Inc.

.................

5,082

846,255

Consumer

Finance

—

0.5%

Ally

Financial,

Inc.

..................

39,158

1,044,735

Credit

Acceptance

Corp.

(a)(b)

............

904

415,949

OneMain

Holdings,

Inc.

...............

16,053

643,565

SLM

Corp.

.......................

32,077

436,889

SoFi

Technologies,

Inc.

(b)

..............

131,588

1,051,388

3,592,526

Consumer

Staples

Distribution

&

Retail

—

0.9%

Albertsons

Cos.,

Inc.,

Class

A

..........

59,364

1,350,531

BJ's

Wholesale

Club

Holdings,

Inc.

(a)(b)

.....

18,954

1,352,747

Casey's

General

Stores,

Inc.

...........

5,312

1,442,314

Grocery

Outlet

Holding

Corp.

(b)

..........

13,687

394,870

Performance

Food

Group

Co.

(a)(b)

........

21,835

1,285,208

US

Foods

Holding

Corp.

(b)

.............

32,265

1,280,921

7,106,591

Containers

&

Packaging

—

1.6%

AptarGroup,

Inc.

...................

9,326

1,166,123

Ardagh

Group

SA,

Class

A

............

885

4,828

Ardagh

Metal

Packaging

SA

...........

22,336

69,912

Avery

Dennison

Corp.

................

11,520

2,104,358

Berry

Global

Group,

Inc.

..............

17,008

1,052,965

Crown

Holdings,

Inc.

(a)

...............

15,108

1,336,756

Graphic

Packaging

Holding

Co.

.........

43,462

968,333

Packaging

Corp.

of

America

...........

12,607

1,935,805

Sealed

Air

Corp.

...................

20,355

668,865

Silgan

Holdings,

Inc.

.................

11,971

516,070

Sonoco

Products

Co.

................

13,854

752,965

WestRock

Co.

.....................

36,204

1,296,103

11,873,083

Distributors

—

0.3%

Pool

Corp.

.......................

5,435

1,935,403

Diversified

Consumer

Services

—

0.5%

ADT,

Inc.

........................

30,543

183,258

Bright

Horizons

Family

Solutions,

Inc.

(a)(b)

...

8,209

668,705

Grand

Canyon

Education,

Inc.

(a)(b)

........

4,350

508,428

H&R

Block,

Inc.

....................

21,704

934,574

Mister

Car

Wash,

Inc.

(a)(b)

..............

10,590

58,351

Service

Corp.

International

............

20,948

1,196,969

3,550,285

Security

Shares

Shares

Value

Diversified

Telecommunication

Services

—

0.2%

Frontier

Communications

Parent,

Inc.

(b)

....

35,114

$

549,534

Iridium

Communications,

Inc.

(a)

..........

17,807

810,041

1,359,575

Electric

Utilities

—

0.6%

Hawaiian

Electric

Industries,

Inc.

........

15,718

193,489

IDACORP,

Inc.

....................

7,167

671,189

NRG

Energy,

Inc.

...................

32,889

1,266,884

OGE

Energy

Corp.

..................

28,442

947,972

Pinnacle

West

Capital

Corp.

...........

16,184

1,192,437

4,271,971

Electrical

Equipment

—

1.4%

Acuity

Brands,

Inc.

..................

4,453

758,390

ChargePoint

Holdings,

Inc.,

Class

A

(a)(b)

....

42,719

212,314

Generac

Holdings,

Inc.

(a)(b)

.............

8,661

943,703

Hubbell,

Inc.

......................

7,640

2,394,452

nVent

Electric

plc

...................

23,442

1,242,192

Plug

Power,

Inc.

(a)(b)

.................

75,358

572,721

Regal

Rexnord

Corp.

................

9,418

1,345,644

Sensata

Technologies

Holding

plc

........

21,559

815,361

Sunrun,

Inc.

(a)(b)

....................

30,197

379,274

Vertiv

Holdings

Co.,

Class

A

...........

48,961

1,821,349

10,485,400

Electronic

Equipment,

Instruments

&

Components

—

1.3%

Arrow

Electronics,

Inc.

(a)(b)

.............

8,167

1,022,835

Avnet,

Inc.

.......................

12,964

624,735

Cognex

Corp.

.....................

24,608

1,044,364

Coherent

Corp.

(b)

...................

17,115

558,634

Crane

NXT

Co.

....................

6,836

379,876

IPG

Photonics

Corp.

(a)(b)

..............

4,304

437,028

Jabil,

Inc.

(a)

.......................

18,198

2,309,144

Littelfuse,

Inc.

.....................

3,447

852,512

National

Instruments

Corp.

............

18,658

1,112,390

TD

SYNNEX

Corp.

..................

5,967

595,865

Vontier

Corp.

......................

22,300

689,516

9,626,899

Energy

Equipment

&

Services

—

0.3%

NOV,

Inc.

(a)

.......................

56,121

1,172,929

TechnipFMC

plc

....................

62,594

1,273,162

2,446,091

Entertainment

—

0.4%

AMC

Entertainment

Holdings,

Inc.,

Class

A

(a)(b)

8,380

66,956

Liberty

Media

Corp.-Liberty

Live,

Class

A

(b)

..

2,842

90,716

Liberty

Media

Corp.-Liberty

Live,

Class

C,

NVS

(a)(b)

.......................

6,628

212,759

Madison

Square

Garden

Sports

Corp.

.....

2,669

470,545

Playtika

Holding

Corp.

(b)

..............

3,335

32,116

Roku,

Inc.,

Class

A

(a)(b)

...............

17,555

1,239,208

TKO

Group

Holdings,

Inc.

.............

6,205

521,592

2,633,892

Financial

Services

—

1.2%

Affirm

Holdings,

Inc.,

Class

A

(a)(b)

.........

31,278

665,283

Equitable

Holdings,

Inc.

..............

51,172

1,452,773

Euronet

Worldwide,

Inc.

(b)

.............

6,810

540,578

Jack

Henry

&

Associates,

Inc.

..........

10,427

1,575,937

MGIC

Investment

Corp.

..............

40,777

680,568

Shift4

Payments,

Inc.,

Class

A

(b)

.........

7,813

432,606

TFS

Financial

Corp.

.................

7,490

88,532

Toast,

Inc.,

Class

A

(a)(b)

...............

50,823

951,915

UWM

Holdings

Corp.,

Class

A

..........

14,455

70,107

Voya

Financial,

Inc.

.................

14,078

935,483

Western

Union

Co.

(The)

.............

36,740

484,233

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2500

ETF

Schedules

of

Investments

27

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Financial

Services

(continued)

WEX,

Inc.

(a)(b)

......................

6,116

$

1,150,358

9,028,373

Food

Products

—

0.5%

Darling

Ingredients,

Inc.

(b)

.............

22,690

1,184,418

Flowers

Foods,

Inc.

.................

26,892

596,464

Freshpet,

Inc.

(b)

....................

6,517

429,340

Ingredion,

Inc.

.....................

9,375

922,500

Pilgrim's

Pride

Corp.

(b)

...............

5,812

132,688

Post

Holdings,

Inc.

(a)(b)

................

7,666

657,283

Seaboard

Corp.

....................

36

135,108

4,057,801

Gas

Utilities

—

0.2%

National

Fuel

Gas

Co.

...............

12,656

656,973

UGI

Corp.

........................

29,891

687,493

1,344,466

Ground

Transportation

—

1.0%

Avis

Budget

Group,

Inc.

(b)

.............

2,928

526,132

Hertz

Global

Holdings,

Inc.

(a)(b)

..........

19,504

238,924

Knight-Swift

Transportation

Holdings,

Inc.

..

22,284

1,117,542

Landstar

System,

Inc.

................

5,099

902,217

Lyft,

Inc.,

Class

A

(a)(b)

.................

48,017

506,099

Ryder

System,

Inc.

..................

6,408

685,336

Saia,

Inc.

(b)

.......................

3,781

1,507,296

Schneider

National,

Inc.,

Class

B

........

7,784

215,539

U-Haul

Holding

Co.,

NVS

(a)

............

14,339

751,220

U-Haul

Holding

Co.

(b)

................

1,099

59,973

XPO,

Inc.

(a)(b)

......................

16,241

1,212,553

7,722,831

Health

Care

Equipment

&

Supplies

—

1.1%

Dentsply

Sirona,

Inc.

................

30,130

1,029,241

Enovis

Corp.

(b)

.....................

7,569

399,113

Envista

Holdings

Corp.

(b)

..............

23,198

646,760

Globus

Medical,

Inc.,

Class

A

(a)(b)

........

16,844

836,305

ICU

Medical,

Inc.

(a)(b)

.................

2,872

341,797

Inspire

Medical

Systems,

Inc.

(b)

.........

4,109

815,390

Integra

LifeSciences

Holdings

Corp.

(b)

.....

10,305

393,548

Masimo

Corp.

(a)(b)

...................

6,156

539,758

Novocure

Ltd.

(b)

....................

14,888

240,441

Penumbra,

Inc.

(b)

...................

5,167

1,249,949

QuidelOrtho

Corp.

(a)(b)

................

7,659

559,413

Shockwave

Medical,

Inc.

(a)(b)

...........

5,175

1,030,343

Tandem

Diabetes

Care,

Inc.

(b)

..........

9,338

193,950

8,276,008

Health

Care

Providers

&

Services

—

1.2%

Acadia

Healthcare

Co.,

Inc.

(b)

...........

12,723

894,554

agilon

health,

Inc.

(a)(b)

................

41,553

737,981

Amedisys,

Inc.

(a)(b)

..................

4,617

431,228

Chemed

Corp.

(a)

...................

2,098

1,090,331

DaVita,

Inc.

(a)(b)

....................

7,726

730,339

Encompass

Health

Corp.

.............

14,106

947,359

Henry

Schein,

Inc.

(a)(b)

................

18,556

1,377,783

Premier,

Inc.,

Class

A

................

17,045

366,467

R1

RCM,

Inc.

(b)

....................

22,098

333,017

Tenet

Healthcare

Corp.

(b)

..............

14,396

948,552

Universal

Health

Services,

Inc.,

Class

B

...

8,631

1,085,176

8,942,787

Health

Care

REITs

—

0.3%

Healthcare

Realty

Trust,

Inc.,

Class

A

(a)

....

54,143

826,763

Medical

Properties

Trust,

Inc.

...........

85,051

463,528

Security

Shares

Shares

Value

Health

Care

REITs

(continued)

Omega

Healthcare

Investors,

Inc.

........

33,404

$

1,107,677

2,397,968

Health

Care

Technology

—

0.1%

(a)(b)

Certara,

Inc.

......................

17,016

247,412

Doximity,

Inc.,

Class

A

...............

17,131

363,520

Teladoc

Health,

Inc.

.................

23,288

432,924

1,043,856

Hotel

&

Resort

REITs

—

0.3%

Host

Hotels

&

Resorts,

Inc.

............

101,075

1,624,275

Park

Hotels

&

Resorts,

Inc.

............

30,457

375,230

1,999,505

Hotels,

Restaurants

&

Leisure

—

1.7%

Aramark

.........................

33,342

1,156,967

Boyd

Gaming

Corp.

.................

10,403

632,815

Cava

Group,

Inc.

(a)(b)

.................

2,303

70,541

Choice

Hotels

International,

Inc.

.........

4,366

534,879

Churchill

Downs,

Inc.

................

10,125

1,174,905

Hyatt

Hotels

Corp.,

Class

A

............

6,586

698,643

Marriott

Vacations

Worldwide

Corp.

.......

5,238

527,100

Norwegian

Cruise

Line

Holdings

Ltd.

(b)

.....

60,382

995,095

Penn

Entertainment,

Inc.

(a)(b)

...........

22,026

505,497

Planet

Fitness,

Inc.,

Class

A

(b)

..........

12,069

593,553

Texas

Roadhouse,

Inc.

...............

9,537

916,506

Travel

+

Leisure

Co.

.................

10,257

376,740

Vail

Resorts,

Inc.

...................

5,454

1,210,188

Wendy's

Co.

(The)

..................

24,786

505,882

Wingstop,

Inc.

(a)

....................

4,235

761,622

Wyndham

Hotels

&

Resorts,

Inc.

........

12,006

834,897

Wynn

Resorts

Ltd.

..................

14,780

1,365,820

12,861,650

Household

Durables

—

1.1%

Leggett

&

Platt,

Inc.

.................

19,030

483,552

Mohawk

Industries,

Inc.

(b)

.............

7,491

642,803

Newell

Brands,

Inc.

.................

54,563

492,704

PulteGroup,

Inc.

...................

31,114

2,303,992

Tempur

Sealy

International,

Inc.

.........

23,799

1,031,449

Toll

Brothers,

Inc.

...................

15,552

1,150,226

TopBuild

Corp.

(b)

...................

4,512

1,135,219

Whirlpool

Corp.

....................

7,625

1,019,462

8,259,407

Household

Products

—

0.1%

Reynolds

Consumer

Products,

Inc.

.......

7,957

203,938

Spectrum

Brands

Holdings,

Inc.

.........

5,721

448,240

652,178

Independent

Power

and

Renewable

Electricity

Producers

—

0.3%

Brookfield

Renewable

Corp.

...........

19,054

456,153

Clearway

Energy,

Inc.,

Class

A

..........

4,909

97,787

Clearway

Energy,

Inc.,

Class

C

.........

11,910

252,016

Vistra

Corp.

......................

52,598

1,745,201

2,551,157

Industrial

REITs

—

0.7%

Americold

Realty

Trust,

Inc.

............

38,593

1,173,613

EastGroup

Properties,

Inc.

............

6,250

1,040,812

First

Industrial

Realty

Trust,

Inc.

.........

18,803

894,835

Rexford

Industrial

Realty,

Inc.

..........

29,442

1,452,963

STAG

Industrial,

Inc.

................

25,636

884,698

5,446,921

Insurance

—

2.6%

American

Financial

Group,

Inc.

.........

10,439

1,165,723

Assurant,

Inc.

.....................

7,617

1,093,649

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2500

ETF

28

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Insurance

(continued)

Assured

Guaranty

Ltd.

...............

8,183

$

495,235

Axis

Capital

Holdings

Ltd.

.............

11,156

628,864

Brighthouse

Financial,

Inc.

(b)

...........

9,598

469,726

Everest

Group

Ltd.

..................

6,131

2,278,709

First

American

Financial

Corp.

..........

14,332

809,615

Globe

Life,

Inc.

....................

12,532

1,362,604

Hanover

Insurance

Group,

Inc.

(The)

.....

5,077

563,445

Kemper

Corp.

.....................

8,698

365,577

Kinsale

Capital

Group,

Inc.

............

3,131

1,296,641

Lincoln

National

Corp.

...............

24,581

606,905

Old

Republic

International

Corp.

.........

38,797

1,045,191

Primerica,

Inc.

.....................

5,217

1,012,150

Reinsurance

Group

of

America,

Inc.

......

9,524

1,382,790

RenaissanceRe

Holdings

Ltd.

..........

7,183

1,421,659

RLI

Corp.

........................

5,756

782,183

Ryan

Specialty

Holdings,

Inc.,

Class

A

(a)(b)

..

13,364

646,818

Unum

Group

......................

28,151

1,384,748

White

Mountains

Insurance

Group

Ltd.

(a)

...

360

538,448

19,350,680

Interactive

Media

&

Services

—

0.2%

(b)

IAC,

Inc.

(a)

........................

10,567

532,471

TripAdvisor,

Inc.

(a)

..................

16,249

269,409

ZoomInfo

Technologies,

Inc.

...........

44,485

729,554

1,531,434

IT

Services

—

0.5%

Amdocs

Ltd.

......................

17,017

1,437,766

DXC

Technology

Co.

(a)(b)

..............

29,985

624,587

Globant

SA

(b)

......................

5,889

1,165,139

Kyndryl

Holdings,

Inc.

(a)(b)

.............

32,469

490,282

3,717,774

Leisure

Products

—

0.6%

Brunswick

Corp.

...................

10,134

800,586

Hasbro,

Inc.

......................

18,621

1,231,593

Mattel,

Inc.

(b)

......................

50,126

1,104,276

Peloton

Interactive,

Inc.,

Class

A

(a)(b)

......

44,356

223,998

Polaris,

Inc.

.......................

7,635

795,109

YETI

Holdings,

Inc.

(a)(b)

...............

12,329

594,504

4,750,066

Life

Sciences

Tools

&

Services

—

1.1%

10X

Genomics,

Inc.,

Class

A

(a)(b)

.........

13,154

542,602

Azenta,

Inc.

(b)

.....................

9,161

459,791

Bio-Techne

Corp.

(a)

..................

22,153

1,507,955

Bruker

Corp.

(a)

.....................

15,142

943,347

Charles

River

Laboratories

International,

Inc.

(a)

(b)

...........................

7,228

1,416,543

Maravai

LifeSciences

Holdings,

Inc.,

Class

A

(b)

15,825

158,250

Medpace

Holdings,

Inc.

(a)(b)

............

3,328

805,809

QIAGEN

NV

(b)

.....................

32,530

1,317,465

Repligen

Corp.

(b)

...................

7,900

1,256,179

Sotera

Health

Co.

(b)

.................

14,286

214,004

8,621,945

Machinery

—

2.6%

AGCO

Corp.

......................

8,913

1,054,230

Allison

Transmission

Holdings,

Inc.

.......

12,996

767,544

Crane

Co.

........................

6,896

612,640

Donaldson

Co.,

Inc.

.................

17,262

1,029,506

Esab

Corp.

.......................

8,069

566,605

Flowserve

Corp.

(a)

..................

18,687

743,182

Gates

Industrial

Corp.

plc

(b)

............

15,087

175,160

Graco,

Inc.

.......................

23,800

1,734,544

ITT,

Inc.

.........................

11,779

1,153,282

Lincoln

Electric

Holdings,

Inc.

..........

7,946

1,444,503

Security

Shares

Shares

Value

Machinery

(continued)

Middleby

Corp.

(The)

(b)

...............

7,581

$

970,368

Nordson

Corp.

.....................

8,157

1,820,398

Oshkosh

Corp.

....................

9,298

887,308

Pentair

plc

.......................

23,356

1,512,301

RBC

Bearings,

Inc.

(b)

................

4,043

946,587

Snap-on,

Inc.

.....................

7,416

1,891,525

Timken

Co.

(The)

...................

8,951

657,809

Toro

Co.

(The)

.....................

14,909

1,238,938

19,206,430

Marine

Transportation

—

0.1%

Kirby

Corp.

(b)

......................

8,471

701,399

Media

—

0.8%

Cable

One,

Inc.

....................

812

499,900

DISH

Network

Corp.,

Class

A

(a)(b)

........

36,371

213,134

Interpublic

Group

of

Cos.,

Inc.

(The)

......

55,038

1,577,389

Liberty

Media

Corp.-Liberty

SiriusXM,

NVS

(b)

22,002

560,171

Liberty

Media

Corp.-Liberty

SiriusXM,

Class

A,

NVS

(b)

........................

10,472

266,512

New

York

Times

Co.

(The),

Class

A

.......

23,044

949,413

News

Corp.,

Class

A,

NVS

............

54,295

1,089,158

News

Corp.,

Class

B

................

16,485

344,042

Nexstar

Media

Group,

Inc.

.............

4,849

695,201

6,194,920

Metals

&

Mining

—

0.9%

Alcoa

Corp.

.......................

25,332

736,148

Cleveland-Cliffs,

Inc.

(b)

...............

72,451

1,132,409

MP

Materials

Corp.,

Class

A

(a)(b)

.........

15,098

288,372

Reliance

Steel

&

Aluminum

Co.

.........

8,337

2,186,212

Royal

Gold,

Inc.

....................

9,347

993,866

SSR

Mining,

Inc.

(a)

..................

29,611

393,530

United

States

Steel

Corp.

.............

31,589

1,026,011

6,756,548

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.5%

AGNC

Investment

Corp.

..............

84,957

801,994

Annaly

Capital

Management,

Inc.

........

70,691

1,329,698

Rithm

Capital

Corp.

.................

69,044

641,419

Starwood

Property

Trust,

Inc.

...........

42,475

821,891

3,595,002

Multi-Utilities

—

0.2%

NiSource,

Inc.

.....................

59,134

1,459,427

Office

REITs

—

0.4%

Boston

Properties,

Inc.

...............

22,458

1,335,802

Cousins

Properties,

Inc.

..............

21,717

442,375

Highwoods

Properties,

Inc.

............

14,995

309,047

Kilroy

Realty

Corp.

..................

16,602

524,789

Vornado

Realty

Trust

................

25,284

573,441

3,185,454

Oil,

Gas

&

Consumable

Fuels

—

1.9%

Antero

Midstream

Corp.

..............

48,635

582,647

Antero

Resources

Corp.

(b)

.............

40,316

1,023,220

APA

Corp.

.......................

44,390

1,824,429

Chesapeake

Energy

Corp.

............

18,148

1,564,902

DT

Midstream,

Inc.

..................

13,801

730,349

EQT

Corp.

.......................

51,439

2,087,395

HF

Sinclair

Corp.

...................

20,118

1,145,318

New

Fortress

Energy,

Inc.,

Class

A

.......

9,423

308,886

Ovintiv,

Inc.

(a)

......................

36,715

1,746,532

Range

Resources

Corp.

..............

33,383

1,081,943

Southwestern

Energy

Co.

(a)(b)

...........

156,644

1,010,354

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2500

ETF

Schedules

of

Investments

29

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Texas

Pacific

Land

Corp.

..............

823

$

1,500,790

14,606,765

Paper

&

Forest

Products

—

0.1%

Louisiana-Pacific

Corp.

...............

9,205

508,760

Passenger

Airlines

—

0.2%

(b)

Alaska

Air

Group,

Inc.

................

17,850

661,878

American

Airlines

Group,

Inc.

...........

92,653

1,186,885

1,848,763

Personal

Care

Products

—

0.1%

(b)

Coty,

Inc.,

Class

A

..................

51,808

568,334

Olaplex

Holdings,

Inc.

................

19,876

38,758

607,092

Pharmaceuticals

—

0.6%

Catalent,

Inc.

(a)(b)

...................

25,629

1,166,888

Elanco

Animal

Health,

Inc.

(b)

............

70,017

786,991

Jazz

Pharmaceuticals

plc

(b)

............

8,705

1,126,775

Organon

&

Co.

....................

36,318

630,481

Perrigo

Co.

plc

....................

19,222

614,143

4,325,278

Professional

Services

—

1.7%

Booz

Allen

Hamilton

Holding

Corp.

.......

18,559

2,027,942

CACI

International,

Inc.,

Class

A

(a)(b)

......

3,227

1,013,052

Ceridian

HCM

Holding,

Inc.

(b)

...........

21,104

1,431,906

Clarivate

plc

(a)(b)

....................

67,298

451,570

Concentrix

Corp.

...................

6,322

506,455

Dun

&

Bradstreet

Holdings,

Inc.

.........

39,299

392,597

FTI

Consulting,

Inc.

(a)(b)

...............

4,754

848,161

Genpact

Ltd.

......................

25,644

928,313

KBR,

Inc.

........................

19,272

1,135,892

ManpowerGroup,

Inc.

................

7,190

527,171

Paycor

HCM,

Inc.

(b)

.................

7,817

178,462

Paylocity

Holding

Corp.

(a)(b)

............

5,992

1,088,746

Robert

Half,

Inc.

...................

14,995

1,098,834

Science

Applications

International

Corp.

...

7,686

811,180

12,440,281

Real

Estate

Management

&

Development

—

0.4%

(b)

Howard

Hughes

Holdings,

Inc.

..........

4,863

360,494

Jones

Lang

LaSalle,

Inc.

(a)

.............

6,755

953,671

Zillow

Group,

Inc.,

Class

A

(a)

...........

7,821

350,302

Zillow

Group,

Inc.,

Class

C,

NVS

(a)

.......

21,999

1,015,474

2,679,941

Residential

REITs

—

0.7%

American

Homes

4

Rent,

Class

A

(a)

.......

47,418

1,597,512

Apartment

Income

REIT

Corp.

..........

21,430

657,901

Camden

Property

Trust

...............

14,843

1,403,851

Equity

LifeStyle

Properties,

Inc.

.........

25,305

1,612,182

5,271,446

Retail

REITs

—

1.0%

Agree

Realty

Corp.

.................

13,142

725,964

Brixmor

Property

Group,

Inc.

...........

42,745

888,241

Federal

Realty

Investment

Trust

.........

11,484

1,040,795

Kimco

Realty

Corp.

.................

86,495

1,521,447

NNN

REIT,

Inc.

....................

25,776

910,924

Regency

Centers

Corp.

..............

25,819

1,534,681

Spirit

Realty

Capital,

Inc.

..............

20,047

672,176

7,294,228

Semiconductors

&

Semiconductor

Equipment

—

1.1%

Allegro

MicroSystems,

Inc.

(b)

...........

10,718

342,333

Cirrus

Logic,

Inc.

(a)(b)

.................

7,897

584,062

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

Entegris,

Inc.

(a)

....................

21,284

$

1,998,780

Lattice

Semiconductor

Corp.

(a)(b)

.........

19,428

1,669,448

MKS

Instruments,

Inc.

...............

9,475

819,967

Qorvo,

Inc.

(b)

......................

13,965

1,333,239

Universal

Display

Corp.

..............

6,663

1,046,024

Wolfspeed,

Inc.

(b)

...................

17,569

669,379

8,463,232

Software

—

3.5%

Alteryx,

Inc.,

Class

A

(a)(b)

..............

8,734

329,184

AppLovin

Corp.,

Class

A

(a)(b)

............

30,058

1,201,118

Aspen

Technology,

Inc.

(a)(b)

.............

3,992

815,406

Bentley

Systems,

Inc.,

Class

B

(a)

.........

27,357

1,372,227

BILL

Holdings,

Inc.

(a)(b)

................

14,675

1,593,265

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)(b)

..

28,473

380,114

Confluent,

Inc.,

Class

A

(a)(b)

............

26,440

782,888

Dolby

Laboratories,

Inc.,

Class

A

........

8,453

669,985

DoubleVerify

Holdings,

Inc.

(a)(b)

..........

17,983

502,625

Dropbox,

Inc.,

Class

A

(a)(b)

.............

36,826

1,002,772

Dynatrace,

Inc.

(b)

...................

34,386

1,606,858

Elastic

NV

(b)

......................

11,101

901,845

Five9,

Inc.

(a)(b)

.....................

10,059

646,794

Gen

Digital,

Inc.

....................

79,084

1,398,205

Gitlab,

Inc.,

Class

A

(a)(b)

...............

12,528

566,516

Guidewire

Software,

Inc.

(b)

.............

11,641

1,047,690

HashiCorp,

Inc.,

Class

A

(a)(b)

............

13,910

317,565

Informatica,

Inc.,

Class

A

(a)(b)

...........

6,020

126,841

Manhattan

Associates,

Inc.

(a)(b)

..........

8,777

1,734,862

nCino,

Inc.

(a)(b)

.....................

10,025

318,795

NCR

Corp.

(a)(b)

.....................

18,324

494,198

New

Relic,

Inc.

(b)

...................

8,000

684,960

Nutanix,

Inc.,

Class

A

(a)(b)

..............

32,787

1,143,611

Pegasystems,

Inc.

..................

5,953

258,420

Procore

Technologies,

Inc.

(b)

...........

11,107

725,509

PTC,

Inc.

(b)

.......................

16,347

2,316,043

RingCentral,

Inc.,

Class

A

(b)

............

12,146

359,886

SentinelOne,

Inc.,

Class

A

(a)(b)

..........

32,893

554,576

Smartsheet,

Inc.,

Class

A

(b)

............

17,945

726,055

Teradata

Corp.

(a)(b)

..................

14,328

645,047

UiPath,

Inc.,

Class

A

(a)(b)

..............

53,685

918,550

26,142,410

Specialized

REITs

—

0.7%

CubeSmart

.......................

31,844

1,214,212

EPR

Properties

....................

10,692

444,146

Gaming

&

Leisure

Properties,

Inc.

.......

35,798

1,630,599

Lamar

Advertising

Co.,

Class

A

.........

12,342

1,030,187

National

Storage

Affiliates

Trust

.........

11,536

366,152

Rayonier,

Inc.

.....................

21,086

600,107

5,285,403

Specialty

Retail

—

1.7%

Advance

Auto

Parts,

Inc.

..............

8,520

476,524

AutoNation,

Inc.

(a)(b)

.................

4,196

635,274

Bath

&

Body

Works,

Inc.

..............

32,661

1,103,942

Dick's

Sporting

Goods,

Inc.

............

8,564

929,879

Five

Below,

Inc.

(a)(b)

..................

7,823

1,258,721

Floor

&

Decor

Holdings,

Inc.,

Class

A

(a)(b)

...

14,858

1,344,649

GameStop

Corp.,

Class

A

(a)(b)

...........

37,908

623,966

Gap,

Inc.

(The)

....................

27,855

296,099

Lithia

Motors,

Inc.

..................

3,859

1,139,678

Murphy

USA,

Inc.

..................

2,822

964,362

Penske

Automotive

Group,

Inc.

(a)

........

2,890

482,803

Petco

Health

&

Wellness

Co.,

Inc.

(b)

......

11,784

48,197

RH

(b)

...........................

2,468

652,440

Valvoline,

Inc.

.....................

23,606

761,057

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2500

ETF

30

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Specialty

Retail

(continued)

Victoria's

Secret

&

Co.

(a)(b)

.............

11,068

$

184,614

Wayfair,

Inc.,

Class

A

(b)

...............

11,756

712,061

Williams-Sonoma,

Inc.

...............

9,092

1,412,897

13,027,163

Technology

Hardware,

Storage

&

Peripherals

—

0.2%

Pure

Storage,

Inc.,

Class

A

(b)

...........

40,231

1,433,028

Textiles,

Apparel

&

Luxury

Goods

—

1.2%

Capri

Holdings

Ltd.

(b)

................

16,293

857,175

Carter's,

Inc.

......................

5,307

366,979

Columbia

Sportswear

Co.

.............

5,158

382,208

Crocs,

Inc.

(a)(b)

.....................

8,693

766,983

Deckers

Outdoor

Corp.

(b)

..............

3,734

1,919,612

PVH

Corp.

(a)

......................

8,827

675,354

Ralph

Lauren

Corp.,

Class

A

...........

5,696

661,249

Skechers

USA,

Inc.,

Class

A

(a)(b)

.........

18,997

929,903

Tapestry,

Inc.

......................

33,600

966,000

Under

Armour,

Inc.,

Class

A

(b)

...........

27,405

187,724

Under

Armour,

Inc.,

Class

C,

NVS

(b)

......

28,906

184,420

VF

Corp.

........................

49,886

881,486

8,779,093

Trading

Companies

&

Distributors

—

0.7%

Air

Lease

Corp.,

Class

A

..............

14,723

580,233

Core

&

Main,

Inc.,

Class

A

(b)

............

15,456

445,906

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

....

6,588

646,612

SiteOne

Landscape

Supply,

Inc.

(a)(b)

.......

6,342

1,036,600

Watsco,

Inc.

......................

4,740

1,790,393

WESCO

International,

Inc.

.............

6,317

908,511

5,408,255

Water

Utilities

—

0.2%

Essential

Utilities,

Inc.

................

34,570

1,186,788

Total

Common

Stocks

—

57.5%

(Cost:

$454,134,504)

.............................

432,235,418

Investment

Companies

iShares

Russell

2000

ETF

(a)(c)

...........

1,796,725

317,553,177

Total

Investment

Companies

—

42.3%

(Cost:

$343,745,899)

.............................

317,553,177

Total

Long-Term

Investments

—

99.8%

(Cost:

$797,880,403)

.............................

749,788,595

Short-Term

Securities

Money

Market

Funds

—

45.4%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.54%

(e)

............

337,941,940

338,077,117

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

5.31%

..................

3,240,748

3,240,748

Total

Short-Term

Securities

—

45.4%

(Cost:

$341,295,604)

.............................

341,317,865

Total

Investments

—

145.2%

(Cost:

$1,139,176,007

)

...........................

1,091,106,460

Liabilities

in

Excess

of

Other

Assets

—

(45.2)%

...........

(339,412,958)

Net

Assets

—

100.0%

..............................

$

751,693,502

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Non-income

producing

security.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2500

ETF

Schedules

of

Investments

31

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

September

30,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

Affiliated

Issuer

Value

at

03/31/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/23

Shares

Held

at

09/30/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

305,543,714

$

32,455,158

(a)

$

—

$

52,494

$

25,751

$

338,077,117

337,941,940

$

721,417

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

697,539

2,543,209

(a)

—

—

—

3,240,748

3,240,748

25,619

—

iShares

Russell

2000

ETF

.....

297,675,029

47,028,969

(22,959,535)

(352,989)

(3,838,297)

317,553,177

1,796,725

2,377,696

—

$

(300,495)

$

(3,812,546)

$

658,871,042

$

3,124,732

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Russell

2000

E-Mini

Index

....................................................

10

12/15/23

$

899

$

(17,987)

S&P

Midcap

400

E-Mini

Index

.................................................

3

12/15/23

756

(16,375)

$

(34,362)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

34,362

$

—

$

—

$

—

$

34,362

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

September

30,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

(27,138)

$

—

$

—

$

—

$

(27,138)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

(61,081)

$

—

$

—

$

—

$

(61,081)

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

2500

ETF

32

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

1,520,453

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

432,230,590

$

4,828

$

—

$

432,235,418

Investment

Companies

....................................

317,553,177

—

—

317,553,177

Short-Term

Securities

Money

Market

Funds

......................................

341,317,865

—

—

341,317,865

$

1,091,101,632

$

4,828

$

—

$

1,091,106,460

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

...........................................

$

(34,362)

$

—

$

—

$

(34,362)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

September

30,

2023

iShares

®

Russell

Mid-Cap

ETF

Schedules

of

Investments

33

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.5%

Axon

Enterprise,

Inc.

(a)(b)

..............

199,715

$

39,741,288

BWX

Technologies,

Inc.

..............

260,732

19,549,685

Curtiss-Wright

Corp.

.................

108,884

21,300,977

HEICO

Corp.

(a)

....................

130,013

21,053,005

HEICO

Corp.,

Class

A

................

229,617

29,671,109

Hexcel

Corp.

......................

243,432

15,857,160

Howmet

Aerospace,

Inc.

(a)

.............

1,086,070

50,230,738

Huntington

Ingalls

Industries,

Inc.

........

112,790

23,074,578

Mercury

Systems,

Inc.

(a)(b)

.............

141,893

5,262,811

Spirit

AeroSystems

Holdings,

Inc.,

Class

A

(b)

.

298,492

4,817,661

Textron,

Inc.

......................

566,141

44,238,258

TransDigm

Group,

Inc.

(b)

..............

150,380

126,789,889

Woodward,

Inc.

....................

168,842

20,980,307

422,567,466

Air

Freight

&

Logistics

—

0.4%

CH

Robinson

Worldwide,

Inc.

..........

330,475

28,463,812

Expeditors

International

of

Washington,

Inc.

.

435,564

49,928,701

GXO

Logistics,

Inc.

(a)(b)

...............

337,278

19,781,355

98,173,868

Automobile

Components

—

0.6%

Aptiv

plc

(b)

........................

777,249

76,628,979

BorgWarner,

Inc.

...................

670,422

27,064,936

Gentex

Corp.

.....................

669,080

21,771,863

Lear

Corp.

.......................

167,623

22,495,007

Phinia,

Inc.

.......................

133,226

3,569,125

QuantumScape

Corp.,

Class

A

(a)(b)

.......

840,083

5,620,155

157,150,065

Automobiles

—

0.3%

Harley-Davidson,

Inc.

................

374,071

12,366,787

Lucid

Group,

Inc.

(a)(b)

.................

2,159,435

12,071,242

Rivian

Automotive,

Inc.,

Class

A

(a)(b)

.......

1,896,918

46,057,169

Thor

Industries,

Inc.

(a)

................

148,249

14,102,927

84,598,125

Banks

—

2.3%

Bank

OZK

.......................

310,344

11,504,452

BOK

Financial

Corp.

.................

80,883

6,469,022

Citizens

Financial

Group,

Inc.

..........

1,354,456

36,299,421

Columbia

Banking

System,

Inc.

.........

602,636

12,233,511

Comerica,

Inc.

.....................

375,839

15,616,110

Commerce

Bancshares,

Inc.

...........

326,224

15,652,227

Cullen/Frost

Bankers,

Inc.

.............

170,874

15,585,418

East

West

Bancorp,

Inc.

..............

400,522

21,111,515

Fifth

Third

Bancorp

.................

1,943,790

49,236,201

First

Citizens

BancShares,

Inc.,

Class

A

....

31,166

43,012,197

First

Hawaiian,

Inc.

.................

363,151

6,554,876

First

Horizon

Corp.

..................

1,598,172

17,611,855

FNB

Corp.

.......................

1,036,568

11,184,569

Huntington

Bancshares,

Inc.

...........

4,128,957

42,941,153

KeyCorp

.........................

2,664,025

28,664,909

M&T

Bank

Corp.

...................

473,661

59,894,433

New

York

Community

Bancorp,

Inc.

......

2,047,730

23,221,258

NU

Holdings

Ltd.,

Class

A

(b)

............

6,590,216

47,779,066

Pinnacle

Financial

Partners,

Inc.

.........

217,479

14,579,792

Popular,

Inc.

......................

203,691

12,834,570

Prosperity

Bancshares,

Inc.

............

251,861

13,746,573

Regions

Financial

Corp.

..............

2,682,017

46,130,692

Synovus

Financial

Corp.

..............

418,823

11,643,279

Webster

Financial

Corp.

..............

495,015

19,954,055

Western

Alliance

Bancorp

.............

312,581

14,369,349

Wintrust

Financial

Corp.

..............

176,058

13,292,379

Security

Shares

Shares

Value

Banks

(continued)

Zions

Bancorp

NA

..................

420,708

$

14,678,502

625,801,384

Beverages

—

0.4%

Boston

Beer

Co.,

Inc.

(The),

Class

A

(b)

.....

26,814

10,444,858

Brown-Forman

Corp.,

Class

A

..........

139,759

8,119,998

Brown-Forman

Corp.,

Class

B,

NVS

......

528,242

30,474,281

Celsius

Holdings,

Inc.

(a)(b)

..............

137,680

23,625,888

Molson

Coors

Beverage

Co.,

Class

B

.....

502,331

31,943,228

104,608,253

Biotechnology

—

2.3%

(b)

Alnylam

Pharmaceuticals,

Inc.

(a)

.........

355,613

62,979,062

Apellis

Pharmaceuticals,

Inc.

(a)

..........

284,771

10,832,689

Biogen,

Inc.

......................

413,417

106,252,303

BioMarin

Pharmaceutical,

Inc.

(a)

.........

535,795

47,407,142

Exact

Sciences

Corp.

................

511,177

34,872,495

Exelixis,

Inc.

......................

917,053

20,037,608

Horizon

Therapeutics

plc

..............

642,724

74,356,740

Incyte

Corp.

......................

529,739

30,603,022

Ionis

Pharmaceuticals,

Inc.

(a)

...........

407,003

18,461,656

Karuna

Therapeutics,

Inc.

(a)

............

101,550

17,171,089

Mirati

Therapeutics,

Inc.

(a)

.............

130,197

5,671,381

Natera,

Inc.

.......................

298,464

13,207,032

Neurocrine

Biosciences,

Inc.

...........

276,126

31,064,175

Roivant

Sciences

Ltd.

(a)

...............

999,205

11,670,714

Sarepta

Therapeutics,

Inc.

(a)

...........

255,978

31,029,653

Seagen,

Inc.

......................

401,359

85,148,312

Ultragenyx

Pharmaceutical,

Inc.

.........

193,112

6,884,443

United

Therapeutics

Corp.

(a)

............

129,725

29,300,986

636,950,502

Broadline

Retail

—

0.6%

Coupang,

Inc.,

Class

A

(b)

..............

3,137,513

53,337,721

eBay,

Inc.

........................

1,535,234

67,688,467

Etsy,

Inc.

(b)

.......................

352,456

22,761,609

Kohl's

Corp.

......................

315,568

6,614,305

Macy's,

Inc.

......................

772,602

8,969,909

Nordstrom,

Inc.

....................

325,201

4,858,503

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)(b)

....

176,050

13,587,539

177,818,053

Building

Products

—

2.2%

Advanced

Drainage

Systems,

Inc.

(a)

......

196,003

22,311,021

Allegion

plc

.......................

250,441

26,095,952

AO

Smith

Corp.

....................

353,236

23,359,497

Armstrong

World

Industries,

Inc.

.........

127,819

9,202,968

AZEK

Co.,

Inc.

(The),

Class

A

(a)(b)

........

379,187

11,277,021

Builders

FirstSource,

Inc.

(b)

............

364,546

45,382,331

Carlisle

Cos.,

Inc.

..................

141,903

36,789,772

Carrier

Global

Corp.

.................

2,389,943

131,924,854

Fortune

Brands

Innovations,

Inc.

........

363,842

22,616,419

Hayward

Holdings,

Inc.

(a)(b)

.............

380,725

5,368,222

Lennox

International,

Inc.

.............

91,857

34,394,935

Masco

Corp.

......................

645,771

34,516,460

Owens

Corning

....................

258,077

35,204,284

Trane

Technologies

plc

...............

652,214

132,340,743

Trex

Co.,

Inc.

(a)(b)

...................

309,814

19,093,837

589,878,316

Capital

Markets

—

4.6%

Affiliated

Managers

Group,

Inc.

.........

103,144

13,443,789

Ameriprise

Financial,

Inc.

.............

301,723

99,472,039

Ares

Management

Corp.,

Class

A

........

460,016

47,321,846

Bank

of

New

York

Mellon

Corp.

(The)

.....

2,238,314

95,464,092

Blue

Owl

Capital,

Inc.,

Class

A

..........

1,278,016

16,563,087

Carlyle

Group,

Inc.

(The)

..............

601,513

18,141,632

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

Mid-Cap

ETF

34

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Capital

Markets

(continued)

CBOE

Global

Markets,

Inc.

............

301,865

$

47,154,332

Coinbase

Global,

Inc.,

Class

A

(a)(b)

........

478,152

35,899,652

Evercore,

Inc.,

Class

A

...............

101,663

14,017,294

FactSet

Research

Systems,

Inc.

.........

110,132

48,156,318

Franklin

Resources,

Inc.

..............

811,783

19,953,626

Houlihan

Lokey,

Inc.,

Class

A

...........

145,847

15,623,131

Interactive

Brokers

Group,

Inc.,

Class

A

(a)

...

290,600

25,154,336

Invesco

Ltd.

......................

1,044,148

15,161,029

Janus

Henderson

Group

plc

...........

389,055

10,045,400

Jefferies

Financial

Group,

Inc.

..........

546,693

20,025,365

KKR

&

Co.,

Inc.

....................

1,853,075

114,149,420

Lazard

Ltd.,

Class

A

.................

318,219

9,867,971

LPL

Financial

Holdings,

Inc.

............

223,345

53,077,939

MarketAxess

Holdings,

Inc.

............

105,778

22,598,412

Morningstar,

Inc.

...................

73,601

17,240,298

MSCI,

Inc.

.......................

220,328

113,045,890

Nasdaq,

Inc.

......................

978,049

47,523,401

Northern

Trust

Corp.

.................

588,071

40,859,173

Raymond

James

Financial,

Inc.

.........

541,813

54,414,280

Robinhood

Markets,

Inc.,

Class

A

(b)

.......

1,911,497

18,751,786

SEI

Investments

Co.

.................

290,737

17,511,089

State

Street

Corp.

..................

911,129

61,009,198

Stifel

Financial

Corp.

................

293,472

18,030,920

T.

Rowe

Price

Group,

Inc.

.............

631,665

66,242,709

TPG,

Inc.,

Class

A

..................

183,212

5,518,345

Tradeweb

Markets,

Inc.,

Class

A

.........

327,654

26,277,851

Virtu

Financial,

Inc.,

Class

A

............

255,101

4,405,594

XP,

Inc.,

Class

A

...................

948,634

21,866,014

1,253,987,258

Chemicals

—

2.9%

Albemarle

Corp.

(a)

..................

335,266

57,008,631

Ashland,

Inc.

......................

136,326

11,135,108

Axalta

Coating

Systems

Ltd.

(b)

..........

639,402

17,199,914

Celanese

Corp.

....................

282,510

35,460,655

CF

Industries

Holdings,

Inc.

............

561,320

48,127,577

Chemours

Co.

(The)

.................

429,915

12,059,116

Corteva,

Inc.

......................

2,047,204

104,734,957

DuPont

de

Nemours,

Inc.

.............

1,317,760

98,291,718

Eastman

Chemical

Co.

...............

341,085

26,168,041

Element

Solutions,

Inc.

...............

646,964

12,686,964

FMC

Corp.

.......................

358,566

24,013,165

Ginkgo

Bioworks

Holdings,

Inc.,

Class

A

(a)(b)

.

4,384,024

7,935,083

Huntsman

Corp.

...................

486,220

11,863,768

International

Flavors

&

Fragrances,

Inc.

....

731,203

49,846,108

LyondellBasell

Industries

NV,

Class

A

.....

740,910

70,164,177

Mosaic

Co.

(The)

...................

951,077

33,858,341

NewMarket

Corp.

...................

17,769

8,085,606

Olin

Corp.

........................

372,205

18,602,806

PPG

Industries,

Inc.

.................

672,250

87,258,050

RPM

International,

Inc.

...............

365,463

34,649,547

Scotts

Miracle-Gro

Co.

(The)

...........

118,167

6,106,871

Westlake

Corp.

....................

92,420

11,522,001

786,778,204

Commercial

Services

&

Supplies

—

1.6%

Cintas

Corp.

......................

248,584

119,571,390

Clean

Harbors,

Inc.

(a)(b)

...............

145,495

24,350,043

Copart,

Inc.

(b)

.....................

2,462,053

106,089,864

Driven

Brands

Holdings,

Inc.

(b)

..........

186,903

2,353,109

MSA

Safety,

Inc.

...................

106,467

16,784,522

RB

Global,

Inc.

(a)

...................

518,918

32,432,375

Republic

Services,

Inc.

...............

591,570

84,304,641

Rollins,

Inc.

.......................

734,015

27,400,780

Stericycle,

Inc.

(a)(b)

..................

262,922

11,755,243

Security

Shares

Shares

Value

Commercial

Services

&

Supplies

(continued)

Tetra

Tech,

Inc.

....................

151,287

$

23,000,162

448,042,129

Communications

Equipment

—

0.3%

Ciena

Corp.

(b)

.....................

423,357

20,007,852

F5,

Inc.

(b)

........................

172,143

27,739,123

Juniper

Networks,

Inc.

...............

909,101

25,263,917

Lumentum

Holdings,

Inc.

(a)(b)

...........

195,112

8,815,160

Ubiquiti,

Inc.

......................

12,780

1,856,934

Viasat,

Inc.

(a)(b)

.....................

336,001

6,202,578

89,885,564

Construction

&

Engineering

—

0.7%

AECOM

.........................

376,268

31,245,295

EMCOR

Group,

Inc.

.................

134,080

28,209,091

MasTec,

Inc.

(a)(b)

....................

179,536

12,921,206

MDU

Resources

Group,

Inc.

...........

576,956

11,296,798

Quanta

Services,

Inc.

(a)

...............

412,699

77,203,602

Valmont

Industries,

Inc.

...............

59,946

14,399,629

WillScot

Mobile

Mini

Holdings

Corp.

(b)

.....

561,769

23,363,973

198,639,594

Construction

Materials

—

0.6%

Eagle

Materials,

Inc.

.................

100,807

16,786,382

Martin

Marietta

Materials,

Inc.

..........

177,278

72,769,073

Vulcan

Materials

Co.

................

380,379

76,844,166

166,399,621

Consumer

Finance

—

0.6%

Ally

Financial,

Inc.

..................

779,614

20,800,101

Credit

Acceptance

Corp.

(a)(b)

............

18,623

8,568,815

Discover

Financial

Services

............

714,469

61,894,449

OneMain

Holdings,

Inc.

...............

324,962

13,027,727

SLM

Corp.

.......................

646,787

8,809,239

SoFi

Technologies,

Inc.

(a)(b)

............

2,637,142

21,070,765

Synchrony

Financial

.................

1,190,964

36,407,769

170,578,865

Consumer

Staples

Distribution

&

Retail

—

1.2%

Albertsons

Cos.,

Inc.,

Class

A

..........

1,190,027

27,073,114

BJ's

Wholesale

Club

Holdings,

Inc.

(a)(b)

.....

380,295

27,141,654

Casey's

General

Stores,

Inc.

...........

106,558

28,932,628

Dollar

Tree,

Inc.

(b)

...................

599,171

63,781,753

Grocery

Outlet

Holding

Corp.

(a)(b)

.........

270,729

7,810,532

Kroger

Co.

(The)

...................

1,873,384

83,833,934

Performance

Food

Group

Co.

(a)(b)

........

437,485

25,750,367

US

Foods

Holding

Corp.

(b)

.............

647,134

25,691,220

Walgreens

Boots

Alliance,

Inc.

..........

2,051,540

45,626,250

335,641,452

Containers

&

Packaging

—

1.3%

Amcor

plc

........................

4,228,398

38,732,126

AptarGroup,

Inc.

...................

186,836

23,361,974

Ardagh

Group

SA,

Class

A

............

58,704

320,230

Ardagh

Metal

Packaging

SA

...........

423,698

1,326,175

Avery

Dennison

Corp.

................

231,811

42,344,915

Ball

Corp.

........................

882,169

43,914,373

Berry

Global

Group,

Inc.

..............

342,820

21,223,986

Crown

Holdings,

Inc.

................

302,931

26,803,335

Graphic

Packaging

Holding

Co.

.........

869,533

19,373,195

International

Paper

Co.

...............

989,909

35,112,072

Packaging

Corp.

of

America

...........

254,020

39,004,771

Sealed

Air

Corp.

...................

416,173

13,675,445

Silgan

Holdings,

Inc.

.................

238,520

10,282,597

Sonoco

Products

Co.

................

282,732

15,366,484

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

Mid-Cap

ETF

Schedules

of

Investments

35

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Containers

&

Packaging

(continued)

WestRock

Co.

.....................

725,898

$

25,987,149

356,828,827

Distributors

—

0.5%

Genuine

Parts

Co.

..................

401,666

57,992,537

LKQ

Corp.

.......................

762,715

37,762,019

Pool

Corp.

(a)

......................

109,067

38,838,759

134,593,315

Diversified

Consumer

Services

—

0.3%

ADT,

Inc.

........................

601,542

3,609,252

Bright

Horizons

Family

Solutions,

Inc.

(a)(b)

...

166,093

13,529,936

Grand

Canyon

Education,

Inc.

(b)

.........

86,284

10,084,874

H&R

Block,

Inc.

....................

433,863

18,682,141

Mister

Car

Wash,

Inc.

(a)(b)

..............

233,665

1,287,494

Service

Corp.

International

............

422,232

24,126,336

71,320,033

Diversified

REITs

—

0.1%

WP

Carey,

Inc.

....................

606,977

32,825,316

Diversified

Telecommunication

Services

—

0.1%

Frontier

Communications

Parent,

Inc.

(a)(b)

...

699,062

10,940,320

Iridium

Communications,

Inc.

...........

360,519

16,400,010

27,340,330

Electric

Utilities

—

2.7%

Alliant

Energy

Corp.

.................

721,569

34,960,018

Avangrid,

Inc.

.....................

202,888

6,121,131

Constellation

Energy

Corp.

............

940,232

102,560,507

Edison

International

.................

1,082,530

68,513,324

Entergy

Corp.

.....................

606,161

56,069,892

Evergy,

Inc.

.......................

639,533

32,424,323

Eversource

Energy

.................

1,001,725

58,250,309

FirstEnergy

Corp.

..................

1,559,601

53,307,162

Hawaiian

Electric

Industries,

Inc.

........

312,937

3,852,254

IDACORP,

Inc.

....................

146,172

13,689,008

NRG

Energy,

Inc.

...................

659,337

25,397,661

OGE

Energy

Corp.

..................

570,894

19,027,897

PG&E

Corp.

(b)

.....................

5,731,527

92,449,530

Pinnacle

West

Capital

Corp.

...........

323,344

23,823,986

PPL

Corp.

.......................

2,113,741

49,799,738

Xcel

Energy,

Inc.

...................

1,581,657

90,502,414

730,749,154

Electrical

Equipment

—

1.5%

Acuity

Brands,

Inc.

(a)

.................

89,755

15,286,174

AMETEK,

Inc.

.....................

660,070

97,531,943

ChargePoint

Holdings,

Inc.,

Class

A

(a)(b)

....

858,844

4,268,455

Generac

Holdings,

Inc.

(a)(b)

.............

175,234

19,093,497

Hubbell,

Inc.

......................

153,390

48,073,960

nVent

Electric

plc

...................

470,225

24,917,223

Plug

Power,

Inc.

(a)(b)

.................

1,502,907

11,422,093

Regal

Rexnord

Corp.

................

190,212

27,177,490

Rockwell

Automation,

Inc.

.............

329,795

94,278,497

Sensata

Technologies

Holding

plc

........

436,006

16,489,747

Sunrun,

Inc.

(a)(b)

....................

602,554

7,568,078

Vertiv

Holdings

Co.,

Class

A

...........

982,658

36,554,877

402,662,034

Electronic

Equipment,

Instruments

&

Components

—

2.5%

Amphenol

Corp.,

Class

A

.............

1,672,557

140,478,062

Arrow

Electronics,

Inc.

(b)

..............

165,034

20,668,858

Avnet,

Inc.

.......................

259,321

12,496,679

CDW

Corp.

.......................

388,087

78,300,433

Cognex

Corp.

.....................

497,519

21,114,706

Coherent

Corp.

(b)

...................

344,669

11,249,996

Security

Shares

Shares

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

Corning,

Inc.

......................

2,178,281

$

66,372,222

Crane

NXT

Co.

....................

137,336

7,631,762

IPG

Photonics

Corp.

(b)

...............

85,636

8,695,479

Jabil,

Inc.

(a)

.......................

364,955

46,309,140

Keysight

Technologies,

Inc.

(b)

...........

508,173

67,236,370

Littelfuse,

Inc.

.....................

69,108

17,091,791

National

Instruments

Corp.

............

374,202

22,309,923

TD

SYNNEX

Corp.

..................

118,686

11,851,984

Teledyne

Technologies,

Inc.

(a)(b)

.........

133,423

54,513,969

Trimble,

Inc.

(a)(b)

....................

707,646

38,113,814

Vontier

Corp.

(a)

....................

450,518

13,930,017

Zebra

Technologies

Corp.,

Class

A

(a)(b)

.....

146,981

34,765,416

673,130,621

Energy

Equipment

&

Services

—

0.9%

Baker

Hughes

Co.,

Class

A

............

2,906,997

102,675,134

Halliburton

Co.

....................

2,577,836

104,402,358

NOV,

Inc.

........................

1,120,446

23,417,321

TechnipFMC

plc

....................

1,256,566

25,558,553

256,053,366

Entertainment

—

1.7%

AMC

Entertainment

Holdings,

Inc.,

Class

A

(a)(b)

168,042

1,342,656

Electronic

Arts,

Inc.

.................

786,328

94,673,891

Liberty

Media

Corp.-Liberty

Formula

One,

Class

A

(a)(b)

.....................

68,215

3,856,876

Liberty

Media

Corp.-Liberty

Formula

One,

Class

C,

NVS

(a)(b)

.................

555,052

34,579,740

Liberty

Media

Corp.-Liberty

Live,

Class

A

(b)

..

55,927

1,785,190

Liberty

Media

Corp.-Liberty

Live,

Class

C,

NVS

(a)(b)

.......................

133,403

4,282,236

Live

Nation

Entertainment,

Inc.

(a)(b)

.......

449,294

37,309,374

Madison

Square

Garden

Sports

Corp.

.....

53,098

9,361,177

Playtika

Holding

Corp.

(a)(b)

.............

67,322

648,311

ROBLOX

Corp.,

Class

A

(a)(b)

............

1,314,630

38,071,685

Roku,

Inc.,

Class

A

(a)(b)

...............

352,218

24,863,069

Spotify

Technology

SA

(b)

..............

402,775

62,285,126

Take-Two

Interactive

Software,

Inc.

(a)(b)

....

472,242

66,298,054

TKO

Group

Holdings,

Inc.

.............

124,852

10,495,059

Warner

Bros

Discovery,

Inc.

(a)(b)

.........

6,310,270

68,529,532

458,381,976

Financial

Services

—

2.3%

Affirm

Holdings,

Inc.,

Class

A

(a)(b)

.........

632,558

13,454,509

Apollo

Global

Management,

Inc.

.........

1,496,485

134,324,494

Block,

Inc.,

Class

A

(b)

................

1,557,374

68,929,373

Equitable

Holdings,

Inc.

..............

1,028,332

29,194,345

Euronet

Worldwide,

Inc.

(b)

.............

136,825

10,861,169

Fidelity

National

Information

Services,

Inc.

..

1,695,583

93,714,872

FleetCor

Technologies,

Inc.

(b)

...........

206,575

52,746,861

Global

Payments,

Inc.

...............

751,008

86,658,813

Jack

Henry

&

Associates,

Inc.

..........

209,562

31,673,201

MGIC

Investment

Corp.

..............

822,541

13,728,209

Rocket

Cos.,

Inc.,

Class

A

(b)

............

360,047

2,945,184

Shift4

Payments,

Inc.,

Class

A

(a)(b)

........

156,985

8,692,259

TFS

Financial

Corp.

.................

148,412

1,754,230

Toast,

Inc.,

Class

A

(a)(b)

...............

1,021,060

19,124,454

UWM

Holdings

Corp.,

Class

A

(a)

.........

283,053

1,372,807

Voya

Financial,

Inc.

.................

283,442

18,834,721

Western

Union

Co.

(The)

.............

840,872

11,082,693

WEX,

Inc.

(a)(b)

......................

122,073

22,960,711

622,052,905

Food

Products

—

1.6%

Bunge

Ltd.

.......................

428,671

46,403,636

Campbell

Soup

Co.

.................

550,704

22,622,920

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

Mid-Cap

ETF

36

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Food

Products

(continued)

Conagra

Brands,

Inc.

................

1,362,106

$

37,348,946

Darling

Ingredients,

Inc.

(a)(b)

............

455,478

23,775,952

Flowers

Foods,

Inc.

.................

536,585

11,901,455

Freshpet,

Inc.

(b)

....................

130,367

8,588,578

Hormel

Foods

Corp.

.................

831,798

31,633,278

Ingredion,

Inc.

.....................

188,140

18,512,976

J

M

Smucker

Co.

(The)

...............

282,331

34,701,303

Kellogg

Co.

.......................

744,017

44,276,452

Lamb

Weston

Holdings,

Inc.

...........

416,154

38,477,599

McCormick

&

Co.,

Inc.,

NVS

...........

719,614

54,431,603

Pilgrim's

Pride

Corp.

(a)(b)

..............

117,266

2,677,183

Post

Holdings,

Inc.

(a)(b)

................

155,097

13,298,017

Seaboard

Corp.

(a)

...................

725

2,720,925

Tyson

Foods,

Inc.,

Class

A

............

795,597

40,169,692

431,540,515

Gas

Utilities

—

0.3%

Atmos

Energy

Corp.

.................

412,732

43,720,701

National

Fuel

Gas

Co.

...............

257,450

13,364,229

UGI

Corp.

........................

604,058

13,893,334

70,978,264

Ground

Transportation

—

1.2%

Avis

Budget

Group,

Inc.

(a)(b)

............

59,220

10,641,242

Hertz

Global

Holdings,

Inc.

(a)(b)

..........

383,986

4,703,828

JB

Hunt

Transport

Services,

Inc.

........

236,273

44,542,186

Knight-Swift

Transportation

Holdings,

Inc.

..

445,777

22,355,717

Landstar

System,

Inc.

................

102,110

18,067,343

Lyft,

Inc.,

Class

A

(b)

..................

965,363

10,174,926

Old

Dominion

Freight

Line,

Inc.

(a)

........

283,012

115,791,530

Ryder

System,

Inc.

..................

129,169

13,814,625

Saia,

Inc.

(a)(b)

......................

76,327

30,427,759

Schneider

National,

Inc.,

Class

B

........

161,590

4,474,427

U-Haul

Holding

Co.,

NVS

(a)

............

288,402

15,109,381

U-Haul

Holding

Co.

(b)

................

22,057

1,203,650

XPO,

Inc.

(a)(b)

......................

325,220

24,280,925

315,587,539

Health

Care

Equipment

&

Supplies

—

3.1%

Align

Technology,

Inc.

(b)

...............

218,606

66,744,784

Baxter

International,

Inc.

..............

1,447,705

54,636,387

Cooper

Cos.,

Inc.

(The)

..............

139,116

44,240,279

Dentsply

Sirona,

Inc.

................

608,712

20,793,602

Dexcom,

Inc.

(b)

....................

1,109,940

103,557,402

Enovis

Corp.

(b)

.....................

151,300

7,978,049

Envista

Holdings

Corp.

(b)

..............

473,475

13,200,483

Globus

Medical,

Inc.,

Class

A

(a)(b)

........

340,181

16,889,987

Hologic,

Inc.

(a)(b)

....................

695,734

48,283,940

ICU

Medical,

Inc.

(a)(b)

.................

57,714

6,868,543

IDEXX

Laboratories,

Inc.

(a)(b)

...........

236,311

103,331,711

Inspire

Medical

Systems,

Inc.

(a)(b)

........

82,777

16,426,268

Insulet

Corp.

(a)(b)

....................

198,430

31,647,601

Integra

LifeSciences

Holdings

Corp.

(b)

.....

203,981

7,790,034

Masimo

Corp.

(a)(b)

...................

124,084

10,879,685

Novocure

Ltd.

(a)(b)

...................

299,642

4,839,218

Penumbra,

Inc.

(a)(b)

..................

104,166

25,198,797

QuidelOrtho

Corp.

(a)(b)

................

152,534

11,141,083

ResMed,

Inc.

.....................

415,796

61,483,754

Shockwave

Medical,

Inc.

(b)

.............

104,454

20,796,791

STERIS

plc

.......................

284,945

62,522,632

Tandem

Diabetes

Care,

Inc.

(a)(b)

.........

183,018

3,801,284

Teleflex,

Inc.

......................

135,031

26,521,439

Zimmer

Biomet

Holdings,

Inc.

..........

601,407

67,489,894

837,063,647

Security

Shares

Shares

Value

Health

Care

Providers

&

Services

—

1.7%

Acadia

Healthcare

Co.,

Inc.

(b)

...........

256,087

$

18,005,477

agilon

health,

Inc.

(a)(b)

................

835,349

14,835,798

Amedisys,

Inc.

(b)

...................

91,502

8,546,287

Cardinal

Health,

Inc.

.................

730,034

63,381,552

Cencora,

Inc.

.....................

464,003

83,506,620

Chemed

Corp.

.....................

42,283

21,974,475

DaVita,

Inc.

(a)(b)

....................

156,295

14,774,566

Encompass

Health

Corp.

.............

281,970

18,937,105

Henry

Schein,

Inc.

(a)(b)

................

374,689

27,820,658

Laboratory

Corp.

of

America

Holdings

.....

253,350

50,936,018

Molina

Healthcare,

Inc.

(b)

..............

165,417

54,238,580

Premier,

Inc.,

Class

A

................

338,615

7,280,223

Quest

Diagnostics,

Inc.

...............

320,664

39,076,115

R1

RCM,

Inc.

(a)(b)

...................

436,535

6,578,582

Tenet

Healthcare

Corp.

(b)

..............

290,728

19,156,068

Universal

Health

Services,

Inc.,

Class

B

...

172,982

21,749,027

470,797,151

Health

Care

REITs

—

0.9%

Healthcare

Realty

Trust,

Inc.,

Class

A

.....

1,095,017

16,720,910

Healthpeak

Properties,

Inc.

............

1,572,907

28,878,572

Medical

Properties

Trust,

Inc.

(a)

..........

1,716,735

9,356,206

Omega

Healthcare

Investors,

Inc.

........

669,128

22,188,284

Ventas,

Inc.

......................

1,144,098

48,200,849

Welltower,

Inc.

.....................

1,425,798

116,801,372

242,146,193

Health

Care

Technology

—

0.4%

(b)

Certara,

Inc.

(a)

.....................

351,856

5,115,987

Doximity,

Inc.,

Class

A

(a)

..............

344,396

7,308,083

Teladoc

Health,

Inc.

(a)

................

465,290

8,649,741

Veeva

Systems,

Inc.,

Class

A

...........

414,756

84,382,108

105,455,919

Hotel

&

Resort

REITs

—

0.1%

Host

Hotels

&

Resorts,

Inc.

............

2,030,332

32,627,435

Park

Hotels

&

Resorts,

Inc.

............

610,414

7,520,301

40,147,736

Hotels,

Restaurants

&

Leisure

—

3.2%

Aramark

.........................

668,549

23,198,650

Boyd

Gaming

Corp.

.................

212,851

12,947,726

Caesars

Entertainment,

Inc.

(a)(b)

.........

590,851

27,385,944

Carnival

Corp.

(a)(b)

...................

2,845,937

39,046,256

Cava

Group,

Inc.

(a)(b)

.................

46,427

1,422,059

Choice

Hotels

International,

Inc.

.........

86,772

10,630,438

Churchill

Downs,

Inc.

................

203,072

23,564,475

Darden

Restaurants,

Inc.

.............

345,659

49,505,282

Domino's

Pizza,

Inc.

.................

101,200

38,333,548

DoorDash,

Inc.,

Class

A

(a)(b)

............

863,991

68,661,365

DraftKings,

Inc.,

Class

A

(a)(b)

............

1,201,381

35,368,657

Expedia

Group,

Inc.

(a)(b)

...............

411,219

42,384,342

Hilton

Worldwide

Holdings,

Inc.

.........

737,682

110,785,083

Hyatt

Hotels

Corp.,

Class

A

(a)

...........

131,815

13,982,935

Marriott

Vacations

Worldwide

Corp.

.......

106,179

10,684,793

MGM

Resorts

International

(a)

...........

835,964

30,730,037

Norwegian

Cruise

Line

Holdings

Ltd.

(a)(b)

...

1,217,574

20,065,619

Penn

Entertainment,

Inc.

(a)(b)

...........

437,663

10,044,366

Planet

Fitness,

Inc.,

Class

A

(a)(b)

.........

246,383

12,117,116

Royal

Caribbean

Cruises

Ltd.

(a)(b)

........

670,222

61,754,255

Texas

Roadhouse,

Inc.

...............

190,902

18,345,682

Travel

+

Leisure

Co.

.................

205,831

7,560,173

Vail

Resorts,

Inc.

...................

109,934

24,393,255

Wendy's

Co.

(The)

..................

493,896

10,080,417

Wingstop,

Inc.

.....................

86,534

15,562,274

Wyndham

Hotels

&

Resorts,

Inc.

........

240,310

16,711,157

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

Mid-Cap

ETF

Schedules

of

Investments

37

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Hotels,

Restaurants

&

Leisure

(continued)

Wynn

Resorts

Ltd.

..................

298,602

$

27,593,811

Yum!

Brands,

Inc.

..................

804,685

100,537,344

863,397,059

Household

Durables

—

1.6%

DR

Horton,

Inc.

....................

893,100

95,981,457

Garmin

Ltd.

.......................

440,908

46,383,522

Leggett

&

Platt,

Inc.

.................

378,304

9,612,705

Lennar

Corp.,

Class

A

................

712,327

79,944,459

Lennar

Corp.,

Class

B

(a)

..............

38,670

3,953,234

Mohawk

Industries,

Inc.

(b)

.............

152,948

13,124,468

Newell

Brands,

Inc.

.................

1,086,204

9,808,422

NVR,

Inc.

(a)(b)

......................

8,459

50,443,555

PulteGroup,

Inc.

...................

624,388

46,235,931

Tempur

Sealy

International,

Inc.

.........

480,733

20,834,968

Toll

Brothers,

Inc.

...................

313,461

23,183,575

TopBuild

Corp.

(b)

...................

90,448

22,756,717

Whirlpool

Corp.

....................

152,698

20,415,723

442,678,736

Household

Products

—

0.5%

Church

&

Dwight

Co.,

Inc.

.............

699,553

64,100,041

Clorox

Co.

(The)

...................

354,135

46,412,933

Reynolds

Consumer

Products,

Inc.

.......

154,209

3,952,377

Spectrum

Brands

Holdings,

Inc.

.........

114,672

8,984,551

123,449,902

Independent

Power

and

Renewable

Electricity

Producers

—

0.3%

AES

Corp.

(The)

...................

1,917,772

29,150,134

Brookfield

Renewable

Corp.

...........

383,025

9,169,619

Clearway

Energy,

Inc.,

Class

A

..........

99,002

1,972,120

Clearway

Energy,

Inc.,

Class

C

.........

233,915

4,949,641

Vistra

Corp.

......................

1,054,154

34,976,830

80,218,344

Industrial

REITs

—

0.4%

Americold

Realty

Trust,

Inc.

............

771,393

23,458,061

EastGroup

Properties,

Inc.

............

125,187

20,847,391

First

Industrial

Realty

Trust,

Inc.

.........

376,935

17,938,337

Rexford

Industrial

Realty,

Inc.

..........

587,903

29,013,013

STAG

Industrial,

Inc.

................

512,759

17,695,313

108,952,115

Insurance

—

4.9%

Aflac,

Inc.

........................

1,726,542

132,512,099

Allstate

Corp.

(The)

.................

752,991

83,890,727

American

Financial

Group,

Inc.

.........

209,481

23,392,743

Arch

Capital

Group

Ltd.

(b)

.............

1,024,260

81,643,765

Arthur

J

Gallagher

&

Co.

..............

607,355

138,434,425

Assurant,

Inc.

.....................

151,448

21,744,904

Assured

Guaranty

Ltd.

...............

162,329

9,824,151

Axis

Capital

Holdings

Ltd.

.............

222,165

12,523,441

Brighthouse

Financial,

Inc.

(b)

...........

194,110

9,499,743

Brown

&

Brown,

Inc.

.................

680,316

47,513,270

Cincinnati

Financial

Corp.

.............

440,678

45,076,953

CNA

Financial

Corp.

.................

74,481

2,930,827

Everest

Group

Ltd.

..................

122,667

45,591,644

Fidelity

National

Financial,

Inc.,

Class

A

....

746,212

30,818,556

First

American

Financial

Corp.

..........

286,138

16,163,936

Globe

Life,

Inc.

....................

252,595

27,464,654

Hanover

Insurance

Group,

Inc.

(The)

.....

101,335

11,246,158

Hartford

Financial

Services

Group,

Inc.

(The)

874,904

62,039,443

Kemper

Corp.

.....................

171,883

7,224,243

Kinsale

Capital

Group,

Inc.

............

62,401

25,842,126

Lincoln

National

Corp.

...............

489,910

12,095,878

Loews

Corp.

......................

528,582

33,464,526

Markel

Group,

Inc.

(a)(b)

................

37,619

55,393,601

Security

Shares

Shares

Value

Insurance

(continued)

Old

Republic

International

Corp.

.........

772,223

$

20,803,688

Primerica,

Inc.

.....................

104,522

20,278,313

Principal

Financial

Group,

Inc.

..........

692,274

49,892,187

Prudential

Financial,

Inc.

..............

1,051,299

99,757,762

Reinsurance

Group

of

America,

Inc.

......

189,970

27,581,744

RenaissanceRe

Holdings

Ltd.

..........

143,398

28,381,332

RLI

Corp.

........................

116,354

15,811,345

Ryan

Specialty

Holdings,

Inc.,

Class

A

(a)(b)

..

265,504

12,850,394

Unum

Group

......................

561,328

27,611,724

White

Mountains

Insurance

Group

Ltd.

(a)

...

7,080

10,589,485

Willis

Towers

Watson

plc

..............

300,869

62,869,586

WR

Berkley

Corp.

..................

579,101

36,767,123

1,349,526,496

Interactive

Media

&

Services

—

0.4%

(b)

IAC,

Inc.

(a)

........................

212,999

10,733,020

Match

Group,

Inc.

(a)

.................

800,499

31,359,548

Pinterest,

Inc.,

Class

A

...............

1,702,382

46,015,385

TripAdvisor,

Inc.

(a)

..................

318,410

5,279,238

ZoomInfo

Technologies,

Inc.

...........

898,807

14,740,435

108,127,626

IT

Services

—

2.2%

Akamai

Technologies,

Inc.

(b)

............

441,792

47,068,520

Amdocs

Ltd.

......................

341,893

28,886,540

Cloudflare,

Inc.,

Class

A

(a)(b)

............

823,535

51,915,646

Cognizant

Technology

Solutions

Corp.,

Class

A

1,457,919

98,759,433

DXC

Technology

Co.

(a)(b)

..............

604,388

12,589,402

EPAM

Systems,

Inc.

(b)

................

159,714

40,837,273

Gartner,

Inc.

(b)

.....................

220,392

75,728,895

Globant

SA

(b)

......................

117,737

23,294,265

GoDaddy,

Inc.,

Class

A

(b)

..............

443,151

33,005,887

Kyndryl

Holdings,

Inc.

(b)

...............

652,823

9,857,627

MongoDB,

Inc.,

Class

A

(b)

.............

188,092

65,053,499

Okta,

Inc.,

Class

A

(b)

.................

431,591

35,178,982

Twilio,

Inc.,

Class

A

(b)

................

486,665

28,484,502

VeriSign,

Inc.

(b)

....................

259,182

52,492,131

603,152,602

Leisure

Products

—

0.4%

Brunswick

Corp.

...................

205,015

16,196,185

Hasbro,

Inc.

......................

373,222

24,684,903

Mattel,

Inc.

(a)(b)

.....................

1,004,933

22,138,674

Peloton

Interactive,

Inc.,

Class

A

(a)(b)

......

923,231

4,662,317

Polaris,

Inc.

.......................

155,717

16,216,368

YETI

Holdings,

Inc.

(a)(b)

...............

247,352

11,927,313

95,825,760

Life

Sciences

Tools

&

Services

—

2.9%

10X

Genomics,

Inc.,

Class

A

(a)(b)

.........

266,020

10,973,325

Agilent

Technologies,

Inc.

.............

847,637

94,782,769

Avantor,

Inc.

(a)(b)

....................

1,937,078

40,833,604

Azenta,

Inc.

(b)

.....................

184,655

9,267,834

Bio-Rad

Laboratories,

Inc.,

Class

A

(a)(b)

....

59,987

21,502,340

Bio-Techne

Corp.

...................

446,939

30,423,138

Bruker

Corp.

......................

303,219

18,890,544

Charles

River

Laboratories

International,

Inc.

(a)

(b)

...........................

145,908

28,595,050

Fortrea

Holdings,

Inc.

(a)(b)

..............

253,220

7,239,560

ICON

plc

(b)

.......................

233,863

57,588,764

Illumina,

Inc.

(b)

.....................

454,322

62,369,324

IQVIA

Holdings,

Inc.

(b)

................

529,021

104,084,882

Maravai

LifeSciences

Holdings,

Inc.,

Class

A

(a)

(b)

...........................

312,511

3,125,110

Medpace

Holdings,

Inc.

(b)

.............

66,690

16,147,650

Mettler-Toledo

International,

Inc.

(a)(b)

......

62,376

69,116,974

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

Mid-Cap

ETF

38

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Life

Sciences

Tools

&

Services

(continued)

QIAGEN

NV

(b)

.....................

648,835

$

26,277,817

Repligen

Corp.

(b)

...................

158,643

25,225,823

Revvity,

Inc.

......................

361,540

40,022,478

Sotera

Health

Co.

(a)(b)

................

281,973

4,223,956

Waters

Corp.

(a)(b)

...................

168,023

46,073,587

West

Pharmaceutical

Services,

Inc.

......

211,929

79,517,880

796,282,409

Machinery

—

4.7%

AGCO

Corp.

......................

180,230

21,317,604

Allison

Transmission

Holdings,

Inc.

.......

262,766

15,518,960

CNH

Industrial

NV

..................

2,790,874

33,769,575

Crane

Co.

........................

139,176

12,364,396

Cummins,

Inc.

.....................

406,978

92,978,194

Donaldson

Co.,

Inc.

.................

345,560

20,609,198

Dover

Corp.

......................

399,446

55,726,712

Esab

Corp.

.......................

161,076

11,310,757

Flowserve

Corp.

...................

373,516

14,854,731

Fortive

Corp.

(a)

.....................

1,015,484

75,308,293

Gates

Industrial

Corp.

plc

(b)

............

304,093

3,530,520

Graco,

Inc.

.......................

479,662

34,957,767

IDEX

Corp.

.......................

216,480

45,032,170

Ingersoll

Rand,

Inc.

.................

1,159,095

73,857,533

ITT,

Inc.

.........................

235,888

23,095,794

Lincoln

Electric

Holdings,

Inc.

..........

160,417

29,162,206

Middleby

Corp.

(The)

(b)

...............

151,707

19,418,496

Nordson

Corp.

.....................

164,172

36,638,265

Oshkosh

Corp.

....................

186,384

17,786,625

Otis

Worldwide

Corp.

................

1,186,545

95,291,429

PACCAR,

Inc.

.....................

1,470,895

125,055,493

Parker-Hannifin

Corp.

................

366,548

142,777,777

Pentair

plc

.......................

468,873

30,359,527

RBC

Bearings,

Inc.

(a)(b)

...............

80,821

18,922,621

Snap-on,

Inc.

.....................

149,399

38,105,709

Stanley

Black

&

Decker,

Inc.

...........

439,633

36,744,526

Timken

Co.

(The)

...................

180,665

13,277,071

Toro

Co.

(The)

.....................

299,247

24,867,426

Westinghouse

Air

Brake

Technologies

Corp.

.

510,579

54,259,230

Xylem,

Inc.

.......................

681,116

62,001,990

1,278,900,595

Marine

Transportation

—

0.1%

Kirby

Corp.

(b)

......................

170,171

14,090,159

Media

—

1.3%

Cable

One,

Inc.

....................

16,113

9,919,807

DISH

Network

Corp.,

Class

A

(a)(b)

........

706,846

4,142,118

Fox

Corp.,

Class

A,

NVS

..............

762,368

23,785,881

Fox

Corp.,

Class

B

..................

383,252

11,068,318

Interpublic

Group

of

Cos.,

Inc.

(The)

......

1,106,388

31,709,080

Liberty

Broadband

Corp.,

Class

A

(b)

.......

47,084

4,280,407

Liberty

Broadband

Corp.,

Class

C,

NVS

(b)

..

332,695

30,381,707

Liberty

Media

Corp.-Liberty

SiriusXM,

NVS

(a)(b)

438,544

11,165,330

Liberty

Media

Corp.-Liberty

SiriusXM,

Class

A,

NVS

(b)

........................

212,630

5,411,434

New

York

Times

Co.

(The),

Class

A

.......

460,831

18,986,237

News

Corp.,

Class

A,

NVS

............

1,086,801

21,801,228

News

Corp.,

Class

B

................

332,496

6,939,192

Nexstar

Media

Group,

Inc.

.............

99,007

14,194,634

Omnicom

Group,

Inc.

................

564,976

42,079,412

Paramount

Global,

Class

A

(a)

...........

32,586

514,533

Paramount

Global,

Class

B,

NVS

(a)

.......

1,661,069

21,427,790

Sirius

XM

Holdings,

Inc.

(a)

.............

1,839,716

8,315,516

Trade

Desk,

Inc.

(The),

Class

A

(a)(b)

.......

1,264,766

98,841,463

364,964,087

Security

Shares

Shares

Value

Metals

&

Mining

—

1.1%

Alcoa

Corp.

.......................

513,801

$

14,931,057

Cleveland-Cliffs,

Inc.

(b)

...............

1,462,732

22,862,501

MP

Materials

Corp.,

Class

A

(a)(b)

.........

297,003

5,672,757

Nucor

Corp.

......................

722,336

112,937,234

Reliance

Steel

&

Aluminum

Co.

.........

167,736

43,985,411

Royal

Gold,

Inc.

(a)

...................

187,141

19,898,702

SSR

Mining,

Inc.

(a)

..................

588,944

7,827,066

Steel

Dynamics,

Inc.

.................

459,976

49,318,627

United

States

Steel

Corp.

.............

636,710

20,680,341

298,113,696

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.3%

AGNC

Investment

Corp.

..............

1,707,760

16,121,254

Annaly

Capital

Management,

Inc.

........

1,414,740

26,611,260

Rithm

Capital

Corp.

.................

1,396,664

12,975,009

Starwood

Property

Trust,

Inc.

...........

852,252

16,491,076

72,198,599

Multi-Utilities

—

1.7%

Ameren

Corp.

.....................

749,961

56,119,582

CenterPoint

Energy,

Inc.

..............

1,807,321

48,526,569

CMS

Energy

Corp.

..................

832,881

44,234,310

Consolidated

Edison,

Inc.

.............

993,833

85,002,536

DTE

Energy

Co.

...................

592,009

58,774,654

NiSource,

Inc.

.....................

1,188,183

29,324,356

Public

Service

Enterprise

Group,

Inc.

.....

1,424,350

81,059,759

WEC

Energy

Group,

Inc.

..............

906,255

72,998,840

476,040,606

Office

REITs

—

0.4%

Alexandria

Real

Estate

Equities,

Inc.

......

491,158

49,164,916

Boston

Properties,

Inc.

...............

448,556

26,680,111

Cousins

Properties,

Inc.

..............

432,101

8,801,897

Highwoods

Properties,

Inc.

............

297,111

6,123,458

Kilroy

Realty

Corp.

..................

339,097

10,718,856

Vornado

Realty

Trust

................

504,729

11,447,254

112,936,492

Oil,

Gas

&

Consumable

Fuels

—

4.4%

Antero

Midstream

Corp.

..............

967,845

11,594,783

Antero

Resources

Corp.

(b)

.............

814,768

20,678,812

APA

Corp.

.......................

887,137

36,461,331

Cheniere

Energy,

Inc.

................

695,728

115,463,019

Chesapeake

Energy

Corp.

............

364,607

31,440,061

Coterra

Energy,

Inc.

.................

2,137,662

57,823,757

Devon

Energy

Corp.

.................

1,839,814

87,759,128

Diamondback

Energy,

Inc.

.............

518,817

80,354,377

DT

Midstream,

Inc.

..................

277,202

14,669,530

EQT

Corp.

.......................

1,034,867

41,994,903

Hess

Corp.

.......................

797,248

121,978,944

HF

Sinclair

Corp.

...................

406,054

23,116,654

Marathon

Oil

Corp.

..................

1,784,197

47,727,270

New

Fortress

Energy,

Inc.,

Class

A

.......

184,908

6,061,284

ONEOK,

Inc.

......................

1,280,002

81,190,527

Ovintiv,

Inc.

.......................

733,663

34,900,349

Phillips

66

........................

1,321,658

158,797,209

Range

Resources

Corp.

..............

668,058

21,651,760

Southwestern

Energy

Co.

(b)

............

3,162,189

20,396,119

Targa

Resources

Corp.

...............

640,229

54,880,430

Texas

Pacific

Land

Corp.

(a)

............

16,523

30,130,682

Williams

Cos.,

Inc.

(The)

..............

3,494,240

117,720,945

1,216,791,874

Paper

&

Forest

Products

—

0.0%

Louisiana-Pacific

Corp.

...............

186,738

10,321,009

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

Mid-Cap

ETF

Schedules

of

Investments

39

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Passenger

Airlines

—

0.7%

Alaska

Air

Group,

Inc.

(b)

...............

362,740

$

13,450,399

American

Airlines

Group,

Inc.

(a)(b)

........

1,866,304

23,907,354

Delta

Air

Lines,

Inc.

.................

1,837,805

67,998,785

Southwest

Airlines

Co.

...............

1,702,198

46,078,500

United

Airlines

Holdings,

Inc.

(b)

..........

935,342

39,564,967

191,000,005

Personal

Care

Products

—

0.0%

(b)

Coty,

Inc.,

Class

A

(a)

.................

1,029,286

11,291,268

Olaplex

Holdings,

Inc.

................

366,016

713,731

12,004,999

Pharmaceuticals

—

0.5%

Catalent,

Inc.

(a)(b)

...................

513,822

23,394,316

Elanco

Animal

Health,

Inc.

(a)(b)

..........

1,415,840

15,914,041

Jazz

Pharmaceuticals

plc

(b)

............

174,406

22,575,113

Organon

&

Co.

....................

739,129

12,831,279

Perrigo

Co.

plc

....................

391,136

12,496,795

Royalty

Pharma

plc,

Class

A

...........

1,067,169

28,962,967

Viatris,

Inc.

.......................

3,436,198

33,880,912

150,055,423

Professional

Services

—

2.8%

Booz

Allen

Hamilton

Holding

Corp.

.......

373,314

40,792,021

Broadridge

Financial

Solutions,

Inc.

......

335,612

60,091,328

CACI

International,

Inc.,

Class

A

(b)

.......

64,392

20,214,580

Ceridian

HCM

Holding,

Inc.

(a)(b)

..........

424,012

28,769,214

Clarivate

plc

(a)(b)

....................

1,365,080

9,159,687

Concentrix

Corp.

(a)

..................

125,661

10,066,703

Dun

&

Bradstreet

Holdings,

Inc.

.........

777,821

7,770,432

Equifax,

Inc.

......................

348,967

63,923,775

FTI

Consulting,

Inc.

(a)(b)

...............

94,976

16,944,668

Genpact

Ltd.

......................

511,987

18,533,929

Jacobs

Solutions,

Inc.

................

361,162

49,298,613

KBR,

Inc.

........................

386,114

22,757,559

Leidos

Holdings,

Inc.

................

392,060

36,132,250

ManpowerGroup,

Inc.

................

143,813

10,544,369

Paychex,

Inc.

.....................

924,646

106,639,423

Paycom

Software,

Inc.

(a)

..............

147,879

38,340,588

Paycor

HCM,

Inc.

(a)(b)

................

157,767

3,601,821

Paylocity

Holding

Corp.

(b)

.............

120,931

21,973,163

Robert

Half,

Inc.

...................

300,260

22,003,053

Science

Applications

International

Corp.

...

155,266

16,386,774

SS&C

Technologies

Holdings,

Inc.

.......

624,034

32,786,746

TransUnion

(a)

......................

554,314

39,794,202

Verisk

Analytics,

Inc.

.................

409,495

96,739,099

773,263,997

Real

Estate

Management

&

Development

—

0.8%

(a)(b)

CBRE

Group,

Inc.,

Class

A

............

887,197

65,528,370

CoStar

Group,

Inc.

..................

1,160,412

89,224,079

Howard

Hughes

Holdings,

Inc.

..........

96,113

7,124,857

Jones

Lang

LaSalle,

Inc.

..............

136,517

19,273,470

Zillow

Group,

Inc.,

Class

A

.............

157,846

7,069,922

Zillow

Group,

Inc.,

Class

C,

NVS

........

440,572

20,336,804

208,557,502

Residential

REITs

—

1.6%

American

Homes

4

Rent,

Class

A

........

956,402

32,221,183

Apartment

Income

REIT

Corp.

..........

422,450

12,969,215

AvalonBay

Communities,

Inc.

..........

407,050

69,906,767

Camden

Property

Trust

...............

298,261

28,209,525

Equity

LifeStyle

Properties,

Inc.

.........

509,670

32,471,076

Equity

Residential

..................

1,071,639

62,915,926

Essex

Property

Trust,

Inc.

.............

182,794

38,768,780

Invitation

Homes,

Inc.

................

1,750,234

55,464,915

Mid-America

Apartment

Communities,

Inc.

..

332,460

42,770,979

Security

Shares

Shares

Value

Residential

REITs

(continued)

Sun

Communities,

Inc.

...............

351,861

$

41,639,231

UDR,

Inc.

........................

939,411

33,508,790

450,846,387

Retail

REITs

—

1.3%

Agree

Realty

Corp.

.................

264,197

14,594,242

Brixmor

Property

Group,

Inc.

...........

854,804

17,762,827

Federal

Realty

Investment

Trust

.........

230,687

20,907,163

Kimco

Realty

Corp.

.................

1,739,393

30,595,923

NNN

REIT,

Inc.

....................

522,796

18,475,610

Realty

Income

Corp.

.................

1,933,685

96,568,229

Regency

Centers

Corp.

..............

518,319

30,808,881

Simon

Property

Group,

Inc.

............

931,224

100,600,129

Spirit

Realty

Capital,

Inc.

..............

407,475

13,662,637

343,975,641

Semiconductors

&

Semiconductor

Equipment

—

2.9%

Allegro

MicroSystems,

Inc.

(a)(b)

..........

215,516

6,883,581

Cirrus

Logic,

Inc.

(a)(b)

.................

160,142

11,844,102

Enphase

Energy,

Inc.

(a)(b)

..............

381,070

45,785,561

Entegris,

Inc.

(a)

....................

427,536

40,149,906

First

Solar,

Inc.

(a)(b)

..................

304,726

49,240,674

GLOBALFOUNDRIES,

Inc.

(a)(b)

..........

224,093

13,039,972

Lattice

Semiconductor

Corp.

(b)

..........

391,124

33,609,285

Marvell

Technology,

Inc.

..............

2,451,646

132,707,598

Microchip

Technology,

Inc.

.............

1,543,145

120,442,467

MKS

Instruments,

Inc.

...............

191,919

16,608,670

Monolithic

Power

Systems,

Inc.

.........

129,934

60,029,508

ON

Semiconductor

Corp.

(a)(b)

...........

1,237,110

114,989,375

Qorvo,

Inc.

(b)

......................

281,475

26,872,418

Skyworks

Solutions,

Inc.

..............

455,276

44,885,661

Teradyne,

Inc.

(a)

....................

446,274

44,832,686

Universal

Display

Corp.

..............

133,381

20,939,483

Wolfspeed,

Inc.

(a)(b)

..................

357,150

13,607,415

796,468,362

Software

—

4.5%

Alteryx,

Inc.,

Class

A

(a)(b)

..............

174,851

6,590,134

ANSYS,

Inc.

(a)(b)

....................

248,544

73,954,267

AppLovin

Corp.,

Class

A

(a)(b)

............

603,966

24,134,481

Aspen

Technology,

Inc.

(b)

..............

80,683

16,480,310

Bentley

Systems,

Inc.,

Class

B

(a)

.........

552,484

27,712,597

BILL

Holdings,

Inc.

(a)(b)

................

294,811

32,007,630

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)(b)

..

574,451

7,668,921

Confluent,

Inc.,

Class

A

(a)(b)

............

534,813

15,835,813

Crowdstrike

Holdings,

Inc.,

Class

A

(b)

......

604,130

101,119,279

Datadog,

Inc.,

Class

A

(a)(b)

.............

782,062

71,238,028

DocuSign,

Inc.

(b)

...................

581,475

24,421,950

Dolby

Laboratories,

Inc.,

Class

A

........

168,866

13,384,319

DoubleVerify

Holdings,

Inc.

(a)(b)

..........

358,411

10,017,587

Dropbox,

Inc.,

Class

A

(a)(b)

.............

742,281

20,212,312

Dynatrace,

Inc.

(b)

...................

687,099

32,108,136

Elastic

NV

(b)

......................

222,645

18,087,680

Fair

Isaac

Corp.

(b)

...................

69,387

60,264,691

Five9,

Inc.

(b)

......................

205,475

13,212,042

Gen

Digital,

Inc.

....................

1,593,128

28,166,503

Gitlab,

Inc.,

Class

A

(a)(b)

...............

252,145

11,401,997

Guidewire

Software,

Inc.

(a)(b)

............

232,937

20,964,330

HashiCorp,

Inc.,

Class

A

(a)(b)

............

279,576

6,382,720

HubSpot,

Inc.

(b)

....................

130,769

64,403,733

Informatica,

Inc.,

Class

A

(a)(b)

...........

124,336

2,619,760

Manhattan

Associates,

Inc.

(a)(b)

..........

176,992

34,984,239

nCino,

Inc.

(a)(b)

.....................

199,169

6,333,574

NCR

Corp.

(b)

......................

364,271

9,824,389

New

Relic,

Inc.

(b)

...................

161,439

13,822,407

Nutanix,

Inc.,

Class

A

(b)

...............

656,754

22,907,580

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

Mid-Cap

ETF

40

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Software

(continued)

Palantir

Technologies,

Inc.,

Class

A

(a)(b)

....

5,364,640

$

85,834,240

Pegasystems,

Inc.

..................

119,572

5,190,621

Procore

Technologies,

Inc.

(a)(b)

..........

224,079

14,636,840

PTC,

Inc.

(b)

.......................

328,984

46,610,453

RingCentral,

Inc.,

Class

A

(b)

............

243,625

7,218,609

SentinelOne,

Inc.,

Class

A

(a)(b)

..........

661,519

11,153,210

Smartsheet,

Inc.,

Class

A

(b)

............

358,223

14,493,703

Splunk,

Inc.

(b)

.....................

437,313

63,957,026

Teradata

Corp.

(b)

...................

287,539

12,945,006

Tyler

Technologies,

Inc.

(b)

.............

119,394

46,102,799

UiPath,

Inc.,

Class

A

(a)(b)

..............

1,075,052

18,394,140

Unity

Software,

Inc.

(a)(b)

...............

825,475

25,911,660

Zoom

Video

Communications,

Inc.,

Class

A

(a)(b)

718,494

50,251,470

Zscaler,

Inc.

(a)(b)

....................

250,708

39,007,658

1,231,968,844

Specialized

REITs

—

2.0%

CubeSmart

.......................

638,426

24,343,183

Digital

Realty

Trust,

Inc.

..............

856,925

103,705,064

EPR

Properties

....................

211,935

8,803,780

Extra

Space

Storage,

Inc.

.............

600,580

73,018,516

Gaming

&

Leisure

Properties,

Inc.

.......

722,303

32,900,902

Iron

Mountain,

Inc.

..................

829,231

49,297,783

Lamar

Advertising

Co.,

Class

A

.........

250,207

20,884,778

National

Storage

Affiliates

Trust

.........

227,923

7,234,276

Rayonier,

Inc.

.....................

425,942

12,122,309

SBA

Communications

Corp.

...........

307,534

61,559,081

VICI

Properties,

Inc.

.................

2,875,066

83,664,421

Weyerhaeuser

Co.

..................

2,097,423

64,306,989

541,841,082

Specialty

Retail

—

2.1%

Advance

Auto

Parts,

Inc.

..............

169,516

9,481,030

AutoNation,

Inc.

(a)(b)

.................

84,569

12,803,747

Bath

&

Body

Works,

Inc.

..............

659,859

22,303,234

Best

Buy

Co.,

Inc.

..................

557,855

38,754,187

Burlington

Stores,

Inc.

(a)(b)

.............

185,645

25,117,769

CarMax,

Inc.

(a)(b)

....................

453,462

32,073,367

Dick's

Sporting

Goods,

Inc.

............

173,078

18,792,809

Five

Below,

Inc.

(a)(b)

..................

157,497

25,341,267

Floor

&

Decor

Holdings,

Inc.,

Class

A

(a)(b)

...

298,984

27,058,052

GameStop

Corp.,

Class

A

(a)(b)

...........

775,653

12,767,248

Gap,

Inc.

(The)

....................

554,940

5,899,012

GNC

Holdings,

Inc.,

NVS

(a)(b)(c)

..........

262,656

3

Lithia

Motors,

Inc.

..................

77,256

22,816,015

Murphy

USA,

Inc.

(a)

.................

56,520

19,314,580

Penske

Automotive

Group,

Inc.

(a)

........

57,322

9,576,213

Petco

Health

&

Wellness

Co.,

Inc.

(a)(b)

.....

236,810

968,553

RH

(b)

...........................

49,639

13,122,566

Ross

Stores,

Inc.

...................

963,718

108,851,948

Tractor

Supply

Co.

..................

313,624

63,681,353

Ulta

Beauty,

Inc.

(b)

..................

143,242

57,218,017

Valvoline,

Inc.

(a)

....................

475,810

15,340,114

Victoria's

Secret

&

Co.

(a)(b)

.............

223,281

3,724,327

Wayfair,

Inc.,

Class

A

(a)(b)

..............

237,015

14,355,999

Williams-Sonoma,

Inc.

(a)

..............

183,105

28,454,517

587,815,927

Technology

Hardware,

Storage

&

Peripherals

—

0.9%

Hewlett

Packard

Enterprise

Co.

.........

3,703,913

64,336,969

HP,

Inc.

.........................

2,474,618

63,597,682

NetApp,

Inc.

......................

603,523

45,795,325

Pure

Storage,

Inc.,

Class

A

(a)(b)

..........

808,611

28,802,724

Western

Digital

Corp.

(a)(b)

..............

917,295

41,856,171

244,388,871

Security

Shares

Shares

Value

Textiles,

Apparel

&

Luxury

Goods

—

0.6%

Capri

Holdings

Ltd.

(b)

................

328,407

$

17,277,492

Carter's,

Inc.

......................

105,033

7,263,032

Columbia

Sportswear

Co.

.............

102,053

7,562,127

Crocs,

Inc.

(b)

......................

175,798

15,510,658

Deckers

Outdoor

Corp.

(b)

..............

75,273

38,697,097

PVH

Corp.

.......................

180,453

13,806,459

Ralph

Lauren

Corp.,

Class

A

...........

114,805

13,327,712

Skechers

USA,

Inc.,

Class

A

(b)

..........

382,907

18,743,298

Tapestry,

Inc.

......................

673,094

19,351,452

Under

Armour,

Inc.,

Class

A

(b)

...........

538,547

3,689,047

Under

Armour,

Inc.,

Class

C,

NVS

(a)(b)

.....

599,657

3,825,812

VF

Corp.

........................

998,281

17,639,625

176,693,811

Trading

Companies

&

Distributors

—

1.7%

Air

Lease

Corp.,

Class

A

..............

295,227

11,634,896

Core

&

Main,

Inc.,

Class

A

(a)(b)

..........

310,033

8,944,452

Fastenal

Co.

......................

1,638,979

89,553,813

Ferguson

plc

......................

590,938

97,191,573

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

....

133,101

13,063,863

SiteOne

Landscape

Supply,

Inc.

(a)(b)

.......

128,025

20,925,686

United

Rentals,

Inc.

.................

196,479

87,348,669

Watsco,

Inc.

......................

95,343

36,012,958

WESCO

International,

Inc.

.............

127,467

18,332,304

WW

Grainger,

Inc.

..................

128,130

88,645,459

471,653,673

Water

Utilities

—

0.3%

American

Water

Works

Co.,

Inc.

.........

558,042

69,102,341

Essential

Utilities,

Inc.

................

697,720

23,952,727

93,055,068

Total

Long-Term

Investments

—

99.8%

(Cost:

$22,039,459,910)

...........................

27,316,711,318

Short-Term

Securities

Money

Market

Funds

—

5.7%

(d)(e)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.54%

(f)

............

1,387,497,152

1,388,052,151

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

5.31%

..................

173,029,223

173,029,223

Total

Short-Term

Securities

—

5.7%

(Cost:

$1,560,193,379)

...........................

1,561,081,374

Total

Investments

—

105.5%

(Cost:

$23,599,653,289

)

...........................

28,877,792,692

Liabilities

in

Excess

of

Other

Assets

—

(5.5)%

............

(1,505,834,902)

Net

Assets

—

100.0%

..............................

$

27,371,957,790

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Non-income

producing

security.

(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)

September

30,

2023

iShares

®

Russell

Mid-Cap

ETF

Schedules

of

Investments

41

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

September

30,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Affiliated

Issuer

Value

at

03/31/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/23

Shares

Held

at

09/30/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

1,434,054,335

$

—

$

(46,142,744)

(a)

$

15,868

$

124,692

$

1,388,052,151

1,387,497,152

$

7,995,340

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

26,292,390

146,736,833

(a)

—

—

—

173,029,223

173,029,223

1,089,521

—

$

15,868

$

124,692

$

1,561,081,374

$

9,084,861

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

S&P

Midcap

400

E-Mini

Index

.................................................

195

12/15/23

$

49,148

$

(1,018,824)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

1,018,824

$

—

$

—

$

—

$

1,018,824

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

September

30,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

927,302

$

—

$

—

$

—

$

927,302

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

(2,257,174)

$

—

$

—

$

—

$

(2,257,174)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

61,987,915

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

Mid-Cap

ETF

42

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

.........................................

$

27,316,391,085

$

320,230

$

3

$

27,316,711,318

Short-Term

Securities

Money

Market

Funds

......................................

1,561,081,374

—

—

1,561,081,374

$

28,877,472,459

$

320,230

$

3

$

28,877,792,692

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

...........................................

$

(1,018,824)

$

—

$

—

$

(1,018,824)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

September

30,

2023

iShares

®

Russell

Mid-Cap

Growth

ETF

Schedules

of

Investments

43

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.4%

Axon

Enterprise,

Inc.

(a)(b)

..............

308,470

$

61,382,445

BWX

Technologies,

Inc.

..............

69,120

5,182,618

HEICO

Corp.

(a)

....................

180,704

29,261,399

HEICO

Corp.,

Class

A

................

319,036

41,225,832

Spirit

AeroSystems

Holdings,

Inc.,

Class

A

(b)

.

47,660

769,232

TransDigm

Group,

Inc.

(b)

..............

39,263

33,103,813

170,925,339

Air

Freight

&

Logistics

—

0.4%

CH

Robinson

Worldwide,

Inc.

..........

396,680

34,166,048

Expeditors

International

of

Washington,

Inc.

(a)

91,251

10,460,102

44,626,150

Banks

—

0.5%

First

Citizens

BancShares,

Inc.,

Class

A

....

5,236

7,226,204

NU

Holdings

Ltd.,

Class

A

(b)

............

7,008,272

50,809,972

58,036,176

Beverages

—

0.8%

Boston

Beer

Co.,

Inc.

(The),

Class

A

(a)(b)

....

38,509

15,000,411

Brown-Forman

Corp.,

Class

A

(a)

.........

172,063

9,996,860

Brown-Forman

Corp.,

Class

B,

NVS

......

647,076

37,329,815

Celsius

Holdings,

Inc.

(a)(b)

..............

212,729

36,504,296

98,831,382

Biotechnology

—

4.9%

(b)

Alnylam

Pharmaceuticals,

Inc.

..........

440,978

78,097,204

Apellis

Pharmaceuticals,

Inc.

(a)

..........

443,249

16,861,192

BioMarin

Pharmaceutical,

Inc.

(a)

.........

97,782

8,651,751

Exact

Sciences

Corp.

................

275,703

18,808,459

Exelixis,

Inc.

......................

1,049,080

22,922,398

Horizon

Therapeutics

plc

..............

878,261

101,606,015

Incyte

Corp.

......................

602,668

34,816,130

Ionis

Pharmaceuticals,

Inc.

(a)

...........

542,974

24,629,301

Karuna

Therapeutics,

Inc.

(a)

............

141,294

23,891,402

Natera,

Inc.

.......................

458,457

20,286,722

Neurocrine

Biosciences,

Inc.

...........

428,536

48,210,300

Roivant

Sciences

Ltd.

................

1,460,563

17,059,376

Sarepta

Therapeutics,

Inc.

(a)

...........

396,366

48,047,486

Seagen,

Inc.

......................

621,777

131,909,991

Ultragenyx

Pharmaceutical,

Inc.

(a)

........

301,927

10,763,698

606,561,425

Broadline

Retail

—

0.9%

Coupang,

Inc.,

Class

A

(a)(b)

.............

4,860,594

82,630,098

eBay,

Inc.

........................

146,764

6,470,825

Etsy,

Inc.

(a)(b)

......................

306,227

19,776,140

Ollie's

Bargain

Outlet

Holdings,

Inc.

(b)

.....

87,575

6,759,038

115,636,101

Building

Products

—

1.4%

Advanced

Drainage

Systems,

Inc.

.......

302,861

34,474,668

Allegion

plc

.......................

360,634

37,578,063

AO

Smith

Corp.

....................

58,132

3,844,269

Armstrong

World

Industries,

Inc.

.........

57,866

4,166,352

Trane

Technologies

plc

...............

298,138

60,495,181

Trex

Co.,

Inc.

(b)

....................

480,938

29,640,209

170,198,742

Capital

Markets

—

4.9%

Ameriprise

Financial,

Inc.

.............

466,480

153,789,126

Ares

Management

Corp.,

Class

A

........

710,865

73,126,683

Blue

Owl

Capital,

Inc.,

Class

A

..........

294,752

3,819,986

FactSet

Research

Systems,

Inc.

.........

170,230

74,434,770

Houlihan

Lokey,

Inc.,

Class

A

...........

16,281

1,744,021

KKR

&

Co.,

Inc.

....................

706,237

43,504,199

Security

Shares

Shares

Value

Capital

Markets

(continued)

LPL

Financial

Holdings,

Inc.

............

345,998

$

82,226,425

MarketAxess

Holdings,

Inc.

............

164,105

35,059,392

Morningstar,

Inc.

...................

113,928

26,686,495

MSCI,

Inc.

.......................

170,359

87,407,796

TPG,

Inc.,

Class

A

..................

82,370

2,480,984

Tradeweb

Markets,

Inc.,

Class

A

.........

176,627

14,165,485

XP,

Inc.,

Class

A

...................

122,060

2,813,483

601,258,845

Chemicals

—

0.5%

Axalta

Coating

Systems

Ltd.

(b)

..........

104,807

2,819,308

FMC

Corp.

.......................

82,384

5,517,257

Ginkgo

Bioworks

Holdings,

Inc.,

Class

A

(a)(b)

.

625,827

1,132,747

PPG

Industries,

Inc.

.................

261,083

33,888,573

RPM

International,

Inc.

...............

107,545

10,196,341

Scotts

Miracle-Gro

Co.

(The)

...........

182,551

9,434,236

62,988,462

Commercial

Services

&

Supplies

—

3.4%

Cintas

Corp.

......................

342,170

164,587,192

Copart,

Inc.

(b)

.....................

3,806,983

164,042,897

MSA

Safety,

Inc.

...................

27,566

4,345,780

RB

Global,

Inc.

(a)

...................

615,755

38,484,687

Rollins,

Inc.

.......................

1,134,179

42,338,902

Tetra

Tech,

Inc.

....................

42,463

6,455,650

420,255,108

Communications

Equipment

—

0.0%

Ubiquiti,

Inc.

......................

15,523

2,255,492

Construction

&

Engineering

—

0.5%

EMCOR

Group,

Inc.

.................

71,942

15,135,877

Quanta

Services,

Inc.

(a)

...............

168,112

31,448,712

Valmont

Industries,

Inc.

...............

6,057

1,454,952

WillScot

Mobile

Mini

Holdings

Corp.

(b)

.....

219,420

9,125,678

57,165,219

Construction

Materials

—

0.3%

Eagle

Materials,

Inc.

(a)

................

102,790

17,116,591

Vulcan

Materials

Co.

................

129,061

26,072,903

43,189,494

Consumer

Finance

—

0.0%

SLM

Corp.

.......................

392,598

5,347,185

Consumer

Staples

Distribution

&

Retail

—

0.3%

Albertsons

Cos.,

Inc.,

Class

A

..........

158,603

3,608,218

BJ's

Wholesale

Club

Holdings,

Inc.

(a)(b)

.....

203,877

14,550,702

Casey's

General

Stores,

Inc.

...........

23,741

6,446,156

Performance

Food

Group

Co.

(a)(b)

........

318,972

18,774,692

43,379,768

Containers

&

Packaging

—

0.4%

Ardagh

Metal

Packaging

SA

...........

590,477

1,848,193

Avery

Dennison

Corp.

................

117,688

21,498,067

Graphic

Packaging

Holding

Co.

.........

721,117

16,066,486

Sealed

Air

Corp.

...................

355,016

11,665,826

51,078,572

Distributors

—

0.5%

Pool

Corp.

(a)

......................

168,455

59,986,825

Diversified

Consumer

Services

—

0.3%

Bright

Horizons

Family

Solutions,

Inc.

(a)(b)

...

31,520

2,567,619

Grand

Canyon

Education,

Inc.

(a)(b)

........

37,316

4,361,494

H&R

Block,

Inc.

....................

436,103

18,778,595

Service

Corp.

International

............

237,474

13,569,265

39,276,973

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

Mid-Cap

Growth

ETF

44

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Diversified

Telecommunication

Services

—

0.2%

Iridium

Communications,

Inc.

...........

518,789

$

23,599,712

Electrical

Equipment

—

1.5%

ChargePoint

Holdings,

Inc.,

Class

A

(a)(b)

....

1,327,065

6,595,513

Hubbell,

Inc.

......................

108,203

33,911,902

Rockwell

Automation,

Inc.

.............

509,831

145,745,388

Vertiv

Holdings

Co.,

Class

A

...........

111,495

4,147,614

190,400,417

Electronic

Equipment,

Instruments

&

Components

—

2.7%

Amphenol

Corp.,

Class

A

.............

1,301,427

109,306,854

CDW

Corp.

.......................

564,877

113,969,584

Jabil,

Inc.

........................

355,942

45,165,480

Keysight

Technologies,

Inc.

(b)

...........

202,010

26,727,943

National

Instruments

Corp.

............

453,731

27,051,442

Vontier

Corp.

......................

232,857

7,199,939

Zebra

Technologies

Corp.,

Class

A

(a)(b)

.....

40,689

9,624,169

339,045,411

Energy

Equipment

&

Services

—

0.3%

Halliburton

Co.

....................

800,937

32,437,948

Entertainment

—

1.5%

Live

Nation

Entertainment,

Inc.

(a)(b)

.......

156,494

12,995,262

Playtika

Holding

Corp.

(a)(b)

.............

88,467

851,937

ROBLOX

Corp.,

Class

A

(a)(b)

............

2,039,797

59,072,521

Roku,

Inc.,

Class

A

(a)(b)

...............

67,655

4,775,767

Spotify

Technology

SA

(b)

..............

621,801

96,155,307

TKO

Group

Holdings,

Inc.

.............

190,640

16,025,198

189,875,992

Financial

Services

—

3.7%

Apollo

Global

Management,

Inc.

.........

2,314,872

207,782,911

Block,

Inc.,

Class

A

(b)

................

894,241

39,579,107

Equitable

Holdings,

Inc.

..............

1,584,599

44,986,766

Euronet

Worldwide,

Inc.

(a)(b)

............

105,624

8,384,433

FleetCor

Technologies,

Inc.

(a)(b)

..........

296,518

75,712,906

Jack

Henry

&

Associates,

Inc.

..........

102,021

15,419,454

Rocket

Cos.,

Inc.,

Class

A

(b)

............

198,328

1,622,323

Shift4

Payments,

Inc.,

Class

A

(a)(b)

........

240,428

13,312,498

Toast,

Inc.,

Class

A

(a)(b)

...............

1,574,741

29,494,899

UWM

Holdings

Corp.,

Class

A

(a)

.........

147,088

713,377

Western

Union

Co.

(The)

.............

243,020

3,203,003

WEX,

Inc.

(a)(b)

......................

86,693

16,306,086

456,517,763

Food

Products

—

0.5%

Freshpet,

Inc.

(b)

....................

55,589

3,662,203

Lamb

Weston

Holdings,

Inc.

...........

608,733

56,283,453

59,945,656

Ground

Transportation

—

1.9%

Avis

Budget

Group,

Inc.

(a)(b)

............

31,116

5,591,234

JB

Hunt

Transport

Services,

Inc.

........

71,865

13,547,990

Landstar

System,

Inc.

................

126,002

22,294,794

Lyft,

Inc.,

Class

A

(a)(b)

.................

1,491,646

15,721,949

Old

Dominion

Freight

Line,

Inc.

(a)

........

407,472

166,713,094

Saia,

Inc.

(b)

.......................

12,931

5,154,943

U-Haul

Holding

Co.,

NVS

(a)

............

171,116

8,964,767

U-Haul

Holding

Co.

(b)

................

13,060

712,684

238,701,455

Health

Care

Equipment

&

Supplies

—

5.6%

Align

Technology,

Inc.

(b)

...............

338,699

103,411,579

Dexcom,

Inc.

(b)

....................

1,716,136

160,115,489

Globus

Medical,

Inc.,

Class

A

(b)

.........

149,548

7,425,058

IDEXX

Laboratories,

Inc.

(b)

.............

365,380

159,769,712

Inspire

Medical

Systems,

Inc.

(a)(b)

........

127,622

25,325,310

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

Insulet

Corp.

(a)(b)

....................

307,902

$

49,107,290

Masimo

Corp.

(a)(b)

...................

191,735

16,811,325

Novocure

Ltd.

(a)(b)

...................

467,850

7,555,777

Penumbra,

Inc.

(a)(b)

..................

160,759

38,889,210

ResMed,

Inc.

.....................

644,147

95,250,017

Shockwave

Medical,

Inc.

(b)

.............

160,565

31,968,491

Tandem

Diabetes

Care,

Inc.

(a)(b)

.........

38,500

799,645

696,428,903

Health

Care

Providers

&

Services

—

2.4%

agilon

health,

Inc.

(a)(b)

................

1,151,360

20,448,154

Cardinal

Health,

Inc.

.................

580,089

50,363,327

Cencora,

Inc.

.....................

717,154

129,066,205

Chemed

Corp.

(a)

...................

46,453

24,141,624

DaVita,

Inc.

(a)(b)

....................

239,110

22,603,068

Encompass

Health

Corp.

.............

29,723

1,996,197

Molina

Healthcare,

Inc.

(a)(b)

.............

139,387

45,703,603

294,322,178

Health

Care

Technology

—

1.1%

(a)(b)

Certara,

Inc.

......................

191,361

2,782,389

Doximity,

Inc.,

Class

A

...............

232,015

4,923,359

Veeva

Systems,

Inc.,

Class

A

...........

642,534

130,723,542

138,429,290

Hotels,

Restaurants

&

Leisure

—

5.6%

Caesars

Entertainment,

Inc.

(b)

..........

372,829

17,280,624

Cava

Group,

Inc.

(a)(b)

.................

55,525

1,700,731

Choice

Hotels

International,

Inc.

(a)

........

134,615

16,491,684

Churchill

Downs,

Inc.

................

315,009

36,553,644

Darden

Restaurants,

Inc.

.............

249,815

35,778,504

Domino's

Pizza,

Inc.

.................

156,920

59,439,727

DoorDash,

Inc.,

Class

A

(a)(b)

............

1,048,032

83,287,103

DraftKings,

Inc.,

Class

A

(a)(b)

............

1,854,190

54,587,354

Expedia

Group,

Inc.

(a)(b)

...............

466,210

48,052,265

Hilton

Worldwide

Holdings,

Inc.

(a)

........

522,450

78,461,541

Norwegian

Cruise

Line

Holdings

Ltd.

(a)(b)

...

451,030

7,432,974

Planet

Fitness,

Inc.,

Class

A

(a)(b)

.........

179,793

8,842,220

Royal

Caribbean

Cruises

Ltd.

(b)

.........

313,305

28,867,923

Texas

Roadhouse,

Inc.

...............

297,156

28,556,692

Travel

+

Leisure

Co.

.................

144,707

5,315,088

Vail

Resorts,

Inc.

...................

16,815

3,731,080

Wendy's

Co.

(The)

..................

765,630

15,626,508

Wingstop,

Inc.

.....................

133,258

23,965,119

Wyndham

Hotels

&

Resorts,

Inc.

........

26,421

1,837,316

Wynn

Resorts

Ltd.

..................

28,050

2,592,100

Yum!

Brands,

Inc.

..................

1,092,299

136,471,837

694,872,034

Household

Durables

—

0.1%

NVR,

Inc.

(a)(b)

......................

1,163

6,935,318

Tempur

Sealy

International,

Inc.

.........

149,941

6,498,443

TopBuild

Corp.

(b)

...................

9,115

2,293,334

15,727,095

Household

Products

—

1.3%

Church

&

Dwight

Co.,

Inc.

.............

971,023

88,974,838

Clorox

Co.

(The)

...................

548,618

71,901,875

160,876,713

Independent

Power

and

Renewable

Electricity

Producers

—

0.4%

AES

Corp.

(The)

...................

1,814,446

27,579,579

Vistra

Corp.

......................

476,697

15,816,807

43,396,386

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

Mid-Cap

Growth

ETF

Schedules

of

Investments

45

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Insurance

—

1.5%

Arch

Capital

Group

Ltd.

(a)(b)

............

225,112

$

17,943,677

Arthur

J

Gallagher

&

Co.

..............

52,576

11,983,648

Brighthouse

Financial,

Inc.

(b)

...........

30,091

1,472,654

Brown

&

Brown,

Inc.

.................

409,706

28,613,867

Everest

Group

Ltd.

..................

25,700

9,551,919

Kinsale

Capital

Group,

Inc.

(a)

...........

96,724

40,056,310

Lincoln

National

Corp.

...............

69,702

1,720,942

Primerica,

Inc.

.....................

104,242

20,223,990

RenaissanceRe

Holdings

Ltd.

..........

59,115

11,700,041

RLI

Corp.

........................

39,344

5,346,456

Ryan

Specialty

Holdings,

Inc.,

Class

A

(a)(b)

..

411,019

19,893,320

Willis

Towers

Watson

plc

..............

58,603

12,245,683

180,752,507

Interactive

Media

&

Services

—

1.0%

(b)

Match

Group,

Inc.

(a)

.................

1,113,589

43,624,849

Pinterest,

Inc.,

Class

A

...............

2,631,679

71,134,283

ZoomInfo

Technologies,

Inc.

...........

719,291

11,796,373

126,555,505

IT

Services

—

3.6%

(b)

Cloudflare,

Inc.,

Class

A

(a)

.............

1,275,809

80,426,999

EPAM

Systems,

Inc.

(a)

................

246,591

63,050,853

Gartner,

Inc.

(a)

.....................

340,540

117,012,949

Globant

SA

.......................

182,648

36,136,907

GoDaddy,

Inc.,

Class

A

...............

413,762

30,816,994

MongoDB,

Inc.,

Class

A

..............

291,386

100,778,762

Okta,

Inc.,

Class

A

(a)

.................

42,561

3,469,147

Twilio,

Inc.,

Class

A

(a)

................

123,675

7,238,698

VeriSign,

Inc.

.....................

21,243

4,302,345

443,233,654

Leisure

Products

—

0.2%

Brunswick

Corp.

...................

25,112

1,983,848

Peloton

Interactive,

Inc.,

Class

A

(a)(b)

......

1,407,023

7,105,466

Polaris,

Inc.

.......................

20,999

2,186,836

YETI

Holdings,

Inc.

(a)(b)

...............

384,280

18,529,982

29,806,132

Life

Sciences

Tools

&

Services

—

6.1%

10X

Genomics,

Inc.,

Class

A

(b)

..........

408,700

16,858,875

Agilent

Technologies,

Inc.

.............

1,065,319

119,123,971

Bio-Techne

Corp.

...................

650,588

44,285,525

Bruker

Corp.

(a)

.....................

470,005

29,281,312

ICON

plc

(b)

.......................

53,834

13,256,622

Illumina,

Inc.

(a)(b)

....................

209,530

28,764,278

IQVIA

Holdings,

Inc.

(a)(b)

...............

758,308

149,197,099

Maravai

LifeSciences

Holdings,

Inc.,

Class

A

(a)

(b)

...........................

281,573

2,815,730

Medpace

Holdings,

Inc.

(b)

.............

103,246

24,998,954

Mettler-Toledo

International,

Inc.

(b)

.......

96,628

107,070,588

Repligen

Corp.

(a)(b)

..................

108,680

17,281,207

Sotera

Health

Co.

(a)(b)

................

307,289

4,603,189

Waters

Corp.

(a)(b)

...................

259,765

71,230,161

West

Pharmaceutical

Services,

Inc.

......

328,323

123,190,073

751,957,584

Machinery

—

1.2%

Allison

Transmission

Holdings,

Inc.

.......

39,006

2,303,694

Donaldson

Co.,

Inc.

.................

222,450

13,266,918

Graco,

Inc.

.......................

304,104

22,163,100

IDEX

Corp.

.......................

27,118

5,641,086

Lincoln

Electric

Holdings,

Inc.

..........

231,836

42,145,466

Otis

Worldwide

Corp.

................

108,042

8,676,853

Toro

Co.

(The)

.....................

461,155

38,321,981

Security

Shares

Shares

Value

Machinery

(continued)

Xylem,

Inc.

.......................

124,789

$

11,359,543

143,878,641

Media

—

1.4%

Cable

One,

Inc.

....................

1,797

1,106,305

Liberty

Broadband

Corp.,

Class

A

(a)(b)

......

15,105

1,373,196

Liberty

Broadband

Corp.,

Class

C,

NVS

(a)(b)

.

106,737

9,747,223

Nexstar

Media

Group,

Inc.

.............

51,955

7,448,788

Trade

Desk,

Inc.

(The),

Class

A

(a)(b)

.......

1,955,254

152,803,100

172,478,612

Oil,

Gas

&

Consumable

Fuels

—

4.1%

Antero

Midstream

Corp.

..............

501,281

6,005,346

APA

Corp.

.......................

1,219,066

50,103,613

Cheniere

Energy,

Inc.

................

1,075,946

178,563,998

Hess

Corp.

.......................

688,088

105,277,464

New

Fortress

Energy,

Inc.,

Class

A

.......

286,698

9,397,961

ONEOK,

Inc.

......................

108,880

6,906,258

Ovintiv,

Inc.

.......................

505,220

24,033,316

Targa

Resources

Corp.

...............

991,838

85,020,353

Texas

Pacific

Land

Corp.

(a)

............

25,620

46,719,607

512,027,916

Passenger

Airlines

—

0.2%

American

Airlines

Group,

Inc.

(a)(b)

........

1,074,730

13,767,291

Delta

Air

Lines,

Inc.

.................

144,958

5,363,446

19,130,737

Pharmaceuticals

—

0.1%

Jazz

Pharmaceuticals

plc

(b)

............

140,069

18,130,531

Professional

Services

—

5.2%

Booz

Allen

Hamilton

Holding

Corp.

.......

576,698

63,015,790

Broadridge

Financial

Solutions,

Inc.

......

434,990

77,884,959

Ceridian

HCM

Holding,

Inc.

(a)(b)

..........

56,162

3,810,592

Equifax,

Inc.

......................

374,109

68,529,287

FTI

Consulting,

Inc.

(a)(b)

...............

27,251

4,861,851

Genpact

Ltd.

......................

197,632

7,154,278

KBR,

Inc.

........................

217,902

12,843,144

Paychex,

Inc.

.....................

1,429,793

164,898,027

Paycom

Software,

Inc.

(a)

..............

229,024

59,379,052

Paycor

HCM,

Inc.

(a)(b)

................

112,018

2,557,371

Paylocity

Holding

Corp.

(a)(b)

............

185,988

33,794,020

Verisk

Analytics,

Inc.

.................

633,092

149,561,654

648,290,025

Real

Estate

Management

&

Development

—

0.5%

CoStar

Group,

Inc.

(a)(b)

................

771,258

59,302,028

Residential

REITs

—

0.3%

Equity

LifeStyle

Properties,

Inc.

.........

257,325

16,394,176

Sun

Communities,

Inc.

...............

118,627

14,038,319

UDR,

Inc.

........................

81,363

2,902,218

33,334,713

Retail

REITs

—

0.3%

Simon

Property

Group,

Inc.

............

313,496

33,866,973

Semiconductors

&

Semiconductor

Equipment

—

3.5%

Allegro

MicroSystems,

Inc.

(a)(b)

..........

333,003

10,636,116

Enphase

Energy,

Inc.

(a)(b)

..............

590,348

70,930,312

Entegris,

Inc.

......................

34,382

3,228,814

Lattice

Semiconductor

Corp.

(a)(b)

.........

604,087

51,909,196

Microchip

Technology,

Inc.

.............

1,701,631

132,812,299

Monolithic

Power

Systems,

Inc.

.........

201,292

92,996,904

Teradyne,

Inc.

(a)

....................

575,897

57,854,613

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

Mid-Cap

Growth

ETF

46

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

Universal

Display

Corp.

..............

93,612

$

14,696,148

435,064,402

Software

—

11.7%

Alteryx,

Inc.,

Class

A

(a)(b)

..............

271,082

10,217,081

ANSYS,

Inc.

(a)(b)

....................

317,660

94,519,733

AppLovin

Corp.,

Class

A

(a)(b)

............

239,834

9,583,767

Bentley

Systems,

Inc.,

Class

B

(a)

.........

789,315

39,592,040

Confluent,

Inc.,

Class

A

(a)(b)

............

818,960

24,249,406

Crowdstrike

Holdings,

Inc.,

Class

A

(b)

......

934,005

156,333,757

Datadog,

Inc.,

Class

A

(a)(b)

.............

1,211,566

110,361,547

DocuSign,

Inc.

(b)

...................

898,730

37,746,660

DoubleVerify

Holdings,

Inc.

(a)(b)

..........

555,889

15,537,097

Dropbox,

Inc.,

Class

A

(a)(b)

.............

1,019,641

27,764,824

Dynatrace,

Inc.

(a)(b)

..................

1,065,660

49,798,292

Elastic

NV

(b)

......................

344,696

28,003,103

Fair

Isaac

Corp.

(a)(b)

.................

107,492

93,360,027

Five9,

Inc.

(b)

......................

314,549

20,225,501

Gen

Digital,

Inc.

....................

382,656

6,765,358

Gitlab,

Inc.,

Class

A

(a)(b)

...............

389,607

17,618,028

HashiCorp,

Inc.,

Class

A

(a)(b)

............

295,479

6,745,785

HubSpot,

Inc.

(a)(b)

...................

202,588

99,774,590

Informatica,

Inc.,

Class

A

(a)(b)

...........

14,915

314,259

Manhattan

Associates,

Inc.

(a)(b)

..........

273,313

54,023,048

nCino,

Inc.

(a)(b)

.....................

27,482

873,928

New

Relic,

Inc.

(b)

...................

248,707

21,294,293

Nutanix,

Inc.,

Class

A

(b)

...............

247,128

8,619,825

Palantir

Technologies,

Inc.,

Class

A

(a)(b)

....

8,310,835

132,973,360

Pegasystems,

Inc.

(a)

.................

185,588

8,056,375

Procore

Technologies,

Inc.

(a)(b)

..........

347,537

22,701,117

PTC,

Inc.

(b)

.......................

265,690

37,642,959

RingCentral,

Inc.,

Class

A

(a)(b)

...........

377,389

11,182,036

SentinelOne,

Inc.,

Class

A

(b)

............

136,964

2,309,213

Smartsheet,

Inc.,

Class

A

(b)

............

555,754

22,485,807

Splunk,

Inc.

(b)

.....................

677,479

99,081,304

Teradata

Corp.

(b)

...................

446,243

20,089,860

Tyler

Technologies,

Inc.

(a)(b)

............

139,573

53,894,718

UiPath,

Inc.,

Class

A

(a)(b)

..............

1,275,850

21,829,793

Unity

Software,

Inc.

(a)(b)

...............

504,759

15,844,385

Zscaler,

Inc.

(a)(b)

....................

386,988

60,211,463

1,441,624,339

Specialized

REITs

—

0.6%

Iron

Mountain,

Inc.

..................

637,028

37,871,315

Lamar

Advertising

Co.,

Class

A

.........

296,525

24,750,942

SBA

Communications

Corp.

...........

48,037

9,615,566

72,237,823

Specialty

Retail

—

4.3%

Best

Buy

Co.,

Inc.

..................

118,199

8,211,284

Burlington

Stores,

Inc.

(b)

..............

286,330

38,740,449

CarMax,

Inc.

(a)(b)

....................

39,166

2,770,211

Dick's

Sporting

Goods,

Inc.

............

19,690

2,137,940

Five

Below,

Inc.

(a)(b)

..................

242,718

39,053,326

Floor

&

Decor

Holdings,

Inc.,

Class

A

(a)(b)

...

462,362

41,843,761

Murphy

USA,

Inc.

(a)

.................

82,918

28,335,568

RH

(a)(b)

..........................

12,573

3,323,798

Ross

Stores,

Inc.

...................

1,390,305

157,034,950

Tractor

Supply

Co.

..................

485,871

98,656,107

Ulta

Beauty,

Inc.

(b)

..................

221,907

88,640,751

Valvoline,

Inc.

.....................

192,623

6,210,165

Victoria's

Secret

&

Co.

(a)(b)

.............

154,392

2,575,259

Wayfair,

Inc.,

Class

A

(a)(b)

..............

127,452

7,719,768

Williams-Sonoma,

Inc.

(a)

..............

36,324

5,644,750

530,898,087

Security

Shares

Shares

Value

Technology

Hardware,

Storage

&

Peripherals

—

0.7%

HP,

Inc.

.........................

780,459

$

20,057,796

NetApp,

Inc.

......................

372,779

28,286,470

Pure

Storage,

Inc.,

Class

A

(b)

...........

974,067

34,696,267

83,040,533

Textiles,

Apparel

&

Luxury

Goods

—

0.7%

Crocs,

Inc.

(a)(b)

.....................

270,531

23,868,950

Deckers

Outdoor

Corp.

(a)(b)

.............

116,205

59,739,828

Skechers

USA,

Inc.,

Class

A

(b)

..........

43,186

2,113,955

Tapestry,

Inc.

......................

66,870

1,922,513

87,645,246

Trading

Companies

&

Distributors

—

2.4%

Fastenal

Co.

......................

1,897,559

103,682,624

Ferguson

plc

......................

49,350

8,116,594

SiteOne

Landscape

Supply,

Inc.

(a)(b)

.......

63,355

10,355,375

United

Rentals,

Inc.

.................

62,322

27,706,492

Watsco,

Inc.

......................

36,600

13,824,552

WW

Grainger,

Inc.

..................

198,054

137,021,679

300,707,316

Total

Long-Term

Investments

—

99.8%

(Cost:

$11,833,388,798)

...........................

12,349,537,515

Short-Term

Securities

Money

Market

Funds

—

7.8%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.54%

(e)

............

920,391,802

920,759,959

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

5.31%

..................

41,376,596

41,376,596

Total

Short-Term

Securities

—

7.8%

(Cost:

$961,620,231)

.............................

962,136,555

Total

Investments

—

107.6%

(Cost:

$12,795,009,029

)

...........................

13,311,674,070

Liabilities

in

Excess

of

Other

Assets

—

(7.6)%

............

(943,362,803)

Net

Assets

—

100.0%

..............................

$

12,368,311,267

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Non-income

producing

security.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

Mid-Cap

Growth

ETF

Schedules

of

Investments

47

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

September

30,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

Affiliated

Issuer

Value

at

03/31/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/23

Shares

Held

at

09/30/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

931,722,406

$

—

$

(11,033,318)

(a)

$

18,073

$

52,798

$

920,759,959

920,391,802

$

1,867,630

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

22,661,607

18,714,989

(a)

—

—

—

41,376,596

41,376,596

410,362

—

$

18,073

$

52,798

$

962,136,555

$

2,277,992

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

NASDAQ

100

E-Mini

Index

...................................................

30

12/15/23

$

8,920

$

(374,951)

Russell

2000

E-Mini

Index

....................................................

93

12/15/23

8,363

(364,765)

$

(739,716)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

739,716

$

—

$

—

$

—

$

739,716

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

September

30,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

2,750,979

$

—

$

—

$

—

$

2,750,979

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

(2,020,800)

$

—

$

—

$

—

$

(2,020,800)

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

Mid-Cap

Growth

ETF

48

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

20,297,078

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

12,349,537,515

$

—

$

—

$

12,349,537,515

Short-Term

Securities

Money

Market

Funds

......................................

962,136,555

—

—

962,136,555

$

13,311,674,070

$

—

$

—

$

13,311,674,070

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

...........................................

$

(739,716)

$

—

$

—

$

(739,716)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Statements

of

Assets

and

Liabilities

(unaudited)

September

30,

2023

49

Financial

Statements

See

notes

to

financial

statements.

iShares

Micro-

Cap

ETF

iShares

Russell

2500

ETF

iShares

Russell

Mid-Cap

ETF

iShares

Russell

Mid-Cap

Growth

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.........................................

$

790,774,992‌

$

432,235,418‌

$

27,316,711,318‌

$

12,349,537,515‌

Investments,

at

value

—

affiliated

(c)

............................................

137,761,980‌

658,871,042‌

1,561,081,374‌

962,136,555‌

Cash  

...............................................................

142,682‌

673,606‌

12,711,033‌

49,141‌

Cash

pledged:

Futures

contracts

......................................................

69,710‌

119,000‌

3,120,420‌

1,200,990‌

Receivables:

–‌

–‌

–‌

–‌

Investments

sold

......................................................

6,070‌

—‌

—‌

—‌

Securities

lending

income

—

affiliated

........................................

256,971‌

74,092‌

564,369‌

194,200‌

Dividends

—

unaffiliated

.................................................

655,987‌

487,125‌

30,442,188‌

2,789,302‌

Dividends

—

affiliated

...................................................

6,833‌

1,498,663‌

212,992‌

75,735‌

Variation

margin

on

futures

contracts

.........................................

—‌

—‌

—‌

3,955‌

Total

assets

...........................................................

929,675,225‌

1,093,958,946‌

28,924,843,694‌

13,315,987,393‌

LIABILITIES

Collateral

on

securities

loaned

...............................................

133,377,540‌

337,984,100‌

1,387,756,025‌

920,661,238‌

Payables:

–‌

–‌

–‌

–‌

Investments

purchased

..................................................

37,432‌

322,957‌

31,796,420‌

—‌

Capital

shares

redeemed

.................................................

—‌

—‌

—‌

32,310‌

Income

dividend

distributions

..............................................

3,402,497‌

3,904,931‌

128,783,624‌

24,492,129‌

Investment

advisory

fees

.................................................

405,770‌

43,832‌

4,335,122‌

2,441,624‌

Variation

margin

on

futures

contracts

.........................................

5,397‌

9,624‌

214,713‌

48,825‌

Total

liabilities

..........................................................

137,228,636‌

342,265,444‌

1,552,885,904‌

947,676,126‌

Commitments

and

contingent

liabilities

—‌

—‌

—‌

—‌

NET

ASSETS

..........................................................

$

792,446,589‌

$

751,693,502‌

$

27,371,957,790‌

$

12,368,311,267‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

..........................................................

$

1,235,797,650‌

$

811,258,808‌

$

22,790,576,498‌

$

13,424,605,760‌

Accumulated

earnings

(loss)

................................................

(443,351,061‌)

(59,565,306‌)

4,581,381,292‌

(1,056,294,493‌)

NET

ASSETS

..........................................................

$

792,446,589‌

$

751,693,502‌

$

27,371,957,790‌

$

12,368,311,267‌

NET

ASSET

VALUE

Shares

outstanding

......................................................

7,900,000‌

13,800,000‌

395,300,000‌

135,400,000‌

Net

asset

value

.........................................................

$

100.31‌

$

54.47‌

$

69.24‌

$

91.35‌

Shares

authorized

.......................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

.............................................................

None

None

None

None

(a)

  Investments,

at

cost

—

unaffiliated

..........................................

$

1,012,415,539‌

$

454,134,504‌

$

22,039,459,910‌

$

11,833,388,798‌

(b)

  Securities

loaned,

at

value

................................................

$

125,515,036‌

$

329,492,273‌

$

1,355,235,174‌

$

901,507,916‌

(c)

  Investments,

at

cost

—

affiliated

............................................

$

137,681,450‌

$

685,041,503‌

$

1,560,193,379‌

$

961,620,231‌

Statements

of

Operations

(unaudited)

Six

Months

Ended

September

30,

2023

2023

iShares

Semi-Annual

Report

to

Shareholders

50

iShares

Micro-

Cap

ETF

iShares

Russell

2500

ETF

iShares

Russell

Mid-Cap

ETF

iShares

Russell

Mid-Cap

Growth

ETF

INVESTMENT

INCOME

–

–

–

–

Dividends

—

unaffiliated

.................................................

$

5,976,167‌

$

3,572,786‌

$

233,639,757‌

$

48,680,396‌

Dividends

—

affiliated

...................................................

39,741‌

2,403,315‌

1,089,521‌

410,362‌

Interest

—

unaffiliated

...................................................

8,486‌

2,379‌

86,679‌

29,958‌

Securities

lending

income

—

affiliated

—

net

...................................

1,945,662‌

721,417‌

7,995,340‌

1,867,630‌

Foreign

taxes

withheld

..................................................

(558‌)

(5,252‌)

(118,558‌)

(44,532‌)

Total

investment

income

...................................................

7,969,498‌

6,694,645‌

242,692,739‌

50,943,814‌

EXPENSES

Investment

advisory

....................................................

2,642,209‌

561,021‌

26,245,684‌

14,713,673‌

Total

expenses

.........................................................

2,642,209‌

561,021‌

26,245,684‌

14,713,673‌

Less:

–‌

–‌

–‌

–‌

Investment

advisory

fees

waived

...........................................

—‌

(308,688‌)

—‌

—‌

Total

expenses

after

fees

waived

.............................................

2,642,209‌

252,333‌

26,245,684‌

14,713,673‌

Net

investment

income

....................................................

5,327,289‌

6,442,312‌

216,447,055‌

36,230,141‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(30,218,455‌)

$

(7,279,383‌)

$

(313,642,355‌)

$

25,917,823‌

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.............................................

$

(34,308,262‌)

$

(209,604‌)

$

(595,344,736‌)

$

238,729,460‌

Investments

—

affiliated

...............................................

3,888‌

(1,305,142‌)

15,868‌

18,073‌

Futures

contracts

....................................................

(180,585‌)

(27,138‌)

927,302‌

2,750,979‌

In-kind

redemptions

—

unaffiliated

(a)

.......................................

27,157,864‌

3,720,298‌

1,368,767,400‌

196,396,204‌

In-kind

redemptions

—

affiliated

(a)

.........................................

—‌

1,004,647‌

—‌

—‌

(7,327,095‌)

3,183,061‌

774,365,834‌

437,894,716‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.............................................

(22,826,030‌)

(6,588,817‌)

(1,085,875,706‌)

(410,008,889‌)

Investments

—

affiliated

...............................................

3,965‌

(3,812,546‌)

124,692‌

52,798‌

Futures

contracts

....................................................

(69,296‌)

(61,081‌)

(2,257,174‌)

(2,020,800‌)

(22,891,361‌)

(10,462,444‌)

(1,088,008,188‌)

(411,976,891‌)

Net

realized

and

unrealized

gain

(loss)

.........................................

(30,218,456‌)

(7,279,383‌)

(313,642,354‌)

25,917,825‌

NET

INCREASE

(DECREASE)

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..........

$

(24,891,167‌)

$

(837,071‌)

$

(97,195,299‌)

$

62,147,966‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

See

notes

to

financial

statements.

Statements

of

Changes

in

Net

Assets

51

Financial

Statements

See

notes

to

financial

statements.

iShares

Micro-Cap

ETF

iShares

Russell

2500

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

5,327,289‌

$

10,493,491‌

$

6,442,312‌

$

8,884,959‌

Net

realized

gain

(loss)

............................................

(7,327,095‌)

(69,354,696‌)

3,183,061‌

21,543,177‌

Net

change

in

unrealized

appreciation

(depreciation)

........................

(22,891,361‌)

(140,714,448‌)

(10,462,444‌)

(64,013,718‌)

Net

decrease

in

net

assets

resulting

from

operations

..........................

(24,891,167‌)

(199,575,653‌)

(837,071‌)

(33,585,582‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(5,660,996‌)

(11,888,480‌)

(6,077,625‌)

(9,129,972‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........

(74,922,691‌)

12,741,862‌

71,042,392‌

307,131,820‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...................................

(105,474,854‌)

(198,722,271‌)

64,127,696‌

264,416,266‌

Beginning

of

period

................................................

897,921,443‌

1,096,643,714‌

687,565,806‌

423,149,540‌

End

of

period

....................................................

$

792,446,589‌

$

897,921,443‌

$

751,693,502‌

$

687,565,806‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

2023

iShares

Semi-Annual

Report

to

Shareholders

52

See

notes

to

financial

statements.

iShares

Russell

Mid-Cap

ETF

iShares

Russell

Mid-Cap

Growth

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

216,447,055‌

$

419,774,547‌

$

36,230,141‌

$

77,632,646‌

Net

realized

gain

(loss)

............................................

774,365,834‌

548,981,246‌

437,894,716‌

(401,341,870‌)

Net

change

in

unrealized

appreciation

(depreciation)

........................

(1,088,008,188‌)

(3,631,061,373‌)

(411,976,891‌)

(846,539,176‌)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...................

(97,195,299‌)

(2,662,305,580‌)

62,147,966‌

(1,170,248,400‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(202,330,244‌)

(443,722,962‌)

(35,954,175‌)

(92,809,126‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........

(50,779,806‌)

524,749,292‌

137,121,816‌

(309,085,530‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...................................

(350,305,349‌)

(2,581,279,250‌)

163,315,607‌

(1,572,143,056‌)

Beginning

of

period

................................................

27,722,263,139‌

30,303,542,389‌

12,204,995,660‌

13,777,138,716‌

End

of

period

....................................................

$

27,371,957,790‌

$

27,722,263,139‌

$

12,368,311,267‌

$

12,204,995,660‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

53

Financial

Highlights

iShares

Micro-Cap

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

period

...............

$

104.41

‌

$

129.02

‌

$

146.73

‌

$

67.33

‌

$

92.88

‌

$

96.11

‌

Net

investment

income

(a)

.......................

0.64

‌

1.26

‌

0.76

‌

0.96

‌

0.94

‌

0.89

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.............

(4.04

)

(24.44

)

(17.42

)

79.50

‌

(25.28

)

(3.24

)

Net

increase

(decrease)

from

investment

operations

......

(3.40

)

(23.18

)

(16.66

)

80.46

‌

(24.34

)

(2.35

)

Distributions

from

net

investment

income

(c)

.............

(0.70

)

(1.43

)

(1.05

)

(1.06

)

(1.21

)

(0.88

)

Net

asset

value,

end

of

period

....................

$

100.31

‌

$

104.41

‌

$

129.02

‌

$

146.73

‌

$

67.33

‌

$

92.88

‌

Total

Return

(d)

—

—

—

—

—

—

Based

on

net

asset

value

........................

(3.28

)%

(e)

(17.97

)%

(11.41

)%

120.24

%

(26.47

)%

(2.48

)%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

...............................

0.60

%

(g)

0.60

%

0.60

%

0.60

%

0.60

%

0.60

%

Net

investment

income

..........................

1.21

%

(g)

1.12

%

0.54

%

0.92

%

1.03

%

0.91

%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

792,447

‌

$

897,921

‌

$

1,096,644

‌

$

1,386,589

‌

$

562,206

‌

$

882,335

‌

Portfolio

turnover

rate

(h)

..........................

24

%

35

%

44

%

35

%

24

%

25

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

iShares

Semi-Annual

Report

to

Shareholders

54

iShares

Russell

2500

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

period

................

$

54.79

‌

$

62.23

‌

$

62.85

‌

$

33.62

‌

$

44.13

‌

$

43.24

‌

Net

investment

income

(a)

........................

0.48

‌

0.99

‌

0.79

‌

0.75

‌

0.72

‌

0.65

‌

Net

realized

and

unrealized

gain

(loss)

(b)

..............

(0.35

)

(7.45

)

(0.66

)

29.21

‌

(10.50

)

1.22

‌

Net

increase

(decrease)

from

investment

operations

.......

0.13

‌

(6.46

)

0.13

‌

29.96

‌

(9.78

)

1.87

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

.....................

(0.45

)

(0.98

)

(0.75

)

(0.73

)

(0.73

)

(0.62

)

From

net

realized

gain

..........................

—

‌

—

‌

—

‌

—

‌

—

‌

(0.36

)

Total

distributions

..............................

(0.45

)

(0.98

)

(0.75

)

(0.73

)

(0.73

)

(0.98

)

Net

asset

value,

end

of

period

.....................

$

54.47

‌

$

54.79

‌

$

62.23

‌

$

62.85

‌

$

33.62

‌

$

44.13

‌

Total

Return

(d)

—

—

—

—

—

—

Based

on

net

asset

value

.........................

0.24

%

(e)

(10.30

)%

(f)

0.17

%

89.71

%

(22.47

)%

4.49

%

Ratios

to

Average

Net

Assets

(g)

Total

expenses

................................

0.15

%

(h)

0.15

%

0.15

%

0.15

%

0.15

%

0.15

%

Total

expenses

after

fees

waived

....................

0.07

%

(h)

0.07

%

0.07

%

0.07

%

0.07

%

0.06

%

Net

investment

income

...........................

1.72

%

(h)

1.78

%

1.22

%

1.44

%

1.60

%

1.49

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

751,694

‌

$

687,566

‌

$

423,150

‌

$

267,118

‌

$

42,021

‌

$

35,302

‌

Portfolio

turnover

rate

(i)

...........................

7

%

11

%

12

%

16

%

14

%

12

%

(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)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

55

Financial

Highlights

iShares

Russell

Mid-Cap

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

(a)

Net

asset

value,

beginning

of

period

................

$

69.91

‌

$

78.02

‌

$

73.93

‌

$

43.20

‌

$

53.93

‌

$

51.61

‌

Net

investment

income

(b)

........................

0.54

‌

1.05

‌

0.84

‌

0.74

‌

0.91

‌

0.81

‌

Net

realized

and

unrealized

gain

(loss)

(c)

..............

(0.70

)

(8.05

)

4.14

‌

30.79

‌

(10.71

)

2.44

‌

Net

increase

(decrease)

from

investment

operations

.......

(0.16

)

(7.00

)

4.98

‌

31.53

‌

(9.80

)

3.25

‌

Distributions

from

net

investment

income

(d)

..............

(0.51

)

(1.11

)

(0.89

)

(0.80

)

(0.93

)

(0.93

)

Net

asset

value,

end

of

period

.....................

$

69.24

‌

$

69.91

‌

$

78.02

‌

$

73.93

‌

$

43.20

‌

$

53.93

‌

Total

Return

(e)

—

—

—

—

—

—

Based

on

net

asset

value

.........................

(0.22

)%

(f)

(8.90

)%

6.72

%

73.38

%

(18.44

)%

6.38

%

Ratios

to

Average

Net

Assets

(g)

Total

expenses

................................

0.19

%

(h)

0.19

%

0.18

%

0.19

%

0.19

%

0.19

%

Net

investment

income

...........................

1.54

%

(h)

1.52

%

1.07

%

1.23

%

1.63

%

1.55

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

27,371,958

‌

$

27,722,263

‌

$

30,303,542

‌

$

27,123,317

‌

$

15,753,591

‌

$

18,593,536

‌

Portfolio

turnover

rate

(i)

...........................

7

%

12

%

13

%

14

%

10

%

11

%

(a)

Per

share

amounts

reflect

a

four-for-one

stock

split

effective

after

the

close

of

trading

on

October

25,

2018.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

iShares

Semi-Annual

Report

to

Shareholders

56

iShares

Russell

Mid-Cap

Growth

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

(a)

Year

Ended

03/31/20

(a)

Year

Ended

03/31/19

(a)

Net

asset

value,

beginning

of

period

................

$

91.08

‌

$

100.53

‌

$

102.01

‌

$

60.86

‌

$

67.81

‌

$

61.46

‌

Net

investment

income

(b)

........................

0.27

‌

0.56

‌

0.37

‌

0.32

‌

0.47

‌

0.56

‌

Net

realized

and

unrealized

gain

(loss)

(c)

..............

0.27

‌

(9.34

)

(1.44

)

41.16

‌

(6.97

)

6.35

‌

Net

increase

(decrease)

from

investment

operations

.......

0.54

‌

(8.78

)

(1.07

)

41.48

‌

(6.50

)

6.91

‌

Distributions

from

net

investment

income

(d)

..............

(0.27

)

(0.67

)

(0.41

)

(0.33

)

(0.45

)

(0.56

)

Net

asset

value,

end

of

period

.....................

$

91.35

‌

$

91.08

‌

$

100.53

‌

$

102.01

‌

$

60.86

‌

$

67.81

‌

Total

Return

(e)

—

—

—

—

—

—

Based

on

net

asset

value

.........................

0.58

%

(f)

(8.67

)%

(1.09

)%

68.27

%

(9.67

)%

11.28

%

Ratios

to

Average

Net

Assets

(g)

Total

expenses

................................

0.23

%

(h)

0.23

%

0.23

%

0.23

%

0.24

%

0.24

%

Net

investment

income

...........................

0.58

%

(h)

0.65

%

0.34

%

0.36

%

0.65

%

0.88

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

12,368,311

‌

$

12,204,996

‌

$

13,777,139

‌

$

14,822,269

‌

$

9,353,644

‌

$

10,217,865

‌

Portfolio

turnover

rate

(i)

...........................

32

%

26

%

35

%

23

%

23

%

20

%

(a)

Per

share

amounts

reflect

a

two-for-one

stock

split

effective

after

the

close

of

trading

on

December

4,

2020.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

(unaudited)

57

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”):

Currently

the

iShares

Russell

2500

ETF seeks

to

achieve

its

investment

objective

by

investing

a

substantial

portion

of

its

assets

in

an

iShares

fund

(an

“underlying

fund”).

The

financial

statements,

including

the

accounting

policies,

and

Schedule

of

Investments

for

the

underlying

fund

are

available

on

iShares.com

and

should

be

read

in

conjunction

with

the

Fund’s

financial

statements.

2.

Significant

Accounting

Policies

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. Each

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies:

Investment Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

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

September

30,

2023

,

if

any,

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

The

Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

include

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes. 

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments.

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Funds.

Because

such

gains

or

losses

are

not

taxable

to

the

Funds

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

Funds’

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

(“NAV”)

per

share.

Distributions:

Dividends

and

distributions

paid

by

each

Fund

are

recorded

on

the

ex-dividend

dates.

Distributions

are

determined

on

a

tax

basis

and

may

differ

from

net

investment

income

and

net

realized

capital

gains

for

financial

reporting

purposes.

Dividends

and

distributions

are

paid

in

U.S.

dollars

and

cannot

be

automatically

reinvested

in

additional

shares

of

the

Funds.

Indemnifications:

In

the

normal

course

of

business,

each

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Funds,

which

cannot

be

predicted

with

any

certainty.

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

iShares

ETF

Diversification

Classification

Micro-Cap

.........................................................................................................

Diversified

Russell

2500

........................................................................................................

Diversified

Russell

Mid-Cap

.....................................................................................................

Diversified

Russell

Mid-Cap

Growth

................................................................................................

Diversified

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

iShares

Semi-Annual

Report

To

Shareholders

58

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.

Exchange-traded

funds

and

closed-end

funds

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s official

closing

price,

as

applicable,

on

the

exchange

where

the

fund

is

primarily

traded.

Funds

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

traded

price.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds)

are

valued

at

that

day’s

published

NAV.

Futures

contracts

are

valued

based

on

that

day’s

last

reported

settlement

or

trade

price

on

the

exchange

where

the

contract

is

traded.

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”).

Each

business

day,

the

Funds

use

current

market

factors

supplied

by

independent

pricing

services

to

value

certain

foreign

instruments

(“Systematic

Fair

Value

Price”).

The

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

follows

the

close

of

the

local

markets.

If

events

(e.g.,

market

volatility,

company

announcement

or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that

application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the Valuation

Committee,

in

accordance

with

BFA’s

policies

and

procedures as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the Valuation

Committee

seeks

to

determine

the

price

that each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

Fair

value

pricing

could

result

in

a

difference

between

the

prices

used

to

calculate

a

fund’s

NAV

and

the

prices

used

by

the

fund’s

underlying

index,

which

in

turn

could

result

in

a

difference

between

the

fund’s

performance

and

the

performance

of

the

fund’s

underlying

index.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

–

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that each

Fund

has

the

ability

to

access;

Level

2

–

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market-corroborated

inputs);

and

Level

3

–

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

(including

the Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

Securities

and

Other

Investments

Securities

Lending:

 Each

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

an

approved

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

market

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

or

excess

collateral

is

returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

each

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities

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.

Notes

to

Financial

Statements

(unaudited)

(continued)

59

Notes

to

Financial

Statements

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

Micro-Cap

Barclays

Bank

PLC

.....................................

$

4,899,620‌

$

(4,899,620‌)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

1,438,365‌

(1,438,365‌)

–‌

–‌

BMO

Capital

Markets

Corp.

...............................

76,473‌

(76,473‌)

–‌

–‌

BNP

Paribas

SA

.......................................

11,235,279‌

(11,235,279‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

10,173,221‌

(10,173,221‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

1,515,539‌

(1,515,539‌)

–‌

–‌

Credit

Suisse

Securities

(USA)

LLC

..........................

15‌

–‌

–‌

15‌

Goldman

Sachs

&

Co.

LLC

...............................

15,881,982‌

(15,881,982‌)

–‌

–‌

HSBC

Bank

PLC

......................................

2,687,554‌

(2,687,554‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

26,744,156‌

(26,744,156‌)

–‌

–‌

Jefferies

LLC

.........................................

3,820,678‌

(3,820,678‌)

–‌

–‌

Morgan

Stanley

.......................................

21,864,900‌

(21,864,900‌)

–‌

–‌

National

Financial

Services

LLC

............................

6,945,123‌

(6,945,123‌)

–‌

–‌

Natixis

SA

...........................................

2,058,497‌

(2,058,497‌)

–‌

–‌

Nomura

Securities

International,

Inc.

.........................

149,080‌

(149,080‌)

–‌

–‌

Pershing

LLC

.........................................

523,159‌

(523,159‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

7,992‌

(7,992‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

333,855‌

(333,855‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

496,260‌

(491,266‌)

–‌

4,994‌

(b)

State

Street

Bank

&

Trust

Co.

..............................

3,412,921‌

(3,412,921‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

2,120,910‌

(2,120,910‌)

–‌

–‌

UBS

AG

............................................

3,587,927‌

(3,587,927‌)

–‌

–‌

UBS

Securities

LLC

....................................

264,055‌

(264,055‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

30,073‌

(30,073‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

1,838,967‌

(1,838,967‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

3,408,435‌

(3,408,435‌)

–‌

–‌

$

125,515,036‌

$

(125,510,027‌)

$

–‌

$

5,009‌

Russell

2500

Barclays

Bank

PLC

.....................................

$

56,522,368‌

$

(56,522,368‌)

$

–‌

$

–‌

BMO

Capital

Markets

Corp.

...............................

114,587‌

(114,587‌)

–‌

–‌

BNP

Paribas

SA

.......................................

1,479,202‌

(1,479,202‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

169,618,640‌

(169,618,640‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

6,710,671‌

(6,710,671‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

3,368,952‌

(3,368,952‌)

–‌

–‌

Credit

Suisse

Securities

(USA)

LLC

..........................

135,820‌

(135,800‌)

–‌

20‌

(b)

HSBC

Bank

PLC

......................................

3,684,795‌

(3,684,795‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

3,211,376‌

(3,211,376‌)

–‌

–‌

Jefferies

LLC

.........................................

12,321,551‌

(12,321,551‌)

–‌

–‌

Mizuho

Securities

USA

LLC

...............................

26,511,000‌

(26,511,000‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

2,902,554‌

(2,902,554‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

323,268‌

(323,268‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

18,445,814‌

(18,445,814‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

2,147,709‌

(2,147,709‌)

–‌

–‌

UBS

AG

............................................

14,033,234‌

(14,033,234‌)

–‌

–‌

UBS

Securities

LLC

....................................

4,842‌

(4,842‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

6,393,002‌

(6,393,002‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

1,068,931‌

(1,068,931‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

493,957‌

(493,957‌)

–‌

–‌

$

329,492,273‌

$

(329,492,253‌)

$

–‌

$

20‌

Russell

Mid-Cap

Barclays

Bank

PLC

.....................................

$

78,574,678‌

$

(78,574,678‌)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

13,436,632‌

(13,436,632‌)

–‌

–‌

BMO

Capital

Markets

Corp.

...............................

11,436‌

(11,436‌)

–‌

–‌

BNP

Paribas

SA

.......................................

123,873,232‌

(123,873,232‌)

–‌

–‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

iShares

Semi-Annual

Report

To

Shareholders

60

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

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

Russell

Mid-Cap

(continued)

BofA

Securities,

Inc.

....................................

65,241,588‌

(65,241,588‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

19,777,991‌

(19,777,991‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

140,111,432‌

(140,111,432‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

170,987,757‌

(170,987,757‌)

–‌

–‌

HSBC

Bank

PLC

......................................

50,674,128‌

(50,674,128‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

42,359,095‌

(42,359,095‌)

–‌

–‌

Jefferies

LLC

.........................................

2,084,353‌

(2,084,353‌)

–‌

–‌

Morgan

Stanley

.......................................

177,165,016‌

(177,165,016‌)

–‌

–‌

National

Financial

Services

LLC

............................

9,035,437‌

(9,035,437‌)

–‌

–‌

Natixis

SA

...........................................

13,413,315‌

(13,413,315‌)

–‌

–‌

Nomura

Securities

International,

Inc.

.........................

18,500‌

(18,500‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

72,831,753‌

(72,831,753‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

138,549,227‌

(138,549,227‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

11,502,336‌

(11,502,336‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

71,441,304‌

(71,441,304‌)

–‌

–‌

UBS

AG

............................................

134,817,735‌

(134,817,735‌)

–‌

–‌

UBS

Securities

LLC

....................................

2,808,192‌

(2,808,192‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

5,523,501‌

(5,523,501‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

7,947,861‌

(7,912,666‌)

–‌

35,195‌

(b)

Wells

Fargo

Securities

LLC

...............................

3,048,675‌

(3,048,675‌)

–‌

–‌

$

1,355,235,174‌

$

(1,355,199,979‌)

$

–‌

$

35,195‌

Russell

Mid-Cap

Growth

Barclays

Bank

PLC

.....................................

$

74,863,284‌

$

(74,863,284‌)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

2,643,331‌

(2,643,331‌)

–‌

–‌

BNP

Paribas

SA

.......................................

79,005,404‌

(79,005,404‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

28,215,626‌

(28,215,626‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

14,932,683‌

(14,932,683‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

83,322,782‌

(83,322,782‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

68,443,135‌

(68,443,135‌)

–‌

–‌

HSBC

Bank

PLC

......................................

22,052,887‌

(22,052,887‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

110,259,332‌

(110,259,332‌)

–‌

–‌

Jefferies

LLC

.........................................

2,945,117‌

(2,945,117‌)

–‌

–‌

Morgan

Stanley

.......................................

46,811,572‌

(46,811,572‌)

–‌

–‌

National

Financial

Services

LLC

............................

8,299,816‌

(8,299,816‌)

–‌

–‌

Natixis

SA

...........................................

18,833,193‌

(18,833,193‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

88,639,547‌

(88,639,547‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

64,238,773‌

(64,238,773‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

3,954,924‌

(3,954,924‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

84,590,757‌

(84,590,757‌)

–‌

–‌

UBS

AG

............................................

72,157,246‌

(72,157,246‌)

–‌

–‌

UBS

Securities

LLC

....................................

8,332,685‌

(8,332,685‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

1,423,646‌

(1,422,900‌)

–‌

746‌

(b)

Wells

Fargo

Bank

N.A.

..................................

14,673,894‌

(14,673,894‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

2,868,282‌

(2,868,282‌)

–‌

–‌

$

901,507,916‌

$

(901,507,170‌)

$

–‌

$

746‌

(a)

Collateral

received,

if

any,

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

each

Fund

is

disclosed

in

the

Fund’s

Statements

of

Assets

and

Liabilities.

(b)

The

market

value

of

the

loaned

securities

is

determined

as

of

September

30,

2023.

Additional

collateral

is

delivered

to

the

Fund

on

the

next

business

day

in

accordance

with

the

MSLA.

The

net

amount

would

be

subject

to

the

borrower

default

indemnity

in

the

event

of

default

by

the

counterparty.

Notes

to

Financial

Statements

(unaudited)

(continued)

61

Notes

to

Financial

Statements

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any,

are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

6.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the 

Trust

,

BFA

manages

the

investment

of each

Fund’s

assets.

BFA

is

a

California

corporation

indirectly owned

by

BlackRock. Under

the

Investment

Advisory

Agreement,

BFA

is

responsible

for

substantially

all

expenses

of

the

Funds,

except

(i)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

of

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

to

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

as

determined

by

a

majority

of

the

independent

trustees

).

For

its

investment

advisory

services

to each of

the

following Funds,

BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Funds,

based

on

the

average

daily

net

assets

of each

Fund

as

follows:

For

its

investment

advisory

services

to

the iShares

Russell

Mid-Cap

ETF, BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Fund,

based

on the

Fund’s

allocable

portion

of

the

aggregate

of

the

average

daily

net

assets

of

the

Fund

and

certain

other

iShares

funds,

as

follows:

For

its

investment

advisory

services

to

the iShares

Russell

Mid-Cap

Growth

ETF, BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Fund,

based

on the

Fund’s

allocable

portion

of

the

aggregate

of

the

average

daily

net

assets

of

the

Fund

and

certain

other

iShares

funds,

as

follows:

Expense

Waivers:

A

fund

may

incur

its

pro

rata

share

of

fees

and

expenses

attributable

to

its

investments

in

other

investment

companies

(“acquired

fund

fees

and

expenses”).

The

total

of

the

investment

advisory

fee

and

acquired

fund

fees

and

expenses,

if

any,

is

a

fund’s

total

annual

operating

expenses.

Total

expenses

as

shown

in

the

Statements

of

Operations

does

not

include

acquired

fund

fees

and

expenses.

For

the

iShares

Russell

2500

ETF,

BFA

has

contractually

agreed

to

waive

a

portion

of

its

investment

advisory

fee

for

the

Fund

through

July

31,

2027

in

an

amount

equal

to

the

acquired

fund

fees

and

expenses,

if

any,

attributable

to

the

Fund’s

investments

in

other

iShares

funds,

provided

that

the

waiver

be

no

greater

than

the

Fund’s

investment

advisory

fee

of

0.15%. 

These

amounts are

included

in

investment

advisory

fees

waived

in

the

Statements

of

Operations.

For

the

six

months ended September

30,

2023,

the

amounts

waived

in

investment

advisory

fees

pursuant

to

this

arrangement

were

as

follows:

Distributor:

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

is

the

distributor

for

each

Fund.

Pursuant

to

the

distribution

agreement,

BFA

is

responsible

for

any

fees

or

expenses

for

distribution

services

provided

to

the

Funds.

ETF

Servicing

Fees:

Each

Fund

has

entered

into

an

ETF

Services

Agreement

with

BRIL

to

perform

certain

order

processing,

Authorized

Participant

communications,

and

related

services

in

connection

with

the

issuance

and

redemption

of

Creation

Units

(“ETF

Services”).

BRIL

is

entitled

to

a

transaction

fee

from

Authorized

Participants

on

each

creation

or

redemption

order

for

the

ETF

Services

provided. The Funds

do

not

pay

BRIL

for

ETF

Services.

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(the

“SEC”)

has

issued

an

exemptive

order

which

permits

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

an

affiliate

of

BFA,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BTC

bears

all

operational

costs

directly

related

to

securities

lending,

including

any

custodial

costs.

Each

Fund

is

responsible

for

fees

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

fees”).

The

cash

collateral

is

invested

in

a

money

market

fund,

BlackRock

Cash

Funds:

Institutional

or

BlackRock

Cash

Funds:

Treasury,

managed

by

BFA,

or

its

affiliates.

However,

BTC

has

agreed

to

reduce

the

amount

of

securities

lending

income

it

receives

in

order

to

effectively

limit

the

collateral

iShares

ETF

Investment

Advisory

Fees

Micro-Cap

......................................................................................................

0.60‌

%

Russell

2500

.....................................................................................................

0.15‌

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$121

billion

..................................................................................................

0.2000%

Over

$121

billion,

up

to

and

including

$181

billion

............................................................................

0.1900

Over

$181

billion,

up

to

and

including

$231

billion

............................................................................

0.1805

Over

$231

billion,

up

to

and

including

$281

billion

............................................................................

0.1715

Over

$281

billion

..................................................................................................

0.1630

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$121

billion

..................................................................................................

0.2500%

Over

$121

billion,

up

to

and

including

$181

billion

............................................................................

0.2375

Over

$181

billion,

up

to

and

including

$231

billion

............................................................................

0.2257

Over

$231

billion,

up

to

and

including

$281

billion

............................................................................

0.2144

Over

$281

billion

..................................................................................................

0.2037

iShares

ETF

Amounts

Waived

Russell

2500

........................................................................................................

$

308,688

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

iShares

Semi-Annual

Report

To

Shareholders

62

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

September

30,

2023,

the

Funds

paid

BTC

the

following

amounts

for

securities

lending

agent

services:

Officers

and

Trustees:

Certain

officers

and/or 

trustees

of

the 

Trust

are

officers

and/or 

trustees

of

BlackRock

or

its

affiliates.

Other

Transactions:

Cross

trading

is

the

buying

or

selling

of

portfolio

securities

between

funds

to

which

BFA

(or

an

affiliate)

serves

as

investment

adviser.

At

its

regularly

scheduled

quarterly

meetings,

the

Board

reviews

such

transactions

as

of

the

most

recent

calendar

quarter

for

compliance

with

the

requirements

and

restrictions

set

forth

by

Rule

17a-7.

For

the six

months ended September

30,

2023,

transactions

executed

by

the

Funds

pursuant

to

Rule

17a-7

under

the

1940

Act

were

as

follows:

Each

Fund

may

invest

its

positive

cash

balances

in

certain

money

market

funds

managed

by

BFA

or

an

affiliate.

The

income

earned

on

these

temporary

cash

investments

is

shown

as

dividends

–

affiliated

in

the

Statements

of

Operations.

A

fund,

in

order

to

improve

its

portfolio

liquidity

and

its

ability

to

track

its

underlying

index,

may

invest

in

shares

of

other

iShares

funds

that

invest

in

securities

in

the

fund’s

underlying

index.

7.

Purchases

and

Sales

For

the six

months ended

September

30,

2023,

purchases

and

sales

of

investments,

excluding

short-term securities

and

in-kind

transactions,

were

as

follows:

For

the six

months ended

September

30,

2023,

in-kind

transactions

were

as

follows:

iShares

ETF

Amounts

Micro-Cap

.............................................................................................................

$

487,768‌

Russell

2500

............................................................................................................

220,924‌

Russell

Mid-Cap

.........................................................................................................

2,125,024‌

Russell

Mid-Cap

Growth

....................................................................................................

603,417‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

Micro-Cap

..........................................................................

$

35,011,843‌

$

99,291,052‌

$

35,356,356‌

Russell

2500

.........................................................................

18,214,938‌

5,214,065‌

(2,036,159‌)

Russell

Mid-Cap

......................................................................

528,718,166‌

698,121,924‌

(324,301,159‌)

Russell

Mid-Cap

Growth

.................................................................

1,623,400,878‌

1,714,239,049‌

(47,595,635‌)

iShares

ETF

Purchases

Sales

Micro-Cap

..........................................................................................

$

212,623,526‌

$

212,450,821‌

Russell

2500

.........................................................................................

55,175,576‌

54,919,399‌

Russell

Mid-Cap

......................................................................................

1,978,989,601‌

1,945,172,009‌

Russell

Mid-Cap

Growth

.................................................................................

4,079,109,071‌

4,069,033,990‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

Micro-Cap

..........................................................................................

$

25,499,988‌

$

99,038,225‌

Russell

2500

.........................................................................................

101,381,311‌

30,836,207‌

Russell

Mid-Cap

......................................................................................

2,168,897,476‌

2,233,716,526‌

Russell

Mid-Cap

Growth

.................................................................................

714,900,198‌

578,126,959‌

Notes

to

Financial

Statements

(unaudited)

(continued)

63

Notes

to

Financial

Statements

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

September

30,

2023,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’ financial

statements.

As

of

March

31,

2023,

the

Funds

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

and

qualified

late-year

losses as

follows:

A

fund

may

own

shares

in

certain

foreign

investment

entities,

referred

to,

under

U.S.

tax

law,

as

“passive

foreign

investment

companies.”

Such

fund

may

elect

to

mark-to-

market

annually

the

shares

of

each

passive

foreign

investment

company

and

would

be

required

to

distribute

to

shareholders

any

such

marked-to-market

gains.

As

of

September

30,

2023,

gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows:

9.

Principal

Risks

In

the

normal

course

of

business,

each

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including,

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and

their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject.

BFA

uses

a

“passive”

or

index

approach

to

try

to

achieve

each

Fund’s

investment

objective

following

the

securities

included

in

its

underlying

index

during

upturns

as

well

as

downturns.

BFA

does

not

take

steps

to

reduce

market

exposure

or

to

lessen

the

effects

of

a

declining

market.

Divergence

from

the

underlying

index

and

the

composition

of

the

portfolio

is

monitored

by

BFA.

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Infectious

Illness

Risk:

An

outbreak

of

an

infectious

illness,

such

as

the

COVID-19

pandemic,

may

adversely

impact

the

economies

of

many

nations

and

the

global

economy,

and

may

impact

individual

issuers

and

capital

markets

in

ways

that

cannot

be

foreseen.

An

infectious

illness

outbreak

may

result

in,

among

other

things,

closed

international

borders,

prolonged

quarantines,

supply

chain

disruptions,

market

volatility

or

disruptions

and

other

significant

economic,

social

and

political

impacts.

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

iShares

ETF

Non-Expiring

Capital

Loss

Carryforwards

Qualified

 Late-Year

Capital

Losses

Micro-Cap

...........................................................................................

$

191,112,983‌

$

9,927‌

Russell

2500

..........................................................................................

12,977,443‌

—‌

Russell

Mid-Cap

.......................................................................................

1,175,348,813‌

374,970‌

Russell

Mid-Cap

Growth

..................................................................................

1,950,017,880‌

—‌

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Micro-Cap

......................................................

$

1,173,035,025‌

$

84,065,460‌

$

(328,589,688‌)

$

(244,524,228‌)

Russell

2500

....................................................

1,141,180,990‌

29,531,578‌

(79,640,470‌)

(50,108,892‌)

Russell

Mid-Cap

..................................................

23,906,913,088‌

7,313,700,918‌

(2,343,840,138‌)

4,969,860,780‌

Russell

Mid-Cap

Growth

............................................

12,854,100,565‌

1,655,098,634‌

(1,198,264,845‌)

456,833,789‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

iShares

Semi-Annual

Report

To

Shareholders

64

each

Fund

could

realize

a

greater

than

expected

loss

or

lesser

than

expected

gain

upon

the

sale

of

the

investment.

Each

Fund’s

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/or

errors

by

pricing

services

or

other

third-party

service

providers.

Counterparty

Credit

Risk:

 The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that BFA

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds.

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures,

there

is

less

counterparty

credit

risk

to

the

Funds

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in

exchange-traded

futures with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Funds.

Geographic/Asset

Class

Risk:

 A

diversified

portfolio,

where

this

is

appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

each

Fund’s

portfolio

are

disclosed

in

its

Schedule

of

Investments.

The

Funds

invest

a

significant

portion

of

their

assets

in

securities

of

issuers

located

in

the

United

States.

A

decrease

in

imports

or

exports,

changes

in

trade

regulations,

inflation

and/or

an

economic

recession

in

the

United

States

may

have

a

material

adverse

effect

on

the

U.S.

economy

and

the

securities

listed

on

U.S.

exchanges.

Proposed

and

adopted

policy

and

legislative

changes

in

the

United

States

may

also

have

a

significant

effect

on

U.S.

markets

generally,

as

well

as

on

the

value

of

certain

securities.

Governmental

agencies

project

that

the

United

States

will

continue

to

maintain

elevated

public

debt

levels

for

the

foreseeable

future

which

may

constrain

future

economic

growth.

Circumstances

could

arise

that

could

prevent

the

timely

payment

of

interest

or

principal

on

U.S.

government

debt,

such

as

reaching

the

legislative

“debt

ceiling.”

Such

non-payment

would

result

in

substantial

negative

consequences

for

the

U.S.

economy

and

the

global

financial

system.

If

U.S.

relations

with

certain

countries

deteriorate,

it

could

adversely

affect

issuers

that

rely

on

the

United

States

for

trade.

The

United

States

has

also

experienced

increased

internal

unrest

and

discord.

If

these

trends

were

to

continue,

they

may

have

an

adverse

impact

on

the

U.S.

economy

and

the

issuers

in

which

the Funds

invest. 

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:

Six

Months

Ended

09/30/23

Year

Ended

03/31/23

iShares

ETF

Shares

Amount

Shares

Amount

Micro-Cap

Shares

sold

250,000‌

$

26,064,816‌

650,000‌

$

74,999,301‌

Shares

redeemed

(950,000‌)

(100,987,507‌)

(550,000‌)

(62,257,439‌)

(700,000‌)

$

(74,922,691‌)

100,000‌

$

12,741,862‌

Russell

2500

Shares

sold

1,800,000‌

$

102,104,630‌

8,600,000‌

$

465,221,423‌

Shares

redeemed

(550,000‌)

(31,062,238‌)

(2,850,000‌)

(158,089,603‌)

1,250,000‌

$

71,042,392‌

5,750,000‌

$

307,131,820‌

Russell

Mid-Cap

Shares

sold

30,450,000‌

$

2,182,689,158‌

37,800,000‌

$

2,568,756,078‌

Shares

redeemed

(31,700,000‌)

(2,233,468,964‌)

(29,650,000‌)

(2,044,006,786‌)

(1,250,000‌)

$

(50,779,806‌)

8,150,000‌

$

524,749,292‌

Notes

to

Financial

Statements

(unaudited)

(continued)

65

Notes

to

Financial

Statements

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

in

the Trust

generally

consists

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Certain

funds

in

the Trust

may

be

offered

in

Creation

Units

solely

or

partially

for

cash

in

U.S.

dollars.

Investors

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Investors

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

relevant

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

From

time

to

time,

settlement

of

securities

related

to

in-kind

contributions

or

in-kind

redemptions

may

be

delayed.

In

such

cases,

securities

related

to

in-kind

transactions

are

reflected

as

a

receivable

or

a

payable

in

the

Statements

of

Assets

and

Liabilities.

11.

Subsequent

Events

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

available

to

be

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Six

Months

Ended

09/30/23

Year

Ended

03/31/23

iShares

ETF

Shares

Amount

Shares

Amount

Russell

Mid-Cap

Growth

Shares

sold

7,650,000‌

$

717,274,580‌

24,700,000‌

$

2,102,349,511‌

Shares

redeemed

(6,250,000‌)

(580,152,764‌)

(27,750,000‌)

(2,411,435,041‌)

1,400,000‌

$

137,121,816‌

(3,050,000‌)

$

(309,085,530‌)

Board

Review

and

Approval

of

Investment

Advisory

Contract

2023

iShares

Semi-Annual

Report

to

Shareholders

66

iShares

Micro-Cap

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust's

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

the

approval

of

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

legal

and

compliance

services;

and

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

on

May

2,

2023

and

May

15,

2023,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel,

and

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

7-8,

2023,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

material

factors,

none

of

which

was

controlling,

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

other

fund(s)

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

for

the

Fund

were

higher

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2022,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

factors

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

to

the

iShares

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund,

including

related

programs

implemented

pursuant

to

regulatory

requirements.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies

provided

at

the

May

2,

2023

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

67

Board

Review

and

Approval

of

Investment

Advisory

Contract

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability

(as

discussed

above),

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

relatively

low

fee

rates

established

at

inception,

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business

and

the

provision

of

improved

or

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund

increase.

However,

the

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

noted

that

BFA

and

its

affiliates

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

as

applicable

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

further

considered

other

direct

benefits

that

might

accrue

to

BFA,

including

the

potential

for

reduction

in

the

Fund’s

expenses

that

are

borne

by

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

in

part

to

the

size

and

scope

of

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

in

the

iShares

complex)

as

well

as

in

response

to

a

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

by

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

by

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

and

paid

for

by

authorized

participants

under

the

ETF

Servicing

Platform.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

iShares

Russell

2500

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust's

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

the

approval

of

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

legal

and

compliance

services;

and

ability

to

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

2023

iShares

Semi-Annual

Report

to

Shareholders

68

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

on

May

2,

2023

and

May

15,

2023,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel,

and

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

7-8,

2023,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

material

factors,

none

of

which

was

controlling,

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

other

fund(s)

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

for

the

Fund

were

within

range

of

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2022,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

factors

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

to

the

iShares

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund,

including

related

programs

implemented

pursuant

to

regulatory

requirements.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies

provided

at

the

May

2,

2023

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

69

Board

Review

and

Approval

of

Investment

Advisory

Contract

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability

(as

discussed

above),

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

relatively

low

fee

rates

established

at

inception,

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business

and

the

provision

of

improved

or

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund

increase.

However,

the

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

noted

that

BFA

and

its

affiliates

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

Further,

with

respect

to

comparisons

with

one

or

more

open-end

index

mutual

funds

registered

under

the

1940

Act

managed

by

BFA

(or

an

affiliate)

that

track

the

same

index

as

the

Fund

or

have

a

similar

investment

strategy

or

mandate,

and

have

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

that

are

lower

than

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

of

the

Fund,

the

Board

gave

weight

to

management’s

explanations

of

the

relevant

circumstances

applicable

to

such

mutual

funds.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

as

applicable

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

further

considered

other

direct

benefits

that

might

accrue

to

BFA,

including

the

potential

for

reduction

in

the

Fund’s

expenses

that

are

borne

by

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

in

part

to

the

size

and

scope

of

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

in

the

iShares

complex)

as

well

as

in

response

to

a

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

by

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

by

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

and

paid

for

by

authorized

participants

under

the

ETF

Servicing

Platform.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

iShares

Russell

Mid-Cap

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust's

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

the

approval

of

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

2023

iShares

Semi-Annual

Report

to

Shareholders

70

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

legal

and

compliance

services;

and

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

on

May

2,

2023

and

May

15,

2023,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel,

and

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

7-8,

2023,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

material

factors,

none

of

which

was

controlling,

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

other

fund(s)

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

for

the

Fund

were

within

range

of

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2022,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

factors

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

to

the

iShares

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund,

including

related

programs

implemented

pursuant

to

regulatory

requirements.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies

provided

at

the

May

2,

2023

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

71

Board

Review

and

Approval

of

Investment

Advisory

Contract

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability

(as

discussed

above),

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

relatively

low

fee

rates

established

at

inception,

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business

and

the

provision

of

improved

or

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

already

provided

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund,

on

an

aggregated

basis

with

the

assets

of

certain

other

iShares

funds,

increase.

The

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

new

or

revised

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

noted

that

BFA

and

its

affiliates

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

Further,

with

respect

to

comparisons

with

one

or

more

open-end

index

mutual

funds

registered

under

the

1940

Act

managed

by

BFA

(or

an

affiliate)

that

track

the

same

index

as

the

Fund

or

have

a

similar

investment

strategy

or

mandate,

and

have

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

that

are

lower

than

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

of

the

Fund,

the

Board

gave

weight

to

management’s

explanations

of

the

relevant

circumstances

applicable

to

such

mutual

funds.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

as

applicable

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

further

considered

other

direct

benefits

that

might

accrue

to

BFA,

including

the

potential

for

reduction

in

the

Fund’s

expenses

that

are

borne

by

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

in

part

to

the

size

and

scope

of

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

in

the

iShares

complex)

as

well

as

in

response

to

a

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

by

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

by

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

and

paid

for

by

authorized

participants

under

the

ETF

Servicing

Platform.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

2023

iShares

Semi-Annual

Report

to

Shareholders

72

iShares

Russell

Mid-Cap

Growth

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust's

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

the

approval

of

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

legal

and

compliance

services;

and

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

on

May

2,

2023

and

May

15,

2023,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel,

and

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

7-8,

2023,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

material

factors,

none

of

which

was

controlling,

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

other

fund(s)

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2022,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

factors

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

to

the

iShares

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund,

including

related

programs

implemented

pursuant

to

regulatory

requirements.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies

provided

at

the

May

2,

2023

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

73

Board

Review

and

Approval

of

Investment

Advisory

Contract

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability

(as

discussed

above),

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

relatively

low

fee

rates

established

at

inception,

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business

and

the

provision

of

improved

or

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

already

provided

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund,

on

an

aggregated

basis

with

the

assets

of

certain

other

iShares

funds,

increase.

The

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

new

or

revised

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

noted

that

BFA

and

its

affiliates

do

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

as

applicable

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

further

considered

other

direct

benefits

that

might

accrue

to

BFA,

including

the

potential

for

reduction

in

the

Fund’s

expenses

that

are

borne

by

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

in

part

to

the

size

and

scope

of

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

in

the

iShares

complex)

as

well

as

in

response

to

a

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

by

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

by

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

and

paid

for

by

authorized

participants

under

the

ETF

Servicing

Platform.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Supplemental

Information

(unaudited)

2023

iShares

Semi-Annual

Report

to

Shareholders

74

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.

September

30,

2023

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

Micro-Cap

..........................

$

0.696856‌

$

—‌

$

—‌

$

0.696856‌

100‌%

—‌%

—‌%

100‌%

Russell

2500

.........................

0.449456‌

—‌

—‌

0.449456‌

100‌

—‌

—‌

100‌

Russell

Mid-Cap

......................

0.513135‌

—‌

—‌

0.513135‌

100‌

—‌

—‌

100‌

General

Information

75

General

Information

Electronic

Delivery

Shareholders

can

sign

up

for

e-mail

notifications

announcing

that

the

shareholder

report

or

prospectus

has

been

posted

on

the

iShares

website

at

iShares.com

.

Once

you

have

enrolled,

you

will

no

longer

receive

prospectuses

and

shareholder

reports

in

the

mail.

To

enroll

in

electronic

delivery:

•  

Go

to

icsdelivery.com

.

• 

 If

your

brokerage

firm

is

not

listed,

electronic

delivery

may

not

be

available.

Please

contact

your

broker-dealer

or

financial

advisor.

Householding

Householding

is

an

option

available

to

certain

fund

investors.

Householding

is

a

method

of

delivery,

based

on

the

preference

of

the

individual

investor,

in

which

a

single

copy

of

certain

shareholder

documents

and

Rule

30e-3

notices

can

be

delivered

to

investors

who

share

the

same

address,

even

if

their

accounts

are

registered

under

different

names.

Please

contact

your

broker-dealer

if

you

are

interested

in

enrolling

in

householding

and

receiving

a

single

copy

of

prospectuses

and

other

shareholder

documents,

or

if

you

are

currently

enrolled

in

householding

and

wish

to

change

your

householding

status.

Availability

of

Quarterly

Schedule

of

Investments

The

Funds

file

their

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

their

reports

on

Form

N-PORT.

The

Funds’

Forms

N-PORT

are

available

on

the

SEC’s

website

at

sec.gov

.

Additionally,

each

Fund

makes

its

portfolio

holdings

for

the

first

and

third

quarters

of

each

fiscal

year

available

at

iShares.com/fundreports

.

Availability

of

Proxy

Voting

Policies

and

Proxy

Voting

Records

A

description

of

the

policies

and

procedures

that

the

iShares

Funds

use

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and

information

about

how

the

iShares

Funds

voted

proxies

relating

to

portfolio

securities

during

the

most

recent

twelve-month

period

ending

June

30

is

available

without

charge,

upon

request

(1)

by

calling

toll-free

1-800-474-2737;

(2)

on

the

iShares

website

at

iShares.com

;

and

(3)

on

the

SEC

website

at

sec.gov

.

A

description

of

the

Trust’s policies

and

procedures

with

respect

to

the

disclosure

of each

Fund’s

portfolio

securities

is

available

in

the

Fund

Prospectus. Each

Fund

discloses

its

portfolio

holdings

daily

and

provides

information

regarding

its

top

holdings

in

Fund

fact

sheets

at

iShares.com

.

Glossary

of

Terms

Used

in

this

Report

2023

iShares

Semi-Annual

Report

to

Shareholders

76

Portfolio

Abbreviation

CVR

Contingent

Value

Rights

ETF

Exchange-Traded

Fund

MSCI

Morgan

Stanley

Capital

International

NASDAQ

National

Association

of

Securities

Dealers

Automated

NVS

Non-Voting

Shares

REIT

Real

Estate

Investment

Trust

iS-SAR-318-0923

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 FTSE

Russell,

nor

does

this

company

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

company

listed

above.

©2023

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

of

BlackRock,

Inc.

or

its

subsidiaries.

All

other

marks

are

the

property

of

their

respective

owners.

(b) Not Applicable

Item 2.      Code of Ethics.

Not applicable to this semi-annual report.

Item 3.      Audit Committee Financial Expert.

Not applicable to this semi-annual report.

Item 4.      Principal Accountant Fees and Services.

Not applicable to this semi-annual report.

Item 5.      Audit Committee of Listed Registrants.

Not applicable to this semi-annual report.

Item 6.      Investments.

(a)Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b)Not applicable.

Item 7.      Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

      Not applicable to the registrant.

Item 8.      Portfolio Managers of Closed-End Management Investment Companies.

      Not applicable to the registrant.

Item 9.      Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

      Not applicable to the registrant.

Item 10.    Submission of Matters to a Vote of Security Holders.

      There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 11.    Controls and Procedures.

(a)The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

(b)There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.    Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13.    Exhibits.

(a) (1) Not applicable to this semi-annual report.

(a) (2) Section 302 Certifications are attached.

(a)

(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

      (a) (4) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
iShares Trust
By: /s/ Dominik Rohe
Dominik Rohe, President (Principal Executive Officer)
Date:	November 20, 2023
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: /s/ Dominik Rohe
Dominik Rohe, President (Principal Executive Officer)
Date:		November 20, 2023
By: /s/ Trent Walker
Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)
Date:		November 20, 2023