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: Citi Fund Services Ohio, Inc.
4400 Easton Way Suite 200 Columbus, Ohio
 
 
43219
(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, 2023
 
 
 
 
Date of reporting period:
March 31, 2023
 
 
 
 
Item 1.      Reports to Stockholders.
 
(a) The Report to Shareholders is attached herewith.
 
March
31,
2023
iShares
Trust
iShares
U.S.
Aerospace
&
Defense
ETF
|
ITA
|
Cboe
BZX
iShares
U.S.
Broker-Dealers
&
Securities
Exchanges
ETF
|
IAI
|
NYSE
Arca
iShares
U.S.
Healthcare
Providers
ETF
|
IHF
|
NYSE
Arca
iShares
U.S.
Home
Construction
ETF
|
ITB
|
Cboe
BZX
iShares
U.S.
Infrastructure
ETF
|
IFRA
|
Cboe
BZX
iShares
U.S.
Insurance
ETF
|
IAK
|
NYSE
Arca
iShares
U.S.
Medical
Devices
ETF
|
IHI
|
NYSE
Arca
iShares
U.S.
Oil
&
Gas
Exploration
&
Production
ETF
|
IEO
|
Cboe
BZX
iShares
U.S.
Oil
Equipment
&
Services
ETF
|
IEZ
|
NYSE
Arca
iShares
U.S.
Pharmaceuticals
ETF
|
IHE
|
NYSE
Arca
iShares
U.S.
Real
Estate
ETF
|
IYR
|
NYSE
Arca
iShares
U.S.
Regional
Banks
ETF
|
IAT
|
NYSE
Arca
iShares
U.S.
Telecommunications
ETF
|
IYZ
|
Cboe
BZX
2023
Annual
Report
Dear
Shareholder,
Significant
economic
headwinds
emerged
during
the
12-month
reporting
period
ended
March
31,
2023,
as
investors
navigated
changing
economic
conditions
and
volatile
markets.
The
U.S.
economy
shrank
in
the
first
half
of
2022
before
returning
to
modest
growth
in
the
second
half
of
the
year,
marking
a
shift
to
a
more
challenging
post-reopening
economic
environment.
Changes
in
consumer
spending
patterns
and
a
tight
labor
market
led
to
elevated
inflation,
which
reached
a
40-year
high
before
beginning
to
moderate.
Equity
prices
fell
as
interest
rates
rose,
particularly
during
the
first
half
of
the
reporting
period.
Both
large-
and
small-capitalization
U.S.
stocks
declined,
although
equities
began
to
recover
in
the
second
half
of
the
period
as
inflation
eased
and
economic
growth
resumed.
Emerging
market
stocks
and
international
equities
from
developed
markets
declined
overall,
pressured
by
rising
interest
rates
and
volatile
commodities
prices.
The
10-year
U.S.
Treasury
yield
rose
during
the
reporting
period,
driving
its
price
down,
as
investors
reacted
to
fluctuating
inflation
data
and
attempted
to
anticipate
its
impact
on
future
interest
rate
changes.
The
corporate
bond
market
also
faced
inflationary
headwinds,
and
higher
interest
rates
led
to
rising
borrowing
costs
for
corporate
issuers.
The
U.S.
Federal
Reserve
(the
“Fed”),
acknowledging
that
inflation
has
been
more
persistent
than
expected,
raised
interest
rates
eight
times.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
accelerated
the
reduction
of
its
balance
sheet.
Restricted
labor
supply
kept
inflation
elevated
even
as
other
inflation
drivers,
such
as
goods
prices
and
energy
costs,
moderated.
While
economic
growth
slowed
in
the
last
year,
we
believe
that
taming
inflation
requires
a
more
substantial
decline
that
lowers
demand
to
a
level
more
in
line
with
the
economy’s
productive
capacity.
Although
the
Fed
has
decelerated
the
pace
of
interest
rate
hikes,
we
believe
that
it
still
seems
determined
to
get
inflation
back
to
target.
With
this
in
mind,
we
believe
the
possibility
of
a
U.S.
recession
in
the
near-term
is
high,
but
the
dimming
economic
outlook
has
not
yet
been
fully
reflected
in
current
market
prices.
We
believe
investors
should
expect
a
period
of
higher
volatility
as
markets
adjust
to
the
new
economic
reality
and
policymakers
attempt
to
adapt
to
rapidly
changing
conditions.
Turmoil
in
the
banking
sector
late
in
the
period
highlighted
the
potential
for
the
knock-on
effects
of
substantially
higher
interest
rates
to
disrupt
markets
with
little
warning.
While
we
favor
an
overweight
to
equities
in
the
long
term,
we
prefer
an
underweight
stance
on
equities
overall
in
the
near
term.
Expectations
for
corporate
earnings
remain
elevated,
which
seems
inconsistent
with
the
possibility
of
a
recession.
Nevertheless,
we
are
overweight
on
emerging
market
stocks
as
we
believe
a
weakening
U.S.
dollar
provides
a
supportive
backdrop.
We
also
see
long-term
opportunities
in
credit,
where
we
believe
that
valuations
are
appealing
and
higher
yields
provide
attractive
income,
although
we
are
neutral
on
credit
in
the
near
term,
as
we’re
concerned
about
tightening
credit
and
financial
conditions.
However,
we
believe
there
are
still
some
strong
opportunities
for
a
six-
to
twelve-month
horizon,
particularly
short-term
U.S.
Treasuries,
global
inflation-linked
bonds,
and
emerging
market
bonds
denominated
in
local
currency.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
iShares.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock,
Inc.
The
Markets
in
Review
Rob
Kapito
President,
BlackRock,
Inc.
Total
Returns
as
of
March
31,
2023
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
15.62
%
(7.73
)%
U.S.
small
cap
equities
(Russell
2000
®
Index)
9.14
(11.61
)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
27.27
(1.38
)
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
14.04
(10.70
)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
1.93
2.52
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
4.38
(6.90
)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
4.89
(4.78
)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
7.00
0.26
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
7.88
(3.35
)
2
This
Page
is
not
Part
of
Your
Fund
Report
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Annual
Report:
Market
Overview
.......................................................................................................
4
Fund
Summary
........................................................................................................
5
About
Fund
Performance
..................................................................................................
31
Disclosure
of
Expenses
...................................................................................................
31
Schedules
of
Investments
.................................................................................................
32
Financial
Statements:
Statements
of
Assets
and
Liabilities
.........................................................................................
74
Statements
of
Operations
................................................................................................
78
Statements
of
Changes
in
Net
Assets
........................................................................................
82
Financial
Highlights
.....................................................................................................
89
Notes
to
Financial
Statements
...............................................................................................
102
Report
of
Independent
Registered
Public
Accounting
Firm
..............................................................................
116
Important
Tax
Information
(Unaudited)
.................................................................................................
117
Statement
Regarding
Liquidity
Risk
Management
Program
.............................................................................
118
Supplemental
Information
.................................................................................................
119
Trustee
and
Officer
Information
..............................................................................................
121
General
Information
.....................................................................................................
123
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
124
Market
Overview
4
2023
iShares
Annual
Report
to
Shareholders
iShares
Trust
Domestic
Market
Overview
U.S.
stocks
declined
for
the
12
months
ended
March
31,
2023
(“reporting
period”),
when
the
Russell
3000
®
Index,
a
broad
measure
of
U.S.
equity
market
performance,
returned
-8.58%.
Elevated
inflation
and
rapid
tightening
of
monetary
policy
dampened
growth
and
weighed
on
equities.
Higher
interest
rates
drove
bond
yields
higher
and
increased
borrowing
costs
for
businesses
and
consumers.
Equities
began
to
recover
in
the
second
half
of
the
reporting
period,
as
the
broader
economy
remained
resilient
and
the
pace
of
inflation
declined.
In
March
2023,
two
banks
suddenly
failed,
representing
the
second
and
third
largest
bank
failures
in
U.S.
history
by
asset
value.
This
drove
concern
among
investors
about
the
resiliency
of
the
financial
system
in
the
face
of
rapidly
rising
interest
rates.
However,
government
agencies
acted
swiftly
to
organize
a
sale
of
the
failed
banks’
assets
and
inject
liquidity,
and
equity
prices
recovered.
Inflation
was
a
significant
driver
of
the
economic
outlook.
As
the
reporting
period
began,
the
consumer
price
index,
a
widely
followed
measure
of
inflation,
stood
at
multi-
decade
highs.
Strong
consumer
spending
and
a
tight
labor
market,
along
with
continued
supply
chain
disruptions
in
Asia,
combined
to
drive
prices
higher.
But
the
rate
of
inflation
began
to
decline
as
the
reporting
period
wore
on,
decelerating
for
nine
consecutive
months
beginning
in
July
2022.
Nonetheless,
inflation
remained
elevated
by
historic
standards,
and
higher
prices
negatively
impacted
both
consumers
and
businesses.
The
U.S.
economy
recovered
from
a
decline
in
the
first
half
of
2022
to
post
modest
growth
in
the
third
and
fourth
quarters
of
2022.
Consumers
continued
to
power
the
economy
with
growing
spending,
despite
higher
prices
for
many
consumer
goods
and
services.
The
strong
labor
market
supported
spending,
as
unemployment
remained
very
low,
at
one
point
dropping
to
the
lowest
recorded
level
since
1969.
Furthermore,
the
labor
force
participation
rate—which
measures
the
total
proportion
of
employed
persons
of
working
age—rose,
indicating
that
more
people
were
being
drawn
into
the
labor
force.
Amid
tightening
labor
supply,
wages
rose
significantly,
with
the
largest
gains
at
the
lower
end
of
the
wage
spectrum.
To
contain
inflation,
the
U.S.
Federal
Reserve
(“Fed”)
tightened
monetary
policy
rapidly,
raising
short-term
interest
rates
eight
times
over
the
course
of
the
reporting
period.
The
pace
of
tightening
accelerated
as
the
Fed
twice
stepped
up
the
increment
of
increase
before
reducing
it
again
as
inflation
began
to
subside.
The
Fed
also
started
to
reduce
the
size
of
its
balance
sheet
by
reducing
the
store
of
U.S.
Treasuries
it
had
accumulated
to
stabilize
markets
in
the
early
phases
of
the
coronavirus
pandemic.
While
the
Fed
indicated
that
more
tightening
could
be
needed
to
achieve
its
long-term
inflation
goal,
it
sounded
a
more
cautious
note
about
the
potential
for
further
interest
rate
increases
near
the
end
of
the
reporting
period.
Despite
economic
headwinds,
corporate
profits
remained
robust,
and
many
companies
were
able
to
sufficiently
raise
prices
to
preserve
profit
margins
even
in
the
face
of
rising
labor
and
input
costs.
Nonetheless,
profits
declined
overall
in
the
fourth
quarter
of
2022,
and
the
yield
curve
(a
graphical
representation
of
U.S.
Treasury
rates
at
different
maturities)
inverted,
a
sign
that
markets
were
concerned
about
the
impact
of
higher
borrowing
costs
on
the
economy.
Furthermore,
dwindling
personal
savings
and
rising
household
debt
raised
questions
about
the
sustainability
of
consumer
spending
as
an
engine
of
economic
growth.
iShares
®
U.S.
Aerospace
&
Defense
ETF
5
Fund
Summary
Fund
Summary
as
of
March
31,
2023
Investment
Objective
The
iShares
U.S.
Aerospace
&
Defense
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
equities
in
the
aerospace
and
defense
sector,
as
represented
by
the
Dow
Jones
U.S.
Select
Aerospace
&
Defense
Index
TM
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
..................................
5.16
%
4.25
%
13.17
%
5.16
%
23.11
%
244.72
%
Fund
Market
................................
5.07
4.25
13.18
–
%
5.07
23.13
244.76
Index
.....................................
5.59
4.70
13.65
5.59
25.79
259.55
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
1,268.80
‌
$
2.26
‌
$
1,000.00
‌
$
1,022.94
‌
$
2.02
‌
0.40
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
March
31,
2023
(continued)
iShares
®
U.S.
Aerospace
&
Defense
ETF
6
2023
iShares
Annual
Report
to
Shareholders
Portfolio
Management
Commentary
U.S.
aerospace
and
defense
stocks
advanced
modestly
during
the
reporting
period,
as
geopolitical
tensions
and
the
growing
appetite
for
leisure
air
travel
accelerated
demand
for
new
aircraft.
Consumer
passenger
traffic
edged
closer
to
pre-pandemic
levels
amid
an
easing
of
travel
restrictions.
In
response
to
tensions
with
China
and
ongoing
conflict
in
Ukraine,
the
U.S.
government
passed
legislation
to
increase
military
spending
and
accelerate
weapon
sales
to
its
allies.
Additionally,
NATO
members
sought
to
ramp
up
spending
on
weapons
to
replenish
inventory.
Companies
that
develop
defense
technologies
were
among
the
largest
contributors
to
the
index’s
return,
as
steady
increases
in
demand
outweighed
supply-chain
issues.
Makers
of
equipment
and
software
for
law
enforcement
agencies
increased
sales
of
cloud-based
solutions
designed
to
integrate
physical
products
such
as
non-lethal
weapons
and
body
cameras.
This
strategy
of
cross-selling
operational
software
to
an
already
large
customer
base
led
to
sizable
growth
in
long-term
contracts
and
revenues.
Builders
of
weaponry
and
military
aircraft
benefited
from
an
increase
in
orders
from
the
U.S.
government
to
support
its
allies
in
Ukraine.
Ongoing
worker
and
parts
shortages
made
it
difficult
for
these
companies
to
fulfill
these
orders
in
the
short
term,
weighing
on
revenues.
However,
investors
responded
positively
to
continued
government
buying
and
stock-repurchase
programs.
Aerospace
companies
benefited
from
airliners’
efforts
to
meet
high
demand
for
leisure
travel.
Multiple
airline
operators,
especially
those
serving
fast-growing
markets
for
air
travel,
placed
record
orders
for
new
planes.
Manufacturers
increased
new
aircraft
deliveries,
though
supply
and
labor
issues
slowed
delivery
rates.
The
machinery
industry
also
contributed
to
the
Index’s
performance,
as
manufacturers
of
critical
airline
parts
benefited
from
the
broader
demand
for
aircraft.
These
companies
also
experienced
a
steady
increase
in
revenues
following
recent
acquisitions.
Portfolio
Information
INDUSTRY
ALLOCATION
Industry
Percent
of
Total
Investments
(a)
Aerospace
&
Defense
.............................
97.7‌
%
Industrial
Machinery
&
Supplies
&
Components
...........
1.9‌
Leisure
Products
................................
0.4‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Raytheon
Technologies
Corp.
.......................
20.6‌
%
Boeing
Co.
(The)
................................
17.2‌
Lockheed
Martin
Corp.
............................
7.9‌
General
Dynamics
Corp.
...........................
4.5‌
Northrop
Grumman
Corp.
..........................
4.5‌
TransDigm
Group,
Inc.
............................
4.4‌
Howmet
Aerospace,
Inc.
...........................
4.3‌
L3Harris
Technologies,
Inc.
.........................
4.3‌
Axon
Enterprise,
Inc.
.............................
4.2‌
Textron,
Inc.
...................................
4.1‌
      aaa
aa
iShares
®
U.S.
Broker-Dealers
&
Securities
Exchanges
ETF
7
Fund
Summary
Fund
Summary
as
of
March
31,
2023
Investment
Objective
The
iShares
U.S.
Broker-Dealers
&
Securities
Exchanges
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
equities
in
the
investment
services
sector,
as
represented
by
the
Dow
Jones
U.S.
Select
Investment
Services
Index
TM
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.................................
(6.43
)
%
8.87
%
14.49
%
(6.43
)
%
52.94
%
286.88
%
Fund
Market
...............................
(6.45
)
8.89
14.50
–
%
(6.45
)
53.11
287.17
Index
....................................
(6.03
)
9.23
14.89
(6.03
)
55.50
300.80
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
1,083.50
‌
$
2.08
‌
$
1,000.00
‌
$
1,022.94
‌
$
2.02
‌
0.40
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
March
31,
2023
(continued)
iShares
®
U.S.
Broker-Dealers
&
Securities
Exchanges
ETF
8
2023
iShares
Annual
Report
to
Shareholders
Portfolio
Management
Commentary
Stocks
of
U.S.
broker-dealers
and
securities
exchanges
posted
a
negative
return
for
the
reporting
period.
Equity
and
bond
markets
declined,
reducing
assets
under
management
and,
in
turn,
decreasing
revenue
and
earnings.
Investment
product
fees
also
fell,
further
pressuring
industry
revenue.
Initial
public
offerings
dropped
substantially,
reducing
related
underwriting
and
exchange-listing
proceeds.
Net
interest
income
increased
for
many
firms
along
with
rising
interest
rates.
Stocks
throughout
the
financials
sector
faced
headwinds,
however,
amid
concern
about
the
impact
of
rising
interest
rates
on
balance
sheet
assets.
Firms
within
the
capital
markets
industry
detracted
the
most
from
the
Index’s
return.
The
U.S.
stock
market
posted
its
largest
annual
decline
since
2018
and
U.S.
bond
prices
also
fell
substantially.
Investors
in
2022
withdrew
more
money
than
they
placed
in
long-term
U.S.
equity
and
bond
investment
funds.
This
represented
the
first
time
the
industry
experienced
net
annual
investment
outflows
since
data
providers
began
tracking
calendar-year
investment
flows
in
1993.
The
net
withdrawals
exacerbated
the
industry’s
drop
in
assets
under
management
from
contracting
financial
markets.
Concerns
about
the
health
of
balance
sheets
and
liquidity
within
the
banking
system
created
turmoil
throughout
the
global
financials
sector
near
the
end
of
the
reporting
period.
Investors
grew
concerned
that
significant
deposit
withdrawals
put
stress
on
the
banking
system,
and
the
concern
spread
to
broker-dealers
who
fund
their
operations
with
large
amounts
of
cash
deposits.
Similar
to
banks,
some
broker-dealers
also
faced
sizable
unrealized
asset
losses
on
their
balance
sheets.
Amid
the
turmoil,
many
broker-dealer
clients
shifted
deposits
to
higher-yielding
money-market
funds.
That
raised
broker-dealer
costs
and
led
analysts
to
cut
earnings
estimates
as
traditional
cash
deposits
decreased.
Portfolio
Information
INDUSTRY
ALLOCATION
Industry
Percent
of
Total
Investments
(a)
Investment
Banking
&
Brokerage
.....................
74.6‌
%
Financial
Exchanges
&
Data
........................
25.2‌
Asset
Management
&
Custody
Banks
..................
0.2‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Morgan
Stanley
.................................
19.8‌
%
Goldman
Sachs
Group,
Inc.
(The)
....................
19.1‌
MarketAxess
Holdings,
Inc.
.........................
5.3‌
Cboe
Global
Markets,
Inc.
..........................
5.3‌
Intercontinental
Exchange,
Inc.
......................
4.9‌
CME
Group,
Inc.,
Class
A
..........................
4.9‌
Nasdaq,
Inc.
...................................
4.8‌
Charles
Schwab
Corp.
(The)
........................
4.3‌
Raymond
James
Financial,
Inc.
......................
4.2‌
Interactive
Brokers
Group,
Inc.,
Class
A
.................
4.0‌
      aaa
aa
iShares
®
U.S.
Healthcare
Providers
ETF
9
Fund
Summary
Fund
Summary
as
of
March
31,
2023
Investment
Objective
The
iShares
U.S.
Healthcare
Providers
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
equities
in
the
healthcare
providers
sector,
as
represented
by
the
Dow
Jones
U.S.
Select
Health
Care
Providers
Index
TM
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.................................
(11.81
)
%
11.00
%
13.33
%
(11.81
)
%
68.49
%
249.61
%
Fund
Market
...............................
(11.92
)
10.91
13.33
–
%
(11.92
)
67.85
249.38
Index
....................................
(11.57
)
11.43
13.78
(11.57
)
71.81
263.58
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
973.10
‌
$
1.97
‌
$
1,000.00
‌
$
1,022.94
‌
$
2.02
‌
0.40
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
March
31,
2023
(continued)
iShares
®
U.S.
Healthcare
Providers
ETF
10
2023
iShares
Annual
Report
to
Shareholders
Portfolio
Management
Commentary
Stocks
of
healthcare
providers
declined
during
the
reporting
period.
Rising
interest
rates
made
the
relatively
small
dividends
from
healthcare
stocks
less
attractive
when
compared
to
investments
in
bond
markets.
New
competition
and
government
programs
pressured
healthcare
providers
to
transform
their
businesses
to
integrate
services
such
as
medical
clinics
with
health
insurance,
prescription
plans,
and
pharmacies.
E-commerce
companies
that
offered
inexpensive
new
plans
to
deliver
generic
drugs
directly
to
consumers
provided
increasing
competition
to
bricks-and-mortar
retail
chains.
A
new
federal
law,
the
Inflation
Reduction
Act,
gave
the
government
more
power
to
negotiate
for
lower
prescription
prices
for
some
of
the
drugs
covered
under
Medicare.
Furthermore,
the
industry’s
diversification
efforts
encountered
the
government’s
increased
efforts
to
enforce
antitrust
measures,
including
litigating
mergers
and
acquisitions.
The
healthcare
providers
and
services
industry
detracted
the
most
from
the
Index’s
performance.
The
stock
price
of
a
major
drugstore
chain
dropped
after
a
federal
healthcare
agency
downgraded
its
rating
on
a
prescription
drug
plan,
reducing
payments
from
the
government,
and
a
major
health
insurance
company
dropped
the
drug
retailer
as
its
pharmacy
benefits
manager
to
negotiate
drug
prices.
Earnings
of
health
insurance
companies
were
pressured
as
more
patients
opted
to
schedule
non-urgent
care
procedures
that
they
deferred
during
the
COVID-19
pandemic,
increasing
medical
care
expenses.
However,
the
uptake
rate
of
patients
opting
for
the
procedures
slowed
as
labor
shortages
delayed
elective
care.
Stocks
in
the
healthcare
technology
industry
also
detracted
from
the
performance
of
the
Index.
The
stock
price
of
a
provider
of
remote
medical
advice,
which
soared
during
the
COVID-19
pandemic,
dropped
sharply
after
it
forecast
weaker
sales
and
higher
costs.
Portfolio
Information
INDUSTRY
ALLOCATION
Industry
Percent
of
Total
Investments
(a)
Managed
Health
Care
.............................
50.7‌
%
Health
Care
Services
.............................
31.7‌
Health
Care
Facilities
.............................
13.5‌
Health
Care
Technology
...........................
3.6‌
Life
Sciences
Tools
&
Services
.......................
0.5‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
UnitedHealth
Group,
Inc.
...........................
22.9‌
%
Elevance
Health,
Inc.
.............................
13.8‌
CVS
Health
Corp.
...............................
8.2‌
HCA
Healthcare,
Inc.
.............................
4.8‌
Humana,
Inc.
..................................
4.5‌
Laboratory
Corp.
of
America
Holdings
..................
4.3‌
Centene
Corp.
..................................
4.3‌
Cigna
Group
(The)
...............................
4.2‌
Quest
Diagnostics,
Inc.
............................
3.4‌
Molina
Healthcare,
Inc.
............................
3.3‌
      aaa
aa
iShares
®
U.S.
Home
Construction
ETF
11
Fund
Summary
Fund
Summary
as
of
March
31,
2023
Investment
Objective
The
iShares
U.S.
Home
Construction
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
equities
in
the
home
construction
sector,
as
represented
by
the
Dow
Jones
U.S.
Select
Home
Construction
Index
TM
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
..................................
19.69
%
13.07
%
11.94
%
19.69
%
84.80
%
208.79
%
Fund
Market
................................
19.64
12.92
11.94
–
%
19.64
83.61
208.97
Index
.....................................
20.17
13.53
12.42
20.17
88.63
222.38
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
1,357.80
‌
$
2.35
‌
$
1,000.00
‌
$
1,022.94
‌
$
2.02
‌
0.40
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
March
31,
2023
(continued)
iShares
®
U.S.
Home
Construction
ETF
12
2023
iShares
Annual
Report
to
Shareholders
Portfolio
Management
Commentary
Home
construction
stocks
advanced
strongly
for
the
reporting
period,
as
rising
home
prices
and
solid
demand
for
new
home
construction
drove
gains
in
an
otherwise
difficult
environment
for
equities.
Several
trends
helped
stimulate
demand
for
new
homes
amid
transformations
accelerated
by
the
COVID-19
pandemic.
The
surge
in
remote
work
prompted
new
migration
patterns,
as
workers
sought
out
desirable
locales
for
home
offices.
This
led
to
higher
demand
in
some
areas
that
were
further
from
urban
cores,
as
workers
sought
other
amenities.
Many
remote
workers
that
stayed
local
also
upgraded
to
larger
homes
with
spaces
more
suitable
for
home
offices.
In
addition,
the
number
of
families
or
people
seeking
to
buy
their
own
home
grew,
far
outstripping
the
available
supply
of
new
housing
being
built.
Nonetheless,
homebuilders
faced
several
significant
headwinds
during
the
reporting
period.
Interest
rates
rose
sharply,
sending
average
mortgage
rates
to
the
highest
level
in
over
two
decades.
Higher
mortgage
rates
made
financing
more
expensive
for
prospective
buyers,
limiting
the
strong
demand
for
new
homes.
Inflation
also
weighed
on
the
industry,
as
the
price
of
building
materials
rose,
and
lumber
prices
surged
at
the
beginning
of
the
reporting
period
before
moderating.
And
a
tight
labor
market
drove
increased
costs,
as
homebuilders
struggled
to
recruit
and
retain
workers
amid
rising
wages,
particularly
for
lower-skilled
laborers.
Despite
these
challenges,
low
inventories
of
existing
homes
available
for
sale
and
persistently
high
home
prices
benefited
builders
of
new
homes.
High
profit
margins
in
the
industry
allowed
homebuilders
to
offer
incentives
to
new
home
purchasers
where
needed
while
still
maintaining
profitability.
Homebuilders
also
benefited
from
investors’
expectations
that
the
Fed
was
nearing
the
end
of
its
monetary
tightening
cycle.
Portfolio
Information
INDUSTRY
ALLOCATION
Industry
Percent
of
Total
Investments
(a)
Homebuilding
..................................
66.1‌
%
Building
Products
................................
13.1‌
Home
Improvement
Retail
..........................
10.6‌
Specialty
Chemicals
..............................
4.4‌
Trading
Companies
&
Distributors
.....................
2.4‌
Home
Furnishings
...............................
1.8‌
Other
(each
representing
less
than
1%)
.................
1.6‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
DR
Horton,
Inc.
.................................
15.0‌
%
Lennar
Corp.,
Class
A
.............................
13.1‌
NVR,
Inc.
.....................................
8.3‌
PulteGroup,
Inc.
................................
6.5‌
Sherwin-Williams
Co.
(The)
.........................
4.5‌
Home
Depot,
Inc.
(The)
...........................
4.4‌
Lowe's
Companies,
Inc.
...........................
4.3‌
TopBuild
Corp.
.................................
3.3‌
Toll
Brothers,
Inc.
................................
3.0‌
Builders
FirstSource,
Inc.
..........................
2.3‌
      aaa
aa
iShares
®
U.S.
Infrastructure
ETF
13
Fund
Summary
Fund
Summary
as
of
March
31,
2023
Investment
Objective
The
iShares
U.S.
Infrastructure
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
equities
of
U.S.
companies
that
have
infrastructure
exposure
and
that
could
benefit
from
a
potential
increase
in
domestic
infrastructure
activities,
as
represented
by
the
NYSE
®
FactSet
U.S.
Infrastructure
Index
SM
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
GROWTH
OF
$10,000
INVESTMENT
(SINCE
INCEPTION
AT
NET
ASSET
VALUE)
The
inception
date
of
the
Fund
was
April
3,
2018.
The
first
day
of
secondary
market
trading
was
April
5,
2018.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
Since
Inception
1
Year
Since
Inception
Fund
NAV
.............................................................
(2.08
)
%
10.48
%
(2.08
)
%
64.51
%
Fund
Market
...........................................................
(2.21
)
10.47
–
%
(2.21
)
64.40
Index
................................................................
(1.81
)
10.89
(1.81
)
67.51
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
1,172.60
‌
$
1.62
‌
$
1,000.00
‌
$
1,023.44
‌
$
1.51
‌
0.30
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
March
31,
2023
(continued)
iShares
®
U.S.
Infrastructure
ETF
14
2023
iShares
Annual
Report
to
Shareholders
Portfolio
Management
Commentary
U.S.
infrastructure
stocks
declined
modestly
during
the
reporting
period.
Economic
growth
and
industrial
production
both
slowed
as
the
Fed
raised
interest
rates
to
address
elevated
inflation.
High
costs
for
fuel
and
raw
materials
negatively
impacted
a
variety
of
infrastructure-related
businesses.
However,
infrastructure
stocks
received
some
support
from
the
federal
government’s
Inflation
Reduction
and
CHIPS
and
Science
acts,
both
signed
into
law
in
August
2022.
The
former
provided
funding
for
green
energy
initiatives,
and
the
latter
targeted
funding
for
domestic
production
of
semiconductors
and
related
technology.
Multi-utilities
industry
stocks
detracted
the
most
from
the
Index’s
return.
Increased
costs
of
fuel,
supply
chain
disruptions,
and
elevated
inflation
drove
higher
utilities
rates
for
customers
and
negatively
impacted
the
industry’s
finances.
Supply-chain
constraints
and
weather
extremes
also
compromised
the
ability
to
provide
reliable
power
generation
and
distribution.
Renewable
energy
providers
faced
similar
supply-chain,
fuel,
and
labor
challenges
that
drove
costs
higher.
Stocks
in
the
chemicals
industry
also
detracted
from
the
Index’s
performance.
Chemical
companies
worldwide
faced
high
raw
material
prices
and
uncertain
demand
that
pressured
earnings.
A
company
that
provides
bioplastic
replacements
for
traditional
petroleum-based
products
struggled
with
heavy
debt
and
financial
losses.
On
the
upside,
construction
and
engineering
firms
contributed
to
the
Index’s
return.
Solid
demand
persisted
for
construction
projects
despite
the
economic
slowdown,
and
the
industry
benefited
from
substantial
project
backlogs.
In
particular,
non-residential
construction
increased,
as
did
broad-based
demand
for
civil
engineering
projects.
Final
prices
realized
for
finished
construction
projects
increased
in
2022,
and
the
industry
was
helped
by
slowing
inflation
for
construction
materials
as
the
reporting
period
progressed.
In
addition,
construction
firms
benefited
from
ongoing
funding
via
the
Infrastructure
Investment
and
Jobs
Act.
Portfolio
Information
INDUSTRY
ALLOCATION
Industry
Percent
of
Total
Investments
(a)
Electric
Utilities
.................................
20.1‌
%
Multi-Utilities
...................................
11.5‌
Construction
&
Engineering
.........................
11.1‌
Steel
........................................
7.8‌
Oil
&
Gas
Storage
&
Transportation
...................
7.8‌
Building
Products
................................
6.4‌
Water
Utilities
..................................
5.6‌
Gas
Utilities
...................................
4.7‌
Commodity
Chemicals
............................
2.9‌
Trading
Companies
&
Distributors
.....................
2.6‌
Construction
Machinery
&
Heavy
Transportation
Equipment
...
2.2‌
Rail
Transportation
...............................
2.1‌
Construction
Materials
............................
1.8‌
Specialty
Chemicals
..............................
1.8‌
Industrial
Machinery
&
Supplies
&
Components
...........
1.8‌
Aluminum
.....................................
1.7‌
Environmental
&
Facilities
Services
....................
1.2‌
Research
&
Consulting
Services
......................
1.2‌
Forest
Products
.................................
1.1‌
Other
(each
representing
less
than
1%)
.................
4.6‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Vistra
Corp.
...................................
0.8‌
%
MGE
Energy,
Inc.
................................
0.8‌
Algonquin
Power
&
Utilities
Corp.
.....................
0.8‌
Southern
Co.
(The)
..............................
0.8‌
Fortis,
Inc.
....................................
0.8‌
WEC
Energy
Group,
Inc.
...........................
0.8‌
Consolidated
Edison,
Inc.
..........................
0.8‌
OGE
Energy
Corp.
...............................
0.8‌
IDACORP,
Inc.
.................................
0.8‌
Edison
International
..............................
0.8‌
      aaa
aa
iShares
®
U.S.
Insurance
ETF
15
Fund
Summary
Fund
Summary
as
of
March
31,
2023
Investment
Objective
The
iShares
U.S.
Insurance
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
equities
in
the
insurance
sector,
as
represented
by
the
Dow
Jones
U.S.
Select
Insurance
Index
TM
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.................................
(4.35
)
%
8.06
%
10.55
%
(4.35
)
%
47.36
%
172.67
%
Fund
Market
...............................
(4.45
)
8.05
10.55
–
%
(4.45
)
47.30
172.57
Index
....................................
(3.92
)
8.50
11.01
(3.92
)
50.40
184.20
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
1,094.00
‌
$
2.09
‌
$
1,000.00
‌
$
1,022.94
‌
$
2.02
‌
0.40
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
March
31,
2023
(continued)
iShares
®
U.S.
Insurance
ETF
16
2023
iShares
Annual
Report
to
Shareholders
Portfolio
Management
Commentary
U.S.
insurance
stocks
declined
for
the
reporting
period.
Despite
rising
interest
rates,
which
can
benefit
insurance
providers
under
certain
conditions,
lower
earnings
weighed
on
the
industry’s
performance.
Insurance
stocks
were
also
negatively
impacted
by
the
wider
effects
of
two
bank
failures
late
in
the
reporting
period
amid
concern
about
unrealized
bond
losses
and
potential
liquidity
impacts.
Stocks
in
the
life
and
health
insurance
industry
detracted
the
most
from
the
Index’s
return.
Large
life
insurers
reported
relatively
flat
premium
and
fee
revenue
excluding
certain
pension-related
items.
At
the
same
time,
lower
investment
income
resulting
from
declining
net
investment
spreads
(the
difference
between
interest
earned
on
assets
and
interest
paid
on
liabilities)
and
private
equity
returns
reduced
annual
earnings.
Despite
record-high
annuity
sales
driven
by
demand
for
fixed
annuities,
market
depreciation
and
lower
income
from
variable
annuities
further
pressured
earnings.
In
addition,
insurers
offering
investment
management
services
reported
lower
revenue
as
assets
decreased
from
the
impact
of
rising
interest
rates
and
declining
equity
markets.
Both
insurers
and
their
investors,
meanwhile,
grappled
with
the
underwriting
challenges
the
industry
faced
in
the
wake
of
the
coronavirus
pandemic
and
pending
regulatory
guidance
regarding
insurance
applications.
Life
insurers
also
faced
scrutiny
and
lawsuits
from
practices
some
used
to
boost
their
income
in
the
low
interest
rate
environment
that
followed
the
2018
global
financial
crisis,
leading
to
partial
refunds
to
thousands
of
customers.
Along
with
myriad
banks,
investors
became
concerned
about
unrealized
losses
from
fixed-income
securities
investments
on
the
balance
sheet
of
many
insurers.
Concern
about
the
impact
of
bank
failures
reverberated
throughout
the
financials
sector,
sending
insurance
stocks
sharply
lower
late
in
the
reporting
period.
Amid
rising
interest
rates
that
reduced
the
value
of
their
fixed-income
and
alternative
investment
portfolios,
net
investment
income
declined
and
unrealized
losses
increased
for
large
multi-line
insurers.
Portfolio
Information
INDUSTRY
ALLOCATION
Industry
Percent
of
Total
Investments
(a)
Property
&
Casualty
Insurance
.......................
58.8‌
%
Life
&
Health
Insurance
............................
23.2‌
Multi-line
Insurance
..............................
10.0‌
Insurance
Brokers
...............................
6.9‌
Diversified
Financial
Services
.......................
1.1‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Progressive
Corp.
(The)
...........................
12.3‌
%
Chubb
Ltd.
....................................
11.8‌
Travelers
Companies,
Inc.
(The)
......................
5.8‌
MetLife,
Inc.
...................................
5.6‌
American
International
Group,
Inc.
....................
5.5‌
Arthur
J
Gallagher
&
Co.
...........................
4.8‌
Aflac,
Inc.
.....................................
4.6‌
Allstate
Corp.
(The)
..............................
4.3‌
Prudential
Financial,
Inc.
...........................
4.2‌
Arch
Capital
Group
Ltd.
...........................
3.9‌
      aaa
aa
iShares
®
U.S.
Medical
Devices
ETF
17
Fund
Summary
Fund
Summary
as
of
March
31,
2023
Investment
Objective
The
iShares
U.S.
Medical
Devices
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
equities
in
the
medical
devices
sector,
as
represented
by
the
Dow
Jones
U.S.
Select
Medical
Equipment
Index
TM
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.................................
(10.89
)
%
12.25
%
16.10
%
(10.89
)
%
78.25
%
344.98
%
Fund
Market
...............................
(11.01
)
12.23
16.09
–
%
(11.01
)
78.08
344.59
Index
....................................
(10.56
)
12.71
16.58
(10.56
)
81.88
363.53
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
1,148.40
‌
$
2.14
‌
$
1,000.00
‌
$
1,022.94
‌
$
2.02
‌
0.40
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
March
31,
2023
(continued)
iShares
®
U.S.
Medical
Devices
ETF
18
2023
iShares
Annual
Report
to
Shareholders
Portfolio
Management
Commentary
Stocks
of
U.S.
medical
device
makers
declined
for
the
reporting
period.
Companies
in
the
healthcare
equipment
and
supplies
industry
detracted
the
most
from
the
Index’s
performance.
Although
demand
for
elective
surgical
procedures
mostly
rebounded
from
lows
during
the
height
of
the
COVID-19
pandemic,
chronic
hospital
labor
shortages
slowed
the
pace
of
the
recovery,
limiting
demand
for
medical
equipment
and
supplies.
Sales
of
coronavirus
diagnostic
test
kits
also
declined
as
the
infection
rate
waned.
Global
supply
chain
pressures,
compounded
by
geopolitical
tensions
and
rising
energy
costs,
weakened
profit
margins
and
net
earnings
in
the
industry.
Lockdowns
in
China
related
to
the
coronavirus
pandemic
further
pressured
the
financial
performance
of
U.S.
healthcare
equipment
and
supplies
companies,
as
did
ongoing
high
inflation
and
foreign
exchange
losses
from
the
stronger
U.S.
dollar.
Additionally,
rising
interest
rates
made
the
relatively
poor
dividends
on
healthcare
stocks
unattractive
when
compared
to
the
perceived
safer
investment
in
the
bond
markets,
limiting
investor
interest.
Disappointing
results
from
a
prominent
clinical
study
for
a
new
medical
device
to
treat
hypertension
also
weighed
on
the
healthcare
equipment
and
supplies
industry.
The
stock
price
of
a
manufacturer
of
diagnostic
and
nutrition
products
in
the
industry
declined
after
the
U.S.
Food
and
Drug
Administration
began
investigations
into
quality
control
issues
at
a
baby
formula
plant.
The
company
temporarily
halted
production
of
the
formula,
prompting
a
nationwide
shortage,
and
the
U.S.
Justice
Department
later
opened
a
criminal
investigation
into
conduct
at
the
plant.
Companies
in
the
life
sciences
tools
and
services
industry
also
detracted
from
the
Index’s
performance
as
declining
sales
of
coronavirus
testing
equipment
weakened
revenues.
In
addition,
the
outlook
for
sales
declined
as
insurers
pushed
the
costs
of
COVID-19
testing
onto
consumers.
Portfolio
Information
INDUSTRY
ALLOCATION
Industry
Percent
of
Total
Investments
(a)
Health
Care
Equipment
............................
79.1‌
%
Life
Sciences
Tools
&
Services
.......................
20.6‌
Health
Care
Supplies
.............................
0.3‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Thermo
Fisher
Scientific,
Inc.
........................
17.4‌
%
Abbott
Laboratories
..............................
13.6‌
Medtronic
PLC
.................................
8.2‌
Stryker
Corp.
..................................
5.5‌
Intuitive
Surgical,
Inc.
.............................
4.8‌
Boston
Scientific
Corp.
............................
4.6‌
Becton
Dickinson
&
Co.
...........................
4.5‌
Edwards
Lifesciences
Corp.
........................
4.5‌
Dexcom
,
Inc.
...................................
4.0‌
IDEXX
Laboratories,
Inc.
...........................
3.7‌
aaa
aa
iShares
®
U.S.
Oil
&
Gas
Exploration
&
Production
ETF
19
Fund
Summary
Fund
Summary
as
of
March
31,
2023
Investment
Objective
The
iShares
U.S.
Oil
&
Gas
Exploration
&
Production
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
equities
in
the
oil
and
gas
exploration
and
production
sector,
as
represented
by
the
Dow
Jones
U.S.
Select
Oil
Exploration
&
Production
Index
TM
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
..................................
6.40
%
9.40
%
3.73
%
6.40
%
56.67
%
44.16
%
Fund
Market
................................
6.27
9.39
3.73
–
%
6.27
56.67
44.16
Index
.....................................
6.86
9.84
4.14
6.86
59.87
50.04
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
1,053.80
‌
$
2.05
‌
$
1,000.00
‌
$
1,022.94
‌
$
2.02
‌
0.40
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
March
31,
2023
(continued)
iShares
®
U.S.
Oil
&
Gas
Exploration
&
Production
ETF
20
2023
iShares
Annual
Report
to
Shareholders
Portfolio
Management
Commentary
U.S.
oil
and
gas
exploration
and
production
stocks
advanced
sharply
during
the
reporting
period.
The
stocks
of
oil
refineries,
which
produce
gasoline,
diesel,
and
other
petroleum
products
from
crude
oil,
contributed
the
most
to
the
Index’s
performance.
With
refineries
operating
at
nearly
full
capacity,
profit
margins
climbed
sharply
higher
amid
tight
supply
levels.
Total
U.S.
refining
capacity
dropped
to
the
lowest
level
in
at
least
eight
years
as
numerous
older
refineries
closed
during
the
pandemic
due
to
unprofitable
operations,
hurricane
damage,
and
other
factors.
Refineries
resisted
pressure
to
increase
output
by
building
more
capacity,
citing
long
completion
timelines,
significant
investment
costs,
and
the
ongoing
global
transition
to
renewable
energy.
Refinery
profits
increased
even
as
global
oil
prices
dropped
from
the
sharply
elevated
levels
at
the
beginning
of
the
reporting
period,
when
the
war
in
Ukraine
disrupted
global
supplies.
Sanctions
imposed
on
Russia
led
to
a
sharp
reduction
in
Russian
natural
gas
exports
to
Europe,
and
U.S.
producers
increased
their
European
exports
to
partially
make
up
for
the
disruption.
In
addition
to
the
tight
supplies,
U.S.
demand
for
gasoline,
diesel,
and
jet
fuel
strengthened
to
pre-pandemic
levels,
and
elevated
gas
prices
throughout
the
summer
of
2022
kept
some
Americans
from
travelling.
Late
in
the
reporting
period,
the
number
of
commercial
flights
surpassed
2019
levels
for
the
first
time
since
the
beginning
of
the
pandemic.
In
this
environment,
the
stock
price
of
several
refineries
hit
record
highs
amid
stronger
revenues,
earnings,
and
higher
cash
flow.
Refineries
used
the
excess
cash
to
pay
down
debt
and
rewarded
their
shareholders
by
increasing
dividends
and
buying
back
their
own
stock,
further
strengthening
stock
prices.
Portfolio
Information
INDUSTRY
ALLOCATION
Industry
Percent
of
Total
Investments
(a)
Oil
&
Gas
Exploration
&
Production
....................
69.2‌
%
Oil
&
Gas
Refining
&
Marketing
......................
23.4‌
Oil
&
Gas
Storage
&
Transportation
...................
7.4‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
ConocoPhillips
.................................
16.7‌
%
EOG
Resources,
Inc.
.............................
9.3‌
Marathon
Petroleum
Corp.
.........................
8.4‌
Valero
Energy
Corp.
..............................
7.4‌
Phillips
66
.....................................
4.7‌
Cheniere
Energy,
Inc.
.............................
4.7‌
Pioneer
Natural
Resources
Co.
......................
4.6‌
Hess
Corp.
....................................
4.5‌
Devon
Energy
Corp.
..............................
4.3‌
Diamondback
Energy,
Inc.
..........................
4.0‌
      aaa
aa
iShares
®
U.S.
Oil
Equipment
&
Services
ETF
21
Fund
Summary
Fund
Summary
as
of
March
31,
2023
Investment
Objective
The
iShares
U.S.
Oil
Equipment
&
Services
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
equities
in
the
oil
equipment
and
services
sector,
as
represented
by
the
Dow
Jones
U.S.
Select
Oil
Equipment
&
Services
Index
TM
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
................................
1.16
%
(8.27
)
%
(8.74
)
%
1.16
%
(35.04
)
%
(59.94
)
%
Fund
Market
..............................
1.21
(8.27
)
(8.74
)
–
%
1.21
(35.05
)
(59.94
)
Index
...................................
1.54
(7.89
)
(8.46
)
1.54
(33.71
)
(58.71
)
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
1,351.10
‌
$
2.34
‌
$
1,000.00
‌
$
1,022.94
‌
$
2.02
‌
0.40
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
March
31,
2023
(continued)
iShares
®
U.S.
Oil
Equipment
&
Services
ETF
22
2023
iShares
Annual
Report
to
Shareholders
Portfolio
Management
Commentary
U.S.
oil
equipment
and
services
stocks
rose
slightly
during
the
reporting
period.
Despite
record
profits,
relatively
strong
oil
prices,
and
political
pressure
to
increase
production,
oil
and
gas
extraction
companies
focused
on
managing
costs,
growing
profit
margins,
and
returning
cash
to
shareholders
rather
than
invest
heavily
in
new
drilling
operations.
That
focus
on
increasing
shareholder
returns
and
a
weakening
outlook
for
oil
and
gas
prices
limited
the
growth
for
the
energy
equipment
and
services
industry.
Oil
prices
retreated
from
highs
reached
in
the
months
following
Russia’s
invasion
of
Ukraine
as
rising
interest
rates
and
high
inflationary
pressures
weakened
the
outlook
for
global
economic
growth.
Coronavirus
related
lockdowns
in
China,
the
world’s
largest
importer
of
oil,
also
weakened
global
demand.
Meanwhile,
U.S.
natural
gas
futures
climbed
to
a
14-year
high
in
August
2022
when
Russia
announced
plans
to
shut
down
a
natural
gas
pipeline
to
Europe,
complicating
efforts
to
refill
supplies
ahead
of
the
winter.
However,
an
unseasonably
warm
winter
weakened
demand
for
natural
gas,
and
U.S.
supplies
of
natural
gas
uncharacteristically
outstripped
demand
during
the
winter
months,
sending
prices
for
the
fuel
sharply
lower
during
the
first
three
months
of
2023.
The
oil
and
gas
drilling
industry
contributed
the
most
to
the
Index’s
performance.
Companies
that
own
and
operate
offshore
oil
rigs
benefited
from
supply
disruptions
and
relatively
high
oil
prices.
Demand
for
offshore
oil
rigs
increased
to
near
full
capacity,
allowing
operators
to
increase
the
fees
they
charge
oil
companies.
The
oil
and
gas
equipment
and
services
industry
also
gained,
as
strong
demand
for
equipment
and
drilling
services
supported
growing
revenues
and
earnings,
allowing
companies
in
the
industry
to
boost
dividend
payments.
Portfolio
Information
INDUSTRY
ALLOCATION
Industry
Percent
of
Total
Investments
(a)
Oil
&
Gas
Equipment
&
Services
.....................
80.2‌
%
Oil
&
Gas
Drilling
................................
19.8‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Schlumberger
Ltd.
...............................
23.5‌
%
Halliburton
Co.
.................................
18.8‌
Baker
Hughes
Co.,
Class
A
.........................
4.7‌
TechnipFMC
PLC
...............................
4.6‌
ChampionX
Corp.
...............................
4.6‌
NOV,
Inc.
.....................................
4.2‌
Transocean,
Ltd.
................................
4.1‌
Valaris
,
Ltd.
....................................
3.8‌
Noble
Corp.
PLC,
Class
A
..........................
3.7‌
Weatherford
International
PLC
.......................
3.7‌
aaa
aa
iShares
®
U.S.
Pharmaceuticals
ETF
23
Fund
Summary
Fund
Summary
as
of
March
31,
2023
Investment
Objective
The
iShares
U.S.
Pharmaceuticals
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
equities
in
the
pharmaceuticals
sector,
as
represented
by
the
Dow
Jones
U.S.
Select
Pharmaceuticals
Index
TM
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.................................
(7.83
)
%
5.19
%
7.77
%
(7.83
)
%
28.76
%
111.39
%
Fund
Market
...............................
(7.95
)
5.15
7.76
–
%
(7.95
)
28.53
111.22
Index
....................................
(7.64
)
5.48
8.08
(7.64
)
30.55
117.41
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
1,047.20
‌
$
2.04
‌
$
1,000.00
‌
$
1,022.94
‌
$
2.02
‌
0.40
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
March
31,
2023
(continued)
iShares
®
U.S.
Pharmaceuticals
ETF
24
2023
iShares
Annual
Report
to
Shareholders
Portfolio
Management
Commentary
Pharmaceuticals
stocks
declined
during
the
reporting
period.
Rising
interest
rates
increased
financing
costs
for
many
pharmaceutical
companies
as
they
typically
carry
high
levels
of
debt
to
fund
the
research
and
development
to
produce
new
drugs.
The
higher
interest
rates
and
mounting
inflation
pressures
also
increased
companies’
operating
costs,
weakening
their
ability
to
attract
capital
investments,
particularly
those
researching
drugs
with
longer
development
periods
before
commercialization.
In
addition,
rising
interest
rates
made
the
relatively
low
dividends
on
pharmaceutical
stocks
unattractive
when
compared
to
investments
in
the
bond
markets,
which
typically
provide
less
volatile
and
more
predictable
returns.
The
combination
of
slowing
economies
in
overseas
markets
and
a
strong
U.S.
dollar,
which
reduces
the
conversion
rate
of
foreign
profits,
also
weakened
financial
performance.
Demand
for
vaccines
against
COVID-19,
particularly
among
those
drugs
with
lower
efficacy,
dropped
as
the
pandemic
waned.
A
new
federal
law,
the
Inflation
Reduction
Act,
gave
the
government
more
power
to
negotiate
with
pharmaceutical
companies
for
lower
prices
for
prescription
drugs
covered
under
Medicare,
primarily
for
seniors.
The
new
law,
which
focuses
primarily
on
small
molecule
drugs
that
are
developed
by
many
large
pharmaceutical
companies,
will
compel
drug
companies
to
assess
the
financial
implications
of
the
law
on
their
products
and
strategy.
Weaker
merger
and
acquisition
activity
among
pharmaceutical
and
biotechnology
companies,
which
dropped
in
2022
to
the
lowest
levels
in
years,
limited
the
upside
in
stock
prices
as
buyers
typically
offer
premiums
for
the
companies
to
be
acquired.
Conversely,
stocks
in
the
biotechnology
sector,
which
constituted
on
average
approximately
3.4%
of
the
Index
during
the
reporting
period,
contributed
slightly
to
the
Index’s
performance.
The
stock
price
of
one
biotech
company
soared
after
reporting
positive
performance
from
a
clinical
study
for
treatment
of
a
severe
form
of
fatty
liver
disease.
Portfolio
Information
INDUSTRY
ALLOCATION
Industry
Percent
of
Total
Investments
(a)
Pharmaceuticals
................................
96.4‌
%
Biotechnology
..................................
3.6‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Johnson
&
Johnson
..............................
22.8‌
%
Merck
&
Co.,
Inc.
................................
19.5‌
Eli
Lilly
&
Co.
..................................
5.0‌
Royalty
Pharma
PLC,
Class
A
.......................
4.7‌
Bristol-Myers
Squibb
Co.
...........................
4.6‌
Pfizer,
Inc.
....................................
4.6‌
Zoetis,
Inc.,
Class
A
..............................
4.5‌
Catalent,
Inc.
..................................
4.2‌
Viatris,
Inc.
....................................
4.1‌
Jazz
Pharmaceuticals
PLC
.........................
3.6‌
      aaa
aa
iShares
®
U.S.
Real
Estate
ETF
25
Fund
Summary
Fund
Summary
as
of
March
31,
2023
Investment
Objective
The
iShares
U.S.
Real
Estate
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
equities
in
the
real
estate
sector,
as
represented
by
the
Dow
Jones
U.S.
Real
Estate
Capped
Index
TM
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
Index
performance
through
January
24,
2021
reflects
the
performance
of
the
Dow
Jones
U.S.
Real
Estate
Index
TM
.
Index
performance
beginning
on
January
25,
2021
reflects
the
performance
of
the
Dow
Jones
U.S.
Real
Estate
Capped
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
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.................................
(19.04
)
%
5.34
%
5.53
%
(19.04
)
%
29.73
%
71.35
%
Fund
Market
...............................
(19.25
)
5.33
5.53
–
%
(19.25
)
29.67
71.36
Index
....................................
(18.72
)
5.67
5.98
(18.72
)
31.7
8
78.71
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
1,058.60
‌
$
2.05
‌
$
1,000.00
‌
$
1,022.94
‌
$
2.02
‌
0.40
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
March
31,
2023
(continued)
iShares
®
U.S.
Real
Estate
ETF
26
2023
iShares
Annual
Report
to
Shareholders
Portfolio
Management
Commentary
Real
estate
investment
trusts
(“REITs”)
declined
substantially
for
the
reporting
period
amid
higher
interest
rates
and
changing
homebuyer
and
tenant
preferences.
REITs
typically
take
on
substantial
debt
to
finance
the
purchase
of
the
properties
they
manage,
and
the
sharp
rise
in
interest
rates
made
financing
more
expensive
for
REITs.
Furthermore,
higher
interest
rates
also
meant
increased
bond
yields,
making
dividend
yields
from
REITs
comparatively
less
attractive
to
income-oriented
investors,
although
many
REITs
raised
dividends
during
the
reporting
period.
Specialized
REITs,
which
typically
invest
in
a
property
type
associated
with
a
particular
industry
or
service,
detracted
significantly
from
the
Index’s
performance.
Operators
of
large
networks
of
cellular
network
towers
faced
slowing
growth
as
sales
of
cell
phones
that
use
newer
network
technology
fell.
Higher
financing
costs
also
weighed
on
the
industry.
Demand
for
self-storage
units,
which
surged
during
the
pandemic
as
stay-at-home
Americans
decluttered
their
houses,
waned
as
lifestyles
resumed
pre-COVID-19
patterns.
Despite
brisk
demand
for
rentals,
residential
REITs
also
declined.
Rising
interest
rates
weighed
heavily
on
the
industry,
and
the
value
of
residential
REIT
properties
began
to
decline
as
the
reporting
period
wore
on.
High
levels
of
multifamily
unit
construction
increased
supply,
increasing
the
probability
of
excess
inventory.
Rent
rate
growth
cooled
in
2022
following
the
sharp
average
rent
increases
of
preceding
periods.
Office
REITs
also
detracted
from
the
Index’s
return,
as
remote
work
continued
to
pressure
managers
of
office
properties.
Office
occupancy
rates
remained
below
pre-
pandemic
levels
and
tenants
used
ample
supply
to
negotiate
reduced
rents
and
other
concessions.
Industrial
REITs
declined,
as
a
slowdown
in
e-commerce
raised
concerns
among
investors
for
the
managers
of
warehouses
and
logistics
facilities
used
for
fulfilment.
Portfolio
Information
INDUSTRY
ALLOCATION
Industry
Percent
of
Total
Investments
(a)
Telecom
Tower
REITs
.............................
15.1‌
%
Industrial
REITs
.................................
13.2‌
Retail
REITs
...................................
11.1‌
Multi-Family
Residential
REITs
.......................
8.8‌
Self-Storage
REITs
..............................
8.0‌
Data
Center
REITs
...............................
8.0‌
Health
Care
REITs
...............................
7.6‌
Other
Specialized
REITs
...........................
5.9‌
Single-Family
Residential
REITs
......................
4.8‌
Office
REITs
...................................
4.2‌
Real
Estate
Services
.............................
3.4‌
Timber
REITs
..................................
2.6‌
Research
&
Consulting
Services
......................
2.4‌
Mortgage
REITs
................................
2.3‌
Diversified
REITs
................................
1.4‌
Other
(each
representing
less
than
1%)
.................
1.2‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Prologis,
Inc.
...................................
9.7‌
%
American
Tower
Corp.
............................
8.0‌
Equinix,
Inc.
...................................
5.6‌
Crown
Castle,
Inc.
...............................
4.7‌
Public
Storage
..................................
4.0‌
Realty
Income
Corp.
..............................
3.3‌
Simon
Property
Group,
Inc.
.........................
3.1‌
Welltower,
Inc.
..................................
2.9‌
VICI
Properties,
Inc.
..............................
2.8‌
Digital
Realty
Trust,
Inc.
...........................
2.4‌
      aaa
aa
iShares
®
U.S.
Regional
Banks
ETF
27
Fund
Summary
Fund
Summary
as
of
March
31,
2023
Investment
Objective
The
iShares
U.S.
Regional
Banks
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
equities
in
the
regional
banks
sector,
as
represented
by
the
Dow
Jones
U.S.
Select
Regional
Banks
Index
TM
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
................................
(37.30
)
%
(4.01
)
%
5.15
%
(37.30
)
%
(18.49
)
%
65.29
%
Fund
Market
..............................
(37.35
)
(3.99
)
5.16
–
%
(37.35
)
(18.40
)
65.35
Index
...................................
(37.09
)
(3.64
)
5.59
(37.09
)
(16.91
)
72.28
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
760.80
‌
$
1.76
‌
$
1,000.00
‌
$
1,022.94
‌
$
2.02
‌
0.40
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
March
31,
2023
(continued)
iShares
®
U.S.
Regional
Banks
ETF
28
2023
iShares
Annual
Report
to
Shareholders
Portfolio
Management
Commentary
U.S.
regional
banks,
which
operate
locally
but
may
offer
national
services,
declined
sharply
during
the
reporting
period.
Near
the
end
of
the
reporting
period,
Silvergate
Bank,
a
bank
closely
tied
to
cryptocurrency
that
was
not
in
the
Index,
closed
due
to
insolvency,
shortly
before
Silicon
Valley
Bank
(included
in
the
Index)
failed
to
raise
equity
capital
to
shore
up
its
balance
sheet
after
higher
interest
rates
led
to
large
losses
on
its
long-term
bond
investments,
which
led
to
heavy
withdrawals
by
its
customers.
The
failed
capital
raise
sent
bank
stocks
sharply
lower.
Thereafter,
Silicon
Valley
Bank
and
Signature
Bank
(included
in
the
Index)
failed,
marking
the
largest
collapse
for
the
industry
since
2008.
The
banks,
which
both
had
a
high
percentage
of
uninsured
deposits,
were
unable
to
meet
the
surge
in
customer
withdrawals.
The
government
intervened
to
help
depositors
and
provide
liquidity
to
maintain
the
stability
of
the
financial
system.
The
disruption
created
by
the
failures
led
investors
to
further
credit
downgrades
while
scrutiny
on
the
industry
increased,
particularly
for
banks
with
large
gaps
between
the
expected
maturity
of
assets
and
liabilities.
Ripple
effects
included
the
acquisition
of
Credit
Suisse,
a
beleaguered
European
bank
that
was
not
a
constituent
in
the
Index.
The
banking
industry
overall
faced
significant
challenges
as
the
potential
impact
of
a
slowing
economy
outweighed
the
benefits
of
being
able
to
charge
more
for
loans
in
an
environment
of
rising
interest
rates.
While
higher
interest
rates
typically
support
bank
profitability,
persistently
high
inflation
during
the
reporting
period
led
to
significant
tightening
from
the
Fed,
and
investors
became
concerned
about
the
long-term
effect
of
this
tightening
on
loan
growth
and
credit
losses.
The
Fed’s
actions
also
prompted
concerns
about
a
prolonged
slowdown
in
economic
activity.
Typically,
economic
disruptions
affect
regional
banks
more
acutely
because
their
revenues
depend
heavily
on
local
economies
and
the
financial
health
of
specific
industries.
A
decrease
in
demand
for
home
loans
during
the
reporting
period
as
mortgage
rates
rose
also
pressured
regional
banks,
which
are
particularly
exposed
to
the
real
estate
market.
Rising
borrowing
costs
lowered
demand
for
home
loans,
and
mortgage
originations
dropped
substantially.
The
fourth
quarter
of
2022
was
the
seventh
consecutive
quarter
with
fewer
originations,
which
dropped
to
less
than
half
the
level
of
a
year
prior.
Portfolio
Information
INDUSTRY
ALLOCATION
Industry
Percent
of
Total
Investments
(a)
Regional
Banks
.................................
60.5‌
%
Diversified
Banks
................................
39.3‌
Commercial
&
Residential
Mortgage
Finance
.............
0.2‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
PNC
Financial
Services
Group,
Inc.
(The)
...............
13.6‌
%
U.S.
Bancorp
..................................
13.4‌
Truist
Financial
Corp.
.............................
12.1‌
M&T
Bank
Corp.
................................
5.4‌
Regions
Financial
Corp.
...........................
4.7‌
Fifth
Third
Bancorp
..............................
4.6‌
Huntington
Bancshares,
Inc.
........................
4.3‌
Citizens
Financial
Group,
Inc.
.......................
4.0‌
KeyCorp
......................................
3.1‌
First
Citizens
BancShares,
Inc.,
Class
A
.................
3.1‌
      aaa
aa
iShares
®
U.S.
Telecommunications
ETF
29
Fund
Summary
Fund
Summary
as
of
March
31,
2023
Investment
Objective
The
iShares
U.S.
Telecommunications
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
equities
in
the
telecommunications
sector,
as
represented
by
the
Russell
1000
Telecommunications
RIC
22.5/45
Capped
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
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
Index
performance
through
September
19,
2021
reflects
the
performance
of
the
Dow
Jones
U.S.
Select
Telecommunications
Index.
Index
performance
beginning
on
September
20,
2021
reflects
the
performance
of
the
Russell
1000
Telecommunications
RIC
22.5/45
Capped
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
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
................................
(20.56
)
%
(0.70
)
%
2.04
%
(20.56
)
%
(3.44
)
%
22.44
%
Fund
Market
..............................
(20.56
)
(0.68
)
2.04
–
%
(20.56
)
(3.33
)
22.37
Index
...................................
(20.32
)
(0.40
)
2.23
(20.32
)
(1.98
)
24.69
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
1,125.70
‌
$
2.12
‌
$
1,000.00
‌
$
1,022.94
‌
$
2.02
‌
0.40
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
March
31,
2023
(continued)
iShares
®
U.S.
Telecommunications
ETF
30
2023
iShares
Annual
Report
to
Shareholders
Portfolio
Management
Commentary
Telecommunications
stocks
dropped
considerably
during
the
reporting
period,
driven
primarily
by
weakness
in
non-streaming
media
services.
Stocks
of
cable
and
satellite
companies
within
the
media
industry
detracted
the
most
from
the
Index’s
return.
Cable
television
subscriptions
have
declined
for
several
years
as
the
popularity
of
streaming
services
increased.
This
trend
accelerated
during
the
COVID-19
pandemic
as
consumers
shifted
toward
streaming
and
away
from
traditional
pay-TV
services,
including
satellite
TV
and
cable
alternatives.
Overall,
more
than
half
of
all
household
audiences
now
do
not
have
either
a
cable
or
satellite
TV
subscription.
In
2022,
subscriptions
at
the
nation’s
largest
cable
TV
provider
fell
1.9
million,
or
11%,
and
subscriptions
at
the
nation’s
largest
publicly
traded
satellite
TV
provider
fell
10%.
Cable
and
satellite
dish
providers
continued
diversifying
into
offering
streaming
services
against
entrenched
competitors,
but
investments
and
expenses
related
to
the
production
of
content
for
those
services
still
largely
outstrip
their
revenue.
Protracted
carriage
negotiations
with
a
high
profile
network
and
a
provider
of
local
TV
stations
also
weighed
on
stocks
of
the
nation’s
largest
publicly
traded
satellite
provider.
Diversified
telecom
services
stocks
also
detracted
from
performance.
Rising
interest
rates
increased
costs
for
alternative
providers
of
bundled
services,
and
their
sales
and
profits
declined.
The
suspension
of
a
shareholder
dividend
by
a
leading
telecommunications
company
triggered
a
sharp
selloff
as
investors
owning
stocks
in
the
company
specifically
for
its
traditionally
high
dividend
yield
departed.
Higher
interest
rates
also
contributed
to
lower
earnings
for
the
nation’s
largest
wireless
carrier,
whose
operating
expenses
increased
partly
from
costs
related
to
the
industry’s
ongoing
expansion
of
5G
service
coverage.
Portfolio
Information
INDUSTRY
ALLOCATION
Industry
Percent
of
Total
Investments
(a)
Communications
Equipment
........................
40.8‌
%
Cable
&
Satellite
................................
28.2‌
Integrated
Telecommunication
Services
.................
21.4‌
Wireless
Telecommunication
Services
..................
3.9‌
Movies
&
Entertainment
...........................
3.1‌
Alternative
Carriers
..............................
2.6‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Cisco
Systems,
Inc.
..............................
18.4‌
%
Verizon
Communications,
Inc.
.......................
14.2‌
Comcast
Corp.,
Class
A
...........................
13.9‌
AT&T,
Inc.
.....................................
4.6‌
T-Mobile
U.S.,
Inc.
...............................
3.9‌
Arista
Networks,
Inc.
.............................
3.8‌
Motorola
Solutions,
Inc.
...........................
3.6‌
Charter
Communications,
Inc.,
Class
A
.................
3.4‌
Juniper
Networks,
Inc.
............................
3.3‌
Roku,
Inc.,
Class
A
...............................
3.1‌
      aaa
aa
About
Fund
Performance
31
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.
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
March
31,
2023
iShares
®
U.S.
Aerospace
&
Defense
ETF
(Percentages
shown
are
based
on
Net
Assets)
32
2023
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
 — 
97
.6
%
AAR
Corp.
(a)
.............................
530,377
$
28,932,065
Aerojet
Rocketdyne
Holdings,
Inc.
(a)
.............
1,229,364
69,053,376
AeroVironment,
Inc.
(a)
.......................
408,403
37,434,219
Archer
Aviation,
Inc.
,
Class
A
(a)
(b)
................
2,303,300
6,587,438
Axon
Enterprise,
Inc.
(a)
(b)
.....................
1,096,322
246,508,002
Boeing
Co.
(The)
(a)
.........................
4,710,021
1,000,549,761
BWX
Technologies,
Inc.
.....................
1,479,272
93,253,307
Curtiss-Wright
Corp.
(b)
.......................
621,209
109,494,298
General
Dynamics
Corp.
.....................
1,160,563
264,852,082
HEICO
Corp.
(b)
...........................
641,084
109,651,007
HEICO
Corp.
,
Class
A
.......................
1,124,182
152,776,334
Hexcel
Corp.
.............................
1,366,781
93,282,803
Howmet
Aerospace,
Inc.
.....................
5,970,854
252,985,084
Huntington
Ingalls
Industries,
Inc.
...............
646,312
133,799,510
Kaman
Corp.
,
Class
A
.......................
454,004
10,378,531
Kratos
Defense
&
Security
Solutions,
Inc.
(a)
........
2,045,349
27,571,305
L3Harris
Technologies,
Inc.
...................
1,267,336
248,702,017
Lockheed
Martin
Corp.
......................
968,012
457,608,313
Maxar
Technologies,
Inc.
.....................
1,211,024
61,834,885
Mercury
Systems,
Inc.
(a)
(b)
....................
942,158
48,163,117
Moog,
Inc.
,
Class
A
........................
465,596
46,908,797
National
Presto
Industries,
Inc.
.................
82,364
5,937,621
Northrop
Grumman
Corp.
....................
566,400
261,518,208
Parsons
Corp.
(a)
...........................
538,057
24,072,670
Raytheon
Technologies
Corp.
.................
12,269,980
1,201,599,141
Rocket
Lab
USA,
Inc.
(a)
(b)
.....................
3,527,713
14,251,961
Spirit
AeroSystems
Holdings,
Inc.
,
Class
A
.........
1,706,785
58,935,286
Textron,
Inc.
(b)
............................
3,385,466
239,115,464
TransDigm
Group,
Inc.
......................
344,698
254,059,661
Triumph
Group,
Inc.
(a)
(b)
......................
1,053,459
12,209,590
V2X,
Inc.
(a)
..............................
177,714
7,058,800
Security
Shares
Value
a
Aerospace
&
Defense
(continued)
Virgin
Galactic
Holdings,
Inc.
(a)
(b)
................
3,870,407
$
15,675,148
Woodward,
Inc.
...........................
968,559
94,308,590
5,689,068,391
a
Industrial
Machinery
&
Supplies
&
Components
 — 
1
.9
%
RBC
Bearings,
Inc.
(a)
(b)
......................
470,625
109,528,556
a
Leisure
Products
 — 
0
.4
%
Smith
&
Wesson
Brands,
Inc.
..................
743,689
9,154,812
Sturm
Ruger
&
Co.,
Inc.
.....................
286,268
16,443,234
25,598,046
a
Total
Long-Term
 Investments
— 99.9%
(Cost:
$
5,324,228,059
)
...............................
5,824,194,993
a
Short-Term
Securities
Money
Market
Funds
 — 
1
.2
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.01
%
(c)
(d)
(e)
............................
63,339,127
63,358,129
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.73
%
(c)
(d)
.............................
6,037,253
6,037,253
a
Total
Short-Term
Securities — 1.2%
(Cost:
$
69,356,197
)
.................................
69,395,382
Total
Investments
—
101.1%
(Cost:
$
5,393,584,256
)
...............................
5,893,590,375
Liabilities
in
Excess
of
Other
Assets
—
(
1
.1
)
%
...............
(
64,085,480
)
Net
Assets
—
100.0%
.................................
$
5,829,504,895
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
March
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/23
  Shares
Held
at
03/31/23
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
30,259,215
$
33,040,084
(a)
$
—
$
29,330
$
29,500
$
63,358,129
63,339,127
$
378,495
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
..
4,110,000
1,927,253
(a)
—
—
—
6,037,253
6,037,253
141,285
7
$
29,330
$
29,500
$
69,395,382
$
519,780
$
7
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
iShares
®
U.S.
Aerospace
&
Defense
ETF
Schedule
of
Investments
(continued)
March
31,
2023
33
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
March
31,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements. 
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Industrial
Index
..................................................................
66
06/16/23
$
6,785
$
327,349
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)
.............
$
—
$
—
$
327,349
$
—
$
—
$
—
$
327,349
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(
1,976,866
)
$
—
$
—
$
—
$
(
1,976,866
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
305,133
$
—
$
—
$
—
$
305,133
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
6,292,875
a
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
U.S.
Aerospace
&
Defense
ETF
34
2023
iShares
Annual
Report
to
Shareholders
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
5,824,194,993
‌
$
—
‌
$
—
‌
$
5,824,194,993
‌
Short-Term
Securities
Money
Market
Funds
......................................
69,395,382
‌
—
‌
—
‌
69,395,382
‌
$
5,893,590,375
‌
$
—
‌
$
—
‌
$
5,893,590,375
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
327,349
‌
$
—
‌
$
—
‌
$
327,349
‌
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
U.S.
Broker-Dealers
&
Securities
Exchanges
ETF
Schedule
of
Investments
March
31,
2023
(Percentages
shown
are
based
on
Net
Assets)
35
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Asset
Management
&
Custody
Banks
 — 0.2%
Diamond
Hill
Investment
Group,
Inc.
.............
10,683
$
1,758,208
a
Financial
Exchanges
&
Data
 — 25.2%
Cboe
Global
Markets,
Inc.
....................
297,558
39,944,186
CME
Group,
Inc.
,
Class
A
....................
193,369
37,034,031
Intercontinental
Exchange,
Inc.
................
357,355
37,268,553
MarketAxess
Holdings,
Inc.
...................
102,114
39,956,187
Nasdaq,
Inc.
.............................
665,122
36,362,220
190,565,177
a
Investment
Banking
&
Brokerage
 — 74.2%
B
Riley
Financial,
Inc.
.......................
56,678
1,609,089
BGC
Partners,
Inc.,
Class
A
...................
1,150,462
6,016,916
Charles
Schwab
Corp.
(The)
..................
628,251
32,907,787
Evercore,
Inc.,
Class
A
......................
126,743
14,623,607
Goldman
Sachs
Group,
Inc.
(The)
..............
443,230
144,984,965
Houlihan
Lokey,
Inc.,
Class
A
..................
178,958
15,657,036
Interactive
Brokers
Group,
Inc.,
Class
A
...........
364,904
30,126,474
Jefferies
Financial
Group,
Inc.
.................
641,787
20,370,319
Lazard
Ltd.,
Class
A
........................
400,000
13,244,000
LPL
Financial
Holdings,
Inc.
...................
144,848
29,317,235
Moelis
&
Co.,
Class
A
.......................
226,891
8,721,690
Morgan
Stanley
...........................
1,710,042
150,141,688
Piper
Sandler
Companies
....................
48,596
6,735,892
PJT
Partners,
Inc.,
Class
A
...................
86,600
6,251,654
Raymond
James
Financial,
Inc.
................
344,205
32,104,000
Security
Shares
Value
a
Investment
Banking
&
Brokerage
(continued)
Robinhood
Markets,
Inc.,
Class
A
(a)(b)
.............
1,817,835
$
17,651,178
Stifel
Financial
Corp.
.......................
373,687
22,081,165
StoneX
Group,
Inc.
(a)
.......................
62,259
6,445,674
Virtu
Financial,
Inc.,
Class
A
...................
329,230
6,222,447
565,212,816
a
Total
Long-Term
 Investments
— 99.6%
(Cost:
$795,959,234)
................................
757,536,201
a
Short-Term
Securities
Money
Market
Funds
 — 
1.1%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
5.01%
(c)(d)(e)
............................
5,370,395
5,372,007
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
4.73%
(c)(d)
.............................
2,515,774
2,515,774
a
Total
Short-Term
Securities — 1.1%
(Cost:
$7,888,202)
..................................
7,887,781
Total
Investments
—
100.7%
(Cost:
$803,847,436)
................................
765,423,982
Liabilities
in
Excess
of
Other
Assets
—
(0.7)%
...............
(5,116,801)
Net
Assets
—
100.0%
.................................
$
760,307,181
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
March
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/23
  Shares
Held
at
03/31/23
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
—
$
5,369,363
(a)
$
—
$
3,065
$
(421
)
$
5,372,007
5,370,395
$
16,018
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
..
720,000
1,795,774
(a)
—
—
—
2,515,774
2,515,774
23,581
1
$
3,065
$
(421
)
$
7,887,781
$
39,599
$
1
(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
(continued)
March
31,
2023
iShares
®
U.S.
Broker-Dealers
&
Securities
Exchanges
ETF
36
2023
iShares
Annual
Report
to
Shareholders
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
March
31,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements. 
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Financial
Select
Sector
Index
.........................................................
20
06/16/23
$
1,996
$
27,772
Russell
2000
E-Mini
Index
................................................................
9
06/16/23
816
11,638
$
39,410
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)
.............
$
—
$
—
$
39,410
$
—
$
—
$
—
$
39,410
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(563,251
)
$
—
$
—
$
—
$
(563,251
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
30,032
$
—
$
—
$
—
$
30,032
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
1,383,809
a
iShares
®
U.S.
Broker-Dealers
&
Securities
Exchanges
ETF
Schedule
of
Investments
(continued)
March
31,
2023
37
Schedule
of
Investments
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
.........................................
$
757,536,201
‌
$
—
‌
$
—
‌
$
757,536,201
‌
Short-Term
Securities
Money
Market
Funds
......................................
7,887,781
‌
—
‌
—
‌
7,887,781
‌
$
765,423,982
‌
$
—
‌
$
—
‌
$
765,423,982
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
39,410
‌
$
—
‌
$
—
‌
$
39,410
‌
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
March
31,
2023
iShares
®
U.S.
Healthcare
Providers
ETF
(Percentages
shown
are
based
on
Net
Assets)
38
2023
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Common
Stocks
Health
Care
Facilities
 — 13.5%
Acadia
Healthcare
Co.,
Inc.
(a)(b)
.................
226,079
$
16,334,208
Brookdale
Senior
Living,
Inc.
(a)(b)
................
461,762
1,362,198
Cano
Health,
Inc.,
Class
A
(a)(b)
.................
453,416
412,609
Community
Health
Systems,
Inc.
...............
312,153
1,529,550
Encompass
Health
Corp.
....................
247,974
13,415,393
Ensign
Group,
Inc.
(The)
(b)
....................
138,494
13,231,717
HCA
Healthcare,
Inc.
.......................
211,107
55,664,694
National
HealthCare
Corp.
....................
33,575
1,949,700
Pennant
Group,
Inc.
(The)
(a)
...................
69,691
995,187
Select
Medical
Holdings
Corp.
(b)
................
258,756
6,688,843
Surgery
Partners,
Inc.
(a)(b)
....................
167,570
5,776,138
Tenet
Healthcare
Corp.
(a)
.....................
268,686
15,965,322
U.S.
Physical
Therapy,
Inc.
...................
32,310
3,163,472
Universal
Health
Services,
Inc.,
Class
B
..........
159,431
20,263,680
156,752,711
a
Health
Care
Services
 — 31.7%
23andMe
Holding
Co.,
Class
A
(a)(b)
..............
719,013
1,639,350
Accolade,
Inc.
(a)
...........................
157,411
2,263,570
Addus
HomeCare
Corp.
(a)
....................
40,033
4,273,923
Agiliti,
Inc.
(a)(b)
............................
82,398
1,316,720
agilon
health,
Inc.
(a)(b)
.......................
491,262
11,667,472
Amedisys,
Inc.
(a)
..........................
80,743
5,938,648
Apollo
Medical
Holdings,
Inc.
(a)(b)
................
97,729
3,564,177
Castle
Biosciences,
Inc.
(a)(b)
...................
61,749
1,402,937
Chemed
Corp.
............................
36,952
19,870,938
Cigna
Group
(The)
.........................
190,028
48,557,855
CorVel
Corp.
(a)
............................
22,599
4,300,138
CVS
Health
Corp.
.........................
1,280,496
95,153,658
DaVita,
Inc.
(a)(b)
...........................
136,579
11,077,923
DocGo,
Inc.
(a)
............................
203,867
1,763,450
Fulgent
Genetics,
Inc.
(a)(b)
....................
49,138
1,534,088
Guardant
Health,
Inc.
(a)
......................
254,554
5,966,746
Hims
&
Hers
Health,
Inc.,
Class
A
(a)(b)
............
302,202
2,997,844
Invitae
Corp.
(a)(b)
...........................
564,384
761,918
Laboratory
Corp.
of
America
Holdings
............
220,172
50,511,860
LifeStance
Health
Group,
Inc.
(a)(b)
...............
233,956
1,738,293
ModivCare,
Inc.
(a)
..........................
31,620
2,658,610
Oak
Street
Health,
Inc.
(a)
.....................
289,878
11,212,481
OPKO
Health,
Inc.
(a)(b)
.......................
1,020,554
1,490,009
Option
Care
Health,
Inc.
(a)
....................
415,863
13,211,967
Pediatrix
Medical
Group,
Inc.
(a)(b)
................
203,587
3,035,482
Premier,
Inc.,
Class
A
.......................
295,385
9,561,612
Privia
Health
Group,
Inc.
(a)(b)
...................
124,897
3,448,406
Quest
Diagnostics,
Inc.
......................
275,836
39,025,277
R1
RCM,
Inc.
(a)(b)
..........................
341,561
5,123,415
RadNet,
Inc.
(a)
............................
121,161
3,032,660
368,101,427
a
Security
Shares
Value
a
Health
Care
Technology
 — 3.6%
American
Well
Corp.,
Class
A
(a)(b)
...............
604,446
$
1,426,493
Certara,
Inc.
(a)(b)
...........................
261,880
6,313,927
Definitive
Healthcare
Corp.,
Class
A
(a)(b)
...........
93,508
965,938
Doximity,
Inc.,
Class
A
(a)(b)
....................
294,980
9,551,452
GoodRx
Holdings,
Inc.,
Class
A
(a)(b)
..............
185,482
1,159,263
Health
Catalyst,
Inc.
(a)
.......................
136,357
1,591,286
HealthStream,
Inc.
(a)
........................
60,136
1,629,686
Phreesia,
Inc.
(a)
...........................
131,077
4,232,476
Schrodinger,
Inc.
(a)(b)
........................
132,657
3,492,859
Sharecare,
Inc.
(a)(b)
.........................
791,863
1,124,445
Teladoc
Health,
Inc.
(a)(b)
......................
402,390
10,421,901
41,909,726
a
Life
Sciences
Tools
&
Services
 — 0.5%
NeoGenomics,
Inc.
(a)
.......................
313,864
5,464,372
a
Managed
Health
Care
 — 50.6%
Alignment
Healthcare,
Inc.
(a)
..................
203,669
1,295,335
Centene
Corp.
(a)
..........................
793,404
50,151,067
Clover
Health
Investments
Corp.,
Class
A
(a)(b)
.......
805,873
681,043
Elevance
Health,
Inc.
.......................
349,706
160,798,316
HealthEquity,
Inc.
(a)
.........................
210,331
12,348,533
Humana,
Inc.
............................
108,477
52,661,244
Molina
Healthcare,
Inc.
(a)
.....................
145,124
38,819,219
Progyny,
Inc.
(a)
............................
186,960
6,005,155
UnitedHealth
Group,
Inc.
.....................
563,948
266,516,185
589,276,097
a
Total
Long-Term
 Investments
— 99.9%
(Cost:
$1,307,323,437)
...............................
1,161,504,333
a
Short-Term
Securities
Money
Market
Funds
 — 
5.5%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
5.01%
(c)(d)(e)
............................
62,448,179
62,466,913
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
4.73%
(c)(d)
.............................
1,177,913
1,177,913
a
Total
Short-Term
Securities — 5.5%
(Cost:
$63,609,921)
.................................
63,644,826
Total
Investments
—
105.4%
(Cost:
$1,370,933,358)
...............................
1,225,149,159
Liabilities
in
Excess
of
Other
Assets
—
(5.4)%
...............
(62,610,491)
Net
Assets
—
100.0%
.................................
$
1,162,538,668
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
iShares
®
U.S.
Healthcare
Providers
ETF
Schedule
of
Investments
(continued)
March
31,
2023
39
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
March
31,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
March
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/23
  Shares
Held
at
03/31/23
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
.
$
49,212,785
$
13,215,272
(a)
$
—
$
13,624
$
25,232
$
62,466,913
62,448,179
$
181,586
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
1,470,000
—
(292,087
)
(a)
—
—
1,177,913
1,177,913
55,520
2
$
13,624
$
25,232
$
63,644,826
$
237,106
$
2
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Health
Care
Sector
Index
............................................................
9
06/16/23
$
1,187
$
32,465
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)
.............
$
—
$
—
$
32,465
$
—
$
—
$
—
$
32,465
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(65,195
)
$
—
$
—
$
—
$
(65,195
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
(24,878
)
$
—
$
—
$
—
$
(24,878
)
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
U.S.
Healthcare
Providers
ETF
40
2023
iShares
Annual
Report
to
Shareholders
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements. 
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
1,268,228
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
1,161,504,333
‌
$
—
‌
$
—
‌
$
1,161,504,333
‌
Short-Term
Securities
Money
Market
Funds
......................................
63,644,826
‌
—
‌
—
‌
63,644,826
‌
$
1,225,149,159
‌
$
—
‌
$
—
‌
$
1,225,149,159
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
32,465
‌
$
—
‌
$
—
‌
$
32,465
‌
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
U.S.
Home
Construction
ETF
Schedule
of
Investments
March
31,
2023
(Percentages
shown
are
based
on
Net
Assets)
41
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Building
Products
 — 13.0%
American
Woodmark
Corp.
(a)(b)
.................
47,495
$
2,473,065
AZEK
Co.,
Inc.
(The),
Class
A
(a)(b)
...............
309,517
7,286,030
Builders
FirstSource,
Inc.
(a)(b)
..................
419,766
37,266,826
Fortune
Brands
Innovations,
Inc.
...............
365,763
21,481,261
Hayward
Holdings,
Inc.
(a)(b)
....................
330,786
3,876,812
JELD-WEN
Holding,
Inc.
(a)
....................
240,970
3,050,680
Lennox
International,
Inc.
....................
92,072
23,135,852
Masco
Corp.
.............................
642,286
31,934,460
Masonite
International
Corp.
(a)(b)
................
63,551
5,768,524
Masterbrand,
Inc.
(a)
........................
365,909
2,941,908
Owens
Corning
...........................
266,544
25,534,915
PGT
Innovations,
Inc.
(a)
......................
171,184
4,298,430
Quanex
Building
Products
Corp.
................
94,654
2,037,901
Simpson
Manufacturing
Co.,
Inc.
...............
121,502
13,321,479
Trex
Co.,
Inc.
(a)(b)
..........................
312,992
15,233,321
UFP
Industries,
Inc.
........................
175,789
13,969,952
213,611,416
a
Construction
Materials
 — 0.9%
Eagle
Materials,
Inc.
........................
102,834
15,090,890
a
Forest
Products
 — 0.7%
Louisiana-Pacific
Corp.
......................
204,485
11,085,132
a
Home
Furnishings
 — 1.7%
Ethan
Allen
Interiors,
Inc.
....................
65,183
1,789,925
Leggett
&
Platt,
Inc.
........................
378,199
12,056,984
Mohawk
Industries,
Inc.
(a)(b)
...................
150,408
15,073,890
28,920,799
a
Home
Improvement
Retail
 — 10.6%
Floor
&
Decor
Holdings,
Inc.,
Class
A
(a)(b)
..........
302,639
29,725,203
Home
Depot,
Inc.
(The)
.....................
244,558
72,173,957
LL
Flooring
Holdings,
Inc.
(a)
...................
83,731
318,178
Lowe's
Companies,
Inc.
.....................
354,417
70,872,767
173,090,105
a
Homebuilding
 — 66.1%
Beazer
Homes
USA,
Inc.
(a)(b)
..................
237,374
3,769,499
Cavco
Industries,
Inc.
(a)
......................
65,118
20,690,593
Century
Communities,
Inc.
...................
227,726
14,556,246
DR
Horton,
Inc.
(b)
..........................
2,516,374
245,824,576
Green
Brick
Partners,
Inc.
(a)
...................
218,832
7,672,250
Installed
Building
Products,
Inc.
................
188,863
21,536,048
Security
Shares
Value
a
Homebuilding
(continued)
KB
Home
...............................
657,327
$
26,411,399
Lennar
Corp.,
Class
A
.......................
2,041,667
214,599,618
Lennar
Corp.,
Class
B
......................
116,480
10,402,829
LGI
Homes,
Inc.
(a)(b)
........................
165,036
18,819,055
M/I
Homes,
Inc.
(a)
..........................
220,878
13,935,193
MDC
Holdings,
Inc.
........................
467,598
18,175,534
Meritage
Homes
Corp.
......................
294,497
34,385,470
NVR,
Inc.
(a)(b)
.............................
24,359
135,732,976
PulteGroup,
Inc.
..........................
1,816,655
105,874,653
Skyline
Champion
Corp.
(a)
....................
427,233
32,140,739
Taylor
Morrison
Home
Corp.
(a)
.................
872,480
33,381,085
Toll
Brothers,
Inc.
..........................
828,069
49,708,982
TopBuild
Corp.
(a)(b)
.........................
257,448
53,585,227
Tri
Pointe
Homes,
Inc.
(a)
.....................
812,635
20,575,918
1,081,777,890
a
Specialty
Chemicals
 — 4.4%
Sherwin-Williams
Co.
(The)
...................
323,972
72,819,186
a
Trading
Companies
&
Distributors
 — 2.4%
Beacon
Roofing
Supply,
Inc.
(a)(b)
................
144,751
8,518,596
Watsco,
Inc.
.............................
94,881
30,187,339
38,705,935
a
Total
Long-Term
 Investments
— 99.8%
(Cost:
$1,795,800,906)
...............................
1,635,101,353
a
Short-Term
Securities
Money
Market
Funds
 — 
4.5%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
5.01%
(c)(d)(e)
............................
71,342,484
71,363,887
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
4.73%
(c)(d)
.............................
1,937,714
1,937,714
a
Total
Short-Term
Securities — 4.5%
(Cost:
$73,276,338)
.................................
73,301,601
Total
Investments
—
104.3%
(Cost:
$1,869,077,244)
...............................
1,708,402,954
Liabilities
in
Excess
of
Other
Assets
—
(4.3)%
...............
(70,931,681)
Net
Assets
—
100.0%
.................................
$
1,637,471,273
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
March
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/23
  Shares
Held
at
03/31/23
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
.
$
30,168,682
$
41,159,700
(a)
$
—
$
16,837
$
18,668
$
71,363,887
71,342,484
$
129,262
(b)
$
—
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
U.S.
Home
Construction
ETF
42
2023
iShares
Annual
Report
to
Shareholders
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
March
31,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements. 
Affiliates
(continued)
Affiliated
Issuer
Value
at
03/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/23
  Shares
Held
at
03/31/23
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
$
2,040,000
$
—
$
(102,286
)
(a)
$
—
$
—
$
1,937,714
1,937,714
$
48,659
$
2
$
16,837
$
18,668
$
73,301,601
$
177,921
$
2
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
S&P
MidCap
400
E-Mini
Index
.............................................................
10
06/16/23
$
2,530
$
138,762
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)
.............
$
—
$
—
$
138,762
$
—
$
—
$
—
$
138,762
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(16,578
)
$
—
$
—
$
—
$
(16,578
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
46,054
$
—
$
—
$
—
$
46,054
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
2,090,465
a
iShares
®
U.S.
Home
Construction
ETF
Schedule
of
Investments
(continued)
March
31,
2023
43
Schedule
of
Investments
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
1,635,101,353
‌
$
—
‌
$
—
‌
$
1,635,101,353
‌
Short-Term
Securities
Money
Market
Funds
......................................
73,301,601
‌
—
‌
—
‌
73,301,601
‌
$
1,708,402,954
‌
$
—
‌
$
—
‌
$
1,708,402,954
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
138,762
‌
$
—
‌
$
—
‌
$
138,762
‌
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
March
31,
2023
iShares
®
U.S.
Infrastructure
ETF
(Percentages
shown
are
based
on
Net
Assets)
44
2023
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Common
Stocks
Aluminum
 — 1.6%
Arconic
Corp.
(a)
...........................
414,183
$
10,864,020
Century
Aluminum
Co.
(a)
.....................
859,015
8,590,150
Kaiser
Aluminum
Corp.
......................
131,399
9,806,307
29,260,477
a
Automotive
Parts
&
Equipment
 — 0.6%
XPEL,
Inc.
(a)
.............................
165,520
11,247,084
a
Building
Products
 — 6.3%
Advanced
Drainage
Systems,
Inc.
(b)
.............
123,491
10,399,177
Apogee
Enterprises,
Inc.
.....................
231,881
10,028,853
Armstrong
World
Industries,
Inc.
................
142,307
10,137,951
AZEK
Co.,
Inc.
(The),
Class
A
(a)(b)
...............
453,974
10,686,548
Builders
FirstSource,
Inc.
(a)
...................
124,263
11,032,069
Carlisle
Companies,
Inc.
.....................
41,755
9,439,553
Gibraltar
Industries,
Inc.
(a)
....................
205,202
9,952,297
Insteel
Industries,
Inc.
.......................
361,069
10,044,940
Owens
Corning
...........................
109,421
10,482,532
Simpson
Manufacturing
Co.,
Inc.
...............
98,805
10,832,980
Trex
Co.,
Inc.
(a)(b)
..........................
209,638
10,203,081
113,239,981
a
Commodity
Chemicals
 — 3.0%
AdvanSix,
Inc.
............................
265,554
10,162,752
Hawkins,
Inc.
............................
262,895
11,509,543
LyondellBasell
Industries
NV,
Class
A
............
113,951
10,698,860
Tredegar
Corp.
...........................
929,648
8,487,686
Westlake
Corp.
(b)
..........................
88,949
10,316,305
51,175,146
a
Construction
&
Engineering
 — 10.9%
AECOM
................................
123,516
10,414,869
API
Group
Corp.
(a)
.........................
459,620
10,332,258
Argan,
Inc.
..............................
277,515
11,231,032
Comfort
Systems
USA,
Inc.
...................
73,373
10,709,523
Construction
Partners,
Inc.,
Class
A
(a)(b)
...........
394,359
10,624,031
EMCOR
Group,
Inc.
........................
65,594
10,664,928
Fluor
Corp.
(a)
.............................
295,031
9,119,408
Granite
Construction,
Inc.
....................
254,685
10,462,460
Great
Lakes
Dredge
&
Dock
Corp.
(a)
.............
1,910,576
10,374,428
MasTec,
Inc.
(a)
............................
108,435
10,240,601
MDU
Resources
Group,
Inc.
..................
350,239
10,675,285
MYR
Group,
Inc.
(a)
.........................
90,036
11,345,436
Northwest
Pipe
Co.
(a)
.......................
275,791
8,612,953
Primoris
Services
Corp.
.....................
398,039
9,815,642
Quanta
Services,
Inc.
(b)
......................
67,928
11,319,522
Stantec,
Inc.
.............................
188,558
11,013,673
Sterling
Infrastructure,
Inc.
(a)
..................
272,138
10,308,587
Tutor
Perini
Corp.
(a)
........................
1,254,963
7,743,122
Valmont
Industries,
Inc.
......................
33,221
10,606,801
195,614,559
a
Construction
Machinery
&
Heavy
Transportation
Equipment
 — 2.1%
Astec
Industries,
Inc.
.......................
224,911
9,277,579
Greenbrier
Companies,
Inc.
(The)
...............
334,892
10,773,476
Terex
Corp.
..............................
183,712
8,887,987
Trinity
Industries,
Inc.
.......................
394,915
9,620,129
38,559,171
a
Construction
Materials
 — 1.8%
Martin
Marietta
Materials,
Inc.
.................
30,301
10,758,673
Summit
Materials,
Inc.,
Class
A
(a)(b)
..............
361,188
10,290,246
Security
Shares
Value
a
Construction
Materials
(continued)
Vulcan
Materials
Co.
.......................
60,733
$
10,419,354
31,468,273
a
Copper
 — 0.6%
Taseko
Mines,
Ltd.
(a)(b)
.......................
6,225,469
10,334,279
a
Distributors
 — 0.6%
Pool
Corp.
..............................
30,648
10,495,101
a
Diversified
Chemicals
 — 0.4%
LSB
Industries,
Inc.
(a)
.......................
763,698
7,889,000
a
Diversified
Metals
&
Mining
 — 0.5%
Compass
Minerals
International,
Inc.
.............
271,206
9,299,654
a
Electric
Utilities
 — 19.8%
ALLETE,
Inc.
............................
213,620
13,750,719
Alliant
Energy
Corp.
........................
255,375
13,637,025
American
Electric
Power
Co.,
Inc.
...............
149,266
13,581,713
Avangrid,
Inc.
............................
338,363
13,493,917
Constellation
Energy
Corp.
...................
168,370
13,217,045
Duke
Energy
Corp.
........................
139,404
13,448,304
Edison
International
........................
197,581
13,947,243
Entergy
Corp.
............................
126,554
13,634,928
Evergy,
Inc.
..............................
223,384
13,653,230
Eversource
Energy
........................
176,274
13,795,203
Exelon
Corp.
.............................
321,360
13,461,770
FirstEnergy
Corp.
.........................
334,447
13,397,947
Fortis,
Inc.
(b)
.............................
331,528
14,099,886
Hawaiian
Electric
Industries,
Inc.
...............
332,270
12,759,168
IDACORP,
Inc.
...........................
128,880
13,961,570
MGE
Energy,
Inc.
..........................
186,636
14,496,018
NextEra
Energy,
Inc.
.......................
180,118
13,883,496
NRG
Energy,
Inc.
..........................
395,296
13,554,700
OGE
Energy
Corp.
.........................
371,434
13,988,205
PG&E
Corp.
(a)(b)
...........................
813,314
13,151,287
Pinnacle
West
Capital
Corp.
..................
174,008
13,788,394
PNM
Resources,
Inc.
.......................
271,821
13,232,246
Portland
General
Electric
Co.
..................
278,718
13,626,523
PPL
Corp.
..............................
485,494
13,491,878
Southern
Co.
(The)
........................
205,170
14,275,729
Xcel
Energy,
Inc.
..........................
204,257
13,775,092
355,103,236
a
Electrical
Components
&
Equipment
 — 0.6%
SunPower
Corp.
(a)(b)
........................
711,256
9,843,783
a
Environmental
&
Facilities
Services
 — 1.1%
Harsco
Corp.
(a)
...........................
1,323,929
9,042,435
Tetra
Tech,
Inc.
...........................
78,610
11,548,595
20,591,030
a
Forest
Products
 — 1.1%
Louisiana-Pacific
Corp.
......................
183,619
9,953,986
West
Fraser
Timber
Co.,
Ltd.
..................
143,264
10,206,127
20,160,113
a
Gas
Utilities
 — 4.6%
Atmos
Energy
Corp.
........................
117,955
13,253,424
Chesapeake
Utilities
Corp.
...................
40,281
5,155,565
New
Jersey
Resources
Corp.
..................
258,968
13,777,097
Northwest
Natural
Holding
Co.
.................
275,478
13,101,734
ONE
Gas,
Inc.
............................
164,186
13,008,457
Southwest
Gas
Holdings,
Inc.
.................
183,557
11,463,135
iShares
®
U.S.
Infrastructure
ETF
Schedule
of
Investments
(continued)
March
31,
2023
(Percentages
shown
are
based
on
Net
Assets)
45
Schedule
of
Investments
Security
Shares
Value
a
Gas
Utilities
(continued)
Spire,
Inc.
...............................
190,016
$
13,327,722
83,087,134
a
Independent
Power
Producers
&
Energy
Traders
 — 0.8%
Vistra
Corp.
.............................
621,098
14,906,352
a
Industrial
Machinery
&
Supplies
&
Components
 — 1.9%
Luxfer
Holdings
PLC
.......................
688,285
11,632,016
Mueller
Industries,
Inc.
......................
147,046
10,804,940
Omega
Flex,
Inc.
..........................
90,749
10,113,069
32,550,025
a
Multi-Utilities
 — 11.4%
Algonquin
Power
&
Utilities
Corp.
...............
1,700,468
14,283,931
Ameren
Corp.
............................
158,820
13,720,460
Avista
Corp.
.............................
288,950
12,265,927
Black
Hills
Corp.
..........................
213,551
13,475,068
CenterPoint
Energy,
Inc.
.....................
468,062
13,789,106
CMS
Energy
Corp.
.........................
222,223
13,640,048
Consolidated
Edison,
Inc.
....................
146,619
14,027,040
Dominion
Energy,
Inc.
.......................
237,718
13,290,813
DTE
Energy
Co.
..........................
121,598
13,319,845
NiSource,
Inc.
............................
480,050
13,422,198
NorthWestern
Corp.
........................
230,458
13,334,300
Public
Service
Enterprise
Group,
Inc.
............
220,271
13,755,924
Sempra
Energy
...........................
88,123
13,320,673
Unitil
Corp.
..............................
244,082
13,922,437
WEC
Energy
Group,
Inc.
.....................
148,435
14,070,154
203,637,924
a
Oil
&
Gas
Equipment
&
Services
 — 0.5%
U.S.
Silica
Holdings,
Inc.
(a)
....................
796,079
9,505,183
a
Oil
&
Gas
Storage
&
Transportation
 — 7.7%
Antero
Midstream
Corp.
.....................
1,230,121
12,903,969
DT
Midstream,
Inc.
.........................
256,915
12,683,894
Enbridge,
Inc.
(b)
...........................
342,194
13,054,701
EnLink
Midstream
LLC
......................
1,146,342
12,426,347
Equitrans
Midstream
Corp.
...................
2,120,827
12,258,380
Kinder
Morgan,
Inc.,
Class
P
..................
753,405
13,192,122
Kinetik
Holdings,
Inc.,
Class
A
.................
422,816
13,234,141
New
Fortress
Energy,
Inc.,
Class
A
..............
367,841
10,825,561
ONEOK,
Inc.
.............................
195,984
12,452,823
TC
Energy
Corp.
..........................
321,739
12,518,864
Williams
Companies,
Inc.
(The)
................
429,367
12,820,899
138,371,701
a
Rail
Transportation
 — 2.1%
CSX
Corp.
..............................
426,892
12,781,147
Norfolk
Southern
Corp.
......................
58,216
12,341,792
Union
Pacific
Corp.
........................
63,517
12,783,431
37,906,370
a
Research
&
Consulting
Services
 — 1.2%
Jacobs
Solutions,
Inc.
.......................
89,830
10,555,923
NV5
Global,
Inc.
(a)(b)
........................
104,577
10,872,871
21,428,794
a
Specialty
Chemicals
 — 1.7%
Eastman
Chemical
Co.
......................
126,995
10,710,758
Ecovyst,
Inc.
(a)
............................
1,005,572
11,111,571
Ingevity
Corp.
(a)(b)
..........................
135,654
9,701,974
31,524,303
a
Steel
 — 7.7%
Algoma
Steel
Group,
Inc.
(b)
...................
1,223,100
9,882,648
ATI,
Inc.
(a)
...............................
259,085
10,223,494
Security
Shares
Value
a
Steel
(continued)
Carpenter
Technology
Corp.
..................
212,973
$
9,532,671
Cleveland-Cliffs,
Inc.
(a)
......................
486,236
8,912,706
Commercial
Metals
Co.
......................
204,120
9,981,468
Haynes
International,
Inc.
....................
188,688
9,451,382
Nucor
Corp.
.............................
62,120
9,595,676
Olympic
Steel,
Inc.
.........................
188,623
9,848,007
Reliance
Steel
&
Aluminum
Co.
................
42,054
10,796,944
Ryerson
Holding
Corp.
......................
269,428
9,801,791
Steel
Dynamics,
Inc.
........................
81,440
9,207,606
TimkenSteel
Corp.
(a)
........................
561,656
10,300,771
United
States
Steel
Corp.
....................
353,239
9,219,538
Worthington
Industries,
Inc.
...................
176,906
11,436,973
138,191,675
a
Trading
Companies
&
Distributors
 — 2.5%
Alta
Equipment
Group,
Inc.
...................
572,677
9,076,930
BlueLinx
Holdings,
Inc.
(a)(b)
....................
125,417
8,523,339
Boise
Cascade
Co.
........................
157,767
9,978,763
H&E
Equipment
Services,
Inc.
.................
198,585
8,783,415
United
Rentals,
Inc.
........................
23,107
9,144,826
45,507,273
a
Water
Utilities
 — 5.5%
American
States
Water
Co.
...................
152,490
13,554,836
American
Water
Works
Co.,
Inc.
................
95,188
13,944,090
Artesian
Resources
Corp.,
Class
A,
NVS
..........
240,245
13,299,963
California
Water
Service
Group
................
233,956
13,616,239
Essential
Utilities,
Inc.
.......................
316,540
13,816,971
Middlesex
Water
Co.
.......................
45,999
3,593,442
SJW
Group
..............................
175,470
13,358,531
York
Water
Co.
(The)
.......................
306,249
13,689,331
98,873,403
a
Total
Long-Term
 Investments
— 98.6%
(Cost:
$1,731,790,031)
...............................
1,769,771,024
a
Short-Term
Securities
Money
Market
Funds
 — 
4.3%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
5.01%
(c)(d)(e)
............................
53,883,979
53,900,144
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
4.73%
(c)(d)
.............................
22,701,642
22,701,642
a
Total
Short-Term
Securities — 4.3%
(Cost:
$76,595,050)
.................................
76,601,786
Total
Investments
—
102.9%
(Cost:
$1,808,385,081)
...............................
1,846,372,810
Liabilities
in
Excess
of
Other
Assets
—
(2.9)%
...............
(52,080,781)
Net
Assets
—
100.0%
.................................
$
1,794,292,029
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
U.S.
Infrastructure
ETF
46
2023
iShares
Annual
Report
to
Shareholders
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
March
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/23
  Shares
Held
at
03/31/23
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
6,922,144
$
46,966,384
(a)
$
—
$
5,836
$
5,780
$
53,900,144
53,883,979
$
988,373
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
..
1,310,000
21,391,642
(a)
—
—
—
22,701,642
22,701,642
391,022
18
$
5,836
$
5,780
$
76,601,786
$
1,379,395
$
18
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Energy
Select
Sector
Index
..........................................................
5
06/16/23
$
437
$
27,122
E-Mini
Utilities
Select
Sector
Index
..........................................................
23
06/16/23
1,583
37,788
S&P
MidCap
400
E-Mini
Index
.............................................................
12
06/16/23
3,036
118,591
$
183,501
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
........
Monthly
Goldman
Sachs
Bank
USA
(b)
08/19/26
$
6,838,252
$
195,808
(c
)
$
7,047,366
0.4
%
Monthly
HSBC
Bank
PLC
(d)
02/10/28
11,314,324
175,690
(e
)
11,487,456
0.6
Monthly
JPMorgan
Chase
Bank
NA
(f)
02/08/24
1,514,608
33,691
(g
)
1,552,736
0.1
$
405,189
$
20,087,558
(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.
(c)
Amount
includes
$(13,306)
of
net
dividends
and
financing
fees.
(e)
Amount
includes
$2,558
of
net
dividends
and
financing
fees.
(g)
Amount
includes
$(4,437)
of
net
dividends
and
financing
fees.
The
following
are
the
specified
benchmarks
(plus
or
minus
a
range)
used
in
determining
the
variable
rate
of
interest:
(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)
iShares
®
U.S.
Infrastructure
ETF
Schedule
of
Investments
(continued)
March
31,
2023
47
Schedule
of
Investments
Balances
Reported
in
the
Statements
of
Assets
and
Liabilities
for
OTC
Derivatives
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
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
Gas
Utilities
Chesapeake
Utilities
Corp.
............
1,658
$
212,208
3.0
%
a
Multi-Utilities
Avista
Corp.
......................
3
127
—
a
Water
Utilities
Middlesex
Water
Co.
................
87,494
6,835,031
97.0
a
Total
Reference
Entity
—
Long
7,047,366
Net
Value
of
Reference
Entity
—
Goldman
Sachs
Bank
USA
...................................
$
7,047,366
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
Gas
Utilities
Chesapeake
Utilities
Corp.
............
62,559
$
8,006,927
69.7
%
a
Shares
Value
%
of
Basket
Value
Multi-Utilities
Avista
Corp.
......................
3
$
127
—
%
a
Water
Utilities
Middlesex
Water
Co.
................
44,552
3,480,402
30.3
a
Total
Reference
Entity
—
Long
11,487,456
Net
Value
of
Reference
Entity
—
HSBC
Bank
PLC
....
$
11,487,456
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
Multi-Utilities
Avista
Corp.
......................
36,578
$
1,552,736
100.0
%
a
Total
Reference
Entity
—
Long
1,552,736
Net
Value
of
Reference
Entity
—
JPMorgan
Chase
Bank
NA
....................................
$
1,552,736
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
OTC
Swaps
.................................................................
$
—
$
—
$
405,1
89
$
—
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)
...................
$
—
$
—
$
183,501
$
—
$
—
$
—
$
183,501
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
........
—
—
405,18
9
—
—
—
405,18
9
$
—
$
—
$
588,6
90
$
—
$
—
$
—
$
588,690
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
U.S.
Infrastructure
ETF
48
2023
iShares
Annual
Report
to
Shareholders
For
the period
ended
March
31,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements. 
Derivative
Financial
Instruments
–
Offsetting
as
of
Period
End
The
Fund’s
derivative
assets
and
liabilities
(by
type)
were
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
......................................
$
—
$
—
$
(765,772
)
$
—
$
—
$
—
$
(765,772
)
Swaps
.............................................
—
—
(148,708
)
—
—
—
(148,708
)
$
—
$
—
$
(914,480
)
$
—
$
—
$
—
$
(914,480
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
......................................
$
—
$
—
$
164,133
$
—
$
—
$
—
$
164,133
Swaps
.............................................
—
—
405,189
—
—
—
405,189
$
—
$
—
$
569,322
$
—
$
—
$
—
$
569,322
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
4,298,613
Total
return
swaps
Average
notional
amount
...............................................................................................
$
9,343,466
a
Assets
Liabilities
Derivative
Financial
Instruments:
Futures
contracts
................................................................................
$
67,550
‌
$
—
‌
Swaps
—
OTC
(a)
................................................................................
405,189
‌
—
‌
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
........................................
$
472,739
‌
$
—
‌
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
(“MNA”)
.....................................
(67,550
)
—
‌
Total
derivative
assets
and
liabilities
subject
to
an
MNA
........................................................
$
405,189
‌
$
—
‌
(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:
a
a
a
a
a
a
Counterparty
Derivative
Assets
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-Cash
Collateral
Received
(b)
Cash
Collateral
Received
(b)
Net
Amount
of
Derivative
Assets
(
c
)
Goldman
Sachs
Bank
USA
..............................
$
195,808
‌
$
–
‌
$
–
‌
$
–
‌
$
195,808
‌
HSBC
Bank
PLC
.....................................
175,690
‌
–
‌
–
‌
–
‌
175,690
‌
JPMorgan
Chase
Bank
NA
..............................
33,691
‌
–
‌
–
‌
–
‌
33,691
‌
$
405,189
‌
$
–
‌
$
–
‌
$
–
‌
$
405,189
‌
(a)
The
amount
of
derivatives
available
for
offset
is
limited
to
the
amount
of
derivatives
assets
and/or
liabilities
that
are
subject
to
an
MNA.
(b)
Excess
of
collateral
received,
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.
iShares
®
U.S.
Infrastructure
ETF
Schedule
of
Investments
(continued)
March
31,
2023
49
Schedule
of
Investments
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
1,769,771,024
‌
$
—
‌
$
—
‌
$
1,769,771,024
‌
Short-Term
Securities
Money
Market
Funds
......................................
76,601,786
‌
—
‌
—
‌
76,601,786
‌
$
1,846,372,810
‌
$
—
‌
$
—
‌
$
1,846,372,810
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
183,501
‌
$
405,189
‌
$
—
‌
$
588,690
‌
a
(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
March
31,
2023
iShares
®
U.S.
Insurance
ETF
(Percentages
shown
are
based
on
Net
Assets)
50
2023
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Common
Stocks
Diversified
Financial
Services
 — 1.0%
Voya
Financial,
Inc.
........................
67,407
$
4,816,904
a
Insurance
Brokers
 — 6.9%
Arthur
J
Gallagher
&
Co.
.....................
113,070
21,631,422
Brown
&
Brown,
Inc.
........................
162,467
9,328,855
30,960,277
a
Life
&
Health
Insurance
 — 23.1%
Aflac,
Inc.
...............................
323,228
20,854,671
American
Equity
Investment
Life
Holding
Co.
.......
49,548
1,808,007
Brighthouse
Financial,
Inc.
(a)(b)
.................
48,618
2,144,540
CNO
Financial
Group,
Inc.
....................
79,834
1,771,516
Genworth
Financial,
Inc.,
Class
A
(a)
..............
217,350
1,091,097
Globe
Life,
Inc.
...........................
62,800
6,909,256
Lincoln
National
Corp.
......................
106,851
2,400,942
MetLife,
Inc.
.............................
434,585
25,179,855
National
Western
Life
Group,
Inc.,
Class
A
.........
1,879
455,883
Oscar
Health,
Inc.,
Class
A
(a)
..................
77,621
507,641
Primerica,
Inc.
............................
25,644
4,416,923
Principal
Financial
Group,
Inc.
.................
157,560
11,709,859
Prudential
Financial,
Inc.
.....................
226,108
18,708,176
Trupanion,
Inc.
(a)
..........................
24,287
1,041,669
Unum
Group
.............................
129,877
5,137,934
104,137,969
a
Multi-line
Insurance
 — 10.0%
American
International
Group,
Inc.
..............
489,980
24,675,393
Assurant,
Inc.
............................
36,532
4,386,397
Hartford
Financial
Services
Group,
Inc.
(The)
.......
218,334
15,215,696
Horace
Mann
Educators
Corp.
.................
16,953
567,586
44,845,072
a
Property
&
Casualty
Insurance
 — 58.8%
Allstate
Corp.
(The)
........................
174,560
19,342,994
Ambac
Financial
Group,
Inc.
(a)
.................
34,289
530,794
American
Financial
Group,
Inc.
................
48,330
5,872,095
AMERISAFE,
Inc.
.........................
13,824
676,685
Arch
Capital
Group
Ltd.
(a)(b)
...................
256,283
17,393,927
Argo
Group
International
Holdings,
Ltd.
...........
25,029
733,099
Assured
Guaranty
Ltd.
......................
42,339
2,128,382
Axis
Capital
Holdings
Ltd.
....................
53,603
2,922,436
Chubb
Ltd.
..............................
273,059
53,022,597
Cincinnati
Financial
Corp.
....................
108,638
12,176,147
CNA
Financial
Corp.
........................
19,079
744,653
Employers
Holdings,
Inc.
.....................
20,052
835,968
Security
Shares
Value
a
Property
&
Casualty
Insurance
(continued)
Erie
Indemnity
Co.,
Class
A,
NVS
...............
17,240
$
3,993,818
First
American
Financial
Corp.
.................
72,958
4,060,842
Hanover
Insurance
Group,
Inc.
(The)
............
24,769
3,182,816
James
River
Group
Holdings,
Ltd.
..............
19,182
396,108
Kemper
Corp.
............................
44,423
2,428,161
Kinsale
Capital
Group,
Inc.
...................
14,984
4,497,448
Lemonade,
Inc.
(a)(b)
.........................
31,051
442,787
Loews
Corp.
.............................
135,177
7,842,970
Markel
Corp.
(a)(b)
...........................
9,279
11,853,087
MBIA,
Inc.
(a)(b)
............................
32,987
305,460
Mercury
General
Corp.
......................
19,088
605,853
Old
Republic
International
Corp.
................
191,606
4,784,402
Palomar
Holdings,
Inc.
(a)
.....................
17,428
962,026
ProAssurance
Corp.
........................
36,130
667,682
Progressive
Corp.
(The)
.....................
384,785
55,047,342
RLI
Corp.
...............................
28,012
3,723,075
Safety
Insurance
Group,
Inc.
..................
10,738
800,196
Selective
Insurance
Group,
Inc.
................
41,948
3,998,903
Travelers
Companies,
Inc.
(The)
................
152,381
26,119,627
United
Fire
Group,
Inc.
......................
16,740
444,447
W
R
Berkley
Corp.
.........................
141,145
8,787,688
White
Mountains
Insurance
Group
Ltd.
(b)
..........
1,774
2,443,667
263,768,182
a
Total
Long-Term
 Investments
— 99.8%
(Cost:
$477,585,674)
................................
448,528,404
a
Short-Term
Securities
Money
Market
Funds
 — 
1.1%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
5.01%
(c)(d)(e)
............................
4,440,642
4,441,975
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
4.73%
(c)(d)
.............................
541,341
541,341
a
Total
Short-Term
Securities — 1.1%
(Cost:
$4,983,774)
..................................
4,983,316
Total
Investments
—
100.9%
(Cost:
$482,569,448)
................................
453,511,720
Liabilities
in
Excess
of
Other
Assets
—
(0.9)%
...............
(3,851,551)
Net
Assets
—
100.0%
.................................
$
449,660,169
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
March
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/23
  Shares
Held
at
03/31/23
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
1,049,986
$
3,387,920
(a)
$
—
$
4,719
$
(650
)
$
4,441,975
4,440,642
$
24,706
(b)
$
—
iShares
®
U.S.
Insurance
ETF
Schedule
of
Investments
(continued)
March
31,
2023
51
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
March
31,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements. 
Affiliates
(continued)
Affiliated
Issuer
Value
at
03/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/23
  Shares
Held
at
03/31/23
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
..
$
510,000
$
31,341
(a)
$
—
$
—
$
—
$
541,341
541,341
$
17,705
$
1
$
4,719
$
(650
)
$
4,983,316
$
42,411
$
1
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Financial
Select
Sector
Index
........................................................
10
06/16/23
$
998
$
(14,043
)
S&P
MidCap
400
E-Mini
Index
............................................................
1
06/16/23
253
9,718
$
(4,325
)
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)
.............
$
—
$
—
$
9,718
$
—
$
—
$
—
$
9,718
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
–
–
Unrealized
depreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
14,043
$
—
$
—
$
—
$
14,043
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(292,995
)
$
—
$
—
$
—
$
(292,995
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
(5,337
)
$
—
$
—
$
—
$
(5,337
)
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
886,422
a
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
U.S.
Insurance
ETF
52
2023
iShares
Annual
Report
to
Shareholders
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
448,528,404
‌
$
—
‌
$
—
‌
$
448,528,404
‌
Short-Term
Securities
Money
Market
Funds
......................................
4,983,316
‌
—
‌
—
‌
4,983,316
‌
$
453,511,720
‌
$
—
‌
$
—
‌
$
453,511,720
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
9,718
‌
$
—
‌
$
—
‌
$
9,718
‌
Liabilities
Equity
Contracts
...........................................
(14,043
)
—
‌
—
‌
(14,043
)
$
(4,325
)
$
—
‌
$
—
‌
$
(4,325
)
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
U.S.
Medical
Devices
ETF
Schedule
of
Investments
March
31,
2023
(Percentages
shown
are
based
on
Net
Assets)
53
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Health
Care
Equipment
 — 78.9%
Abbott
Laboratories
........................
8,025,908
$
812,703,444
AngioDynamics,
Inc.
(a)
......................
207,774
2,148,383
Artivion,
Inc.
(a)(b)
...........................
214,137
2,805,195
AtriCure,
Inc.
(a)(b)
..........................
246,939
10,235,622
Axogen,
Inc.
(a)(b)
...........................
224,526
2,121,771
Axonics,
Inc.
(a)(b)
...........................
263,970
14,402,203
Baxter
International,
Inc.
.....................
2,683,647
108,848,722
Becton
Dickinson
&
Co.
.....................
1,098,914
272,025,172
Boston
Scientific
Corp.
(a)
.....................
5,512,893
275,810,037
Butterfly
Network,
Inc.,
Class
A
(a)(b)
..............
767,290
1,442,505
Cardiovascular
Systems,
Inc.
(a)
.................
222,789
4,424,589
CONMED
Corp.
...........................
162,482
16,875,380
Dexcom,
Inc.
(a)
...........................
2,054,796
238,726,199
Edwards
Lifesciences
Corp.
(a)
.................
3,287,660
271,988,112
Enovis
Corp.
(a)(b)
...........................
252,998
13,532,863
Envista
Holdings
Corp.
(a)
.....................
868,032
35,485,148
GE
HealthCare
Technologies,
Inc.
(a)(b)
............
1,930,804
158,383,852
Glaukos
Corp.
(a)
...........................
253,281
12,689,378
Globus
Medical,
Inc.,
Class
A
(a)
................
414,487
23,476,544
Heska
Corp.
(a)(b)
...........................
54,038
5,275,190
Hologic,
Inc.
(a)(b)
...........................
1,311,080
105,804,156
IDEXX
Laboratories,
Inc.
(a)
....................
440,393
220,231,731
Inari
Medical,
Inc.
(a)(b)
.......................
257,266
15,883,603
Inogen,
Inc.
(a)
............................
121,695
1,518,754
Inspire
Medical
Systems,
Inc.
(a)(b)
...............
154,456
36,153,516
Insulet
Corp.
(a)(b)
...........................
369,307
117,794,161
Integer
Holdings
Corp.
(a)(b)
....................
175,914
13,633,335
Integra
LifeSciences
Holdings
Corp.
(a)(b)
...........
386,868
22,210,092
Intuitive
Surgical,
Inc.
(a)
......................
1,118,618
285,773,340
iRhythm
Technologies,
Inc.
(a)(b)
.................
160,385
19,892,552
LeMaitre
Vascular,
Inc.
(b)
.....................
102,802
5,291,219
LivaNova
PLC
(a)(b)
..........................
284,181
12,384,608
Masimo
Corp.
(a)(b)
..........................
257,154
47,455,199
Medtronic
PLC
...........................
6,122,991
493,635,534
Mesa
Laboratories,
Inc.
(b)
....................
26,681
4,661,971
Nevro
Corp.
(a)(b)
...........................
188,110
6,800,176
Novocure
Ltd.
(a)(b)
..........................
480,227
28,880,852
NuVasive,
Inc.
(a)
...........................
276,800
11,434,608
Omnicell,
Inc.
(a)(b)
..........................
237,065
13,908,604
Orthofix
Medical,
Inc.
(a)(b)
.....................
181,495
3,040,041
Outset
Medical,
Inc.
(a)(b)
......................
256,502
4,719,637
Paragon
28,
Inc.
(a)(b)
........................
136,273
2,326,180
Penumbra,
Inc.
(a)(b)
.........................
201,956
56,283,118
PROCEPT
BioRobotics
Corp.
(a)(b)
...............
173,333
4,922,657
QuidelOrtho
Corp.
(a)(b)
.......................
284,718
25,365,527
ResMed,
Inc.
............................
781,197
171,074,331
Senseonics
Holdings,
Inc.
(a)(b)
..................
2,539,310
1,802,910
Shockwave
Medical,
Inc.
(a)
....................
192,198
41,674,292
SI-BONE,
Inc.
(a)(b)
..........................
161,171
3,170,234
STERIS
PLC
.............................
527,946
100,985,511
Stryker
Corp.
............................
1,150,906
328,549,136
Surmodics,
Inc.
(a)(b)
.........................
74,993
1,708,340
Tandem
Diabetes
Care,
Inc.
(a)(b)
................
341,392
13,863,929
Teleflex,
Inc.
(b)
............................
249,433
63,183,873
TransMedics
Group,
Inc.
(a)(b)
...................
169,508
12,836,841
Treace
Medical
Concepts,
Inc.
(a)
................
184,556
4,648,966
Varex
Imaging
Corp.
(a)(b)
.....................
212,910
3,872,833
ViewRay,
Inc.
(a)
...........................
770,585
2,666,224
Zimmer
Biomet
Holdings,
Inc.
.................
1,115,916
144,176,347
4,737,619,247
a
Security
Shares
Value
a
Health
Care
Supplies
 — 0.3%
STAAR
Surgical
Co.
(a)(b)
......................
256,899
$
16,428,691
a
Life
Sciences
Tools
&
Services
 — 20.6%
Bio-Rad
Laboratories,
Inc.,
Class
A
(a)(b)
...........
114,488
54,842,042
Bruker
Corp.
(b)
............................
531,856
41,931,527
NanoString
Technologies,
Inc.
(a)(b)
...............
227,851
2,255,725
Thermo
Fisher
Scientific,
Inc.
..................
1,805,340
1,040,543,816
Waters
Corp.
(a)(b)
..........................
315,912
97,815,832
1,237,388,942
a
Total
Long-Term
 Investments
— 99.8%
(Cost:
$6,089,623,172)
...............................
5,991,436,880
a
Short-Term
Securities
Money
Market
Funds
 — 
3.8%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
5.01%
(c)(d)(e)
............................
221,919,494
221,986,069
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
4.73%
(c)(d)
.............................
5,113,089
5,113,089
a
Total
Short-Term
Securities — 3.8%
(Cost:
$227,054,372)
................................
227,099,158
Total
Investments
—
103.6%
(Cost:
$6,316,677,544)
...............................
6,218,536,038
Liabilities
in
Excess
of
Other
Assets
—
(3.6)%
...............
(216,200,567)
Net
Assets
—
100.0%
.................................
$
6,002,335,471
(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.
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
U.S.
Medical
Devices
ETF
54
2023
iShares
Annual
Report
to
Shareholders
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
March
31,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
March
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/23
  Shares
Held
at
03/31/23
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
149,913,062
‌
$
72,028,371
(a)
$
—
‌
$
48,031
‌
$
(3,395
)
$
221,986,069
‌
221,919,494
‌
$
648,566
(b)
$
—
‌
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
5,130,000
‌
—
‌
(16,911
)
(a)
—
‌
—
‌
5,113,089
‌
5,113,089
‌
216,146
‌
7
‌
$
48,031
‌
$
(3,395
)
$
227,099,158
‌
$
864,712
‌
$
7
‌
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Health
Care
Sector
Index
............................................................
56
06/16/23
$
7,387
$
193,105
E-Mini
Technology
Select
Sector
Index
.......................................................
24
06/16/23
3,686
181,445
$
374,550
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)
.............
$
—
$
—
$
374,550
$
—
$
—
$
—
$
374,550
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(261,936
)
$
—
$
—
$
—
$
(261,936
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
(14,613
)
$
—
$
—
$
—
$
(14,613
)
iShares
®
U.S.
Medical
Devices
ETF
Schedule
of
Investments
(continued)
March
31,
2023
55
Schedule
of
Investments
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements. 
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
10,952,208
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
5,991,436,880
‌
$
—
‌
$
—
‌
$
5,991,436,880
‌
Short-Term
Securities
Money
Market
Funds
......................................
227,099,158
‌
—
‌
—
‌
227,099,158
‌
$
6,218,536,038
‌
$
—
‌
$
—
‌
$
6,218,536,038
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
374,550
‌
$
—
‌
$
—
‌
$
374,550
‌
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
March
31,
2023
iShares
®
U.S.
Oil
&
Gas
Exploration
&
Production
ETF
(Percentages
shown
are
based
on
Net
Assets)
56
2023
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Common
Stocks
Oil
&
Gas
Exploration
&
Production
 — 
69
.1
%
Antero
Resources
Corp.
(a)
(b)
...................
322,584
$
7,448,465
APA
Corp.
..............................
375,604
13,544,280
California
Resources
Corp.
...................
85,826
3,304,301
Callon
Petroleum
Co.
(a)
(b)
.....................
59,636
1,994,228
Chesapeake
Energy
Corp.
...................
125,232
9,522,641
Chord
Energy
Corp.
........................
48,611
6,543,041
Civitas
Resources,
Inc.
......................
60,655
4,145,163
CNX
Resources
Corp.
(a)
(b)
....................
198,863
3,185,785
Comstock
Resources,
Inc.
....................
106,812
1,152,501
ConocoPhillips
...........................
1,225,593
121,591,082
Coterra
Energy,
Inc.
........................
921,100
22,603,794
Denbury,
Inc.
(a)
...........................
58,178
5,098,138
Devon
Energy
Corp.
........................
618,217
31,287,962
Diamondback
Energy,
Inc.
....................
214,698
29,020,729
Earthstone
Energy,
Inc.
,
Class
A
(a)
(b)
.............
44,240
575,562
EOG
Resources,
Inc.
.......................
588,223
67,428,002
EQT
Corp.
..............................
428,896
13,686,071
Gulfport
Energy
Corp.
(a)
.....................
13,270
1,061,600
Hess
Corp.
..............................
247,996
32,819,791
Kosmos
Energy
Ltd.
(a)
.......................
532,612
3,962,633
Magnolia
Oil
&
Gas
Corp.
,
Class
A
..............
194,938
4,265,243
Marathon
Oil
Corp.
.........................
741,866
17,775,109
Matador
Resources
Co.
.....................
131,140
6,248,821
Murphy
Oil
Corp.
..........................
170,714
6,313,004
Northern
Oil
and
Gas,
Inc.
....................
86,491
2,625,002
Ovintiv,
Inc.
..............................
287,077
10,357,738
PDC
Energy,
Inc.
..........................
107,648
6,908,849
Permian
Resources
Corp.
,
Class
A
..............
272,925
2,865,713
Pioneer
Natural
Resources
Co.
................
164,901
33,679,380
Range
Resources
Corp.
.....................
282,290
7,472,216
SM
Energy
Co.
...........................
143,456
4,039,721
Southwestern
Energy
Co.
(a)
...................
1,289,251
6,446,255
Talos
Energy,
Inc.
(a)
(b)
.......................
76,063
1,128,775
Tellurian,
Inc.
(a)
(b)
..........................
612,081
752,860
Texas
Pacific
Land
Corp.
.....................
7,201
12,249,045
Vital
Energy,
Inc.
(a)
(b)
........................
19,619
893,449
503,996,949
a
Security
Shares
Value
a
Oil
&
Gas
Refining
&
Marketing
 — 
23
.4
%
Clean
Energy
Fuels
Corp.
(a)
...................
204,980
$
893,713
CVR
Energy,
Inc.
..........................
34,004
1,114,651
Delek
U.S.
Holdings,
Inc.
....................
81,273
1,865,215
HF
Sinclair
Corp.
..........................
157,093
7,600,159
Marathon
Petroleum
Corp.
...................
454,607
61,294,662
Par
Pacific
Holdings,
Inc.
(a)
...................
64,779
1,891,547
PBF
Energy,
Inc.
,
Class
A
....................
133,524
5,789,601
Phillips
66
...............................
339,325
34,400,769
Valero
Energy
Corp.
........................
385,982
53,883,087
World
Fuel
Services
Corp.
....................
72,560
1,853,908
170,587,312
a
Oil
&
Gas
Storage
&
Transportation
 — 
7
.3
%
Cheniere
Energy,
Inc.
.......................
217,156
34,223,786
Targa
Resources
Corp.
......................
264,421
19,289,512
53,513,298
a
Total
Long-Term
 Investments
— 99.8%
(Cost:
$
740,205,628
)
................................
728,097,559
a
Short-Term
Securities
Money
Market
Funds
 — 
0
.7
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.01
%
(c)
(d)
(e)
............................
4,915,325
4,916,800
a
Total
Short-Term
Securities — 0.7%
(Cost:
$
4,914,673
)
..................................
4,916,800
Total
Investments
—
100.5%
(Cost:
$
745,120,301
)
................................
733,014,359
Liabilities
in
Excess
of
Other
Assets
—
(
0
.5
)
%
...............
(
3,517,928
)
Net
Assets
—
100.0%
.................................
$
729,496,431
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
March
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/23
  Shares
Held
at
03/31/23
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
.
$
2,984,384
‌
$
1,930,568
(a)
$
—
‌
$
318
‌
$
1,530
‌
$
4,916,800
‌
4,915,325
‌
$
21,813
(b)
$
—
‌
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
(c)
......
1,490,000
‌
—
‌
(
1,490,000
)
(a)
—
‌
—
‌
—
‌
—
‌
37,512
‌
2
‌
$
318
‌
$
1,530
‌
$
4,916,800
‌
$
59,325
‌
$
2
‌
iShares
®
U.S.
Oil
&
Gas
Exploration
&
Production
ETF
Schedule
of
Investments
(continued)
March
31,
2023
57
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
March
31,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements. 
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
(c)
As
of
period
end,
the
entity
is
no
longer
held.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Energy
Select
Sector
Index
..........................................................
18
06/16/23
$
1,571
$
53,064
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)
.............
$
—
$
—
$
53,064
$
—
$
—
$
—
$
53,064
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(
409,156
)
$
—
$
—
$
—
$
(
409,156
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
30,620
$
—
$
—
$
—
$
30,620
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
2,573,878
a
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
U.S.
Oil
&
Gas
Exploration
&
Production
ETF
58
2023
iShares
Annual
Report
to
Shareholders
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
728,097,559
‌
$
—
‌
$
—
‌
$
728,097,559
‌
Short-Term
Securities
Money
Market
Funds
......................................
4,916,800
‌
—
‌
—
‌
4,916,800
‌
$
733,014,359
‌
$
—
‌
$
—
‌
$
733,014,359
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
53,064
‌
$
—
‌
$
—
‌
$
53,064
‌
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
U.S.
Oil
Equipment
&
Services
ETF
Schedule
of
Investments
March
31,
2023
(Percentages
shown
are
based
on
Net
Assets)
59
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Oil
&
Gas
Drilling
 — 19.7%
Diamond
Offshore
Drilling,
Inc.
(a)
................
216,903
$
2,611,512
Helmerich
&
Payne,
Inc.
.....................
223,261
7,981,581
Nabors
Industries,
Ltd.
(a)(b)
....................
19,198
2,340,428
Noble
Corp.
PLC,
Class
A
(a)(b)
..................
209,634
8,274,254
Patterson-UTI
Energy,
Inc.
...................
463,258
5,420,119
Transocean,
Ltd.
(a)(b)
........................
1,418,893
9,024,159
Valaris,
Ltd.
(a)(b)
...........................
128,510
8,360,861
44,012,914
a
Oil
&
Gas
Equipment
&
Services
 — 80.1%
Archrock,
Inc.
............................
285,903
2,793,272
Baker
Hughes
Co.,
Class
A
...................
363,200
10,481,952
Bristow
Group,
Inc.
(a)
.......................
50,325
1,127,280
Cactus,
Inc.,
Class
A
.......................
136,637
5,633,543
ChampionX
Corp.
.........................
377,837
10,250,718
Core
Laboratories
NV
(b)
......................
99,651
2,197,305
DMC
Global,
Inc.
(a)
.........................
39,624
870,539
Dril-Quip,
Inc.
(a)
...........................
72,462
2,078,935
Expro
Group
Holdings
NV
(a)(b)
..................
146,458
2,688,969
Halliburton
Co.
...........................
1,321,268
41,804,919
Helix
Energy
Solutions
Group,
Inc.
(a)
.............
304,898
2,359,911
Liberty
Energy,
Inc.,
Class
A
..................
319,796
4,096,587
NexTier
Oilfield
Solutions,
Inc.
(a)(b)
...............
340,976
2,710,759
NOV,
Inc.
...............................
505,780
9,361,988
Oceaneering
International,
Inc.
(a)
...............
214,222
3,776,734
ProFrac
Holding
Corp.,
Class
A
(a)
...............
69,102
875,522
ProPetro
Holding
Corp.
(a)
.....................
205,678
1,478,825
Security
Shares
Value
a
Oil
&
Gas
Equipment
&
Services
(continued)
RPC,
Inc.
...............................
177,848
$
1,367,651
Schlumberger
Ltd.
.........................
1,066,009
52,341,042
TechnipFMC
PLC
(a)(b)
.......................
752,491
10,271,502
U.S.
Silica
Holdings,
Inc.
(a)
....................
161,604
1,929,552
Weatherford
International
PLC
(a)
................
137,803
8,178,608
178,676,113
a
Total
Long-Term
 Investments
— 99.8%
(Cost:
$247,184,199)
................................
222,689,027
a
Short-Term
Securities
Money
Market
Funds
 — 
8.1%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
5.01%
(c)(d)(e)
............................
17,829,592
17,834,940
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
4.73%
(c)(d)
.............................
272,477
272,477
a
Total
Short-Term
Securities — 8.1%
(Cost:
$18,102,442)
.................................
18,107,417
Total
Investments
—
107.9%
(Cost:
$265,286,641)
................................
240,796,444
Liabilities
in
Excess
of
Other
Assets
—
(7.9)%
...............
(17,550,708)
Net
Assets
—
100.0%
.................................
$
223,245,736
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
March
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/23
  Shares
Held
at
03/31/23
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
10,305,539
$
7,523,077
(a)
$
—
$
4,001
$
2,323
$
17,834,940
17,829,592
$
32,552
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
..
160,000
112,477
(a)
—
—
—
272,477
272,477
9,667
—
$
4,001
$
2,323
$
18,107,417
$
42,219
$
—
(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
(continued)
March
31,
2023
iShares
®
U.S.
Oil
Equipment
&
Services
ETF
60
2023
iShares
Annual
Report
to
Shareholders
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
March
31,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements. 
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Energy
Select
Sector
Index
..........................................................
7
06/16/23
$
611
$
18,284
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)
.............
$
—
$
—
$
18,284
$
—
$
—
$
—
$
18,284
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(221,936
)
$
—
$
—
$
—
$
(221,936
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
18,072
$
—
$
—
$
—
$
18,072
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
603,393
a
iShares
®
U.S.
Oil
Equipment
&
Services
ETF
Schedule
of
Investments
(continued)
March
31,
2023
61
Schedule
of
Investments
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
.........................................
$
222,689,027
‌
$
—
‌
$
—
‌
$
222,689,027
‌
Short-Term
Securities
Money
Market
Funds
......................................
18,107,417
‌
—
‌
—
‌
18,107,417
‌
$
240,796,444
‌
$
—
‌
$
—
‌
$
240,796,444
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
18,284
‌
$
—
‌
$
—
‌
$
18,284
‌
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
March
31,
2023
iShares
®
U.S.
Pharmaceuticals
ETF
(Percentages
shown
are
based
on
Net
Assets)
62
2023
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Common
Stocks
Biotechnology
 — 
3
.5
%
Amicus
Therapeutics,
Inc.
(a)
(b)
..................
369,691
$
4,099,873
Catalyst
Pharmaceuticals,
Inc.
(a)
(b)
...............
141,562
2,347,098
Ironwood
Pharmaceuticals,
Inc.
,
Class
A
(a)
.........
197,314
2,075,744
Madrigal
Pharmaceuticals,
Inc.
(a)
...............
18,001
4,360,922
Vanda
Pharmaceuticals,
Inc.
(a)
.................
84,219
571,847
13,455,484
a
Pharmaceuticals
 — 
96
.4
%
Aclaris
Therapeutics,
Inc.
(a)
(b)
..................
75,700
612,413
Amphastar
Pharmaceuticals,
Inc.
(a)
..............
55,738
2,090,175
Amylyx
Pharmaceuticals,
Inc.
(a)
(b)
...............
58,777
1,724,517
Arvinas,
Inc.
(a)
(b)
...........................
71,616
1,956,549
Atea
Pharmaceuticals,
Inc.
(a)
..................
112,409
376,570
Axsome
Therapeutics,
Inc.
(a)
(b)
.................
50,723
3,128,595
Bristol-Myers
Squibb
Co.
.....................
252,601
17,507,775
Cara
Therapeutics,
Inc.
(a)
....................
66,976
328,852
Cassava
Sciences,
Inc.
(a)
(b)
...................
57,991
1,398,743
Catalent,
Inc.
(a)
(b)
..........................
243,553
16,003,868
Collegium
Pharmaceutical,
Inc.
(a)
(b)
..............
49,637
1,190,792
Corcept
Therapeutics,
Inc.
(a)
(b)
.................
141,655
3,068,247
DICE
Therapeutics,
Inc.
(a)
....................
50,043
1,433,732
Elanco
Animal
Health,
Inc.
(a)
...................
659,055
6,195,117
Eli
Lilly
&
Co.
............................
54,385
18,676,897
Harmony
Biosciences
Holdings,
Inc.
(a)
............
43,852
1,431,768
Innoviva,
Inc.
(a)
(b)
..........................
92,817
1,044,191
Intra-Cellular
Therapies,
Inc.
(a)
.................
130,222
7,051,521
Jazz
Pharmaceuticals
PLC
(a)
..................
93,097
13,622,884
Johnson
&
Johnson
........................
555,620
86,121,100
Ligand
Pharmaceuticals,
Inc.
(a)
.................
23,729
1,745,505
Merck
&
Co.,
Inc.
..........................
691,803
73,600,921
Nuvation
Bio,
Inc.
,
Class
A
(a)
..................
201,176
333,952
Organon
&
Co.
...........................
376,083
8,845,472
Pacira
BioSciences,
Inc.
(a)
(b)
...................
67,838
2,768,469
Security
Shares
Value
a
Pharmaceuticals
(continued)
Perrigo
Co.
PLC
..........................
199,068
$
7,140,569
Pfizer,
Inc.
..............................
423,667
17,285,614
Phibro
Animal
Health
Corp.
,
Class
A
.............
30,164
462,113
Pliant
Therapeutics,
Inc.
(a)
(b)
...................
62,455
1,661,303
Prestige
Consumer
Healthcare,
Inc.
(a)
(b)
...........
73,465
4,601,113
Reata
Pharmaceuticals,
Inc.
,
Class
A
(a)
(b)
..........
41,284
3,753,541
Revance
Therapeutics,
Inc.
(a)
(b)
.................
121,644
3,918,153
Royalty
Pharma
PLC
,
Class
A
.................
494,690
17,823,681
Theravance
Biopharma,
Inc.
(a)
.................
85,572
928,456
Ventyx
Biosciences,
Inc.
(a)
(b)
...................
41,032
1,374,572
Viatris,
Inc.
..............................
1,609,615
15,484,496
Zoetis,
Inc.
,
Class
A
........................
100,792
16,775,821
363,468,057
a
Total
Long-Term
 Investments
— 99.9%
(Cost:
$
383,623,587
)
................................
376,923,541
a
Short-Term
Securities
Money
Market
Funds
 — 
5
.0
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.01
%
(c)
(d)
(e)
............................
18,863,854
18,869,513
a
Total
Short-Term
Securities — 5.0%
(Cost:
$
18,864,348
)
.................................
18,869,513
Total
Investments
—
104.9%
(Cost:
$
402,487,935
)
................................
395,793,054
Liabilities
in
Excess
of
Other
Assets
—
(
4
.9
)
%
...............
(
18,634,106
)
Net
Assets
—
100.0%
.................................
$
377,158,948
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
March
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/23
  Shares
Held
at
03/31/23
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
.
$
11,796,050
$
7,065,308
(a)
$
—
$
7,464
$
691
$
18,869,513
18,863,854
$
360,483
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
(c)
......
400,000
—
(
400,000
)
(a)
—
—
—
—
15,150
—
$
7,464
$
691
$
18,869,513
$
375,633
$
—
(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.
(c)
As
of
period
end,
the
entity
is
no
longer
held.
iShares
®
U.S.
Pharmaceuticals
ETF
Schedule
of
Investments
(continued)
March
31,
2023
63
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
March
31,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements. 
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Health
Care
Sector
Index
............................................................
2
06/16/23
$
264
$
7,989
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)
.............
$
—
$
—
$
7,989
$
—
$
—
$
—
$
7,989
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(
126,309
)
$
—
$
—
$
—
$
(
126,309
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
(
5,782
)
$
—
$
—
$
—
$
(
5,782
)
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
393,613
a
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
U.S.
Pharmaceuticals
ETF
64
2023
iShares
Annual
Report
to
Shareholders
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
376,923,541
‌
$
—
‌
$
—
‌
$
376,923,541
‌
Short-Term
Securities
Money
Market
Funds
......................................
18,869,513
‌
—
‌
—
‌
18,869,513
‌
$
395,793,054
‌
$
—
‌
$
—
‌
$
395,793,054
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
7,989
‌
$
—
‌
$
—
‌
$
7,989
‌
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
U.S.
Real
Estate
ETF
Schedule
of
Investments
March
31,
2023
(Percentages
shown
are
based
on
Net
Assets)
65
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Data
Center
REITs
 — 8.0%
Digital
Realty
Trust,
Inc.
.....................
780,021
$
76,683,864
Equinix
,
Inc.
.............................
250,598
180,691,182
257,375,046
a
Diversified
REITs
 — 1.4%
WP
Carey,
Inc.
...........................
571,403
44,255,162
a
Health
Care
REITs
 — 7.6%
Healthcare
Realty
Trust,
Inc.,
Class
A
............
1,032,454
19,957,336
Healthpeak
Properties,
Inc.
...................
1,483,394
32,590,166
Medical
Properties
Trust,
Inc.
(a)
.................
1,625,024
13,357,697
National
Health
Investors,
Inc.
.................
117,930
6,082,830
Omega
Healthcare
Investors,
Inc.
...............
635,518
17,419,548
Physicians
Realty
Trust
......................
619,701
9,252,136
Sabra
Health
Care
REIT,
Inc.
..................
627,710
7,218,665
Ventas,
Inc.
.............................
1,085,152
47,041,339
Welltower
,
Inc.
............................
1,281,900
91,899,411
244,819,128
a
Hotel
&
Resort
REITs
 — 1.0%
Host
Hotels
&
Resorts,
Inc.
...................
1,939,819
31,987,615
a
Industrial
REITs
 — 13.2%
Americold
Realty
Trust,
Inc.
...................
730,881
20,793,565
EastGroup
Properties,
Inc.
...................
118,234
19,546,445
First
Industrial
Realty
Trust,
Inc.
................
358,481
19,071,189
LXP
Industrial
Trust
........................
749,049
7,722,695
Prologis,
Inc.
.............................
2,499,747
311,893,433
Rexford
Industrial
Realty,
Inc.
.................
513,050
30,603,433
STAG
Industrial,
Inc.
.......................
486,192
16,443,013
426,073,773
a
Mortgage
REITs
 — 2.3%
AGNC
Investment
Corp.
.....................
1,558,869
15,713,400
Annaly
Capital
Management,
Inc.
...............
1,270,475
24,278,777
Blackstone
Mortgage
Trust,
Inc.,
Class
A
..........
467,830
8,350,766
Rithm
Capital
Corp.
........................
1,285,506
10,284,048
Starwood
Property
Trust,
Inc.
..................
842,490
14,903,648
73,530,639
a
Multi-Family
Residential
REITs
 — 8.8%
Apartment
Income
REIT
Corp.
.................
422,962
15,146,269
AvalonBay
Communities,
Inc.
.................
379,510
63,780,451
Camden
Property
Trust
......................
298,787
31,324,829
Equity
Residential
.........................
923,999
55,439,940
Essex
Property
Trust,
Inc.
....................
175,289
36,659,941
Mid-America
Apartment
Communities,
Inc.
.........
313,290
47,319,322
UDR,
Inc.
...............................
839,015
34,449,956
284,120,708
a
Office
REITs
 — 4.1%
Alexandria
Real
Estate
Equities,
Inc.
.............
427,294
53,663,853
Boston
Properties,
Inc.
......................
386,977
20,943,195
Corporate
Office
Properties
Trust
...............
305,530
7,244,116
Cousins
Properties,
Inc.
.....................
411,491
8,797,678
Douglas
Emmett,
Inc.
.......................
477,818
5,891,496
Equity
Commonwealth
......................
296,444
6,139,355
Highwoods
Properties,
Inc.
...................
285,950
6,631,181
JBG
SMITH
Properties
......................
267,855
4,033,896
Kilroy
Realty
Corp.
.........................
286,130
9,270,612
SL
Green
Realty
Corp.
......................
176,767
4,157,560
Vornado
Realty
Trust
.......................
437,989
6,731,891
133,504,833
a
Security
Shares
Value
a
Other
Specialized
REITs
 — 5.9%
Gaming
and
Leisure
Properties,
Inc.
.............
698,640
$
36,371,198
Iron
Mountain,
Inc.
.........................
788,713
41,730,805
Lamar
Advertising
Co.,
Class
A
................
236,735
23,647,459
VICI
Properties,
Inc.
........................
2,722,964
88,823,086
190,572,548
a
Real
Estate
Development
 — 0.2%
Howard
Hughes
Corp.
(The)
(a)(b)
................
93,536
7,482,880
a
Real
Estate
Services
 — 3.4%
CBRE
Group,
Inc.,
Class
A
(a)(b)
.................
857,152
62,409,237
Jones
Lang
LaSalle,
Inc.
(b)
....................
128,778
18,735,911
Opendoor
Technologies,
Inc.
(a)(b)
................
1,382,568
2,433,320
Zillow
Group,
Inc.,
Class
A
(a)(b)
.................
157,461
6,881,046
Zillow
Group,
Inc.,
Class
C,
NVS
(a)(b)
.............
441,958
19,653,872
110,113,386
a
Research
&
Consulting
Services
 — 2.3%
CoStar
Group,
Inc.
(a)(b)
.......................
1,103,318
75,963,444
a
Retail
REITs
 — 11.0%
Agree
Realty
Corp.
........................
240,286
16,486,023
Brixmor
Property
Group,
Inc.
..................
813,642
17,509,576
Federal
Realty
Investment
Trust
................
198,626
19,630,208
Kimco
Realty
Corp.
........................
1,677,902
32,769,426
National
Retail
Properties,
Inc.
.................
492,283
21,734,294
Realty
Income
Corp.
........................
1,701,425
107,734,231
Regency
Centers
Corp.
.....................
417,834
25,563,084
Simon
Property
Group,
Inc.
...................
886,954
99,312,239
Spirit
Realty
Capital,
Inc.
.....................
378,897
15,095,257
355,834,338
a
Self-Storage
REITs
 — 7.9%
CubeSmart
..............................
609,257
28,159,859
Extra
Space
Storage,
Inc.
....................
363,333
59,197,846
Life
Storage,
Inc.
..........................
230,589
30,227,912
National
Storage
Affiliates
Trust
................
229,405
9,584,541
Public
Storage
............................
428,827
129,565,790
256,735,948
a
Single-Family
Residential
REITs
 — 4.8%
American
Homes
4
Rent,
Class
A
...............
832,718
26,188,981
Equity
LifeStyle
Properties,
Inc.
................
474,623
31,861,442
Invitation
Homes,
Inc.
.......................
1,575,763
49,211,078
Sun
Communities,
Inc.
......................
336,079
47,346,810
154,608,311
a
Telecom
Tower
REITs
 — 15.1%
American
Tower
Corp.
......................
1,260,901
257,652,510
Crown
Castle,
Inc.
.........................
1,139,296
152,483,377
SBA
Communications
Corp.,
Class
A
.............
292,904
76,468,447
486,604,334
a
Timber
REITs
 — 2.6%
PotlatchDeltic
Corp.
........................
219,193
10,850,053
Rayonier,
Inc.
............................
399,581
13,290,064
Weyerhaeuser
Co.
.........................
1,988,053
59,900,037
84,040,154
a
Total
Long-Term
 Investments
— 99.6%
(Cost:
$4,481,631,887)
...............................
3,217,622,247
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
U.S.
Real
Estate
ETF
(Percentages
shown
are
based
on
Net
Assets)
66
2023
iShares
Annual
Report
to
Shareholders
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
 — 
1.1%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
5.01%
(c)(d)(e)
............................
31,149,706
$
31,159,050
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
4.73%
(c)(d)
.............................
5,247,558
5,247,558
a
Total
Short-Term
Securities — 1.1%
(Cost:
$36,397,749)
.................................
36,406,608
Total
Investments
—
100.7%
(Cost:
$4,518,029,636)
...............................
3,254,028,855
Liabilities
in
Excess
of
Other
Assets
—
(0.7)%
...............
(21,647,073)
Net
Assets
—
100.0%
.................................
$
3,232,381,782
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
March
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/23
  Shares
Held
at
03/31/23
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
60,300,476
$
—
$
(29,190,340
)
(a)
$
34,836
$
14,078
$
31,159,050
31,149,706
$
122,210
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
..
5,660,000
—
(412,442
)
(a)
—
—
5,247,558
5,247,558
159,465
4
$
34,836
$
14,078
$
36,406,608
$
281,675
$
4
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Dow
Jones
U.S.
Real
Estate
Index
..........................................................
550
06/16/23
$
18,222
$
541,479
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)
.............
$
—
$
—
$
541,479
$
—
$
—
$
—
$
541,479
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
iShares
®
U.S.
Real
Estate
ETF
Schedule
of
Investments
(continued)
March
31,
2023
67
Schedule
of
Investments
For
the period
ended
March
31,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements. 
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(2,723,725
)
$
—
$
—
$
—
$
(2,723,725
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
121,712
$
—
$
—
$
—
$
121,712
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
20,535,645
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
3,217,622,247
‌
$
—
‌
$
—
‌
$
3,217,622,247
‌
Short-Term
Securities
Money
Market
Funds
......................................
36,406,608
‌
—
‌
—
‌
36,406,608
‌
$
3,254,028,855
‌
$
—
‌
$
—
‌
$
3,254,028,855
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
541,479
‌
$
—
‌
$
—
‌
$
541,479
‌
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
March
31,
2023
iShares
®
U.S.
Regional
Banks
ETF
(Percentages
shown
are
based
on
Net
Assets)
68
2023
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Common
Stocks
Commercial
&
Residential
Mortgage
Finance
 — 
0
.2
%
TFS
Financial
Corp.
........................
106,189
$
1,341,167
a
Diversified
Banks
 — 
39
.3
%
Comerica,
Inc.
............................
281,185
12,209,053
Fifth
Third
Bancorp
........................
1,365,975
36,389,574
First
Citizens
BancShares,
Inc.
,
Class
A
...........
25,399
24,715,767
KeyCorp
................................
1,994,963
24,976,937
PNC
Financial
Services
Group,
Inc.
(The)
.........
852,558
108,360,122
U.S.
Bancorp
............................
2,962,083
106,783,092
313,434,545
a
Regional
Banks
 — 
60
.2
%
Bank
OZK
..............................
237,039
8,106,734
BOK
Financial
Corp.
........................
62,183
5,248,867
Citizens
Financial
Group,
Inc.
.................
1,052,775
31,972,777
Commerce
Bancshares,
Inc.
(a)
.................
243,136
14,186,986
Cullen/Frost
Bankers,
Inc.
....................
137,568
14,491,413
East
West
Bancorp,
Inc.
.....................
301,318
16,723,149
First
Financial
Bankshares,
Inc.
................
279,143
8,904,662
First
Horizon
Corp.
.........................
1,146,991
20,393,500
First
Republic
Bank
(a)
.......................
400,966
5,609,514
FNB
Corp.
..............................
775,159
8,991,844
Glacier
Bancorp,
Inc.
.......................
238,094
10,002,329
Home
BancShares,
Inc.
.....................
406,840
8,832,496
Huntington
Bancshares,
Inc.
..................
3,084,762
34,549,334
M&T
Bank
Corp.
..........................
359,918
43,035,395
New
York
Community
Bancorp,
Inc.
.............
1,456,381
13,165,684
Pinnacle
Financial
Partners,
Inc.
................
164,478
9,072,607
Popular,
Inc.
.............................
154,590
8,875,012
Prosperity
Bancshares,
Inc.
...................
196,068
12,062,103
Security
Shares
Value
a
Regional
Banks
(continued)
Regions
Financial
Corp.
.....................
1,996,549
$
37,055,949
Synovus
Financial
Corp.
.....................
312,714
9,640,973
Truist
Financial
Corp.
.......................
2,820,888
96,192,281
UMB
Financial
Corp.
.......................
93,872
5,418,292
United
Bankshares,
Inc.
.....................
255,760
9,002,752
Valley
National
Bancorp
.....................
904,079
8,353,690
Webster
Financial
Corp.
.....................
372,005
14,664,437
Western
Alliance
Bancorp
....................
234,315
8,327,555
Wintrust
Financial
Corp.
.....................
130,618
9,528,583
Zions
Bancorp
NA
(a)
........................
321,599
9,625,458
482,034,376
a
Total
Long-Term
 Investments
— 99.7%
(Cost:
$
1,070,964,915
)
...............................
796,810,088
a
Short-Term
Securities
Money
Market
Funds
 — 
1
.7
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.01
%
(b)
(c)
(d)
............................
11,923,242
11,926,819
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.73
%
(b)
(c)
.............................
1,687,254
1,687,254
a
Total
Short-Term
Securities — 1.7%
(Cost:
$
13,615,008
)
.................................
13,614,073
Total
Investments
—
101.4%
(Cost:
$
1,084,579,923
)
...............................
810,424,161
Liabilities
in
Excess
of
Other
Assets
—
(
1
.3
)
%
...............
(
10,558,808
)
Net
Assets
—
100.0%
.................................
$
799,865,353
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Affiliate
of
the
Fund.
(c)
Annualized
7-day
yield
as
of
period
end.
(d)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
March
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/23
  Shares
Held
at
03/31/23
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
5,957,651
$
5,973,739
(a)
$
—
$
(
3,636
)
$
(
935
)
$
11,926,819
11,923,242
$
42,257
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
......
1,697,000
—
(
9,746
)
(a)
—
—
1,687,254
1,687,254
31,253
1
$
(
3,636
)
$
(
935
)
$
13,614,073
$
73,510
$
1
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
iShares
®
U.S.
Regional
Banks
ETF
Schedule
of
Investments
(continued)
March
31,
2023
69
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
March
31,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements. 
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Financial
Select
Sector
Index
.........................................................
31
06/16/23
$
3,094
$
64,931
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)
.............
$
—
$
—
$
64,931
$
—
$
—
$
—
$
64,931
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(
392,293
)
$
—
$
—
$
—
$
(
392,293
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
(
48,506
)
$
—
$
—
$
—
$
(
48,506
)
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
2,350,750
a
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
U.S.
Regional
Banks
ETF
70
2023
iShares
Annual
Report
to
Shareholders
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
796,810,088
‌
$
—
‌
$
—
‌
$
796,810,088
‌
Short-Term
Securities
Money
Market
Funds
......................................
13,614,073
‌
—
‌
—
‌
13,614,073
‌
$
810,424,161
‌
$
—
‌
$
—
‌
$
810,424,161
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
64,931
‌
$
—
‌
$
—
‌
$
64,931
‌
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
U.S.
Telecommunications
ETF
Schedule
of
Investments
March
31,
2023
(Percentages
shown
are
based
on
Net
Assets)
71
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Alternative
Carriers
 — 
2
.6
%
Lumen
Technologies,
Inc.
....................
2,944,467
$
7,802,838
a
Cable
&
Satellite
 — 
28
.2
%
Altice
USA,
Inc.
,
Class
A
(a)
....................
2,182,051
7,462,614
Cable
One,
Inc.
...........................
13,238
9,293,076
Charter
Communications,
Inc.
,
Class
A
(a)
(b)
.........
28,412
10,160,415
Comcast
Corp.
,
Class
A
.....................
1,104,888
41,886,304
DISH
Network
Corp.
,
Class
A
(a)
................
793,051
7,399,166
Liberty
Broadband
Corp.
,
Class
A
(a)
(b)
.............
14,123
1,159,781
Liberty
Broadband
Corp.
,
Class
C
,
NVS
(a)
.........
96,611
7,893,119
85,254,475
a
Communications
Equipment
 — 
40
.8
%
Arista
Networks,
Inc.
(a)
......................
67,582
11,344,315
Ciena
Corp.
(a)
............................
177,235
9,308,382
Cisco
Systems,
Inc.
........................
1,060,847
55,455,777
Juniper
Networks,
Inc.
......................
291,599
10,036,838
Lumentum
Holdings,
Inc.
(a)
(b)
..................
165,488
8,938,007
Motorola
Solutions,
Inc.
.....................
38,442
10,999,409
Ubiquiti,
Inc.
.............................
32,316
8,779,934
Viasat,
Inc.
(a)
(b)
............................
246,816
8,352,253
123,214,915
a
Integrated
Telecommunication
Services
 — 
21
.3
%
AT&T,
Inc.
...............................
716,018
13,783,346
Frontier
Communications
Parent,
Inc.
(a)
(b)
..........
337,055
7,674,742
Verizon
Communications,
Inc.
.................
1,105,430
42,990,173
64,448,261
a
Security
Shares
Value
a
Movies
&
Entertainment
 — 
3
.1
%
Roku,
Inc.
,
Class
A
(a)
(b)
......................
143,086
$
9,417,920
a
Wireless
Telecommunication
Services
 — 
3
.9
%
T-Mobile
U.S.,
Inc.
(a)
........................
81,339
11,781,141
a
Total
Long-Term
 Investments
— 99.9%
(Cost:
$
413,470,403
)
................................
301,919,550
a
Short-Term
Securities
Money
Market
Funds
 — 
7
.7
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.01
%
(c)
(d)
(e)
............................
22,982,242
22,989,137
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.73
%
(c)
(d)
.............................
123,649
123,649
a
Total
Short-Term
Securities — 7.7%
(Cost:
$
23,101,030
)
.................................
23,112,786
Total
Investments
—
107.6%
(Cost:
$
436,571,433
)
................................
325,032,336
Liabilities
in
Excess
of
Other
Assets
—
(
7
.6
)
%
...............
(
22,901,611
)
Net
Assets
—
100.0%
.................................
$
302,130,725
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
March
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/23
  Shares
Held
at
03/31/23
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
5,513,644
$
17,472,129
(a)
$
—
$
(
7,830
)
$
11,194
$
22,989,137
22,982,242
$
82,523
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
490,000
—
(
366,351
)
(a)
—
—
123,649
123,649
13,753
1
$
(
7,830
)
$
11,194
$
23,112,786
$
96,276
$
1
(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
(continued)
March
31,
2023
iShares
®
U.S.
Telecommunications
ETF
72
2023
iShares
Annual
Report
to
Shareholders
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
March
31,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements. 
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
S&P
Communication
Services
Select
Sector
Index
...........................................
1
06/16/23
$
76
$
3,954
S&P
500
E-Mini
Index
...................................................................
1
06/16/23
207
5,873
$
9,827
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)
.............
$
—
$
—
$
9,827
$
—
$
—
$
—
$
9,827
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(
41,824
)
$
—
$
—
$
—
$
(
41,824
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
9,902
$
—
$
—
$
—
$
9,902
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
316,331
a
iShares
®
U.S.
Telecommunications
ETF
Schedule
of
Investments
(continued)
March
31,
2023
73
Schedule
of
Investments
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
.........................................
$
301,919,550
‌
$
—
‌
$
—
‌
$
301,919,550
‌
Short-Term
Securities
Money
Market
Funds
......................................
23,112,786
‌
—
‌
—
‌
23,112,786
‌
$
325,032,336
‌
$
—
‌
$
—
‌
$
325,032,336
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
9,827
‌
$
—
‌
$
—
‌
$
9,827
‌
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
74
2023
iShares
Annual
Report
to
Shareholders
Statements
of
Assets
and
Liabilities
March
31,
2023
See
notes
to
financial
statements.
iShares
U.S.
Aerospace
&
Defense
ETF
iShares
U.S.
Broker-Dealers
&
Securities
Exchanges
ETF
iShares
U.S.
Healthcare
Providers
ETF
iShares
U.S.
Home
Construction
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
....................................
$
5,824,194,993
‌
$
757,536,201
‌
$
1,161,504,333
‌
$
1,635,101,353
‌
Investments,
at
value
—
affiliated
(c)
.......................................
69,395,382
‌
7,887,781
‌
63,644,826
‌
73,301,601
‌
Cash
...........................................................
379,014
‌
—
‌
9,070
‌
—
‌
Cash
pledged:
Futures
contracts
.................................................
400,000
‌
86,000
‌
54,000
‌
160,000
‌
Receivables:
Investments
sold
.................................................
—
‌
1,557,315
‌
—
‌
—
‌
Securities
lending
income
—
affiliated
...................................
39,731
‌
2,678
‌
18,007
‌
12,150
‌
Capital
shares
sold
................................................
5,077
‌
—
‌
—
‌
74,655
‌
Dividends
—
unaffiliated
............................................
277,340
‌
144,565
‌
176,441
‌
687,578
‌
Dividends
—
affiliated
..............................................
26,605
‌
4,368
‌
4,949
‌
6,560
‌
Interest
—
unaffiliated
..............................................
3,591
‌
689
‌
1,133
‌
113
‌
Variation
margin
on
futures
contracts
....................................
87,780
‌
24,956
‌
11,708
‌
44,500
‌
Total
assets
......................................................
5,894,809,513
‌
767,244,553
‌
1,225,424,467
‌
1,709,388,510
‌
LIABILITIES
Bank
overdraft
.....................................................
—
‌
1,290,495
‌
—
‌
14,628
‌
Collateral
on
securities
loaned
..........................................
63,368,934
‌
5,367,852
‌
62,467,929
‌
71,412,229
‌
Payables:
Investments
purchased
.............................................
—
‌
—
‌
1,629
‌
—
‌
Investment
advisory
fees
............................................
1,935,684
‌
279,025
‌
416,241
‌
490,380
‌
Total
liabilities
.....................................................
65,304,618
‌
6,937,372
‌
62,885,799
‌
71,917,237
‌
NET
ASSETS
.....................................................
$
5,829,504,895
‌
$
760,307,181
‌
$
1,162,538,668
‌
$
1,637,471,273
‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.....................................................
$
6,318,091,920
‌
$
942,826,394
‌
$
1,480,016,604
‌
$
2,001,559,285
‌
Accumulated
loss
..................................................
(
488,587,025
)
(
182,519,213
)
(
317,477,936
)
(
364,088,012
)
NET
ASSETS
.....................................................
$
5,829,504,895
‌
$
760,307,181
‌
$
1,162,538,668
‌
$
1,637,471,273
‌
NET
ASSET
VALUE
Shares
outstanding
.................................................
50,650,000
‌
8,300,000
‌
4,700,000
‌
23,300,000
‌
Net
asset
value
....................................................
$
115.09
‌
$
91.60
‌
$
247.35
‌
$
70.28
‌
Shares
authorized
..................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
........................................................
None
None
None
None
(a)
Securities
loaned,
at
value
..........................................
$
60,918,744
‌
$
5,357,162
‌
$
61,973,810
‌
$
72,550,079
‌
(b)
Investments,
at
cost
—
unaffiliated
.....................................
$
5,324,228,059
‌
$
795,959,234
‌
$
1,307,323,437
‌
$
1,795,800,906
‌
(c)
Investments,
at
cost
—
affiliated
.......................................
$
69,356,197
‌
$
7,888,202
‌
$
63,609,921
‌
$
73,276,338
‌
75
Statements
of
Assets
and
Liabilities
(continued)
March
31,
2023
Financial
Statements
See
notes
to
financial
statements.
iShares
U.S.
Infrastructure
ETF
iShares
U.S.
Insurance
ETF
iShares
U.S.
Medical
Devices
ETF
iShares
U.S.
Oil
&
Gas
Exploration
&
Production
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
....................................
$
1,769,771,024
‌
$
448,528,404
‌
$
5,991,436,880
‌
$
728,097,559
‌
Investments,
at
value
—
affiliated
(c)
.......................................
76,601,786
‌
4,983,316
‌
227,099,158
‌
4,916,800
‌
Cash
...........................................................
24,836
‌
6,272
‌
79,395
‌
—
‌
Cash
pledged:
Collateral
—
OTC
derivatives
.........................................
970,000
‌
—
‌
—
‌
—
‌
Futures
contracts
.................................................
308,000
‌
89,000
‌
570,000
‌
131,000
‌
Receivables:
Investments
sold
.................................................
—
‌
—
‌
—
‌
6,149,347
‌
Securities
lending
income
—
affiliated
...................................
9,792
‌
512
‌
50,813
‌
1,309
‌
Dividends
—
unaffiliated
............................................
2,359,123
‌
667,929
‌
6,835,563
‌
809,199
‌
Dividends
—
affiliated
..............................................
85,831
‌
1,978
‌
30,401
‌
2,780
‌
Interest
—
unaffiliated
..............................................
280
‌
52
‌
1,775
‌
250
‌
Variation
margin
on
futures
contracts
....................................
67,550
‌
15,075
‌
131,200
‌
34,454
‌
Unrealized
appreciation
on:
OTC
swaps
.....................................................
405,189
‌
—
‌
—
‌
—
‌
Total
assets
......................................................
1,850,603,411
‌
454,292,538
‌
6,226,235,185
‌
740,142,698
‌
LIABILITIES
Bank
overdraft
.....................................................
—
‌
—
‌
—
‌
1,809
‌
Collateral
on
securities
loaned
..........................................
53,890,580
‌
4,443,263
‌
221,901,457
‌
4,913,950
‌
Payables:
Investments
purchased
.............................................
—
‌
18,466
‌
—
‌
4,846,889
‌
Capital
shares
redeemed
............................................
1,107,735
‌
—
‌
19,594
‌
589,473
‌
Investment
advisory
fees
............................................
462,829
‌
170,640
‌
1,978,663
‌
294,146
‌
Swaps
........................................................
850,238
‌
—
‌
—
‌
—
‌
Total
liabilities
.....................................................
56,311,382
‌
4,632,369
‌
223,899,714
‌
10,646,267
‌
NET
ASSETS
.....................................................
$
1,794,292,029
‌
$
449,660,169
‌
$
6,002,335,471
‌
$
729,496,431
‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.....................................................
$
1,839,574,205
‌
$
488,356,323
‌
$
6,354,564,278
‌
$
977,516,467
‌
Accumulated
loss
..................................................
(
45,282,176
)
(
38,696,154
)
(
352,228,807
)
(
248,020,036
)
NET
ASSETS
.....................................................
$
1,794,292,029
‌
$
449,660,169
‌
$
6,002,335,471
‌
$
729,496,431
‌
NET
ASSET
VALUE
Shares
outstanding
.................................................
48,050,000
‌
5,250,000
‌
111,100,000
‌
8,500,000
‌
Net
asset
value
....................................................
$
37.34
‌
$
85.65
‌
$
54.03
‌
$
85.82
‌
Shares
authorized
..................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
........................................................
None
None
None
None
(a)
Securities
loaned,
at
value
..........................................
$
53,650,646
‌
$
4,399,827
‌
$
220,253,281
‌
$
4,839,190
‌
(b)
Investments,
at
cost
—
unaffiliated
.....................................
$
1,731,790,031
‌
$
477,585,674
‌
$
6,089,623,172
‌
$
740,205,628
‌
(c)
Investments,
at
cost
—
affiliated
.......................................
$
76,595,050
‌
$
4,983,774
‌
$
227,054,372
‌
$
4,914,673
‌
76
2023
iShares
Annual
Report
to
Shareholders
Statements
of
Assets
and
Liabilities
(continued)
March
31,
2023
See
notes
to
financial
statements.
iShares
U.S.
Oil
Equipment
&
Services
ETF
iShares
U.S.
Pharmaceuticals
ETF
iShares
U.S.
Real
Estate
ETF
iShares
U.S.
Regional
Banks
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
....................................
$
222,689,027
‌
$
376,923,541
‌
$
3,217,622,247
‌
$
796,810,088
‌
Investments,
at
value
—
affiliated
(c)
.......................................
18,107,417
‌
18,869,513
‌
36,406,608
‌
13,614,073
‌
Cash
...........................................................
41,777
‌
213,528
‌
—
‌
902
‌
Cash
pledged:
Futures
contracts
.................................................
79,000
‌
14,000
‌
1,405,000
‌
216,000
‌
Receivables:
Investments
sold
.................................................
—
‌
—
‌
—
‌
14,700
‌
Securities
lending
income
—
affiliated
...................................
5,149
‌
7,737
‌
7,568
‌
31,307
‌
Capital
shares
sold
................................................
—
‌
—
‌
—
‌
147,248
‌
Dividends
—
unaffiliated
............................................
412,575
‌
119,545
‌
11,940,095
‌
3,180,241
‌
Dividends
—
affiliated
..............................................
1,544
‌
1,912
‌
23,709
‌
5,317
‌
Interest
—
unaffiliated
..............................................
47
‌
186
‌
—
‌
50
‌
Variation
margin
on
futures
contracts
....................................
3,936
‌
2,800
‌
373,817
‌
31,846
‌
Total
assets
......................................................
241,340,472
‌
396,152,762
‌
3,267,779,044
‌
814,051,772
‌
LIABILITIES
Bank
overdraft
.....................................................
—
‌
—
‌
279,532
‌
—
‌
Collateral
on
securities
loaned
..........................................
17,828,438
‌
18,866,348
‌
31,157,499
‌
11,931,275
‌
Payables:
Investments
purchased
.............................................
—
‌
—
‌
507,565
‌
2,025,202
‌
Capital
shares
redeemed
............................................
147,220
‌
—
‌
2,359,172
‌
—
‌
Interest
expense
.................................................
—
‌
—
‌
19
‌
—
‌
Investment
advisory
fees
............................................
119,078
‌
127,466
‌
1,093,475
‌
229,942
‌
Total
liabilities
.....................................................
18,094,736
‌
18,993,814
‌
35,397,262
‌
14,186,419
‌
NET
ASSETS
.....................................................
$
223,245,736
‌
$
377,158,948
‌
$
3,232,381,782
‌
$
799,865,353
‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.....................................................
$
550,136,297
‌
$
589,446,535
‌
$
4,930,665,979
‌
$
1,195,495,448
‌
Accumulated
loss
..................................................
(
326,890,561
)
(
212,287,587
)
(
1,698,284,197
)
(
395,630,095
)
NET
ASSETS
.....................................................
$
223,245,736
‌
$
377,158,948
‌
$
3,232,381,782
‌
$
799,865,353
‌
NET
ASSET
VALUE
Shares
outstanding
.................................................
11,550,000
‌
2,150,000
‌
38,050,000
‌
22,350,000
‌
Net
asset
value
....................................................
$
19.33
‌
$
175.42
‌
$
84.95
‌
$
35.79
‌
Shares
authorized
..................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
........................................................
None
None
None
None
(a)
Securities
loaned,
at
value
..........................................
$
16,886,296
‌
$
18,602,462
‌
$
31,314,240
‌
$
11,699,760
‌
(b)
Investments,
at
cost
—
unaffiliated
.....................................
$
247,184,199
‌
$
383,623,587
‌
$
4,481,631,887
‌
$
1,070,964,915
‌
(c)
Investments,
at
cost
—
affiliated
.......................................
$
18,102,442
‌
$
18,864,348
‌
$
36,397,749
‌
$
13,615,008
‌
77
Statements
of
Assets
and
Liabilities
(continued)
March
31,
2023
Financial
Statements
See
notes
to
financial
statements.
iShares
U.S.
Telecommunications
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
....................................................................................
$
301,919,550
‌
Investments,
at
value
—
affiliated
(c)
.......................................................................................
23,112,786
‌
Cash
...........................................................................................................
125,821
‌
Cash
pledged:
Futures
contracts
.................................................................................................
19,000
‌
Receivables:
Securities
lending
income
—
affiliated
...................................................................................
6,725
‌
Dividends
—
unaffiliated
............................................................................................
34,871
‌
Dividends
—
affiliated
..............................................................................................
1,755
‌
Interest
—
unaffiliated
..............................................................................................
121
‌
Variation
margin
on
futures
contracts
....................................................................................
4,250
‌
Total
assets
......................................................................................................
325,224,879
‌
LIABILITIES
Collateral
on
securities
loaned
..........................................................................................
22,988,746
‌
Payables:
Capital
shares
redeemed
............................................................................................
2,991
‌
Investment
advisory
fees
............................................................................................
102,417
‌
Total
liabilities
.....................................................................................................
23,094,154
‌
NET
ASSETS
.....................................................................................................
$
302,130,725
‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.....................................................................................................
$
700,416,650
‌
Accumulated
loss
..................................................................................................
(
398,285,925
)
NET
ASSETS
.....................................................................................................
$
302,130,725
‌
NET
ASSET
VALUE
Shares
outstanding
.................................................................................................
13,050,000
‌
Net
asset
value
....................................................................................................
$
23.15
‌
Shares
authorized
..................................................................................................
Unlimited
Par
value
........................................................................................................
None
(a)
Securities
loaned,
at
value
..........................................................................................
$
23,404,032
‌
(b)
Investments,
at
cost
—
unaffiliated
.....................................................................................
$
413,470,403
‌
(c)
Investments,
at
cost
—
affiliated
.......................................................................................
$
23,101,030
‌
78
2023
iShares
Annual
Report
to
Shareholders
Statements
of
Operations
Year
Ended
March
31,
2023
See
notes
to
financial
statements.
iShares
U.S.
Aerospace
&
Defense
ETF
iShares
U.S.
Broker-Dealers
&
Securities
Exchanges
ETF
iShares
U.S.
Healthcare
Providers
ETF
iShares
U.S.
Home
Construction
ETF
INVESTMENT
INCOME
Dividends
—
unaffiliated
............................................
$
64,272,087
‌
$
14,740,951
‌
$
17,064,810
‌
$
16,845,258
‌
Dividends
—
affiliated
..............................................
141,285
‌
23,581
‌
55,520
‌
48,659
‌
Interest
—
unaffiliated
..............................................
5,503
‌
1,405
‌
9,483
‌
3,467
‌
Securities
lending
income
—
affiliated
—
net
...............................
378,495
‌
16,018
‌
181,586
‌
129,262
‌
Total
investment
income
..............................................
64,797,370
‌
14,781,955
‌
17,311,399
‌
17,026,646
‌
EXPENSES
Investment
advisory
...............................................
16,931,619
‌
2,472,441
‌
5,943,522
‌
5,504,696
‌
Total
expenses
....................................................
16,931,619
‌
2,472,441
‌
5,943,522
‌
5,504,696
‌
Net
investment
income
...............................................
47,865,751
‌
12,309,514
‌
11,367,877
‌
11,521,950
‌
—
‌
—
‌
—
‌
—
‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.........................................
(
72,138,961
)
(
90,417,853
)
(
58,569,018
)
(
42,562,776
)
Investments
—
affiliated
...........................................
29,330
‌
3,065
‌
13,624
‌
16,837
‌
Capital
gain
distributions
from
underlying
funds
—
affiliated
...................
7
‌
1
‌
2
‌
2
‌
Futures
contracts
...............................................
(
1,976,866
)
(
563,251
)
(
65,195
)
(
16,578
)
In-kind
redemptions
—
unaffiliated
(a)
...................................
198,473,319
‌
14,321,707
‌
191,394,221
‌
(
126,611,676
)
124,386,829
‌
(
76,656,331
)
132,773,634
‌
(
169,174,191
)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.........................................
88,676,707
‌
(
13,522,691
)
(
328,845,743
)
371,039,824
‌
Investments
—
affiliated
...........................................
29,500
‌
(
421
)
25,232
‌
18,668
‌
Futures
contracts
...............................................
305,133
‌
30,032
‌
(
24,878
)
46,054
‌
89,011,340
‌
(
13,493,080
)
(
328,845,389
)
371,104,546
‌
Net
realized
and
unrealized
gain
(loss)
....................................
213,398,169
‌
(
90,149,411
)
(
196,071,755
)
201,930,355
‌
NET
INCREASE
(DECREASE)
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.....
$
261,263,920
‌
$
(
77,839,897
)
$
(
184,703,878
)
$
213,452,305
‌
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
79
Statements
of
Operations
(continued)
Year
Ended
March
31,
2023
Financial
Statements
See
notes
to
financial
statements.
iShares
U.S.
Infrastructure
ETF
iShares
U.S.
Insurance
ETF
iShares
U.S.
Medical
Devices
ETF
iShares
U.S.
Oil
&
Gas
Exploration
&
Production
ETF
INVESTMENT
INCOME
Dividends
—
unaffiliated
............................................
$
35,820,879
‌
$
9,009,291
‌
$
54,287,877
‌
$
44,946,090
‌
Dividends
—
affiliated
..............................................
391,022
‌
17,705
‌
216,146
‌
37,512
‌
Interest
—
unaffiliated
..............................................
2,403
‌
429
‌
8,612
‌
8,475
‌
Securities
lending
income
—
affiliated
—
net
...............................
988,373
‌
24,706
‌
648,566
‌
21,813
‌
Foreign
taxes
withheld
.............................................
(
434,318
)
—
‌
—
‌
—
‌
Total
investment
income
..............................................
36,768,359
‌
9,052,131
‌
55,161,201
‌
45,013,890
‌
EXPENSES
Investment
advisory
...............................................
4,872,327
‌
1,657,253
‌
25,961,632
‌
3,899,461
‌
Total
expenses
....................................................
4,872,327
‌
1,657,253
‌
25,961,632
‌
3,899,461
‌
Net
investment
income
...............................................
31,896,032
‌
7,394,878
‌
29,199,569
‌
41,114,429
‌
—
‌
—
‌
—
‌
—
‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.........................................
(
60,726,070
)
(
5,835,203
)
(
160,703,290
)
(
19,524,867
)
Investments
—
affiliated
...........................................
5,836
‌
4,719
‌
48,031
‌
318
‌
Capital
gain
distributions
from
underlying
funds
—
affiliated
...................
18
‌
1
‌
7
‌
2
‌
Futures
contracts
...............................................
(
765,772
)
(
292,995
)
(
261,936
)
(
409,156
)
In-kind
redemptions
—
unaffiliated
(a)
...................................
63,641,517
‌
16,472,587
‌
374,363,830
‌
140,219,775
‌
Swaps  
......................................................
(
148,708
)
—
‌
—
‌
—
‌
2,006,821
‌
10,349,109
‌
213,446,642
‌
120,286,072
‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.........................................
(
28,975,639
)
(
43,631,807
)
(
1,174,364,705
)
(
161,673,126
)
Investments
—
affiliated
...........................................
5,780
‌
(
650
)
(
3,395
)
1,530
‌
Futures
contracts
...............................................
164,133
‌
(
5,337
)
(
14,613
)
30,620
‌
Swaps  
......................................................
405,189
‌
—
‌
—
‌
—
‌
(
28,400,537
)
(
43,637,794
)
(
1,174,382,713
)
(
161,640,976
)
Net
realized
and
unrealized
loss
.........................................
(
26,393,716
)
(
33,288,685
)
(
960,936,071
)
(
41,354,904
)
NET
INCREASE
(DECREASE)
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.....
$
5,502,316
‌
$
(
25,893,807
)
$
(
931,736,502
)
$
(
240,475
)
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
80
2023
iShares
Annual
Report
to
Shareholders
Statements
of
Operations
(continued)
Year
Ended
March
31,
2023
See
notes
to
financial
statements.
iShares
U.S.
Oil
Equipment
&
Services
ETF
iShares
U.S.
Pharmaceuticals
ETF
iShares
U.S.
Real
Estate
ETF
iShares
U.S.
Regional
Banks
ETF
INVESTMENT
INCOME
Dividends
—
unaffiliated
............................................
$
3,619,829
‌
$
8,122,175
‌
$
117,395,547
‌
$
27,306,613
‌
Dividends
—
affiliated
..............................................
9,667
‌
15,150
‌
159,465
‌
31,253
‌
Interest
—
unaffiliated
..............................................
1,346
‌
3,035
‌
41,785
‌
706
‌
Securities
lending
income
—
affiliated
—
net
...............................
32,552
‌
360,483
‌
122,210
‌
42,257
‌
Foreign
taxes
withheld
.............................................
(
940
)
—
‌
—
‌
(
27,272
)
Total
investment
income
..............................................
3,662,454
‌
8,500,843
‌
117,719,007
‌
27,353,557
‌
EXPENSES
Investment
advisory
...............................................
1,176,966
‌
1,647,079
‌
15,930,149
‌
3,318,242
‌
Total
expenses
....................................................
1,176,966
‌
1,647,079
‌
15,930,149
‌
3,318,242
‌
Net
investment
income
...............................................
2,485,488
‌
6,853,764
‌
101,788,858
‌
24,035,315
‌
—
‌
—
‌
—
‌
—
‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.........................................
(
10,693,365
)
(
13,228,191
)
(
104,306,036
)
(
92,141,400
)
Investments
—
affiliated
...........................................
4,001
‌
7,464
‌
34,836
‌
(
3,636
)
Capital
gain
distributions
from
underlying
funds
—
affiliated
...................
—
‌
—
‌
4
‌
1
‌
Futures
contracts
...............................................
(
221,936
)
(
126,309
)
(
2,723,725
)
(
392,293
)
In-kind
redemptions
—
unaffiliated
(a)
...................................
11,281,649
‌
22,878,564
‌
(
231,570,411
)
(
15,779,874
)
370,349
‌
9,531,528
‌
(
338,565,332
)
(
108,317,202
)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.........................................
(
62,214,630
)
(
52,857,852
)
(
750,774,284
)
(
267,620,185
)
Investments
—
affiliated
...........................................
2,323
‌
691
‌
14,078
‌
(
935
)
Futures
contracts
...............................................
18,072
‌
(
5,782
)
121,712
‌
(
48,506
)
(
62,194,235
)
(
52,862,943
)
(
750,638,494
)
(
267,669,626
)
Net
realized
and
unrealized
loss
.........................................
(
61,823,886
)
(
43,331,415
)
(
1,089,203,826
)
(
375,986,828
)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..............
$
(
59,338,398
)
$
(
36,477,651
)
$
(
987,414,968
)
$
(
351,951,513
)
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
81
Statements
of
Operations
(continued)
Year
Ended
March
31,
2023
Financial
Statements
See
notes
to
financial
statements.
iShares
U.S.
Telecommunications
ETF
INVESTMENT
INCOME
Dividends
—
unaffiliated
............................................................................................
$
10,532,192
‌
Dividends
—
affiliated
..............................................................................................
13,753
‌
Interest
—
unaffiliated
..............................................................................................
1,794
‌
Securities
lending
income
—
affiliated
—
net
...............................................................................
82,523
‌
Total
investment
income
..............................................................................................
10,630,262
‌
EXPENSES
Investment
advisory
...............................................................................................
1,519,550
‌
Total
expenses
....................................................................................................
1,519,550
‌
Net
investment
income
...............................................................................................
9,110,712
‌
—
‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.........................................................................................
(
41,646,187
)
Investments
—
affiliated
...........................................................................................
(
7,830
)
Capital
gain
distributions
from
underlying
funds
—
affiliated
...................................................................
1
‌
Futures
contracts
...............................................................................................
(
41,824
)
In-kind
redemptions
—
unaffiliated
(a)
...................................................................................
8,698,397
‌
(
32,997,443
)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.........................................................................................
(
55,189,967
)
Investments
—
affiliated
...........................................................................................
11,194
‌
Futures
contracts
...............................................................................................
9,902
‌
(
55,168,871
)
Net
realized
and
unrealized
loss
.........................................................................................
(
88,166,314
)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..............................................................
$
(
79,055,602
)
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
82
2023
iShares
Annual
Report
to
Shareholders
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
iShares
U.S.
Aerospace
&
Defense
ETF
iShares
U.S.
Broker-Dealers
&
Securities
Exchanges
ETF
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/23
Year
Ended
03/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
47,865,751
‌
$
18,923,398
‌
$
12,309,514
‌
$
14,226,042
‌
Net
realized
gain
(loss)
.........................................
124,386,829
‌
(
8,807,962
)
(
76,656,331
)
98,120,916
‌
Net
change
in
unrealized
appreciation
(depreciation)
.....................
89,011,340
‌
181,282,158
‌
(
13,493,080
)
(
62,475,795
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
261,263,920
‌
191,397,594
‌
(
77,839,897
)
49,871,163
‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
48,054,843
)
(
18,744,404
)
(
12,294,493
)
(
14,480,571
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
..............
1,946,280,745
‌
534,748,916
‌
276,467,954
‌
128,635,346
‌
NET
ASSETS
Total
increase
in
net
assets
........................................
2,159,489,822
‌
707,402,106
‌
186,333,564
‌
164,025,938
‌
Beginning
of
year
...............................................
3,670,015,073
‌
2,962,612,967
‌
573,973,617
‌
409,947,679
‌
End
of
year
...................................................
$
5,829,504,895
‌
$
3,670,015,073
‌
$
760,307,181
‌
$
573,973,617
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
83
Financial
Statements
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
U.S.
Healthcare
Providers
ETF
iShares
U.S.
Home
Construction
ETF
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/23
Year
Ended
03/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
11,367,877
‌
$
7,543,433
‌
$
11,521,950
‌
$
12,740,709
‌
Net
realized
gain
(loss)
.........................................
132,773,634
‌
169,476,201
‌
(
169,174,191
)
521,956,386
‌
Net
change
in
unrealized
appreciation
(depreciation)
.....................
(
328,845,389
)
(
28,134,804
)
371,104,546
‌
(
841,063,538
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
(
184,703,878
)
148,884,830
‌
213,452,305
‌
(
306,366,443
)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
11,479,684
)
(
7,445,339
)
(
11,584,706
)
(
12,816,171
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
29,980,312
‌
43,579,447
‌
(
329,371,868
)
(
561,414,419
)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
(
166,203,250
)
185,018,938
‌
(
127,504,269
)
(
880,597,033
)
Beginning
of
year
...............................................
1,328,741,918
‌
1,143,722,980
‌
1,764,975,542
‌
2,645,572,575
‌
End
of
year
...................................................
$
1,162,538,668
‌
$
1,328,741,918
‌
$
1,637,471,273
‌
$
1,764,975,542
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
84
2023
iShares
Annual
Report
to
Shareholders
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
U.S.
Infrastructure
ETF
iShares
U.S.
Insurance
ETF
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/23
Year
Ended
03/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
31,896,032
‌
$
12,722,282
‌
$
7,394,878
‌
$
2,171,849
‌
Net
realized
gain
.............................................
2,006,821
‌
33,746,209
‌
10,349,109
‌
16,068,161
‌
Net
change
in
unrealized
appreciation
(depreciation)
.....................
(
28,400,537
)
44,252,132
‌
(
43,637,794
)
6,019,373
‌
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
5,502,316
‌
90,720,623
‌
(
25,893,807
)
24,259,383
‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
34,752,301
)
(
13,909,010
)
(
7,403,653
)
(
2,177,905
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
..............
924,427,533
‌
452,497,643
‌
296,097,499
‌
79,477,725
‌
NET
ASSETS
Total
increase
in
net
assets
........................................
895,177,548
‌
529,309,256
‌
262,800,039
‌
101,559,203
‌
Beginning
of
year
...............................................
899,114,481
‌
369,805,225
‌
186,860,130
‌
85,300,927
‌
End
of
year
...................................................
$
1,794,292,029
‌
$
899,114,481
‌
$
449,660,169
‌
$
186,860,130
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
85
Financial
Statements
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
U.S.
Medical
Devices
ETF
iShares
U.S.
Oil
&
Gas
Exploration
&
Production
ETF
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/23
Year
Ended
03/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
29,199,569
‌
$
21,735,101
‌
$
41,114,429
‌
$
12,731,655
‌
Net
realized
gain
.............................................
213,446,642
‌
1,224,731,110
‌
120,286,072
‌
30,812,978
‌
Net
change
in
unrealized
appreciation
(depreciation)
.....................
(
1,174,382,713
)
(
480,419,454
)
(
161,640,976
)
191,285,446
‌
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
(
931,736,502
)
766,046,757
‌
(
240,475
)
234,830,079
‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
30,873,470
)
(
21,981,981
)
(
40,696,483
)
(
12,422,061
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
(
1,111,311,838
)
(
874,728,044
)
(
29,706,632
)
334,558,987
‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
(
2,073,921,810
)
(
130,663,268
)
(
70,643,590
)
556,967,005
‌
Beginning
of
year
...............................................
8,076,257,281
‌
8,206,920,549
‌
800,140,021
‌
243,173,016
‌
End
of
year
...................................................
$
6,002,335,471
‌
$
8,076,257,281
‌
$
729,496,431
‌
$
800,140,021
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
86
2023
iShares
Annual
Report
to
Shareholders
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
U.S.
Oil
Equipment
&
Services
ETF
iShares
U.S.
Pharmaceuticals
ETF
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/23
Year
Ended
03/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
2,485,488
‌
$
724,866
‌
$
6,853,764
‌
$
6,210,467
‌
Net
realized
gain
.............................................
370,349
‌
9,241,052
‌
9,531,528
‌
15,412,515
‌
Net
change
in
unrealized
appreciation
(depreciation)
.....................
(
62,194,235
)
47,969,785
‌
(
52,862,943
)
18,112,653
‌
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
(
59,338,398
)
57,935,703
‌
(
36,477,651
)
39,735,635
‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
2,739,043
)
(
935,137
)
(
8,101,994
)
(
6,432,724
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
1,645,744
‌
(
144,838,846
)
13,965,428
‌
19,708,210
‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
(
60,431,697
)
(
87,838,280
)
(
30,614,217
)
53,011,121
‌
Beginning
of
year
...............................................
283,677,433
‌
371,515,713
‌
407,773,165
‌
354,762,044
‌
End
of
year
...................................................
$
223,245,736
‌
$
283,677,433
‌
$
377,158,948
‌
$
407,773,165
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
87
Financial
Statements
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
U.S.
Real
Estate
ETF
iShares
U.S.
Regional
Banks
ETF
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/23
Year
Ended
03/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
101,788,858
‌
$
99,806,560
‌
$
24,035,315
‌
$
25,681,150
‌
Net
realized
gain
(loss)
.........................................
(
338,565,332
)
853,822,015
‌
(
108,317,202
)
52,406,877
‌
Net
change
in
unrealized
appreciation
(depreciation)
.....................
(
750,638,494
)
(
111,482,808
)
(
267,669,626
)
(
37,133,160
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
(
987,414,968
)
842,145,767
‌
(
351,951,513
)
40,954,867
‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
106,342,112
)
(
140,375,492
)
(
23,928,648
)
(
24,749,500
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
(
1,052,727,721
)
(
9,950,229
)
(
210,598,743
)
696,331,202
‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
(
2,146,484,801
)
691,820,046
‌
(
586,478,904
)
712,536,569
‌
Beginning
of
year
...............................................
5,378,866,583
‌
4,687,046,537
‌
1,386,344,257
‌
673,807,688
‌
End
of
year
...................................................
$
3,232,381,782
‌
$
5,378,866,583
‌
$
799,865,353
‌
$
1,386,344,257
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
88
2023
iShares
Annual
Report
to
Shareholders
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
U.S.
Telecommunications
ETF
Year
Ended
03/31/23
Year
Ended
03/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................................................
$
9,110,712
‌
$
10,776,734
‌
Net
realized
gain
(loss)
............................................................................
(
32,997,443
)
33,236,725
‌
Net
change
in
unrealized
appreciation
(depreciation)
........................................................
(
55,168,871
)
(
61,914,632
)
Net
decrease
in
net
assets
resulting
from
operations
..........................................................
(
79,055,602
)
(
17,901,173
)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................................................
(
9,139,733
)
(
10,823,757
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.........................................
(
113,113,903
)
106,283,084
‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...................................................................
(
201,309,238
)
77,558,154
‌
Beginning
of
year
..................................................................................
503,439,963
‌
425,881,809
‌
End
of
year
......................................................................................
$
302,130,725
‌
$
503,439,963
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
89
Financial
Highlights
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Aerospace
&
Defense
ETF
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
year
..........................
$
110.71
‌
$
104.13
‌
$
71.94
‌
$
99.80
‌
$
98.97
‌
Net
investment
income
(b)
................................
1
.20
‌
0
.72
‌
0
.89
‌
1
.69
‌
0
.89
‌
Net
realized
and
unrealized
gain
(loss)
(c)
......................
4
.36
‌
6
.55
‌
32.23
‌
(
27.74
)
1
.01
‌
Net
increase
(decrease)
from
investment
operations
...............
5
.56
‌
7
.27
‌
33.12
‌
(
26.05
)
1
.90
‌
Distributions
(d)
–
–
–
–
–
From
net
investment
income
.............................
(
1
.18
)
(
0
.69
)
(
0
.93
)
(
1
.81
)
(
0
.92
)
From
net
realized
gains
.................................
—
‌
—
‌
—
‌
—
‌
(
0
.15
)
Total
distributions
......................................
(
1
.18
)
(
0
.69
)
(
0
.93
)
(
1
.81
)
(
1
.07
)
Net
asset
value,
end
of
year
..............................
$
115.09
‌
$
110.71
‌
$
104.13
‌
$
71.94
‌
$
99.80
‌
Total
Return
(e)
–
–
–
–
–
Based
on
net
asset
value
.................................
5
.16
%
7
.00
%
46.23
%
(
26.58
)
%
1
.91
%
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
Total
expenses
........................................
0
.40
%
0
.39
%
0
.42
%
0
.42
%
0
.42
%
Net
investment
income
...................................
1
.13
%
0
.68
%
1
.04
%
1
.57
%
0
.90
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
5,829,505
‌
$
3,670,015
‌
$
2,962,613
‌
$
2,834,403
‌
$
5,019,632
‌
Portfolio
turnover
rate
(g)
...................................
20
%
27
%
49
%
20
%
38
%
(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)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Portfolio
turnover
rate
excludes
in-kind
transactions.
90
2023
iShares
Annual
Report
to
Shareholders
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Broker-Dealers
&
Securities
Exchanges
ETF
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
year
.........................
$
99.82
‌
$
92.12
‌
$
51.30
‌
$
58.82
‌
$
65.50
‌
Net
investment
income
(a)
...............................
1
.89
‌
1
.80
‌
1
.07
‌
1
.03
‌
0
.88
‌
Net
realized
and
unrealized
gain
(loss)
(b)
.....................
(
8
.35
)
7
.84
‌
40.82
‌
(
7
.46
)
(
6
.51
)
Net
increase
(decrease)
from
investment
operations
..............
(
6
.46
)
9
.64
‌
41.89
‌
(
6
.43
)
(
5
.63
)
Distributions
from
net
investment
income
(c)
.....................
(
1
.76
)
(
1
.94
)
(
1
.07
)
(
1
.09
)
(
1
.05
)
Net
asset
value,
end
of
year
.............................
$
91.60
‌
$
99.82
‌
$
92.12
‌
$
51.30
‌
$
58.82
‌
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
................................
(
6
.43
)
%
10.38
%
82.40
%
(
11.15
)
%
(
8
.63
)
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
.......................................
0
.40
%
0
.39
%
0
.41
%
0
.42
%
0
.42
%
Net
investment
income
..................................
1
.99
%
1
.70
%
1
.48
%
1
.60
%
1
.38
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..............................
$
760,307
‌
$
573,974
‌
$
409,948
‌
$
141,086
‌
$
217,641
‌
Portfolio
turnover
rate
(f)
..................................
56
%
24
%
37
%
15
%
27
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions.
91
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Healthcare
Providers
ETF
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
year
..........................
$
282.71
‌
$
251.37
‌
$
166.85
‌
$
167.98
‌
$
157.08
‌
Net
investment
income
(a)
................................
2
.04
‌
1
.65
‌
1
.30
‌
1
.25
‌
0
.54
‌
Net
realized
and
unrealized
gain
(loss)
(b)
......................
(
35.36
)
31.33
‌
84.59
‌
(
1
.04
)
16.99
‌
Net
increase
(decrease)
from
investment
operations
...............
(
33.32
)
32.98
‌
85.89
‌
0
.21
‌
17.53
‌
Distributions
from
net
investment
income
(c)
......................
(
2
.04
)
(
1
.64
)
(
1
.37
)
(
1
.34
)
(
6
.63
)
Net
asset
value,
end
of
year
..............................
$
247.35
‌
$
282.71
‌
$
251.37
‌
$
166.85
‌
$
167.98
‌
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
.................................
(
11.81
)
%
13.15
%
51.63
%
0
.10
%
11.25
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
........................................
0
.40
%
0
.39
%
0
.42
%
0
.42
%
0
.43
%
Net
investment
income
...................................
0
.77
%
0
.61
%
0
.61
%
0
.70
%
0
.29
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
1,162,539
‌
$
1,328,742
‌
$
1,143,723
‌
$
784,201
‌
$
797,909
‌
Portfolio
turnover
rate
(f)
...................................
20
%
24
%
27
%
30
%
48
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions.
92
2023
iShares
Annual
Report
to
Shareholders
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Home
Construction
ETF
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
year
.........................
$
59.23
‌
$
67.84
‌
$
28.94
‌
$
35.26
‌
$
39.24
‌
Net
investment
income
(a)
...............................
0
.50
‌
0
.36
‌
0
.27
‌
0
.23
‌
0
.19
‌
Net
realized
and
unrealized
gain
(loss)
(b)
.....................
11.06
‌
(
8
.59
)
38.89
‌
(
6
.31
)
(
3
.97
)
Net
increase
(decrease)
from
investment
operations
..............
11.56
‌
(
8
.23
)
39.16
‌
(
6
.08
)
(
3
.78
)
Distributions
from
net
investment
income
(c)
.....................
(
0
.51
)
(
0
.38
)
(
0
.26
)
(
0
.24
)
(
0
.20
)
Net
asset
value,
end
of
year
.............................
$
70.28
‌
$
59.23
‌
$
67.84
‌
$
28.94
‌
$
35.26
‌
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
................................
19.69
%
(
12.21
)
%
135.53
%
(
17.40
)
%
(
9
.60
)
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
.......................................
0
.40
%
0
.39
%
0
.41
%
0
.42
%
0
.42
%
Net
investment
income
..................................
0
.84
%
0
.50
%
0
.50
%
0
.55
%
0
.53
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..............................
$
1,637,471
‌
$
1,764,976
‌
$
2,645,573
‌
$
707,640
‌
$
1,147,657
‌
Portfolio
turnover
rate
(f)
..................................
9
%
5
%
14
%
15
%
17
%
(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)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions.
93
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Infrastructure
ETF
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Period
From
04/03/18
(a)
to
03/31/19
Net
asset
value,
beginning
of
period
......................
$
38.92
‌
$
34.56
‌
$
20.27
‌
$
26.31
‌
$
25.31
‌
Net
investment
income
(b)
..............................
0
.72
‌
0
.67
‌
0
.77
‌
0
.49
‌
0
.43
‌
Net
realized
and
unrealized
gain
(loss)
(c)
....................
(
1
.57
)
4
.38
‌
14.10
‌
(
6
.00
)
1
.24
‌
Net
increase
(decrease)
from
investment
operations
.............
(
0
.85
)
5
.05
‌
14.87
‌
(
5
.51
)
1
.67
‌
Distributions
(d)
–
–
–
–
–
From
net
investment
income
...........................
(
0
.73
)
(
0
.69
)
(
0
.58
)
(
0
.47
)
(
0
.34
)
From
net
realized
gains
...............................
—
‌
—
‌
—
‌
—
‌
(
0
.33
)
Return
of
capital
....................................
—
‌
—
‌
—
‌
(
0
.06
)
(
0
.00
)
(e)
Total
distributions
....................................
(
0
.73
)
(
0
.69
)
(
0
.58
)
(
0
.53
)
(
0
.67
)
Net
asset
value,
end
of
period
...........................
$
37.34
‌
$
38.92
‌
$
34.56
‌
$
20.27
‌
$
26.31
‌
Total
Return
(f)
–
–
–
–
–
Based
on
net
asset
value
...............................
(
2
.08
)
%
14.78
%
74.11
%
(
21.26
)
%
6
.78
%
(g)
Ratios
to
Average
Net
Assets
(h)
–
–
–
–
–
Total
expenses
......................................
0
.30
%
0
.35
%
0
.40
%
0
.40
%
0
.40
%
(i)
Net
investment
income
.................................
1
.96
%
1
.85
%
2
.54
%
1
.84
%
1
.67
%
(i)
Supplemental
Data
Net
assets,
end
of
period
(000)
...........................
$
1,794,292
‌
$
899,114
‌
$
369,805
‌
$
5,068
‌
$
5,262
‌
Portfolio
turnover
rate
(j)
.................................
26
%
33
%
65
%
23
%
43
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Rounds
to
less
than
$0.01.
(f)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(g)
Not
annualized.
(h)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(i)
Annualized.
(j)
Portfolio
turnover
rate
excludes
in-kind
transactions.
94
2023
iShares
Annual
Report
to
Shareholders
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Insurance
ETF
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
year
.........................
$
91.15
‌
$
74.17
‌
$
49.76
‌
$
63.64
‌
$
64.54
‌
Net
investment
income
(a)
...............................
1
.57
‌
1
.67
‌
1
.51
‌
1
.35
‌
1
.23
‌
Net
realized
and
unrealized
gain
(loss)
(b)
.....................
(
5
.57
)
16.94
‌
24.37
‌
(
13.77
)
(
0
.89
)
Net
increase
(decrease)
from
investment
operations
..............
(
4
.00
)
18.61
‌
25.88
‌
(
12.42
)
0
.34
‌
Distributions
from
net
investment
income
(c)
.....................
(
1
.50
)
(
1
.63
)
(
1
.47
)
(
1
.46
)
(
1
.24
)
Net
asset
value,
end
of
year
.............................
$
85.65
‌
$
91.15
‌
$
74.17
‌
$
49.76
‌
$
63.64
‌
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
................................
(
4
.35
)
%
25.36
%
52.54
%
(
19.92
)
%
0
.60
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
.......................................
0
.40
%
0
.39
%
0
.42
%
0
.42
%
0
.43
%
Net
investment
income
..................................
1
.78
%
2
.04
%
2
.50
%
1
.95
%
1
.94
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..............................
$
449,660
‌
$
186,860
‌
$
85,301
‌
$
62,206
‌
$
98,637
‌
Portfolio
turnover
rate
(f)
..................................
12
%
11
%
10
%
8
%
17
%
(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)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions.
95
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Medical
Devices
ETF
Year
Ended
03/31/23
Year
Ended
03/31/22
(a)
Year
Ended
03/31/21
(a)
Year
Ended
03/31/20
(a)
Year
Ended
03/31/19
(a)
Net
asset
value,
beginning
of
year
.........................
$
60.93
‌
$
55.04
‌
$
37.54
‌
$
38.57
‌
$
30.81
‌
Net
investment
income
(b)
...............................
0
.24
‌
0
.16
‌
0
.15
‌
0
.16
‌
0
.12
‌
Net
realized
and
unrealized
gain
(loss)
(c)
.....................
(
6
.89
)
5
.89
‌
17.49
‌
(
1
.04
)
7
.73
‌
Net
increase
(decrease)
from
investment
operations
..............
(
6
.65
)
6
.05
‌
17.64
‌
(
0
.88
)
7
.85
‌
Distributions
from
net
investment
income
(d)
.....................
(
0
.25
)
(
0
.16
)
(
0
.14
)
(
0
.15
)
(
0
.09
)
Net
asset
value,
end
of
year
.............................
$
54.03
‌
$
60.93
‌
$
55.04
‌
$
37.54
‌
$
38.57
‌
Total
Return
(e)
–
–
–
–
–
Based
on
net
asset
value
................................
(
10.89
)
%
10.99
%
47.02
%
(
2
.32
)
%
25.50
%
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
Total
expenses
.......................................
0
.40
%
0
.39
%
0
.41
%
0
.42
%
0
.43
%
Net
investment
income
..................................
0
.45
%
0
.26
%
0
.30
%
0
.39
%
0
.33
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..............................
$
6,002,335
‌
$
8,076,257
‌
$
8,206,921
‌
$
4,144,859
‌
$
3,656,734
‌
Portfolio
turnover
rate
(g)
..................................
10
%
11
%
9
%
9
%
36
%
(a)
Per
share
amounts
reflect
a
six-for-one
stock
split
effective
after
the
close
of
trading
on
July
16,
2021.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Portfolio
turnover
rate
excludes
in-kind
transactions.
96
2023
iShares
Annual
Report
to
Shareholders
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Oil
&
Gas
Exploration
&
Production
ETF
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
year
.........................
$
84.23
‌
$
48.63
‌
$
22.83
‌
$
58.20
‌
$
63.55
‌
Net
investment
income
(a)
...............................
3
.81
‌
2
.00
‌
0
.98
‌
0
.95
‌
0
.67
‌
Net
realized
and
unrealized
gain
(loss)
(b)
.....................
1
.50
‌
35.51
‌
25.92
‌
(
35.22
)
(
5
.11
)
Net
increase
(decrease)
from
investment
operations
..............
5
.31
‌
37.51
‌
26.90
‌
(
34.27
)
(
4
.44
)
Distributions
from
net
investment
income
(c)
.....................
(
3
.72
)
(
1
.91
)
(
1
.10
)
(
1
.10
)
(
0
.91
)
Net
asset
value,
end
of
year
.............................
$
85.82
‌
$
84.23
‌
$
48.63
‌
$
22.83
‌
$
58.20
‌
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
................................
6
.40
%
78.44
%
120.05
%
(
59.65
)
%
(
7
.06
)
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
.......................................
0
.40
%
0
.39
%
0
.42
%
0
.42
%
0
.42
%
Net
investment
income
..................................
4
.22
%
3
.27
%
2
.81
%
1
.87
%
1
.00
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..............................
$
729,496
‌
$
800,140
‌
$
243,173
‌
$
90,169
‌
$
276,450
‌
Portfolio
turnover
rate
(f)
..................................
15
%
17
%
21
%
25
%
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)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions.
97
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Oil
Equipment
&
Services
ETF
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
year
.........................
$
19.30
‌
$
13.41
‌
$
5
.97
‌
$
25.24
‌
$
32.41
‌
Net
investment
income
(a)
...............................
0
.16
‌
0
.07
‌
0
.14
‌
0
.47
‌
0
.34
‌
Net
realized
and
unrealized
gain
(loss)
(b)
.....................
0
.05
‌
5
.92
‌
7
.50
‌
(
19.27
)
(
7
.14
)
Net
increase
(decrease)
from
investment
operations
..............
0
.21
‌
5
.99
‌
7
.64
‌
(
18.80
)
(
6
.80
)
Distributions
from
net
investment
income
(c)
.....................
(
0
.18
)
(
0
.10
)
(
0
.20
)
(
0
.47
)
(
0
.37
)
Net
asset
value,
end
of
year
.............................
$
19.33
‌
$
19.30
‌
$
13.41
‌
$
5
.97
‌
$
25.24
‌
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
................................
1
.16
%
44.88
%
129.06
%
(
75.48
)
%
(
21.10
)
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
.......................................
0
.40
%
0
.39
%
0
.41
%
0
.42
%
0
.42
%
Net
investment
income
..................................
0
.84
%
0
.49
%
1
.37
%
2
.44
%
1
.09
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..............................
$
223,246
‌
$
283,677
‌
$
371,516
‌
$
25,669
‌
$
155,238
‌
Portfolio
turnover
rate
(f)
..................................
16
%
55
%
71
%
23
%
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)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions.
98
2023
iShares
Annual
Report
to
Shareholders
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Pharmaceuticals
ETF
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
year
.........................
$
194.18
‌
$
177.38
‌
$
134.83
‌
$
154.05
‌
$
147.20
‌
Net
investment
income
(a)
...............................
3
.07
‌
3
.06
‌
2
.20
‌
2
.14
‌
1
.73
‌
Net
realized
and
unrealized
gain
(loss)
(b)
.....................
(
18.22
)
16.88
‌
42.53
‌
(
19.09
)
6
.91
‌
Net
increase
(decrease)
from
investment
operations
..............
(
15.15
)
19.94
‌
44.73
‌
(
16.95
)
8
.64
‌
Distributions
from
net
investment
income
(c)
.....................
(
3
.61
)
(
3
.14
)
(
2
.18
)
(
2
.27
)
(
1
.79
)
Net
asset
value,
end
of
year
.............................
$
175.42
‌
$
194.18
‌
$
177.38
‌
$
134.83
‌
$
154.05
‌
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
................................
(
7
.83
)
%
11.29
%
33.30
%
(
11.06
)
%
5
.88
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
.......................................
0
.40
%
0
.39
%
0
.42
%
0
.42
%
0
.42
%
Net
investment
income
..................................
1
.66
%
1
.63
%
1
.33
%
1
.45
%
1
.12
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..............................
$
377,159
‌
$
407,773
‌
$
354,762
‌
$
276,404
‌
$
385,114
‌
Portfolio
turnover
rate
(f)
..................................
46
%
20
%
52
%
40
%
51
%
(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)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions.
99
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Real
Estate
ETF
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
year
.........................
$
108.01
‌
$
91.81
‌
$
69.71
‌
$
86.99
‌
$
75.48
‌
Net
investment
income
(a)
...............................
2
.35
‌
1
.64
‌
1
.67
‌
2
.16
‌
2
.28
‌
Net
realized
and
unrealized
gain
(loss)
(b)
.....................
(
22.94
)
16.94
‌
22.49
‌
(
16.61
)
11.86
‌
Net
increase
(decrease)
from
investment
operations
..............
(
20.59
)
18.58
‌
24.16
‌
(
14.45
)
14.14
‌
Distributions
from
net
investment
income
(c)
.....................
(
2
.47
)
(
2
.38
)
(
2
.06
)
(
2
.83
)
(
2
.63
)
Net
asset
value,
end
of
year
.............................
$
84.95
‌
$
108.01
‌
$
91.81
‌
$
69.71
‌
$
86.99
‌
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
................................
(
19.04
)
%
20.27
%
35.02
%
(
17.14
)
%
19.09
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
.......................................
0
.40
%
0
.39
%
0
.41
%
0
.42
%
0
.42
%
Net
investment
income
..................................
2
.56
%
1
.56
%
2
.03
%
2
.39
%
2
.85
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..............................
$
3,232,382
‌
$
5,378,867
‌
$
4,687,047
‌
$
3,067,098
‌
$
4,597,605
‌
Portfolio
turnover
rate
(f)
..................................
8
%
9
%
14
%
8
%
11
%
(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)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions.
100
2023
iShares
Annual
Report
to
Shareholders
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Regional
Banks
ETF
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
year
.........................
$
58.87
‌
$
56.62
‌
$
29.00
‌
$
43.44
‌
$
50.39
‌
Net
investment
income
(a)
...............................
1
.46
‌
1
.34
‌
1
.32
‌
1
.20
‌
1
.01
‌
Net
realized
and
unrealized
gain
(loss)
(b)
.....................
(
23.11
)
2
.14
‌
27.52
‌
(
14.32
)
(
6
.91
)
Net
increase
(decrease)
from
investment
operations
..............
(
21.65
)
3
.48
‌
28.84
‌
(
13.12
)
(
5
.90
)
Distributions
from
net
investment
income
(c)
.....................
(
1
.43
)
(
1
.23
)
(
1
.22
)
(
1
.32
)
(
1
.05
)
Net
asset
value,
end
of
year
.............................
$
35.79
‌
$
58.87
‌
$
56.62
‌
$
29.00
‌
$
43.44
‌
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
................................
(
37.30
)
%
6
.11
%
101.55
%
(
31.09
)
%
(
11.79
)
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
.......................................
0
.40
%
0
.39
%
0
.41
%
0
.42
%
0
.42
%
Net
investment
income
..................................
2
.90
%
2
.19
%
3
.26
%
2
.60
%
2
.08
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..............................
$
799,865
‌
$
1,386,344
‌
$
673,808
‌
$
197,182
‌
$
519,088
‌
Portfolio
turnover
rate
(f)
..................................
7
%
14
%
6
%
5
%
10
%
(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)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions.
101
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Telecommunications
ETF
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
year
.........................
$
29.88
‌
$
32.39
‌
$
24.88
‌
$
29.73
‌
$
27.06
‌
Net
investment
income
(a)
...............................
0
.58
‌
0
.77
‌
0
.82
‌
0
.71
‌
0
.49
‌
Net
realized
and
unrealized
gain
(loss)
(b)
.....................
(
6
.73
)
(
2
.54
)
7
.50
‌
(
4
.80
)
2
.71
‌
Net
increase
(decrease)
from
investment
operations
..............
(
6
.15
)
(
1
.77
)
8
.32
‌
(
4
.09
)
3
.20
‌
Distributions
from
net
investment
income
(c)
.....................
(
0
.58
)
(
0
.74
)
(
0
.81
)
(
0
.76
)
(
0
.53
)
Net
asset
value,
end
of
year
.............................
$
23.15
‌
$
29.88
‌
$
32.39
‌
$
24.88
‌
$
29.73
‌
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
................................
(
20.56
)
%
(
5
.63
)
%
33.82
%
(
13.99
)
%
11.91
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
.......................................
0
.40
%
0
.39
%
0
.42
%
0
.42
%
0
.42
%
Net
investment
income
..................................
2
.40
%
2
.37
%
2
.82
%
2
.40
%
1
.73
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..............................
$
302,131
‌
$
503,440
‌
$
425,882
‌
$
292,379
‌
$
463,756
‌
Portfolio
turnover
rate
(f)
..................................
24
%
75
%
40
%
41
%
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)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions.
Notes
to
Financial
Statements
102
2023
iShares
Annual
Report
to
Shareholders
1.
Organization
iShares
Trust
(the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Delaware
statutory
trust
and
is
authorized
to
have
multiple
series
or
portfolios.
These
financial
statements
relate
only
to
the
following
funds
(each,
a
“Fund”
and
collectively,
the
“Funds”):
2.
Significant
Accounting
Policies
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates. Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method. Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
date
at
fair
value. Dividends
from
foreign
securities
where
the
ex-dividend
date
may
have
passed
are
subsequently
recorded
when
the
Funds
are
informed
of
the
ex-dividend
date.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest. Upon
notification
from
issuers
or
as
estimated
by
management,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain. Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis.
Foreign
Taxes:
The
Funds
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
each
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
each
Fund
and
are
reflected
in
its
Statements
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Other
foreign
taxes”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
March
31,
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
includes
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.
Bank
Overdraft:
 The
Funds
had
outstanding
cash
disbursements
exceeding
deposited
cash
amounts
at
the
custodian
and
utilized their
ability
to
temporarily
borrow
from
that
custodian
for
operational
purposes.
The
Funds
are
obligated
to
repay
the
custodian
for
any
overdraft,
including
any
related
costs
or
expenses,
where
applicable.
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the
Funds
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments. 
In-kind
Redemptions:
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Funds.
Because
such
gains
or
losses
are
not
taxable
to
the
Funds
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
Funds’
tax
year.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
(“NAV”)
per
share.
Distributions:
Dividends
and
distributions
paid
by
each
Fund
are
recorded
on
the
ex-dividend
dates.
Distributions
are
determined
on
a
tax
basis
and
may
differ
from
net
investment
income
and net
realized
capital
gains
for
financial
reporting
purposes.
Dividends
and
distributions
are
paid
in
U.S.
dollars
and
cannot
be
automatically
reinvested
in
additional
shares
of
the
Funds. 
The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP. 
iShares
ETF
Diversification
Classification
U.S.
Aerospace
&
Defense
..............................................................................................
Non-diversified
U.S.
Broker-Dealers
&
Securities
Exchanges
..................................................................................
Non-diversified
U.S.
Healthcare
Providers
...............................................................................................
Non-diversified
U.S.
Home
Construction
................................................................................................
Non-diversified
U.S.
Infrastructure
....................................................................................................
Diversified
U.S.
Insurance
......................................................................................................
Non-diversified
U.S.
Medical
Devices
..................................................................................................
Non-diversified
U.S.
Oil
&
Gas
Exploration
&
Production
.....................................................................................
Non-diversified
U.S.
Oil
Equipment
&
Services
............................................................................................
Non-diversified
U.S.
Pharmaceuticals
..................................................................................................
Non-diversified
U.S.
Real
Estate
.....................................................................................................
Diversified
U.S.
Regional
Banks
..................................................................................................
Non-diversified
U.S.
Telecommunications
...............................................................................................
Non-diversified
Notes
to
Financial
Statements
(
continued)
103
Notes
to
Financial
Statements
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.
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.
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
(continued)
104
2023
iShares
Annual
Report
to
Shareholders
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
(b)
U.S.
Aerospace
&
Defense
Barclays
Bank
PLC
...............................................
$
186,320‌
$
(186,320‌)
$
—‌
$
—‌
BofA
Securities,
Inc.
..............................................
8,399,486‌
(8,399,486‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
7,347,320‌
(7,347,320‌)
—‌
—‌
HSBC
Bank
PLC
................................................
2,555,195‌
(2,525,218‌)
—‌
29,977‌
J.P.
Morgan
Securities
LLC
.........................................
8,246,059‌
(8,246,059‌)
—‌
—‌
Jefferies
LLC
...................................................
21,450‌
(21,450‌)
—‌
—‌
Morgan
Stanley
.................................................
23,086,251‌
(23,086,251‌)
—‌
—‌
National
Financial
Services
LLC
......................................
7,116‌
(7,116‌)
—‌
—‌
Toronto-Dominion
Bank
............................................
1,512,745‌
(1,512,745‌)
—‌
—‌
UBS
AG
......................................................
8,632,590‌
(8,632,590‌)
—‌
—‌
UBS
Securities
LLC
..............................................
355,318‌
(355,318‌)
—‌
—‌
Wells
Fargo
Bank
NA
.............................................
568,894‌
(568,894‌)
—‌
—‌
$
60,918,744‌
$
(60,888,767‌)
$
—‌
$
29,977‌
a
U.S.
Broker-Dealers
&
Securities
Exchanges
BNP
Paribas
SA
.................................................
2,976,114‌
(2,976,114‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
2,232,329‌
(2,231,756‌)
—‌
573‌
HSBC
Bank
PLC
................................................
40,326‌
(40,326‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
.........................................
4,496‌
(4,496‌)
—‌
—‌
Wells
Fargo
Bank
NA
.............................................
103,897‌
(103,897‌)
—‌
—‌
$
5,357,162‌
$
(5,356,589‌)
$
—‌
$
573‌
a
Notes
to
Financial
Statements
(
continued)
105
Notes
to
Financial
Statements
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
(b)
U.S.
Healthcare
Providers
Barclays
Bank
PLC
...............................................
$
4,428,757‌
$
(4,426,210‌)
$
—‌
$
2,547‌
Barclays
Capital,
Inc.
.............................................
3,684,422‌
(3,682,304‌)
—‌
2,118‌
BMO
Capital
Markets
Corp.
.........................................
779,760‌
(779,760‌)
—‌
—‌
BNP
Paribas
SA
.................................................
7,182,993‌
(7,182,993‌)
—‌
—‌
BofA
Securities,
Inc.
..............................................
6,917,102‌
(6,824,216‌)
—‌
92,886‌
Citadel
Clearing
LLC
..............................................
160,630‌
(157,548‌)
—‌
3,082‌
Citigroup
Global
Markets,
Inc.
........................................
408,482‌
(408,482‌)
—‌
—‌
Credit
Suisse
Securities
(USA)
LLC
....................................
2,668,230‌
(2,668,230‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
8,715,150‌
(8,670,640‌)
—‌
44,510‌
HSBC
Bank
PLC
................................................
85,500‌
(85,500‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
.........................................
10,049,621‌
(10,049,621‌)
—‌
—‌
Jefferies
LLC
...................................................
72,278‌
(72,278‌)
—‌
—‌
Morgan
Stanley
.................................................
15,295,103‌
(15,295,103‌)
—‌
—‌
National
Financial
Services
LLC
......................................
494,823‌
(494,823‌)
—‌
—‌
Scotia
Capital
(USA),
Inc.
..........................................
48,258‌
(47,599‌)
—‌
659‌
SG
Americas
Securities
LLC
........................................
11,937‌
(11,937‌)
—‌
—‌
UBS
AG
......................................................
222,145‌
(222,145‌)
—‌
—‌
UBS
Securities
LLC
..............................................
547,196‌
(543,353‌)
—‌
3,843‌
Virtu
Americas
LLC
...............................................
178,703‌
(178,703‌)
—‌
—‌
Wells
Fargo
Securities
LLC
.........................................
22,720‌
(22,720‌)
—‌
—‌
$
61,973,810‌
$
(61,824,165‌)
$
—‌
$
149,645‌
a
U.S.
Home
Construction
Barclays
Bank
PLC
...............................................
150,330‌
(147,651‌)
—‌
2,679‌
Barclays
Capital,
Inc.
.............................................
511,122‌
(502,014‌)
—‌
9,108‌
BNP
Paribas
SA
.................................................
92,883‌
(92,654‌)
—‌
229‌
BofA
Securities,
Inc.
..............................................
12,883,310‌
(12,690,247‌)
—‌
193,063‌
Citigroup
Global
Markets,
Inc.
........................................
417‌
(409‌)
—‌
8‌
Goldman
Sachs
&
Co.
LLC
.........................................
16,035,815‌
(15,774,265‌)
—‌
261,550‌
J.P.
Morgan
Securities
LLC
.........................................
9,475,670‌
(9,389,968‌)
—‌
85,702‌
Jefferies
LLC
...................................................
170,665‌
(170,665‌)
—‌
—‌
Natixis
SA
.....................................................
4,223,460‌
(4,157,464‌)
—‌
65,996‌
Nomura
Securities
International,
Inc.
...................................
20,644‌
(20,644‌)
—‌
—‌
RBC
Capital
Markets
LLC
..........................................
7,597,322‌
(7,484,620‌)
—‌
112,702‌
Scotia
Capital
(USA),
Inc.
..........................................
12,145,939‌
(11,846,020‌)
—‌
299,919‌
State
Street
Bank
&
Trust
Co.
........................................
181,540‌
(180,379‌)
—‌
1,161‌
Toronto-Dominion
Bank
............................................
5,994,367‌
(5,900,699‌)
—‌
93,668‌
UBS
AG
......................................................
2,415,546‌
(2,358,680‌)
—‌
56,866‌
UBS
Securities
LLC
..............................................
344,926‌
(342,151‌)
—‌
2,775‌
Wells
Fargo
Securities
LLC
.........................................
306,123‌
(304,896‌)
—‌
1,227‌
$
72,550,079‌
$
(71,363,426‌)
$
—‌
$
1,186,653‌
a
U.S.
Infrastructure
Barclays
Capital,
Inc.
.............................................
3,549,819‌
(3,537,048‌)
—‌
12,771‌
BofA
Securities,
Inc.
..............................................
9,200,667‌
(9,200,667‌)
—‌
—‌
Citadel
Clearing
LLC
..............................................
150,997‌
(150,997‌)
—‌
—‌
Citigroup
Global
Markets,
Inc.
........................................
125,356‌
(125,356‌)
—‌
—‌
Credit
Suisse
Securities
(USA)
LLC
....................................
606,585‌
(606,585‌)
—‌
—‌
HSBC
Bank
PLC
................................................
13,763,003‌
(13,763,003‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
.........................................
9,752,261‌
(9,752,261‌)
—‌
—‌
Jefferies
LLC
...................................................
134,385‌
(133,899‌)
—‌
486‌
Morgan
Stanley
.................................................
5,122,539‌
(5,122,539‌)
—‌
—‌
RBC
Capital
Markets
LLC
..........................................
8,699,892‌
(8,699,892‌)
—‌
—‌
Scotia
Capital
(USA),
Inc.
..........................................
117,927‌
(115,113‌)
—‌
2,814‌
Toronto-Dominion
Bank
............................................
1,545,307‌
(1,493,712‌)
—‌
51,595‌
UBS
AG
......................................................
880,580‌
(879,606‌)
—‌
974‌
UBS
Securities
LLC
..............................................
1,328‌
(1,328‌)
—‌
—‌
$
53,650,646‌
$
(53,582,006‌)
$
—‌
$
68,640‌
a
Notes
to
Financial
Statements
(continued)
106
2023
iShares
Annual
Report
to
Shareholders
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
(b)
U.S.
Insurance
Barclays
Bank
PLC
...............................................
$
158,399‌
$
(158,399‌)
$
—‌
$
—‌
BofA
Securities,
Inc.
..............................................
342,520‌
(342,520‌)
—‌
—‌
Citigroup
Global
Markets,
Inc.
........................................
371,330‌
(364,455‌)
—‌
6,875‌
J.P.
Morgan
Securities
LLC
.........................................
2,123,058‌
(2,123,058‌)
—‌
—‌
UBS
AG
......................................................
101,416‌
(100,729‌)
—‌
687‌
Virtu
Americas
LLC
...............................................
1,303,104‌
(1,303,104‌)
—‌
—‌
$
4,399,827‌
$
(4,392,265‌)
$
—‌
$
7,562‌
a
U.S.
Medical
Devices
Barclays
Bank
PLC
...............................................
914,536‌
(914,536‌)
—‌
—‌
Barclays
Capital,
Inc.
.............................................
263,579‌
(263,579‌)
—‌
—‌
BNP
Paribas
SA
.................................................
10,806,806‌
(10,763,871‌)
—‌
42,935‌
BofA
Securities,
Inc.
..............................................
4,668,247‌
(4,668,247‌)
—‌
—‌
Citadel
Clearing
LLC
..............................................
13,860,916‌
(13,860,916‌)
—‌
—‌
Citigroup
Global
Markets,
Inc.
........................................
5,198,906‌
(5,198,906‌)
—‌
—‌
Credit
Suisse
Securities
(USA)
LLC
....................................
3,645‌
(3,632‌)
—‌
13‌
Goldman
Sachs
&
Co.
LLC
.........................................
31,993,298‌
(31,993,298‌)
—‌
—‌
HSBC
Bank
PLC
................................................
557,231‌
(557,231‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
.........................................
72,659,773‌
(72,659,773‌)
—‌
—‌
Jefferies
LLC
...................................................
3,484,700‌
(3,484,700‌)
—‌
—‌
Morgan
Stanley
.................................................
50,825,212‌
(50,825,212‌)
—‌
—‌
National
Financial
Services
LLC
......................................
80,229‌
(80,229‌)
—‌
—‌
Natixis
SA
.....................................................
198,448‌
(198,448‌)
—‌
—‌
Pershing
LLC
...................................................
157,646‌
(157,646‌)
—‌
—‌
RBC
Capital
Markets
LLC
..........................................
22,418,829‌
(22,194,137‌)
—‌
224,692‌
SG
Americas
Securities
LLC
........................................
40,350‌
(40,350‌)
—‌
—‌
Toronto-Dominion
Bank
............................................
579,689‌
(573,739‌)
—‌
5,950‌
UBS
AG
......................................................
991,389‌
(991,389‌)
—‌
—‌
UBS
Securities
LLC
..............................................
90,860‌
(90,619‌)
—‌
241‌
Virtu
Americas
LLC
...............................................
369,650‌
(369,650‌)
—‌
—‌
Wells
Fargo
Bank
NA
.............................................
89,342‌
(89,342‌)
—‌
—‌
$
220,253,281‌
$
(219,979,450‌)
$
—‌
$
273,831‌
a
U.S.
Oil
&
Gas
Exploration
&
Production
Barclays
Capital,
Inc.
.............................................
408,683‌
(408,683‌)
—‌
—‌
BofA
Securities,
Inc.
..............................................
227,369‌
(227,369‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
2,906,388‌
(2,906,388‌)
—‌
—‌
Morgan
Stanley
.................................................
179,268‌
(179,268‌)
—‌
—‌
Toronto-Dominion
Bank
............................................
1,117,482‌
(1,117,482‌)
—‌
—‌
$
4,839,190‌
$
(4,839,190‌)
$
—‌
$
—‌
a
U.S.
Oil
Equipment
&
Services
Barclays
Capital,
Inc.
.............................................
2,284,922‌
(2,284,922‌)
—‌
—‌
BofA
Securities,
Inc.
..............................................
3,817,628‌
(3,817,628‌)
—‌
—‌
Citadel
Clearing
LLC
..............................................
48,764‌
(48,764‌)
—‌
—‌
Citigroup
Global
Markets,
Inc.
........................................
2,268,257‌
(2,268,257‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
149,940‌
(149,940‌)
—‌
—‌
HSBC
Bank
PLC
................................................
256,555‌
(256,555‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
.........................................
2,853,205‌
(2,853,205‌)
—‌
—‌
Morgan
Stanley
.................................................
7,657‌
(7,657‌)
—‌
—‌
Wells
Fargo
Bank
NA
.............................................
364,336‌
(364,336‌)
—‌
—‌
Wells
Fargo
Securities
LLC
.........................................
4,835,032‌
(4,835,032‌)
—‌
—‌
$
16,886,296‌
$
(16,886,296‌)
$
—‌
$
—‌
a
Notes
to
Financial
Statements
(
continued)
107
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.
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
(b)
U.S.
Pharmaceuticals
Barclays
Bank
PLC
...............................................
$
938,014‌
$
(938,014‌)
$
—‌
$
—‌
Barclays
Capital,
Inc.
.............................................
120,496‌
(120,496‌)
—‌
—‌
BNP
Paribas
SA
.................................................
600,672‌
(600,672‌)
—‌
—‌
BofA
Securities,
Inc.
..............................................
1,507,781‌
(1,507,781‌)
—‌
—‌
Citigroup
Global
Markets,
Inc.
........................................
1,015,974‌
(984,988‌)
—‌
30,986‌
ING
Financial
Markets
LLC
.........................................
176,076‌
(176,076‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
.........................................
8,464,122‌
(8,464,122‌)
—‌
—‌
Jefferies
LLC
...................................................
1,479,095‌
(1,479,095‌)
—‌
—‌
Morgan
Stanley
.................................................
240,235‌
(240,235‌)
—‌
—‌
National
Financial
Services
LLC
......................................
3,475,751‌
(3,475,751‌)
—‌
—‌
Natixis
SA
.....................................................
472,603‌
(472,603‌)
—‌
—‌
UBS
AG
......................................................
41,293‌
(41,293‌)
—‌
—‌
UBS
Securities
LLC
..............................................
70,350‌
(70,350‌)
—‌
—‌
$
18,602,462‌
$
(18,571,476‌)
$
—‌
$
30,986‌
a
U.S.
Real
Estate
Barclays
Bank
PLC
...............................................
6,150,015‌
(6,150,015‌)
—‌
—‌
Barclays
Capital,
Inc.
.............................................
281,600‌
(280,014‌)
—‌
1,586‌
BNP
Paribas
SA
.................................................
3,180,277‌
(3,167,584‌)
—‌
12,693‌
BofA
Securities,
Inc.
..............................................
5,908,615‌
(5,908,615‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
.........................................
7,456,836‌
(7,410,469‌)
—‌
46,367‌
Morgan
Stanley
.................................................
25,120‌
(25,120‌)
—‌
—‌
SG
Americas
Securities
LLC
........................................
249,032‌
(245,012‌)
—‌
4,020‌
UBS
AG
......................................................
2,284,735‌
(2,250,425‌)
—‌
34,310‌
UBS
Securities
LLC
..............................................
4,265,597‌
(4,199,408‌)
—‌
66,189‌
Virtu
Americas
LLC
...............................................
909,411‌
(894,732‌)
—‌
14,679‌
Wells
Fargo
Bank
NA
.............................................
353,970‌
(350,342‌)
—‌
3,628‌
Wells
Fargo
Securities
LLC
.........................................
249,032‌
(245,012‌)
—‌
4,020‌
$
31,314,240‌
$
(31,126,748‌)
$
—‌
$
187,492‌
a
U.S.
Regional
Banks
BMO
Capital
Markets
Corp.
.........................................
11,670‌
(11,670‌)
—‌
—‌
Citigroup
Global
Markets,
Inc.
........................................
1,148,285‌
(1,148,285‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
9,207,090‌
(9,207,090‌)
—‌
—‌
Morgan
Stanley
.................................................
1,323,146‌
(1,323,146‌)
—‌
—‌
UBS
AG
......................................................
5,400‌
(5,400‌)
—‌
—‌
Wells
Fargo
Securities
LLC
.........................................
4,169‌
(4,169‌)
—‌
—‌
$
11,699,760‌
$
(11,699,760‌)
$
—‌
$
—‌
a
U.S.
Telecommunications
Barclays
Bank
PLC
...............................................
4,791,974‌
(4,772,103‌)
—‌
19,871‌
BNP
Paribas
SA
.................................................
3,430,779‌
(3,388,928‌)
—‌
41,851‌
Goldman
Sachs
&
Co.
LLC
.........................................
7,413,909‌
(7,312,985‌)
—‌
100,924‌
J.P.
Morgan
Securities
LLC
.........................................
1,334,047‌
(1,334,047‌)
—‌
—‌
Morgan
Stanley
.................................................
6,073,540‌
(5,811,319‌)
—‌
262,221‌
RBC
Capital
Markets
LLC
..........................................
109,071‌
(108,619‌)
—‌
452‌
Wells
Fargo
Bank
NA
.............................................
250,712‌
(249,497‌)
—‌
1,215‌
$
23,404,032‌
$
(22,977,498‌)
$
—‌
$
426,534‌
a
(a)
Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
each
Fund
is
disclosed
in
the
Funds’
Statements
of
Assets
and
Liabilities.
(b)
The
market
value
of
the
loaned
securities
is
determined
as
of
March
31,
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
(continued)
108
2023
iShares
Annual
Report
to
Shareholders
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
U.S.
Infrastructure
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
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
Notes
to
Financial
Statements
(
continued)
109
Notes
to
Financial
Statements
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
following
Fund,
BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Fund,
based
on
the
average
daily
net
assets
of
the
Fund
as
follows:
For
its
investment
advisory
services
to
each
Fund,
except
for
the
iShares
U.S.
Infrastructure
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. Each
Fund
does
not
pay
BRIL
for
ETF
Services.
Prior
to
April
11,
2022,
ETF
Services
were
performed
by
State
Street
Bank
and
Trust
Company.
Securities
Lending:
The
U.S.
Securities
and
Exchange
Commission
(the
“SEC”)
has
issued
an
exemptive
order
which
permits
BlackRock
Institutional
Trust
Company,
N.A.
(“BTC”),
an
affiliate
of
BFA,
to
serve
as
securities
lending
agent
for
the
Funds,
subject
to
applicable
conditions.
As
securities
lending
agent,
BTC
bears
all
operational
costs
directly
related
to
securities
lending,
including
any
custodial
costs.
Each
Fund
is
responsible
for
fees
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
fees”).
The
cash
collateral
is
invested
in
a
money
market
fund,
BlackRock
Cash
Funds:
Institutional
or
BlackRock
Cash
Funds:
Treasury,
managed
by
BFA,
or
its
affiliates.
However,
BTC
has
agreed
to
reduce
the
amount
of
securities
lending
income
it
receives
in
order
to
effectively
limit
the
collateral
investment
fees
each
Fund
bears
to
an
annual
rate
of
0.04%.
The
SL
Agency
Shares
of
such
money
market
fund
will
not
be
subject
to
a
sales
load,
distribution
fee
or
service
fee.
The
money
market
fund
in
which
the
cash
collateral
has
been
invested
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
redeemed
or
temporarily
restrict
redemptions
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
money
market
fund’s
weekly
liquid
assets
fall
below
certain
thresholds.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
fees.
Each
Fund
retains
a
portion
of
securities
lending
income
and
remits
the
remaining
portion
to
BTC
as
compensation
for
its
services
as
securities
lending
agent.
Pursuant
to
the
current
securities
lending
agreement,
each
Fund
retains
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees)
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
plus
the
collateral
investment
fees
generated
across
all
1940
Act
iShares
exchange-traded
funds
(the
“iShares
ETF
Complex”)
in
that
calendar
year
exceeds
a
specified
threshold,
each
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
iShares
ETF
Investment
Advisory
Fees
U.S.
Infrastructure
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.30%
Aggregate
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$10
billion
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.4800%
Over
$10
billion,
up
to
and
including
$20
billion
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.4300
Over
$20
billion,
up
to
and
including
$30
billion
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
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.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.3800
Over
$30
billion,
up
to
and
including
$40
billion
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.3400
Over
$40
billion,
up
to
and
including
$50
billion
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.3300
Over
$50
billion,
up
to
and
including
$60
billion
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.3100
Over
$60
billion
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
.
.
.
.
.
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.
.
.
.
.
.
.
.
.
.
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.
.
.
.
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.
.
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.
.
.
.
.
.
.
.
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.
.
.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.2945
Notes
to
Financial
Statements
(continued)
110
2023
iShares
Annual
Report
to
Shareholders
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 year
ended March
31,
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
year
ended
March
31,
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 year
ended
March
31,
2023,
purchases
and
sales
of
investments,
excluding
short-term
securities
and
in-kind
transactions,
were
as
follows:
iShares
ETF
Amounts
U.S.
Aerospace
&
Defense
.............................................................................................
$
134,153
‌
U.S.
Broker-Dealers
&
Securities
Exchanges
.................................................................................
5,810
‌
U.S.
Healthcare
Providers
..............................................................................................
71,116
‌
U.S.
Home
Construction
...............................................................................................
52,806
‌
U.S.
Infrastructure
...................................................................................................
244,997
‌
U.S.
Insurance
.....................................................................................................
6,927
‌
U.S.
Medical
Devices
.................................................................................................
226,745
‌
U.S.
Oil
&
Gas
Exploration
&
Production
....................................................................................
8,713
‌
U.S.
Oil
Equipment
&
Services
...........................................................................................
13,018
‌
U.S.
Pharmaceuticals
.................................................................................................
89,873
‌
U.S.
Real
Estate
....................................................................................................
49,276
‌
U.S.
Regional
Banks
.................................................................................................
12,008
‌
U.S.
Telecommunications
..............................................................................................
31,325
‌
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
U.S.
Aerospace
&
Defense
.........................................................
$
78,383,415
‌
$
69,082,544
‌
$
(16,057,876
)
U.S.
Broker-Dealers
&
Securities
Exchanges
.............................................
81,393,147
‌
93,188,857
‌
(16,633,061
)
U.S.
Healthcare
Providers
..........................................................
79,789,815
‌
100,861,651
‌
(17,573,821
)
U.S.
Home
Construction
...........................................................
70,095,378
‌
27,267,807
‌
(6,237,043
)
U.S.
Infrastructure
...............................................................
45,197,019
‌
48,319,221
‌
(3,933,597
)
U.S.
Insurance
.................................................................
13,886,707
‌
6,990,915
‌
(500,125
)
U.S.
Medical
Devices
.............................................................
105,128,004
‌
240,265,445
‌
(77,888,061
)
U.S.
Oil
&
Gas
Exploration
&
Production
................................................
30,260,073
‌
41,391,917
‌
(9,257,109
)
U.S.
Oil
Equipment
&
Services
.......................................................
6,527,546
‌
25,865,854
‌
(6,075,767
)
U.S.
Pharmaceuticals
.............................................................
120,587,082
‌
126,343,924
‌
3,953,376
‌
U.S.
Real
Estate
................................................................
17,728,049
‌
69,049,037
‌
(32,894,584
)
U.S.
Regional
Banks
.............................................................
8,264,838
‌
12,774,746
‌
(6,368,005
)
U.S.
Telecommunications
..........................................................
26,104,275
‌
62,793,751
‌
(29,753,628
)
iShares
ETF
Purchases
Sales
U.S.
Aerospace
&
Defense
...........................................................................
$
863,731,105
‌
$
859,025,345
‌
U.S.
Broker-Dealers
&
Securities
Exchanges
...............................................................
346,331,015
‌
346,892,529
‌
U.S.
Healthcare
Providers
............................................................................
301,913,184
‌
301,385,718
‌
U.S.
Home
Construction
.............................................................................
124,429,711
‌
123,551,575
‌
U.S.
Infrastructure
.................................................................................
426,770,528
‌
421,592,387
‌
U.S.
Insurance
...................................................................................
49,163,938
‌
47,187,267
‌
U.S.
Medical
Devices
...............................................................................
667,350,744
‌
671,901,267
‌
U.S.
Oil
&
Gas
Exploration
&
Production
..................................................................
143,873,974
‌
154,816,240
‌
U.S.
Oil
Equipment
&
Services
.........................................................................
46,071,501
‌
47,047,051
‌
U.S.
Pharmaceuticals
...............................................................................
188,290,852
‌
188,783,140
‌
U.S.
Real
Estate
..................................................................................
345,084,669
‌
325,951,989
‌
U.S.
Regional
Banks
...............................................................................
62,558,387
‌
59,378,424
‌
U.S.
Telecommunications
............................................................................
90,281,564
‌
91,786,656
‌
Notes
to
Financial
Statements
(
continued)
111
Notes
to
Financial
Statements
For
the year
ended
March
31,
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
March
31,
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.
U.S.
GAAP
requires
that
certain
components
of
net
assets
be
adjusted
to
reflect
permanent
differences
between
financial
and
tax
reporting.
These
reclassifications
have
no
effect
on
net
assets
or
NAV
per
share.
As
of
March
31,
2023,
permanent
differences
attributable
to
distributions
paid
in
excess
of
taxable
income
and
realized
gains
(losses)
from
in-kind
redemptions
were
reclassified
to
the
following
accounts:
iShares
ETF
In-kind
Purchases
In-kind
Sales
U.S.
Aerospace
&
Defense
...........................................................................
$
2,823,855,479
‌
$
886,820,601
‌
U.S.
Broker-Dealers
&
Securities
Exchanges
...............................................................
613,042,529
‌
338,470,062
‌
U.S.
Healthcare
Providers
............................................................................
778,164,875
‌
748,153,529
‌
U.S.
Home
Construction
.............................................................................
3,844,957,410
‌
4,175,033,527
‌
U.S.
Infrastructure
.................................................................................
1,316,070,828
‌
411,890,644
‌
U.S.
Insurance
...................................................................................
489,940,179
‌
196,893,290
‌
U.S.
Medical
Devices
...............................................................................
866,222,685
‌
1,974,949,144
‌
U.S.
Oil
&
Gas
Exploration
&
Production
..................................................................
533,642,454
‌
555,643,789
‌
U.S.
Oil
Equipment
&
Services
.........................................................................
413,494,720
‌
411,536,623
‌
U.S.
Pharmaceuticals
...............................................................................
112,755,612
‌
98,836,244
‌
U.S.
Real
Estate
..................................................................................
12,310,074,467
‌
13,356,287,511
‌
U.S.
Regional
Banks
...............................................................................
356,765,280
‌
570,481,006
‌
U.S.
Telecommunications
............................................................................
1,601,132,490
‌
1,712,384,683
‌
iShares
ETF
Paid-in
Capital
Accumulated
Earnings
(Loss)
U.S.
Aerospace
&
Defense
..........................................................................
$
195,810,015
‌
$
(195,810,015
)
U.S.
Broker-Dealers
&
Securities
Exchanges
..............................................................
13,772,344
‌
(13,772,344
)
U.S.
Healthcare
Providers
...........................................................................
186,635,401
‌
(186,635,401
)
U.S.
Home
Construction
............................................................................
(127,793,037
)
127,793,037
‌
U.S.
Infrastructure
................................................................................
61,374,860
‌
(61,374,860
)
U.S.
Insurance
..................................................................................
16,123,515
‌
(16,123,515
)
U.S.
Medical
Devices
..............................................................................
372,378,406
‌
(372,378,406
)
U.S.
Oil
&
Gas
Exploration
&
Production
.................................................................
137,692,247
‌
(137,692,247
)
U.S.
Oil
Equipment
&
Services
........................................................................
10,904,374
‌
(10,904,374
)
U.S.
Pharmaceuticals
..............................................................................
22,650,929
‌
(22,650,929
)
U.S.
Real
Estate
.................................................................................
(246,880,223
)
246,880,223
‌
U.S.
Regional
Banks
..............................................................................
(18,141,270
)
18,141,270
‌
U.S.
Telecommunications
...........................................................................
7,218,357
‌
(7,218,357
)
Notes
to
Financial
Statements
(continued)
112
2023
iShares
Annual
Report
to
Shareholders
The
tax
character
of
distributions
paid
was
as
follows:
As
of
March
31,
2023,
the
tax
components
of
accumulated
net earnings
(losses)
were
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
Year
Ended
03/31/23
Year
Ended
03/31/22
U.S.
Aerospace
&
Defense
Ordinary
income
..........................................................................................
$
48,054,843
‌
$
18,744,404
‌
U.S.
Broker-Dealers
&
Securities
Exchanges
Ordinary
income
..........................................................................................
$
12,294,493
‌
$
14,480,571
‌
U.S.
Healthcare
Providers
Ordinary
income
..........................................................................................
$
11,479,684
‌
$
7,445,339
‌
U.S.
Home
Construction
Ordinary
income
..........................................................................................
$
11,584,706
‌
$
12,816,171
‌
U.S.
Infrastructure
Ordinary
income
..........................................................................................
$
34,752,301
‌
$
13,909,010
‌
U.S.
Insurance
Ordinary
income
..........................................................................................
$
7,403,653
‌
$
2,177,905
‌
U.S.
Medical
Devices
Ordinary
income
..........................................................................................
$
30,873,470
‌
$
21,981,981
‌
U.S.
Oil
&
Gas
Exploration
&
Production
Ordinary
income
..........................................................................................
$
40,696,483
‌
$
12,422,061
‌
U.S.
Oil
Equipment
&
Services
Ordinary
income
..........................................................................................
$
2,739,043
‌
$
935,137
‌
U.S.
Pharmaceuticals
Ordinary
income
..........................................................................................
$
8,101,994
‌
$
6,432,724
‌
U.S.
Real
Estate
Ordinary
income
..........................................................................................
$
106,342,112
‌
$
140,375,492
‌
U.S.
Regional
Banks
Ordinary
income
..........................................................................................
$
23,928,648
‌
$
24,749,500
‌
U.S.
Telecommunications
Ordinary
income
..........................................................................................
$
9,139,733
‌
$
10,823,757
‌
iShares
ETF
Undistributed
Ordinary
Income
Non-expiring
Capital
Loss
Carryforwards
(a)
Net
Unrealized
Gains
(Losses)
(b)
Qualified
Late-Year
Losses
(c)
Total
U.S.
Aerospace
&
Defense
..........................
$
—‌
$
(959,069,232‌)
$
470,482,207‌
$
—‌
$
(488,587,025‌)
U.S.
Broker-Dealers
&
Securities
Exchanges
..............
7,613‌
(142,483,232‌)
(40,043,594‌)
—‌
(182,519,213‌)
U.S.
Healthcare
Providers
...........................
41,960‌
(162,814,328‌)
(154,705,568‌)
—‌
(317,477,936‌)
U.S.
Home
Construction
............................
—‌
(203,011,003‌)
(161,077,009‌)
—‌
(364,088,012‌)
U.S.
Infrastructure
................................
—‌
(79,528,981‌)
34,833,233‌
(586,428‌)
(45,282,176‌)
U.S.
Insurance
..................................
—‌
(8,758,967‌)
(29,937,187‌)
—‌
(38,696,154‌)
U.S.
Medical
Devices
..............................
4,711,554‌
(248,204,930‌)
(108,735,431‌)
—‌
(352,228,807‌)
U.S.
Oil
&
Gas
Exploration
&
Production
.................
727,540‌
(230,439,768‌)
(18,307,808‌)
—‌
(248,020,036‌)
U.S.
Oil
Equipment
&
Services
........................
—‌
(301,671,033‌)
(25,219,528‌)
—‌
(326,890,561‌)
U.S.
Pharmaceuticals
..............................
—‌
(202,191,795‌)
(8,990,332‌)
(1,105,460‌)
(212,287,587‌)
U.S.
Real
Estate
.................................
—‌
(412,805,177‌)
(1,285,479,020‌)
—‌
(1,698,284,197‌)
U.S.
Regional
Banks
..............................
1,786,988‌
(118,291,081‌)
(279,126,002‌)
—‌
(395,630,095‌)
U.S.
Telecommunications
...........................
—‌
(285,175,246‌)
(113,110,679‌)
—‌
(398,285,925‌)
(a)
Amounts
available
to
offset
future
realized
capital
gains.
(b)
The
difference
between
book-basis
and
tax-basis
unrealized
gains
(losses)
was
attributable
primarily
to
the
tax
deferral
of
losses
on
wash
sales,
the
realization
for
tax
purposes
of
unrealized
gains
(losses)
on
certain
futures
contracts,
the
realization
for
tax
purposes
of
unrealized
gains
on
investments
in
passive
foreign
investment
companies,
the
timing
and
recognition
of
partnership
income,
the
accounting
for
swap
agreements,
the
characterization
of
corporate
actions
and
the
timing
and
recognition
of
realized
gains
(losses)
for
tax
purposes.
(c)
The
Fund
has
elected
to
defer
certain
qualified
late-year
losses
and
recognize
such
losses
in
the
next
taxable
year.
Notes
to
Financial
Statements
(
continued)
113
Notes
to
Financial
Statements
As
of
March
31,
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. 
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.
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
U.S.
Aerospace
&
Defense
.......................................
$
5,423,108,168
‌
$
637,309,565
‌
$
(166,827,358
)
$
470,482,207
‌
U.S.
Broker-Dealers
&
Securities
Exchanges
...........................
805,467,576
‌
20,437,832
‌
(60,481,426
)
(40,043,594
)
U.S.
Healthcare
Providers
........................................
1,379,854,727
‌
43,021,783
‌
(197,727,351
)
(154,705,568
)
U.S.
Home
Construction
.........................................
1,869,479,963
‌
20,636,722
‌
(181,713,731
)
(161,077,009
)
U.S.
Infrastructure
.............................................
1,811,539,246
‌
122,348,781
‌
(87,515,217
)
34,833,564
‌
U.S.
Insurance
...............................................
483,448,907
‌
16,487,650
‌
(46,424,837
)
(29,937,187
)
U.S.
Medical
Devices
...........................................
6,327,271,469
‌
494,407,828
‌
(603,143,259
)
(108,735,431
)
U.S.
Oil
&
Gas
Exploration
&
Production
..............................
751,322,167
‌
56,683,946
‌
(74,991,754
)
(18,307,808
)
U.S.
Oil
Equipment
&
Services
.....................................
266,015,972
‌
8,066,564
‌
(33,286,092
)
(25,219,528
)
U.S.
Pharmaceuticals
...........................................
404,783,386
‌
29,761,343
‌
(38,751,675
)
(8,990,332
)
U.S.
Real
Estate
..............................................
4,539,347,640
‌
550,338
‌
(1,285,869,123
)
(1,285,318,785
)
U.S.
Regional
Banks
...........................................
1,089,550,163
‌
5,771,048
‌
(284,897,050
)
(279,126,002
)
U.S.
Telecommunications
........................................
438,143,015
‌
2,699,217
‌
(115,809,896
)
(113,110,679
)
Notes
to
Financial
Statements
(continued)
114
2023
iShares
Annual
Report
to
Shareholders
Concentration
Risk:
A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments.
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.
Certain Funds
invest
a
significant
portion
of their
assets
within
the
financials
sector.
Performance
of
companies
in
the
financials
sector
may
be
adversely
impacted
by
many
factors,
including,
among
others,
changes
in
government
regulations,
economic
conditions,
and
interest
rates,
credit
downgrades,
adverse
public
perception,
exposure
concentration
and
decreased
liquidity
in
credit
markets.
The
impact
of
changes
in
a
capital
requirements
and
recent
or
future
regulation
of
any
individual
financial
company,
or
of
the
financials
sector
as
a
whole,
cannot
be
predicted,
but
may
negatively
impact
the
Funds.
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:
Year
Ended
03/31/23
‌
Year
Ended
03/31/22
‌
iShares
ETF
Shares
‌
Amount
‌
Shares
‌
Amount
‌
U.S.
Aerospace
&
Defense
Shares
sold
..............................................
26,150,000
‌
$
2,834,703,726
‌
11,950,000
‌
$
1,295,868,298
‌
Shares
redeemed
..........................................
(8,650,000
)
(888,422,981
)
(7,250,000
)
(761,119,382
)
17,500,000
‌
$
1,946,280,745
‌
4,700,000
‌
$
534,748,916
‌
U.S.
Broker-Dealers
&
Securities
Exchanges
Shares
sold
..............................................
6,250,000
‌
$
615,882,178
‌
8,250,000
‌
$
850,130,332
‌
Shares
redeemed
..........................................
(3,700,000
)
(339,414,224
)
(6,950,000
)
(721,494,986
)
2,550,000
‌
$
276,467,954
‌
1,300,000
‌
$
128,635,346
‌
U.S.
Healthcare
Providers
Shares
sold
..............................................
2,850,000
‌
$
779,298,746
‌
2,150,000
‌
$
574,705,197
‌
Shares
redeemed
..........................................
(2,850,000
)
(749,318,434
)
(2,000,000
)
(531,125,750
)
—
‌
$
29,980,312
‌
150,000
‌
$
43,579,447
‌
U.S.
Home
Construction
Shares
sold
..............................................
64,250,000
‌
$
3,852,709,335
‌
74,150,000
‌
$
5,270,161,088
‌
Shares
redeemed
..........................................
(70,750,000
)
(4,182,081,203
)
(83,350,000
)
(5,831,575,507
)
(6,500,000
)
$
(329,371,868
)
(9,200,000
)
$
(561,414,419
)
U.S.
Infrastructure
Shares
sold
..............................................
36,750,000
‌
$
1,347,773,078
‌
19,100,000
‌
$
699,201,177
‌
Shares
redeemed
..........................................
(11,800,000
)
(423,345,545
)
(6,700,000
)
(246,703,534
)
24,950,000
‌
$
924,427,533
‌
12,400,000
‌
$
452,497,643
‌
U.S.
Insurance
Shares
sold
..............................................
5,600,000
‌
$
500,052,749
‌
1,650,000
‌
$
141,976,398
‌
Shares
redeemed
..........................................
(2,400,000
)
(203,955,250
)
(750,000
)
(62,498,673
)
3,200,000
‌
$
296,097,499
‌
900,000
‌
$
79,477,725
‌
U.S.
Medical
Devices
Shares
sold
..............................................
16,300,000
‌
$
868,104,395
‌
43,050,000
(a)
$
2,720,563,100
‌
Shares
redeemed
..........................................
(37,750,000
)
(1,979,416,233
)
(59,600,000
)
(a)
(3,595,291,144
)
(21,450,000
)
$
(1,111,311,838
)
(16,550,000
)
$
(874,728,044
)
Notes
to
Financial
Statements
(
continued)
115
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.
Year
Ended
03/31/23
‌
Year
Ended
03/31/22
‌
iShares
ETF
Shares
‌
Amount
‌
Shares
‌
Amount
‌
U.S.
Oil
&
Gas
Exploration
&
Production
Shares
sold
..............................................
5,800,000
‌
$
548,875,956
‌
9,350,000
‌
$
609,032,867
‌
Shares
redeemed
..........................................
(6,800,000
)
(578,582,588
)
(4,850,000
)
(274,473,880
)
(1,000,000
)
$
(29,706,632
)
4,500,000
‌
$
334,558,987
‌
U.S.
Oil
Equipment
&
Services
Shares
sold
..............................................
20,750,000
‌
$
414,100,905
‌
10,850,000
‌
$
174,454,955
‌
Shares
redeemed
..........................................
(23,900,000
)
(412,455,161
)
(23,850,000
)
(319,293,801
)
(3,150,000
)
$
1,645,744
‌
(13,000,000
)
$
(144,838,846
)
U.S.
Pharmaceuticals
Shares
sold
..............................................
600,000
‌
$
113,040,984
‌
400,000
‌
$
76,808,781
‌
Shares
redeemed
..........................................
(550,000
)
(99,075,556
)
(300,000
)
(57,100,571
)
50,000
‌
$
13,965,428
‌
100,000
‌
$
19,708,210
‌
U.S.
Real
Estate
Shares
sold
..............................................
135,400,000
‌
$
12,357,971,292
‌
223,400,000
‌
$
23,245,619,566
‌
Shares
redeemed
..........................................
(147,150,000
)
(13,410,699,013
)
(224,650,000
)
(23,255,569,795
)
(11,750,000
)
$
(1,052,727,721
)
(1,250,000
)
$
(9,950,229
)
U.S.
Regional
Banks
Shares
sold
..............................................
9,750,000
‌
$
362,333,536
‌
16,600,000
‌
$
999,516,077
‌
Shares
redeemed
..........................................
(10,950,000
)
(572,932,279
)
(4,950,000
)
(303,184,875
)
(1,200,000
)
$
(210,598,743
)
11,650,000
‌
$
696,331,202
‌
U.S.
Telecommunications
Shares
sold
..............................................
68,200,000
‌
$
1,604,844,940
‌
32,050,000
‌
$
993,515,548
‌
Shares
redeemed
..........................................
(72,000,000
)
(1,717,958,843
)
(28,350,000
)
(887,232,464
)
(3,800,000
)
$
(113,113,903
)
3,700,000
‌
$
106,283,084
‌
(a)
Share
transactions
reflect
a
six-for-one
stock
split
effective
after
the
close
of
trading
on
July
16,
2021.
Report
of
Independent
Registered
Public
Accounting
Firm
116
2023
iShares
Annual
Report
to
Shareholders
To
the
Board
of
Trustees
of
iShares
Trust
and
Shareholders
of
each
of
the thirteen funds
listed
in
the
table
below
Opinions
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities,
including
the
schedules
of
investments,
of
each
of
the
funds
listed
in
the
table
below
(thirteen
of
the
funds
constituting
iShares
Trust,
hereafter
collectively
referred
to
as
the
“Funds”)
as
of
March
31,
2023,
the
related
statements
of
operations
for
the
year
ended
March
31,
2023, the
statements
of changes
in
net
assets
for
each
of
the
two
years
in
the period
ended
March
31,
2023,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
periods
indicated
therein (collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
each
of
the
Funds
as
of
March
31,
2023,
the
results
of
each
of
their
operations
for
the
year
then
ended, the
changes
in
each
of
their
net
assets
for
each
of
the
two
years in
the period
ended
March 31,
2023
and
each
of
the
financial
highlights
for
each
of
the periods
indicated
therein, in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America. 
Basis
for
Opinions
These
financial
statements
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
March
31,
2023 by
correspondence
with
the
custodian,
transfer
agent
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
/s/PricewaterhouseCoopers
LLP
Philadelphia,
Pennsylvania
May
25,
2023
We
have
served
as
the
auditor
of
one
or
more
BlackRock
investment
companies
since
2000.
iShares
U.S.
Aerospace
&
Defense
ETF
iShares
U.S.
Broker-Dealers
&
Securities
Exchanges
ETF
iShares
U.S.
Healthcare
Providers
ETF
iShares
U.S.
Home
Construction
ETF
iShares
U.S.
Infrastructure
ETF
iShares
U.S.
Insurance
ETF
iShares
U.S.
Medical
Devices
ETF
iShares
U.S.
Oil
&
Gas
Exploration
&
Production
ETF
iShares
U.S.
Oil
Equipment
&
Services
ETF
iShares
U.S.
Pharmaceuticals
ETF
iShares
U.S.
Real
Estate
ETF
iShares
U.S.
Regional
Banks
ETF
iShares
U.S.
Telecommunications
ETF
Important
Tax
Information
(unaudited)
117
Important
Tax
Information
The
following
amounts,
or
maximum
amounts
allowable
by
law,
are
hereby
designated
as
qualified
dividend
income
for
individuals
for
the
fiscal
year
ended
March
31,
2023:
The
following
amounts,
or
maximum
amounts
allowable
by
law,
are
hereby
designated
as
qualified
business
income
for
individuals
for
the
fiscal
year
ended
March
31,
2023:
The
following
percentages,
or
maximum
percentages
allowable
by
law,
of
ordinary
income
distributions
paid
during
the
fiscal
year
ended
March
31,
2023
qualified
for
the
dividends-received
deduction
for
corporate
shareholders:
iShares
ETF
Qualified
Dividend
Income
U.S.
Aerospace
&
Defense
..............................................................................................
$
63,269,104‌
U.S.
Broker-Dealers
&
Securities
Exchanges
..................................................................................
14,065,677‌
U.S.
Healthcare
Providers
...............................................................................................
16,686,184‌
U.S.
Home
Construction
................................................................................................
16,034,737‌
U.S.
Infrastructure
....................................................................................................
35,556,881‌
U.S.
Insurance
......................................................................................................
8,804,236‌
U.S.
Medical
Devices
..................................................................................................
54,246,034‌
U.S.
Oil
&
Gas
Exploration
&
Production
.....................................................................................
44,712,478‌
U.S.
Oil
Equipment
&
Services
............................................................................................
3,589,082‌
U.S.
Pharmaceuticals
..................................................................................................
7,724,733‌
U.S.
Real
Estate
.....................................................................................................
10,617,142‌
U.S.
Regional
Banks
..................................................................................................
27,272,874‌
U.S.
Telecommunications
...............................................................................................
7,767,929‌
iShares
ETF
Qualified
Business
Income
U.S.
Real
Estate
.....................................................................................................
$
61,669,847‌
iShares
ETF
Dividends-Received
Deduction
U.S.
Aerospace
&
Defense
..............................................................................................
100.00‌
%
U.S.
Broker-Dealers
&
Securities
Exchanges
..................................................................................
100.00‌
U.S.
Healthcare
Providers
...............................................................................................
100.00‌
U.S.
Home
Construction
................................................................................................
100.00‌
U.S.
Infrastructure
....................................................................................................
90.36‌
U.S.
Insurance
......................................................................................................
100.00‌
U.S.
Medical
Devices
..................................................................................................
100.00‌
U.S.
Oil
&
Gas
Exploration
&
Production
.....................................................................................
100.00‌
U.S.
Oil
Equipment
&
Services
............................................................................................
89.08‌
U.S.
Pharmaceuticals
..................................................................................................
94.07‌
U.S.
Real
Estate
.....................................................................................................
9.29‌
U.S.
Regional
Banks
..................................................................................................
100.00‌
U.S.
Telecommunications
...............................................................................................
88.71‌
Statement
Regarding
Liquidity
Risk
Management
Program
(unaudited)
118
2023
iShares
Annual
Report
to
Shareholders
In
compliance
with
Rule
22e-4
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Liquidity
Rule”),
iShares
Trust
(the
“Trust”)
has
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Program”)
for iShares
U.S.
Aerospace
&
Defense
ETF,
iShares
U.S.
Broker-Dealers
&
Securities
Exchanges
ETF,
iShares
U.S.
Healthcare
Providers
ETF,
iShares
U.S.
Home
Construction
ETF,
iShares
U.S.
Infrastructure
ETF,
iShares
U.S.
Insurance
ETF,
iShares
U.S.
Medical
Devices
ETF,
iShares
U.S.
Oil
&
Gas
Exploration
&
Production
ETF,
iShares
U.S.
Oil
Equipment
&
Services
ETF,
iShares
U.S.
Pharmaceuticals
ETF,
iShares
U.S.
Real
Estate
ETF,
iShares
U.S.
Regional
Banks
ETF
and
iShares
U.S.
Telecommunications
ETF
(the
“Funds”
or
“ETFs”),
each
a
series
of
the
Trust,
which
is
reasonably
designed
to
assess
and
manage
each
Fund’s
liquidity
risk.
The
Board
of
Trustees
(the
“Board”)
of
the
Trust,
on
behalf
of
the
Funds,
met
on
December
9,
2022
(the
“Meeting”)
to
review
the
Program.
The
Board
previously
appointed
BlackRock
Fund
Advisors
(“BlackRock”),
the
investment
adviser
to
the
Funds,
as
the
program
administrator
for
each
Fund’s
Program.
BlackRock
also
previously
delegated
oversight
of
the
Program
to
the
40
Act
Liquidity
Risk
Management
Committee
(the
“Committee”).
At
the
Meeting,
the
Committee,
on
behalf
of
BlackRock,
provided
the
Board
with
a
report
that
addressed
the
operation
of
the
Program
and
assessed
its
adequacy
and
effectiveness
of
implementation,
including
the
management
of
each
Fund’s
Highly
Liquid
Investment
Minimum
(“HLIM”)
where
applicable,
and
any
material
changes
to
the
Program
(the
“Report”). 
The
Report
covered
the
period
from
October
1,
2021
through
September
30,
2022
(the
“Program
Reporting
Period”).
The
Report
described
the
Program’s
liquidity
classification
methodology
for
categorizing
each
Fund’s
investments
(including
derivative
transactions)
into
one
of
four
liquidity
buckets.
It
also
referenced
the
methodology
used
by
BlackRock
to
establish
each
Fund’s
HLIM
and
noted
that
the
Committee
reviews
and
ratifies
the
HLIM
assigned
to
each Fund
no
less
frequently
than
annually.
The
Report
also
discussed
notable
events
affecting
liquidity
over
the
Program
Reporting
Period,
including
extended
market
holidays,
the
imposition
of
capital
controls
in
certain
non-U.S.
countries,
Russian
sanctions
and
the
closure
of
the
Russian
securities
market.
The
Report
noted
that
the
Program
complied
with
the
key
factors
for
consideration
under
the
Liquidity
Rule
for
assessing,
managing
and
periodically
reviewing
each
Fund’s
liquidity
risk,
as
follows:
a)
The
Fund’s
investment
strategy
and
liquidity
of
portfolio
investments
during
both
normal
and
reasonably
foreseeable
stressed
conditions.
During
the
Program
Reporting
Period,
the
Committee
reviewed
whether
each
Fund’s
strategy
is
appropriate
for
an
open-end
fund
structure,
with
a
focus
on
funds
with
more
significant
and
consistent
holdings
of
less
liquid
and
illiquid
assets.
The
Committee
also
factored
a
fund’s
concentration
in
an
issuer
into
the
liquidity
classification
methodology
by
taking
issuer
position
sizes
into
account.
Derivative
exposure
was
also
considered
in
the
calculation
of
a
fund’s
liquidity
bucketing.
Finally,
a
factor
for
consideration
under
the
Liquidity
Rule
is
a
Fund’s
use
of
borrowings
for
investment
purposes.
However,
the
Funds
do
not
borrow
for
investment
purposes.
b)
Short-term
and
long-term
cash
flow
projections
during
both
normal
and
reasonably
foreseeable
stressed
conditions.
During
the
Program
Reporting
Period,
the
Committee
reviewed
historical
redemption
activity
and
used
this
information
as
a
component
to
establish
each
ETF’s
reasonably
anticipated
trading
size
(“RATS”).
The
Committee
may
also
take
into
consideration
a
fund’s
shareholder
ownership
concentration
(which,
depending
on
product
type
and
distribution
channel,
may
or
may
not
be
available),
a
fund’s
distribution
channels,
and
the
degree
of
certainty
associated
with
a
fund’s
short-term
and
long-term
cash
flow
projections.
c)
Holdings
of
cash
and
cash
equivalents,
as
well
as
borrowing
arrangements.
The
Committee
considered
that
ETFs
generally
do
not
hold
more
than
de
minimis
amounts
of
cash.
The
Committee
also
considered
that
ETFs
generally
do
not
engage
in
borrowing.
d)
The
relationship
between
an
ETF’s
portfolio
liquidity
and
the
way
in
which,
and
the
prices
and
spreads
at
which,
ETF
shares
trade,
including
the
efficiency
of
the
arbitrage
function
and
the
level
of
active
participation
by
market
participants,
including
authorized
participants.
The
Committee
monitored
the
prevailing
bid/ask
spread
and
the
ETF
price
premium
(or
discount)
to
NAV
for
all
ETFs.
However,
there
were
no
ETFs
with
persistent
deviations
of
fund
premium/
discount
or
bid/ask
spreads
from
long-term
averages
over
the
Program
Reporting
Period.
e)
The
effect
of
the
composition
of
baskets
on
the
overall
liquidity
of
an
ETF’s
portfolio.
In
reviewing
the
linkage
between
the
composition
of
custom
baskets
accepted
by
an
ETF
and
any
significant
change
in
the
liquidity
profile
of
such
ETF,
the
Committee
reviewed
changes
in
the
proportion
of
each
ETF’s
portfolio
comprised
of
less
liquid
and
illiquid
holdings
to
determine
if
applicable
thresholds
were
met
requiring
enhanced
review.
There
were
no
material
changes
to
the
Program
during
the
Program
Reporting
Period
other
than
the
enhancement
of
certain
model
components
in
the
Program’s
classification
methodology.
The
Report
provided
to
the
Board
stated
that
the
Committee
concluded
that
based
on
the
operation
of
the
functions,
as
described
in
the
Report,
the
Program
is
operating
as
intended
and
is
effective
in
implementing
the
requirements
of
the
Liquidity
Rule.
Supplemental
Information
(unaudited)
119
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.
March
31,
2023
Premium/Discount
Information
Information
on
the
Fund’s
net
asset
value,
market
price,
premiums
and
discounts,
and
bid-ask
spreads
can
be
found
at
iShares.com
.
Regulation
under
the
Alternative
Investment
Fund
Managers
Directive
The
Alternative
Investment
Fund
Managers
Directive,
and
its
United
Kingdom
(“UK”)
equivalent,
(
“AIFMD”)
impose
detailed
and
prescriptive
obligations
on
fund
managers
established
in
the
European
Union
(the
“EU”)
and
the
UK.
These
do
not
currently
apply
to
managers
established
outside
of
the
EU
or
UK,
such
as BFA
(the
“Company”).
Rather,
the
Company
is
only
required
to
comply
with
certain
disclosure,
reporting
and
transparency
obligations
of
AIFMD
because
it
has
registered
the iShares
U.S.
Real
Estate
ETF
and iShares
U.S.
Regional
Banks
ETF
(the
“Funds”)
to
be
marketed
to
investors
in
the
EU
and/or
UK.
Report
on
Remuneration
The
Company
is
required
under
AIFMD
to
make
quantitative
disclosures
of
remuneration.
These
disclosures
are
made
in
line
with
BlackRock’s
interpretation
of
currently
available
regulatory
guidance
on
quantitative
remuneration
disclosures.
As
market
or
regulatory
practice
develops
BlackRock
may
consider
it
appropriate
to
make
changes
to
the
way
in
which
quantitative
remuneration
disclosures
are
calculated.
Where
such
changes
are
made,
this
may
result
in
disclosures
in
relation
to
a
fund
not
being
comparable
to
the
disclosures
made
in
the
prior
year,
or
in
relation
to
other
BlackRock
fund
disclosures
in
that
same
year.
Disclosures
are
provided
in
relation
to
(a)
the
staff
of
the
Company;
(b)
staff
who
are
senior
management;
and
(c)
staff
who
have
the
ability
to
materially
affect
the
risk
profile
of
the
Funds.
All
individuals
included
in
the
aggregated
figures
disclosed
are
rewarded
in
line
with
BlackRock’s
remuneration
policy
for
their
responsibilities
across
the
relevant
BlackRock
business
area.
As
all
individuals
have
a
number
of
areas
of
responsibilities,
only
the
portion
of
remuneration
for
those
individuals’
services
attributable
to
the
Funds
is
included
in
the
aggregate
figures
disclosed.
BlackRock
has
a
clear
and
well
defined
pay-for-performance
philosophy,
and
compensation
programs
which
support
that
philosophy.
BlackRock
operates
a
total
compensation
model
for
remuneration
which
includes
a
base
salary,
which
is
contractual,
and
a
discretionary
bonus
scheme.
Although
all
employees
are
eligible
to
receive
a
discretionary
bonus,
there
is
no
contractual
obligation
to
make
a
discretionary
bonus
award
to
any
employees.
For
senior
management
and
staff
who
have
the
ability
to
materially
affect
the
risk
profile
of
the
Funds,
a
significant
percentage
of
variable
remuneration
is
deferred
over
time.
All
employees
are
subject
to
a
clawback
policy.
Remuneration
decisions
for
employees
are
made
once
annually
in
January
following
the
end
of
the
performance
year,
based
on
BlackRock’s
full-year
financial
results
and
other
non-financial
goals
and
objectives.
Alongside
financial
performance,
individual
total
compensation
is
also
based
on
strategic
and
operating
results
and
other
considerations
such
as
management
and
leadership
capabilities.
No
set
formulas
are
established
and
no
fixed
benchmarks
are
used
in
determining
annual
incentive
awards.
Total
Cumulative
Distributions
for
the
Fiscal
Year
%
Breakdown
of
the
Total
Cumulative
Distributions
for
the
Fiscal
Year
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
U.S.
Healthcare
Providers
.............
$
2.044088
‌
$
—
‌
$
—
‌
$
2.044088
‌
100
%
—
%
—
%
100
%
U.S.
Home
Construction
..............
0.513870
‌
—
‌
—
‌
0.513870
‌
100
—
—
100
U.S.
Infrastructure
(a)
.................
0.712568
‌
—
‌
0.012688
‌
0.725256
‌
98
—
2
100
U.S.
Insurance
(a)
...................
1.501673
‌
—
‌
0.000001
‌
1.501674
‌
100
—
—
(b)
100
U.S.
Medical
Devices
................
0.251397
‌
—
‌
—
‌
0.251397
‌
100
—
—
100
U.S.
Oil
&
Gas
Exploration
&
Production
...
3.720266
‌
—
‌
—
‌
3.720266
‌
100
—
—
100
U.S.
Pharmaceuticals
(a)
...............
3.094699
‌
—
‌
0.516392
‌
3.611091
‌
86
—
14
100
U.S.
Real
Estate
...................
2.472624
‌
—
‌
—
‌
2.472624
‌
100
—
—
100
U.S.
Regional
Banks
................
1.433848
‌
—
‌
—
‌
1.433848
‌
100
—
—
100
U.S.
Telecommunications
.............
0.580937
‌
—
‌
—
‌
0.580937
‌
100
—
—
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.
(b)
Rounds
to
less
than
1%.
Supplemental
Information
(unaudited)
(continued)
120
2023
iShares
Annual
Report
to
Shareholders
Annual
incentive
awards
are
paid
from
a
bonus
pool
which
is
reviewed
throughout
the
year
by
BlackRock’s
independent
compensation
committee,
taking
into
account
both
actual
and
projected
financial
information
together
with
information
provided
by
the
Enterprise
Risk
and
Regulatory
Compliance
departments
in
relation
to
any
activities,
incidents
or
events
that
warrant
consideration
in
making
compensation
decisions.
Individuals
are
not
involved
in
setting
their
own
remuneration.
Each
of
the
control
functions
(Enterprise
Risk,
Legal
&
Compliance,
and
Internal
Audit)
each
have
their
own
organizational
structures
which
are
independent
of
the
business
units
and
therefore
staff
members
in
control
functions
are
remunerated
independently
of
the
business
they
oversee.
Functional
bonus
pools
for
those
control
functions
are
determined
with
reference
to
the
performance
of
each
individual
function
and
the
remuneration
of
the
senior
members
of
control
functions
is
directly
overseen
by
BlackRock’s
independent
remuneration
committee.
Members
of
staff
and
senior
management
of
the
Company
typically
provide
both
AIFMD
and
non-AIFMD
related
services
in
respect
of
multiple
funds,
clients
and
functions
of
the
Company
and
across
the
broader
BlackRock
group.
Conversely,
members
of
staff
and
senior
management
of
the
broader
BlackRock
group
may
provide
both
AIFMD
and
non-AIFMD
related
services
in
respect
of
multiple
funds,
clients
and
functions
of
the
broader
BlackRock
group
and
of
the
Company.
Therefore,
the
figures
disclosed
are
a
sum
of
individuals’
portion
of
remuneration
attributable
to
the
Company
according
to
an
objective
apportionment
methodology
which
acknowledges
the
multiple-service
nature
of
the
Company
and
the
broader
BlackRock
group.
Accordingly,
the
figures
are
not
representative
of
any
individual’s
actual
remuneration
or
their
remuneration
structure.
The
amount
of
the
total
remuneration
awarded
to
the
Company’s
staff
in
respect
of
the
Company’s
financial
year
ending
December
31,
2022
was
USD
4,121
million.
This
figure
is
comprised
of
fixed
remuneration
of
USD
685
million
and
variable
remuneration
of
USD
3,436
million.
There
was
a
total
of
8
beneficiaries
of
the
remuneration
described
above.
The
amount
of
the
aggregate
remuneration
awarded
by
the
Company
in
respect
of
the
Company’s
financial
year
ending December
31,
2022,
to
its
senior
management
was
USD
2,958
million,
and
to
other
members
of
its
staff
whose
actions
potentially
have
a
material
impact
on
the
risk
profile
of
the
Company
or
its
funds
was
USD
970
million.
These
figures
relate
to
the
entire
Company
and
not
to
the
Funds.
Disclosures
under
the
EU
Sustainable
Finance
Disclosure
Regulation
The iShares
U.S.
Real
Estate
ETF
and
iShares
U.S.
Regional
Banks
ETF (the
“Funds”)
are
registered
under
the
Alternative
Investment
Fund
Managers
Directive
to
be
marketed
to
European
Union
(“EU”)
investors,
as
noted
above.
As
a
result,
certain
disclosures
are
required
under
the
EU
Sustainable
Finance
Disclosure
Regulation
(“SFDR”).
Each
Fund
has
not
been
categorized
under
the
SFDR
as
an
“Article
8”
or
“Article
9”
product.
In
addition,
each
Fund’s
investment
strategy
does
not
take
into
account
the
criteria
for
environmentally
sustainable
economic
activities
under
the
EU
sustainable
investment
taxonomy
regulation
or
principal
adverse
impacts
(“PAIs”)
on
sustainability
factors
under
the
SFDR.
PAIs
are
identified
under
the
SFDR
as
the
material
impacts
of
investment
decisions
on
sustainability
factors
relating
to
environmental,
social
and
employee
matters,
respect
for
human
rights,
and
anti-corruption
and
anti-bribery
matters.
Trustee
and
Officer
Information
(unaudited)
121
Trustee
and
Officer
Information
The
Board
of
Trustees
has
responsibility
for
the
overall
management
and
operations
of
the
Funds,
including
general
supervision
of
the
duties
performed
by
BFA
and
other
service
providers.
Each
Trustee
serves
until
he
or
she
resigns,
is
removed,
dies,
retires
or
becomes
incapacitated.
Each
officer
shall
hold
office
until
his
or
her
successor
is
elected
and
qualifies
or
until
his
or
her
death,
resignation
or
removal.
Trustees
who
are
not
“interested
persons”
(as
defined
in
the
1940
Act)
of
the
Trust
are
referred
to
as
independent
trustees
(“Independent
Trustees”). 
The
registered
investment
companies
advised
by
BFA
or
its
affiliates
(the
“BlackRock-advised
Funds”)
are
organized
into
one
complex
of
open-end
equity,
multi-asset,
index
and
money
market
funds
and
ETFs
(the
“BlackRock
Multi-Asset
Complex”),
one
complex
of
closed-end
funds
and
open-end
non-index
fixed-income
funds
(including
ETFs)
(the
“BlackRock
Fixed-Income
Complex”)
and
one
complex
of
ETFs
(“Exchange-Traded
Fund
Complex”)
(each,
a
“BlackRock
Fund
Complex”).
Each
Fund
is
included
in
the
Exchange-Traded
Fund
Complex.
Each
Trustee also
serves
as
a
Director
of
iShares,
Inc.
and
a
Trustee
of
iShares
U.S.
ETF
Trust
and,
as
a
result,
oversees
all
of
the
funds
within
the
Exchange-Traded
Fund
Complex,
which
consists
of
380
funds
as
of
March
31,
2023.
With
the
exception
of
Robert
S.
Kapito,
Salim
Ramji
and
Charles
Park,
the
address
of
each
Trustee and
officer
is
c/o
BlackRock,
Inc.,
400
Howard
Street,
San
Francisco,
CA
94105.
The
address
of
Mr.
Kapito,
Mr.
Ramji
and
Mr.
Park
is
c/o
BlackRock,
Inc.,
50
Hudson
Yards, New
York,
NY
10001.
The
Board
has
designated
John
E.
Kerrigan
as
its
Independent
Board
Chair.
Additional
information
about
the
Funds’
Trustees and
officers
may
be
found
in
the
Funds’
combined
Statement
of
Additional
Information,
which
is
available
without
charge,
upon
request,
by
calling
toll-free
1-800-iShares
(1-800-474-2737).
Interested
Trustees
(a)
Robert
S.
Kapito
is
deemed
to
be
an
“interested
person”
(as
defined
in
the
1940
Act)
of
the
Trust
due
to
his
affiliations
with
BlackRock,
Inc.
and
its
affiliates.
(b)
Salim
Ramji
is
deemed
to
be
an
“interested
person”
(as
defined
in
the
1940
Act)
of
the
Trust
due
to
his
affiliations
with
BlackRock,
Inc.
and
its
affiliates.
Independent
Trustees
Name
(Year
of
Birth)
Position(s)
Principal
Occupation(s)
During
Past
5
Years
Other
Directorships
Held
by
Trustee
Robert
S.
Kapito
(a)
(1957)
Trustee
(since
2009).
President,
BlackRock,
Inc.
(since
2006);
Vice
Chairman
of
BlackRock,
Inc.
and
Head
of
BlackRock’s
Portfolio
Management
Group
(since
its
formation
in
1998)
and
BlackRock,
Inc.’s
predecessor
entities
(since
1988);
Trustee,
University
of
Pennsylvania
(since
2009);
President
of
Board
of
Directors,
Hope
&
Heroes
Children’s
Cancer
Fund
(since
2002).
Director
of
BlackRock,
Inc.
(since
2006);
Director
of
iShares,
Inc.
(since
2009);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011).
Salim
Ramji
(b)
(1970)
Trustee
(since
2019).
Senior
Managing
Director,
BlackRock,
Inc.
(since
2014);
Global
Head
of
BlackRock’s
ETF
and
Index
Investments
Business
(since
2019);
Head
of
BlackRock’s
U.S.
Wealth
Advisory
Business
(2015-2019);
Global
Head
of
Corporate
Strategy,
BlackRock,
Inc.
(2014-2015);
Senior
Partner,
McKinsey
&
Company
(2010-2014).
Director
of
iShares,
Inc.
(since
2019);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2019).
Name
(Year
of
Birth)
Position(s)
Principal
Occupation(s)
During
Past
5
Years
Other
Directorships
Held
by
Trustee
John
E.
Kerrigan
(1955)
Trustee
(since
2005);
Independent
Board
Chair
(since
2022).
Chief
Investment
Officer,
Santa
Clara
University
(since
2002).
Director
of
iShares,
Inc.
(since
2005);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011);
Independent
Board
Chair
of
iShares,
Inc.
and
iShares
U.S.
ETF
Trust
(since
2022).
Jane
D.
Carlin
(1956)
Trustee
(since
2015);
Risk
Committee
Chair
(since
2016).
Consultant
(since
2012);
Member
of
the
Audit
Committee
(2012-2018),
Chair
of
the
Nominating
and
Governance
Committee
(2017-2018)
and
Director
of
PHH
Corporation
(mortgage
solutions)
(2012-2018);
Managing
Director
and
Global
Head
of
Financial
Holding
Company
Governance
&
Assurance
and
the
Global
Head
of
Operational
Risk
Management
of
Morgan
Stanley
(2006-2012).
Director
of
iShares,
Inc.
(since
2015);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2015);
Member
of
the
Audit
Committee
(since
2016),
Chair
of
the
Audit
Committee
(since
2020)
and
Director
of
The
Hanover
Insurance
Group,
Inc.
(since
2016).
Richard
L.
Fagnani
(1954)
Trustee
(since
2017);
Audit
Committee
Chair
(since
2019).
Partner,
KPMG
LLP
(2002-2016);
Director
of
One
Generation
Away
(since
2021).
Director
of
iShares,
Inc.
(since
2017);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2017).
Cecilia
H.
Herbert
(1949)
Trustee
(since
2005);
Nominating
and
Governance
and
Equity
Plus
Committee
Chairs
(since
2022).
Chair
of
the
Finance
Committee
(since
2019)
and
Trustee
and
Member
of
the
Finance,
Audit
and
Quality
Committees
of
Stanford
Health
Care
(since
2016);
Trustee
of
WNET,
New
York’s
public
media
company
(since
2011)
and
Member
of
the
Audit
Committee
(since
2018),
Investment
Committee
(since
2011)
and
Personnel
Committee
(since
2022);
Chair
(1994-2005)
and
Member
(1992-2021)
of
the
Investment
Committee,
Archdiocese
of
San
Francisco;
Trustee
of
Forward
Funds
(14
portfolios)
(2009-2018);
Trustee
of
Salient
MF
Trust
(4
portfolios)
(2015-
2018);
Director
(1998-2013)
and
President
(2007-2011)
of
the
Board
of
Directors,
Catholic
Charities
CYO;
Trustee
(2002-2011)
and
Chair
of
the
Finance
and
Investment
Committee
(2006-2010)
of
the
Thacher
School;
Director
of
the
Senior
Center
of
Jackson
Hole
(since
2020);
Director
of
the
Jackson
Hole
Center
for
the
Arts
(since
2021);
Member
of
the
Wyoming
State
Investment
Funds
Committee
(since
2022).
Director
of
iShares,
Inc.
(since
2005);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011).
Trustee
and
Officer
Information
(unaudited)
(continued)
122
2023
iShares
Annual
Report
to
Shareholders
Officers
Name
(Year
of
Birth)
Position(s)
Principal
Occupation(s)
During
Past
5
Years
Other
Directorships
Held
by
Trustee
Drew
E.
Lawton
(1959)
Trustee
(since
2017);
15(c)
Committee
Chair
(since
2017).
Senior
Managing
Director
of
New
York
Life
Insurance
Company
(2010-2015).
Director
of
iShares,
Inc.
(since
2017);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2017);
Director
of
Jackson
Financial
Inc.
(since
2021).
John
E.
Martinez
(1961)
Trustee
(since
2003);
Securities
Lending
Committee
Chair
(since
2019).
Director
of
Real
Estate
Equity
Exchange,
Inc.
(since
2005);
Director
of
Cloudera
Foundation
(2017-2020);
and
Director
of
Reading
Partners
(2012-2016).
Director
of
iShares,
Inc.
(since
2003);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011).
Madhav
V.
Rajan
(1964)
Trustee
(since
2011);
Fixed
Income
Plus
Committee
Chair
(since
2019).
Dean,
and
George
Pratt
Shultz
Professor
of
Accounting,
University
of
Chicago
Booth
School
of
Business
(since
2017);
Advisory
Board
Member
(since
2016)
and
Director
(since
2020)
of
C.M.
Capital
Corporation;
Chair
of
the
Board
for
the
Center
for
Research
in
Security
Prices,
LLC
(since
2020);
Robert
K.
Jaedicke
Professor
of
Accounting,
Stanford
University
Graduate
School
of
Business
(2001-2017);
Professor
of
Law
(by
courtesy),
Stanford
Law
School
(2005-2017);
Senior
Associate
Dean
for
Academic
Affairs
and
Head
of
MBA
Program,
Stanford
University
Graduate
School
of
Business
(2010-2016).
Director
of
iShares,
Inc.
(since
2011);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011).
Name
(Year
of
Birth)
Position(s)
Principal
Occupation(s)
During
Past
5
Years
Dominik
Rohé
(1973)
President
(since
2023).
Managing
Director,
BlackRock,
Inc.
(since
2005);
Head
of
Americas
ETF
and
Index
Investments
(since
2023);
Head
of
Latin
America
(2019-2023).
Trent
Walker
(1974)
Treasurer
and
Chief
Financial
Officer
(since
2020).
Managing
Director,
BlackRock,
Inc.
(since
September
2019);
Chief
Financial
Officer
of
iShares
Delaware
Trust
Sponsor
LLC,
BlackRock
Funds,
BlackRock
Funds
II,
BlackRock
Funds
IV,
BlackRock
Funds
V
and
BlackRock
Funds
VI
(since
2021);
Executive
Vice
President
of
PIMCO
(2016-2019);
Senior
Vice
President
of
PIMCO
(2008-2015);
Treasurer
(2013-2019)
and
Assistant
Treasurer
(2007-2017)
of
PIMCO
Funds,
PIMCO
Variable
Insurance
Trust,
PIMCO
ETF
Trust,
PIMCO
Equity
Series,
PIMCO
Equity
Series
VIT,
PIMCO
Managed
Accounts
Trust,
2
PIMCO-sponsored
interval
funds
and
21
PIMCO-sponsored
closed-end
funds.
Charles
Park
(1967)
Chief
Compliance
Officer
(since
2006).
Chief
Compliance
Officer
of
BlackRock
Advisors,
LLC
and
the
BlackRock-advised
Funds
in
the
BlackRock
Multi-Asset
Complex
and
the
BlackRock
Fixed-Income
Complex
(since
2014);
Chief
Compliance
Officer
of
BFA
(since
2006).
Marisa
Rolland
(1980)
Secretary
(since
2022).
Managing
Director,
BlackRock,
Inc.
(since
2023);
Director,
BlackRock,
Inc.
(2018-2022);
Vice
President,
BlackRock,
Inc.
(2010-2017).
Rachel
Aguirre
(1982)
Executive
Vice
President
(since
2022).
Managing
Director,
BlackRock,
Inc.
(since
2018);
Director,
BlackRock,
Inc.
(2009-2018);
Head
of
U.S.
iShares
Product
(since
2022);
Head
of
EII
U.S.
Product
Engineering
(since
2021);
Co-Head
of
EII’s
Americas
Portfolio
Engineering
(2020-2021);
Head
of
Developed
Markets
Portfolio
Engineering
(2016-2019).
Jennifer
Hsui
(1976)
Executive
Vice
President
(since
2022).
Managing
Director,
BlackRock,
Inc.
(since
2009);
Co-Head
of
Index
Equity
(since
2022).
James
Mauro
(1970)
Executive
Vice
President
(since
2022).
Managing
Director,
BlackRock,
Inc.
(since
2010);
Head
of
Fixed
Income
Index
Investments
in
the
Americas
and
Head
of
San
Francisco
Core
Portfolio
Management
(since
2020).
Effective
June
15,
2022,
Marisa
Rolland
replaced
Deepa
Damre
Smith
as
Secretary.
Effective
March
30,
2023,
Dominik
Rohé
replaced
Armando
Senra
as
President.
Independent
Trustees
(
continued
)
General
Information
123
General
Information
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Delivery
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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
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.
If
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brokerage
firm
is
not
listed,
electronic
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be
available.
Please
contact
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certain
fund
investors.
Householding
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method
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based
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in
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a
single
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documents
and
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30e-3
notices
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Please
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Availability
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Quarterly
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The
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file
their
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
their
reports
on
Form
N-PORT.
The
Funds’
Forms
N-PORT
are
available
on
the
SEC’s
website
at
sec.gov
.
Additionally,
each
Fund
makes
its
portfolio
holdings
for
the
first
and
third
quarters
of
each
fiscal
year
available
at
iShares.com/fundreports
.
Availability
of
Proxy
Voting
Policies
and
Proxy
Voting
Records
A
description
of
the
policies
and
procedures
that
the
iShares
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
iShares
Funds
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
twelve-month
period
ending
June
30
is
available
without
charge,
upon
request
(1)
by
calling
toll-free
1-800-474-2737;
(2)
on
the
iShares
website
at
iShares.com
;
and
(3)
on
the
SEC
website
at
sec.gov
.
A
description
of
the Trust’s
policies
and
procedures
with
respect
to
the
disclosure
of
the
Fund’s
portfolio
securities
is
available
in
the
Fund
Prospectus.
The
Fund
discloses
its
portfolio
holdings
daily
and
provides
information
regarding
its
top
holdings
in
Fund
fact
sheets
at
iShares.com
.
Glossary
of
Terms
Used
in
this
Report
124
2023
iShares
Annual
Report
to
Shareholders
Portfolio
Abbreviation
NVS
Non-Voting
Shares
REIT
Real
Estate
Investment
Trust
iS-AR-311-0323
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,
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.
March
31,
2023
iShares
Trust
iShares
Russell
1000
ETF
|
IWB
|
NYSE
Arca
iShares
Russell
1000
Growth
ETF
|
IWF
|
NYSE
Arca
iShares
Russell
1000
Value
ETF
|
IWD
|
NYSE
Arca
2023
Annual
Report
Dear
Shareholder,
Significant
economic
headwinds
emerged
during
the
12-month
reporting
period
ended
March
31,
2023,
as
investors
navigated
changing
economic
conditions
and
volatile
markets.
The
U.S.
economy
shrank
in
the
first
half
of
2022
before
returning
to
modest
growth
in
the
second
half
of
the
year,
marking
a
shift
to
a
more
challenging
post-reopening
economic
environment.
Changes
in
consumer
spending
patterns
and
a
tight
labor
market
led
to
elevated
inflation,
which
reached
a
40-year
high
before
beginning
to
moderate.
Equity
prices
fell
as
interest
rates
rose,
particularly
during
the
first
half
of
the
reporting
period.
Both
large-
and
small-capitalization
U.S.
stocks
declined,
although
equities
began
to
recover
in
the
second
half
of
the
period
as
inflation
eased
and
economic
growth
resumed.
Emerging
market
stocks
and
international
equities
from
developed
markets
declined
overall,
pressured
by
rising
interest
rates
and
volatile
commodities
prices.
The
10-year
U.S.
Treasury
yield
rose
during
the
reporting
period,
driving
its
price
down,
as
investors
reacted
to
fluctuating
inflation
data
and
attempted
to
anticipate
its
impact
on
future
interest
rate
changes.
The
corporate
bond
market
also
faced
inflationary
headwinds,
and
higher
interest
rates
led
to
rising
borrowing
costs
for
corporate
issuers.
The
U.S.
Federal
Reserve
(the
“Fed”),
acknowledging
that
inflation
has
been
more
persistent
than
expected,
raised
interest
rates
eight
times.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
accelerated
the
reduction
of
its
balance
sheet.
Restricted
labor
supply
kept
inflation
elevated
even
as
other
inflation
drivers,
such
as
goods
prices
and
energy
costs,
moderated.
While
economic
growth
slowed
in
the
last
year,
we
believe
that
taming
inflation
requires
a
more
substantial
decline
that
lowers
demand
to
a
level
more
in
line
with
the
economy’s
productive
capacity.
Although
the
Fed
has
decelerated
the
pace
of
interest
rate
hikes,
we
believe
that
it
still
seems
determined
to
get
inflation
back
to
target.
With
this
in
mind,
we
believe
the
possibility
of
a
U.S.
recession
in
the
near-term
is
high,
but
the
dimming
economic
outlook
has
not
yet
been
fully
reflected
in
current
market
prices.
We
believe
investors
should
expect
a
period
of
higher
volatility
as
markets
adjust
to
the
new
economic
reality
and
policymakers
attempt
to
adapt
to
rapidly
changing
conditions.
Turmoil
in
the
banking
sector
late
in
the
period
highlighted
the
potential
for
the
knock-on
effects
of
substantially
higher
interest
rates
to
disrupt
markets
with
little
warning.
While
we
favor
an
overweight
to
equities
in
the
long
term,
we
prefer
an
underweight
stance
on
equities
overall
in
the
near
term.
Expectations
for
corporate
earnings
remain
elevated,
which
seems
inconsistent
with
the
possibility
of
a
recession.
Nevertheless,
we
are
overweight
on
emerging
market
stocks
as
we
believe
a
weakening
U.S.
dollar
provides
a
supportive
backdrop.
We
also
see
long-term
opportunities
in
credit,
where
we
believe
that
valuations
are
appealing
and
higher
yields
provide
attractive
income,
although
we
are
neutral
on
credit
in
the
near
term,
as
we’re
concerned
about
tightening
credit
and
financial
conditions.
However,
we
believe
there
are
still
some
strong
opportunities
for
a
six-
to
twelve-month
horizon,
particularly
short-term
U.S.
Treasuries,
global
inflation-linked
bonds,
and
emerging
market
bonds
denominated
in
local
currency.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
iShares.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock,
Inc.
The
Markets
in
Review
Rob
Kapito
President,
BlackRock,
Inc.
Total
Returns
as
of
March
31,
2023
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
15.62
%
(7.73
)%
U.S.
small
cap
equities
(Russell
2000
®
Index)
9.14
(11.61
)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
27.27
(1.38
)
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
14.04
(10.70
)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
1.93
2.52
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
4.38
(6.90
)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
4.89
(4.78
)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
7.00
0.26
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
7.88
(3.35
)
2
This
Page
is
not
Part
of
Your
Fund
Report
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Annual
Report:
Market
Overview
.......................................................................................................
4
Fund
Summary
........................................................................................................
5
About
Fund
Performance
..................................................................................................
11
Disclosure
of
Expenses
...................................................................................................
11
Schedules
of
Investments
.................................................................................................
12
Financial
Statements:
Statements
of
Assets
and
Liabilities
.........................................................................................
43
Statements
of
Operations
................................................................................................
44
Statements
of
Changes
in
Net
Assets
........................................................................................
45
Financial
Highlights
.....................................................................................................
47
Notes
to
Financial
Statements
...............................................................................................
50
Report
of
Independent
Registered
Public
Accounting
Firm
..............................................................................
58
Important
Tax
Information
(Unaudited)
.................................................................................................
59
Statement
Regarding
Liquidity
Risk
Management
Program
.............................................................................
60
Supplemental
Information
.................................................................................................
61
Trustee
and
Officer
Information
..............................................................................................
63
General
Information
.....................................................................................................
65
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
66
Market
Overview
4
2023
iShares
Annual
Report
to
Shareholders
iShares
Trust
Domestic
Market
Overview
U.S.
stocks
declined
for
the
12
months
ended
March
31,
2023
(“reporting
period”),
when
the
Russell
3000
®
Index,
a
broad
measure
of
U.S.
equity
market
performance,
returned
-8.58%.
Elevated
inflation
and
rapid
tightening
of
monetary
policy
dampened
growth
and
weighed
on
equities.
Higher
interest
rates
drove
bond
yields
higher
and
increased
borrowing
costs
for
businesses
and
consumers.
Equities
began
to
recover
in
the
second
half
of
the
reporting
period,
as
the
broader
economy
remained
resilient
and
the
pace
of
inflation
declined.
In
March
2023,
two
banks
suddenly
failed,
representing
the
second
and
third
largest
bank
failures
in
U.S.
history
by
asset
value.
This
drove
concern
among
investors
about
the
resiliency
of
the
financial
system
in
the
face
of
rapidly
rising
interest
rates.
However,
government
agencies
acted
swiftly
to
organize
a
sale
of
the
failed
banks’
assets
and
inject
liquidity,
and
equity
prices
recovered.
Inflation
was
a
significant
driver
of
the
economic
outlook.
As
the
reporting
period
began,
the
consumer
price
index,
a
widely
followed
measure
of
inflation,
stood
at
multi-
decade
highs.
Strong
consumer
spending
and
a
tight
labor
market,
along
with
continued
supply
chain
disruptions
in
Asia,
combined
to
drive
prices
higher.
But
the
rate
of
inflation
began
to
decline
as
the
reporting
period
wore
on,
decelerating
for
nine
consecutive
months
beginning
in
July
2022.
Nonetheless,
inflation
remained
elevated
by
historic
standards,
and
higher
prices
negatively
impacted
both
consumers
and
businesses.
The
U.S.
economy
recovered
from
a
decline
in
the
first
half
of
2022
to
post
modest
growth
in
the
third
and
fourth
quarters
of
2022.
Consumers
continued
to
power
the
economy
with
growing
spending,
despite
higher
prices
for
many
consumer
goods
and
services.
The
strong
labor
market
supported
spending,
as
unemployment
remained
very
low,
at
one
point
dropping
to
the
lowest
recorded
level
since
1969.
Furthermore,
the
labor
force
participation
rate—which
measures
the
total
proportion
of
employed
persons
of
working
age—rose,
indicating
that
more
people
were
being
drawn
into
the
labor
force.
Amid
tightening
labor
supply,
wages
rose
significantly,
with
the
largest
gains
at
the
lower
end
of
the
wage
spectrum.
To
contain
inflation,
the
U.S.
Federal
Reserve
(“Fed”)
tightened
monetary
policy
rapidly,
raising
short-term
interest
rates
eight
times
over
the
course
of
the
reporting
period.
The
pace
of
tightening
accelerated
as
the
Fed
twice
stepped
up
the
increment
of
increase
before
reducing
it
again
as
inflation
began
to
subside.
The
Fed
also
started
to
reduce
the
size
of
its
balance
sheet
by
reducing
the
store
of
U.S.
Treasuries
it
had
accumulated
to
stabilize
markets
in
the
early
phases
of
the
coronavirus
pandemic.
While
the
Fed
indicated
that
more
tightening
could
be
needed
to
achieve
its
long-term
inflation
goal,
it
sounded
a
more
cautious
note
about
the
potential
for
further
interest
rate
increases
near
the
end
of
the
reporting
period.
Despite
economic
headwinds,
corporate
profits
remained
robust,
and
many
companies
were
able
to
sufficiently
raise
prices
to
preserve
profit
margins
even
in
the
face
of
rising
labor
and
input
costs.
Nonetheless,
profits
declined
overall
in
the
fourth
quarter
of
2022,
and
the
yield
curve
(a
graphical
representation
of
U.S.
Treasury
rates
at
different
maturities)
inverted,
a
sign
that
markets
were
concerned
about
the
impact
of
higher
borrowing
costs
on
the
economy.
Furthermore,
dwindling
personal
savings
and
rising
household
debt
raised
questions
about
the
sustainability
of
consumer
spending
as
an
engine
of
economic
growth.
iShares
®
Russell
1000
ETF
5
Fund
Summary
Fund
Summary
as
of
March
31,
2023
Investment
Objective
The
iShares
Russell
1000
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
large-
and
mid-capitalization
U.S.
equities,
as
represented
by
the
Russell
1000
®
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
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.................................
(8.51
)
%
10.72
%
11.87
%
(8.51
)
%
66.39
%
206.96
%
Fund
Market
...............................
(8.51
)
10.71
11.88
–
%
(8.51
)
66.35
207.18
Index
....................................
(8.39
)
10.87
12.01
(8.39
)
67.51
210.95
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
1,151.70
‌
$
0.80
‌
$
1,000.00
‌
$
1,024.18
‌
$
0.76
‌
0.15
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
March
31,
2023
(continued)
iShares
®
Russell
1000
ETF
6
2023
iShares
Annual
Report
to
Shareholders
Portfolio
Management
Commentary
Large-
and
mid-capitalization
U.S.
stocks
declined
for
the
reporting
period,
as
high
inflation
and
tighter
financial
conditions
impeded
economic
growth
and
weighed
on
equities.
The
consumer
discretionary
sector
detracted
the
most
from
the
Index’s
return,
primarily
due
to
weakness
in
the
internet
and
direct
marketing
retail
industry.
The
pandemic-related
rise
in
e-commerce
waned
as
the
economy
reopened.
Warehouse
overbuilding
weighed
on
industry
cash
flow.
Slowing
revenue
growth
from
data
cloud
services
further
pressured
the
industry,
as
business
customers
reduced
expenditures
amid
economic
uncertainty.
The
automobiles
industry
also
declined
amid
concerns
about
the
market
for
electric
vehicles
(“EVs”)
in
the
weakening
economy.
While
EV
sales
grew,
production
did
not
meet
analysts’
expectations.
The
information
technology
sector
detracted
significantly
from
the
Index’s
return,
as
sharply
higher
interest
rates
reduced
the
current
value
of
future
earnings.
The
software
and
services
industry
declined,
as
cuts
to
corporate
information
technology
budgets
reduced
revenue
growth.
Slowing
growth
in
cloud-based
software
sales,
which
provide
software
companies
with
steady
revenue
streams,
further
constrained
earnings.
Changing
consumer
behavior
patterns
pressured
the
IT
services
industry,
as
a
return
to
in-
person
spending
meant
slowing
revenue
growth
for
companies
that
provide
online
payment
platforms.
The
communication
services
sector
declined,
as
the
rising
interest
rate
environment
negatively
impacted
the
interactive
media
and
services
industry,
particularly
high-
valuation
stocks
with
growth
prospects.
Demand
for
online
advertisements
slowed
during
the
reporting
period,
as
businesses
cut
back
on
marketing
expenditures
in
a
more
challenging
economic
environment.
Heightened
competition
also
worked
against
large
companies
in
the
industry,
which
lost
market
share
to
new
players.
On
the
upside,
the
energy
sector
contributed
to
the
Index’s
return.
Relatively
high
average
prices
of
energy
commodities
following
Russia’s
invasion
of
Ukraine,
supported
profitability
in
the
oil,
gas,
and
consumable
fuels
industry.
Portfolio
Information
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Information
Technology
............................
25.4‌
%
Health
Care
...................................
13.9‌
Financials
.....................................
13.2‌
Consumer
Discretionary
...........................
10.3‌
Industrials
.....................................
9.5‌
Communication
Services
...........................
7.9‌
Consumer
Staples
...............................
6.8‌
Energy
.......................................
4.6‌
Real
Estate
....................................
2.9‌
Materials
.....................................
2.8‌
Utilities
.......................................
2.7‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Apple,
Inc.
....................................
6.5‌
%
Microsoft
Corp.
.................................
5.7‌
Amazon.com,
Inc.
...............................
2.4‌
NVIDIA
Corp.
..................................
1.7‌
Alphabet,
Inc.,
Class
A
............................
1.6‌
Berkshire
Hathaway,
Inc.,
Class
B
....................
1.5‌
Alphabet,
Inc.,
Class
C,
NVS
........................
1.4‌
Tesla,
Inc.
.....................................
1.4‌
Meta
Platforms,
Inc.,
Class
A
........................
1.2‌
Exxon
Mobil
Corp.
...............................
1.2‌
      aaa
aa
iShares
®
Russell
1000
Growth
ETF
7
Fund
Summary
Fund
Summary
as
of
March
31,
2023
Investment
Objective
The
iShares
Russell
1000
Growth
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
large-
and
mid-capitalization
U.S.
equities
that
exhibit
growth
characteristics,
as
represented
by
the
Russell
1000
®
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
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.................................
(11.06
)
%
13.45
%
14.38
%
(11.06
)
%
87.90
%
283.18
%
Fund
Market
...............................
(11.19
)
13.42
14.38
–
%
(11.19
)
87.68
283.20
Index
....................................
(10.90
)
13.66
14.59
(10.90
)
89.69
290.43
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
1,167.80
‌
$
1.03
‌
$
1,000.00
‌
$
1,023.98
‌
$
0.96
‌
0.19
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
March
31,
2023
(continued)
iShares
®
Russell
1000
Growth
ETF
8
2023
iShares
Annual
Report
to
Shareholders
Portfolio
Management
Commentary
Growth-oriented
large-
and
mid-capitalization
U.S.
stocks
declined
for
the
reporting
period,
as
high
inflation
and
tighter
financial
conditions
impeded
economic
growth
and
weighed
on
equities.
Large-
and
mid-capitalization
growth
stocks,
which
derive
a
significant
portion
of
their
price
from
investors’
expectations
of
future
growth,
faced
significant
headwinds
relative
to
other
equities.
Growth
stocks
are
particularly
sensitive
to
interest
rates,
which
rose
notably
as
the
Fed
sharply
tightened
monetary
policy.
The
consumer
discretionary
sector
detracted
the
most
from
the
Index’s
return.
While
consumer
spending
continued
to
grow,
rising
inflation
drove
up
costs
for
companies,
and
consumers
increasingly
sought
bargains.
The
internet
and
direct
marketing
retail
industry
declined
significantly.
The
pandemic-related
rise
in
e-commerce
waned,
as
more
workers
returned
to
the
office
and
brick-and-mortar
retailers
gained
market
share.
Excess
warehouse
capacity
and
slowing
revenue
growth
from
data
cloud
services
further
pressured
industry
profitability.
Stocks
in
the
automobiles
industry
also
declined
amid
concerns
about
the
market
for
electric
vehicles
(“EVs”)
in
the
weakening
economy.
While
EV
sales
continued
to
grow,
production
did
not
meet
analysts’
expectations,
and
price
discounts
on
some
new
models
negatively
impacted
revenues.
The
information
technology
sector
also
detracted
significantly
from
the
Index’s
return.
Interest
rates
rose
sharply
during
the
reporting
period,
which
reduced
the
current
value
of
future
earnings.
Since
consumers
and
businesses
often
seek
to
reduce
spending
on
technology
products
and
services
during
a
downturn,
high
inflation
and
slow
growth
weighed
on
the
sector.
The
software
and
services
industry
declined,
as
cuts
to
corporate
information
technology
budgets
reduced
revenue
growth.
Slowing
growth
in
cloud-
based
software
sales,
which
provide
software
companies
with
steady
revenue
streams,
further
constrained
earnings.
The
failure
of
a
bank
that
served
a
large
number
of
software
and
technology
companies
also
worked
against
the
industry.
Portfolio
Information
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Information
Technology
............................
41.8‌
%
Consumer
Discretionary
...........................
14.3‌
Health
Care
...................................
11.7‌
Industrials
.....................................
8.2‌
Communication
Services
...........................
7.1‌
Financials
.....................................
6.7‌
Consumer
Staples
...............................
6.0‌
Real
Estate
....................................
1.5‌
Energy
.......................................
1.4‌
Materials
.....................................
1.3‌
Utilities
.......................................
0.0‌
(b)
a
a
(a)
Excludes
money
market
funds.
(b)
Rounds
to
less
than
0.1%.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Apple,
Inc.
....................................
12.7‌
%
Microsoft
Corp.
.................................
11.1‌
Amazon.com,
Inc.
...............................
4.7‌
NVIDIA
Corp.
..................................
3.4‌
Alphabet,
Inc.,
Class
A
............................
2.8‌
Tesla,
Inc.
.....................................
2.8‌
Alphabet,
Inc.,
Class
C,
NVS
........................
2.4‌
UnitedHealth
Group,
Inc.
...........................
2.1‌
Visa,
Inc.,
Class
A
...............................
1.9‌
Mastercard
,
Inc.,
Class
A
...........................
1.6‌
aaa
aa
iShares
®
Russell
1000
Value
ETF
9
Fund
Summary
Fund
Summary
as
of
March
31,
2023
Investment
Objective
The
iShares
Russell
1000
Value
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
large-
and
mid-capitalization
U.S.
equities
that
exhibit
value
characteristics,
as
represented
by
the
Russell
1000
®
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
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.................................
(6.07
)
%
7.32
%
8.94
%
(6.07
)
%
42.39
%
135.35
%
Fund
Market
...............................
(6.19
)
7.31
8.94
–
%
(6.19
)
42.30
135.38
Index
....................................
(5.91
)
7.50
9.13
(5.91
)
43.55
139.52
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
1,134.60
‌
$
1.01
‌
$
1,000.00
‌
$
1,023.98
‌
$
0.96
‌
0.19
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
March
31,
2023
(continued)
iShares
®
Russell
1000
Value
ETF
10
2023
iShares
Annual
Report
to
Shareholders
Portfolio
Management
Commentary
Value-oriented
large-
and
mid-capitalization
U.S.
stocks
declined
for
the
reporting
period,
as
high
inflation
and
tighter
financial
conditions
impeded
economic
growth
and
weighed
on
equities.
The
financials
sector
detracted
the
most
from
the
Index’s
performance
amid
tightening
financial
conditions.
The
banking
industry
faced
significant
challenges
as
the
potential
impact
of
a
slowing
economy
outweighed
the
benefits
of
being
able
to
charge
more
for
loans.
While
bank
profitability
is
typically
supported
by
higher
interest
rates,
persistently
high
inflation
led
to
significant
tightening
from
the
Fed,
and
investors
became
concerned
about
the
long-term
effect
on
loan
growth
and
credit
losses.
Bank
stocks
were
further
pressured
late
in
the
reporting
period
after
the
sudden
failure
of
two
regional
banks
led
to
government
intervention
to
cover
depositors
and
prevent
a
contagion
effect.
The
financial
services
industry
also
faced
headwinds
due
to
declining
prices
for
stocks
and
bonds
and
concerns
about
the
balance
sheet
liquidity
of
a
large
discount
broker
following
the
bank
failures.
The
real
estate
sector
detracted
significantly
from
the
Index’s
return,
as
higher
interest
rates
weighed
on
equity
real
estate
investment
trusts
(“REITs”).
REITs
typically
take
on
substantial
debt
to
finance
the
purchase
of
the
properties
they
manage,
and
higher
interest
rates
make
financing
more
expensive.
In
the
information
technology
sector,
the
IT
services
industry
declined
amid
changing
consumer
behavior
patterns,
as
a
return
to
in-person
spending
meant
slowing
revenue
growth
for
online
payment
companies.
High
inflation
and
slow
economic
growth
weighed
on
the
semiconductor
industry,
as
consumers
often
reduce
spending
on
technology
during
a
downturn.
On
the
upside,
the
energy
sector
contributed
to
the
Index’s
return.
Relatively
high
average
prices
of
energy
commodities
following
Russia’s
invasion
of
Ukraine
supported
profitability
in
the
oil,
gas,
and
consumable
fuels
industry.
Portfolio
Information
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Financials
.....................................
20.0‌
%
Health
Care
...................................
16.4‌
Industrials
.....................................
10.9‌
Communication
Services
...........................
8.6‌
Information
Technology
............................
8.0‌
Energy
.......................................
8.0‌
Consumer
Staples
...............................
7.6‌
Consumer
Discretionary
...........................
5.9‌
Utilities
.......................................
5.6‌
Real
Estate
....................................
4.5‌
Materials
.....................................
4.5‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Berkshire
Hathaway,
Inc.,
Class
B
....................
3.0‌
%
Exxon
Mobil
Corp.
...............................
2.5‌
Johnson
&
Johnson
..............................
2.2‌
JPMorgan
Chase
&
Co.
...........................
2.1‌
Meta
Platforms,
Inc.,
Class
A
........................
2.0‌
Chevron
Corp.
..................................
1.7‌
Pfizer,
Inc.
....................................
1.3‌
Cisco
Systems,
Inc.
..............................
1.2‌
Walmart,
Inc.
...................................
1.1‌
Procter
&
Gamble
Co.
(The)
........................
1.1‌
      aaa
aa
About
Fund
Performance
11
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.
Schedule
of
Investments
March
31,
2023
iShares
®
Russell
1000
ETF
(Percentages
shown
are
based
on
Net
Assets)
12
2023
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
 — 
1
.8
%
Axon
Enterprise,
Inc.
(a)
.....................
50,728
$
11,406,191
Boeing
Co.
(The)
(a)
(b)
.......................
414,323
88,014,635
BWX
Technologies,
Inc.
....................
67,717
4,268,880
Curtiss-Wright
Corp.
.......................
28,388
5,003,669
General
Dynamics
Corp.
....................
182,187
41,576,895
HEICO
Corp.
...........................
32,990
5,642,609
HEICO
Corp.
,
Class
A
......................
58,824
7,994,182
Hexcel
Corp.
............................
62,649
4,275,794
Howmet
Aerospace,
Inc.
....................
277,340
11,750,896
Huntington
Ingalls
Industries,
Inc.
..............
29,181
6,041,051
L3Harris
Technologies,
Inc.
..................
141,541
27,776,006
Lockheed
Martin
Corp.
.....................
170,274
80,493,628
Mercury
Systems,
Inc.
(a)
(b)
...................
36,748
1,878,558
Northrop
Grumman
Corp.
...................
107,688
49,721,703
Raytheon
Technologies
Corp.
................
1,099,122
107,637,017
Spirit
AeroSystems
Holdings,
Inc.
,
Class
A
........
81,448
2,812,399
Textron,
Inc.
(b)
...........................
157,021
11,090,393
TransDigm
Group,
Inc.
.....................
38,400
28,302,720
Woodward,
Inc.
..........................
43,629
4,248,156
499,935,382
a
Air
Freight
&
Logistics
 — 
0
.6
%
CH
Robinson
Worldwide,
Inc.
................
86,466
8,592,126
Expeditors
International
of
Washington,
Inc.
.......
118,139
13,009,467
FedEx
Corp.
............................
174,436
39,856,882
GXO
Logistics,
Inc.
(a)
......................
77,954
3,933,559
United
Parcel
Service,
Inc.
,
Class
B
............
549,686
106,633,587
172,025,621
a
Automobile
Components
 — 
0
.2
%
Aptiv
PLC
(a)
.............................
202,599
22,729,582
BorgWarner,
Inc.
.........................
174,772
8,583,053
Gentex
Corp.
...........................
174,140
4,881,144
Lear
Corp.
.............................
43,925
6,127,098
QuantumScape
Corp.
,
Class
A
(a)
(b)
.............
204,809
1,675,338
43,996,215
a
Automobiles
 — 
1
.7
%
Ford
Motor
Co.
..........................
2,942,145
37,071,027
General
Motors
Co.
.......................
1,043,302
38,268,318
Harley-Davidson,
Inc.
......................
99,267
3,769,168
Lucid
Group,
Inc.
(a)
(b)
.......................
435,601
3,502,232
Rivian
Automotive,
Inc.
,
Class
A
(a)
(b)
.............
385,458
5,966,890
Tesla,
Inc.
(a)
.............................
1,932,618
400,940,930
Thor
Industries,
Inc.
.......................
38,797
3,089,793
492,608,358
a
Banks
 — 
3
.1
%
Bank
of
America
Corp.
.....................
5,251,910
150,204,626
Bank
of
Hawaii
Corp.
(b)
.....................
28,403
1,479,228
Bank
OZK
.............................
83,001
2,838,634
BOK
Financial
Corp.
.......................
21,860
1,845,203
Citigroup,
Inc.
...........................
1,447,457
67,871,259
Citizens
Financial
Group,
Inc.
................
363,608
11,042,775
Columbia
Banking
System,
Inc.
...............
154,548
3,310,418
Comerica,
Inc.
...........................
98,272
4,266,970
Commerce
Bancshares,
Inc.
.................
85,178
4,970,136
Cullen/Frost
Bankers,
Inc.
...................
43,790
4,612,838
East
West
Bancorp,
Inc.
....................
104,672
5,809,296
Fifth
Third
Bancorp
.......................
510,251
13,593,087
First
Citizens
BancShares,
Inc.
,
Class
A
..........
8,206
7,985,259
First
Hawaiian,
Inc.
.......................
95,075
1,961,397
First
Horizon
Corp.
........................
393,056
6,988,536
Security
Shares
Value
a
Banks
(continued)
First
Republic
Bank
(b)
......................
141,372
$
1,977,794
FNB
Corp.
.............................
271,906
3,154,110
Huntington
Bancshares,
Inc.
.................
1,066,244
11,941,933
JPMorgan
Chase
&
Co.
....................
2,181,117
284,221,356
KeyCorp
...............................
694,498
8,695,115
M&T
Bank
Corp.
.........................
128,292
15,339,874
New
York
Community
Bancorp,
Inc.
............
496,815
4,491,208
PacWest
Bancorp
(b)
.......................
86,189
838,619
Pinnacle
Financial
Partners,
Inc.
...............
55,124
3,040,640
PNC
Financial
Services
Group,
Inc.
(The)
........
301,307
38,296,120
Popular,
Inc.
............................
54,596
3,134,356
Prosperity
Bancshares,
Inc.
..................
64,888
3,991,910
Regions
Financial
Corp.
....................
699,161
12,976,428
Synovus
Financial
Corp.
....................
106,867
3,294,710
Truist
Financial
Corp.
......................
992,221
33,834,736
U.S.
Bancorp
...........................
1,031,864
37,198,697
Webster
Financial
Corp.
....................
128,660
5,071,777
Wells
Fargo
&
Co.
........................
2,868,429
107,221,876
Western
Alliance
Bancorp
...................
79,741
2,833,995
Wintrust
Financial
Corp.
....................
44,324
3,233,436
Zions
Bancorp
NA
........................
110,196
3,298,166
876,866,518
a
Beverages
 — 
1
.7
%
Boston
Beer
Co.,
Inc.
(The)
,
Class
A
,
NVS
(a)
.......
6,985
2,295,969
Brown-Forman
Corp.
,
Class
A
(b)
...............
33,941
2,212,614
Brown-Forman
Corp.
,
Class
B
,
NVS
............
136,171
8,751,710
Coca-Cola
Co.
(The)
......................
2,919,696
181,108,743
Constellation
Brands,
Inc.
,
Class
A
.............
112,957
25,515,857
Keurig
Dr
Pepper,
Inc.
.....................
639,179
22,550,235
Molson
Coors
Beverage
Co.
,
Class
B
...........
131,854
6,814,215
Monster
Beverage
Corp.
(a)
...................
549,588
29,683,248
PepsiCo,
Inc.
...........................
1,033,754
188,453,354
467,385,945
a
Biotechnology
 — 
2
.5
%
AbbVie,
Inc.
............................
1,321,577
210,619,727
Alnylam
Pharmaceuticals,
Inc.
(a)
...............
91,575
18,344,304
Amgen,
Inc.
............................
399,296
96,529,808
Biogen,
Inc.
(a)
...........................
106,944
29,733,640
BioMarin
Pharmaceutical,
Inc.
(a)
...............
138,137
13,432,442
Exact
Sciences
Corp.
(a)
(b)
....................
132,221
8,965,906
Exelixis,
Inc.
(a)
...........................
237,096
4,602,033
Gilead
Sciences,
Inc.
......................
938,667
77,881,201
Horizon
Therapeutics
PLC
(a)
.................
165,880
18,104,143
Incyte
Corp.
(a)
(b)
..........................
137,592
9,943,774
Ionis
Pharmaceuticals,
Inc.
(a)
(b)
................
107,070
3,826,682
Mirati
Therapeutics,
Inc.
(a)
...................
31,649
1,176,710
Moderna,
Inc.
(a)
(b)
.........................
248,492
38,163,401
Natera,
Inc.
(a)
...........................
71,645
3,977,730
Neurocrine
Biosciences,
Inc.
(a)
................
72,305
7,318,712
Novavax,
Inc.
(a)
(b)
.........................
53,069
367,768
Regeneron
Pharmaceuticals,
Inc.
(a)
.............
77,505
63,683,533
Sarepta
Therapeutics,
Inc.
(a)
(b)
................
63,246
8,717,196
Seagen,
Inc.
(a)
...........................
101,048
20,459,189
Ultragenyx
Pharmaceutical,
Inc.
(a)
..............
50,397
2,020,920
United
Therapeutics
Corp.
(a)
..................
33,027
7,396,727
Vertex
Pharmaceuticals,
Inc.
(a)
................
191,201
60,241,699
705,507,245
a
Broadline
Retail
 — 
2
.6
%
Amazon.com,
Inc.
(a)
.......................
6,646,371
686,503,661
eBay,
Inc.
..............................
407,092
18,062,672
Etsy,
Inc.
(a)
(b)
............................
93,531
10,412,806
Kohl's
Corp.
............................
82,403
1,939,767
iShares
®
Russell
1000
ETF
Schedule
of
Investments
(continued)
March
31,
2023
(Percentages
shown
are
based
on
Net
Assets)
13
Schedule
of
Investments
Security
Shares
Value
a
Broadline
Retail
(continued)
Macy's,
Inc.
............................
201,954
$
3,532,175
Nordstrom,
Inc.
..........................
81,932
1,333,034
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
(b)
..........
47,166
2,732,798
724,516,913
a
Building
Products
 — 
0
.6
%
A
O
Smith
Corp.
.........................
93,300
6,451,695
Advanced
Drainage
Systems,
Inc.
(b)
............
47,553
4,004,438
Allegion
PLC
............................
65,382
6,978,221
Armstrong
World
Industries,
Inc.
...............
33,892
2,414,466
AZEK
Co.,
Inc.
(The)
,
Class
A
(a)
(b)
..............
83,397
1,963,166
Builders
FirstSource,
Inc.
(a)
..................
108,303
9,615,140
Carlisle
Companies,
Inc.
....................
38,005
8,591,790
Carrier
Global
Corp.
.......................
625,981
28,638,631
Fortune
Brands
Innovations,
Inc.
..............
95,378
5,601,550
Hayward
Holdings,
Inc.
(a)
(b)
...................
52,860
619,519
Johnson
Controls
International
PLC
............
513,513
30,923,753
Lennox
International,
Inc.
...................
23,744
5,966,392
Masco
Corp.
............................
167,238
8,315,073
Masterbrand,
Inc.
(a)
.......................
96,746
777,838
Owens
Corning
..........................
69,444
6,652,735
Trane
Technologies
PLC
....................
171,378
31,530,125
Trex
Co.,
Inc.
(a)
(b)
.........................
81,779
3,980,184
163,024,716
a
Capital
Markets
 — 
3
.1
%
Affiliated
Managers
Group,
Inc.
...............
27,932
3,978,075
Ameriprise
Financial,
Inc.
...................
78,559
24,078,333
Ares
Management
Corp.
,
Class
A
..............
115,149
9,608,033
Bank
of
New
York
Mellon
Corp.
(The)
...........
547,226
24,865,949
BlackRock,
Inc.
(c)
.........................
110,910
74,212,099
Blackstone,
Inc.
,
NVS
......................
529,863
46,543,166
Blue
Owl
Capital,
Inc.
,
Class
A
................
322,218
3,570,175
Carlyle
Group,
Inc.
(The)
....................
152,187
4,726,928
Cboe
Global
Markets,
Inc.
...................
79,358
10,653,018
Charles
Schwab
Corp.
(The)
.................
1,134,892
59,445,643
CME
Group,
Inc.
,
Class
A
...................
268,143
51,354,747
Coinbase
Global,
Inc.
,
Class
A
(a)
(b)
..............
117,886
7,965,557
Evercore,
Inc.
,
Class
A
.....................
27,060
3,122,183
FactSet
Research
Systems,
Inc.
...............
28,465
11,815,537
Franklin
Resources,
Inc.
....................
215,047
5,793,366
Goldman
Sachs
Group,
Inc.
(The)
.............
245,250
80,223,727
Interactive
Brokers
Group,
Inc.
,
Class
A
..........
68,462
5,652,223
Intercontinental
Exchange,
Inc.
...............
413,284
43,101,388
Invesco
Ltd.
............................
275,568
4,519,315
Janus
Henderson
Group
PLC
................
101,976
2,716,641
Jefferies
Financial
Group,
Inc.
................
150,924
4,790,328
KKR
&
Co.,
Inc.
..........................
427,677
22,461,596
Lazard
Ltd.
,
Class
A
.......................
65,897
2,181,850
LPL
Financial
Holdings,
Inc.
..................
59,709
12,085,102
MarketAxess
Holdings,
Inc.
..................
27,840
10,893,514
Moody's
Corp.
...........................
119,441
36,551,335
Morgan
Stanley
..........................
921,865
80,939,747
Morningstar,
Inc.
.........................
18,424
3,740,625
MSCI,
Inc.
,
Class
A
.......................
57,881
32,395,417
Nasdaq,
Inc.
............................
258,327
14,122,737
Northern
Trust
Corp.
.......................
153,869
13,560,475
Raymond
James
Financial,
Inc.
...............
144,725
13,498,501
Robinhood
Markets,
Inc.
,
Class
A
(a)
(b)
............
436,305
4,236,522
S&P
Global,
Inc.
.........................
240,604
82,953,041
SEI
Investments
Co.
.......................
76,199
4,385,252
State
Street
Corp.
........................
261,469
19,790,589
Stifel
Financial
Corp.
......................
75,443
4,457,927
T
Rowe
Price
Group,
Inc.
...................
164,003
18,515,939
Tradeweb
Markets,
Inc.
,
Class
A
...............
80,074
6,327,447
Security
Shares
Value
a
Capital
Markets
(continued)
Virtu
Financial,
Inc.
,
Class
A
..................
72,941
$
1,378,585
867,212,632
a
Chemicals
 — 
1
.8
%
Air
Products
and
Chemicals,
Inc.
..............
165,540
47,544,743
Albemarle
Corp.
.........................
87,645
19,373,051
Ashland,
Inc.
............................
38,323
3,936,155
Axalta
Coating
Systems
Ltd.
(a)
(b)
...............
162,954
4,935,877
Celanese
Corp.
..........................
81,429
8,866,804
CF
Industries
Holdings,
Inc.
..................
144,955
10,507,788
Chemours
Co.
(The)
.......................
110,002
3,293,460
Corteva,
Inc.
............................
532,946
32,141,973
Dow,
Inc.
..............................
524,778
28,768,330
DuPont
de
Nemours,
Inc.
...................
343,863
24,679,048
Eastman
Chemical
Co.
.....................
88,401
7,455,740
Ecolab,
Inc.
............................
185,733
30,744,384
Element
Solutions,
Inc.
.....................
169,332
3,269,801
FMC
Corp.
.............................
94,544
11,546,659
Ginkgo
Bioworks
Holdings,
Inc.
,
Class
A
(a)
(b)
.......
605,621
805,476
Huntsman
Corp.
.........................
134,730
3,686,213
International
Flavors
&
Fragrances,
Inc.
..........
191,403
17,601,420
Linde
PLC
.............................
369,446
131,315,886
LyondellBasell
Industries
NV
,
Class
A
...........
190,390
17,875,717
Mosaic
Co.
(The)
.........................
256,030
11,746,656
NewMarket
Corp.
.........................
4,207
1,535,471
Olin
Corp.
..............................
91,378
5,071,479
PPG
Industries,
Inc.
.......................
176,124
23,526,644
RPM
International,
Inc.
.....................
94,595
8,252,468
Scotts
Miracle-Gro
Co.
(The)
,
Class
A
...........
29,892
2,084,668
Sherwin-Williams
Co.
(The)
..................
179,124
40,261,701
Valvoline,
Inc.
...........................
130,980
4,576,441
Westlake
Corp.
..........................
24,409
2,830,956
508,235,009
a
Commercial
Services
&
Supplies
 — 
0
.5
%
Cintas
Corp.
............................
64,921
30,037,648
Clean
Harbors,
Inc.
(a)
......................
37,658
5,368,524
Copart,
Inc.
(a)
...........................
317,734
23,896,774
Driven
Brands
Holdings,
Inc.
(a)
(b)
...............
46,738
1,416,629
MSA
Safety,
Inc.
.........................
27,134
3,622,389
Republic
Services,
Inc.
.....................
153,590
20,768,440
Ritchie
Bros
Auctioneers,
Inc.
................
52,333
2,945,825
Rollins,
Inc.
.............................
175,742
6,595,597
Stericycle,
Inc.
(a)
.........................
67,898
2,961,032
Tetra
Tech,
Inc.
..........................
39,322
5,776,795
Waste
Management,
Inc.
....................
306,709
50,045,708
153,435,361
a
Communications
Equipment
 — 
0
.9
%
Arista
Networks,
Inc.
(a)
.....................
183,368
30,780,152
Ciena
Corp.
(a)
...........................
110,528
5,804,931
Cisco
Systems,
Inc.
.......................
3,072,998
160,640,970
F5,
Inc.
(a)
..............................
43,821
6,384,282
Juniper
Networks,
Inc.
.....................
236,726
8,148,109
Lumentum
Holdings,
Inc.
(a)
(b)
.................
50,875
2,747,759
Motorola
Solutions,
Inc.
....................
123,055
35,209,727
Ubiquiti,
Inc.
(b)
...........................
3,113
845,771
Viasat,
Inc.
(a)
(b)
...........................
56,331
1,906,241
252,467,942
a
Construction
&
Engineering
 — 
0
.2
%
AECOM
...............................
97,295
8,203,914
MasTec,
Inc.
(a)
...........................
45,121
4,261,227
MDU
Resources
Group,
Inc.
.................
154,130
4,697,882
Quanta
Services,
Inc.
......................
106,611
17,765,657
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Russell
1000
ETF
(Percentages
shown
are
based
on
Net
Assets)
14
2023
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Construction
&
Engineering
(continued)
Valmont
Industries,
Inc.
.....................
15,545
$
4,963,208
WillScot
Mobile
Mini
Holdings
Corp.
,
Class
A
(a)
.....
153,396
7,191,205
47,083,093
a
Construction
Materials
 — 
0
.1
%
Eagle
Materials,
Inc.
.......................
26,310
3,860,992
Martin
Marietta
Materials,
Inc.
................
46,350
16,457,031
Vulcan
Materials
Co.
......................
98,951
16,976,034
37,294,057
a
Consumer
Finance
 — 
0
.5
%
Ally
Financial,
Inc.
........................
220,901
5,630,767
American
Express
Co.
.....................
444,884
73,383,616
Capital
One
Financial
Corp.
..................
284,737
27,380,310
Credit
Acceptance
Corp.
(a)
(b)
..................
5,008
2,183,689
Discover
Financial
Services
..................
199,923
19,760,389
OneMain
Holdings,
Inc.
.....................
86,766
3,217,283
SLM
Corp.
.............................
182,839
2,265,375
SoFi
Technologies,
Inc.
(a)
(b)
..................
586,732
3,561,463
Synchrony
Financial
.......................
325,337
9,460,800
Upstart
Holdings,
Inc.
(a)
(b)
....................
52,225
829,855
147,673,547
a
Consumer
Staples
Distribution
&
Retail
 — 
1
.9
%
Albertsons
Companies,
Inc.
,
Class
A
............
174,509
3,626,297
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
............
101,558
7,725,517
Casey's
General
Stores,
Inc.
.................
27,470
5,946,156
Costco
Wholesale
Corp.
....................
331,067
164,497,260
Dollar
General
Corp.
......................
168,095
35,377,274
Dollar
Tree,
Inc.
(a)
(b)
.......................
155,978
22,390,642
Grocery
Outlet
Holding
Corp.
(a)
(b)
...............
63,133
1,784,139
Kroger
Co.
(The)
.........................
488,895
24,136,746
Performance
Food
Group
Co.
(a)
...............
115,653
6,978,502
Sysco
Corp.
............................
379,987
29,346,396
Target
Corp.
............................
346,286
57,355,350
U.S.
Foods
Holding
Corp.
(a)
(b)
.................
149,949
5,539,116
Walgreens
Boots
Alliance,
Inc.
................
536,451
18,550,475
Walmart,
Inc.
............................
1,062,877
156,721,214
539,975,084
a
Containers
&
Packaging
 — 
0
.3
%
Amcor
PLC
.............................
1,103,347
12,556,089
AptarGroup,
Inc.
.........................
48,095
5,684,348
Ardagh
Group
SA
,
Class
A
..................
12,001
80,167
Ardagh
Metal
Packaging
SA
.................
108,872
444,198
Avery
Dennison
Corp.
......................
61,151
10,941,748
Ball
Corp.
(b)
.............................
230,403
12,697,509
Berry
Global
Group,
Inc.
....................
90,715
5,343,114
Crown
Holdings,
Inc.
......................
86,634
7,165,498
Graphic
Packaging
Holding
Co.
...............
225,224
5,740,960
International
Paper
Co.
.....................
266,273
9,601,804
Packaging
Corp.
of
America
.................
68,472
9,505,968
Sealed
Air
Corp.
.........................
110,284
5,063,139
Silgan
Holdings,
Inc.
.......................
63,990
3,434,343
Sonoco
Products
Co.
......................
71,825
4,381,325
Westrock
Co.
...........................
188,026
5,729,152
98,369,362
a
Distributors
 — 
0
.1
%
Genuine
Parts
Co.
........................
103,686
17,347,705
LKQ
Corp.
.............................
188,615
10,705,787
Pool
Corp.
.............................
28,706
9,830,083
37,883,575
a
Security
Shares
Value
a
Diversified
Consumer
Services
 — 
0
.1
%
ADT,
Inc.
..............................
154,232
$
1,115,097
Bright
Horizons
Family
Solutions,
Inc.
(a)
..........
42,590
3,279,004
Grand
Canyon
Education,
Inc.
(a)
...............
23,358
2,660,476
H&R
Block,
Inc.
..........................
112,694
3,972,464
Mister
Car
Wash,
Inc.
(a)
(b)
....................
56,880
490,306
Service
Corp.
International
..................
110,863
7,625,157
19,142,504
a
Diversified
REITs
 — 
0
.0
%
WP
Carey,
Inc.
..........................
156,446
12,116,743
a
Diversified
Telecommunication
Services
 — 
0
.8
%
AT&T,
Inc.
..............................
5,353,812
103,060,881
Frontier
Communications
Parent,
Inc.
(a)
(b)
.........
180,758
4,115,860
Lumen
Technologies,
Inc.
...................
757,151
2,006,450
Verizon
Communications,
Inc.
................
3,142,905
122,227,575
231,410,766
a
Electric
Utilities
 — 
1
.7
%
Alliant
Energy
Corp.
.......................
187,733
10,024,942
American
Electric
Power
Co.,
Inc.
..............
384,009
34,940,979
Avangrid,
Inc.
...........................
52,313
2,086,242
Constellation
Energy
Corp.
..................
243,383
19,105,565
Duke
Energy
Corp.
.......................
575,720
55,539,708
Edison
International
.......................
282,088
19,912,592
Entergy
Corp.
...........................
151,010
16,269,817
Evergy,
Inc.
.............................
167,049
10,210,035
Eversource
Energy
.......................
258,170
20,204,384
Exelon
Corp.
............................
741,967
31,080,998
FirstEnergy
Corp.
........................
405,030
16,225,502
Hawaiian
Electric
Industries,
Inc.
..............
80,617
3,095,693
IDACORP,
Inc.
..........................
37,197
4,029,551
NextEra
Energy,
Inc.
......................
1,485,039
114,466,806
NRG
Energy,
Inc.
.........................
159,062
5,454,236
OGE
Energy
Corp.
........................
147,596
5,558,465
PG&E
Corp.
(a)
...........................
1,226,105
19,826,118
Pinnacle
West
Capital
Corp.
.................
84,595
6,703,308
PPL
Corp.
.............................
552,801
15,362,340
Southern
Co.
(The)
.......................
813,065
56,573,063
Xcel
Energy,
Inc.
.........................
409,220
27,597,797
494,268,141
a
Electrical
Equipment
 — 
0
.7
%
Acuity
Brands,
Inc.
(b)
.......................
23,821
4,352,811
AMETEK,
Inc.
...........................
172,125
25,014,926
ChargePoint
Holdings,
Inc.
,
Class
A
(a)
(b)
..........
185,645
1,943,703
Eaton
Corp.
PLC
.........................
298,193
51,092,389
Emerson
Electric
Co.
......................
423,692
36,920,521
Generac
Holdings,
Inc.
(a)
(b)
...................
45,640
4,929,576
Hubbell,
Inc.
............................
39,760
9,674,006
nVent
Electric
PLC
........................
122,665
5,267,235
Plug
Power,
Inc.
(a)
(b)
.......................
392,980
4,605,726
Regal
Rexnord
Corp.
......................
48,348
6,804,014
Rockwell
Automation,
Inc.
...................
85,699
25,148,371
Sensata
Technologies
Holding
PLC
............
113,890
5,696,778
Sunrun,
Inc.
(a)
(b)
..........................
155,568
3,134,695
Vertiv
Holdings
Co.
,
Class
A
.................
230,583
3,299,643
187,884,394
a
Electronic
Equipment,
Instruments
&
Components
 — 
0
.6
%
Amphenol
Corp.
,
Class
A
...................
439,001
35,875,162
Arrow
Electronics,
Inc.
(a)
....................
43,513
5,433,468
Avnet,
Inc.
.............................
69,886
3,158,847
CDW
Corp.
.............................
100,861
19,656,800
Cognex
Corp.
...........................
128,793
6,381,693
Coherent
Corp.
(a)
(b)
........................
88,621
3,374,688
iShares
®
Russell
1000
ETF
Schedule
of
Investments
(continued)
March
31,
2023
(Percentages
shown
are
based
on
Net
Assets)
15
Schedule
of
Investments
Security
Shares
Value
a
Electronic
Equipment,
Instruments
&
Components
(continued)
Corning,
Inc.
............................
551,490
$
19,456,567
IPG
Photonics
Corp.
.......................
24,575
3,030,343
Jabil,
Inc.
..............................
96,769
8,531,155
Keysight
Technologies,
Inc.
(a)
.................
134,191
21,669,163
Littelfuse,
Inc.
...........................
17,947
4,811,411
National
Instruments
Corp.
..................
98,753
5,175,645
TD
SYNNEX
Corp.
........................
34,828
3,371,002
Teledyne
Technologies,
Inc.
(a)
.................
34,451
15,412,000
Trimble,
Inc.
(a)
...........................
184,122
9,651,675
Vontier
Corp.
............................
116,024
3,172,096
Zebra
Technologies
Corp.
,
Class
A
(a)
............
38,231
12,157,458
180,319,173
a
Energy
Equipment
&
Services
 — 
0
.4
%
Baker
Hughes
Co.
,
Class
A
..................
706,380
20,386,127
Halliburton
Co.
..........................
669,453
21,181,493
NOV,
Inc.
..............................
289,079
5,350,852
Schlumberger
Ltd.
........................
1,056,082
51,853,626
98,772,098
a
Entertainment
 — 
1
.5
%
Activision
Blizzard,
Inc.
.....................
580,081
49,649,133
AMC
Entertainment
Holdings,
Inc.
,
Class
A
(a)
(b)
.....
381,406
1,910,844
Electronic
Arts,
Inc.
.......................
204,207
24,596,733
Liberty
Media
Corp.-Liberty
Formula
One
,
Series
A
(a)
.
15,590
1,052,325
Liberty
Media
Corp.-Liberty
Formula
One
,
Series
C
,
NVS
(a)
...............................
150,037
11,227,269
Live
Nation
Entertainment,
Inc.
(a)
..............
116,587
8,161,090
Madison
Square
Garden
Sports
Corp.
,
Class
A
.....
14,231
2,772,910
Netflix,
Inc.
(a)
............................
327,343
113,090,460
Playtika
Holding
Corp.
(a)
....................
76,728
863,957
ROBLOX
Corp.
,
Class
A
(a)
(b)
..................
333,216
14,988,056
Roku,
Inc.
,
Class
A
(a)
(b)
.....................
91,837
6,044,711
Spotify
Technology
SA
(a)
(b)
...................
104,490
13,961,954
Take-Two
Interactive
Software,
Inc.
(a)
(b)
..........
123,864
14,776,975
Walt
Disney
Co.
(The)
(a)
....................
1,362,484
136,425,523
Warner
Bros
Discovery,
Inc.
,
Series
A
(a)
..........
1,758,867
26,558,892
World
Wrestling
Entertainment,
Inc.
,
Class
A
(b)
.....
31,852
2,906,813
428,987,645
a
Financial
Services
 — 
4
.2
%
Affirm
Holdings,
Inc.
,
Class
A
(a)
(b)
...............
161,984
1,825,560
Apollo
Global
Management,
Inc.
...............
362,895
22,920,448
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
............
1,349,078
416,554,814
Block,
Inc.
,
Class
A
(a)
(b)
.....................
399,421
27,420,252
Equitable
Holdings,
Inc.
....................
279,802
7,104,173
Euronet
Worldwide,
Inc.
(a)
(b)
..................
34,986
3,914,933
Fidelity
National
Information
Services,
Inc.
........
441,848
24,005,602
Fiserv,
Inc.
(a)
............................
440,173
49,752,754
FleetCor
Technologies,
Inc.
(a)
(b)
................
54,225
11,433,341
Global
Payments,
Inc.
.....................
195,707
20,596,205
Jack
Henry
&
Associates,
Inc.
................
53,775
8,104,968
Mastercard,
Inc.
,
Class
A
....................
636,293
231,235,239
MGIC
Investment
Corp.
....................
217,731
2,921,950
PayPal
Holdings,
Inc.
(a)
.....................
852,227
64,718,118
Rocket
Companies,
Inc.
,
Class
A
(a)
(b)
............
84,905
769,239
Shift4
Payments,
Inc.
,
Class
A
(a)
(b)
..............
37,793
2,864,709
TFS
Financial
Corp.
.......................
28,561
360,726
Toast,
Inc.
,
Class
A
(a)
(b)
.....................
192,814
3,422,449
UWM
Holdings
Corp.
,
Class
A
(b)
...............
67,618
332,004
Visa,
Inc.
,
Class
A
........................
1,215,533
274,054,070
Voya
Financial,
Inc.
.......................
73,664
5,264,030
Western
Union
Co.
(The)
...................
246,215
2,745,297
Security
Shares
Value
a
Financial
Services
(continued)
WEX,
Inc.
(a)
.............................
32,679
$
6,009,341
1,188,330,222
a
Food
Products
 — 
1
.1
%
Archer-Daniels-Midland
Co.
..................
409,879
32,650,961
Bunge
Ltd.
.............................
103,878
9,922,427
Campbell
Soup
Co.
.......................
145,629
8,006,682
Conagra
Brands,
Inc.
......................
350,715
13,172,855
Darling
Ingredients,
Inc.
(a)
(b)
..................
117,996
6,890,966
Flowers
Foods,
Inc.
.......................
138,130
3,786,143
Freshpet,
Inc.
(a)
(b)
.........................
34,430
2,278,922
General
Mills,
Inc.
........................
440,777
37,668,802
Hershey
Co.
(The)
........................
109,404
27,833,472
Hormel
Foods
Corp.
.......................
213,063
8,496,953
Ingredion,
Inc.
...........................
49,956
5,082,024
J
M
Smucker
Co.
(The)
.....................
76,489
12,037,074
Kellogg
Co.
.............................
189,920
12,717,043
Kraft
Heinz
Co.
(The)
......................
521,459
20,164,820
Lamb
Weston
Holdings,
Inc.
.................
107,917
11,279,485
McCormick
&
Co.,
Inc.
,
NVS
.................
186,422
15,512,175
Mondelez
International,
Inc.
,
Class
A
............
1,019,488
71,078,703
Pilgrim's
Pride
Corp.
(a)
(b)
....................
35,885
831,814
Post
Holdings,
Inc.
(a)
.......................
40,242
3,616,549
Seaboard
Corp.
..........................
201
757,772
Tyson
Foods,
Inc.
,
Class
A
..................
208,526
12,369,762
316,155,404
a
Gas
Utilities
 — 
0
.1
%
Atmos
Energy
Corp.
.......................
106,505
11,966,902
National
Fuel
Gas
Co.
.....................
66,663
3,849,122
UGI
Corp.
..............................
156,335
5,434,204
21,250,228
a
Ground
Transportation
 — 
1
.0
%
Avis
Budget
Group,
Inc.
(a)
...................
18,979
3,697,109
CSX
Corp.
.............................
1,572,056
47,067,356
Hertz
Global
Holdings,
Inc.
(a)
(b)
................
136,141
2,217,737
JB
Hunt
Transport
Services,
Inc.
..............
61,528
10,795,703
Knight-Swift
Transportation
Holdings,
Inc.
,
Class
A
..
115,762
6,549,814
Landstar
System,
Inc.
(b)
.....................
26,716
4,789,110
Lyft,
Inc.
,
Class
A
(a)
........................
252,021
2,336,235
Norfolk
Southern
Corp.
.....................
169,496
35,933,152
Old
Dominion
Freight
Line,
Inc.
...............
74,013
25,226,591
RXO,
Inc.
(a)
.............................
86,531
1,699,469
Ryder
System,
Inc.
........................
35,995
3,212,194
Schneider
National,
Inc.
,
Class
B
..............
43,892
1,174,111
Uber
Technologies,
Inc.
(a)
...................
1,436,363
45,532,707
U-Haul
Holding
Co.
.......................
6,683
398,641
Union
Pacific
Corp.
.......................
459,551
92,489,234
XPO,
Inc.
(a)
.............................
76,413
2,437,575
285,556,738
a
Health
Care
Equipment
&
Supplies
 — 
2
.7
%
Abbott
Laboratories
.......................
1,282,240
129,839,622
Align
Technology,
Inc.
(a)
.....................
58,430
19,523,800
Baxter
International,
Inc.
....................
375,333
15,223,506
Becton
Dickinson
&
Co.
....................
212,304
52,553,732
Boston
Scientific
Corp.
(a)
....................
1,066,895
53,376,757
Cooper
Companies,
Inc.
(The)
................
36,258
13,537,287
Dentsply
Sirona,
Inc.
......................
158,738
6,235,229
Dexcom,
Inc.
(a)
..........................
288,737
33,545,465
Edwards
Lifesciences
Corp.
(a)
................
460,828
38,124,300
Enovis
Corp.
(a)
...........................
37,707
2,016,947
Envista
Holdings
Corp.
(a)
....................
123,902
5,065,114
GE
HealthCare
Technologies,
Inc.
(a)
............
272,090
22,319,543
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Russell
1000
ETF
(Percentages
shown
are
based
on
Net
Assets)
16
2023
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Health
Care
Equipment
&
Supplies
(continued)
Globus
Medical,
Inc.
,
Class
A
(a)
...............
55,808
$
3,160,965
Hologic,
Inc.
(a)
...........................
180,787
14,589,511
ICU
Medical,
Inc.
(a)
........................
14,691
2,423,427
IDEXX
Laboratories,
Inc.
(a)
...................
61,332
30,670,907
Insulet
Corp.
(a)
...........................
51,397
16,393,587
Integra
LifeSciences
Holdings
Corp.
(a)
...........
54,747
3,143,025
Intuitive
Surgical,
Inc.
(a)
.....................
263,420
67,295,907
Masimo
Corp.
(a)
(b)
.........................
35,681
6,584,572
Medtronic
PLC
..........................
999,452
80,575,820
Novocure
Ltd.
(a)
(b)
.........................
76,683
4,611,716
Penumbra,
Inc.
(a)
(b)
........................
26,430
7,365,777
QuidelOrtho
Corp.
(a)
.......................
36,944
3,291,341
ResMed,
Inc.
...........................
108,304
23,717,493
STERIS
PLC
............................
74,063
14,166,771
Stryker
Corp.
...........................
262,703
74,993,825
Tandem
Diabetes
Care,
Inc.
(a)
(b)
...............
46,975
1,907,655
Teleflex,
Inc.
............................
35,479
8,987,186
Zimmer
Biomet
Holdings,
Inc.
................
157,391
20,334,917
775,575,704
a
Health
Care
Providers
&
Services
 — 
2
.9
%
Acadia
Healthcare
Co.,
Inc.
(a)
.................
65,158
4,707,666
agilon
health,
Inc.
(a)
(b)
......................
138,060
3,278,925
Amedisys,
Inc.
(a)
.........................
23,656
1,739,899
AmerisourceBergen
Corp.
...................
122,182
19,562,560
Cardinal
Health,
Inc.
.......................
192,445
14,529,597
Centene
Corp.
(a)
.........................
410,722
25,961,738
Chemed
Corp.
...........................
10,850
5,834,587
Cigna
Group
(The)
........................
219,096
55,985,601
CVS
Health
Corp.
........................
959,866
71,327,642
DaVita,
Inc.
(a)
............................
42,409
3,439,794
Elevance
Health,
Inc.
......................
180,256
82,883,511
Encompass
Health
Corp.
...................
72,526
3,923,657
Enhabit,
Inc.
(a)
...........................
35,609
495,321
Guardant
Health,
Inc.
(a)
.....................
72,440
1,697,994
HCA
Healthcare,
Inc.
......................
161,585
42,606,733
Henry
Schein,
Inc.
(a)
.......................
100,189
8,169,411
Humana,
Inc.
...........................
94,586
45,917,720
Laboratory
Corp.
of
America
Holdings
...........
66,145
15,174,986
McKesson
Corp.
.........................
102,193
36,385,818
Molina
Healthcare,
Inc.
(a)
....................
42,987
11,498,593
Oak
Street
Health,
Inc.
(a)
....................
85,965
3,325,126
Premier,
Inc.
,
Class
A
......................
90,077
2,915,792
Quest
Diagnostics,
Inc.
.....................
82,644
11,692,473
Tenet
Healthcare
Corp.
(a)
....................
78,441
4,660,964
UnitedHealth
Group,
Inc.
....................
699,446
330,551,185
Universal
Health
Services,
Inc.
,
Class
B
(b)
........
47,074
5,983,105
814,250,398
a
Health
Care
REITs
 — 
0
.2
%
Healthcare
Realty
Trust,
Inc.
,
Class
A
...........
279,702
5,406,640
Healthpeak
Properties,
Inc.
..................
413,752
9,090,131
Medical
Properties
Trust,
Inc.
.................
437,283
3,594,466
Omega
Healthcare
Investors,
Inc.
..............
178,885
4,903,238
Ventas,
Inc.
............................
296,332
12,845,992
Welltower,
Inc.
...........................
352,237
25,251,871
61,092,338
a
Health
Care
Technology
 — 
0
.1
%
Certara,
Inc.
(a)
(b)
..........................
86,095
2,075,751
Definitive
Healthcare
Corp.
,
Class
A
(a)
(b)
..........
29,497
304,704
Doximity,
Inc.
,
Class
A
(a)
(b)
...................
80,716
2,613,584
Teladoc
Health,
Inc.
(a)
(b)
.....................
119,031
3,082,903
Security
Shares
Value
a
Health
Care
Technology
(continued)
Veeva
Systems,
Inc.
,
Class
A
(a)
...............
104,417
$
19,190,800
27,267,742
a
Hotel
&
Resort
REITs
 — 
0
.0
%
Host
Hotels
&
Resorts,
Inc.
..................
535,382
8,828,449
Park
Hotels
&
Resorts,
Inc.
..................
166,677
2,060,128
10,888,577
a
Hotels,
Restaurants
&
Leisure
 — 
2
.3
%
Airbnb,
Inc.
,
Class
A
(a)
......................
279,773
34,803,761
Aramark
...............................
177,869
6,367,710
Booking
Holdings,
Inc.
(a)
....................
29,022
76,978,243
Boyd
Gaming
Corp.
.......................
58,014
3,719,858
Caesars
Entertainment,
Inc.
(a)
................
154,143
7,523,720
Carnival
Corp.
(a)
(b)
.........................
727,296
7,382,054
Chipotle
Mexican
Grill,
Inc.
(a)
.................
20,483
34,990,904
Choice
Hotels
International,
Inc.
(b)
..............
24,919
2,920,258
Churchill
Downs,
Inc.
......................
26,731
6,871,204
Darden
Restaurants,
Inc.
...................
92,081
14,287,288
Domino's
Pizza,
Inc.
.......................
26,521
8,748,482
DoorDash,
Inc.
,
Class
A
(a)
...................
185,226
11,772,965
DraftKings,
Inc.
,
Class
A
(a)
(b)
..................
263,446
5,100,315
Expedia
Group,
Inc.
(a)
......................
110,018
10,675,046
Hilton
Worldwide
Holdings,
Inc.
...............
196,087
27,622,776
Hyatt
Hotels
Corp.
,
Class
A
(a)
.................
34,624
3,870,617
Las
Vegas
Sands
Corp.
(a)
...................
248,182
14,258,056
Marriott
International,
Inc.
,
Class
A
.............
197,841
32,849,520
Marriott
Vacations
Worldwide
Corp.
.............
28,465
3,838,790
McDonald's
Corp.
........................
552,609
154,515,002
MGM
Resorts
International
..................
236,523
10,506,352
Norwegian
Cruise
Line
Holdings
Ltd.
(a)
(b)
.........
308,664
4,151,531
Penn
Entertainment,
Inc.
(a)
...................
117,228
3,476,982
Planet
Fitness,
Inc.
,
Class
A
(a)
................
61,657
4,788,899
Royal
Caribbean
Cruises
Ltd.
(a)
(b)
..............
165,183
10,786,450
Six
Flags
Entertainment
Corp.
(a)
...............
55,061
1,470,679
Starbucks
Corp.
..........................
857,450
89,286,268
Travel
+
Leisure
Co.
.......................
61,103
2,395,238
Vail
Resorts,
Inc.
.........................
29,556
6,906,646
Wendy's
Co.
(The)
........................
131,477
2,863,569
Wyndham
Hotels
&
Resorts,
Inc.
..............
65,461
4,441,529
Wynn
Resorts
Ltd.
(a)
.......................
77,180
8,637,214
Yum!
Brands,
Inc.
........................
210,016
27,738,913
646,546,839
a
Household
Durables
 — 
0
.4
%
DR
Horton,
Inc.
..........................
236,827
23,135,630
Garmin
Ltd.
.............................
114,665
11,571,992
Leggett
&
Platt,
Inc.
.......................
96,452
3,074,890
Lennar
Corp.
,
Class
A
......................
188,280
19,790,110
Lennar
Corp.
,
Class
B
.....................
10,293
919,268
Mohawk
Industries,
Inc.
(a)
...................
38,804
3,888,937
Newell
Brands,
Inc.
.......................
283,556
3,527,437
NVR,
Inc.
(a)
.............................
2,164
12,058,219
PulteGroup,
Inc.
.........................
171,088
9,971,009
Tempur
Sealy
International,
Inc.
...............
123,935
4,894,193
Toll
Brothers,
Inc.
.........................
83,356
5,003,861
TopBuild
Corp.
(a)
.........................
23,783
4,950,193
Whirlpool
Corp.
..........................
39,911
5,269,050
108,054,789
a
Household
Products
 — 
1
.3
%
Church
&
Dwight
Co.,
Inc.
...................
180,965
15,999,116
Clorox
Co.
(The)
.........................
92,623
14,656,663
Colgate-Palmolive
Co.
.....................
619,772
46,575,866
Kimberly-Clark
Corp.
......................
250,724
33,652,175
iShares
®
Russell
1000
ETF
Schedule
of
Investments
(continued)
March
31,
2023
(Percentages
shown
are
based
on
Net
Assets)
17
Schedule
of
Investments
Security
Shares
Value
a
Household
Products
(continued)
Procter
&
Gamble
Co.
(The)
.................
1,765,137
$
262,458,221
Reynolds
Consumer
Products,
Inc.
.............
40,197
1,105,417
Spectrum
Brands
Holdings,
Inc.
...............
30,236
2,002,228
376,449,686
a
Independent
Power
and
Renewable
Electricity
Producers
 — 
0
.1
%
AES
Corp.
(The)
.........................
500,400
12,049,632
Brookfield
Renewable
Corp.
,
Class
A
...........
92,358
3,227,912
Vistra
Corp.
............................
292,596
7,022,304
22,299,848
a
Industrial
Conglomerates
 — 
0
.8
%
3M
Co.
................................
412,793
43,388,672
General
Electric
Co.
(b)
......................
810,392
77,473,475
Honeywell
International,
Inc.
.................
503,948
96,314,542
217,176,689
a
Industrial
REITs
 — 
0
.4
%
Americold
Realty
Trust,
Inc.
..................
200,270
5,697,682
EastGroup
Properties,
Inc.
..................
30,312
5,011,180
First
Industrial
Realty
Trust,
Inc.
...............
98,785
5,255,362
Prologis,
Inc.
............................
688,333
85,883,308
Rexford
Industrial
Realty,
Inc.
................
146,492
8,738,248
110,585,780
a
Insurance
 — 
2
.3
%
Aflac,
Inc.
..............................
455,852
29,411,571
Allstate
Corp.
(The)
.......................
196,912
21,819,819
American
Financial
Group,
Inc.
...............
50,077
6,084,355
American
International
Group,
Inc.
.............
553,864
27,892,591
Aon
PLC
,
Class
A
........................
153,322
48,340,893
Arch
Capital
Group
Ltd.
(a)
...................
263,542
17,886,596
Arthur
J
Gallagher
&
Co.
....................
155,671
29,781,419
Assurant,
Inc.
...........................
40,474
4,859,713
Assured
Guaranty
Ltd.
.....................
44,045
2,214,142
Axis
Capital
Holdings
Ltd.
...................
57,600
3,140,352
Brighthouse
Financial,
Inc.
(a)
.................
52,823
2,330,023
Brown
&
Brown,
Inc.
.......................
177,252
10,177,810
Chubb
Ltd.
.............................
310,748
60,341,047
Cincinnati
Financial
Corp.
...................
115,394
12,933,360
CNA
Financial
Corp.
.......................
18,446
719,947
Erie
Indemnity
Co.
,
Class
A
,
NVS
..............
18,307
4,241,000
Everest
Re
Group
Ltd.
.....................
28,995
10,380,790
F&G
Annuities
&
Life,
Inc.
...................
13,216
239,474
Fidelity
National
Financial,
Inc.
................
194,907
6,808,101
First
American
Financial
Corp.
................
76,413
4,253,148
Globe
Life,
Inc.
..........................
66,219
7,285,414
Hanover
Insurance
Group,
Inc.
(The)
...........
26,909
3,457,806
Hartford
Financial
Services
Group,
Inc.
(The)
......
238,137
16,595,768
Kemper
Corp.
...........................
46,884
2,562,679
Lincoln
National
Corp.
.....................
125,602
2,822,277
Loews
Corp.
............................
145,243
8,426,999
Markel
Corp.
(a)
(b)
..........................
9,850
12,582,488
Marsh
&
McLennan
Companies,
Inc.
............
370,366
61,684,457
MetLife,
Inc.
............................
492,510
28,536,029
Old
Republic
International
Corp.
...............
209,481
5,230,741
Primerica,
Inc.
...........................
27,627
4,758,474
Principal
Financial
Group,
Inc.
................
180,765
13,434,455
Progressive
Corp.
(The)
....................
436,523
62,448,980
Prudential
Financial,
Inc.
....................
274,305
22,695,996
Reinsurance
Group
of
America,
Inc.
............
49,510
6,572,948
RenaissanceRe
Holdings
Ltd.
................
31,912
6,393,250
Ryan
Specialty
Holdings,
Inc.
,
Class
A
(a)
(b)
........
60,691
2,442,206
Travelers
Companies,
Inc.
(The)
...............
175,236
30,037,203
Unum
Group
............................
150,189
5,941,477
Security
Shares
Value
a
Insurance
(continued)
W
R
Berkley
Corp.
........................
155,220
$
9,663,997
White
Mountains
Insurance
Group
Ltd.
(b)
.........
1,830
2,520,807
Willis
Towers
Watson
PLC
...................
80,164
18,628,510
638,579,112
a
Interactive
Media
&
Services
 — 
4
.4
%
Alphabet,
Inc.
,
Class
A
(a)
....................
4,498,066
466,584,386
Alphabet,
Inc.
,
Class
C
,
NVS
(a)
................
3,911,627
406,809,208
IAC,
Inc.
(a)
..............................
58,429
3,014,937
Match
Group,
Inc.
(a)
.......................
206,641
7,932,948
Meta
Platforms,
Inc.
,
Class
A
(a)
................
1,663,956
352,658,835
Pinterest,
Inc.
,
Class
A
(a)
....................
445,111
12,138,177
TripAdvisor,
Inc.
(a)
........................
75,626
1,501,932
ZoomInfo
Technologies,
Inc.
(a)
................
208,961
5,163,426
1,255,803,849
a
IT
Services
 — 
1
.5
%
Accenture
PLC
,
Class
A
....................
473,811
135,419,922
Akamai
Technologies,
Inc.
(a)
(b)
.................
116,200
9,098,460
Amdocs
Ltd.
............................
89,411
8,586,138
Cloudflare,
Inc.
,
Class
A
(a)
(b)
..................
210,579
12,984,301
Cognizant
Technology
Solutions
Corp.
,
Class
A
.....
384,255
23,412,657
DXC
Technology
Co.
(a)
(b)
....................
170,759
4,364,600
EPAM
Systems,
Inc.
(a)
......................
40,723
12,176,177
Gartner,
Inc.
(a)
...........................
57,369
18,689,099
Globant
SA
(a)
............................
30,101
4,936,865
GoDaddy,
Inc.
,
Class
A
(a)
....................
115,864
9,004,950
International
Business
Machines
Corp.
..........
672,935
88,215,049
Kyndryl
Holdings,
Inc.
(a)
.....................
158,406
2,338,073
MongoDB,
Inc.
,
Class
A
(a)
(b)
..................
49,345
11,503,307
Okta,
Inc.
,
Class
A
(a)
.......................
113,543
9,791,948
Snowflake,
Inc.
,
Class
A
(a)
(b)
..................
232,470
35,867,796
Thoughtworks
Holding,
Inc.
(a)
.................
62,829
462,422
Twilio,
Inc.
,
Class
A
(a)
......................
130,126
8,670,295
VeriSign,
Inc.
(a)
..........................
69,218
14,627,840
Wix.com
Ltd.
(a)
(b)
.........................
41,748
4,166,451
414,316,350
a
Leisure
Products
 — 
0
.1
%
Brunswick
Corp.
.........................
54,846
4,497,372
Hasbro,
Inc.
............................
99,348
5,333,994
Mattel,
Inc.
(a)
............................
258,102
4,751,658
Peloton
Interactive,
Inc.
,
Class
A
(a)
(b)
............
221,657
2,513,591
Polaris,
Inc.
(b)
...........................
40,926
4,527,643
YETI
Holdings,
Inc.
(a)
......................
64,024
2,560,960
24,185,218
a
Life
Sciences
Tools
&
Services
 — 
1
.8
%
10X
Genomics,
Inc.
,
Class
A
(a)
................
68,170
3,803,204
Agilent
Technologies,
Inc.
...................
220,400
30,490,136
Avantor,
Inc.
(a)
(b)
..........................
457,804
9,677,977
Azenta,
Inc.
(a)
...........................
50,880
2,270,266
Bio-Rad
Laboratories,
Inc.
,
Class
A
(a)
............
15,836
7,585,761
Bio-Techne
Corp.
.........................
117,424
8,711,686
Bruker
Corp.
............................
80,297
6,330,615
Charles
River
Laboratories
International,
Inc.
(a)
.....
37,355
7,538,986
Danaher
Corp.
..........................
484,058
122,001,978
Illumina,
Inc.
(a)
...........................
117,820
27,399,041
IQVIA
Holdings,
Inc.
(a)
......................
138,666
27,579,281
Maravai
LifeSciences
Holdings,
Inc.
,
Class
A
(a)
.....
86,711
1,214,821
Mettler-Toledo
International,
Inc.
(a)
.............
16,363
25,038,826
PerkinElmer,
Inc.
.........................
94,410
12,581,077
QIAGEN
NV
(a)
...........................
170,506
7,831,341
Repligen
Corp.
(a)
(b)
........................
40,748
6,860,333
Sotera
Health
Co.
(a)
.......................
78,762
1,410,627
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Russell
1000
ETF
(Percentages
shown
are
based
on
Net
Assets)
18
2023
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Life
Sciences
Tools
&
Services
(continued)
Syneos
Health,
Inc.
,
Class
A
(a)
................
76,209
$
2,714,565
Thermo
Fisher
Scientific,
Inc.
.................
292,581
168,634,911
Waters
Corp.
(a)
..........................
44,340
13,728,994
West
Pharmaceutical
Services,
Inc.
............
55,494
19,227,006
512,631,432
a
Machinery
 — 
1
.9
%
AGCO
Corp.
............................
46,030
6,223,256
Allison
Transmission
Holdings,
Inc.
.............
68,796
3,112,331
Caterpillar,
Inc.
..........................
389,114
89,044,848
Crane
NXT
Co.
..........................
36,199
4,108,586
Cummins,
Inc.
...........................
104,962
25,073,323
Deere
&
Co.
............................
203,036
83,829,504
Donaldson
Co.,
Inc.
.......................
90,460
5,910,656
Dover
Corp.
............................
104,373
15,858,434
Esab
Corp.
.............................
42,454
2,507,758
Flowserve
Corp.
.........................
94,520
3,213,680
Fortive
Corp.
............................
264,794
18,051,007
Gates
Industrial
Corp.
PLC
(a)
.................
83,780
1,163,704
Graco,
Inc.
.............................
124,386
9,081,422
IDEX
Corp.
.............................
56,297
13,006,296
Illinois
Tool
Works,
Inc.
.....................
228,490
55,625,890
Ingersoll
Rand,
Inc.
.......................
304,443
17,712,494
ITT,
Inc.
(b)
..............................
61,799
5,333,254
Lincoln
Electric
Holdings,
Inc.
................
41,861
7,078,695
Middleby
Corp.
(The)
(a)
.....................
39,648
5,812,793
Nordson
Corp.
...........................
42,740
9,499,392
Oshkosh
Corp.
..........................
48,421
4,027,659
Otis
Worldwide
Corp.
......................
311,185
26,264,014
PACCAR,
Inc.
...........................
383,142
28,045,994
Parker-Hannifin
Corp.
......................
95,667
32,154,635
Pentair
PLC
............................
124,554
6,884,100
Snap-on,
Inc.
...........................
39,637
9,785,979
Stanley
Black
&
Decker,
Inc.
.................
110,524
8,906,024
Timken
Co.
(The)
.........................
46,254
3,779,877
Toro
Co.
(The)
...........................
77,706
8,637,799
Westinghouse
Air
Brake
Technologies
Corp.
.......
135,514
13,695,045
Xylem,
Inc.
.............................
133,252
13,951,484
537,379,933
a
Marine
Transportation
 — 
0
.0
%
Kirby
Corp.
(a)
............................
43,763
3,050,281
a
Media
 — 
0
.9
%
Altice
USA,
Inc.
,
Class
A
(a)
...................
155,376
531,386
Cable
One,
Inc.
..........................
4,145
2,909,790
Charter
Communications,
Inc.
,
Class
A
(a)
(b)
........
78,882
28,208,992
Comcast
Corp.
,
Class
A
....................
3,128,017
118,583,124
DISH
Network
Corp.
,
Class
A
(a)
(b)
..............
183,935
1,716,113
Fox
Corp.
,
Class
A
,
NVS
....................
217,524
7,406,692
Fox
Corp.
,
Class
B
........................
105,670
3,308,528
Interpublic
Group
of
Companies,
Inc.
(The)
.......
289,049
10,764,185
Liberty
Broadband
Corp.
,
Class
A
(a)
.............
12,446
1,022,066
Liberty
Broadband
Corp.
,
Class
C
,
NVS
(a)
........
89,053
7,275,630
Liberty
Media
Corp.-Liberty
SiriusXM
,
Series
A
(a)
....
55,387
1,555,821
Liberty
Media
Corp.-Liberty
SiriusXM
,
Series
C
,
NVS
(a)
113,942
3,189,236
New
York
Times
Co.
(The)
,
Class
A
.............
121,842
4,737,217
News
Corp.
,
Class
A
,
NVS
..................
286,083
4,940,653
News
Corp.
,
Class
B
......................
86,599
1,509,421
Nexstar
Media
Group,
Inc.
...................
27,630
4,770,596
Omnicom
Group,
Inc.
......................
149,086
14,064,773
Paramount
Global
,
Class
A
(b)
.................
8,723
225,402
Paramount
Global
,
Class
B
,
NVS
..............
434,440
9,692,357
Sirius
XM
Holdings,
Inc.
(b)
...................
521,466
2,070,220
Security
Shares
Value
a
Media
(continued)
Trade
Desk,
Inc.
(The)
,
Class
A
(a)
(b)
.............
328,171
$
19,988,896
248,471,098
a
Metals
&
Mining
 — 
0
.6
%
Alcoa
Corp.
.............................
133,447
5,679,504
Cleveland-Cliffs,
Inc.
(a)
.....................
378,772
6,942,891
Freeport-McMoRan,
Inc.
....................
1,063,869
43,522,881
MP
Materials
Corp.
,
Class
A
(a)
(b)
...............
66,970
1,887,884
Newmont
Corp.
..........................
592,030
29,021,311
Nucor
Corp.
............................
192,118
29,676,467
Reliance
Steel
&
Aluminum
Co.
...............
43,940
11,281,156
Royal
Gold,
Inc.
..........................
48,814
6,331,664
Southern
Copper
Corp.
.....................
63,911
4,873,214
SSR
Mining,
Inc.
(b)
........................
156,453
2,365,569
Steel
Dynamics,
Inc.
.......................
124,011
14,020,684
United
States
Steel
Corp.
...................
166,720
4,351,392
159,954,617
a
Mortgage
Real
Estate
Investment
Trusts
(REITs)
 — 
0
.1
%
AGNC
Investment
Corp.
....................
424,708
4,281,057
Annaly
Capital
Management,
Inc.
..............
348,011
6,650,490
Rithm
Capital
Corp.
.......................
315,295
2,522,360
Starwood
Property
Trust,
Inc.
.................
216,142
3,823,552
17,277,459
a
Multi-Utilities
 — 
0
.7
%
Ameren
Corp.
...........................
191,077
16,507,142
CenterPoint
Energy,
Inc.
....................
471,540
13,891,568
CMS
Energy
Corp.
........................
216,825
13,308,719
Consolidated
Edison,
Inc.
...................
264,259
25,281,659
Dominion
Energy,
Inc.
......................
624,089
34,892,816
DTE
Energy
Co.
.........................
144,011
15,774,965
NiSource,
Inc.
...........................
306,868
8,580,029
Public
Service
Enterprise
Group,
Inc.
...........
370,803
23,156,647
Sempra
Energy
..........................
235,017
35,525,170
WEC
Energy
Group,
Inc.
....................
236,684
22,435,276
209,353,991
a
Office
REITs
 — 
0
.1
%
Alexandria
Real
Estate
Equities,
Inc.
............
128,743
16,168,833
Boston
Properties,
Inc.
.....................
116,821
6,322,353
Cousins
Properties,
Inc.
....................
114,953
2,457,695
Douglas
Emmett,
Inc.
......................
126,342
1,557,797
Highwoods
Properties,
Inc.
..................
81,094
1,880,570
Hudson
Pacific
Properties,
Inc.
................
99,294
660,305
JBG
SMITH
Properties
.....................
79,167
1,192,255
Kilroy
Realty
Corp.
........................
85,904
2,783,290
SL
Green
Realty
Corp.
.....................
47,206
1,110,285
Vornado
Realty
Trust
......................
133,122
2,046,085
36,179,468
a
Oil,
Gas
&
Consumable
Fuels
 — 
4
.2
%
Antero
Midstream
Corp.
....................
252,962
2,653,571
Antero
Resources
Corp.
(a)
(b)
..................
215,721
4,980,998
APA
Corp.
.............................
241,541
8,709,968
Cheniere
Energy,
Inc.
......................
186,073
29,325,105
Chesapeake
Energy
Corp.
..................
89,905
6,836,376
Chevron
Corp.
...........................
1,446,215
235,964,439
ConocoPhillips
..........................
915,426
90,819,413
Coterra
Energy,
Inc.
.......................
582,897
14,304,292
Devon
Energy
Corp.
.......................
487,510
24,672,881
Diamondback
Energy,
Inc.
...................
134,190
18,138,462
DT
Midstream,
Inc.
........................
71,524
3,531,140
Enviva,
Inc.
.............................
22,588
652,341
EOG
Resources,
Inc.
......................
437,269
50,124,146
EQT
Corp.
.............................
277,386
8,851,387
iShares
®
Russell
1000
ETF
Schedule
of
Investments
(continued)
March
31,
2023
(Percentages
shown
are
based
on
Net
Assets)
19
Schedule
of
Investments
Security
Shares
Value
a
Oil,
Gas
&
Consumable
Fuels
(continued)
Exxon
Mobil
Corp.
........................
3,081,567
$
337,924,637
Hess
Corp.
.............................
210,349
27,837,587
HF
Sinclair
Corp.
.........................
100,449
4,859,723
Kinder
Morgan,
Inc.
,
Class
P
.................
1,489,055
26,073,353
Marathon
Oil
Corp.
........................
471,560
11,298,578
Marathon
Petroleum
Corp.
..................
338,426
45,629,978
New
Fortress
Energy,
Inc.
,
Class
A
.............
41,113
1,209,956
Occidental
Petroleum
Corp.
..................
591,959
36,956,000
ONEOK,
Inc.
............................
333,318
21,179,026
Ovintiv,
Inc.
.............................
183,324
6,614,330
PDC
Energy,
Inc.
.........................
65,398
4,197,244
Phillips
66
..............................
348,267
35,307,308
Pioneer
Natural
Resources
Co.
...............
178,227
36,401,083
Range
Resources
Corp.
....................
175,340
4,641,250
Southwestern
Energy
Co.
(a)
..................
822,466
4,112,330
Targa
Resources
Corp.
.....................
167,570
12,224,232
Texas
Pacific
Land
Corp.
....................
4,212
7,164,696
Valero
Energy
Corp.
.......................
287,277
40,103,869
Vitesse
Energy,
Inc.
.......................
17,767
338,106
Williams
Companies,
Inc.
(The)
...............
911,075
27,204,700
1,190,842,505
a
Paper
&
Forest
Products
 — 
0
.0
%
Louisiana-Pacific
Corp.
.....................
54,370
2,947,398
a
Passenger
Airlines
 — 
0
.2
%
Alaska
Air
Group,
Inc.
(a)
.....................
95,200
3,994,592
American
Airlines
Group,
Inc.
(a)
(b)
..............
477,506
7,043,214
Copa
Holdings
SA
,
Class
A
,
NVS
(a)
(b)
............
21,617
1,996,330
Delta
Air
Lines,
Inc.
(a)
......................
479,732
16,752,241
JetBlue
Airways
Corp.
(a)
(b)
...................
232,043
1,689,273
Southwest
Airlines
Co.
.....................
442,380
14,395,045
United
Airlines
Holdings,
Inc.
(a)
(b)
...............
244,211
10,806,337
56,677,032
a
Personal
Care
Products
 — 
0
.2
%
Coty,
Inc.
,
Class
A
(a)
(b)
......................
256,917
3,098,419
Estee
Lauder
Companies,
Inc.
(The)
,
Class
A
......
171,749
42,329,258
Olaplex
Holdings,
Inc.
(a)
....................
91,710
391,602
45,819,279
a
Pharmaceuticals
 — 
3
.9
%
Bristol-Myers
Squibb
Co.
....................
1,592,532
110,378,393
Catalent,
Inc.
(a)
(b)
.........................
133,233
8,754,741
Elanco
Animal
Health,
Inc.
(a)
..................
335,126
3,150,184
Eli
Lilly
&
Co.
...........................
630,074
216,380,013
Jazz
Pharmaceuticals
PLC
(a)
.................
46,332
6,779,762
Johnson
&
Johnson
.......................
1,967,980
305,036,900
Merck
&
Co.,
Inc.
.........................
1,891,649
201,252,537
Organon
&
Co.
..........................
188,014
4,422,089
Perrigo
Co.
PLC
.........................
102,255
3,667,887
Pfizer,
Inc.
.............................
4,226,387
172,436,590
Royalty
Pharma
PLC
,
Class
A
................
276,976
9,979,445
Viatris,
Inc.
.............................
897,840
8,637,221
Zoetis,
Inc.
,
Class
A
.......................
352,062
58,597,199
1,109,472,961
a
Professional
Services
 — 
0
.9
%
Automatic
Data
Processing,
Inc.
...............
312,224
69,510,429
Booz
Allen
Hamilton
Holding
Corp.
,
Class
A
.......
97,269
9,015,864
Broadridge
Financial
Solutions,
Inc.
............
87,537
12,830,298
CACI
International,
Inc.
,
Class
A
(a)
(b)
............
17,103
5,067,277
Clarivate
PLC
(a)
(b)
.........................
359,119
3,372,127
Concentrix
Corp.
.........................
31,377
3,813,874
CoStar
Group,
Inc.
(a)
.......................
300,413
20,683,435
Dun
&
Bradstreet
Holdings,
Inc.
...............
185,552
2,178,380
Security
Shares
Value
a
Professional
Services
(continued)
Equifax,
Inc.
............................
91,181
$
18,495,154
FTI
Consulting,
Inc.
(a)
(b)
.....................
24,919
4,917,765
Genpact
Ltd.
............................
135,991
6,285,504
Jacobs
Solutions,
Inc.
......................
94,052
11,052,051
KBR,
Inc.
..............................
102,160
5,623,908
Leidos
Holdings,
Inc.
......................
102,758
9,459,901
ManpowerGroup,
Inc.
......................
38,171
3,150,253
Paychex,
Inc.
...........................
240,996
27,615,732
Robert
Half
International,
Inc.
.................
79,582
6,411,922
Science
Applications
International
Corp.
.........
40,440
4,345,682
SS&C
Technologies
Holdings,
Inc.
.............
165,359
9,337,823
TransUnion
.............................
145,102
9,016,638
Verisk
Analytics,
Inc.
.......................
116,139
22,282,429
264,466,446
a
Real
Estate
Management
&
Development
 — 
0
.1
%
CBRE
Group,
Inc.
,
Class
A
(a)
.................
235,214
17,125,931
Howard
Hughes
Corp.
(The)
(a)
(b)
...............
27,353
2,188,240
Jones
Lang
LaSalle,
Inc.
(a)
...................
35,856
5,216,690
Opendoor
Technologies,
Inc.
(a)
(b)
...............
302,027
531,568
WeWork,
Inc.
,
Class
A
(a)
(b)
...................
205,616
159,825
Zillow
Group,
Inc.
,
Class
A
(a)
.................
41,527
1,814,730
Zillow
Group,
Inc.
,
Class
C
,
NVS
(a)
(b)
............
118,971
5,290,640
32,327,624
a
Residential
REITs
 — 
0
.4
%
American
Homes
4
Rent
,
Class
A
..............
231,426
7,278,348
Apartment
Income
REIT
Corp.
................
114,036
4,083,629
AvalonBay
Communities,
Inc.
................
104,190
17,510,171
Camden
Property
Trust
.....................
78,212
8,199,746
Equity
LifeStyle
Properties,
Inc.
...............
131,496
8,827,327
Equity
Residential
........................
276,631
16,597,860
Essex
Property
Trust,
Inc.
...................
47,756
9,987,690
Invitation
Homes,
Inc.
......................
455,935
14,238,850
Mid-America
Apartment
Communities,
Inc.
........
86,147
13,011,643
Sun
Communities,
Inc.
.....................
90,263
12,716,251
UDR,
Inc.
..............................
246,705
10,129,707
122,581,222
a
Retail
REITs
 — 
0
.3
%
Brixmor
Property
Group,
Inc.
.................
220,928
4,754,371
Federal
Realty
Investment
Trust
...............
59,210
5,851,724
Kimco
Realty
Corp.
.......................
455,568
8,897,243
National
Retail
Properties,
Inc.
................
133,741
5,904,665
Realty
Income
Corp.
.......................
470,539
29,794,529
Regency
Centers
Corp.
....................
128,338
7,851,719
Simon
Property
Group,
Inc.
..................
244,642
27,392,565
Spirit
Realty
Capital,
Inc.
....................
103,623
4,128,340
94,575,156
a
Road
&
Rail
 — 
0
.0
%
U-Haul
Holding
Co.
,
Series
N
,
NVS
.............
60,324
3,127,799
a
Semiconductors
&
Semiconductor
Equipment
 — 
5
.8
%
Advanced
Micro
Devices,
Inc.
(a)
...............
1,207,772
118,373,734
Allegro
MicroSystems,
Inc.
(a)
.................
48,359
2,320,748
Analog
Devices,
Inc.
.......................
378,045
74,558,035
Applied
Materials,
Inc.
.....................
629,233
77,288,689
Broadcom,
Inc.
..........................
295,339
189,471,782
Cirrus
Logic,
Inc.
(a)
(b)
.......................
40,287
4,406,592
Enphase
Energy,
Inc.
(a)
.....................
98,133
20,635,407
Entegris,
Inc.
(b)
..........................
112,114
9,194,469
First
Solar,
Inc.
(a)
.........................
78,932
17,167,710
GlobalFoundries,
Inc.
(a)
(b)
....................
46,938
3,387,985
Intel
Corp.
.............................
3,095,942
101,144,425
KLA
Corp.
..............................
103,352
41,255,018
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Russell
1000
ETF
(Percentages
shown
are
based
on
Net
Assets)
20
2023
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Semiconductors
&
Semiconductor
Equipment
(continued)
Lam
Research
Corp.
......................
100,720
$
53,393,686
Lattice
Semiconductor
Corp.
(a)
................
102,319
9,771,464
Marvell
Technology,
Inc.
....................
632,555
27,389,631
Microchip
Technology,
Inc.
...................
397,936
33,339,078
Micron
Technology,
Inc.
.....................
812,590
49,031,681
MKS
Instruments,
Inc.
(b)
....................
42,542
3,770,072
Monolithic
Power
Systems,
Inc.
...............
34,431
17,234,093
NVIDIA
Corp.
...........................
1,769,165
491,420,962
ON
Semiconductor
Corp.
(a)
..................
323,252
26,610,105
Qorvo,
Inc.
(a)
............................
74,415
7,558,332
QUALCOMM,
Inc.
........................
837,888
106,897,751
Skyworks
Solutions,
Inc.
....................
118,673
14,001,041
Teradyne,
Inc.
...........................
117,041
12,583,078
Texas
Instruments,
Inc.
.....................
678,568
126,220,434
Universal
Display
Corp.
....................
32,062
4,973,778
Wolfspeed,
Inc.
(a)
(b)
........................
91,722
5,957,344
1,649,357,124
a
Software
 — 
9
.7
%
Adobe,
Inc.
(a)
............................
341,899
131,757,618
Alteryx,
Inc.
,
Class
A
(a)
.....................
43,887
2,582,311
ANSYS,
Inc.
(a)
...........................
64,826
21,574,093
AppLovin
Corp.
,
Class
A
(a)
(b)
..................
169,754
2,673,625
Aspen
Technology,
Inc.
(a)
(b)
...................
19,907
4,556,115
Atlassian
Corp.
,
Class
A
(a)
(b)
..................
109,071
18,669,683
Autodesk,
Inc.
(a)
..........................
162,543
33,834,951
Bentley
Systems,
Inc.
,
Class
B
(b)
...............
124,416
5,348,644
BILL
Holdings,
Inc.
(a)
(b)
......................
73,662
5,976,935
Black
Knight,
Inc.
(a)
........................
115,896
6,670,974
Cadence
Design
Systems,
Inc.
(a)
..............
203,832
42,823,065
CCC
Intelligent
Solutions
Holdings,
Inc.
(a)
(b)
........
124,805
1,119,501
Ceridian
HCM
Holding,
Inc.
(a)
(b)
................
103,481
7,576,879
Confluent,
Inc.
,
Class
A
(a)
(b)
..................
91,651
2,206,040
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
(b)
..........
161,433
22,158,294
Datadog,
Inc.
,
Class
A
(a)
....................
197,154
14,325,210
DocuSign,
Inc.
(a)
.........................
146,803
8,558,615
Dolby
Laboratories,
Inc.
,
Class
A
..............
45,411
3,879,008
DoubleVerify
Holdings,
Inc.
(a)
.................
64,138
1,933,761
Dropbox,
Inc.
,
Class
A
(a)
....................
202,713
4,382,655
Dynatrace,
Inc.
(a)
.........................
159,645
6,752,984
Elastic
NV
(a)
............................
56,060
3,245,874
Fair
Isaac
Corp.
(a)
.........................
18,217
12,800,904
Five9,
Inc.
(a)
............................
51,227
3,703,200
Fortinet,
Inc.
(a)
...........................
482,553
32,070,472
Gen
Digital,
Inc.
..........................
409,978
7,035,222
Guidewire
Software,
Inc.
(a)
...................
61,861
5,075,695
HubSpot,
Inc.
(a)
..........................
34,654
14,857,902
Informatica,
Inc.
,
Class
A
(a)
(b)
.................
25,089
411,460
Intuit,
Inc.
..............................
206,065
91,869,959
Jamf
Holding
Corp.
(a)
(b)
.....................
48,139
934,859
Manhattan
Associates,
Inc.
(a)
.................
45,698
7,076,335
Microsoft
Corp.
..........................
5,595,214
1,613,100,196
nCino,
Inc.
(a)
(b)
...........................
51,679
1,280,606
NCR
Corp.
(a)
............................
97,877
2,308,918
New
Relic,
Inc.
(a)
.........................
38,915
2,929,910
Nutanix,
Inc.
,
Class
A
(a)
.....................
170,982
4,443,822
Oracle
Corp.
............................
1,143,021
106,209,511
Palantir
Technologies,
Inc.
,
Class
A
(a)
(b)
..........
1,370,028
11,576,737
Palo
Alto
Networks,
Inc.
(a)
...................
221,108
44,164,112
Paycom
Software,
Inc.
(a)
....................
38,617
11,739,954
Paycor
HCM,
Inc.
(a)
(b)
......................
41,999
1,113,813
Paylocity
Holding
Corp.
(a)
...................
30,333
6,029,594
Pegasystems,
Inc.
........................
31,013
1,503,510
Procore
Technologies,
Inc.
(a)
.................
54,490
3,412,709
PTC,
Inc.
(a)
.............................
79,132
10,147,096
Security
Shares
Value
a
Software
(continued)
RingCentral,
Inc.
,
Class
A
(a)
..................
64,102
$
1,966,008
Roper
Technologies,
Inc.
....................
78,873
34,758,542
Salesforce,
Inc.
(a)
.........................
719,654
143,772,476
SentinelOne,
Inc.
,
Class
A
(a)
(b)
................
137,204
2,244,657
ServiceNow,
Inc.
(a)
........................
151,614
70,458,058
Smartsheet,
Inc.
,
Class
A
(a)
..................
96,032
4,590,330
Splunk,
Inc.
(a)
...........................
121,375
11,637,435
Synopsys,
Inc.
(a)
.........................
114,132
44,083,485
Teradata
Corp.
(a)
.........................
75,675
3,048,189
Tyler
Technologies,
Inc.
(a)
...................
30,750
10,905,180
UiPath,
Inc.
,
Class
A
(a)
.....................
275,364
4,835,392
Unity
Software,
Inc.
(a)
(b)
.....................
176,341
5,720,502
VMware,
Inc.
,
Class
A
(a)
....................
160,121
19,991,107
Workday,
Inc.
,
Class
A
(a)
....................
149,852
30,950,432
Zoom
Video
Communications,
Inc.
,
Class
A
(a)
......
184,161
13,598,448
Zscaler,
Inc.
(a)
(b)
..........................
62,930
7,352,112
2,758,315,684
a
Specialized
REITs
 — 
1
.2
%
American
Tower
Corp.
.....................
346,942
70,894,128
Crown
Castle,
Inc.
........................
322,607
43,177,721
CubeSmart
.............................
166,661
7,703,071
Digital
Realty
Trust,
Inc.
....................
213,498
20,988,988
EPR
Properties
..........................
54,819
2,088,604
Equinix,
Inc.
............................
69,047
49,785,649
Extra
Space
Storage,
Inc.
...................
99,140
16,152,880
Gaming
and
Leisure
Properties,
Inc.
............
181,226
9,434,626
Iron
Mountain,
Inc.
........................
213,775
11,310,835
Lamar
Advertising
Co.
,
Class
A
...............
64,095
6,402,450
Life
Storage,
Inc.
.........................
62,455
8,187,226
National
Storage
Affiliates
Trust
...............
62,654
2,617,684
Public
Storage
...........................
116,813
35,293,880
Rayonier,
Inc.
...........................
109,519
3,642,602
SBA
Communications
Corp.
,
Class
A
............
79,993
20,883,772
VICI
Properties,
Inc.
.......................
751,406
24,510,864
Weyerhaeuser
Co.
........................
551,024
16,602,353
349,677,333
a
Specialty
Retail
 — 
2
.2
%
Advance
Auto
Parts,
Inc.
....................
43,525
5,293,075
AutoNation,
Inc.
(a)
.........................
25,104
3,372,973
AutoZone,
Inc.
(a)
.........................
14,040
34,512,426
Bath
&
Body
Works,
Inc.
....................
169,837
6,212,638
Best
Buy
Co.,
Inc.
........................
147,687
11,559,462
Burlington
Stores,
Inc.
(a)
....................
48,748
9,851,971
CarMax,
Inc.
(a)
(b)
..........................
118,333
7,606,445
Carvana
Co.
,
Class
A
(a)
(b)
....................
78,879
772,225
Dick's
Sporting
Goods,
Inc.
..................
40,413
5,734,201
Five
Below,
Inc.
(a)
.........................
40,738
8,390,806
Floor
&
Decor
Holdings,
Inc.
,
Class
A
(a)
(b)
.........
76,532
7,516,973
GameStop
Corp.
,
Class
A
(a)
(b)
.................
198,865
4,577,872
Gap,
Inc.
(The)
..........................
147,351
1,479,404
Home
Depot,
Inc.
(The)
....................
762,058
224,898,557
Leslie's,
Inc.
(a)
(b)
..........................
128,734
1,417,361
Lithia
Motors,
Inc.
........................
19,919
4,560,057
Lowe's
Companies,
Inc.
....................
452,396
90,465,628
O'Reilly
Automotive,
Inc.
(a)
...................
46,295
39,303,529
Penske
Automotive
Group,
Inc.
(b)
..............
19,863
2,816,772
Petco
Health
&
Wellness
Co.,
Inc.
,
Class
A
(a)
(b)
.....
59,396
534,564
RH
(a)
(b)
................................
13,575
3,306,191
Ross
Stores,
Inc.
.........................
255,253
27,090,001
TJX
Companies,
Inc.
(The)
..................
867,882
68,007,234
Tractor
Supply
Co.
........................
82,644
19,424,646
Ulta
Beauty,
Inc.
(a)
........................
37,652
20,545,567
Victoria's
Secret
&
Co.
(a)
....................
61,694
2,106,850
iShares
®
Russell
1000
ETF
Schedule
of
Investments
(continued)
March
31,
2023
(Percentages
shown
are
based
on
Net
Assets)
21
Schedule
of
Investments
Security
Shares
Value
a
Specialty
Retail
(continued)
Wayfair,
Inc.
,
Class
A
(a)
(b)
....................
59,183
$
2,032,344
Williams-Sonoma,
Inc.
.....................
49,491
6,021,075
619,410,847
a
Technology
Hardware,
Storage
&
Peripherals
 — 
6
.8
%
Apple,
Inc.
.............................
11,238,617
1,853,247,943
Dell
Technologies,
Inc.
,
Class
C
...............
177,081
7,120,427
Hewlett
Packard
Enterprise
Co.
...............
958,758
15,273,015
HP,
Inc.
...............................
736,590
21,618,916
NetApp,
Inc.
............................
161,607
10,318,607
Pure
Storage,
Inc.
,
Class
A
(a)
.................
216,763
5,529,624
Western
Digital
Corp.
(a)
.....................
236,704
8,916,640
1,922,025,172
a
Textiles,
Apparel
&
Luxury
Goods
 — 
0
.7
%
Capri
Holdings
Ltd.
(a)
......................
93,532
4,396,004
Carter's,
Inc.
............................
27,745
1,995,420
Columbia
Sportswear
Co.
...................
26,029
2,348,857
Deckers
Outdoor
Corp.
(a)
....................
19,567
8,796,345
Hanesbrands,
Inc.
........................
262,674
1,381,665
Lululemon
Athletica,
Inc.
(a)
...................
83,040
30,242,338
Nike,
Inc.
,
Class
B
........................
899,567
110,322,897
PVH
Corp.
.............................
47,240
4,211,918
Ralph
Lauren
Corp.
,
Class
A
.................
30,847
3,598,920
Skechers
USA,
Inc.
,
Class
A
(a)
................
101,360
4,816,627
Tapestry,
Inc.
............................
176,995
7,630,254
Under
Armour,
Inc.
,
Class
A
(a)
.................
146,570
1,390,949
Under
Armour,
Inc.
,
Class
C
(a)
................
137,458
1,172,517
VF
Corp.
..............................
264,650
6,063,132
188,367,843
a
Tobacco
 — 
0
.6
%
Altria
Group,
Inc.
.........................
1,340,569
59,816,189
Philip
Morris
International,
Inc.
................
1,158,723
112,685,811
172,502,000
a
Trading
Companies
&
Distributors
 — 
0
.3
%
Air
Lease
Corp.
,
Class
A
....................
77,127
3,036,490
Core
&
Main,
Inc.
,
Class
A
(a)
(b)
................
54,280
1,253,868
Fastenal
Co.
............................
431,199
23,258,874
Security
Shares
Value
a
Trading
Companies
&
Distributors
(continued)
MSC
Industrial
Direct
Co.,
Inc.
,
Class
A
..........
35,517
$
2,983,428
SiteOne
Landscape
Supply,
Inc.
(a)
(b)
.............
32,878
4,500,012
United
Rentals,
Inc.
.......................
52,234
20,672,128
Univar
Solutions,
Inc.
(a)
.....................
121,557
4,258,142
Watsco,
Inc.
............................
24,329
7,740,515
WESCO
International,
Inc.
...................
32,876
5,080,657
WW
Grainger,
Inc.
........................
33,803
23,283,844
96,067,958
a
Water
Utilities
 — 
0
.1
%
American
Water
Works
Co.,
Inc.
...............
144,181
21,121,075
Essential
Utilities,
Inc.
......................
175,267
7,650,404
28,771,479
a
Wireless
Telecommunication
Services
 — 
0
.2
%
T-Mobile
U.S.,
Inc.
(a)
.......................
438,497
63,511,905
a
Total
Long-Term
Investments — 99.8%
(Cost:
$
25,420,205,538
)
..............................
28,297,906,596
a
Short-Term
Securities
Money
Market
Funds
 — 
1
.6
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.01
%
(c)
(d)
(e)
......................
415,675,603
415,800,305
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.73
%
(c)
(d)
............................
42,252,528
42,252,528
a
Total
Short-Term
Securities — 1.6%
(Cost:
$
457,752,702
)
................................
458,052,833
Total
Investments
—
101.4%
(Cost:
$
25,877,958,240
)
..............................
28,755,959,429
Liabilities
in
Excess
of
Other
Assets
—
(
1
.4
)
%
...............
(
389,837,305
)
Net
Assets
—
100.0%
.................................
$
28,366,122,124
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
March
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/23
  Shares
Held
at
03/31/23
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
382,039,449
$
33,538,204
(a)
$
—
$
13,267
$
209,385
$
415,800,305
415,675,603
$
3,934,343
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
49,500,000
—
(
7,247,472
)
(a)
—
—
42,252,528
42,252,528
1,152,497
26
BlackRock,
Inc.
..
78,453,513
25,410,540
(
20,673,842
)
6,472,798
(
15,450,910
)
74,212,099
110,910
2,176,728
—
$
6,486,065
$
(
15,241,525
)
$
532,264,932
$
7,263,568
$
26
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Russell
1000
ETF
22
2023
iShares
Annual
Report
to
Shareholders
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
March
31,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements. 
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
S&P
500
E-Mini
Index
...................................................................
300
06/16/23
$
62,066
$
3,336,210
S&P
MidCap
400
E-Mini
Index
.............................................................
20
06/16/23
5,059
143,466
$
3,479,676
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)
.............
$
—
$
—
$
3,479,676
$
—
$
—
$
—
$
3,479,676
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.................................
$
—
$
—
$
(
5,067,302
)
$
—
$
—
$
—
$
(
5,067,302
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.................................
$
—
$
—
$
371,186
$
—
$
—
$
—
$
371,186
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
64,382,451
a
iShares
®
Russell
1000
ETF
Schedule
of
Investments
(continued)
March
31,
2023
23
Schedule
of
Investments
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
.........................................
$
28,297,826,429
‌
$
80,167
‌
$
—
‌
$
28,297,906,596
‌
Short-Term
Securities
Money
Market
Funds
......................................
458,052,833
‌
—
‌
—
‌
458,052,833
‌
$
28,755,879,262
‌
$
80,167
‌
$
—
‌
$
28,755,959,429
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
3,479,676
‌
$
—
‌
$
—
‌
$
3,479,676
‌
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
March
31,
2023
iShares
®
Russell
1000
Growth
ETF
(Percentages
shown
are
based
on
Net
Assets)
24
2023
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
 — 
1
.0
%
Axon
Enterprise,
Inc.
(a)
.....................
170,430
$
38,321,186
Boeing
Co.
(The)
(a)
........................
561,390
119,256,078
BWX
Technologies,
Inc.
....................
114,359
7,209,191
HEICO
Corp.
(b)
..........................
138,494
23,688,014
HEICO
Corp.
,
Class
A
......................
241,254
32,786,418
Howmet
Aerospace,
Inc.
....................
117,549
4,980,551
Huntington
Ingalls
Industries,
Inc.
..............
27,803
5,755,777
Lockheed
Martin
Corp.
.....................
741,891
350,714,132
Northrop
Grumman
Corp.
...................
54,950
25,371,514
Spirit
AeroSystems
Holdings,
Inc.
,
Class
A
........
319,696
11,039,103
TransDigm
Group,
Inc.
.....................
64,780
47,746,099
666,868,063
a
Air
Freight
&
Logistics
 — 
0
.7
%
CH
Robinson
Worldwide,
Inc.
................
102,506
10,186,021
Expeditors
International
of
Washington,
Inc.
(b)
......
159,904
17,608,629
GXO
Logistics,
Inc.
(a)
(b)
.....................
37,217
1,877,970
United
Parcel
Service,
Inc.
,
Class
B
............
2,136,391
414,438,490
444,111,110
a
Automobile
Components
 — 
0
.0
%
Aptiv
PLC
(a)
.............................
223,346
25,057,188
a
Automobiles
 — 
2
.8
%
Lucid
Group,
Inc.
(a)
(b)
.......................
1,777,199
14,288,680
Tesla,
Inc.
(a)
(b)
...........................
8,420,638
1,746,945,559
1,761,234,239
a
Banks
 — 
0
.0
%
First
Citizens
BancShares,
Inc.
,
Class
A
..........
8,722
8,487,378
Western
Alliance
Bancorp
(b)
..................
215,295
7,651,585
16,138,963
a
Beverages
 — 
2
.3
%
Boston
Beer
Co.,
Inc.
(The)
,
Class
A
,
NVS
(a)
(b)
......
28,726
9,442,236
Brown-Forman
Corp.
,
Class
A
(b)
...............
85,561
5,577,722
Brown-Forman
Corp.
,
Class
B
,
NVS
............
353,817
22,739,818
Coca-Cola
Co.
(The)
......................
9,541,071
591,832,634
Monster
Beverage
Corp.
(a)
...................
2,205,674
119,128,453
PepsiCo,
Inc.
...........................
3,806,040
693,841,092
1,442,561,955
a
Biotechnology
 — 
3
.1
%
AbbVie,
Inc.
............................
5,758,250
917,692,303
Alnylam
Pharmaceuticals,
Inc.
(a)
...............
399,718
80,071,510
Amgen,
Inc.
............................
1,461,399
353,293,208
Exact
Sciences
Corp.
(a)
(b)
....................
101,993
6,916,145
Exelixis,
Inc.
(a)
...........................
902,788
17,523,115
Horizon
Therapeutics
PLC
(a)
.................
670,079
73,132,422
Incyte
Corp.
(a)
...........................
514,355
37,172,436
Ionis
Pharmaceuticals,
Inc.
(a)
(b)
................
427,459
15,277,385
Moderna,
Inc.
(a)
(b)
.........................
64,942
9,973,792
Natera,
Inc.
(a)
(b)
..........................
295,760
16,420,595
Neurocrine
Biosciences,
Inc.
(a)
................
312,197
31,600,580
Novavax,
Inc.
(a)
(b)
.........................
265,857
1,842,389
Regeneron
Pharmaceuticals,
Inc.
(a)
(b)
............
49,341
40,542,020
Sarepta
Therapeutics,
Inc.
(a)
(b)
................
272,988
37,625,936
Seagen,
Inc.
(a)
...........................
442,230
89,538,308
Ultragenyx
Pharmaceutical,
Inc.
(a)
(b)
.............
167,793
6,728,499
Vertex
Pharmaceuticals,
Inc.
(a)
................
786,430
247,780,500
1,983,131,143
a
Security
Shares
Value
a
Broadline
Retail
 — 
4
.8
%
Amazon.com,
Inc.
(a)
.......................
28,958,981
$
2,991,173,147
eBay,
Inc.
..............................
224,784
9,973,666
Etsy,
Inc.
(a)
(b)
............................
405,841
45,182,279
Nordstrom,
Inc.
(b)
.........................
309,266
5,031,758
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
(b)
..........
10,155
588,381
3,051,949,231
a
Building
Products
 — 
0
.3
%
A
O
Smith
Corp.
.........................
98,242
6,793,435
Advanced
Drainage
Systems,
Inc.
(b)
............
206,548
17,393,407
Allegion
PLC
............................
228,592
24,397,624
Armstrong
World
Industries,
Inc.
...............
85,050
6,058,962
Carlisle
Companies,
Inc.
....................
140,718
31,812,118
Fortune
Brands
Innovations,
Inc.
..............
143,340
8,418,358
Masco
Corp.
............................
37,890
1,883,891
Masterbrand,
Inc.
(a)
.......................
143,228
1,151,553
Trane
Technologies
PLC
....................
433,536
79,761,953
Trex
Co.,
Inc.
(a)
(b)
.........................
359,073
17,476,083
195,147,384
a
Capital
Markets
 — 
1
.4
%
Ameriprise
Financial,
Inc.
...................
218,447
66,954,005
Ares
Management
Corp.
,
Class
A
..............
498,379
41,584,744
Blackstone,
Inc.
,
NVS
......................
2,311,222
203,017,740
Blue
Owl
Capital,
Inc.
,
Class
A
................
1,375,159
15,236,762
Charles
Schwab
Corp.
(The)
.................
2,748,448
143,963,706
FactSet
Research
Systems,
Inc.
...............
123,340
51,197,201
LPL
Financial
Holdings,
Inc.
..................
258,306
52,281,134
MarketAxess
Holdings,
Inc.
..................
121,242
47,440,782
Moody's
Corp.
...........................
490,894
150,223,382
Morningstar,
Inc.
.........................
73,130
14,847,584
MSCI,
Inc.
,
Class
A
.......................
190,424
106,578,409
Raymond
James
Financial,
Inc.
...............
49,847
4,649,230
Tradeweb
Markets,
Inc.
,
Class
A
...............
221,490
17,502,140
915,476,819
a
Chemicals
 — 
1
.0
%
Albemarle
Corp.
(b)
........................
195,911
43,304,167
Axalta
Coating
Systems
Ltd.
(a)
(b)
...............
171,526
5,195,523
CF
Industries
Holdings,
Inc.
..................
635,622
46,076,239
Chemours
Co.
(The)
.......................
300,247
8,989,395
Ecolab,
Inc.
............................
713,219
118,059,141
FMC
Corp.
.............................
139,075
16,985,230
Ginkgo
Bioworks
Holdings,
Inc.
,
Class
A
(a)
(b)
.......
529,074
703,668
Linde
PLC
(b)
............................
338,022
120,146,540
Mosaic
Co.
(The)
.........................
136,341
6,255,325
PPG
Industries,
Inc.
.......................
406,255
54,267,543
RPM
International,
Inc.
.....................
20,937
1,826,544
Scotts
Miracle-Gro
Co.
(The)
,
Class
A
...........
44,475
3,101,686
Sherwin-Williams
Co.
(The)
..................
779,032
175,103,023
Valvoline,
Inc.
...........................
558,863
19,526,673
619,540,697
a
Commercial
Services
&
Supplies
 — 
0
.8
%
Cintas
Corp.
............................
262,924
121,649,676
Copart,
Inc.
(a)
(b)
..........................
1,386,997
104,316,044
Driven
Brands
Holdings,
Inc.
(a)
(b)
...............
11,703
354,718
MSA
Safety,
Inc.
.........................
45,583
6,085,331
Republic
Services,
Inc.
.....................
42,234
5,710,881
Ritchie
Bros
Auctioneers,
Inc.
................
189,950
10,692,285
Rollins,
Inc.
.............................
703,577
26,405,245
Tetra
Tech,
Inc.
..........................
70,625
10,375,519
Waste
Management,
Inc.
....................
1,252,169
204,316,416
489,906,115
a
iShares
®
Russell
1000
Growth
ETF
Schedule
of
Investments
(continued)
March
31,
2023
(Percentages
shown
are
based
on
Net
Assets)
25
Schedule
of
Investments
Security
Shares
Value
a
Communications
Equipment
 — 
0
.2
%
Arista
Networks,
Inc.
(a)
.....................
800,995
$
134,455,021
Ubiquiti,
Inc.
(b)
...........................
3,903
1,060,406
135,515,427
a
Construction
&
Engineering
 — 
0
.1
%
AECOM
...............................
25,828
2,177,817
Quanta
Services,
Inc.
(b)
.....................
252,110
42,011,610
Valmont
Industries,
Inc.
.....................
9,314
2,973,774
WillScot
Mobile
Mini
Holdings
Corp.
,
Class
A
(a)
.....
353,582
16,575,924
63,739,125
a
Construction
Materials
 — 
0
.1
%
Eagle
Materials,
Inc.
.......................
98,533
14,459,718
Martin
Marietta
Materials,
Inc.
................
17,474
6,204,318
Vulcan
Materials
Co.
......................
210,652
36,139,457
56,803,493
a
Consumer
Finance
 — 
0
.0
%
American
Express
Co.
.....................
121,365
20,019,157
Credit
Acceptance
Corp.
(a)
(b)
..................
1,926
839,813
Upstart
Holdings,
Inc.
(a)
(b)
....................
43,274
687,624
21,546,594
a
Consumer
Staples
Distribution
&
Retail
 — 
1
.9
%
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
............
277,693
21,124,107
Costco
Wholesale
Corp.
....................
1,442,501
716,735,472
Dollar
General
Corp.
......................
734,131
154,505,210
Dollar
Tree,
Inc.
(a)
(b)
.......................
210,686
30,243,975
Grocery
Outlet
Holding
Corp.
(a)
(b)
...............
20,833
588,741
Performance
Food
Group
Co.
(a)
...............
151,791
9,159,069
Sysco
Corp.
............................
1,653,837
127,725,831
Target
Corp.
............................
831,365
137,698,985
1,197,781,390
a
Containers
&
Packaging
 — 
0
.2
%
Ardagh
Metal
Packaging
SA
.................
155,632
634,979
Avery
Dennison
Corp.
......................
162,598
29,093,660
Ball
Corp.
..............................
398,301
21,950,368
Berry
Global
Group,
Inc.
....................
191,000
11,249,900
Crown
Holdings,
Inc.
......................
329,826
27,279,908
Graphic
Packaging
Holding
Co.
...............
779,963
19,881,257
Sealed
Air
Corp.
.........................
477,883
21,939,609
132,029,681
a
Distributors
 — 
0
.1
%
Genuine
Parts
Co.
........................
35,897
6,005,927
Pool
Corp.
(b)
............................
124,473
42,624,534
48,630,461
a
Diversified
Consumer
Services
 — 
0
.0
%
Bright
Horizons
Family
Solutions,
Inc.
(a)
(b)
.........
52,304
4,026,885
H&R
Block,
Inc.
(b)
.........................
408,980
14,416,545
Mister
Car
Wash,
Inc.
(a)
(b)
....................
187,823
1,619,034
20,062,464
a
Electrical
Equipment
 — 
0
.3
%
ChargePoint
Holdings,
Inc.
,
Class
A
(a)
(b)
..........
806,353
8,442,516
Emerson
Electric
Co.
......................
591,331
51,528,583
Generac
Holdings,
Inc.
(a)
(b)
...................
203,060
21,932,510
Plug
Power,
Inc.
(a)
(b)
.......................
849,608
9,957,406
Rockwell
Automation,
Inc.
...................
252,395
74,065,313
Vertiv
Holdings
Co.
,
Class
A
.................
154,603
2,212,369
168,138,697
a
Electronic
Equipment,
Instruments
&
Components
 — 
0
.6
%
Amphenol
Corp.
,
Class
A
...................
1,437,379
117,462,612
Arrow
Electronics,
Inc.
(a)
....................
10,258
1,280,916
Security
Shares
Value
a
Electronic
Equipment,
Instruments
&
Components
(continued)
CDW
Corp.
.............................
439,436
$
85,641,682
Cognex
Corp.
(b)
..........................
527,308
26,128,111
Coherent
Corp.
(a)
(b)
........................
65,029
2,476,304
Corning,
Inc.
............................
143,347
5,057,282
Jabil,
Inc.
..............................
345,491
30,458,487
Keysight
Technologies,
Inc.
(a)
.................
539,889
87,181,276
National
Instruments
Corp.
..................
54,263
2,843,924
Vontier
Corp.
............................
317,596
8,683,075
Zebra
Technologies
Corp.
,
Class
A
(a)
(b)
...........
68,725
21,854,550
389,068,219
a
Energy
Equipment
&
Services
 — 
0
.1
%
Halliburton
Co.
..........................
1,327,123
41,990,172
a
Entertainment
 — 
0
.9
%
Electronic
Arts,
Inc.
.......................
55,478
6,682,325
Liberty
Media
Corp.-Liberty
Formula
One
,
Series
A
(a)
.
7,639
515,633
Liberty
Media
Corp.-Liberty
Formula
One
,
Series
C
,
NVS
(a)
...............................
71,733
5,367,780
Live
Nation
Entertainment,
Inc.
(a)
(b)
.............
252,898
17,702,860
Madison
Square
Garden
Sports
Corp.
,
Class
A
.....
30,452
5,933,572
Netflix,
Inc.
(a)
............................
643,252
222,230,701
Playtika
Holding
Corp.
(a)
(b)
...................
302,631
3,407,625
ROBLOX
Corp.
,
Class
A
(a)
(b)
..................
1,458,653
65,610,212
Roku,
Inc.
,
Class
A
(a)
(b)
.....................
109,397
7,200,511
Spotify
Technology
SA
(a)
(b)
...................
454,185
60,688,200
Take-Two
Interactive
Software,
Inc.
(a)
............
446,158
53,226,649
Walt
Disney
Co.
(The)
(a)
....................
396,739
39,725,476
Warner
Bros
Discovery,
Inc.
,
Series
A
(a)
(b)
.........
5,632,788
85,055,099
World
Wrestling
Entertainment,
Inc.
,
Class
A
(b)
.....
138,943
12,679,938
586,026,581
a
Financial
Services
 — 
4
.0
%
Apollo
Global
Management,
Inc.
...............
1,201,485
75,885,792
Euronet
Worldwide,
Inc.
(a)
(b)
..................
114,530
12,815,907
Fiserv,
Inc.
(a)
............................
172,613
19,510,447
FleetCor
Technologies,
Inc.
(a)
(b)
................
233,689
49,273,326
Jack
Henry
&
Associates,
Inc.
................
236,608
35,661,558
Mastercard,
Inc.
,
Class
A
....................
2,772,380
1,007,510,616
PayPal
Holdings,
Inc.
(a)
.....................
1,142,989
86,798,585
Rocket
Companies,
Inc.
,
Class
A
(a)
(b)
............
205,563
1,862,401
Shift4
Payments,
Inc.
,
Class
A
(a)
(b)
..............
163,999
12,431,124
Toast,
Inc.
,
Class
A
(a)
(b)
.....................
827,454
14,687,308
UWM
Holdings
Corp.
,
Class
A
(b)
...............
272,992
1,340,391
Visa,
Inc.
,
Class
A
(b)
.......................
5,296,197
1,194,080,576
Western
Union
Co.
(The)
...................
369,440
4,119,256
WEX,
Inc.
(a)
.............................
103,025
18,945,267
2,534,922,554
a
Food
Products
 — 
0
.3
%
Darling
Ingredients,
Inc.
(a)
...................
35,623
2,080,383
Freshpet,
Inc.
(a)
(b)
.........................
81,568
5,398,986
Hershey
Co.
(The)
........................
411,815
104,769,854
Kellogg
Co.
.............................
455,540
30,502,959
Lamb
Weston
Holdings,
Inc.
.................
467,800
48,894,456
Pilgrim's
Pride
Corp.
(a)
(b)
....................
79,656
1,846,426
193,493,064
a
Gas
Utilities
 — 
0
.0
%
National
Fuel
Gas
Co.
.....................
22,662
1,308,504
a
Ground
Transportation
 — 
1
.3
%
CSX
Corp.
.............................
1,719,624
51,485,542
JB
Hunt
Transport
Services,
Inc.
..............
239,004
41,935,642
Landstar
System,
Inc.
(b)
.....................
103,264
18,511,105
Lyft,
Inc.
,
Class
A
(a)
(b)
.......................
820,957
7,610,271
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Russell
1000
Growth
ETF
(Percentages
shown
are
based
on
Net
Assets)
26
2023
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Ground
Transportation
(continued)
Old
Dominion
Freight
Line,
Inc.
(b)
..............
323,265
$
110,181,643
RXO,
Inc.
(a)
.............................
25,020
491,393
Uber
Technologies,
Inc.
(a)
(b)
..................
5,413,977
171,623,071
Union
Pacific
Corp.
.......................
2,002,329
402,988,734
XPO,
Inc.
(a)
.............................
25,020
798,138
805,625,539
a
Health
Care
Equipment
&
Supplies
 — 
2
.1
%
Abbott
Laboratories
.......................
738,696
74,800,357
Align
Technology,
Inc.
(a)
.....................
191,873
64,112,444
Baxter
International,
Inc.
....................
260,939
10,583,686
Dexcom,
Inc.
(a)
..........................
1,254,681
145,768,839
Edwards
Lifesciences
Corp.
(a)
................
2,012,012
166,453,753
GE
HealthCare
Technologies,
Inc.
(a)
............
65,996
5,413,652
Globus
Medical,
Inc.
,
Class
A
(a)
...............
13,663
773,872
ICU
Medical,
Inc.
(a)
(b)
.......................
11,974
1,975,231
IDEXX
Laboratories,
Inc.
(a)
...................
267,560
133,801,405
Insulet
Corp.
(a)
(b)
..........................
224,431
71,584,512
Intuitive
Surgical,
Inc.
(a)
.....................
1,057,057
270,046,352
Masimo
Corp.
(a)
(b)
.........................
118,319
21,834,588
Novocure
Ltd.
(a)
(b)
.........................
336,766
20,253,107
Penumbra,
Inc.
(a)
(b)
........................
115,871
32,292,089
ResMed,
Inc.
...........................
470,160
102,960,338
Stryker
Corp.
...........................
612,385
174,817,546
Tandem
Diabetes
Care,
Inc.
(a)
(b)
...............
189,253
7,685,564
1,305,157,335
a
Health
Care
Providers
&
Services
 — 
2
.8
%
agilon
health,
Inc.
(a)
(b)
......................
569,857
13,534,104
AmerisourceBergen
Corp.
...................
530,201
84,890,482
Chemed
Corp.
...........................
17,513
9,417,616
Cigna
Group
(The)
........................
151,783
38,785,110
DaVita,
Inc.
(a)
(b)
..........................
180,183
14,614,643
Elevance
Health,
Inc.
......................
238,733
109,771,821
Guardant
Health,
Inc.
(a)
(b)
....................
311,923
7,311,475
HCA
Healthcare,
Inc.
......................
43,140
11,375,155
Humana,
Inc.
...........................
290,746
141,145,553
McKesson
Corp.
.........................
87,650
31,207,783
Molina
Healthcare,
Inc.
(a)
....................
144,457
38,640,803
UnitedHealth
Group,
Inc.
....................
2,773,260
1,310,614,943
1,811,309,488
a
Health
Care
Technology
 — 
0
.2
%
Certara,
Inc.
(a)
(b)
..........................
243,965
5,881,996
Definitive
Healthcare
Corp.
,
Class
A
(a)
(b)
..........
51,779
534,877
Doximity,
Inc.
,
Class
A
(a)
(b)
...................
163,396
5,290,763
Teladoc
Health,
Inc.
(a)
......................
49,209
1,274,513
Veeva
Systems,
Inc.
,
Class
A
(a)
(b)
..............
454,332
83,501,678
96,483,827
a
Hotels,
Restaurants
&
Leisure
 — 
2
.4
%
Airbnb,
Inc.
,
Class
A
(a)
(b)
.....................
1,222,092
152,028,245
Booking
Holdings,
Inc.
(a)
....................
126,328
335,073,650
Caesars
Entertainment,
Inc.
(a)
................
463,599
22,628,267
Chipotle
Mexican
Grill,
Inc.
(a)
.................
89,470
152,840,706
Choice
Hotels
International,
Inc.
(b)
..............
104,667
12,265,926
Churchill
Downs,
Inc.
(b)
.....................
115,856
29,780,785
Darden
Restaurants,
Inc.
...................
290,429
45,062,964
Domino's
Pizza,
Inc.
.......................
84,731
27,950,215
DoorDash,
Inc.
,
Class
A
(a)
(b)
..................
717,924
45,631,249
DraftKings,
Inc.
,
Class
A
(a)
(b)
..................
1,148,393
22,232,888
Expedia
Group,
Inc.
(a)
(b)
.....................
480,849
46,656,778
Hilton
Worldwide
Holdings,
Inc.
...............
618,778
87,167,257
Las
Vegas
Sands
Corp.
(a)
...................
397,218
22,820,174
Marriott
International,
Inc.
,
Class
A
.............
864,372
143,520,327
Security
Shares
Value
a
Hotels,
Restaurants
&
Leisure
(continued)
McDonald's
Corp.
........................
585,103
$
163,600,650
Norwegian
Cruise
Line
Holdings
Ltd.
(a)
(b)
.........
98,777
1,328,551
Planet
Fitness,
Inc.
,
Class
A
(a)
................
198,091
15,385,728
Six
Flags
Entertainment
Corp.
(a)
...............
119,846
3,201,087
Starbucks
Corp.
..........................
1,344,967
140,051,414
Travel
+
Leisure
Co.
.......................
186,950
7,328,440
Vail
Resorts,
Inc.
.........................
122,826
28,701,980
Wendy's
Co.
(The)
........................
548,788
11,952,603
Wyndham
Hotels
&
Resorts,
Inc.
..............
198,657
13,478,877
Wynn
Resorts
Ltd.
(a)
.......................
42,368
4,741,403
Yum!
Brands,
Inc.
........................
106,468
14,062,293
1,549,492,457
a
Household
Durables
 — 
0
.2
%
DR
Horton,
Inc.
..........................
539,137
52,668,294
NVR,
Inc.
(a)
.............................
6,855
38,197,362
PulteGroup,
Inc.
.........................
287,992
16,784,174
Toll
Brothers,
Inc.
.........................
186,133
11,173,564
TopBuild
Corp.
(a)
.........................
87,168
18,143,147
136,966,541
a
Household
Products
 — 
1
.2
%
Church
&
Dwight
Co.,
Inc.
...................
356,964
31,559,187
Clorox
Co.
(The)
.........................
333,077
52,706,105
Colgate-Palmolive
Co.
.....................
1,658,694
124,650,854
Kimberly-Clark
Corp.
......................
649,383
87,160,186
Procter
&
Gamble
Co.
(The)
.................
3,276,309
487,154,385
783,230,717
a
Independent
Power
and
Renewable
Electricity
Producers
 — 
0
.0
%
AES
Corp.
(The)
.........................
387,794
9,338,080
Vistra
Corp.
............................
735,703
17,656,872
26,994,952
a
Industrial
Conglomerates
 — 
0
.2
%
General
Electric
Co.
.......................
198,307
18,958,149
Honeywell
International,
Inc.
.................
645,548
123,377,134
142,335,283
a
Insurance
 — 
1
.2
%
Aon
PLC
,
Class
A
........................
628,734
198,233,543
Arch
Capital
Group
Ltd.
(a)
...................
371,688
25,226,464
Arthur
J
Gallagher
&
Co.
....................
78,994
15,112,342
Assurant,
Inc.
...........................
10,767
1,292,794
Brown
&
Brown,
Inc.
.......................
57,493
3,301,248
Erie
Indemnity
Co.
,
Class
A
,
NVS
..............
60,094
13,921,376
Everest
Re
Group
Ltd.
.....................
38,939
13,940,941
Lincoln
National
Corp.
.....................
113,232
2,544,323
Markel
Corp.
(a)
(b)
..........................
9,858
12,592,708
Marsh
&
McLennan
Companies,
Inc.
............
1,441,053
240,007,377
Progressive
Corp.
(The)
....................
1,654,727
236,725,245
RenaissanceRe
Holdings
Ltd.
................
75,971
15,220,030
Ryan
Specialty
Holdings,
Inc.
,
Class
A
(a)
(b)
........
267,626
10,769,270
788,887,661
a
Interactive
Media
&
Services
 — 
5
.8
%
Alphabet,
Inc.
,
Class
A
(a)
....................
17,050,748
1,768,674,090
Alphabet,
Inc.
,
Class
C
,
NVS
(a)
................
14,827,736
1,542,084,544
Match
Group,
Inc.
(a)
.......................
847,691
32,542,857
Meta
Platforms,
Inc.
,
Class
A
(a)
................
1,544,254
327,289,193
Pinterest,
Inc.
,
Class
A
(a)
(b)
...................
416,950
11,370,227
TripAdvisor,
Inc.
(a)
(b)
.......................
26,569
527,660
ZoomInfo
Technologies,
Inc.
(a)
(b)
...............
895,937
22,138,603
3,704,627,174
a
iShares
®
Russell
1000
Growth
ETF
Schedule
of
Investments
(continued)
March
31,
2023
(Percentages
shown
are
based
on
Net
Assets)
27
Schedule
of
Investments
Security
Shares
Value
a
IT
Services
 — 
2
.1
%
Accenture
PLC
,
Class
A
....................
2,064,446
$
590,039,311
Cloudflare,
Inc.
,
Class
A
(a)
(b)
..................
917,844
56,594,261
EPAM
Systems,
Inc.
(a)
(b)
....................
178,368
53,332,032
Gartner,
Inc.
(a)
(b)
..........................
249,604
81,313,495
Globant
SA
(a)
............................
133,033
21,818,742
GoDaddy,
Inc.
,
Class
A
(a)
....................
69,517
5,402,861
International
Business
Machines
Corp.
..........
1,958,619
256,755,365
MongoDB,
Inc.
,
Class
A
(a)
(b)
..................
215,342
50,200,527
Okta,
Inc.
,
Class
A
(a)
.......................
65,381
5,638,458
Snowflake,
Inc.
,
Class
A
(a)
(b)
..................
944,980
145,800,964
Thoughtworks
Holding,
Inc.
(a)
(b)
................
271,864
2,000,919
Twilio,
Inc.
,
Class
A
(a)
......................
215,192
14,338,243
VeriSign,
Inc.
(a)
..........................
32,354
6,837,371
Wix.com
Ltd.
(a)
(b)
.........................
139,791
13,951,142
1,304,023,691
a
Leisure
Products
 — 
0
.1
%
Brunswick
Corp.
.........................
41,484
3,401,688
Mattel,
Inc.
(a)
............................
544,407
10,022,533
Polaris,
Inc.
(b)
...........................
132,499
14,658,364
YETI
Holdings,
Inc.
(a)
(b)
.....................
278,104
11,124,160
39,206,745
a
Life
Sciences
Tools
&
Services
 — 
1
.3
%
10X
Genomics,
Inc.
,
Class
A
(a)
(b)
...............
266,326
14,858,328
Agilent
Technologies,
Inc.
...................
864,758
119,630,622
Avantor,
Inc.
(a)
...........................
1,840,359
38,905,189
Bio-Techne
Corp.
.........................
505,616
37,511,651
Bruker
Corp.
............................
349,697
27,570,112
Charles
River
Laboratories
International,
Inc.
(a)
(b)
....
153,604
31,000,359
Danaher
Corp.
..........................
143,137
36,076,249
IQVIA
Holdings,
Inc.
(a)
......................
603,924
120,114,444
Maravai
LifeSciences
Holdings,
Inc.
,
Class
A
(a)
.....
351,611
4,926,070
Mettler-Toledo
International,
Inc.
(a)
.............
71,588
109,544,674
Repligen
Corp.
(a)
(b)
........................
128,855
21,694,028
Sotera
Health
Co.
(a)
(b)
......................
321,629
5,760,375
Syneos
Health,
Inc.
,
Class
A
(a)
................
57,358
2,043,092
Thermo
Fisher
Scientific,
Inc.
.................
155,430
89,585,189
Waters
Corp.
(a)
(b)
.........................
192,572
59,626,068
West
Pharmaceutical
Services,
Inc.
............
241,416
83,643,402
802,489,852
a
Machinery
 — 
1
.7
%
AGCO
Corp.
............................
26,217
3,544,538
Allison
Transmission
Holdings,
Inc.
.............
237,112
10,726,947
Caterpillar,
Inc.
..........................
1,476,725
337,933,749
Deere
&
Co.
............................
884,627
365,244,796
Donaldson
Co.,
Inc.
.......................
66,274
4,330,343
Graco,
Inc.
.............................
377,953
27,594,348
IDEX
Corp.
.............................
43,236
9,988,813
Illinois
Tool
Works,
Inc.
.....................
894,995
217,886,533
Lincoln
Electric
Holdings,
Inc.
................
183,736
31,069,758
Middleby
Corp.
(The)
(a)
.....................
11,941
1,750,670
Nordson
Corp.
...........................
43,369
9,639,194
Otis
Worldwide
Corp.
......................
166,781
14,076,316
Parker-Hannifin
Corp.
......................
95,216
32,003,050
Toro
Co.
(The)
...........................
340,155
37,811,630
Xylem,
Inc.
.............................
80,829
8,462,796
1,112,063,481
a
Media
 — 
0
.4
%
Cable
One,
Inc.
..........................
11,535
8,097,570
Charter
Communications,
Inc.
,
Class
A
(a)
(b)
........
342,527
122,491,080
Liberty
Broadband
Corp.
,
Class
A
(a)
(b)
............
24,463
2,008,901
Liberty
Broadband
Corp.
,
Class
C
,
NVS
(a)
........
180,437
14,741,703
Security
Shares
Value
a
Media
(continued)
Liberty
Media
Corp.-Liberty
SiriusXM
,
Series
A
(a)
(b)
...
66,586
$
1,870,401
Liberty
Media
Corp.-Liberty
SiriusXM
,
Series
C
,
NVS
(a)
(b)
.............................
137,325
3,843,727
Nexstar
Media
Group,
Inc.
(b)
..................
9,336
1,611,954
Trade
Desk,
Inc.
(The)
,
Class
A
(a)
(b)
.............
1,430,822
87,151,368
241,816,704
a
Metals
&
Mining
 — 
0
.0
%
MP
Materials
Corp.
,
Class
A
(a)
(b)
...............
295,268
8,323,605
Royal
Gold,
Inc.
..........................
13,588
1,762,499
Southern
Copper
Corp.
.....................
180,191
13,739,564
23,825,668
a
Oil,
Gas
&
Consumable
Fuels
 — 
1
.3
%
Antero
Resources
Corp.
(a)
(b)
..................
596,332
13,769,306
Cheniere
Energy,
Inc.
......................
465,195
73,314,732
Coterra
Energy,
Inc.
.......................
407,835
10,008,271
Devon
Energy
Corp.
.......................
1,037,906
52,528,423
Diamondback
Energy,
Inc.
...................
333,305
45,052,837
Enviva,
Inc.
.............................
97,871
2,826,515
EOG
Resources,
Inc.
......................
1,392,713
159,646,691
Hess
Corp.
.............................
717,362
94,935,687
New
Fortress
Energy,
Inc.
,
Class
A
.............
187,505
5,518,272
Occidental
Petroleum
Corp.
(b)
.................
2,135,422
133,314,395
ONEOK,
Inc.
............................
162,308
10,313,050
Ovintiv,
Inc.
.............................
568,706
20,518,913
PDC
Energy,
Inc.
.........................
152,901
9,813,186
Pioneer
Natural
Resources
Co.
...............
426,457
87,099,578
Range
Resources
Corp.
....................
504,488
13,353,797
Southwestern
Energy
Co.
(a)
..................
252,114
1,260,570
Targa
Resources
Corp.
.....................
734,265
53,564,632
Texas
Pacific
Land
Corp.
....................
18,610
31,655,982
818,494,837
a
Paper
&
Forest
Products
 — 
0
.0
%
Louisiana-Pacific
Corp.
.....................
22,933
1,243,198
a
Passenger
Airlines
 — 
0
.1
%
Delta
Air
Lines,
Inc.
(a)
......................
2,087,109
72,881,846
a
Personal
Care
Products
 — 
0
.3
%
Estee
Lauder
Companies,
Inc.
(The)
,
Class
A
......
747,535
184,237,476
Olaplex
Holdings,
Inc.
(a)
(b)
...................
396,835
1,694,486
185,931,962
a
Pharmaceuticals
 — 
2
.2
%
Catalent,
Inc.
(a)
(b)
.........................
186,078
12,227,185
Eli
Lilly
&
Co.
...........................
2,234,686
767,435,866
Merck
&
Co.,
Inc.
.........................
3,453,441
367,411,588
Zoetis,
Inc.
,
Class
A
.......................
1,533,968
255,313,634
1,402,388,273
a
Professional
Services
 — 
1
.2
%
Automatic
Data
Processing,
Inc.
...............
1,248,842
278,029,694
Booz
Allen
Hamilton
Holding
Corp.
,
Class
A
.......
426,056
39,491,131
Broadridge
Financial
Solutions,
Inc.
............
345,401
50,625,425
CoStar
Group,
Inc.
(a)
.......................
187,231
12,890,854
Equifax,
Inc.
............................
197,257
40,011,610
FTI
Consulting,
Inc.
(a)
(b)
.....................
45,406
8,960,874
Genpact
Ltd.
............................
317,566
14,677,900
KBR,
Inc.
..............................
286,645
15,779,807
Paychex,
Inc.
...........................
1,050,041
120,324,198
Robert
Half
International,
Inc.
.................
302,607
24,381,046
TransUnion
.............................
460,220
28,598,071
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Russell
1000
Growth
ETF
(Percentages
shown
are
based
on
Net
Assets)
28
2023
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Professional
Services
(continued)
Verisk
Analytics,
Inc.
.......................
506,467
$
97,170,759
730,941,369
a
Real
Estate
Management
&
Development
 — 
0
.1
%
CBRE
Group,
Inc.
,
Class
A
(a)
.................
504,317
36,719,321
Opendoor
Technologies,
Inc.
(a)
(b)
...............
404,864
712,561
Zillow
Group,
Inc.
,
Class
A
(a)
.................
11,168
488,042
Zillow
Group,
Inc.
,
Class
C
,
NVS
(a)
(b)
............
31,397
1,396,224
39,316,148
a
Residential
REITs
 — 
0
.0
%
Apartment
Income
REIT
Corp.
................
39,174
1,402,821
Camden
Property
Trust
.....................
27,799
2,914,447
Equity
LifeStyle
Properties,
Inc.
...............
356,859
23,955,945
28,273,213
a
Retail
REITs
 — 
0
.1
%
Simon
Property
Group,
Inc.
..................
514,240
57,579,453
a
Semiconductors
&
Semiconductor
Equipment
 — 
8
.8
%
Advanced
Micro
Devices,
Inc.
(a)
(b)
..............
4,146,791
406,426,986
Allegro
MicroSystems,
Inc.
(a)
.................
213,608
10,251,048
Analog
Devices,
Inc.
.......................
331,656
65,409,196
Applied
Materials,
Inc.
.....................
2,741,620
336,753,185
Broadcom,
Inc.
..........................
1,286,838
825,558,051
Enphase
Energy,
Inc.
(a)
.....................
425,794
89,535,962
Entegris,
Inc.
(b)
..........................
481,604
39,496,344
GlobalFoundries,
Inc.
(a)
(b)
....................
48,519
3,502,101
KLA
Corp.
..............................
451,064
180,051,217
Lam
Research
Corp.
......................
439,084
232,767,210
Lattice
Semiconductor
Corp.
(a)
................
442,339
42,243,374
Microchip
Technology,
Inc.
...................
1,479,809
123,978,398
Micron
Technology,
Inc.
.....................
672,393
40,572,194
Monolithic
Power
Systems,
Inc.
...............
149,462
74,811,709
NVIDIA
Corp.
...........................
7,708,460
2,141,178,934
ON
Semiconductor
Corp.
(a)
(b)
.................
880,274
72,464,156
QUALCOMM,
Inc.
........................
3,650,746
465,762,175
Teradyne,
Inc.
...........................
461,618
49,628,551
Texas
Instruments,
Inc.
.....................
2,025,288
376,723,821
Universal
Display
Corp.
....................
141,589
21,964,702
5,599,079,314
a
Software
 — 
17
.1
%
Adobe,
Inc.
(a)
............................
1,489,689
574,081,450
Alteryx,
Inc.
,
Class
A
(a)
.....................
195,098
11,479,566
ANSYS,
Inc.
(a)
...........................
149,148
49,636,454
AppLovin
Corp.
,
Class
A
(a)
...................
713,300
11,234,475
Aspen
Technology,
Inc.
(a)
(b)
...................
86,925
19,894,525
Atlassian
Corp.
,
Class
A
(a)
(b)
..................
474,432
81,208,525
Autodesk,
Inc.
(a)
(b)
.........................
708,662
147,515,082
Bentley
Systems,
Inc.
,
Class
B
(b)
...............
544,426
23,404,874
Black
Knight,
Inc.
(a)
........................
45,869
2,640,220
Cadence
Design
Systems,
Inc.
(a)
..............
888,120
186,585,131
CCC
Intelligent
Solutions
Holdings,
Inc.
(a)
(b)
........
209,407
1,878,381
Ceridian
HCM
Holding,
Inc.
(a)
(b)
................
82,988
6,076,381
Confluent,
Inc.
,
Class
A
(a)
(b)
..................
418,411
10,071,153
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
(b)
..........
700,763
96,186,729
Datadog,
Inc.
,
Class
A
(a)
....................
865,660
62,898,856
DocuSign,
Inc.
(a)
.........................
642,524
37,459,149
DoubleVerify
Holdings,
Inc.
(a)
.................
243,337
7,336,611
Dropbox,
Inc.
,
Class
A
(a)
....................
809,491
17,501,195
Dynatrace,
Inc.
(a)
.........................
705,421
29,839,308
Elastic
NV
(a)
(b)
...........................
251,137
14,540,832
Fair
Isaac
Corp.
(a)
(b)
.......................
79,174
55,634,778
Five9,
Inc.
(a)
............................
227,716
16,461,590
Fortinet,
Inc.
(a)
...........................
2,104,196
139,844,866
Security
Shares
Value
a
Software
(continued)
Gen
Digital,
Inc.
..........................
639,495
$
10,973,734
HubSpot,
Inc.
(a)
..........................
150,962
64,724,958
Informatica,
Inc.
,
Class
A
(a)
(b)
.................
20,123
330,017
Intuit,
Inc.
..............................
897,845
400,286,236
Jamf
Holding
Corp.
(a)
(b)
.....................
179,044
3,477,034
Manhattan
Associates,
Inc.
(a)
(b)
................
124,588
19,292,452
Microsoft
Corp.
..........................
24,378,964
7,028,455,321
nCino,
Inc.
(a)
(b)
...........................
52,330
1,296,737
NCR
Corp.
(a)
............................
21,302
502,514
New
Relic,
Inc.
(a)
.........................
175,316
13,199,542
Nutanix,
Inc.
,
Class
A
(a)
.....................
388,185
10,088,928
Oracle
Corp.
............................
3,421,437
317,919,926
Palantir
Technologies,
Inc.
,
Class
A
(a)
(b)
..........
5,971,219
50,456,801
Palo
Alto
Networks,
Inc.
(a)
(b)
..................
968,496
193,447,391
Paycom
Software,
Inc.
(a)
....................
166,166
50,516,126
Paylocity
Holding
Corp.
(a)
...................
130,925
26,025,272
Pegasystems,
Inc.
........................
133,259
6,460,396
Procore
Technologies,
Inc.
(a)
.................
166,358
10,419,002
PTC,
Inc.
(a)
.............................
347,134
44,512,993
RingCentral,
Inc.
,
Class
A
(a)
..................
272,561
8,359,446
Salesforce,
Inc.
(a)
.........................
672,148
134,281,727
SentinelOne,
Inc.
,
Class
A
(a)
(b)
................
437,527
7,157,942
ServiceNow,
Inc.
(a)
........................
660,608
306,997,750
Smartsheet,
Inc.
,
Class
A
(a)
..................
412,693
19,726,725
Splunk,
Inc.
(a)
...........................
528,041
50,628,571
Synopsys,
Inc.
(a)
(b)
........................
496,336
191,709,780
Teradata
Corp.
(a)
.........................
178,497
7,189,859
Tyler
Technologies,
Inc.
(a)
...................
116,715
41,391,808
UiPath,
Inc.
,
Class
A
(a)
(b)
....................
109,564
1,923,944
Unity
Software,
Inc.
(a)
(b)
.....................
517,085
16,774,237
VMware,
Inc.
,
Class
A
(a)
....................
339,221
42,351,742
Workday,
Inc.
,
Class
A
(a)
(b)
...................
650,237
134,299,950
Zoom
Video
Communications,
Inc.
,
Class
A
(a)
......
403,808
29,817,183
Zscaler,
Inc.
(a)
(b)
..........................
273,840
31,992,727
10,880,398,902
a
Specialized
REITs
 — 
1
.3
%
American
Tower
Corp.
.....................
1,159,440
236,919,970
Crown
Castle,
Inc.
........................
1,405,627
188,129,118
Equinix,
Inc.
............................
226,857
163,572,971
Extra
Space
Storage,
Inc.
...................
51,323
8,362,057
Iron
Mountain,
Inc.
........................
704,855
37,293,878
Lamar
Advertising
Co.
,
Class
A
...............
249,954
24,967,905
Public
Storage
...........................
404,150
122,109,881
SBA
Communications
Corp.
,
Class
A
............
79,734
20,816,155
802,171,935
a
Specialty
Retail
 — 
2
.9
%
Advance
Auto
Parts,
Inc.
....................
15,394
1,872,064
AutoZone,
Inc.
(a)
.........................
55,401
136,183,968
Best
Buy
Co.,
Inc.
........................
203,234
15,907,125
Burlington
Stores,
Inc.
(a)
....................
199,327
40,283,987
CarMax,
Inc.
(a)
(b)
..........................
59,540
3,827,231
Carvana
Co.
,
Class
A
(a)
(b)
....................
359,914
3,523,558
Five
Below,
Inc.
(a)
(b)
........................
176,239
36,299,947
Floor
&
Decor
Holdings,
Inc.
,
Class
A
(a)
(b)
.........
337,957
33,194,137
Home
Depot,
Inc.
(The)
....................
1,925,793
568,340,030
Leslie's,
Inc.
(a)
(b)
..........................
508,453
5,598,068
Lowe's
Companies,
Inc.
....................
1,701,079
340,164,768
O'Reilly
Automotive,
Inc.
(a)
(b)
..................
82,331
69,897,372
RH
(a)
(b)
................................
22,120
5,387,326
Ross
Stores,
Inc.
.........................
473,302
50,231,541
TJX
Companies,
Inc.
(The)
..................
3,781,428
296,312,698
Tractor
Supply
Co.
........................
359,435
84,481,602
Ulta
Beauty,
Inc.
(a)
........................
163,728
89,341,458
iShares
®
Russell
1000
Growth
ETF
Schedule
of
Investments
(continued)
March
31,
2023
(Percentages
shown
are
based
on
Net
Assets)
29
Schedule
of
Investments
Security
Shares
Value
a
Specialty
Retail
(continued)
Victoria's
Secret
&
Co.
(a)
(b)
...................
189,154
$
6,459,609
Wayfair,
Inc.
,
Class
A
(a)
(b)
....................
168,666
5,791,991
Williams-Sonoma,
Inc.
.....................
171,949
20,919,315
1,814,017,795
a
Technology
Hardware,
Storage
&
Peripherals
 — 
12
.9
%
Apple,
Inc.
.............................
48,967,861
8,074,800,279
Dell
Technologies,
Inc.
,
Class
C
...............
117,649
4,730,666
HP,
Inc.
...............................
1,470,845
43,169,301
NetApp,
Inc.
............................
708,434
45,233,511
Pure
Storage,
Inc.
,
Class
A
(a)
.................
920,921
23,492,695
8,191,426,452
a
Textiles,
Apparel
&
Luxury
Goods
 — 
1
.0
%
Deckers
Outdoor
Corp.
(a)
(b)
...................
75,567
33,971,145
Lululemon
Athletica,
Inc.
(a)
...................
363,528
132,393,262
Nike,
Inc.
,
Class
B
........................
3,919,519
480,689,810
Skechers
USA,
Inc.
,
Class
A
(a)
................
64,750
3,076,920
Tapestry,
Inc.
............................
109,846
4,735,461
654,866,598
a
Trading
Companies
&
Distributors
 — 
0
.5
%
Core
&
Main,
Inc.
,
Class
A
(a)
(b)
................
81,714
1,887,593
Fastenal
Co.
............................
1,873,203
101,040,570
SiteOne
Landscape
Supply,
Inc.
(a)
(b)
.............
86,463
11,834,191
United
Rentals,
Inc.
.......................
104,172
41,227,111
Security
Shares
Value
a
Trading
Companies
&
Distributors
(continued)
Watsco,
Inc.
............................
56,713
$
18,043,808
WESCO
International,
Inc.
...................
76,699
11,853,063
WW
Grainger,
Inc.
........................
146,664
101,023,630
286,909,966
a
Total
Long-Term
Investments — 99.8%
(Cost:
$
51,579,382,982
)
..............................
63,442,637,709
a
Short-Term
Securities
Money
Market
Funds
 — 
2
.0
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.01
%
(c)
(d)
(e)
......................
1,194,255,132
1,194,613,409
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.73
%
(c)
(d)
............................
90,622,505
90,622,505
a
Total
Short-Term
Securities — 2.0%
(Cost:
$
1,284,550,516
)
...............................
1,285,235,914
Total
Investments
—
101.8%
(Cost:
$
52,863,933,498
)
..............................
64,727,873,623
Liabilities
in
Excess
of
Other
Assets
—
(
1
.8
)
%
...............
(
1,174,613,903
)
Net
Assets
—
100.0%
.................................
$
63,553,259,720
(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.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
March
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/23
  Shares
Held
at
03/31/23
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
.
$
1,167,477,245
$
26,545,626
(a)
$
—
$
30,100
$
560,438
$
1,194,613,409
1,194,255,132
$
5,869,379
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
91,770,000
—
(
1,147,495
)
(a)
—
—
90,622,505
90,622,505
2,558,522
56
$
30,100
$
560,438
$
1,285,235,914
$
8,427,901
$
56
(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
(continued)
March
31,
2023
iShares
®
Russell
1000
Growth
ETF
30
2023
iShares
Annual
Report
to
Shareholders
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
March
31,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements. 
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
NASDAQ
100
E-Mini
Index
...............................................................
223
06/16/23
$
59,326
$
5,984,601
S&P
500
E-Mini
Index
...................................................................
216
06/16/23
44,688
2,623,323
$
8,607,924
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
8,607,924
$
—
$
—
$
—
$
8,607,924
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.................................
$
—
$
—
$
(
15,067,472
)
$
—
$
—
$
—
$
(
15,067,472
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.................................
$
—
$
—
$
542,771
$
—
$
—
$
—
$
542,771
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
105,109,459
a
iShares
®
Russell
1000
Growth
ETF
Schedule
of
Investments
(continued)
March
31,
2023
31
Schedule
of
Investments
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
.........................................
$
63,442,637,709
‌
$
—
‌
$
—
‌
$
63,442,637,709
‌
Short-Term
Securities
Money
Market
Funds
......................................
1,285,235,914
‌
—
‌
—
‌
1,285,235,914
‌
$
64,727,873,623
‌
$
—
‌
$
—
‌
$
64,727,873,623
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
8,607,924
‌
$
—
‌
$
—
‌
$
8,607,924
‌
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
March
31,
2023
iShares
®
Russell
1000
Value
ETF
(Percentages
shown
are
based
on
Net
Assets)
32
2023
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
 — 
2
.5
%
Axon
Enterprise,
Inc.
(a)
.....................
41,555
$
9,343,642
Boeing
Co.
(The)
(a)
(b)
.......................
1,048,213
222,671,888
BWX
Technologies,
Inc.
....................
151,219
9,532,846
Curtiss-Wright
Corp.
.......................
105,746
18,638,790
General
Dynamics
Corp.
....................
667,829
152,405,256
HEICO
Corp.
...........................
7,752
1,325,902
HEICO
Corp.
,
Class
A
......................
13,671
1,857,889
Hexcel
Corp.
............................
231,516
15,800,967
Howmet
Aerospace,
Inc.
....................
919,605
38,963,664
Huntington
Ingalls
Industries,
Inc.
..............
84,698
17,534,180
L3Harris
Technologies,
Inc.
..................
521,376
102,314,826
Mercury
Systems,
Inc.
(a)
(b)
...................
134,597
6,880,599
Northrop
Grumman
Corp.
...................
349,436
161,341,590
Raytheon
Technologies
Corp.
................
4,035,986
395,244,109
Spirit
AeroSystems
Holdings,
Inc.
,
Class
A
........
14,601
504,172
Textron,
Inc.
............................
571,914
40,394,286
TransDigm
Group,
Inc.
.....................
86,368
63,657,534
Woodward,
Inc.
..........................
158,815
15,463,816
1,273,875,956
a
Air
Freight
&
Logistics
 — 
0
.5
%
CH
Robinson
Worldwide,
Inc.
................
233,864
23,239,066
Expeditors
International
of
Washington,
Inc.
(b)
......
301,605
33,212,743
FedEx
Corp.
............................
641,800
146,644,882
GXO
Logistics,
Inc.
(a)
(b)
.....................
259,779
13,108,448
United
Parcel
Service,
Inc.
,
Class
B
............
218,216
42,331,722
258,536,861
a
Automobile
Components
 — 
0
.3
%
Aptiv
PLC
(a)
.............................
555,478
62,319,077
BorgWarner,
Inc.
.........................
640,726
31,466,054
Gentex
Corp.
...........................
642,293
18,003,473
Lear
Corp.
.............................
161,286
22,497,784
QuantumScape
Corp.
,
Class
A
(a)
(b)
.............
708,563
5,796,045
140,082,433
a
Automobiles
 — 
0
.6
%
Ford
Motor
Co.
..........................
10,819,928
136,331,093
General
Motors
Co.
.......................
3,818,242
140,053,116
Harley-Davidson,
Inc.
......................
369,704
14,037,661
Lucid
Group,
Inc.
(a)
(b)
.......................
88,176
708,935
Rivian
Automotive,
Inc.
,
Class
A
(a)
(b)
.............
1,431,777
22,163,908
Thor
Industries,
Inc.
.......................
141,208
11,245,805
324,540,518
a
Banks
 — 
6
.3
%
Bank
of
America
Corp.
.....................
19,284,842
551,546,481
Bank
of
Hawaii
Corp.
......................
107,525
5,599,902
Bank
OZK
.............................
306,504
10,482,437
BOK
Financial
Corp.
.......................
80,364
6,783,525
Citigroup,
Inc.
...........................
5,314,994
249,220,069
Citizens
Financial
Group,
Inc.
................
1,341,111
40,729,541
Columbia
Banking
System,
Inc.
...............
569,008
12,188,151
Comerica,
Inc.
...........................
357,700
15,531,334
Commerce
Bancshares,
Inc.
.................
311,099
18,152,627
Cullen/Frost
Bankers,
Inc.
...................
159,997
16,854,084
East
West
Bancorp,
Inc.
....................
387,501
21,506,305
Fifth
Third
Bancorp
.......................
1,866,748
49,730,167
First
Citizens
BancShares,
Inc.
,
Class
A
..........
22,803
22,189,599
First
Hawaiian,
Inc.
.......................
348,712
7,193,929
First
Horizon
Corp.
........................
1,448,060
25,746,507
First
Republic
Bank
(b)
......................
510,475
7,141,545
FNB
Corp.
.............................
985,921
11,436,684
Security
Shares
Value
a
Banks
(continued)
Huntington
Bancshares,
Inc.
.................
3,936,650
$
44,090,480
JPMorgan
Chase
&
Co.
....................
8,009,018
1,043,655,136
KeyCorp
...............................
2,550,359
31,930,495
M&T
Bank
Corp.
.........................
471,629
56,392,679
New
York
Community
Bancorp,
Inc.
............
1,826,892
16,515,104
PacWest
Bancorp
(b)
.......................
315,748
3,072,228
Pinnacle
Financial
Partners,
Inc.
...............
206,267
11,377,688
PNC
Financial
Services
Group,
Inc.
(The)
........
1,105,283
140,481,469
Popular,
Inc.
............................
193,030
11,081,852
Prosperity
Bancshares,
Inc.
..................
241,338
14,847,114
Regions
Financial
Corp.
....................
2,563,898
47,585,947
Synovus
Financial
Corp.
....................
395,991
12,208,402
Truist
Financial
Corp.
......................
3,649,698
124,454,702
U.S.
Bancorp
...........................
3,796,468
136,862,671
Webster
Financial
Corp.
....................
472,777
18,636,869
Wells
Fargo
&
Co.
........................
10,532,789
393,715,653
Western
Alliance
Bancorp
(b)
..................
111,398
3,959,085
Wintrust
Financial
Corp.
....................
164,836
12,024,786
Zions
Bancorp
NA
........................
404,756
12,114,347
3,207,039,594
a
Beverages
 — 
1
.0
%
Boston
Beer
Co.,
Inc.
(The)
,
Class
A
,
NVS
(a)
.......
1,412
464,124
Brown-Forman
Corp.
,
Class
A
(b)
...............
50,852
3,315,042
Brown-Forman
Corp.
,
Class
B
,
NVS
............
208,600
13,406,722
Coca-Cola
Co.
(The)
......................
2,680,291
166,258,451
Constellation
Brands,
Inc.
,
Class
A
.............
415,735
93,910,379
Keurig
Dr
Pepper,
Inc.
.....................
2,352,898
83,010,241
Molson
Coors
Beverage
Co.
,
Class
B
...........
479,668
24,789,242
Monster
Beverage
Corp.
(a)
(b)
..................
151,981
8,208,494
PepsiCo,
Inc.
...........................
588,369
107,259,669
500,622,364
a
Biotechnology
 — 
1
.8
%
Amgen,
Inc.
............................
234,621
56,719,627
Biogen,
Inc.
(a)
(b)
..........................
393,292
109,346,975
BioMarin
Pharmaceutical,
Inc.
(a)
...............
507,021
49,302,722
Exact
Sciences
Corp.
(a)
(b)
....................
392,682
26,627,766
Exelixis,
Inc.
(a)
...........................
115,462
2,241,117
Gilead
Sciences,
Inc.
......................
3,446,768
285,978,341
Horizon
Therapeutics
PLC
(a)
.................
42,940
4,686,472
Incyte
Corp.
(a)
(b)
..........................
67,096
4,849,028
Ionis
Pharmaceuticals,
Inc.
(a)
(b)
................
31,285
1,118,126
Mirati
Therapeutics,
Inc.
(a)
(b)
..................
122,884
4,568,827
Moderna,
Inc.
(a)
..........................
856,301
131,510,708
Natera,
Inc.
(a)
...........................
18,937
1,051,382
Regeneron
Pharmaceuticals,
Inc.
(a)
.............
243,027
199,687,995
Ultragenyx
Pharmaceutical,
Inc.
(a)
(b)
.............
40,201
1,612,060
United
Therapeutics
Corp.
(a)
..................
122,245
27,377,990
Vertex
Pharmaceuticals,
Inc.
(a)
................
39,654
12,493,786
919,172,922
a
Broadline
Retail
 — 
0
.2
%
eBay,
Inc.
..............................
1,295,898
57,498,994
Kohl's
Corp.
............................
301,348
7,093,732
Macy's,
Inc.
............................
737,062
12,891,214
Nordstrom,
Inc.
..........................
44,000
715,880
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
(b)
..........
162,338
9,405,864
87,605,684
a
Building
Products
 — 
0
.9
%
A
O
Smith
Corp.
.........................
262,366
18,142,609
Allegion
PLC
............................
49,713
5,305,869
Armstrong
World
Industries,
Inc.
...............
52,997
3,775,506
AZEK
Co.,
Inc.
(The)
,
Class
A
(a)
(b)
..............
303,158
7,136,339
iShares
®
Russell
1000
Value
ETF
Schedule
of
Investments
(continued)
March
31,
2023
(Percentages
shown
are
based
on
Net
Assets)
33
Schedule
of
Investments
Security
Shares
Value
a
Building
Products
(continued)
Builders
FirstSource,
Inc.
(a)
..................
399,998
$
35,511,822
Carlisle
Companies,
Inc.
....................
22,257
5,031,640
Carrier
Global
Corp.
.......................
2,292,962
104,903,012
Fortune
Brands
Innovations,
Inc.
..............
229,562
13,482,176
Hayward
Holdings,
Inc.
(a)
(b)
...................
187,568
2,198,297
Johnson
Controls
International
PLC
............
1,889,869
113,807,911
Lennox
International,
Inc.
...................
87,401
21,962,123
Masco
Corp.
............................
585,261
29,099,177
Masterbrand,
Inc.
(a)
(b)
......................
229,964
1,848,911
Owens
Corning
..........................
255,145
24,442,891
Trane
Technologies
PLC
....................
264,132
48,595,005
435,243,288
a
Capital
Markets
 — 
4
.8
%
Affiliated
Managers
Group,
Inc.
...............
103,267
14,707,286
Ameriprise
Financial,
Inc.
...................
104,441
32,011,166
Bank
of
New
York
Mellon
Corp.
(The)
...........
2,015,221
91,571,642
BlackRock,
Inc.
(c)
.........................
407,227
272,483,730
Carlyle
Group,
Inc.
(The)
....................
568,174
17,647,484
Cboe
Global
Markets,
Inc.
...................
290,376
38,980,074
Charles
Schwab
Corp.
(The)
.................
1,857,171
97,278,617
CME
Group,
Inc.
,
Class
A
...................
984,621
188,574,614
Coinbase
Global,
Inc.
,
Class
A
(a)
(b)
..............
437,354
29,552,010
Evercore,
Inc.
,
Class
A
.....................
98,815
11,401,275
Franklin
Resources,
Inc.
....................
780,308
21,021,498
Goldman
Sachs
Group,
Inc.
(The)
.............
900,579
294,588,397
Interactive
Brokers
Group,
Inc.
,
Class
A
..........
254,984
21,051,479
Intercontinental
Exchange,
Inc.
...............
1,514,944
157,993,510
Invesco
Ltd.
............................
1,025,220
16,813,608
Janus
Henderson
Group
PLC
................
370,661
9,874,409
Jefferies
Financial
Group,
Inc.
................
542,459
17,217,649
KKR
&
Co.,
Inc.
..........................
1,569,042
82,406,086
Lazard
Ltd.
,
Class
A
.......................
226,334
7,493,919
Moody's
Corp.
...........................
24,678
7,551,962
Morgan
Stanley
..........................
3,385,063
297,208,531
Morningstar,
Inc.
.........................
6,547
1,329,237
MSCI,
Inc.
,
Class
A
.......................
52,577
29,426,821
Nasdaq,
Inc.
............................
943,122
51,560,480
Northern
Trust
Corp.
.......................
563,844
49,691,572
Raymond
James
Financial,
Inc.
...............
491,162
45,810,680
Robinhood
Markets,
Inc.
,
Class
A
(a)
(b)
............
1,576,788
15,310,611
S&P
Global,
Inc.
.........................
883,447
304,586,022
SEI
Investments
Co.
.......................
281,225
16,184,499
State
Street
Corp.
........................
956,847
72,423,749
Stifel
Financial
Corp.
......................
279,108
16,492,492
T
Rowe
Price
Group,
Inc.
...................
603,596
68,145,988
Tradeweb
Markets,
Inc.
,
Class
A
...............
107,873
8,524,124
Virtu
Financial,
Inc.
,
Class
A
..................
265,495
5,017,856
2,411,933,077
a
Chemicals
 — 
2
.7
%
Air
Products
and
Chemicals,
Inc.
..............
607,846
174,579,450
Albemarle
Corp.
.........................
155,528
34,377,909
Ashland,
Inc.
............................
138,526
14,228,005
Axalta
Coating
Systems
Ltd.
(a)
(b)
...............
456,734
13,834,473
Celanese
Corp.
..........................
297,997
32,448,893
Chemours
Co.
(The)
.......................
159,879
4,786,777
Corteva,
Inc.
............................
1,962,720
118,371,643
Dow,
Inc.
..............................
1,932,440
105,936,361
DuPont
de
Nemours,
Inc.
...................
1,258,336
90,310,775
Eastman
Chemical
Co.
.....................
327,977
27,661,580
Ecolab,
Inc.
(b)
...........................
79,988
13,240,414
Element
Solutions,
Inc.
.....................
620,484
11,981,546
FMC
Corp.
.............................
227,127
27,739,021
Ginkgo
Bioworks
Holdings,
Inc.
,
Class
A
(a)
(b)
.......
1,928,149
2,564,438
Security
Shares
Value
a
Chemicals
(continued)
Huntsman
Corp.
.........................
499,786
$
13,674,145
International
Flavors
&
Fragrances,
Inc.
..........
700,679
64,434,441
Linde
PLC
.............................
1,071,708
380,927,892
LyondellBasell
Industries
NV
,
Class
A
...........
704,944
66,187,192
Mosaic
Co.
(The)
.........................
817,896
37,525,068
NewMarket
Corp.
.........................
15,603
5,694,783
Olin
Corp.
..............................
334,254
18,551,097
PPG
Industries,
Inc.
.......................
303,721
40,571,051
RPM
International,
Inc.
.....................
331,415
28,912,645
Scotts
Miracle-Gro
Co.
(The)
,
Class
A
...........
72,068
5,026,022
Westlake
Corp.
(b)
.........................
89,674
10,400,391
1,343,966,012
a
Commercial
Services
&
Supplies
 — 
0
.3
%
Cintas
Corp.
............................
15,934
7,372,343
Clean
Harbors,
Inc.
(a)
......................
139,903
19,944,572
Driven
Brands
Holdings,
Inc.
(a)
(b)
...............
160,370
4,860,815
MSA
Safety,
Inc.
.........................
61,703
8,237,350
Republic
Services,
Inc.
.....................
529,557
71,606,697
Ritchie
Bros
Auctioneers,
Inc.
(b)
...............
32,647
1,837,700
Rollins,
Inc.
.............................
46,613
1,749,386
Stericycle,
Inc.
(a)
.........................
253,683
11,063,116
Tetra
Tech,
Inc.
..........................
85,257
12,525,106
Waste
Management,
Inc.
....................
71,200
11,617,704
150,814,789
a
Communications
Equipment
 — 
1
.6
%
Ciena
Corp.
(a)
...........................
405,088
21,275,222
Cisco
Systems,
Inc.
.......................
11,283,936
589,867,754
F5,
Inc.
(a)
..............................
162,724
23,707,260
Juniper
Networks,
Inc.
.....................
876,482
30,168,511
Lumentum
Holdings,
Inc.
(a)
(b)
.................
186,737
10,085,665
Motorola
Solutions,
Inc.
....................
451,743
129,257,225
Ubiquiti,
Inc.
............................
8,170
2,219,707
Viasat,
Inc.
(a)
(b)
...........................
199,116
6,738,085
813,319,429
a
Construction
&
Engineering
 — 
0
.2
%
AECOM
...............................
339,622
28,636,927
MasTec,
Inc.
(a)
(b)
..........................
168,121
15,877,347
MDU
Resources
Group,
Inc.
.................
552,143
16,829,319
Quanta
Services,
Inc.
......................
176,972
29,490,614
Valmont
Industries,
Inc.
.....................
49,848
15,915,469
WillScot
Mobile
Mini
Holdings
Corp.
,
Class
A
(a)
.....
263,570
12,356,162
119,105,838
a
Construction
Materials
 — 
0
.2
%
Eagle
Materials,
Inc.
.......................
17,174
2,520,285
Martin
Marietta
Materials,
Inc.
................
155,549
55,229,228
Vulcan
Materials
Co.
......................
185,470
31,819,233
89,568,746
a
Consumer
Finance
 — 
1
.0
%
Ally
Financial,
Inc.
........................
815,622
20,790,205
American
Express
Co.
.....................
1,530,636
252,478,408
Capital
One
Financial
Corp.
..................
1,044,773
100,465,372
Credit
Acceptance
Corp.
(a)
(b)
..................
16,598
7,237,392
Discover
Financial
Services
..................
731,619
72,313,222
OneMain
Holdings,
Inc.
.....................
316,483
11,735,189
SLM
Corp.
.............................
656,418
8,133,019
SoFi
Technologies,
Inc.
(a)
(b)
..................
2,203,812
13,377,139
Synchrony
Financial
.......................
1,193,623
34,710,557
Upstart
Holdings,
Inc.
(a)
(b)
....................
155,841
2,476,313
523,716,816
a
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Russell
1000
Value
ETF
(Percentages
shown
are
based
on
Net
Assets)
34
2023
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Consumer
Staples
Distribution
&
Retail
 — 
1
.9
%
Albertsons
Companies,
Inc.
,
Class
A
............
640,956
$
13,319,066
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
............
137,023
10,423,340
Casey's
General
Stores,
Inc.
.................
101,669
22,007,272
Dollar
Tree,
Inc.
(a)
(b)
.......................
395,169
56,726,510
Grocery
Outlet
Holding
Corp.
(a)
(b)
...............
222,743
6,294,717
Kroger
Co.
(The)
.........................
1,798,940
88,813,668
Performance
Food
Group
Co.
(a)
...............
288,892
17,431,743
Target
Corp.
............................
570,956
94,567,442
U.S.
Foods
Holding
Corp.
(a)
(b)
.................
555,244
20,510,713
Walgreens
Boots
Alliance,
Inc.
................
1,968,342
68,065,266
Walmart,
Inc.
............................
3,902,877
575,479,214
973,638,951
a
Containers
&
Packaging
 — 
0
.5
%
Amcor
PLC
.............................
4,067,539
46,288,594
AptarGroup,
Inc.
.........................
180,473
21,330,104
Ardagh
Group
SA
,
Class
A
..................
42,326
282,738
Ardagh
Metal
Packaging
SA
(b)
................
292,780
1,194,542
Avery
Dennison
Corp.
......................
86,198
15,423,408
Ball
Corp.
..............................
508,645
28,031,426
Berry
Global
Group,
Inc.
....................
172,225
10,144,053
Crown
Holdings,
Inc.
......................
37,609
3,110,640
Graphic
Packaging
Holding
Co.
...............
190,382
4,852,837
International
Paper
Co.
.....................
974,132
35,127,200
Packaging
Corp.
of
America
.................
251,104
34,860,768
Silgan
Holdings,
Inc.
.......................
232,199
12,462,120
Sonoco
Products
Co.
......................
265,980
16,224,780
Westrock
Co.
...........................
695,076
21,178,966
250,512,176
a
Distributors
 — 
0
.2
%
Genuine
Parts
Co.
........................
349,861
58,535,244
LKQ
Corp.
.............................
686,810
38,983,336
97,518,580
a
Diversified
Consumer
Services
 — 
0
.1
%
ADT,
Inc.
..............................
567,884
4,105,801
Bright
Horizons
Family
Solutions,
Inc.
(a)
(b)
.........
112,840
8,687,552
Grand
Canyon
Education,
Inc.
(a)
...............
83,839
9,549,262
H&R
Block,
Inc.
..........................
72,279
2,547,835
Mister
Car
Wash,
Inc.
(a)
(b)
....................
59,395
511,985
Service
Corp.
International
..................
411,757
28,320,646
53,723,081
a
Diversified
REITs
 — 
0
.1
%
WP
Carey,
Inc.
..........................
572,569
44,345,469
a
Diversified
Telecommunication
Services
 — 
1
.7
%
AT&T,
Inc.
..............................
19,659,090
378,437,482
Frontier
Communications
Parent,
Inc.
(a)
(b)
.........
673,490
15,335,367
Lumen
Technologies,
Inc.
...................
2,847,261
7,545,242
Verizon
Communications,
Inc.
................
11,540,610
448,814,323
850,132,414
a
Electric
Utilities
 — 
3
.6
%
Alliant
Energy
Corp.
.......................
686,273
36,646,978
American
Electric
Power
Co.,
Inc.
..............
1,411,336
128,417,463
Avangrid,
Inc.
...........................
192,415
7,673,510
Constellation
Energy
Corp.
..................
895,829
70,322,576
Duke
Energy
Corp.
.......................
2,113,996
203,937,194
Edison
International
.......................
1,031,458
72,810,620
Entergy
Corp.
...........................
556,750
59,984,245
Evergy,
Inc.
.............................
611,009
37,344,870
Eversource
Energy
.......................
945,426
73,989,039
Exelon
Corp.
............................
2,725,285
114,162,189
FirstEnergy
Corp.
........................
1,489,394
59,665,124
Security
Shares
Value
a
Electric
Utilities
(continued)
Hawaiian
Electric
Industries,
Inc.
..............
300,928
$
11,555,635
IDACORP,
Inc.
..........................
138,570
15,011,288
NextEra
Energy,
Inc.
......................
5,452,991
420,316,546
NRG
Energy,
Inc.
.........................
585,035
20,060,850
OGE
Energy
Corp.
........................
547,688
20,625,930
PG&E
Corp.
(a)
...........................
4,516,718
73,035,330
Pinnacle
West
Capital
Corp.
.................
309,321
24,510,596
PPL
Corp.
.............................
2,021,720
56,183,599
Southern
Co.
(The)
.......................
2,985,508
207,731,647
Xcel
Energy,
Inc.
.........................
1,496,258
100,907,640
1,814,892,869
a
Electrical
Equipment
 — 
1
.1
%
Acuity
Brands,
Inc.
(b)
.......................
88,242
16,124,461
AMETEK,
Inc.
...........................
632,080
91,860,186
Eaton
Corp.
PLC
.........................
1,095,805
187,755,229
Emerson
Electric
Co.
......................
1,061,860
92,530,480
Hubbell,
Inc.
............................
146,527
35,651,484
nVent
Electric
PLC
........................
456,275
19,592,449
Plug
Power,
Inc.
(a)
(b)
.......................
726,428
8,513,736
Regal
Rexnord
Corp.
......................
178,566
25,129,593
Rockwell
Automation,
Inc.
...................
102,233
30,000,274
Sensata
Technologies
Holding
PLC
............
414,549
20,735,741
Sunrun,
Inc.
(a)
(b)
..........................
569,139
11,468,151
Vertiv
Holdings
Co.
,
Class
A
.................
694,715
9,941,372
549,303,156
a
Electronic
Equipment,
Instruments
&
Components
 — 
0
.7
%
Amphenol
Corp.
,
Class
A
...................
394,592
32,246,058
Arrow
Electronics,
Inc.
(a)
....................
151,972
18,976,744
Avnet,
Inc.
.............................
251,810
11,381,812
Cognex
Corp.
(b)
..........................
32,601
1,615,380
Coherent
Corp.
(a)
(b)
........................
273,189
10,403,037
Corning,
Inc.
............................
1,899,283
67,006,704
IPG
Photonics
Corp.
(b)
.....................
90,441
11,152,280
Jabil,
Inc.
..............................
64,902
5,721,760
Keysight
Technologies,
Inc.
(a)
.................
36,290
5,860,109
Littelfuse,
Inc.
...........................
66,451
17,814,849
National
Instruments
Corp.
..................
313,040
16,406,426
TD
SYNNEX
Corp.
........................
127,467
12,337,531
Teledyne
Technologies,
Inc.
(a)
.................
127,040
56,832,614
Trimble,
Inc.
(a)
...........................
675,056
35,386,436
Vontier
Corp.
............................
162,516
4,443,187
Zebra
Technologies
Corp.
,
Class
A
(a)
(b)
...........
83,614
26,589,252
334,174,179
a
Energy
Equipment
&
Services
 — 
0
.7
%
Baker
Hughes
Co.
,
Class
A
(b)
.................
2,583,590
74,562,407
Halliburton
Co.
..........................
1,348,277
42,659,484
NOV,
Inc.
..............................
1,069,905
19,803,942
Schlumberger
Ltd.
........................
3,877,875
190,403,663
327,429,496
a
Entertainment
 — 
2
.1
%
Activision
Blizzard,
Inc.
.....................
2,132,250
182,499,277
AMC
Entertainment
Holdings,
Inc.
,
Class
A
(a)
(b)
.....
1,411,549
7,071,860
Electronic
Arts,
Inc.
.......................
703,379
84,722,001
Liberty
Media
Corp.-Liberty
Formula
One
,
Series
A
(a)
(b)
50,673
3,420,428
Liberty
Media
Corp.-Liberty
Formula
One
,
Series
C
,
NVS
(a)
...............................
490,410
36,697,380
Live
Nation
Entertainment,
Inc.
(a)
..............
213,190
14,923,300
Madison
Square
Garden
Sports
Corp.
,
Class
A
.....
25,607
4,989,524
Netflix,
Inc.
(a)
............................
659,881
227,975,688
Playtika
Holding
Corp.
(a)
....................
21,412
241,099
Roku,
Inc.
,
Class
A
(a)
(b)
.....................
238,886
15,723,477
iShares
®
Russell
1000
Value
ETF
Schedule
of
Investments
(continued)
March
31,
2023
(Percentages
shown
are
based
on
Net
Assets)
35
Schedule
of
Investments
Security
Shares
Value
a
Entertainment
(continued)
Take-Two
Interactive
Software,
Inc.
(a)
............
77,988
$
9,303,968
Walt
Disney
Co.
(The)
(a)
....................
4,667,797
467,386,514
Warner
Bros
Discovery,
Inc.
,
Series
A
(a)
(b)
.........
1,721,484
25,994,408
1,080,948,924
a
Financial
Services
 — 
4
.4
%
Affirm
Holdings,
Inc.
,
Class
A
(a)
(b)
...............
614,527
6,925,719
Apollo
Global
Management,
Inc.
...............
317,603
20,059,805
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
............
4,953,783
1,529,579,577
Block,
Inc.
,
Class
A
(a)
(b)
.....................
1,470,933
100,979,550
Equitable
Holdings,
Inc.
....................
1,009,186
25,623,232
Euronet
Worldwide,
Inc.
(a)
(b)
..................
31,743
3,552,042
Fidelity
National
Information
Services,
Inc.
........
1,626,981
88,393,878
Fiserv,
Inc.
(a)
(b)
...........................
1,469,223
166,066,276
Global
Payments,
Inc.
.....................
716,299
75,383,307
MGIC
Investment
Corp.
....................
816,749
10,960,772
PayPal
Holdings,
Inc.
(a)
.....................
2,165,489
164,447,235
Rocket
Companies,
Inc.
,
Class
A
(a)
(b)
............
136,168
1,233,682
TFS
Financial
Corp.
.......................
136,657
1,725,978
UWM
Holdings
Corp.
,
Class
A
(b)
...............
23,254
114,177
Voya
Financial,
Inc.
.......................
266,165
19,020,151
Western
Union
Co.
(The)
...................
604,598
6,741,268
WEX,
Inc.
(a)
.............................
33,232
6,111,032
2,226,917,681
a
Food
Products
 — 
2
.0
%
Archer-Daniels-Midland
Co.
..................
1,500,552
119,533,972
Bunge
Ltd.
.............................
379,064
36,208,193
Campbell
Soup
Co.
.......................
531,878
29,242,653
Conagra
Brands,
Inc.
......................
1,291,212
48,497,923
Darling
Ingredients,
Inc.
(a)
...................
408,088
23,832,339
Flowers
Foods,
Inc.
.......................
516,275
14,151,098
Freshpet,
Inc.
(a)
(b)
.........................
54,572
3,612,121
General
Mills,
Inc.
........................
1,618,502
138,317,181
Hershey
Co.
(The)
........................
53,622
13,641,973
Hormel
Foods
Corp.
.......................
788,089
31,428,989
Ingredion,
Inc.
...........................
180,657
18,378,237
J
M
Smucker
Co.
(The)
.....................
282,322
44,429,013
Kellogg
Co.
.............................
315,181
21,104,520
Kraft
Heinz
Co.
(The)
......................
1,917,467
74,148,449
McCormick
&
Co.,
Inc.
,
NVS
.................
687,649
57,219,273
Mondelez
International,
Inc.
,
Class
A
............
3,743,536
260,999,330
Pilgrim's
Pride
Corp.
(a)
(b)
....................
61,691
1,429,997
Post
Holdings,
Inc.
(a)
(b)
......................
149,046
13,394,764
Seaboard
Corp.
..........................
687
2,589,997
Tyson
Foods,
Inc.
,
Class
A
..................
763,198
45,272,905
997,432,927
a
Gas
Utilities
 — 
0
.2
%
Atmos
Energy
Corp.
.......................
389,710
43,787,816
National
Fuel
Gas
Co.
.....................
222,498
12,847,034
UGI
Corp.
..............................
573,638
19,939,657
76,574,507
a
Ground
Transportation
 — 
0
.7
%
Avis
Budget
Group,
Inc.
(a)
...................
69,734
13,584,183
CSX
Corp.
.............................
4,313,366
129,142,178
Hertz
Global
Holdings,
Inc.
(a)
(b)
................
499,691
8,139,966
JB
Hunt
Transport
Services,
Inc.
..............
24,602
4,316,667
Knight-Swift
Transportation
Holdings,
Inc.
,
Class
A
..
427,017
24,160,622
Landstar
System,
Inc.
......................
10,633
1,906,072
Lyft,
Inc.
,
Class
A
(a)
(b)
.......................
176,511
1,636,257
Norfolk
Southern
Corp.
.....................
623,993
132,286,516
RXO,
Inc.
(a)
(b)
............................
288,982
5,675,606
Ryder
System,
Inc.
........................
134,250
11,980,470
Security
Shares
Value
a
Ground
Transportation
(continued)
Schneider
National,
Inc.
,
Class
B
..............
147,701
$
3,951,002
Uber
Technologies,
Inc.
(a)
(b)
..................
709,780
22,500,026
U-Haul
Holding
Co.
.......................
25,172
1,501,510
XPO,
Inc.
(a)
(b)
............................
259,332
8,272,691
369,053,766
a
Health
Care
Equipment
&
Supplies
 — 
3
.5
%
Abbott
Laboratories
.......................
4,086,855
413,834,937
Align
Technology,
Inc.
(a)
.....................
54,005
18,045,231
Baxter
International,
Inc.
....................
1,165,661
47,279,210
Becton
Dickinson
&
Co.
....................
779,572
192,975,253
Boston
Scientific
Corp.
(a)
....................
3,917,553
195,995,177
Cooper
Companies,
Inc.
(The)
................
133,269
49,757,314
Dentsply
Sirona,
Inc.
......................
590,400
23,190,912
Enovis
Corp.
(a)
(b)
..........................
137,835
7,372,794
Envista
Holdings
Corp.
(a)
....................
447,342
18,287,341
GE
HealthCare
Technologies,
Inc.
(a)
(b)
...........
946,148
77,612,520
Globus
Medical,
Inc.
,
Class
A
(a)
(b)
..............
198,651
11,251,593
Hologic,
Inc.
(a)
...........................
667,003
53,827,142
ICU
Medical,
Inc.
(a)
(b)
.......................
44,516
7,343,359
Integra
LifeSciences
Holdings
Corp.
(a)
...........
196,733
11,294,442
Intuitive
Surgical,
Inc.
(a)
.....................
76,772
19,612,943
Masimo
Corp.
(a)
(b)
.........................
30,273
5,586,579
Medtronic
PLC
..........................
3,669,961
295,872,256
QuidelOrtho
Corp.
(a)
.......................
134,396
11,973,340
STERIS
PLC
............................
274,433
52,493,544
Stryker
Corp.
...........................
448,550
128,047,568
Tandem
Diabetes
Care,
Inc.
(a)
(b)
...............
11,283
458,203
Teleflex,
Inc.
(b)
...........................
128,569
32,567,813
Zimmer
Biomet
Holdings,
Inc.
................
575,531
74,358,605
1,749,038,076
a
Health
Care
Providers
&
Services
 — 
2
.9
%
Acadia
Healthcare
Co.,
Inc.
(a)
(b)
................
244,281
17,649,302
agilon
health,
Inc.
(a)
(b)
......................
33,967
806,716
Amedisys,
Inc.
(a)
.........................
86,957
6,395,687
Cardinal
Health,
Inc.
.......................
706,783
53,362,117
Centene
Corp.
(a)
.........................
1,503,115
95,011,899
Chemed
Corp.
...........................
25,893
13,923,961
Cigna
Group
(The)
........................
676,622
172,897,220
CVS
Health
Corp.
........................
3,524,613
261,913,992
Elevance
Health,
Inc.
......................
460,641
211,807,338
Encompass
Health
Corp.
...................
269,062
14,556,254
Enhabit,
Inc.
(a)
...........................
133,285
1,853,994
HCA
Healthcare,
Inc.
......................
556,220
146,664,090
Henry
Schein,
Inc.
(a)
(b)
......................
371,241
30,270,991
Humana,
Inc.
...........................
102,062
49,547,019
Laboratory
Corp.
of
America
Holdings
...........
242,891
55,724,053
McKesson
Corp.
.........................
302,385
107,664,179
Molina
Healthcare,
Inc.
(a)
(b)
...................
35,151
9,402,541
Oak
Street
Health,
Inc.
(a)
(b)
...................
322,244
12,464,398
Premier,
Inc.
,
Class
A
......................
320,807
10,384,523
Quest
Diagnostics,
Inc.
.....................
303,418
42,927,579
Tenet
Healthcare
Corp.
(a)
(b)
...................
292,419
17,375,537
UnitedHealth
Group,
Inc.
....................
231,148
109,238,233
Universal
Health
Services,
Inc.
,
Class
B
.........
170,747
21,701,944
1,463,543,567
a
Health
Care
REITs
 — 
0
.4
%
Healthcare
Realty
Trust,
Inc.
,
Class
A
...........
1,039,983
20,102,871
Healthpeak
Properties,
Inc.
..................
1,496,037
32,867,933
Medical
Properties
Trust,
Inc.
.................
1,627,577
13,378,683
Omega
Healthcare
Investors,
Inc.
..............
647,644
17,751,922
Ventas,
Inc.
............................
1,095,122
47,473,539
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Russell
1000
Value
ETF
(Percentages
shown
are
based
on
Net
Assets)
36
2023
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Health
Care
REITs
(continued)
Welltower,
Inc.
...........................
1,297,828
$
93,041,289
224,616,237
a
Health
Care
Technology
 — 
0
.0
%
Certara,
Inc.
(a)
(b)
..........................
112,026
2,700,947
Definitive
Healthcare
Corp.
,
Class
A
(a)
(b)
..........
43,591
450,295
Doximity,
Inc.
,
Class
A
(a)
(b)
...................
164,017
5,310,870
Teladoc
Health,
Inc.
(a)
(b)
.....................
396,073
10,258,291
18,720,403
a
Hotel
&
Resort
REITs
 — 
0
.1
%
Host
Hotels
&
Resorts,
Inc.
..................
1,947,249
32,110,136
Park
Hotels
&
Resorts,
Inc.
..................
609,040
7,527,734
39,637,870
a
Hotels,
Restaurants
&
Leisure
 — 
2
.1
%
Aramark
...............................
647,872
23,193,818
Boyd
Gaming
Corp.
.......................
208,792
13,387,743
Caesars
Entertainment,
Inc.
(a)
................
175,220
8,552,488
Carnival
Corp.
(a)
(b)
.........................
2,687,341
27,276,511
Darden
Restaurants,
Inc.
...................
90,037
13,970,141
Domino's
Pizza,
Inc.
.......................
26,229
8,652,160
DoorDash,
Inc.
,
Class
A
(a)
...................
77,993
4,957,235
Hilton
Worldwide
Holdings,
Inc.
...............
199,382
28,086,942
Hyatt
Hotels
Corp.
,
Class
A
(a)
.................
129,805
14,510,901
Las
Vegas
Sands
Corp.
(a)
...................
568,214
32,643,894
Marriott
Vacations
Worldwide
Corp.
.............
102,509
13,824,364
McDonald's
Corp.
........................
1,536,110
429,511,717
MGM
Resorts
International
..................
868,364
38,572,729
Norwegian
Cruise
Line
Holdings
Ltd.
(a)
(b)
.........
1,064,730
14,320,618
Penn
Entertainment,
Inc.
(a)
...................
423,581
12,563,412
Planet
Fitness,
Inc.
,
Class
A
(a)
(b)
...............
60,374
4,689,249
Royal
Caribbean
Cruises
Ltd.
(a)
...............
603,803
39,428,336
Six
Flags
Entertainment
Corp.
(a)
...............
101,212
2,703,373
Starbucks
Corp.
..........................
2,015,052
209,827,365
Travel
+
Leisure
Co.
.......................
61,333
2,404,254
Vail
Resorts,
Inc.
.........................
5,855
1,368,196
Wyndham
Hotels
&
Resorts,
Inc.
..............
74,121
5,029,110
Wynn
Resorts
Ltd.
(a)
.......................
249,088
27,875,438
Yum!
Brands,
Inc.
........................
684,623
90,425,006
1,067,775,000
a
Household
Durables
 — 
0
.6
%
DR
Horton,
Inc.
..........................
412,648
40,311,583
Garmin
Ltd.
.............................
423,568
42,746,483
Leggett
&
Platt,
Inc.
.......................
368,348
11,742,934
Lennar
Corp.
,
Class
A
......................
687,910
72,306,220
Lennar
Corp.
,
Class
B
.....................
40,254
3,595,085
Mohawk
Industries,
Inc.
(a)
...................
144,840
14,515,865
Newell
Brands,
Inc.
.......................
1,042,451
12,968,090
NVR,
Inc.
(a)
.............................
2,253
12,554,144
PulteGroup,
Inc.
.........................
378,564
22,062,710
Tempur
Sealy
International,
Inc.
...............
459,351
18,139,771
Toll
Brothers,
Inc.
.........................
146,353
8,785,571
TopBuild
Corp.
(a)
.........................
13,748
2,861,509
Whirlpool
Corp.
..........................
147,223
19,436,380
282,026,345
a
Household
Products
 — 
1
.4
%
Church
&
Dwight
Co.,
Inc.
...................
363,398
32,128,017
Clorox
Co.
(The)
.........................
58,451
9,249,286
Colgate-Palmolive
Co.
.....................
874,815
65,742,347
Kimberly-Clark
Corp.
......................
375,872
50,449,540
Procter
&
Gamble
Co.
(The)
.................
3,720,375
553,182,559
Reynolds
Consumer
Products,
Inc.
.............
147,710
4,062,025
Security
Shares
Value
a
Household
Products
(continued)
Spectrum
Brands
Holdings,
Inc.
...............
108,453
$
7,181,758
721,995,532
a
Independent
Power
and
Renewable
Electricity
Producers
 — 
0
.1
%
AES
Corp.
(The)
.........................
1,497,281
36,054,526
Brookfield
Renewable
Corp.
,
Class
A
...........
353,124
12,341,684
Vistra
Corp.
............................
455,635
10,935,240
59,331,450
a
Industrial
Conglomerates
 — 
1
.3
%
3M
Co.
................................
1,513,551
159,089,346
General
Electric
Co.
(b)
......................
2,809,077
268,547,761
Honeywell
International,
Inc.
.................
1,306,414
249,681,844
677,318,951
a
Industrial
REITs
 — 
0
.8
%
Americold
Realty
Trust,
Inc.
..................
736,852
20,963,439
EastGroup
Properties,
Inc.
..................
112,978
18,677,523
First
Industrial
Realty
Trust,
Inc.
...............
361,674
19,241,057
Prologis,
Inc.
............................
2,527,571
315,365,034
Rexford
Industrial
Realty,
Inc.
................
535,001
31,912,810
406,159,863
a
Insurance
 — 
3
.3
%
Aflac,
Inc.
..............................
1,673,883
107,998,931
Allstate
Corp.
(The)
.......................
725,142
80,352,985
American
Financial
Group,
Inc.
...............
184,486
22,415,049
American
International
Group,
Inc.
.............
2,039,841
102,726,393
Aon
PLC
,
Class
A
........................
32,618
10,284,129
Arch
Capital
Group
Ltd.
(a)
...................
656,601
44,563,510
Arthur
J
Gallagher
&
Co.
....................
505,751
96,755,224
Assurant,
Inc.
...........................
138,154
16,588,151
Assured
Guaranty
Ltd.
.....................
157,915
7,938,387
Axis
Capital
Holdings
Ltd.
...................
211,933
11,554,587
Brighthouse
Financial,
Inc.
(a)
.................
185,801
8,195,682
Brown
&
Brown,
Inc.
.......................
597,805
34,325,963
Chubb
Ltd.
.............................
1,141,041
221,567,341
Cincinnati
Financial
Corp.
...................
420,472
47,126,502
CNA
Financial
Corp.
.......................
75,634
2,951,995
Erie
Indemnity
Co.
,
Class
A
,
NVS
..............
17,583
4,073,278
Everest
Re
Group
Ltd.
.....................
73,717
26,392,160
F&G
Annuities
&
Life,
Inc.
...................
49,146
890,526
Fidelity
National
Financial,
Inc.
................
717,237
25,053,088
First
American
Financial
Corp.
................
275,554
15,337,336
Globe
Life,
Inc.
..........................
245,667
27,028,283
Hanover
Insurance
Group,
Inc.
(The)
...........
96,643
12,418,626
Hartford
Financial
Services
Group,
Inc.
(The)
......
870,256
60,648,141
Kemper
Corp.
...........................
172,605
9,434,589
Lincoln
National
Corp.
.....................
366,841
8,242,917
Loews
Corp.
............................
533,211
30,936,902
Markel
Corp.
(a)
(b)
..........................
27,965
35,722,771
Marsh
&
McLennan
Companies,
Inc.
............
145,915
24,302,143
MetLife,
Inc.
............................
1,813,448
105,071,177
Old
Republic
International
Corp.
...............
764,640
19,093,061
Primerica,
Inc.
...........................
100,560
17,320,454
Principal
Financial
Group,
Inc.
................
663,088
49,280,700
Progressive
Corp.
(The)
....................
208,055
29,764,348
Prudential
Financial,
Inc.
....................
1,010,279
83,590,484
Reinsurance
Group
of
America,
Inc.
............
182,663
24,250,340
RenaissanceRe
Holdings
Ltd.
................
53,159
10,649,874
Travelers
Companies,
Inc.
(The)
...............
642,072
110,057,562
Unum
Group
............................
544,536
21,541,844
W
R
Berkley
Corp.
........................
566,306
35,258,212
White
Mountains
Insurance
Group
Ltd.
(b)
.........
6,842
9,424,787
iShares
®
Russell
1000
Value
ETF
Schedule
of
Investments
(continued)
March
31,
2023
(Percentages
shown
are
based
on
Net
Assets)
37
Schedule
of
Investments
Security
Shares
Value
a
Insurance
(continued)
Willis
Towers
Watson
PLC
...................
295,276
$
68,616,237
1,679,744,669
a
Interactive
Media
&
Services
 — 
2
.9
%
Alphabet,
Inc.
,
Class
A
(a)
....................
2,147,158
222,724,699
Alphabet,
Inc.
,
Class
C
,
NVS
(a)
................
1,867,268
194,195,872
IAC,
Inc.
(a)
(b)
............................
210,681
10,871,140
Match
Group,
Inc.
(a)
.......................
48,885
1,876,695
Meta
Platforms,
Inc.
,
Class
A
(a)
(b)
...............
4,808,579
1,019,130,233
Pinterest,
Inc.
,
Class
A
(a)
(b)
...................
1,283,955
35,013,453
TripAdvisor,
Inc.
(a)
........................
255,099
5,066,266
1,488,878,358
a
IT
Services
 — 
0
.8
%
Akamai
Technologies,
Inc.
(a)
(b)
.................
423,844
33,186,985
Amdocs
Ltd.
............................
325,792
31,285,806
Cognizant
Technology
Solutions
Corp.
,
Class
A
.....
1,407,985
85,788,526
DXC
Technology
Co.
(a)
.....................
630,215
16,108,295
GoDaddy,
Inc.
,
Class
A
(a)
....................
369,522
28,719,250
International
Business
Machines
Corp.
..........
820,379
107,543,483
Kyndryl
Holdings,
Inc.
(a)
(b)
...................
559,293
8,255,165
Okta,
Inc.
,
Class
A
(a)
(b)
......................
359,652
31,016,389
Snowflake,
Inc.
,
Class
A
(a)
(b)
..................
53,983
8,329,037
Twilio,
Inc.
,
Class
A
(a)
(b)
.....................
296,310
19,743,135
VeriSign,
Inc.
(a)
..........................
227,303
48,035,943
Wix.com
Ltd.
(a)
(b)
.........................
32,369
3,230,426
421,242,440
a
Leisure
Products
 — 
0
.1
%
Brunswick
Corp.
.........................
163,644
13,418,808
Hasbro,
Inc.
............................
359,054
19,277,609
Mattel,
Inc.
(a)
............................
494,840
9,110,004
Peloton
Interactive,
Inc.
,
Class
A
(a)
(b)
............
844,472
9,576,313
Polaris,
Inc.
(b)
...........................
39,763
4,398,981
55,781,715
a
Life
Sciences
Tools
&
Services
 — 
2
.4
%
10X
Genomics,
Inc.
,
Class
A
(a)
(b)
...............
25,999
1,450,484
Agilent
Technologies,
Inc.
...................
83,483
11,549,038
Avantor,
Inc.
(a)
(b)
..........................
117,883
2,492,046
Azenta,
Inc.
(a)
...........................
188,301
8,401,991
Bio-Rad
Laboratories,
Inc.
,
Class
A
(a)
............
58,534
28,038,957
Charles
River
Laboratories
International,
Inc.
(a)
(b)
....
9,379
1,892,870
Danaher
Corp.
..........................
1,656,551
417,517,114
Illumina,
Inc.
(a)
...........................
431,277
100,293,466
PerkinElmer,
Inc.
.........................
346,000
46,107,960
QIAGEN
NV
(a)
(b)
..........................
621,403
28,541,040
Repligen
Corp.
(a)
(b)
........................
43,166
7,267,428
Syneos
Health,
Inc.
,
Class
A
(a)
................
231,772
8,255,719
Thermo
Fisher
Scientific,
Inc.
.................
943,258
543,665,613
1,205,473,726
a
Machinery
 — 
2
.1
%
AGCO
Corp.
............................
148,409
20,064,897
Allison
Transmission
Holdings,
Inc.
.............
55,019
2,489,060
Caterpillar,
Inc.
..........................
184,310
42,177,500
Crane
NXT
Co.
..........................
129,604
14,710,054
Cummins,
Inc.
...........................
386,688
92,372,029
Donaldson
Co.,
Inc.
.......................
277,177
18,110,745
Dover
Corp.
............................
384,216
58,377,779
Esab
Corp.
.............................
156,078
9,219,527
Flowserve
Corp.
.........................
360,278
12,249,452
Fortive
Corp.
............................
971,334
66,215,839
Gates
Industrial
Corp.
PLC
(a)
(b)
................
294,209
4,086,563
Graco,
Inc.
.............................
146,057
10,663,622
IDEX
Corp.
.............................
171,460
39,612,404
Security
Shares
Value
a
Machinery
(continued)
Illinois
Tool
Works,
Inc.
.....................
85,003
$
20,693,980
Ingersoll
Rand,
Inc.
.......................
1,114,111
64,818,978
ITT,
Inc.
...............................
228,476
19,717,479
Middleby
Corp.
(The)
(a)
.....................
136,109
19,954,941
Nordson
Corp.
...........................
120,642
26,813,891
Oshkosh
Corp.
..........................
179,474
14,928,647
Otis
Worldwide
Corp.
......................
1,004,235
84,757,434
PACCAR,
Inc.
...........................
1,404,021
102,774,337
Parker-Hannifin
Corp.
......................
271,419
91,226,640
Pentair
PLC
............................
451,168
24,936,055
Snap-on,
Inc.
...........................
144,530
35,683,012
Stanley
Black
&
Decker,
Inc.
.................
404,569
32,600,170
Timken
Co.
(The)
.........................
168,212
13,746,285
Westinghouse
Air
Brake
Technologies
Corp.
.......
496,545
50,180,838
Xylem,
Inc.
.............................
423,202
44,309,249
1,037,491,407
a
Marine
Transportation
 — 
0
.0
%
Kirby
Corp.
(a)
............................
162,737
11,342,769
a
Media
 — 
1
.4
%
Altice
USA,
Inc.
,
Class
A
(a)
(b)
..................
568,118
1,942,964
Cable
One,
Inc.
..........................
6,049
4,246,398
Comcast
Corp.
,
Class
A
....................
11,485,925
435,431,417
DISH
Network
Corp.
,
Class
A
(a)
(b)
..............
680,980
6,353,543
Fox
Corp.
,
Class
A
,
NVS
....................
799,925
27,237,446
Fox
Corp.
,
Class
B
........................
382,496
11,975,950
Interpublic
Group
of
Companies,
Inc.
(The)
.......
1,064,223
39,631,665
Liberty
Broadband
Corp.
,
Class
A
(a)
(b)
............
24,885
2,043,556
Liberty
Broadband
Corp.
,
Class
C
,
NVS
(a)
........
174,910
14,290,147
Liberty
Media
Corp.-Liberty
SiriusXM
,
Series
A
(a)
(b)
...
147,400
4,140,466
Liberty
Media
Corp.-Liberty
SiriusXM
,
Series
C
,
NVS
(a)
303,552
8,496,420
New
York
Times
Co.
(The)
,
Class
A
.............
445,944
17,338,303
News
Corp.
,
Class
A
,
NVS
..................
1,041,703
17,990,211
News
Corp.
,
Class
B
......................
330,021
5,752,266
Nexstar
Media
Group,
Inc.
...................
90,332
15,596,723
Omnicom
Group,
Inc.
......................
549,915
51,878,981
Paramount
Global
,
Class
A
(b)
.................
24,916
643,829
Paramount
Global
,
Class
B
,
NVS
..............
1,580,216
35,254,619
Sirius
XM
Holdings,
Inc.
(b)
...................
1,913,766
7,597,651
707,842,555
a
Metals
&
Mining
 — 
1
.1
%
Alcoa
Corp.
.............................
484,799
20,633,045
Cleveland-Cliffs,
Inc.
(a)
(b)
....................
1,396,934
25,605,800
Freeport-McMoRan,
Inc.
....................
3,912,747
160,070,480
Newmont
Corp.
..........................
2,180,547
106,890,414
Nucor
Corp.
............................
703,459
108,663,312
Reliance
Steel
&
Aluminum
Co.
...............
160,473
41,199,838
Royal
Gold,
Inc.
(b)
.........................
168,085
21,802,305
Southern
Copper
Corp.
.....................
79,326
6,048,608
SSR
Mining,
Inc.
(b)
........................
561,782
8,494,144
Steel
Dynamics,
Inc.
.......................
456,471
51,608,611
United
States
Steel
Corp.
...................
615,565
16,066,247
567,082,804
a
Mortgage
Real
Estate
Investment
Trusts
(REITs)
 — 
0
.1
%
AGNC
Investment
Corp.
....................
1,558,984
15,714,559
Annaly
Capital
Management,
Inc.
..............
1,287,018
24,594,914
Rithm
Capital
Corp.
.......................
1,187,506
9,500,048
Starwood
Property
Trust,
Inc.
.................
801,506
14,178,641
63,988,162
a
Multi-Utilities
 — 
1
.5
%
Ameren
Corp.
...........................
706,034
60,994,277
CenterPoint
Energy,
Inc.
....................
1,728,516
50,922,081
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Russell
1000
Value
ETF
(Percentages
shown
are
based
on
Net
Assets)
38
2023
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Multi-Utilities
(continued)
CMS
Energy
Corp.
........................
794,222
$
48,749,346
Consolidated
Edison,
Inc.
...................
973,657
93,149,765
Dominion
Energy,
Inc.
......................
2,284,780
127,742,050
DTE
Energy
Co.
.........................
529,235
57,972,402
NiSource,
Inc.
...........................
1,117,944
31,257,714
Public
Service
Enterprise
Group,
Inc.
...........
1,366,047
85,309,635
Sempra
Energy
..........................
863,478
130,523,335
WEC
Energy
Group,
Inc.
....................
865,788
82,068,045
768,688,650
a
Office
REITs
 — 
0
.3
%
Alexandria
Real
Estate
Equities,
Inc.
............
471,273
59,187,176
Boston
Properties,
Inc.
.....................
431,889
23,373,833
Cousins
Properties,
Inc.
....................
411,856
8,805,481
Douglas
Emmett,
Inc.
......................
458,911
5,658,373
Highwoods
Properties,
Inc.
..................
282,225
6,544,798
Hudson
Pacific
Properties,
Inc.
................
375,789
2,498,997
JBG
SMITH
Properties
.....................
291,957
4,396,872
Kilroy
Realty
Corp.
........................
322,152
10,437,725
SL
Green
Realty
Corp.
.....................
182,474
4,291,788
Vornado
Realty
Trust
......................
480,728
7,388,789
132,583,832
a
Oil,
Gas
&
Consumable
Fuels
 — 
7
.3
%
Antero
Midstream
Corp.
....................
917,796
9,627,680
Antero
Resources
Corp.
(a)
...................
273,982
6,326,244
APA
Corp.
.............................
878,700
31,685,922
Cheniere
Energy,
Inc.
......................
290,206
45,736,466
Chesapeake
Energy
Corp.
..................
331,470
25,204,979
Chevron
Corp.
...........................
5,310,482
866,458,243
ConocoPhillips
..........................
3,361,457
333,490,149
Coterra
Energy,
Inc.
.......................
1,805,365
44,303,657
Devon
Energy
Corp.
.......................
914,161
46,265,688
Diamondback
Energy,
Inc.
...................
210,091
28,398,000
DT
Midstream,
Inc.
........................
264,084
13,037,827
EOG
Resources,
Inc.
......................
432,621
49,591,345
EQT
Corp.
.............................
1,008,527
32,182,097
Exxon
Mobil
Corp.
........................
11,315,473
1,240,854,769
Hess
Corp.
.............................
167,652
22,187,066
HF
Sinclair
Corp.
.........................
368,638
17,834,706
Kinder
Morgan,
Inc.
,
Class
P
.................
5,452,344
95,470,543
Marathon
Oil
Corp.
........................
1,738,603
41,656,928
Marathon
Petroleum
Corp.
..................
1,244,291
167,767,756
Occidental
Petroleum
Corp.
(b)
.................
381,322
23,805,932
ONEOK,
Inc.
............................
1,081,635
68,727,088
Ovintiv,
Inc.
.............................
193,813
6,992,773
PDC
Energy,
Inc.
.........................
111,288
7,142,464
Phillips
66
..............................
1,278,857
129,650,523
Pioneer
Natural
Resources
Co.
...............
293,579
59,960,575
Range
Resources
Corp.
....................
219,527
5,810,880
Southwestern
Energy
Co.
(a)
(b)
.................
2,802,904
14,014,520
Valero
Energy
Corp.
.......................
1,063,868
148,515,973
Vitesse
Energy,
Inc.
.......................
65,547
1,247,359
Williams
Companies,
Inc.
(The)
...............
3,341,760
99,784,954
3,683,733,106
a
Paper
&
Forest
Products
 — 
0
.0
%
Louisiana-Pacific
Corp.
.....................
175,979
9,539,822
a
Passenger
Airlines
 — 
0
.3
%
Alaska
Air
Group,
Inc.
(a)
.....................
344,688
14,463,108
American
Airlines
Group,
Inc.
(a)
(b)
..............
1,769,705
26,103,149
Copa
Holdings
SA
,
Class
A
,
NVS
(a)
(b)
............
78,395
7,239,778
JetBlue
Airways
Corp.
(a)
(b)
...................
875,215
6,371,565
Southwest
Airlines
Co.
.....................
1,623,835
52,839,591
Security
Shares
Value
a
Passenger
Airlines
(continued)
United
Airlines
Holdings,
Inc.
(a)
(b)
...............
895,711
$
39,635,212
146,652,403
a
Personal
Care
Products
 — 
0
.0
%
Coty,
Inc.
,
Class
A
(a)
(b)
......................
965,715
11,646,523
a
Pharmaceuticals
 — 
5
.7
%
Bristol-Myers
Squibb
Co.
....................
5,847,772
405,309,077
Catalent,
Inc.
(a)
(b)
.........................
336,083
22,084,014
Elanco
Animal
Health,
Inc.
(a)
(b)
................
1,227,595
11,539,393
Eli
Lilly
&
Co.
...........................
430,338
147,786,676
Jazz
Pharmaceuticals
PLC
(a)
.................
168,409
24,643,289
Johnson
&
Johnson
.......................
7,226,373
1,120,087,815
Merck
&
Co.,
Inc.
.........................
4,035,705
429,358,655
Organon
&
Co.
..........................
697,066
16,394,992
Perrigo
Co.
PLC
.........................
367,180
13,170,747
Pfizer,
Inc.
.............................
15,519,190
633,182,952
Royalty
Pharma
PLC
,
Class
A
................
1,022,179
36,829,109
Viatris,
Inc.
.............................
3,328,606
32,021,190
2,892,407,909
a
Professional
Services
 — 
0
.7
%
Automatic
Data
Processing,
Inc.
...............
94,053
20,939,019
Broadridge
Financial
Solutions,
Inc.
............
29,534
4,328,798
CACI
International,
Inc.
,
Class
A
(a)
(b)
............
63,772
18,894,368
Clarivate
PLC
(a)
(b)
.........................
1,291,859
12,130,556
Concentrix
Corp.
.........................
117,186
14,243,958
CoStar
Group,
Inc.
(a)
.......................
948,194
65,283,157
Dun
&
Bradstreet
Holdings,
Inc.
...............
683,453
8,023,738
Equifax,
Inc.
(b)
...........................
166,407
33,753,996
FTI
Consulting,
Inc.
(a)
(b)
.....................
53,614
10,580,723
Genpact
Ltd.
............................
231,552
10,702,334
Jacobs
Solutions,
Inc.
......................
345,308
40,577,143
KBR,
Inc.
..............................
132,502
7,294,235
Leidos
Holdings,
Inc.
......................
374,412
34,468,369
ManpowerGroup,
Inc.
......................
139,055
11,476,209
Robert
Half
International,
Inc.
(b)
...............
34,744
2,799,324
Science
Applications
International
Corp.
.........
151,232
16,251,391
SS&C
Technologies
Holdings,
Inc.
.............
606,568
34,252,895
TransUnion
.............................
139,721
8,682,263
354,682,476
a
Real
Estate
Management
&
Development
 — 
0
.2
%
CBRE
Group,
Inc.
,
Class
A
(a)
(b)
................
443,730
32,307,981
Howard
Hughes
Corp.
(The)
(a)
(b)
...............
99,850
7,988,000
Jones
Lang
LaSalle,
Inc.
(a)
...................
131,166
19,083,342
Opendoor
Technologies,
Inc.
(a)
(b)
...............
929,413
1,635,767
WeWork,
Inc.
,
Class
A
(a)
(b)
...................
583,043
453,199
Zillow
Group,
Inc.
,
Class
A
(a)
(b)
................
146,553
6,404,366
Zillow
Group,
Inc.
,
Class
C
,
NVS
(a)
(b)
............
406,466
18,075,543
85,948,198
a
Residential
REITs
 — 
0
.8
%
American
Homes
4
Rent
,
Class
A
..............
847,979
26,668,940
Apartment
Income
REIT
Corp.
................
376,904
13,496,932
AvalonBay
Communities,
Inc.
................
383,162
64,394,206
Camden
Property
Trust
.....................
261,336
27,398,466
Equity
LifeStyle
Properties,
Inc.
...............
189,583
12,726,707
Equity
Residential
........................
1,015,699
60,941,940
Essex
Property
Trust,
Inc.
...................
176,256
36,862,180
Invitation
Homes,
Inc.
......................
1,673,991
52,278,739
Mid-America
Apartment
Communities,
Inc.
........
314,890
47,560,986
Sun
Communities,
Inc.
.....................
333,729
47,015,741
UDR,
Inc.
..............................
898,125
36,877,012
426,221,849
a
iShares
®
Russell
1000
Value
ETF
Schedule
of
Investments
(continued)
March
31,
2023
(Percentages
shown
are
based
on
Net
Assets)
39
Schedule
of
Investments
Security
Shares
Value
a
Retail
REITs
 — 
0
.6
%
Brixmor
Property
Group,
Inc.
.................
819,603
$
17,637,857
Federal
Realty
Investment
Trust
...............
221,535
21,894,304
Kimco
Realty
Corp.
.......................
1,659,664
32,413,238
National
Retail
Properties,
Inc.
................
498,543
22,010,673
Realty
Income
Corp.
.......................
1,721,811
109,025,072
Regency
Centers
Corp.
....................
468,555
28,666,195
Simon
Property
Group,
Inc.
..................
460,863
51,602,830
Spirit
Realty
Capital,
Inc.
....................
380,946
15,176,889
298,427,058
a
Road
&
Rail
 — 
0
.0
%
U-Haul
Holding
Co.
,
Series
N
,
NVS
(b)
...........
220,209
11,417,837
a
Semiconductors
&
Semiconductor
Equipment
 — 
2
.6
%
Advanced
Micro
Devices,
Inc.
(a)
...............
940,218
92,150,766
Analog
Devices,
Inc.
.......................
1,109,131
218,742,816
Cirrus
Logic,
Inc.
(a)
........................
150,883
16,503,582
First
Solar,
Inc.
(a)
(b)
........................
291,372
63,373,410
GlobalFoundries,
Inc.
(a)
(b)
....................
130,526
9,421,367
Intel
Corp.
.............................
11,368,246
371,400,597
Marvell
Technology,
Inc.
....................
2,328,353
100,817,685
Microchip
Technology,
Inc.
...................
213,629
17,897,838
Micron
Technology,
Inc.
.....................
2,417,656
145,881,363
MKS
Instruments,
Inc.
(b)
....................
158,228
14,022,165
ON
Semiconductor
Corp.
(a)
(b)
.................
447,144
36,808,894
Qorvo,
Inc.
(a)
............................
273,182
27,747,096
Skyworks
Solutions,
Inc.
....................
435,757
51,410,611
Teradyne,
Inc.
...........................
39,703
4,268,469
Texas
Instruments,
Inc.
.....................
784,861
145,991,995
Wolfspeed,
Inc.
(a)
(b)
........................
339,583
22,055,916
1,338,494,570
a
Software
 — 
1
.9
%
ANSYS,
Inc.
(a)
...........................
112,742
37,520,538
BILL
Holdings,
Inc.
(a)
(b)
......................
272,785
22,133,775
Black
Knight,
Inc.
(a)
........................
384,197
22,114,379
CCC
Intelligent
Solutions
Holdings,
Inc.
(a)
(b)
........
281,801
2,527,755
Ceridian
HCM
Holding,
Inc.
(a)
(b)
................
304,084
22,265,030
Dolby
Laboratories,
Inc.
,
Class
A
..............
162,276
13,861,616
DoubleVerify
Holdings,
Inc.
(a)
.................
30,700
925,605
Dropbox,
Inc.
,
Class
A
(a)
(b)
...................
50,868
1,099,766
Gen
Digital,
Inc.
..........................
966,248
16,580,816
Guidewire
Software,
Inc.
(a)
(b)
..................
224,768
18,442,214
Informatica,
Inc.
,
Class
A
(a)
(b)
.................
81,977
1,344,423
Jamf
Holding
Corp.
(a)
(b)
.....................
25,611
497,366
Manhattan
Associates,
Inc.
(a)
.................
65,282
10,108,918
nCino,
Inc.
(a)
(b)
...........................
155,402
3,850,861
NCR
Corp.
(a)
(b)
...........................
336,885
7,947,117
Nutanix,
Inc.
,
Class
A
(a)
(b)
....................
300,755
7,816,622
Oracle
Corp.
............................
1,313,680
122,067,146
Paycor
HCM,
Inc.
(a)
(b)
......................
167,359
4,438,361
Procore
Technologies,
Inc.
(a)
(b)
................
53,330
3,340,058
Roper
Technologies,
Inc.
....................
289,756
127,692,572
Salesforce,
Inc.
(a)
(b)
........................
2,077,044
414,951,850
SentinelOne,
Inc.
,
Class
A
(a)
(b)
................
156,080
2,553,469
Teradata
Corp.
(a)
.........................
127,830
5,148,992
Tyler
Technologies,
Inc.
(a)
...................
14,318
5,077,735
UiPath,
Inc.
,
Class
A
(a)
(b)
....................
936,585
16,446,433
Unity
Software,
Inc.
(a)
(b)
.....................
211,661
6,866,283
VMware,
Inc.
,
Class
A
(a)
....................
300,373
37,501,569
Zoom
Video
Communications,
Inc.
,
Class
A
(a)
(b)
.....
333,071
24,593,963
959,715,232
a
Security
Shares
Value
a
Specialized
REITs
 — 
1
.2
%
American
Tower
Corp.
.....................
296,824
$
60,653,016
CubeSmart
.............................
612,301
28,300,552
Digital
Realty
Trust,
Inc.
....................
787,046
77,374,492
EPR
Properties
..........................
202,546
7,717,003
Equinix,
Inc.
............................
62,335
44,946,028
Extra
Space
Storage,
Inc.
...................
320,239
52,176,540
Gaming
and
Leisure
Properties,
Inc.
............
669,650
34,861,979
Iron
Mountain,
Inc.
........................
200,757
10,622,053
Lamar
Advertising
Co.
,
Class
A
...............
28,460
2,842,870
Life
Storage,
Inc.
.........................
230,248
30,183,210
National
Storage
Affiliates
Trust
...............
235,464
9,837,686
Public
Storage
...........................
88,259
26,666,574
Rayonier,
Inc.
...........................
401,844
13,365,332
SBA
Communications
Corp.
,
Class
A
............
225,720
58,928,721
VICI
Properties,
Inc.
.......................
2,750,399
89,718,015
Weyerhaeuser
Co.
........................
2,017,725
60,794,054
608,988,125
a
Specialty
Retail
 — 
1
.5
%
Advance
Auto
Parts,
Inc.
....................
149,588
18,191,397
AutoNation,
Inc.
(a)
.........................
92,117
12,376,840
AutoZone,
Inc.
(a)
.........................
4,759
11,698,336
Bath
&
Body
Works,
Inc.
....................
625,889
22,895,020
Best
Buy
Co.,
Inc.
........................
372,502
29,155,732
Burlington
Stores,
Inc.
(a)
....................
10,954
2,213,803
CarMax,
Inc.
(a)
(b)
..........................
381,894
24,548,146
Dick's
Sporting
Goods,
Inc.
..................
146,482
20,784,331
GameStop
Corp.
,
Class
A
(a)
(b)
.................
742,220
17,085,904
Gap,
Inc.
(The)
..........................
538,826
5,409,813
Home
Depot,
Inc.
(The)
....................
1,175,241
346,837,124
Leslie's,
Inc.
(a)
(b)
..........................
47,291
520,674
Lithia
Motors,
Inc.
........................
74,211
16,989,124
Lowe's
Companies,
Inc.
....................
227,608
45,514,772
O'Reilly
Automotive,
Inc.
(a)
...................
100,725
85,513,510
Penske
Automotive
Group,
Inc.
(b)
..............
70,710
10,027,385
Petco
Health
&
Wellness
Co.,
Inc.
,
Class
A
(a)
(b)
.....
218,579
1,967,211
RH
(a)
(b)
................................
31,349
7,635,049
Ross
Stores,
Inc.
.........................
538,791
57,181,889
Victoria's
Secret
&
Co.
(a)
(b)
...................
63,914
2,182,663
Wayfair,
Inc.
,
Class
A
(a)
(b)
....................
78,867
2,708,293
Williams-Sonoma,
Inc.
.....................
37,912
4,612,374
746,049,390
a
Technology
Hardware,
Storage
&
Peripherals
 — 
0
.3
%
Dell
Technologies,
Inc.
,
Class
C
...............
551,644
22,181,605
Hewlett
Packard
Enterprise
Co.
...............
3,525,976
56,168,798
HP,
Inc.
...............................
1,458,279
42,800,489
Western
Digital
Corp.
(a)
.....................
873,866
32,918,532
154,069,424
a
Textiles,
Apparel
&
Luxury
Goods
 — 
0
.3
%
Capri
Holdings
Ltd.
(a)
......................
336,058
15,794,726
Carter's,
Inc.
............................
101,792
7,320,881
Columbia
Sportswear
Co.
(b)
..................
97,796
8,825,111
Deckers
Outdoor
Corp.
(a)
(b)
...................
8,482
3,813,083
Hanesbrands,
Inc.
........................
955,335
5,025,062
PVH
Corp.
.............................
173,750
15,491,550
Ralph
Lauren
Corp.
,
Class
A
.................
110,668
12,911,636
Skechers
USA,
Inc.
,
Class
A
(a)
................
310,323
14,746,549
Tapestry,
Inc.
............................
562,913
24,267,179
Under
Armour,
Inc.
,
Class
A
(a)
(b)
...............
514,822
4,885,661
Under
Armour,
Inc.
,
Class
C
(a)
................
528,042
4,504,198
VF
Corp.
..............................
958,889
21,968,147
139,553,783
a
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Russell
1000
Value
ETF
(Percentages
shown
are
based
on
Net
Assets)
40
2023
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Tobacco
 — 
1
.3
%
Altria
Group,
Inc.
.........................
4,922,501
$
219,641,994
Philip
Morris
International,
Inc.
................
4,254,771
413,776,480
633,418,474
a
Trading
Companies
&
Distributors
 — 
0
.2
%
Air
Lease
Corp.
,
Class
A
....................
286,923
11,296,159
Core
&
Main,
Inc.
,
Class
A
(a)
(b)
................
127,815
2,952,526
MSC
Industrial
Direct
Co.,
Inc.
,
Class
A
..........
128,036
10,755,024
SiteOne
Landscape
Supply,
Inc.
(a)
(b)
.............
47,448
6,494,208
United
Rentals,
Inc.
.......................
103,564
40,986,489
Univar
Solutions,
Inc.
(a)
(b)
....................
439,445
15,393,758
Watsco,
Inc.
(b)
...........................
42,583
13,548,207
WESCO
International,
Inc.
...................
58,134
8,984,028
110,410,399
a
Water
Utilities
 — 
0
.2
%
American
Water
Works
Co.,
Inc.
...............
529,341
77,543,163
Essential
Utilities,
Inc.
......................
633,179
27,638,263
105,181,426
a
Security
Shares
Value
a
Wireless
Telecommunication
Services
 — 
0
.5
%
T-Mobile
U.S.,
Inc.
(a)
(b)
......................
1,610,113
$
233,208,767
a
Total
Long-Term
Investments — 99.7%
(Cost:
$
47,556,805,614
)
..............................
50,445,813,655
a
Short-Term
Securities
Money
Market
Funds
 — 
1
.5
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.01
%
(c)
(d)
(e)
......................
696,811,773
697,020,816
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.73
%
(c)
(d)
............................
75,727,321
75,727,321
a
Total
Short-Term
Securities — 1.5%
(Cost:
$
772,304,043
)
................................
772,748,137
Total
Investments
—
101.2%
(Cost:
$
48,329,109,657
)
..............................
51,218,561,792
Liabilities
in
Excess
of
Other
Assets
—
(
1
.2
)
%
...............
(
623,481,940
)
Net
Assets
—
100.0%
.................................
$
50,595,079,852
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
March
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/23
  Shares
Held
at
03/31/23
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
555,372,018
$
141,259,534
(a)
$
—
$
20,679
$
368,585
$
697,020,816
696,811,773
$
8,775,629
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
115,810,000
—
(
40,082,679
)
(a)
—
—
75,727,321
75,727,321
2,253,773
57
BlackRock,
Inc.
..
303,843,926
75,832,100
(
72,837,840
)
27,142,243
(
61,496,699
)
272,483,730
407,227
8,211,515
—
$
27,162,922
$
(
61,128,114
)
$
1,045,231,867
$
19,240,917
$
57
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
iShares
®
Russell
1000
Value
ETF
Schedule
of
Investments
(continued)
March
31,
2023
41
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
March
31,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements. 
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
DJIA
Mini
e-CBOT
Index
.................................................................
353
06/16/23
$
59,057
$
2,053,591
S&P
500
E-Mini
Index
...................................................................
155
06/16/23
32,068
1,695,070
S&P
MidCap
400
E-Mini
Index
.............................................................
193
06/16/23
48,823
1,250,907
$
4,999,568
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)
.............
$
—
$
—
$
4,999,568
$
—
$
—
$
—
$
4,999,568
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.................................
$
—
$
—
$
(
11,287,759
)
$
—
$
—
$
—
$
(
11,287,759
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.................................
$
—
$
—
$
569,136
$
—
$
—
$
—
$
569,136
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
126,764,798
a
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Russell
1000
Value
ETF
42
2023
iShares
Annual
Report
to
Shareholders
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
50,445,530,917
‌
$
282,738
‌
$
—
‌
$
50,445,813,655
‌
Short-Term
Securities
Money
Market
Funds
......................................
772,748,137
‌
—
‌
—
‌
772,748,137
‌
$
51,218,279,054
‌
$
282,738
‌
$
—
‌
$
51,218,561,792
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
4,999,568
‌
$
—
‌
$
—
‌
$
4,999,568
‌
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
43
Financial
Statements
Statements
of
Assets
and
Liabilities
March
31,
2023
See
notes
to
financial
statements.
iShares
Russell
1000
ETF
iShares
Russell
1000
Growth
ETF
iShares
Russell
1000
Value
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.....................................................
$
28,223,694,497
‌
$
63,442,637,709
‌
$
50,173,329,925
‌
Investments,
at
value
—
affiliated
(c)
........................................................
532,264,932
‌
1,285,235,914
‌
1,045,231,867
‌
Cash
............................................................................
2,362,052
‌
1,361,692
‌
8,450,362
‌
Cash
pledged:
Futures
contracts
..................................................................
3,617,000
‌
6,850,840
‌
8,154,740
‌
Receivables:
Investments
sold
..................................................................
280,463
‌
420,839
‌
688,712
‌
Securities
lending
income
—
affiliated
....................................................
500,986
‌
447,855
‌
1,297,508
‌
Capital
shares
sold
.................................................................
842,850
‌
48,723
‌
42,240
‌
Dividends
—
unaffiliated
.............................................................
20,534,231
‌
18,228,111
‌
60,147,371
‌
Dividends
—
affiliated
...............................................................
191,124
‌
385,414
‌
298,073
‌
Interest
—
unaffiliated
...............................................................
6,203
‌
8,860
‌
20,735
‌
Variation
margin
on
futures
contracts
.....................................................
944,700
‌
1,603,676
‌
2,040,653
‌
Total
assets
.......................................................................
28,785,239,038
‌
64,757,229,633
‌
51,299,702,186
‌
LIABILITIES
Collateral
on
securities
loaned
...........................................................
415,615,851
‌
1,194,397,371
‌
696,641,388
‌
Payables:
Investment
advisory
fees
.............................................................
3,501,063
‌
9,572,542
‌
7,980,946
‌
Total
liabilities
......................................................................
419,116,914
‌
1,203,969,913
‌
704,622,334
‌
NET
ASSETS
......................................................................
$
28,366,122,124
‌
$
63,553,259,720
‌
$
50,595,079,852
‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
......................................................................
$
26,700,982,493
‌
$
56,313,721,025
‌
$
50,749,765,934
‌
Accumulated
earnings
(loss)
............................................................
1,665,139,631
‌
7,239,538,695
‌
(
154,686,082
)
NET
ASSETS
......................................................................
$
28,366,122,124
‌
$
63,553,259,720
‌
$
50,595,079,852
‌
NET
ASSET
VALUE
Shares
outstanding
..................................................................
125,950,000
‌
259,950,000
‌
332,100,000
‌
Net
asset
value
.....................................................................
$
225.22
‌
$
244.48
‌
$
152.35
‌
Shares
authorized
...................................................................
Unlimited
Unlimited
Unlimited
Par
value
.........................................................................
None
None
None
(a)
Securities
loaned,
at
value
...........................................................
$
419,606,089
‌
$
1,202,858,228
‌
$
698,213,380
‌
(b)
Investments,
at
cost
—
unaffiliated
......................................................
$
25,351,794,609
‌
$
51,579,382,982
‌
$
47,309,929,073
‌
(c)
Investments,
at
cost
—
affiliated
........................................................
$
526,163,631
‌
$
1,284,550,516
‌
$
1,019,180,584
‌
44
2023
iShares
Annual
Report
to
Shareholders
Statements
of
Operations
Year
Ended
March
31,
2023
See
notes
to
financial
statements.
iShares
Russell
1000
ETF
iShares
Russell
1000
Growth
ETF
iShares
Russell
1000
Value
ETF
INVESTMENT
INCOME
Dividends
—
unaffiliated
............................................................
$
452,186,129
‌
$
619,093,956
‌
$
1,202,315,975
‌
Dividends
—
affiliated
..............................................................
3,329,225
‌
2,558,522
‌
10,465,288
‌
Interest
—
unaffiliated
..............................................................
103,430
‌
201,513
‌
220,410
‌
Securities
lending
income
—
affiliated
—
net
...............................................
3,934,343
‌
5,869,379
‌
8,775,629
‌
Foreign
taxes
withheld
.............................................................
(
66,813
)
(
46,823
)
(
215,093
)
Total
investment
income
..............................................................
459,486,314
‌
627,676,547
‌
1,221,562,209
‌
EXPENSES
Investment
advisory
...............................................................
41,496,038
‌
113,807,003
‌
99,238,656
‌
Total
expenses
....................................................................
41,496,038
‌
113,807,003
‌
99,238,656
‌
Net
investment
income
...............................................................
417,990,276
‌
513,869,544
‌
1,122,323,553
‌
—
‌
—
‌
—
‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.........................................................
(
384,777,709
)
(
2,846,591,199
)
(
168,730,874
)
Investments
—
affiliated
...........................................................
(
321,035
)
30,100
‌
(
1,749,464
)
Capital
gain
distributions
from
underlying
funds
—
affiliated
...................................
26
‌
56
‌
57
‌
Futures
contracts
...............................................................
(
5,067,302
)
(
15,067,472
)
(
11,287,759
)
In-kind
redemptions
—
unaffiliated
(a)
...................................................
2,758,387,727
‌
7,187,172,652
‌
3,377,740,058
‌
In-kind
redemptions
—
affiliated
(a)
....................................................
6,807,100
‌
—
‌
28,912,386
‌
2,375,028,807
‌
4,325,544,137
‌
3,224,884,404
‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.........................................................
(
5,281,153,272
)
(
12,458,461,715
)
(
7,661,343,560
)
Investments
—
affiliated
...........................................................
(
15,241,525
)
560,438
‌
(
61,128,114
)
Futures
contracts
...............................................................
371,186
‌
542,771
‌
569,136
‌
(
5,296,023,611
)
(
12,457,358,506
)
(
7,721,902,538
)
Net
realized
and
unrealized
loss
.........................................................
(
2,920,994,804
)
(
8,131,814,369
)
(
4,497,018,134
)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..............................
$
(
2,503,004,528
)
$
(
7,617,944,825
)
$
(
3,374,694,581
)
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
45
Financial
Statements
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
iShares
Russell
1000
ETF
iShares
Russell
1000
Growth
ETF
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/23
Year
Ended
03/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
417,990,276
‌
$
352,228,600
‌
$
513,869,544
‌
$
393,666,414
‌
Net
realized
gain
.............................................
2,375,028,807
‌
2,691,261,956
‌
4,325,544,137
‌
11,550,274,041
‌
Net
change
in
unrealized
appreciation
(depreciation)
.....................
(
5,296,023,611
)
581,292,941
‌
(
12,457,358,506
)
(
2,627,760,691
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
(
2,503,004,528
)
3,624,783,497
‌
(
7,617,944,825
)
9,316,179,764
‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
422,432,329
)
(
357,765,384
)
(
543,297,716
)
(
401,934,860
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
871,090,503
‌
5,598,922
‌
979,744,660
‌
(
1,335,411,437
)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
(
2,054,346,354
)
3,272,617,035
‌
(
7,181,497,881
)
7,578,833,467
‌
Beginning
of
year
...............................................
30,420,468,478
‌
27,147,851,443
‌
70,734,757,601
‌
63,155,924,134
‌
End
of
year
...................................................
$
28,366,122,124
‌
$
30,420,468,478
‌
$
63,553,259,720
‌
$
70,734,757,601
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
46
2023
iShares
Annual
Report
to
Shareholders
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
Russell
1000
Value
ETF
Year
Ended
03/31/23
Year
Ended
03/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................................................
$
1,122,323,553
‌
$
974,949,729
‌
Net
realized
gain
................................................................................
3,224,884,404
‌
4,757,318,937
‌
Net
change
in
unrealized
appreciation
(depreciation)
........................................................
(
7,721,902,538
)
219,585,533
‌
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...................................................
(
3,374,694,581
)
5,951,854,199
‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................................................
(
1,145,296,254
)
(
973,061,947
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.........................................
(
2,850,447,198
)
1,878,160,955
‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...................................................................
(
7,370,438,033
)
6,856,953,207
‌
Beginning
of
year
..................................................................................
57,965,517,885
‌
51,108,564,678
‌
End
of
year
......................................................................................
$
50,595,079,852
‌
$
57,965,517,885
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
47
Financial
Highlights
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
Russell
1000
ETF
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
year
........................
$
250.07
‌
$
223.72
‌
$
141.59
‌
$
157.27
‌
$
146.79
‌
Net
investment
income
(a)
..............................
3
.31
‌
2
.88
‌
2
.74
‌
2
.96
‌
2
.74
‌
Net
realized
and
unrealized
gain
(loss)
(b)
....................
(
24.81
)
26.40
‌
82.26
‌
(
15.46
)
10.60
‌
Net
increase
(decrease)
from
investment
operations
.............
(
21.50
)
29.28
‌
85.00
‌
(
12.50
)
13.34
‌
Distributions
from
net
investment
income
(c)
....................
(
3
.35
)
(
2
.93
)
(
2
.87
)
(
3
.18
)
(
2
.86
)
Net
asset
value,
end
of
year
............................
$
225.22
‌
$
250.07
‌
$
223.72
‌
$
141.59
‌
$
157.27
‌
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
...............................
(
8
.51
)
%
13.09
%
60.37
%
(
8
.15
)
%
9
.18
%
(e)
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
Total
expenses
......................................
0
.15
%
0
.15
%
0
.15
%
0
.15
%
0
.15
%
Net
investment
income
.................................
1
.51
%
1
.17
%
1
.44
%
1
.78
%
1
.80
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.............................
$
28,366,122
‌
$
30,420,468
‌
$
27,147,851
‌
$
17,924,896
‌
$
19,312,905
‌
Portfolio
turnover
rate
(g)
.................................
5
%
6
%
5
%
5
%
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)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Portfolio
turnover
rate
excludes
in-kind
transactions.
48
2023
iShares
Annual
Report
to
Shareholders
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
Russell
1000
Growth
ETF
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
year
..........................
$
277.39
‌
$
243.05
‌
$
150.69
‌
$
151.33
‌
$
136.02
‌
Net
investment
income
(a)
................................
1
.96
‌
1
.53
‌
1
.54
‌
1
.72
‌
1
.69
‌
Net
realized
and
unrealized
gain
(loss)
(b)
......................
(
32.81
)
34.37
‌
92.34
‌
(
0
.62
)
15.31
‌
Net
increase
(decrease)
from
investment
operations
...............
(
30.85
)
35.90
‌
93.88
‌
1
.10
‌
17.00
‌
Distributions
from
net
investment
income
(c)
......................
(
2
.06
)
(
1
.56
)
(
1
.52
)
(
1
.74
)
(
1
.69
)
Net
asset
value,
end
of
year
..............................
$
244.48
‌
$
277.39
‌
$
243.05
‌
$
150.69
‌
$
151.33
‌
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
.................................
(
11.06
)
%
14.77
%
62.44
%
0
.68
%
12.57
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
........................................
0
.19
%
0
.18
%
0
.19
%
0
.19
%
0
.19
%
Net
investment
income
...................................
0
.85
%
0
.55
%
0
.72
%
1
.05
%
1
.17
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
63,553,260
‌
$
70,734,758
‌
$
63,155,924
‌
$
42,834,345
‌
$
42,729,330
‌
Portfolio
turnover
rate
(f)
...................................
14
%
13
%
14
%
18
%
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)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions.
49
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
Russell
1000
Value
ETF
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
year
........................
$
165.88
‌
$
151.43
‌
$
99.22
‌
$
123.48
‌
$
119.95
‌
Net
investment
income
(a)
..............................
3
.24
‌
2
.83
‌
2
.69
‌
3
.14
‌
2
.86
‌
Net
realized
and
unrealized
gain
(loss)
(b)
....................
(
13.46
)
14.44
‌
52.15
‌
(
23.93
)
3
.67
‌
Net
increase
(decrease)
from
investment
operations
.............
(
10.22
)
17.27
‌
54.84
‌
(
20.79
)
6
.53
‌
Distributions
from
net
investment
income
(c)
....................
(
3
.31
)
(
2
.82
)
(
2
.63
)
(
3
.47
)
(
3
.00
)
Net
asset
value,
end
of
year
............................
$
152.35
‌
$
165.88
‌
$
151.43
‌
$
99.22
‌
$
123.48
‌
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
...............................
(
6
.07
)
%
11.45
%
55.84
%
(
17.30
)
%
5
.53
%
(e)
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
Total
expenses
......................................
0
.19
%
0
.18
%
0
.19
%
0
.19
%
0
.19
%
Net
investment
income
.................................
2
.12
%
1
.75
%
2
.15
%
2
.46
%
2
.36
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.............................
$
50,595,080
‌
$
57,965,518
‌
$
51,108,565
‌
$
31,175,791
‌
$
37,877,550
‌
Portfolio
turnover
rate
(g)
.................................
15
%
17
%
18
%
16
%
17
%
(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)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Portfolio
turnover
rate
excludes
in-kind
transactions.
Notes
to
Financial
Statements
50
2023
iShares
Annual
Report
to
Shareholders
1.
Organization
iShares
Trust
(the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Delaware
statutory
trust
and
is
authorized
to
have
multiple
series
or
portfolios.
These
financial
statements
relate
only
to
the
following
funds
(each,
a
“Fund”
and
collectively,
the
“Funds”):
2.
Significant
Accounting
Policies
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates. Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method. Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
date
at
fair
value. Dividends
from
foreign
securities
where
the
ex-dividend
date
may
have
passed
are
subsequently
recorded
when
the
Funds
are
informed
of
the
ex-dividend
date.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest. Upon
notification
from
issuers
or
as
estimated
by
management,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain. Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis.
Foreign
Taxes:
The
Funds
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
each
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
each
Fund
and
are
reflected
in
its
Statements
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Other
foreign
taxes”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
March
31,
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
includes
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the
Funds
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments. 
In-kind
Redemptions:
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Funds.
Because
such
gains
or
losses
are
not
taxable
to
the
Funds
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
Funds’
tax
year.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
(“NAV”)
per
share.
Distributions:
Dividends
and
distributions
paid
by
each
Fund
are
recorded
on
the
ex-dividend
dates.
Distributions
are
determined
on
a
tax
basis
and
may
differ
from
net
investment
income
and net
realized
capital
gains
for
financial
reporting
purposes.
Dividends
and
distributions
are
paid
in
U.S.
dollars
and
cannot
be
automatically
reinvested
in
additional
shares
of
the
Funds. 
The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP. 
Indemnifications:
In
the
normal
course
of
business,
each
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Funds,
which
cannot
be
predicted
with
any
certainty.
3.
Investment
Valuation
and
Fair
Value
Measurements
Investment
Valuation
Policies:
Each
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund’s
listing
exchange
is
open
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of Trustees of
the
Trust (the
“Board”)
of
each
Fund
has
approved
the
designation
of
BlackRock
Fund
Advisors
(“BFA”),
the
Funds’
investment
adviser,
as
the
valuation
designee
for each
Fund. Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
BFA’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
BFA’s
policies
and
procedures
as
reflecting
fair
value. BFA
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
iShares
ETF
Diversification
Classification
Russell
1000
........................................................................................................
Diversified
Russell
1000
Growth
..................................................................................................
Diversified
Russell
1000
Value
...................................................................................................
Diversified
Notes
to
Financial
Statements
(
continued)
51
Notes
to
Financial
Statements
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of each
Fund’s
assets
and
liabilities:
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s
official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
are
valued
at
the
last
traded
price.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds)
are
valued
at
that
day’s
published
NAV.
Futures
contracts
are
valued
based
on
that
day’s
last
reported
settlement
or
trade
price
on
the
exchange
where
the
contract
is
traded.
If
events
(e.g.,
market
volatility,
company
announcement
or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that
application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Valuation
Committee,
in
accordance
with BFA’s
policies
and
procedures
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Valuation
Committee
include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Valuation
Committee
seeks
to
determine
the
price
that each
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
Fair
value
pricing
could
result
in
a
difference
between
the
prices
used
to
calculate
a
fund’s
NAV
and
the
prices
used
by
the
fund’s
underlying
index,
which
in
turn
could
result
in
a
difference
between
the
fund’s
performance
and
the
performance
of
the
fund’s
underlying
index.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
–
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that each
Fund
has
the
ability
to
access;
Level
2
–
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market-corroborated
inputs);
and
Level
3
–
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available,
(including
the
Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
4.
Securities
and
Other
Investments 
Securities
Lending:
Each
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
an
approved
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
government.
The
initial
collateral
received
by
each
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
market
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of
the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund
or
excess
collateral
is
returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
each
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
in
money
market
funds
managed
by
BFA,
or
its
affiliates
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
also
disclosed
in
each
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
any
related
cash
collateral
are
disclosed
in
the Statements
of
Assets
and
Liabilities.
Securities
lending
transactions
are
entered
into
by
the
Funds
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”)
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency)
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Funds,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the
Funds
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
Notes
to
Financial
Statements
(continued)
52
2023
iShares
Annual
Report
to
Shareholders
As
of
period
end,
the
following
table
is
a
summary
of
the
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
(b)
Russell
1000
Barclays
Bank
PLC
...............................................
$
24,598,339‌
$
(24,598,339‌)
$
—‌
$
—‌
Barclays
Capital,
Inc.
.............................................
2,588,049‌
(2,576,358‌)
—‌
11,691‌
BNP
Paribas
SA
.................................................
14,551,396‌
(14,211,549‌)
—‌
339,847‌
BofA
Securities,
Inc.
..............................................
11,552,067‌
(11,552,067‌)
—‌
—‌
Citadel
Clearing
LLC
..............................................
14,842,184‌
(14,842,184‌)
—‌
—‌
Citigroup
Global
Markets,
Inc.
........................................
24,696,652‌
(24,118,429‌)
—‌
578,223‌
Deutsche
Bank
Securities,
Inc.
.......................................
353,521‌
(353,521‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
97,195,302‌
(95,641,005‌)
—‌
1,554,297‌
HSBC
Bank
PLC
................................................
13,469,601‌
(13,469,601‌)
—‌
—‌
ING
Financial
Markets
LLC
.........................................
52,569‌
(50,980‌)
—‌
1,589‌
J.P.
Morgan
Securities
LLC
.........................................
19,004,504‌
(19,004,504‌)
—‌
—‌
Jefferies
LLC
...................................................
517,703‌
(517,703‌)
—‌
—‌
Morgan
Stanley
.................................................
52,020,328‌
(51,528,487‌)
—‌
491,841‌
National
Financial
Services
LLC
......................................
54,460‌
(54,151‌)
—‌
309‌
Natixis
SA
.....................................................
2,453,572‌
(2,431,037‌)
—‌
22,535‌
RBC
Capital
Markets
LLC
..........................................
35,303,333‌
(35,114,389‌)
—‌
188,944‌
Scotia
Capital
(USA),
Inc.
..........................................
8,506,918‌
(8,506,918‌)
—‌
—‌
SG
Americas
Securities
LLC
........................................
4,095,012‌
(4,095,012‌)
—‌
—‌
State
Street
Bank
&
Trust
Co.
........................................
3,878,715‌
(3,878,715‌)
—‌
—‌
Toronto-Dominion
Bank
............................................
61,775,890‌
(60,563,556‌)
—‌
1,212,334‌
UBS
AG
......................................................
22,523,422‌
(22,172,183‌)
—‌
351,239‌
UBS
Securities
LLC
..............................................
2,008,101‌
(1,972,228‌)
—‌
35,873‌
Wells
Fargo
Bank
NA
.............................................
671,631‌
(671,631‌)
—‌
—‌
Wells
Fargo
Securities
LLC
.........................................
2,892,820‌
(2,892,820‌)
—‌
—‌
$
419,606,089‌
$
(414,817,367‌)
$
—‌
$
4,788,722‌
a
Russell
1000
Growth
Barclays
Bank
PLC
...............................................
66,089,764‌
(65,635,706‌)
—‌
454,058‌
Barclays
Capital,
Inc.
.............................................
9,678,533‌
(9,556,988‌)
—‌
121,545‌
BNP
Paribas
SA
.................................................
43,287,092‌
(43,011,218‌)
—‌
275,874‌
BofA
Securities,
Inc.
..............................................
8,031,852‌
(7,977,611‌)
—‌
54,241‌
Citadel
Clearing
LLC
..............................................
6,922,577‌
(6,921,970‌)
—‌
607‌
Citigroup
Global
Markets,
Inc.
........................................
79,550,370‌
(78,012,044‌)
—‌
1,538,326‌
Credit
Suisse
Securities
(USA)
LLC
....................................
40,932‌
(40,932‌)
—‌
—‌
Deutsche
Bank
Securities,
Inc.
.......................................
993‌
(993‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
260,972,835‌
(255,977,169‌)
—‌
4,995,666‌
HSBC
Bank
PLC
................................................
62,953,709‌
(62,953,709‌)
—‌
—‌
ING
Financial
Markets
LLC
.........................................
22,914‌
(22,805‌)
—‌
109‌
J.P.
Morgan
Securities
LLC
.........................................
92,488,128‌
(92,488,128‌)
—‌
—‌
Jefferies
LLC
...................................................
4,248,828‌
(4,248,828‌)
—‌
—‌
Morgan
Stanley
.................................................
123,302,750‌
(121,891,768‌)
—‌
1,410,982‌
National
Financial
Services
LLC
......................................
693,566‌
(686,797‌)
—‌
6,769‌
Natixis
SA
.....................................................
53,883,620‌
(53,707,513‌)
—‌
176,107‌
Nomura
Securities
International,
Inc.
...................................
1,408‌
(1,394‌)
—‌
14‌
RBC
Capital
Markets
LLC
..........................................
154,070,371‌
(152,689,993‌)
—‌
1,380,378‌
Scotia
Capital
(USA),
Inc.
..........................................
30,277,684‌
(30,277,684‌)
—‌
—‌
SG
Americas
Securities
LLC
........................................
5,235,367‌
(5,235,367‌)
—‌
—‌
State
Street
Bank
&
Trust
Co.
........................................
6,745,840‌
(6,745,840‌)
—‌
—‌
Toronto-Dominion
Bank
............................................
90,975,706‌
(90,975,706‌)
—‌
—‌
UBS
AG
......................................................
77,324,124‌
(76,400,723‌)
—‌
923,401‌
UBS
Securities
LLC
..............................................
5,219,730‌
(5,170,684‌)
—‌
49,046‌
Virtu
Americas
LLC
...............................................
2,274,427‌
(2,274,427‌)
—‌
—‌
Wells
Fargo
Bank
NA
.............................................
14,795,967‌
(14,630,669‌)
—‌
165,298‌
Wells
Fargo
Securities
LLC
.........................................
3,769,141‌
(3,769,141‌)
—‌
—‌
$
1,202,858,228‌
$
(1,191,305,807‌)
$
—‌
$
11,552,421‌
a
Notes
to
Financial
Statements
(
continued)
53
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
(b)
Russell
1000
Value
Barclays
Bank
PLC
...............................................
$
66,102,559‌
$
(66,102,559‌)
$
—‌
$
—‌
Barclays
Capital,
Inc.
.............................................
13,317,557‌
(12,989,641‌)
—‌
327,916‌
BNP
Paribas
SA
.................................................
92,231,748‌
(91,588,774‌)
—‌
642,974‌
BofA
Securities,
Inc.
..............................................
13,246,295‌
(13,246,295‌)
—‌
—‌
Citadel
Clearing
LLC
..............................................
21,266,337‌
(21,266,337‌)
—‌
—‌
Citigroup
Global
Markets,
Inc.
........................................
41,075,323‌
(41,074,910‌)
—‌
413‌
Credit
Suisse
Securities
(USA)
LLC
....................................
425‌
(425‌)
—‌
—‌
Deutsche
Bank
Securities,
Inc.
.......................................
69,169‌
(69,169‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
101,651,357‌
(100,732,886‌)
—‌
918,471‌
HSBC
Bank
PLC
................................................
15,401,747‌
(15,145,530‌)
—‌
256,217‌
ING
Financial
Markets
LLC
.........................................
1,382‌
(1,262‌)
—‌
120‌
J.P.
Morgan
Securities
LLC
.........................................
92,284,765‌
(92,284,765‌)
—‌
—‌
Jefferies
LLC
...................................................
4,815,703‌
(4,810,986‌)
—‌
4,717‌
Morgan
Stanley
.................................................
100,461,103‌
(99,626,516‌)
—‌
834,587‌
National
Financial
Services
LLC
......................................
446,716‌
(446,716‌)
—‌
—‌
Natixis
SA
.....................................................
513,406‌
(513,406‌)
—‌
—‌
Nomura
Securities
International,
Inc.
...................................
2,293,799‌
(2,293,799‌)
—‌
—‌
RBC
Capital
Markets
LLC
..........................................
43,817,665‌
(43,817,665‌)
—‌
—‌
Scotia
Capital
(USA),
Inc.
..........................................
16,108,876‌
(16,108,876‌)
—‌
—‌
SG
Americas
Securities
LLC
........................................
2,224,101‌
(2,224,101‌)
—‌
—‌
State
Street
Bank
&
Trust
Co.
........................................
813,741‌
(813,741‌)
—‌
—‌
Toronto-Dominion
Bank
............................................
29,366,328‌
(29,118,718‌)
—‌
247,610‌
UBS
AG
......................................................
13,218,295‌
(13,218,295‌)
—‌
—‌
UBS
Securities
LLC
..............................................
6,932,360‌
(6,763,134‌)
—‌
169,226‌
Virtu
Americas
LLC
...............................................
7,157,865‌
(7,157,865‌)
—‌
—‌
Wells
Fargo
Bank
NA
.............................................
9,147,989‌
(9,147,989‌)
—‌
—‌
Wells
Fargo
Securities
LLC
.........................................
4,246,769‌
(4,213,043‌)
—‌
33,726‌
$
698,213,380‌
$
(694,777,403‌)
$
—‌
$
3,435,977‌
a
(a)
Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
each
Fund
is
disclosed
in
the
Funds’
Statements
of
Assets
and
Liabilities.
(b)
The
market
value
of
the
loaned
securities
is
determined
as
of
March
31,
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
(continued)
54
2023
iShares
Annual
Report
to
Shareholders
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
following Fund,
BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Fund,
based
on
the
average
daily
net
assets
of
the
Fund
as
follows:
For
its
investment
advisory
services
to
each
of
the
iShares
Russell
1000
Growth
and
iShares
Russell
1000
Value
ETFs,
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 year
ended March
31,
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.
iShares
ETF
Investment
Advisory
Fees
Russell
1000
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
.
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.
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.
.
.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.15%
Aggregate
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$121
billion
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.2000%
Over
$121
billion,
up
to
and
including
$181
billion
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.1900
Over
$181
billion,
up
to
and
including
$231
billion
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.1805
Over
$231
billion,
up
to
and
including
$281
billion
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.1715
Over
$281
billion
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
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.
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.
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.
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.
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.
.
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.
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.
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.
.
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.
.
.
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.
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.
.
.
.
.
.
0.1630
iShares
ETF
Amounts
Russell
1000
.......................................................................................................
$
1,138,600
‌
Russell
1000
Growth
.................................................................................................
1,858,543
‌
Russell
1000
Value
..................................................................................................
2,442,487
‌
Notes
to
Financial
Statements
(
continued)
55
Notes
to
Financial
Statements
For
the
year
ended
March
31,
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 year
ended
March
31,
2023,
purchases
and
sales
of
investments,
excluding
short-term
securities
and
in-kind
transactions,
were
as
follows:
For
the year
ended
March
31,
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
March
31,
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.
U.S.
GAAP
requires
that
certain
components
of
net
assets
be
adjusted
to
reflect
permanent
differences
between
financial
and
tax
reporting.
These
reclassifications
have
no
effect
on
net
assets
or
NAV
per
share.
As
of
March
31,
2023,
permanent
differences
attributable
to
distributions
paid
in
excess
of
taxable
income
and
realized
gains
(losses)
from
in-kind
redemptions
were
reclassified
to
the
following
accounts:
The
tax
character
of
distributions
paid
was
as
follows:
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
Russell
1000
...................................................................
$
368,340,293
‌
$
264,708,492
‌
$
(146,321,661
)
Russell
1000
Growth
.............................................................
6,058,201,005
‌
4,439,004,663
‌
(1,994,986,516
)
Russell
1000
Value
..............................................................
5,546,374,150
‌
5,653,994,312
‌
208,841,032
‌
iShares
ETF
Purchases
Sales
Russell
1000
.....................................................................................
$
1,326,731,721
‌
$
1,319,568,393
‌
Russell
1000
Growth
...............................................................................
8,732,944,779
‌
8,768,506,029
‌
Russell
1000
Value
................................................................................
8,141,249,047
‌
8,207,484,058
‌
iShares
ETF
In-kind
Purchases
In-kind
Sales
Russell
1000
.....................................................................................
$
8,032,785,700
‌
$
7,164,649,558
‌
Russell
1000
Growth
...............................................................................
14,931,981,890
‌
13,958,030,192
‌
Russell
1000
Value
................................................................................
9,124,563,218
‌
11,967,983,535
‌
iShares
ETF
Paid-in
Capital
Accumulated
Earnings
(Loss)
Russell
1000
.....................................................................................
$
2,752,712,917
‌
$
(2,752,712,917
)
Russell
1000
Growth
...............................................................................
7,164,126,222
‌
(7,164,126,222
)
Russell
1000
Value
................................................................................
3,372,057,021
‌
(3,372,057,021
)
iShares
ETF
Year
Ended
03/31/23
Year
Ended
03/31/22
Russell
1000
Ordinary
income
..........................................................................................
$
422,432,329
‌
$
357,765,384
‌
Russell
1000
Growth
Ordinary
income
..........................................................................................
$
543,297,716
‌
$
401,934,860
‌
Russell
1000
Value
Ordinary
income
..........................................................................................
$
1,145,296,254
‌
$
973,061,947
‌
Notes
to
Financial
Statements
(continued)
56
2023
iShares
Annual
Report
to
Shareholders
As
of
March
31,
2023,
the
tax
components
of
accumulated
net earnings
(losses)
were
as
follows:
As
of
March
31,
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
the
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from
the
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. 
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.
iShares
ETF
Non-expiring
Capital
Loss
Carryforwards
(a)
Net
Unrealized
Gains
(Losses)
(b)
Qualified
Late-Year
Losses
(c)
Total
Russell
1000
................................................
$
(1,048,166,720
)
$
2,713,343,133
‌
$
(36,782
)
$
1,665,139,631
‌
Russell
1000
Growth
..........................................
(4,435,951,491
)
11,675,490,186
‌
—
‌
7,239,538,695
‌
Russell
1000
Value
...........................................
(2,653,752,716
)
2,499,134,218
‌
(67,584
)
(154,686,082
)
(a)
Amounts
available
to
offset
future
realized
capital
gains.
(b)
The
difference
between
book-basis
and
tax-basis
unrealized
gains
(losses)
was
attributable
primarily
to
the
tax
deferral
of
losses
on
wash
sales,
the
realization
for
tax
purposes
of
unrealized
gains
(losses)
on
certain
futures
contracts,
the
timing
and
recognition
of
partnership
income,
the
characterization
of
corporate
actions
and
the
timing
and
recognition
of
realized
gains
(losses)
for
tax
purposes.
(c)
The
Fund
has
elected
to
defer
certain
qualified
late-year
losses
and
recognize
such
losses
in
the
next
taxable
year.
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Russell
1000
.................................................
$
26,042,445,403
‌
$
4,846,837,892
‌
$
(2,133,323,866
)
$
2,713,514,026
‌
Russell
1000
Growth
...........................................
53,052,383,437
‌
14,380,708,435
‌
(2,705,218,249
)
11,675,490,186
‌
Russell
1000
Value
............................................
48,718,788,322
‌
6,754,877,548
‌
(4,255,104,078
)
2,499,773,470
‌
Notes
to
Financial
Statements
(
continued)
57
Notes
to
Financial
Statements
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.
Concentration
Risk:
A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments.
Certain
Funds
invest
a
significant
portion
of
their
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
Fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
fund’s
portfolio.
Investment
percentages
in
specific
sectors
are
presented
in
the
Schedule
of
Investments.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
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.
Year
Ended
03/31/23
Year
Ended
03/31/22
iShares
ETF
Shares
Amount
Shares
Amount
Russell
1000
Shares
sold
...............................................
37,350,000
‌
$
8,061,887,621
‌
22,500,000
‌
$
5,575,530,487
‌
Shares
redeemed
...........................................
(33,050,000
)
(7,190,797,118
)
(22,200,000
)
(5,569,931,565
)
4,300,000
‌
$
871,090,503
‌
300,000
‌
$
5,598,922
‌
Russell
1000
Growth
Shares
sold
...............................................
65,450,000
‌
$
14,964,701,868
‌
70,050,000
‌
$
19,313,363,514
‌
Shares
redeemed
...........................................
(60,500,000
)
(13,984,957,208
)
(74,900,000
)
(20,648,774,951
)
4,950,000
‌
$
979,744,660
‌
(4,850,000
)
$
(1,335,411,437
)
Russell
1000
Value
Shares
sold
...............................................
61,100,000
‌
$
9,177,683,939
‌
79,150,000
‌
$
12,783,707,883
‌
Shares
redeemed
...........................................
(78,450,000
)
(12,028,131,137
)
(67,200,000
)
(10,905,546,928
)
(17,350,000
)
$
(2,850,447,198
)
11,950,000
‌
$
1,878,160,955
‌
Report
of
Independent
Registered
Public
Accounting
Firm
58
2023
iShares
Annual
Report
to
Shareholders
To
the
Board
of
Trustees
of
iShares
Trust
and
Shareholders
of
each
of
the three funds
listed
in
the
table
below
Opinions
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities,
including
the
schedules
of
investments,
of
each
of
the
funds
listed
in
the
table
below
(three
of
the
funds
constituting
iShares
Trust,
hereafter
collectively
referred
to
as
the
“Funds”)
as
of
March
31,
2023,
the
related
statements
of
operations
for
the
year
ended
March
31,
2023, the
statements
of changes
in
net
assets
for
each
of
the
two
years
in
the period
ended
March
31,
2023,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the period
ended
March
31,
2023 (collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
each
of
the
Funds
as
of
March
31,
2023,
the
results
of
each
of
their
operations
for
the
year
then
ended, the
changes
in
each
of
their
net
assets
for
each
of
the
two
years in
the period
ended
March 31,
2023
and
each
of
the
financial
highlights
for
each
of
the five
years
in
the
period
ended
March
31,
2023 in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America. 
Basis
for
Opinions
These
financial
statements
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
March
31,
2023 by
correspondence
with
the
custodian,
transfer
agent
and
brokers.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
/s/PricewaterhouseCoopers
LLP
Philadelphia,
Pennsylvania
May
25,
2023
We
have
served
as
the
auditor
of
one
or
more
BlackRock
investment
companies
since
2000.
    iShares
Russell
1000
ETF
    iShares
Russell
1000
Growth
ETF
    iShares
Russell
1000
Value
ETF
Important
Tax
Information
(unaudited)
59
Important
Tax
Information
The
following
amounts,
or
maximum
amounts
allowable
by
law,
are
hereby
designated
as
qualified
dividend
income
for
individuals
for
the
fiscal
year
ended
March
31,
2023
:
The
following
amounts,
or
maximum
amounts
allowable
by
law,
are
hereby
designated
as
qualified
business
income
for
individuals
for
the
fiscal
year
ended
March
31,
2023
:
The
following
percentages,
or
maximum
percentages
allowable
by
law,
of
ordinary
income
distributions
paid
during
the
fiscal
year
ended
March
31,
2023
qualified
for
the
dividends-received
deduction
for
corporate
shareholders:
iShares
ETF
Qualified
Dividend
Income
Russell
1000
........................................................................................................
$
429,655,892‌
Russell
1000
Growth
..................................................................................................
601,454,056‌
Russell
1000
Value
...................................................................................................
1,128,231,036‌
iShares
ETF
Qualified
Business
Income
Russell
1000
........................................................................................................
$
15,375,101‌
Russell
1000
Growth
..................................................................................................
17,189,245‌
Russell
1000
Value
...................................................................................................
42,728,577‌
iShares
ETF
Dividends-Received
Deduction
Russell
1000
........................................................................................................
98
.53‌
%
Russell
1000
Growth
..................................................................................................
100
.00‌
Russell
1000
Value
...................................................................................................
99
.41‌
Statement
Regarding
Liquidity
Risk
Management
Program
(unaudited)
60
2023
iShares
Annual
Report
to
Shareholders
In
compliance
with
Rule
22e-4
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Liquidity
Rule”),
iShares
Trust
(the
“Trust”)
has
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Program”)
for iShares
Russell
1000
ETF,
iShares
Russell
1000
Growth
ETF
and
iShares
Russell
1000
Value
ETF
(the
“Funds”
or
“ETFs”),
each
a
series
of
the
Trust,
which
is
reasonably
designed
to
assess
and
manage
each
Fund’s
liquidity
risk.
The
Board
of
Trustees
(the
“Board”)
of
the
Trust,
on
behalf
of
the
Funds,
met
on
December
9,
2022
(the
“Meeting”)
to
review
the
Program.
The
Board
previously
appointed
BlackRock
Fund
Advisors
(“BlackRock”),
the
investment
adviser
to
the
Funds,
as
the
program
administrator
for
each
Fund’s
Program.
BlackRock
also
previously
delegated
oversight
of
the
Program
to
the
40
Act
Liquidity
Risk
Management
Committee
(the
“Committee”).
At
the
Meeting,
the
Committee,
on
behalf
of
BlackRock,
provided
the
Board
with
a
report
that
addressed
the
operation
of
the
Program
and
assessed
its
adequacy
and
effectiveness
of
implementation,
including
the
management
of
each
Fund’s
Highly
Liquid
Investment
Minimum
(“HLIM”)
where
applicable,
and
any
material
changes
to
the
Program
(the
“Report”). 
The
Report
covered
the
period
from
October
1,
2021
through
September
30,
2022
(the
“Program
Reporting
Period”).
The
Report
described
the
Program’s
liquidity
classification
methodology
for
categorizing
each
Fund’s
investments
(including
derivative
transactions)
into
one
of
four
liquidity
buckets.
It
also
referenced
the
methodology
used
by
BlackRock
to
establish
each
Fund’s
HLIM
and
noted
that
the
Committee
reviews
and
ratifies
the
HLIM
assigned
to
each Fund
no
less
frequently
than
annually.
The
Report
also
discussed
notable
events
affecting
liquidity
over
the
Program
Reporting
Period,
including
extended
market
holidays,
the
imposition
of
capital
controls
in
certain
non-U.S.
countries,
Russian
sanctions
and
the
closure
of
the
Russian
securities
market.
The
Report
noted
that
the
Program
complied
with
the
key
factors
for
consideration
under
the
Liquidity
Rule
for
assessing,
managing
and
periodically
reviewing
each
Fund’s
liquidity
risk,
as
follows:
a)
The
Fund’s
investment
strategy
and
liquidity
of
portfolio
investments
during
both
normal
and
reasonably
foreseeable
stressed
conditions.
During
the
Program
Reporting
Period,
the
Committee
reviewed
whether
each
Fund’s
strategy
is
appropriate
for
an
open-end
fund
structure,
with
a
focus
on
funds
with
more
significant
and
consistent
holdings
of
less
liquid
and
illiquid
assets.
The
Committee
also
factored
a
fund’s
concentration
in
an
issuer
into
the
liquidity
classification
methodology
by
taking
issuer
position
sizes
into
account.
Derivative
exposure
was
also
considered
in
the
calculation
of
a
fund’s
liquidity
bucketing.
Finally,
a
factor
for
consideration
under
the
Liquidity
Rule
is
a
Fund’s
use
of
borrowings
for
investment
purposes.
However,
the
Funds
do
not
borrow
for
investment
purposes.
b)
Short-term
and
long-term
cash
flow
projections
during
both
normal
and
reasonably
foreseeable
stressed
conditions.
During
the
Program
Reporting
Period,
the
Committee
reviewed
historical
redemption
activity
and
used
this
information
as
a
component
to
establish
each
ETF’s
reasonably
anticipated
trading
size
(“RATS”).
The
Committee
may
also
take
into
consideration
a
fund’s
shareholder
ownership
concentration
(which,
depending
on
product
type
and
distribution
channel,
may
or
may
not
be
available),
a
fund’s
distribution
channels,
and
the
degree
of
certainty
associated
with
a
fund’s
short-term
and
long-term
cash
flow
projections.
c)
Holdings
of
cash
and
cash
equivalents,
as
well
as
borrowing
arrangements.
The
Committee
considered
that
ETFs
generally
do
not
hold
more
than
de
minimis
amounts
of
cash.
The
Committee
also
considered
that
ETFs
generally
do
not
engage
in
borrowing.
d)
The
relationship
between
an
ETF’s
portfolio
liquidity
and
the
way
in
which,
and
the
prices
and
spreads
at
which,
ETF
shares
trade,
including
the
efficiency
of
the
arbitrage
function
and
the
level
of
active
participation
by
market
participants,
including
authorized
participants.
The
Committee
monitored
the
prevailing
bid/ask
spread
and
the
ETF
price
premium
(or
discount)
to
NAV
for
all
ETFs.
However,
there
were
no
ETFs
with
persistent
deviations
of
fund
premium/
discount
or
bid/ask
spreads
from
long-term
averages
over
the
Program
Reporting
Period.
e)
The
effect
of
the
composition
of
baskets
on
the
overall
liquidity
of
an
ETF’s
portfolio.
In
reviewing
the
linkage
between
the
composition
of
custom
baskets
accepted
by
an
ETF
and
any
significant
change
in
the
liquidity
profile
of
such
ETF,
the
Committee
reviewed
changes
in
the
proportion
of
each
ETF’s
portfolio
comprised
of
less
liquid
and
illiquid
holdings
to
determine
if
applicable
thresholds
were
met
requiring
enhanced
review.
There
were
no
material
changes
to
the
Program
during
the
Program
Reporting
Period
other
than
the
enhancement
of
certain
model
components
in
the
Program’s
classification
methodology.
The
Report
provided
to
the
Board
stated
that
the
Committee
concluded
that
based
on
the
operation
of
the
functions,
as
described
in
the
Report,
the
Program
is
operating
as
intended
and
is
effective
in
implementing
the
requirements
of
the
Liquidity
Rule.
Supplemental
Information
(unaudited)
61
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.
March
31,
2023
Premium/Discount
Information
Information
on
the
Fund’s
net
asset
value,
market
price,
premiums
and
discounts,
and
bid-ask
spreads
can
be
found
at
iShares.com
.
Regulation
under
the
Alternative
Investment
Fund
Managers
Directive
The
Alternative
Investment
Fund
Managers
Directive,
and
its
United
Kingdom
(“UK”)
equivalent,
(
“AIFMD”)
impose
detailed
and
prescriptive
obligations
on
fund
managers
established
in
the
European
Union
(the
“EU”)
and
the
UK.
These
do
not
currently
apply
to
managers
established
outside
of
the
EU
or
UK,
such
as BFA
(the
“Company”).
Rather,
the
Company
is
only
required
to
comply
with
certain
disclosure,
reporting
and
transparency
obligations
of
AIFMD
because
it
has
registered
the
iShares
Russell
1000
Value
ETF (the
“Fund”)
to
be
marketed
to
investors
in
the
EU
and/or
UK.
Report
on
Remuneration
The
Company
is
required
under
AIFMD
to
make
quantitative
disclosures
of
remuneration.
These
disclosures
are
made
in
line
with
BlackRock’s
interpretation
of
currently
available
regulatory
guidance
on
quantitative
remuneration
disclosures.
As
market
or
regulatory
practice
develops
BlackRock
may
consider
it
appropriate
to
make
changes
to
the
way
in
which
quantitative
remuneration
disclosures
are
calculated.
Where
such
changes
are
made,
this
may
result
in
disclosures
in
relation
to
a
fund
not
being
comparable
to
the
disclosures
made
in
the
prior
year,
or
in
relation
to
other
BlackRock
fund
disclosures
in
that
same
year.
Disclosures
are
provided
in
relation
to
(a)
the
staff
of
the
Company;
(b)
staff
who
are
senior
management;
and
(c)
staff
who
have
the
ability
to
materially
affect
the
risk
profile
of
the
Fund.
All
individuals
included
in
the
aggregated
figures
disclosed
are
rewarded
in
line
with
BlackRock’s
remuneration
policy
for
their
responsibilities
across
the
relevant
BlackRock
business
area.
As
all
individuals
have
a
number
of
areas
of
responsibilities,
only
the
portion
of
remuneration
for
those
individuals’
services
attributable
to
the
Fund
is
included
in
the
aggregate
figures
disclosed.
BlackRock
has
a
clear
and
well
defined
pay-for-performance
philosophy,
and
compensation
programs
which
support
that
philosophy.
BlackRock
operates
a
total
compensation
model
for
remuneration
which
includes
a
base
salary,
which
is
contractual,
and
a
discretionary
bonus
scheme.
Although
all
employees
are
eligible
to
receive
a
discretionary
bonus,
there
is
no
contractual
obligation
to
make
a
discretionary
bonus
award
to
any
employees.
For
senior
management
and
staff
who
have
the
ability
to
materially
affect
the
risk
profile
of
the
Fund,
a
significant
percentage
of
variable
remuneration
is
deferred
over
time.
All
employees
are
subject
to
a
clawback
policy.
Remuneration
decisions
for
employees
are
made
once
annually
in
January
following
the
end
of
the
performance
year,
based
on
BlackRock’s
full-year
financial
results
and
other
non-financial
goals
and
objectives.
Alongside
financial
performance,
individual
total
compensation
is
also
based
on
strategic
and
operating
results
and
other
considerations
such
as
management
and
leadership
capabilities.
No
set
formulas
are
established
and
no
fixed
benchmarks
are
used
in
determining
annual
incentive
awards.
Annual
incentive
awards
are
paid
from
a
bonus
pool
which
is
reviewed
throughout
the
year
by
BlackRock’s
independent
compensation
committee,
taking
into
account
both
actual
and
projected
financial
information
together
with
information
provided
by
the
Enterprise
Risk
and
Regulatory
Compliance
departments
in
relation
to
any
activities,
incidents
or
events
that
warrant
consideration
in
making
compensation
decisions.
Individuals
are
not
involved
in
setting
their
own
remuneration.
Each
of
the
control
functions
(Enterprise
Risk,
Legal
&
Compliance,
and
Internal
Audit)
each
have
their
own
organizational
structures
which
are
independent
of
the
business
units
and
therefore
staff
members
in
control
functions
are
remunerated
independently
of
the
business
they
oversee.
Functional
bonus
pools
for
those
control
functions
are
determined
with
reference
to
the
performance
of
each
individual
function
and
the
remuneration
of
the
senior
members
of
control
functions
is
directly
overseen
by
BlackRock’s
independent
remuneration
committee. 
Total
Cumulative
Distributions
for
the
Fiscal
Year
%
Breakdown
of
the
Total
Cumulative
Distributions
for
the
Fiscal
Year
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
1000
......................
$
3
.346539
‌
$
—
‌
$
—
‌
$
3
.346539
‌
100
%
—
%
—
%
100
%
Russell
1000
Growth
(a)
...............
2
.021392
‌
—
‌
0
.042879
‌
2
.064271
‌
98
—
2
100
Russell
1000
Value
(a)
................
3
.247551
‌
—
‌
0
.067055
‌
3
.314606
‌
98
—
2
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.
Supplemental
Information
(unaudited)
(continued)
62
2023
iShares
Annual
Report
to
Shareholders
Members
of
staff
and
senior
management
of
the
Company
typically
provide
both
AIFMD
and
non-AIFMD
related
services
in
respect
of
multiple
funds,
clients
and
functions
of
the
Company
and
across
the
broader
BlackRock
group.
Conversely,
members
of
staff
and
senior
management
of
the
broader
BlackRock
group
may
provide
both
AIFMD
and
non-AIFMD
related
services
in
respect
of
multiple
funds,
clients
and
functions
of
the
broader
BlackRock
group
and
of
the
Company.
Therefore,
the
figures
disclosed
are
a
sum
of
individuals’
portion
of
remuneration
attributable
to
the
Company
according
to
an
objective
apportionment
methodology
which
acknowledges
the
multiple-service
nature
of
the
Company
and
the
broader
BlackRock
group.
Accordingly,
the
figures
are
not
representative
of
any
individual’s
actual
remuneration
or
their
remuneration
structure.
The
amount
of
the
total
remuneration
awarded
to
the
Company’s
staff
in
respect
of
the
Company’s
financial
year
ending
December
31,
2022
was
USD
4,121
million.
This
figure
is
comprised
of
fixed
remuneration
of
USD
685
million
and
variable
remuneration
of
USD
3,436
million.
There
was
a
total
of
8
beneficiaries
of
the
remuneration
described
above.
The
amount
of
the
aggregate
remuneration
awarded
by
the
Company
in
respect
of
the
Company’s
financial
year
ending
December
31,
2022,
to
its
senior
management
was
USD
2,958
million,
and
to
other
members
of
its
staff
whose
actions
potentially
have
a
material
impact
on
the
risk
profile
of
the
Company
or
its
funds
was
USD
970
million.
These
figures
relate
to
the
entire
Company
and
not
to
the
Fund.
Disclosures
under
the
EU
Sustainable
Finance
Disclosure
Regulation
The
iShares
Russell
1000
Value
ETF (the
“Fund”)
is
registered
under
the
Alternative
Investment
Fund
Managers
Directive
to
be
marketed
to
European
Union
(“EU”)
investors,
as
noted
above.
As
a
result,
certain
disclosures
are
required
under
the
EU
Sustainable
Finance
Disclosure
Regulation
(“SFDR”).
The
Fund
has
not
been
categorized
under
the
SFDR
as
an
“Article
8”
or
“Article
9”
product.
In
addition,
the
Fund’s
investment
strategy
does
not
take
into
account
the
criteria
for
environmentally
sustainable
economic
activities
under
the
EU
sustainable
investment
taxonomy
regulation
or
principal
adverse
impacts
(“PAIs”)
on
sustainability
factors
under
the
SFDR.
PAIs
are
identified
under
the
SFDR
as
the
material
impacts
of
investment
decisions
on
sustainability
factors
relating
to
environmental,
social
and
employee
matters,
respect
for
human
rights,
and
anti-corruption
and
anti-bribery
matters.
Trustee
and
Officer
Information
(unaudited)
63
Trustee
and
Officer
Information
The
Board
of
Trustees
has
responsibility
for
the
overall
management
and
operations
of
the
Funds,
including
general
supervision
of
the
duties
performed
by
BFA
and
other
service
providers.
Each
Trustee
serves
until
he
or
she
resigns,
is
removed,
dies,
retires
or
becomes
incapacitated.
Each
officer
shall
hold
office
until
his
or
her
successor
is
elected
and
qualifies
or
until
his
or
her
death,
resignation
or
removal.
Trustees
who
are
not
“interested
persons”
(as
defined
in
the
1940
Act)
of
the
Trust
are
referred
to
as
independent
trustees
(“Independent
Trustees”). 
The
registered
investment
companies
advised
by
BFA
or
its
affiliates
(the
“BlackRock-advised
Funds”)
are
organized
into
one
complex
of
open-end
equity,
multi-asset,
index
and
money
market
funds
and
ETFs
(the
“BlackRock
Multi-Asset
Complex”),
one
complex
of
closed-end
funds
and
open-end
non-index
fixed-income
funds
(including
ETFs)
(the
“BlackRock
Fixed-Income
Complex”)
and
one
complex
of
ETFs
(“Exchange-Traded
Fund
Complex”)
(each,
a
“BlackRock
Fund
Complex”).
Each
Fund
is
included
in
the
Exchange-Traded
Fund
Complex.
Each
Trustee also
serves
as
a
Director
of
iShares,
Inc.
and
a
Trustee
of
iShares
U.S.
ETF
Trust
and,
as
a
result,
oversees
all
of
the
funds
within
the
Exchange-Traded
Fund
Complex,
which
consists
of
380
funds
as
of
March
31,
2023.
With
the
exception
of
Robert
S.
Kapito,
Salim
Ramji
and
Charles
Park,
the
address
of
each
Trustee and
officer
is
c/o
BlackRock,
Inc.,
400
Howard
Street,
San
Francisco,
CA
94105.
The
address
of
Mr.
Kapito,
Mr.
Ramji
and
Mr.
Park
is
c/o
BlackRock,
Inc.,
50
Hudson
Yards, New
York,
NY
10001.
The
Board
has
designated
John
E.
Kerrigan
as
its
Independent
Board
Chair.
Additional
information
about
the
Funds’
Trustees and
officers
may
be
found
in
the
Funds’
combined
Statement
of
Additional
Information,
which
is
available
without
charge,
upon
request,
by
calling
toll-free
1-800-iShares
(1-800-474-2737).
Interested
Trustees
(a)
Robert
S.
Kapito
is
deemed
to
be
an
“interested
person”
(as
defined
in
the
1940
Act)
of
the
Trust
due
to
his
affiliations
with
BlackRock,
Inc.
and
its
affiliates.
(b)
Salim
Ramji
is
deemed
to
be
an
“interested
person”
(as
defined
in
the
1940
Act)
of
the
Trust
due
to
his
affiliations
with
BlackRock,
Inc.
and
its
affiliates.
Independent
Trustees
Name
(Year
of
Birth)
Position(s)
Principal
Occupation(s)
During
Past
5
Years
Other
Directorships
Held
by
Trustee
Robert
S.
Kapito
(a)
(1957)
Trustee
(since
2009).
President,
BlackRock,
Inc.
(since
2006);
Vice
Chairman
of
BlackRock,
Inc.
and
Head
of
BlackRock’s
Portfolio
Management
Group
(since
its
formation
in
1998)
and
BlackRock,
Inc.’s
predecessor
entities
(since
1988);
Trustee,
University
of
Pennsylvania
(since
2009);
President
of
Board
of
Directors,
Hope
&
Heroes
Children’s
Cancer
Fund
(since
2002).
Director
of
BlackRock,
Inc.
(since
2006);
Director
of
iShares,
Inc.
(since
2009);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011).
Salim
Ramji
(b)
(1970)
Trustee
(since
2019).
Senior
Managing
Director,
BlackRock,
Inc.
(since
2014);
Global
Head
of
BlackRock’s
ETF
and
Index
Investments
Business
(since
2019);
Head
of
BlackRock’s
U.S.
Wealth
Advisory
Business
(2015-2019);
Global
Head
of
Corporate
Strategy,
BlackRock,
Inc.
(2014-2015);
Senior
Partner,
McKinsey
&
Company
(2010-2014).
Director
of
iShares,
Inc.
(since
2019);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2019).
Name
(Year
of
Birth)
Position(s)
Principal
Occupation(s)
During
Past
5
Years
Other
Directorships
Held
by
Trustee
John
E.
Kerrigan
(1955)
Trustee
(since
2005);
Independent
Board
Chair
(since
2022).
Chief
Investment
Officer,
Santa
Clara
University
(since
2002).
Director
of
iShares,
Inc.
(since
2005);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011);
Independent
Board
Chair
of
iShares,
Inc.
and
iShares
U.S.
ETF
Trust
(since
2022).
Jane
D.
Carlin
(1956)
Trustee
(since
2015);
Risk
Committee
Chair
(since
2016).
Consultant
(since
2012);
Member
of
the
Audit
Committee
(2012-2018),
Chair
of
the
Nominating
and
Governance
Committee
(2017-2018)
and
Director
of
PHH
Corporation
(mortgage
solutions)
(2012-2018);
Managing
Director
and
Global
Head
of
Financial
Holding
Company
Governance
&
Assurance
and
the
Global
Head
of
Operational
Risk
Management
of
Morgan
Stanley
(2006-2012).
Director
of
iShares,
Inc.
(since
2015);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2015);
Member
of
the
Audit
Committee
(since
2016),
Chair
of
the
Audit
Committee
(since
2020)
and
Director
of
The
Hanover
Insurance
Group,
Inc.
(since
2016).
Richard
L.
Fagnani
(1954)
Trustee
(since
2017);
Audit
Committee
Chair
(since
2019).
Partner,
KPMG
LLP
(2002-2016);
Director
of
One
Generation
Away
(since
2021).
Director
of
iShares,
Inc.
(since
2017);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2017).
Cecilia
H.
Herbert
(1949)
Trustee
(since
2005);
Nominating
and
Governance
and
Equity
Plus
Committee
Chairs
(since
2022).
Chair
of
the
Finance
Committee
(since
2019)
and
Trustee
and
Member
of
the
Finance,
Audit
and
Quality
Committees
of
Stanford
Health
Care
(since
2016);
Trustee
of
WNET,
New
York’s
public
media
company
(since
2011)
and
Member
of
the
Audit
Committee
(since
2018),
Investment
Committee
(since
2011)
and
Personnel
Committee
(since
2022);
Chair
(1994-2005)
and
Member
(1992-2021)
of
the
Investment
Committee,
Archdiocese
of
San
Francisco;
Trustee
of
Forward
Funds
(14
portfolios)
(2009-2018);
Trustee
of
Salient
MF
Trust
(4
portfolios)
(2015-
2018);
Director
(1998-2013)
and
President
(2007-2011)
of
the
Board
of
Directors,
Catholic
Charities
CYO;
Trustee
(2002-2011)
and
Chair
of
the
Finance
and
Investment
Committee
(2006-2010)
of
the
Thacher
School;
Director
of
the
Senior
Center
of
Jackson
Hole
(since
2020);
Director
of
the
Jackson
Hole
Center
for
the
Arts
(since
2021);
Member
of
the
Wyoming
State
Investment
Funds
Committee
(since
2022).
Director
of
iShares,
Inc.
(since
2005);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011).
Trustee
and
Officer
Information
(unaudited)
(continued)
64
2023
iShares
Annual
Report
to
Shareholders
Officers
Name
(Year
of
Birth)
Position(s)
Principal
Occupation(s)
During
Past
5
Years
Other
Directorships
Held
by
Trustee
Drew
E.
Lawton
(1959)
Trustee
(since
2017);
15(c)
Committee
Chair
(since
2017).
Senior
Managing
Director
of
New
York
Life
Insurance
Company
(2010-2015).
Director
of
iShares,
Inc.
(since
2017);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2017);
Director
of
Jackson
Financial
Inc.
(since
2021).
John
E.
Martinez
(1961)
Trustee
(since
2003);
Securities
Lending
Committee
Chair
(since
2019).
Director
of
Real
Estate
Equity
Exchange,
Inc.
(since
2005);
Director
of
Cloudera
Foundation
(2017-2020);
and
Director
of
Reading
Partners
(2012-2016).
Director
of
iShares,
Inc.
(since
2003);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011).
Madhav
V.
Rajan
(1964)
Trustee
(since
2011);
Fixed
Income
Plus
Committee
Chair
(since
2019).
Dean,
and
George
Pratt
Shultz
Professor
of
Accounting,
University
of
Chicago
Booth
School
of
Business
(since
2017);
Advisory
Board
Member
(since
2016)
and
Director
(since
2020)
of
C.M.
Capital
Corporation;
Chair
of
the
Board
for
the
Center
for
Research
in
Security
Prices,
LLC
(since
2020);
Robert
K.
Jaedicke
Professor
of
Accounting,
Stanford
University
Graduate
School
of
Business
(2001-2017);
Professor
of
Law
(by
courtesy),
Stanford
Law
School
(2005-2017);
Senior
Associate
Dean
for
Academic
Affairs
and
Head
of
MBA
Program,
Stanford
University
Graduate
School
of
Business
(2010-2016).
Director
of
iShares,
Inc.
(since
2011);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011).
Name
(Year
of
Birth)
Position(s)
Principal
Occupation(s)
During
Past
5
Years
Dominik
Rohé
(1973)
President
(since
2023).
Managing
Director,
BlackRock,
Inc.
(since
2005);
Head
of
Americas
ETF
and
Index
Investments
(since
2023);
Head
of
Latin
America
(2019-2023).
Trent
Walker
(1974)
Treasurer
and
Chief
Financial
Officer
(since
2020).
Managing
Director,
BlackRock,
Inc.
(since
September
2019);
Chief
Financial
Officer
of
iShares
Delaware
Trust
Sponsor
LLC,
BlackRock
Funds,
BlackRock
Funds
II,
BlackRock
Funds
IV,
BlackRock
Funds
V
and
BlackRock
Funds
VI
(since
2021);
Executive
Vice
President
of
PIMCO
(2016-2019);
Senior
Vice
President
of
PIMCO
(2008-2015);
Treasurer
(2013-2019)
and
Assistant
Treasurer
(2007-2017)
of
PIMCO
Funds,
PIMCO
Variable
Insurance
Trust,
PIMCO
ETF
Trust,
PIMCO
Equity
Series,
PIMCO
Equity
Series
VIT,
PIMCO
Managed
Accounts
Trust,
2
PIMCO-sponsored
interval
funds
and
21
PIMCO-sponsored
closed-end
funds.
Charles
Park
(1967)
Chief
Compliance
Officer
(since
2006).
Chief
Compliance
Officer
of
BlackRock
Advisors,
LLC
and
the
BlackRock-advised
Funds
in
the
BlackRock
Multi-Asset
Complex
and
the
BlackRock
Fixed-Income
Complex
(since
2014);
Chief
Compliance
Officer
of
BFA
(since
2006).
Marisa
Rolland
(1980)
Secretary
(since
2022).
Managing
Director,
BlackRock,
Inc.
(since
2023);
Director,
BlackRock,
Inc.
(2018-2022);
Vice
President,
BlackRock,
Inc.
(2010-2017).
Rachel
Aguirre
(1982)
Executive
Vice
President
(since
2022).
Managing
Director,
BlackRock,
Inc.
(since
2018);
Director,
BlackRock,
Inc.
(2009-2018);
Head
of
U.S.
iShares
Product
(since
2022);
Head
of
EII
U.S.
Product
Engineering
(since
2021);
Co-Head
of
EII’s
Americas
Portfolio
Engineering
(2020-2021);
Head
of
Developed
Markets
Portfolio
Engineering
(2016-2019).
Jennifer
Hsui
(1976)
Executive
Vice
President
(since
2022).
Managing
Director,
BlackRock,
Inc.
(since
2009);
Co-Head
of
Index
Equity
(since
2022).
James
Mauro
(1970)
Executive
Vice
President
(since
2022).
Managing
Director,
BlackRock,
Inc.
(since
2010);
Head
of
Fixed
Income
Index
Investments
in
the
Americas
and
Head
of
San
Francisco
Core
Portfolio
Management
(since
2020).
Effective
June
15,
2022,
Marisa
Rolland
replaced
Deepa
Damre
Smith
as
Secretary.
Effective
March
30,
2023,
Dominik
Rohé
replaced
Armando
Senra
as
President.
Independent
Trustees
(
continued
)
General
Information
65
General
Information
Electronic
Delivery
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sign
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e-mail
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announcing
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or
prospectus
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iShares
website
at
iShares.com
.
Once
you
have
enrolled,
you
will
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longer
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To
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delivery:
Go
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If
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electronic
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Please
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Householding
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fund
investors.
Householding
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based
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in
which
a
single
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and
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30e-3
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Please
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Availability
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Quarterly
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The
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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
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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
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portfolio
securities
and
information
about
how
the
iShares
Funds
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
twelve-month
period
ending
June
30
is
available
without
charge,
upon
request
(1)
by
calling
toll-free
1-800-474-2737;
(2)
on
the
iShares
website
at
iShares.com
;
and
(3)
on
the
SEC
website
at
sec.gov
.
A
description
of
the Trust’s
policies
and
procedures
with
respect
to
the
disclosure
of
the
Fund’s
portfolio
securities
is
available
in
the
Fund
Prospectus.
The
Fund
discloses
its
portfolio
holdings
daily
and
provides
information
regarding
its
top
holdings
in
Fund
fact
sheets
at
iShares.com
.
Glossary
of
Terms
Used
in
this
Report
66
2023
iShares
Annual
Report
to
Shareholders
Portfolio
Abbreviation
NVS
Non-Voting
Shares
REIT
Real
Estate
Investment
Trust
iS-AR-317-0323
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.
March
31,
2023
iShares
Trust
iShares
Focused
Value
Factor
ETF
|
FOVL
|
NYSE
Arca
iShares
US
Small
Cap
Value
Factor
ETF
|
SVAL
|
Cboe
BZX
2023
Annual
Report
Significant
economic
headwinds
emerged
during
the
12-month
reporting
period
ended
March
31,
2023,
as
investors
navigated
changing
economic
conditions
and
volatile
markets.
The
U.S.
economy
shrank
in
the
first
half
of
2022
before
returning
to
modest
growth
in
the
second
half
of
the
year,
marking
a
shift
to
a
more
challenging
post-reopening
economic
environment.
Changes
in
consumer
spending
patterns
and
a
tight
labor
market
led
to
elevated
inflation,
which
reached
a
40-year
high
before
beginning
to
moderate.
Equity
prices
fell
as
interest
rates
rose,
particularly
during
the
first
half
of
the
reporting
period.
Both
large-
and
small-capitalization
U.S.
stocks
declined,
although
equities
began
to
recover
in
the
second
half
of
the
period
as
inflation
eased
and
economic
growth
resumed.
Emerging
market
stocks
and
international
equities
from
developed
markets
declined
overall,
pressured
by
rising
interest
rates
and
volatile
commodities
prices.
The
10-year
U.S.
Treasury
yield
rose
during
the
reporting
period,
driving
its
price
down,
as
investors
reacted
to
fluctuating
inflation
data
and
attempted
to
anticipate
its
impact
on
future
interest
rate
changes.
The
corporate
bond
market
also
faced
inflationary
headwinds,
and
higher
interest
rates
led
to
rising
borrowing
costs
for
corporate
issuers.
The
U.S.
Federal
Reserve
(the
“Fed”),
acknowledging
that
inflation
has
been
more
persistent
than
expected,
raised
interest
rates
eight
times.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
accelerated
the
reduction
of
its
balance
sheet.
Restricted
labor
supply
kept
inflation
elevated
even
as
other
inflation
drivers,
such
as
goods
prices
and
energy
costs,
moderated.
While
economic
growth
slowed
in
the
last
year,
we
believe
that
taming
inflation
requires
a
more
substantial
decline
that
lowers
demand
to
a
level
more
in
line
with
the
economy’s
productive
capacity.
Although
the
Fed
has
decelerated
the
pace
of
interest
rate
hikes,
we
believe
that
it
still
seems
determined
to
get
inflation
back
to
target.
With
this
in
mind,
we
believe
the
possibility
of
a
U.S.
recession
in
the
near-term
is
high,
but
the
dimming
economic
outlook
has
not
yet
been
fully
reflected
in
current
market
prices.
We
believe
investors
should
expect
a
period
of
higher
volatility
as
markets
adjust
to
the
new
economic
reality
and
policymakers
attempt
to
adapt
to
rapidly
changing
conditions.
Turmoil
in
the
banking
sector
late
in
the
period
highlighted
the
potential
for
the
knock-on
effects
of
substantially
higher
interest
rates
to
disrupt
markets
with
little
warning.
While
we
favor
an
overweight
to
equities
in
the
long
term,
we
prefer
an
underweight
stance
on
equities
overall
in
the
near
term.
Expectations
for
corporate
earnings
remain
elevated,
which
seems
inconsistent
with
the
possibility
of
a
recession.
Nevertheless,
we
are
overweight
on
emerging
market
stocks
as
we
believe
a
weakening
U.S.
dollar
provides
a
supportive
backdrop.
We
also
see
long-term
opportunities
in
credit,
where
we
believe
that
valuations
are
appealing
and
higher
yields
provide
attractive
income,
although
we
are
neutral
on
credit
in
the
near
term,
as
we’re
concerned
about
tightening
credit
and
financial
conditions.
However,
we
believe
there
are
still
some
strong
opportunities
for
a
six-
to
twelve-month
horizon,
particularly
short-term
U.S.
Treasuries,
global
inflation-linked
bonds,
and
emerging
market
bonds
denominated
in
local
currency.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
iShares.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock,
Inc.
The
Markets
in
Review
Rob
Kapito
President,
BlackRock,
Inc.
Total
Returns
as
of
March
31,
2023
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
15.62
%
(7.73
)%
U.S.
small
cap
equities
(Russell
2000
®
Index)
9.14
(11.61
)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
27.27
(1.38
)
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
14.04
(10.70
)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
1.93
2.52
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
4.38
(6.90
)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
4.89
(4.78
)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
7.00
0.26
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
7.88
(3.35
)
2
This
Page
is
not
Part
of
Your
Fund
Report
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Annual
Report:
Market
Overview
.......................................................................................................
4
Fund
Summary
........................................................................................................
5
About
Fund
Performance
..................................................................................................
9
Disclosure
of
Expenses
...................................................................................................
9
Schedules
of
Investments
.................................................................................................
10
Financial
Statements:
Statements
of
Assets
and
Liabilities
.........................................................................................
20
Statements
of
Operations
................................................................................................
21
Statements
of
Changes
in
Net
Assets
........................................................................................
22
Financial
Highlights
.....................................................................................................
23
Notes
to
Financial
Statements
...............................................................................................
25
Report
of
Independent
Registered
Public
Accounting
Firm
..............................................................................
33
Important
Tax
Information
(Unaudited)
.................................................................................................
34
Statement
Regarding
Liquidity
Risk
Management
Program
.............................................................................
35
Supplemental
Information
.................................................................................................
36
Trustee
and
Officer
Information
..............................................................................................
37
General
Information
.....................................................................................................
39
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
40
Market
Overview
4
2023
iShares
Annual
Report
to
Shareholders
iShares
Trust
Domestic
Market
Overview
U.S.
stocks
declined
for
the
12
months
ended
March
31,
2023
(“reporting
period”),
when
the
Russell
3000
®
Index,
a
broad
measure
of
U.S.
equity
market
performance,
returned
-8.58%.
Elevated
inflation
and
rapid
tightening
of
monetary
policy
dampened
growth
and
weighed
on
equities.
Higher
interest
rates
drove
bond
yields
higher
and
increased
borrowing
costs
for
businesses
and
consumers.
Equities
began
to
recover
in
the
second
half
of
the
reporting
period,
as
the
broader
economy
remained
resilient
and
the
pace
of
inflation
declined.
In
March
2023,
two
banks
suddenly
failed,
representing
the
second
and
third
largest
bank
failures
in
U.S.
history
by
asset
value.
This
drove
concern
among
investors
about
the
resiliency
of
the
financial
system
in
the
face
of
rapidly
rising
interest
rates.
However,
government
agencies
acted
swiftly
to
organize
a
sale
of
the
failed
banks’
assets
and
inject
liquidity,
and
equity
prices
recovered.
Inflation
was
a
significant
driver
of
the
economic
outlook.
As
the
reporting
period
began,
the
consumer
price
index,
a
widely
followed
measure
of
inflation,
stood
at
multi-
decade
highs.
Strong
consumer
spending
and
a
tight
labor
market,
along
with
continued
supply
chain
disruptions
in
Asia,
combined
to
drive
prices
higher.
But
the
rate
of
inflation
began
to
decline
as
the
reporting
period
wore
on,
decelerating
for
nine
consecutive
months
beginning
in
July
2022.
Nonetheless,
inflation
remained
elevated
by
historic
standards,
and
higher
prices
negatively
impacted
both
consumers
and
businesses.
The
U.S.
economy
recovered
from
a
decline
in
the
first
half
of
2022
to
post
modest
growth
in
the
third
and
fourth
quarters
of
2022.
Consumers
continued
to
power
the
economy
with
growing
spending,
despite
higher
prices
for
many
consumer
goods
and
services.
The
strong
labor
market
supported
spending,
as
unemployment
remained
very
low,
at
one
point
dropping
to
the
lowest
recorded
level
since
1969.
Furthermore,
the
labor
force
participation
rate—which
measures
the
total
proportion
of
employed
persons
of
working
age—rose,
indicating
that
more
people
were
being
drawn
into
the
labor
force.
Amid
tightening
labor
supply,
wages
rose
significantly,
with
the
largest
gains
at
the
lower
end
of
the
wage
spectrum.
To
contain
inflation,
the
U.S.
Federal
Reserve
(“Fed”)
tightened
monetary
policy
rapidly,
raising
short-term
interest
rates
eight
times
over
the
course
of
the
reporting
period.
The
pace
of
tightening
accelerated
as
the
Fed
twice
stepped
up
the
increment
of
increase
before
reducing
it
again
as
inflation
began
to
subside.
The
Fed
also
started
to
reduce
the
size
of
its
balance
sheet
by
reducing
the
store
of
U.S.
Treasuries
it
had
accumulated
to
stabilize
markets
in
the
early
phases
of
the
coronavirus
pandemic.
While
the
Fed
indicated
that
more
tightening
could
be
needed
to
achieve
its
long-term
inflation
goal,
it
sounded
a
more
cautious
note
about
the
potential
for
further
interest
rate
increases
near
the
end
of
the
reporting
period.
Despite
economic
headwinds,
corporate
profits
remained
robust,
and
many
companies
were
able
to
sufficiently
raise
prices
to
preserve
profit
margins
even
in
the
face
of
rising
labor
and
input
costs.
Nonetheless,
profits
declined
overall
in
the
fourth
quarter
of
2022,
and
the
yield
curve
(a
graphical
representation
of
U.S.
Treasury
rates
at
different
maturities)
inverted,
a
sign
that
markets
were
concerned
about
the
impact
of
higher
borrowing
costs
on
the
economy.
Furthermore,
dwindling
personal
savings
and
rising
household
debt
raised
questions
about
the
sustainability
of
consumer
spending
as
an
engine
of
economic
growth.
iShares
®
Focused
Value
Factor
ETF
5
Fund
Summary
Fund
Summary
as
of
March
31,
2023
Investment
Objective
The
iShares
Focused
Value
Factor
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
large-
and
mid-capitalization
stocks
with
prominent
value
characteristics,
as
represented
by
the
Focused
Value
Select
Index
(the
“Index”)
and
determined
by
the
Index
provider,
FTSE
Russell.
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
GROWTH
OF
$10,000
INVESTMENT
(SINCE
INCEPTION
AT
NET
ASSET
VALUE)
The
inception
date
of
the
Fund
was
March
19,
2019.
The
first
day
of
secondary
market
trading
was
March
21,
2019.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
Since
Inception
1
Year
Since
Inception
Fund
NAV
.............................................................
(11.02
)
%
3.71
%
(11.02
)
%
15.86
%
Fund
Market
...........................................................
(11.25
)
3.68
–
%
(11.25
)
15.71
Index
................................................................
(10.83
)
4.00
(10.83
)
17.12
‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
1,121.70
‌
$
1.32
‌
$
1,000.00
‌
$
1,023.68
‌
$
1.26
‌
0.25
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
March
31,
2023
(continued)
iShares
®
Focused
Value
Factor
ETF
6
2023
iShares
Annual
Report
to
Shareholders
Portfolio
Management
Commentary
Large
and
mid-capitalization
stocks
with
prominent
value
characteristics
declined
for
the
reporting
period,
as
high
inflation
and
tighter
financial
conditions
impeded
economic
growth
and
weighed
on
equities.
The
financials
sector
detracted
the
most
from
the
Index’s
performance
amid
tightening
financial
conditions.
The
capital
markets
industry
declined
due
to
lower
stock
and
bond
prices
and
slower
capital
markets
activity.
In
particular,
an
electronic
trading
company
that
serves
several
large
trading
platforms
for
retail
investors
faced
a
sharp
slowdown
in
trading
volumes.
The
banking
industry
also
faced
significant
challenges
as
the
potential
impact
of
a
slowing
economy
outweighed
the
benefits
of
being
able
to
charge
more
for
loans.
Although
higher
interest
rates
typically
support
bank
profitability,
sharp
increases
in
interest
rates
during
the
reporting
period
due
to
persistently
high
inflation
raised
concerns
among
investors
about
the
long-term
effect
on
loan
growth
and
credit
losses.
The
sudden
failure
of
two
regional
banks
late
in
the
reporting
period
further
pressured
bank
stocks,
leading
to
government
intervention
to
cover
depositors
and
prevent
a
contagion
effect.
The
real
estate
sector
also
detracted
from
the
Index’s
return,
as
higher
interest
rates
and
changing
usage
patterns
weighed
on
equity
real
estate
investment
trusts
(“REITs”).
REITs
typically
take
on
substantial
debt
to
finance
the
purchase
of
the
properties
they
manage,
so
higher
interest
rates
made
financing
more
expensive
for
REITs.
On
the
upside,
stocks
in
the
consumer
discretionary
sector
contributed
to
the
Index’s
return
as
a
strong
labor
market
supported
consumer
spending.
The
energy
sector
also
contributed,
despite
lower
oil
prices
and
a
sharp
decline
in
the
price
of
natural
gas.
In
terms
of
relative
performance,
the
Index
underperformed
the
broader
market,
as
represented
by
the
Russell
1000®
Index.
The
Index’s
research-based
selection
process
is
designed
to
maximize
exposure
to
the
value
factor.
Relative
to
the
broader
market,
sector
and
industry
allocations
detracted
from
overall
performance.
In
particular,
stock
selection
and
an
overweight
position
in
the
financials
sector
(banks)
detracted
the
most
from
relative
performance.
Security
selection
within
the
real
estate
sector
also
detracted
from
relative
performance,
while
an
underweight
position
to
communication
services
contributed.
Portfolio
Information
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Financials
.....................................
42.1‌
%
Consumer
Discretionary
...........................
17.6‌
Materials
.....................................
14.3‌
Energy
.......................................
10.9‌
Communication
Services
...........................
4.3‌
Utilities
.......................................
4.2‌
Industrials
.....................................
2.9‌
Consumer
Staples
...............................
2.3‌
Real
Estate
....................................
1.4‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Marathon
Petroleum
Corp.
.........................
3.9‌
%
PVH
Corp.
....................................
3.7‌
Arch
Capital
Group
Ltd.
...........................
3.6‌
Nucor
Corp.
...................................
3.5‌
Penske
Automotive
Group,
Inc.
......................
3.2‌
Toll
Brothers,
Inc.
................................
3.2‌
Knight-Swift
Transportation
Holdings,
Inc.,
Class
A
.........
2.9‌
AutoNation,
Inc.
.................................
2.9‌
Olin
Corp.
.....................................
2.9‌
First
American
Financial
Corp.
.......................
2.8‌
      aaa
aa
iShares
®
US
Small
Cap
Value
Factor
ETF
7
Fund
Summary
Fund
Summary
as
of
March
31,
2023
Investment
Objective
The
iShares
US
Small
Cap
Value
Factor
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
small-capitalization
stocks
with
prominent
value
characteristics,
as
represented
by
the
Russell
2000
Focused
Value
Select
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
GROWTH
OF
$10,000
INVESTMENT
(SINCE
INCEPTION
AT
NET
ASSET
VALUE)
The
inception
date
of
the
Fund
was
October
27,
2020.
The
first
day
of
secondary
market
trading
was
October
29,
2020.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
Since
Inception
1
Year
Since
Inception
Fund
NAV
.............................................................
(10.95
)
%
16.13
%
(10.95
)
%
43.76
%
Fund
Market
...........................................................
(11.03
)
16.13
‌
–
%
(11.03
)
43.75
‌
Index
................................................................
(10.75
)
16.52
(10.75
)
44.92
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
1,047.90
‌
$
1.02
‌
$
1,000.00
‌
$
1,023.93
‌
$
1.01
‌
0.20
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
March
31,
2023
(continued)
iShares
®
US
Small
Cap
Value
Factor
ETF
8
2023
iShares
Annual
Report
to
Shareholders
Portfolio
Management
Commentary
Small-capitalization
value
stocks
in
the
U.S.
declined
for
the
reporting
period,
as
high
inflation
and
tighter
financial
conditions
impeded
economic
growth
and
weighed
on
equities.
The
financials
sector
detracted
the
most
from
the
Index’s
performance
amid
tightening
financial
conditions.
The
banking
industry
faced
significant
challenges,
as
the
potential
impact
of
a
slowing
economy
outweighed
the
benefits
of
being
able
to
charge
more
for
loans.
Although
higher
interest
rates
typically
support
bank
profitability,
sharp
increases
in
interest
rates
during
the
reporting
period
due
to
persistently
high
inflation
raised
concerns
among
investors
about
the
long-term
effect
on
loan
growth
and
credit
losses.
The
sudden
failure
of
two
regional
banks
late
in
the
reporting
period
further
pressured
bank
stocks,
leading
to
government
intervention
to
cover
depositors
and
prevent
a
contagion
effect.
Despite
government
actions
to
contain
the
impact,
these
bank
failures
weighed
heavily
on
the
industry,
as
markets
digested
the
long-term
implications
of
the
disruption.
The
real
estate
sector
detracted
significantly
from
the
Index’s
return,
as
higher
interest
rates
and
changing
usage
patterns
weighed
on
equity
real
estate
investment
trusts
(“REITs”).
REITs
typically
take
on
substantial
debt
to
finance
the
purchase
of
the
properties
they
manage,
and
higher
interest
rates
make
financing
more
expensive.
Furthermore,
higher
interest
rates
also
meant
increased
bond
yields,
making
dividend
yields
from
REITs
comparatively
less
attractive
to
income-oriented
investors.
An
ongoing
oversupply
of
office
space
due
to
the
shift
toward
remote
work
and
more
stringent
lending
standards
after
the
failure
of
two
prominent
banks
late
in
the
reporting
period
negatively
affected
office
REITs.
Meanwhile,
flat
economic
growth
and
rising
commodities
prices
weighed
on
the
materials
sector.
The
Index’s
investment
process
seeks
concentrated
exposure
to
small
size
and
value
factors
with
a
rules-based
approach
that
uses
liquidity,
risk,
debt,
and
sentiment
screens
to
select
stocks.
The
Index
outperformed
the
broad
small-capitalization
market,
as
represented
by
the
Russell
2000®
Index.
Stock
selection
in
the
industrials
sector
and
an
underweight
position
in
the
healthcare
sector
were
the
largest
contributors
to
the
Index’s
performance
for
the
reporting
period.
Portfolio
Information
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Financials
.....................................
42.4‌
%
Industrials
.....................................
16.3‌
Consumer
Discretionary
...........................
16.1‌
Information
Technology
............................
6.5‌
Energy
.......................................
6.0‌
Materials
.....................................
4.9‌
Real
Estate
....................................
2.8‌
Consumer
Staples
...............................
1.9‌
Utilities
.......................................
1.5‌
Other
(each
representing
less
than
1%)
.................
1.6‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
TravelCenters
of
America,
Inc.
.......................
1.0‌
%
Chord
Energy
Corp.
..............................
0.9‌
DHT
Holdings,
Inc.
...............................
0.9‌
Covenant
Logistics
Group,
Inc.,
Class
A
.................
0.8‌
Encore
Wire
Corp.
...............................
0.8‌
Stellar
Bancorp,
Inc.
..............................
0.8‌
Sanmina
Corp.
.................................
0.7‌
Meritage
Homes
Corp.
............................
0.7‌
Atkore
,
Inc.
....................................
0.7‌
M/I
Homes,
Inc.
.................................
0.7‌
aaa
aa
About
Fund
Performance
9
About
Fund
Performance/Disclosure
of
Expenses
Past
performance
is
not
an
indication
of
future
results.
Financial
markets
have
experienced
extreme
volatility
and
trading
in
many
instruments
has
been
disrupted.
These
circumstances
may
continue
for
an
extended
period
of
time
and
may
continue
to
affect
adversely
the
value
and
liquidity
of each
Fund’s
investments.
As
a
result,
current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Performance
data
current
to
the
most
recent
month-end
is
available
at
iShares.com
.
Performance
results
assume
reinvestment
of
all
dividends
and
capital
gain
distributions
and
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
The
investment
return
and
principal
value
of
shares
will
vary
with
changes
in
market
conditions.
Shares
may
be
worth
more
or
less
than
their
original
cost
when
they
are
redeemed
or
sold
in
the
market.
Performance
for
certain
funds
may
reflect
a
waiver
of
a
portion
of
investment
advisory
fees.
Without
such
a
waiver,
performance
would
have
been
lower.
Net
asset
value
or
“NAV”
is
the
value
of
one
share
of
a
fund
as
calculated
in
accordance
with
the
standard
formula
for
valuing
mutual
fund
shares.
Beginning
August
10,
2020,
the
price
used
to
calculate
market
return
(“Market
Price”)
is
the
closing
price.
Prior
to
August
10,
2020,
Market
Price
was
determined
using
the
midpoint
between
the
highest
bid
and
the
lowest
ask
on
the
primary
stock
exchange
on
which
shares
of
a
fund
are
listed
for
trading,
as
of
the
time
that
such
fund’s
NAV
is
calculated.
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
March
31,
2023
iShares
®
Focused
Value
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
10
2023
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Common
Stocks
Automobiles
 — 
2
.6
%
Thor
Industries,
Inc.
.......................
6,479
$
515,988
a
Banks
 — 
15
.2
%
Bank
OZK
.............................
12,897
441,077
Columbia
Banking
System,
Inc.
...............
17,196
368,338
JPMorgan
Chase
&
Co.
....................
4,299
560,203
Popular,
Inc.
............................
6,292
361,224
Prosperity
Bancshares,
Inc.
..................
7,090
436,177
Regions
Financial
Corp.
....................
25,815
479,126
Synovus
Financial
Corp.
....................
13,427
413,955
3,060,100
a
Beverages
 — 
2
.3
%
Molson
Coors
Beverage
Co.
,
Class
B
...........
8,880
458,918
a
Chemicals
 — 
10
.8
%
Dow,
Inc.
..............................
9,379
514,157
LyondellBasell
Industries
NV
,
Class
A
...........
5,532
519,399
Olin
Corp.
..............................
10,459
580,475
Westlake
Corp.
..........................
4,938
572,709
2,186,740
a
Consumer
Finance
 — 
4
.3
%
Ally
Financial,
Inc.
........................
14,461
368,611
Discover
Financial
Services
..................
5,117
505,764
874,375
a
Diversified
Telecommunication
Services
 — 
1
.8
%
Verizon
Communications,
Inc.
................
9,538
370,933
a
Electric
Utilities
 — 
2
.1
%
Avangrid,
Inc.
...........................
10,484
418,102
a
Financial
Services
 — 
2
.5
%
MGIC
Investment
Corp.
....................
38,381
515,073
a
Gas
Utilities
 — 
2
.2
%
UGI
Corp.
..............................
12,536
435,751
a
Ground
Transportation
 — 
2
.9
%
Knight-Swift
Transportation
Holdings,
Inc.
,
Class
A
..
10,457
591,657
a
Household
Durables
 — 
5
.3
%
Toll
Brothers,
Inc.
.........................
10,867
652,346
Whirlpool
Corp.
..........................
3,137
414,147
1,066,493
a
Insurance
 — 
20
.4
%
American
Financial
Group,
Inc.
...............
3,904
474,336
American
International
Group,
Inc.
.............
9,467
476,758
Arch
Capital
Group
Ltd.
(a)
...................
10,640
722,137
Axis
Capital
Holdings
Ltd.
...................
8,478
462,221
CNA
Financial
Corp.
.......................
10,780
420,743
F&G
Annuities
&
Life,
Inc.
...................
890
16,127
Fidelity
National
Financial,
Inc.
................
14,733
514,624
First
American
Financial
Corp.
................
10,303
573,465
MetLife,
Inc.
............................
7,708
446,601
4,107,012
a
Media
 — 
2
.5
%
Nexstar
Media
Group,
Inc.
...................
2,972
513,146
a
Metals
&
Mining
 — 
3
.5
%
Nucor
Corp.
............................
4,636
716,123
a
Security
Shares
Value
a
Office
REITs
 — 
1
.4
%
SL
Green
Realty
Corp.
.....................
11,708
$
275,372
a
Oil,
Gas
&
Consumable
Fuels
 — 
11
.0
%
Marathon
Oil
Corp.
........................
21,532
515,907
Marathon
Petroleum
Corp.
..................
5,888
793,879
Ovintiv,
Inc.
.............................
10,954
395,220
PDC
Energy,
Inc.
.........................
7,858
504,326
2,209,332
a
Specialty
Retail
 — 
6
.1
%
AutoNation,
Inc.
(a)
.........................
4,337
582,719
Penske
Automotive
Group,
Inc.
...............
4,621
655,304
1,238,023
a
Textiles,
Apparel
&
Luxury
Goods
 — 
3
.8
%
PVH
Corp.
.............................
8,517
759,376
a
Total
Long-Term
Investments — 100.7%
(Cost:
$
20,750,768
)
.................................
20,312,514
a
Short-Term
Securities
Money
Market
Funds
 — 
0
.2
%
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.73
%
(b)
(c)
............................
32,125
32,125
a
Total
Short-Term
Securities — 0.2%
(Cost:
$
32,125
)
....................................
32,125
Total
Investments
—
100.9%
(Cost:
$
20,782,893
)
.................................
20,344,639
Liabilities
in
Excess
of
Other
Assets
—
(
0
.9
)
%
...............
(
190,460
)
Net
Assets
—
100.0%
.................................
$
20,154,179
(a)
Non-income
producing
security.
(b)
Affiliate
of
the
Fund.
(c)
Annualized
7-day
yield
as
of
period
end.
iShares
®
Focused
Value
Factor
ETF
Schedule
of
Investments
(continued)
March
31,
2023
11
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
March
31,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
March
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/23
  Shares
Held
at
03/31/23
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
(a)
$
—
‌
$
—
‌
$
(
314
)
(b)
$
314
‌
$
—
‌
$
—
‌
—
‌
$
475
(c)
$
—
‌
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
..
90,000
‌
—
‌
(
57,875
)
(b)
—
‌
—
‌
32,125
‌
32,125
‌
1,558
‌
—
‌
$
314
‌
$
—
‌
$
32,125
‌
$
2,033
‌
$
—
‌
(a)
As
of
period
end,
the
entity
is
no
longer
held.
(b)
Represents
net
amount
purchased
(sold).
(c)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Micro
E-Mini
Russell
2000
Index
............................................................
5
06/16/23
$
45
$
2,454
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
2,454
$
—
$
—
$
—
$
2,454
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(
14,683
)
$
—
$
—
$
—
$
(
14,683
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
(
3,144
)
$
—
$
—
$
—
$
(
3,144
)
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Focused
Value
Factor
ETF
12
2023
iShares
Annual
Report
to
Shareholders
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements. 
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
35,594
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
20,312,514
‌
$
—
‌
$
—
‌
$
20,312,514
‌
Short-Term
Securities
Money
Market
Funds
......................................
32,125
‌
—
‌
—
‌
32,125
‌
$
20,344,639
‌
$
—
‌
$
—
‌
$
20,344,639
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
2,454
‌
$
—
‌
$
—
‌
$
2,454
‌
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
US
Small
Cap
Value
Factor
ETF
Schedule
of
Investments
March
31,
2023
(Percentages
shown
are
based
on
Net
Assets)
13
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
 — 0.5%
Moog,
Inc.,
Class
A
.......................
5,263
$
530,247
a
Air
Freight
&
Logistics
 — 0.8%
Air
Transport
Services
Group,
Inc.
(a)
............
13,760
286,621
Hub
Group,
Inc.,
Class
A
(a)
...................
5,985
502,381
789,002
a
Automobile
Components
 — 0.4%
Standard
Motor
Products,
Inc.
................
10,713
395,417
a
Automobiles
 — 0.5%
Winnebago
Industries,
Inc.
..................
8,552
493,450
a
Banks
 — 36.4%
1st
Source
Corp.
.........................
9,980
430,637
Amerant
Bancorp,
Inc.,
Class
A
...............
14,581
317,283
Ameris
Bancorp
..........................
10,531
385,224
Associated
Banc-Corp.
.....................
20,286
364,742
Atlantic
Union
Bankshares
Corp.
..............
12,594
441,420
Banc
of
California,
Inc.
.....................
23,868
299,066
BancFirst
Corp.
..........................
5,540
460,374
Bank
of
NT
Butterfield
&
Son
Ltd.
(The)
..........
12,879
347,733
BankUnited,
Inc.
.........................
10,917
246,506
Banner
Corp.
...........................
7,895
429,251
Berkshire
Hills
Bancorp,
Inc.
.................
15,950
399,707
Brookline
Bancorp,
Inc.
.....................
29,209
306,694
Byline
Bancorp,
Inc.
.......................
17,320
374,458
Cadence
Bank
..........................
15,792
327,842
Camden
National
Corp.
....................
9,823
355,494
Capitol
Federal
Financial,
Inc.
................
42,471
285,830
Cathay
General
Bancorp
....................
10,326
356,453
Central
Pacific
Financial
Corp.
................
16,562
296,460
City
Holding
Co.
.........................
5,871
533,556
Community
Trust
Bancorp,
Inc.
...............
11,189
424,623
ConnectOne
Bancorp,
Inc.
..................
14,424
255,016
Customers
Bancorp,
Inc.
(a)
...................
9,204
170,458
CVB
Financial
Corp.
.......................
19,909
332,082
Dime
Community
Bancshares,
Inc.
.............
13,367
303,698
Eagle
Bancorp,
Inc.
.......................
8,105
271,274
Eastern
Bankshares,
Inc.
...................
21,368
269,664
Enterprise
Financial
Services
Corp.
............
9,745
434,530
First
Bancorp
...........................
11,063
392,958
First
BanCorp
...........................
35,220
402,212
First
Bancshares,
Inc.
(The)
..................
13,728
354,594
First
Busey
Corp.
.........................
18,235
370,900
First
Commonwealth
Financial
Corp.
............
30,481
378,879
First
Financial
Bancorp
.....................
20,047
436,423
First
Financial
Corp.
.......................
10,677
400,174
First
Foundation,
Inc.
......................
18,974
141,356
First
Internet
Bancorp
......................
10,738
178,788
First
Interstate
BancSystem,
Inc.,
Class
A
........
12,567
375,251
First
Merchants
Corp.
......................
11,108
366,009
Fulton
Financial
Corp.
......................
27,803
384,237
German
American
Bancorp,
Inc.
...............
12,134
404,912
Great
Southern
Bancorp,
Inc.
.................
7,831
396,875
Hancock
Whitney
Corp.
....................
8,860
322,504
Hanmi
Financial
Corp.
.....................
18,776
348,670
HarborOne
Bancorp,
Inc.
...................
32,959
402,100
Heartland
Financial
USA,
Inc.
................
9,661
370,596
Heritage
Financial
Corp.
....................
18,439
394,595
Hilltop
Holdings,
Inc.
.......................
15,717
466,323
Home
BancShares,
Inc.
....................
20,446
443,883
HomeStreet,
Inc.
.........................
10,129
182,221
Security
Shares
Value
a
Banks
(continued)
Hope
Bancorp,
Inc.
.......................
28,737
$
282,197
Horizon
Bancorp,
Inc.
......................
24,647
272,596
Independent
Bank
Corp.
....................
21,004
373,241
Independent
Bank
Group,
Inc.
................
6,473
300,024
Kearny
Financial
Corp.
.....................
35,858
291,167
Lakeland
Bancorp,
Inc.
.....................
27,670
432,759
National
Bank
Holdings
Corp.,
Class
A
..........
11,472
383,853
NBT
Bancorp,
Inc.
........................
12,790
431,151
Nicolet
Bankshares,
Inc.
(a)(b)
..................
4,938
311,341
Northfield
Bancorp,
Inc.
....................
32,179
379,069
Northwest
Bancshares,
Inc.
..................
34,203
411,462
OceanFirst
Financial
Corp.
..................
22,989
424,837
OFG
Bancorp
...........................
17,346
432,609
Old
National
Bancorp
......................
28,210
406,788
Old
Second
Bancorp,
Inc.
...................
31,767
446,644
Origin
Bancorp,
Inc.
(b)
......................
10,897
350,339
Pacific
Premier
Bancorp,
Inc.
.................
13,100
314,662
Park
National
Corp.
.......................
3,509
416,062
Pathward
Financial,
Inc.
....................
8,414
349,097
Peapack-Gladstone
Financial
Corp.
............
13,297
393,857
Peoples
Bancorp,
Inc.
.....................
14,715
378,911
Premier
Financial
Corp.
....................
15,223
315,573
Provident
Financial
Services,
Inc.
..............
19,747
378,747
QCR
Holdings,
Inc.
.......................
8,143
357,559
Renasant
Corp.
..........................
13,814
422,432
Republic
First
Bancorp,
Inc.
(a)(b)
...............
89,280
121,421
S&T
Bancorp,
Inc.
........................
15,622
491,312
Sandy
Spring
Bancorp,
Inc.
..................
10,277
266,996
Seacoast
Banking
Corp.
of
Florida
.............
13,234
313,646
Simmons
First
National
Corp.,
Class
A
..........
35,391
618,989
Southside
Bancshares,
Inc.
..................
11,317
375,724
SouthState
Corp.
.........................
5,664
403,617
Stellar
Bancorp,
Inc.
.......................
29,575
727,841
Texas
Capital
Bancshares,
Inc.
(a)
..............
8,063
394,764
Towne
Bank
............................
15,421
410,970
TriCo
Bancshares
........................
11,543
480,073
TrustCo
Bank
Corp.
.......................
14,472
462,236
Trustmark
Corp.
.........................
15,238
376,379
UMB
Financial
Corp.
......................
4,744
273,824
United
Bankshares,
Inc.
....................
13,248
466,330
United
Community
Banks,
Inc.
................
13,293
373,799
Univest
Financial
Corp.
.....................
17,268
409,942
Valley
National
Bancorp
....................
35,490
327,928
Washington
Federal,
Inc.
....................
14,079
424,059
Washington
Trust
Bancorp,
Inc.
...............
8,773
304,072
WesBanco,
Inc.
..........................
13,448
412,854
WSFS
Financial
Corp.
.....................
9,912
372,790
35,401,078
a
Biotechnology
 — 0.2%
iTeos
Therapeutics,
Inc.
(a)
...................
14,347
195,263
a
Building
Products
 — 1.3%
Insteel
Industries,
Inc.
......................
12,492
347,527
Quanex
Building
Products
Corp.
...............
22,015
473,983
UFP
Industries,
Inc.
.......................
5,989
475,946
1,297,456
a
Capital
Markets
 — 0.6%
BGC
Partners,
Inc.,
Class
A
..................
105,019
549,249
a
Chemicals
 — 1.6%
AdvanSix,
Inc.
...........................
9,060
346,726
American
Vanguard
Corp.
...................
22,740
497,551
Kronos
Worldwide,
Inc.
.....................
29,648
273,058
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
US
Small
Cap
Value
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
14
2023
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Chemicals
(continued)
Minerals
Technologies,
Inc.
..................
6,985
$
422,034
1,539,369
a
Commercial
Services
&
Supplies
 — 1.9%
ABM
Industries,
Inc.
.......................
10,037
451,063
BrightView
Holdings,
Inc.
(a)
..................
33,937
190,726
CoreCivic,
Inc.
(a)
.........................
41,368
380,585
Interface,
Inc.
...........................
33,907
275,325
Matthews
International
Corp.,
Class
A
...........
14,280
514,937
1,812,636
a
Communications
Equipment
 — 0.8%
NETGEAR,
Inc.
(a)
.........................
18,712
346,359
NetScout
Systems,
Inc.
(a)
...................
14,404
412,675
759,034
a
Construction
&
Engineering
 — 1.1%
Argan,
Inc.
.............................
11,384
460,710
Sterling
Infrastructure,
Inc.
(a)
.................
17,242
653,127
1,113,837
a
Construction
Materials
 — 0.4%
Summit
Materials,
Inc.,
Class
A
(a)
..............
15,130
431,054
a
Consumer
Staples
Distribution
&
Retail
 — 0.9%
SpartanNash
Co.
.........................
13,997
347,126
Sprouts
Farmers
Market,
Inc.
(a)(b)
..............
14,449
506,148
853,274
a
Containers
&
Packaging
 — 0.5%
Greif,
Inc.,
Class
A
........................
7,113
450,751
a
Distributors
 — 0.3%
Funko,
Inc.,
Class
A
(a)
......................
26,771
252,450
a
Diversified
Consumer
Services
 — 1.1%
Adtalem
Global
Education,
Inc.
(a)
..............
15,553
600,657
Stride,
Inc.
(a)
............................
12,719
499,221
1,099,878
a
Diversified
REITs
 — 0.7%
Broadstone
Net
Lease,
Inc.
..................
21,216
360,884
CTO
Realty
Growth,
Inc.
....................
20,890
360,561
721,445
a
Diversified
Telecommunication
Services
 — 0.4%
EchoStar
Corp.,
Class
A
(a)(b)
..................
18,985
347,236
a
Electric
Utilities
 — 0.9%
PNM
Resources,
Inc.
......................
9,693
471,855
Portland
General
Electric
Co.
.................
8,380
409,698
881,553
a
Electrical
Equipment
 — 1.5%
Atkore,
Inc.
(a)
............................
4,696
659,694
Encore
Wire
Corp.
(b)
.......................
4,051
750,772
1,410,466
a
Electronic
Equipment,
Instruments
&
Components
 — 3.0%
Benchmark
Electronics,
Inc.
.................
18,454
437,175
Knowles
Corp.
(a)(b)
........................
21,503
365,551
Methode
Electronics,
Inc.
...................
10,684
468,814
Sanmina
Corp.
(a)
.........................
11,432
697,238
TTM
Technologies,
Inc.
(a)
....................
31,180
420,618
Vishay
Intertechnology,
Inc.
..................
23,576
533,289
2,922,685
a
Security
Shares
Value
a
Energy
Equipment
&
Services
 — 0.5%
Bristow
Group,
Inc.
(a)
......................
12,449
$
278,858
ProPetro
Holding
Corp.
(a)
....................
33,018
237,399
516,257
a
Financial
Services
 — 1.8%
A-Mark
Precious
Metals,
Inc.
.................
11,965
414,587
NMI
Holdings,
Inc.,
Class
A
(a)
.................
22,410
500,415
Radian
Group,
Inc.
........................
20,805
459,791
Waterstone
Financial,
Inc.
...................
23,893
361,501
1,736,294
a
Food
Products
 — 0.5%
Hostess
Brands,
Inc.,
Class
A
(a)
...............
21,061
523,998
a
Ground
Transportation
 — 2.4%
Covenant
Logistics
Group,
Inc.,
Class
A
..........
21,462
760,184
Heartland
Express,
Inc.
.....................
32,842
522,845
Marten
Transport
Ltd.
......................
26,018
545,077
Werner
Enterprises,
Inc.
....................
11,270
512,672
2,340,778
a
Health
Care
Technology
 — 0.4%
Computer
Programs
and
Systems,
Inc.
(a)
.........
13,413
405,073
a
Hotel
&
Resort
REITs
 — 0.4%
Chatham
Lodging
Trust
.....................
33,509
351,509
a
Hotels,
Restaurants
&
Leisure
 — 1.0%
Bloomin'
Brands,
Inc.
......................
21,061
540,215
Brinker
International,
Inc.
(a)
..................
12,109
460,142
1,000,357
a
Household
Durables
 — 4.6%
Century
Communities,
Inc.
..................
8,626
551,374
Ethan
Allen
Interiors,
Inc.
...................
17,725
486,728
GoPro,
Inc.,
Class
A
(a)
......................
53,947
271,353
KB
Home
..............................
14,271
573,409
M/I
Homes,
Inc.
(a)
.........................
10,419
657,335
Meritage
Homes
Corp.
.....................
5,832
680,944
Taylor
Morrison
Home
Corp.
(a)
................
16,976
649,502
Tri
Pointe
Homes,
Inc.
(a)(b)
...................
23,012
582,664
4,453,309
a
Household
Products
 — 0.5%
Central
Garden
&
Pet
Co.,
Class
A,
NVS
(a)
........
11,331
442,702
a
Insurance
 — 3.6%
Argo
Group
International
Holdings,
Ltd.
..........
11,194
327,872
CNO
Financial
Group,
Inc.
...................
18,417
408,673
Employers
Holdings,
Inc.
....................
11,265
469,638
Horace
Mann
Educators
Corp.
................
11,047
369,854
ProAssurance
Corp.
.......................
17,191
317,690
Safety
Insurance
Group,
Inc.
.................
5,086
379,009
Selective
Insurance
Group,
Inc.
...............
5,171
492,951
Stewart
Information
Services
Corp.
.............
7,624
307,628
United
Fire
Group,
Inc.
.....................
14,872
394,852
3,468,167
a
Interactive
Media
&
Services
 — 0.4%
Ziff
Davis,
Inc.
(a)(b)
.........................
4,783
373,313
a
Leisure
Products
 — 1.0%
MasterCraft
Boat
Holdings,
Inc.
(a)
..............
18,776
571,354
Vista
Outdoor,
Inc.
(a)(b)
......................
12,947
358,761
930,115
a
iShares
®
US
Small
Cap
Value
Factor
ETF
Schedule
of
Investments
(continued)
March
31,
2023
(Percentages
shown
are
based
on
Net
Assets)
15
Schedule
of
Investments
Security
Shares
Value
a
Machinery
 — 1.8%
Hillenbrand,
Inc.
.........................
10,462
$
497,259
Mueller
Industries,
Inc.
.....................
8,530
626,784
Terex
Corp.
.............................
12,958
626,908
1,750,951
a
Marine
Transportation
 — 1.2%
Eagle
Bulk
Shipping,
Inc.
...................
6,785
308,717
Genco
Shipping
&
Trading
Ltd.
................
19,563
306,357
Matson,
Inc.
............................
3,827
228,357
Safe
Bulkers,
Inc.
........................
97,023
358,015
1,201,446
a
Metals
&
Mining
 — 1.7%
Commercial
Metals
Co.
.....................
11,102
542,888
Schnitzer
Steel
Industries,
Inc.,
Class
A
..........
8,885
276,324
TimkenSteel
Corp.
(a)
.......................
21,119
387,322
Warrior
Met
Coal,
Inc.
......................
12,452
457,113
1,663,647
a
Multi-Utilities
 — 0.5%
Unitil
Corp.
.............................
9,271
528,818
a
Office
REITs
 — 0.2%
City
Office
REIT,
Inc.
......................
26,132
180,311
a
Oil,
Gas
&
Consumable
Fuels
 — 5.5%
Berry
Corp.
.............................
44,747
351,264
Chord
Energy
Corp.
.......................
6,432
865,747
CNX
Resources
Corp.
(a)(b)
...................
22,301
357,262
CVR
Energy,
Inc.
.........................
18,093
593,088
DHT
Holdings,
Inc.
........................
79,670
861,233
Dorian
LPG,
Ltd.
.........................
31,890
635,887
Matador
Resources
Co.
....................
8,722
415,603
Murphy
Oil
Corp.
.........................
11,455
423,606
Sitio
Royalties
Corp.,
Class
A
.................
17,140
387,364
World
Fuel
Services
Corp.
...................
17,089
436,624
5,327,678
a
Paper
&
Forest
Products
 — 0.7%
Clearwater
Paper
Corp.
(a)
...................
16,485
550,929
Glatfelter
Corp.
..........................
37,058
118,215
669,144
a
Passenger
Airlines
 — 0.4%
SkyWest,
Inc.
(a)
..........................
16,004
354,809
a
Pharmaceuticals
 — 0.3%
Innoviva,
Inc.
(a)
..........................
23,778
267,502
a
Professional
Services
 — 0.6%
CRA
International,
Inc.
.....................
5,485
591,393
a
Real
Estate
Management
&
Development
 — 0.4%
Anywhere
Real
Estate,
Inc.
(a)(b)
................
29,415
155,311
Newmark
Group,
Inc.,
Class
A
................
29,005
205,356
360,667
a
Retail
REITs
 — 0.7%
Acadia
Realty
Trust
.......................
21,324
297,470
SITE
Centers
Corp.
.......................
27,653
339,579
637,049
a
Semiconductors
&
Semiconductor
Equipment
 — 2.3%
Alpha
&
Omega
Semiconductor
Ltd.
(a)(b)
..........
8,420
226,919
Amkor
Technology,
Inc.
.....................
21,275
553,576
Cohu,
Inc.
(a)
............................
15,611
599,306
Kulicke
&
Soffa
Industries,
Inc.
................
8,258
435,114
Security
Shares
Value
a
Semiconductors
&
Semiconductor
Equipment
(continued)
Photronics,
Inc.
(a)
.........................
27,230
$
451,473
2,266,388
a
Software
 — 0.4%
Adeia,
Inc.
.............................
26,670
236,296
Xperi,
Inc.
(a)
.............................
10,656
116,470
352,766
a
Specialized
REITs
 — 0.4%
PotlatchDeltic
Corp.
.......................
8,776
434,412
a
Specialty
Retail
 — 6.4%
Arko
Corp.
.............................
50,779
431,114
Caleres,
Inc.
............................
23,905
517,065
Conn's,
Inc.
(a)
...........................
29,964
181,582
Container
Store
Group,
Inc.
(The)
(a)
.............
56,521
193,867
Genesco,
Inc.
(a)
..........................
7,233
266,753
Group
1
Automotive,
Inc.
....................
2,753
623,334
Haverty
Furniture
Cos.,
Inc.
..................
16,852
537,747
LL
Flooring
Holdings,
Inc.
(a)
..................
32,993
125,373
MarineMax,
Inc.
(a)(b)
.......................
11,478
329,993
ODP
Corp.
(The)
(a)
........................
10,083
453,533
Shoe
Carnival,
Inc.
........................
15,847
406,476
Signet
Jewelers
Ltd.
.......................
6,360
494,681
TravelCenters
of
America,
Inc.
(a)
...............
10,756
930,394
Urban
Outfitters,
Inc.
(a)
.....................
18,402
510,104
Zumiez,
Inc.
(a)(b)
..........................
12,080
222,755
6,224,771
a
Textiles,
Apparel
&
Luxury
Goods
 — 0.8%
G-III
Apparel
Group
Ltd.
(a)
...................
17,010
264,505
Oxford
Industries,
Inc.
.....................
5,106
539,143
803,648
a
Trading
Companies
&
Distributors
 — 2.6%
Boise
Cascade
Co.
.......................
6,659
421,182
DXP
Enterprises,
Inc.
(a)
.....................
17,057
459,174
Herc
Holdings,
Inc.
........................
2,765
314,933
MRC
Global,
Inc.
(a)
........................
38,798
377,117
Rush
Enterprises,
Inc.,
Class
A
...............
9,077
495,604
Titan
Machinery,
Inc.
(a)
.....................
16,351
497,888
2,565,898
a
Total
Long-Term
Investments — 99.8%
(Cost:
$109,718,731)
................................
96,970,000
a
Short-Term
Securities
Money
Market
Funds
 — 
4.3%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
5.01%
(c)(d)(e)
......................
3,855,415
3,856,572
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
4.73%
(c)(d)
............................
286,846
286,846
a
Total
Short-Term
Securities — 4.3%
(Cost:
$4,142,036)
..................................
4,143,418
Total
Investments
—
104.1%
(Cost:
$113,860,767)
................................
101,113,418
Liabilities
in
Excess
of
Other
Assets
—
(4.1)%
...............
(3,983,082)
Net
Assets
—
100.0%
.................................
$
97,130,336
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
US
Small
Cap
Value
Factor
ETF
16
2023
iShares
Annual
Report
to
Shareholders
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
March
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/23
  Shares
Held
at
03/31/23
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
.
$
3,779,361
$
74,256
(a)
$
—
$
1,816
$
1,139
$
3,856,572
3,855,415
$
17,303
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
6,160,000
—
(5,873,154
)
(a)
—
—
286,846
286,846
52,607
2
$
1,816
$
1,139
$
4,143,418
$
69,910
$
2
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Micro
E-Mini
Russell
2000
Index
............................................................
16
06/16/23
$
145
$
4,996
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
.......
Monthly
Goldman
Sachs
Bank
USA
(b)
08/19/26
$
1,940
$
(393
)
(c
)
$
1,910
–
%
(d
)
Monthly
JPMorgan
Chase
Bank
NA
(e)
02/08/24
1,114
(626
)
(f
)
924
–
(d
)
$
(1,019
)
$
2,834
(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.
(c)
Amount
includes
$(363)
of
net
dividends
and
financing
fees.
(d)
Rounds
to
less
than
0.1%.
(f)
Amount
includes
$(436)
of
net
dividends
and
financing
fees.
The
following
are
the
specified
benchmarks
(plus
or
minus
a
range)
used
in
determining
the
variable
rate
of
interest:
(b)
(e)
Range:
40
basis
points
40
basis
points
Benchmarks:
USD
-
1D
Overnight
Fed
Funds
Effective
Rate
(FEDL01)
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
iShares
®
US
Small
Cap
Value
Factor
ETF
Schedule
of
Investments
(continued)
March
31,
2023
17
Schedule
of
Investments
Balances
Reported
in
the
Statements
of
Assets
and
Liabilities
for
OTC
Derivatives
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
March
31,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
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
Pacific
Premier
Bancorp,
Inc.
...........
28
$
673
35.2
%
Trustmark
Corp.
...................
33
815
42.7
United
Community
Banks,
Inc.
..........
15
422
22.1
1,910
Total
Reference
Entity
—
Long
1,910
Net
Value
of
Reference
Entity
—
Goldman
Sachs
Bank
USA
...................................
$
1,910
The
following
table
represents
the
individual
long
positions
and
related
values
of
the
equity
securities
underlying
the
total
return
swap
with
JPMorgan
Chase
Bank
NA
as
of
period
end,
termination
date
February
8,
2024
:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Common
Stocks
Banks
Seacoast
Banking
Corp.
..............
39
$
924
100.0
%
a
Total
Reference
Entity
—
Long
924
Net
Value
of
Reference
Entity
—
JPMorgan
Chase
Bank
NA
....................................
$
924
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
OTC
Swaps
................................................................
$
—
$
—
$
—
$
(1,019
)
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)
.............
$
—
$
—
$
4,996
$
—
$
—
$
—
$
4,996
Liabilities
—
Derivative
Financial
Instruments
Swaps
-
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
$
—
$
—
$
1,019
$
—
$
—
$
—
$
1,019
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.................................
$
—
$
—
$
(71,727
)
$
—
$
—
$
—
$
(71,727
)
Swaps
........................................
—
—
(415,356
)
—
—
—
(415,356
)
$
—
$
—
$
(487,083
)
$
—
$
—
$
—
$
(487,083
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.................................
$
—
$
—
$
(3,116
)
$
—
$
—
$
—
$
(3,116
)
Swaps
........................................
—
—
(8,735
)
—
—
—
(8,735
)
$
—
$
—
$
(11,851
)
$
—
$
—
$
—
$
(11,851
)
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
US
Small
Cap
Value
Factor
ETF
18
2023
iShares
Annual
Report
to
Shareholders
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements. 
Derivative
Financial
Instruments
–
Offsetting
as
of
Period
End
The
Fund’s
derivative
assets
and
liabilities
(by
type)
were
as
follows: 
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
237,399
Total
return
swaps
Average
notional
amount
...............................................................................................
$
2,180,146
a
Assets
Liabilities
Derivative
Financial
Instruments:
Futures
contracts
................................................................................
$
2,672
‌
$
—
‌
Swaps
—
OTC
(a)
................................................................................
—
‌
1,019
‌
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
........................................
$
2,672
‌
$
1,019
‌
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
(“MNA”)
.....................................
(2,672
)
—
‌
Total
derivative
assets
and
liabilities
subject
to
an
MNA
........................................................
$
—
‌
$
1,019
‌
(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:
a
a
a
a
a
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-Cash
Collateral
Pledged
(b)
Cash
Collateral
Pledged
(b)
Net
Amount
of
Derivative
Liabilities
(c)
Goldman
Sachs
Bank
USA
..............................
$
393
‌
$
–
‌
$
–
‌
$
–
‌
$
393
‌
JPMorgan
Chase
Bank
NA
..............................
626
‌
–
‌
–
‌
–
‌
626
‌
$
1,019
‌
$
–
‌
$
–
‌
$
–
‌
$
1,019
‌
(a)
The
amount
of
derivatives
available
for
offset
is
limited
to
the
amount
of
derivatives
assets
and/or
liabilities
that
are
subject
to
an
MNA.
(b)
Excess
of
collateral
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.
iShares
®
US
Small
Cap
Value
Factor
ETF
Schedule
of
Investments
(continued)
March
31,
2023
19
Schedule
of
Investments
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
.........................................
$
96,970,000
‌
$
—
‌
$
—
‌
$
96,970,000
‌
Short-Term
Securities
Money
Market
Funds
......................................
4,143,418
‌
—
‌
—
‌
4,143,418
‌
$
101,113,418
‌
$
—
‌
$
—
‌
$
101,113,418
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
4,996
‌
$
—
‌
$
—
‌
$
4,996
‌
Liabilities
Equity
Contracts
...........................................
—
‌
(1,019
)
—
‌
(1,019
)
$
4,996
‌
$
(1,019
)
$
—
‌
$
3,977
‌
a
(a)
Derivative
financial
instruments
are
swaps
and
futures
contracts.
Swaps
and
futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
20
2023
iShares
Annual
Report
to
Shareholders
Statements
of
Assets
and
Liabilities
March
31,
2023
See
notes
to
financial
statements.
iShares
Focused
Value
Factor
ETF
iShares
US
Small
Cap
Value
Factor
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
....................................................................
$
20,312,514
‌
$
96,970,000
‌
Investments,
at
value
—
affiliated
(c)
.......................................................................
32,125
‌
4,143,418
‌
Cash
...........................................................................................
7,973
‌
16,997
‌
Cash
pledged:
Futures
contracts
.................................................................................
4,000
‌
12,000
‌
Receivables:
Investments
sold
.................................................................................
59,768
‌
—
‌
Securities
lending
income
—
affiliated
...................................................................
—
‌
884
‌
Dividends
—
unaffiliated
............................................................................
37,642
‌
113,949
‌
Dividends
—
affiliated
..............................................................................
197
‌
2,347
‌
Interest
—
unaffiliated
..............................................................................
4
‌
213
‌
Variation
margin
on
futures
contracts
....................................................................
835
‌
2,672
‌
Total
assets
......................................................................................
20,455,058
‌
101,262,480
‌
LIABILITIES
Collateral
on
securities
loaned
..........................................................................
—
‌
3,856,099
‌
Payables:
Investments
purchased
.............................................................................
86,192
‌
163,636
‌
Capital
shares
redeemed
............................................................................
210,110
‌
—
‌
Investment
advisory
fees
............................................................................
4,577
‌
19,607
‌
Swaps
........................................................................................
—
‌
91,783
‌
Unrealized
depreciation
on:
OTC
swaps
.....................................................................................
—
‌
1,019
‌
Total
liabilities
.....................................................................................
300,879
‌
4,132,144
‌
NET
ASSETS
.....................................................................................
$
20,154,179
‌
$
97,130,336
‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.....................................................................................
$
25,780,703
‌
$
116,437,438
‌
Accumulated
loss
..................................................................................
(
5,626,524
)
(
19,307,102
)
NET
ASSETS
.....................................................................................
$
20,154,179
‌
$
97,130,336
‌
NET
ASSET
VALUE
Shares
outstanding
.................................................................................
400,000
‌
3,650,000
‌
Net
asset
value
....................................................................................
$
50.39
‌
$
26.61
‌
Shares
authorized
..................................................................................
Unlimited
Unlimited
Par
value
........................................................................................
None
None
(a)
Securities
loaned,
at
value
..........................................................................
$
—
‌
$
3,847,448
‌
(b)
Investments,
at
cost
—
unaffiliated
.....................................................................
$
20,750,768
‌
$
109,718,731
‌
(c)
Investments,
at
cost
—
affiliated
.......................................................................
$
32,125
‌
$
4,142,036
‌
21
Financial
Statements
Statements
of
Operations
Year
Ended
March
31,
2023
See
notes
to
financial
statements.
iShares
Focused
Value
Factor
ETF
iShares
US
Small
Cap
Value
Factor
ETF
INVESTMENT
INCOME
Dividends
—
unaffiliated
............................................................................
$
779,120
‌
$
3,437,475
‌
Dividends
—
affiliated
..............................................................................
1,558
‌
52,607
‌
Interest
—
unaffiliated
..............................................................................
26
‌
829
‌
Securities
lending
income
—
affiliated
—
net
...............................................................
475
‌
17,303
‌
Foreign
taxes
withheld
.............................................................................
(
1,653
)
(
3,711
)
Total
investment
income
..............................................................................
779,526
‌
3,504,503
‌
EXPENSES
Investment
advisory
...............................................................................
61,195
‌
406,077
‌
Total
expenses
....................................................................................
61,195
‌
406,077
‌
Less:
—
‌
(
137,638
)
Investment
advisory
fees
waived
.......................................................................
—
‌
(
137,638
)
Total
expenses
after
fees
waived
........................................................................
61,195
‌
268,439
‌
Net
investment
income
...............................................................................
718,331
‌
3,236,064
‌
—
‌
—
‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.........................................................................
(
4,575,855
)
(
5,083,615
)
Investments
—
affiliated
...........................................................................
314
‌
1,816
‌
Capital
gain
distributions
from
underlying
funds
—
affiliated
...................................................
—
‌
2
‌
Futures
contracts
...............................................................................
(
14,683
)
(
71,727
)
In-kind
redemptions
—
unaffiliated
(a)
...................................................................
703,210
‌
3,035,831
‌
Swaps  
......................................................................................
—
‌
(
415,356
)
(
3,887,014
)
(
2,533,049
)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.........................................................................
(
323,073
)
(
16,712,721
)
Investments
—
affiliated
...........................................................................
—
‌
1,139
‌
Futures
contracts
...............................................................................
(
3,144
)
(
3,116
)
Swaps  
......................................................................................
—
‌
(
8,735
)
(
326,217
)
(
16,723,433
)
Net
realized
and
unrealized
loss
.........................................................................
(
4,213,231
)
(
19,256,482
)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..............................................
$
(
3,494,900
)
$
(
16,020,418
)
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
22
2023
iShares
Annual
Report
to
Shareholders
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
iShares
Focused
Value
Factor
ETF
iShares
US
Small
Cap
Value
Factor
ETF
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/23
Year
Ended
03/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
718,331
‌
$
1,151,152
‌
$
3,236,064
‌
$
2,601,165
‌
Net
realized
gain
(loss)
.........................................
(
3,887,014
)
14,306,514
‌
(
2,533,049
)
5,799,701
‌
Net
change
in
unrealized
appreciation
(depreciation)
.....................
(
326,217
)
(
10,805,165
)
(
16,723,433
)
(
6,804,306
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
(
3,494,900
)
4,652,501
‌
(
16,020,418
)
1,596,560
‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
726,394
)
(
1,163,130
)
(
3,151,456
)
(
3,383,522
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
(
10,720,408
)
(
8,396,139
)
(
63,196,281
)
68,225,121
‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
(
14,941,702
)
(
4,906,768
)
(
82,368,155
)
66,438,159
‌
Beginning
of
year
...............................................
35,095,881
‌
40,002,649
‌
179,498,491
‌
113,060,332
‌
End
of
year
...................................................
$
20,154,179
‌
$
35,095,881
‌
$
97,130,336
‌
$
179,498,491
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
23
Financial
Highlights
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
Focused
Value
Factor
ETF
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Period
From
03/19/19
(a)
to
03/31/19
Net
asset
value,
beginning
of
period
......................
$
58.49
‌
$
53.34
‌
$
30.23
‌
$
48.63
‌
$
49.43
‌
Net
investment
income
(b)
..............................
1
.54
‌
1
.71
‌
1
.23
‌
1
.33
‌
0
.04
‌
Net
realized
and
unrealized
gain
(loss)
(c)
....................
(
8
.03
)
5
.25
‌
23.04
‌
(
18.31
)
(
0
.84
)
Net
increase
(decrease)
from
investment
operations
.............
(
6
.49
)
6
.96
‌
24.27
‌
(
16.98
)
(
0
.80
)
Distributions
from
net
investment
income
(d)
....................
(
1
.61
)
(
1
.81
)
(
1
.16
)
(
1
.42
)
—
‌
Net
asset
value,
end
of
period
...........................
$
50.39
‌
$
58.49
‌
$
53.34
‌
$
30.23
‌
$
48.63
‌
Total
Return
(e)
–
–
–
–
–
Based
on
net
asset
value
...............................
(
11.02
)
%
13.20
%
81.85
%
(
35.71
)
%
(
1
.62
)
%
(f)
Ratios
to
Average
Net
Assets
(g)
–
–
–
–
–
Total
expenses
......................................
0
.25
%
0
.25
%
0
.25
%
0
.25
%
0
.25
%
(h)
Net
investment
income
.................................
2
.94
%
3
.01
%
3
.20
%
2
.76
%
2
.36
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
...........................
$
20,154
‌
$
35,096
‌
$
40,003
‌
$
18,141
‌
$
31,607
‌
Portfolio
turnover
rate
(i)
.................................
133
%
138
%
70
%
149
%
0
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
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.
24
2023
iShares
Annual
Report
to
Shareholders
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
US
Small
Cap
Value
Factor
ETF
Year
Ended
03/31/23
Year
Ended
03/31/22
Period
From
10/27/20
(a)
to
03/31/21
Net
asset
value,
beginning
of
period
......................................................
$
30.68
‌
$
30.56
‌
$
19.56
‌
Net
investment
income
(b)
..............................................................
0
.68
‌
0
.57
‌
0
.20
‌
Net
realized
and
unrealized
gain
(loss)
(c)
....................................................
(
4
.03
)
0
.28
‌
10.94
‌
Net
increase
(decrease)
from
investment
operations
.............................................
(
3
.35
)
0
.85
‌
11.14
‌
Distributions
from
net
investment
income
(d)
....................................................
(
0
.72
)
(
0
.73
)
(
0
.14
)
Net
asset
value,
end
of
period
...........................................................
$
26.61
‌
$
30.68
‌
$
30.56
‌
Total
Return
(e)
–
–
–
Based
on
net
asset
value
...............................................................
(
10.95
)
%
2
.79
%
57.05
%
(f)
Ratios
to
Average
Net
Assets
(g)
–
–
–
Total
expenses
......................................................................
0
.30
%
0
.30
%
0
.30
%
(h)
Total
expenses
after
fees
waived
..........................................................
0
.20
%
0
.20
%
0
.20
%
(h)
Net
investment
income
.................................................................
2
.39
%
1
.84
%
1
.74
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
...........................................................
$
97,130
‌
$
179,498
‌
$
113,060
‌
Portfolio
turnover
rate
(i)
.................................................................
71
%
13
%
14
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions.
Notes
to
Financial
Statements
25
Notes
to
Financial
Statements
1.
Organization
iShares
Trust
(the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Delaware
statutory
trust
and
is
authorized
to
have
multiple
series
or
portfolios.
These
financial
statements
relate
only
to
the
following
funds
(each,
a
“Fund”
and
collectively,
the
“Funds”):
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
March
31,
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
includes
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the
Funds
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments. 
In-kind
Redemptions:
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Funds.
Because
such
gains
or
losses
are
not
taxable
to
the
Funds
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
Funds’
tax
year.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
(“NAV”)
per
share.
Distributions:
Dividends
and
distributions
paid
by
each
Fund
are
recorded
on
the
ex-dividend
dates.
Distributions
are
determined
on
a
tax
basis
and
may
differ
from
net
investment
income
and net
realized
capital
gains
for
financial
reporting
purposes.
Dividends
and
distributions
are
paid
in
U.S.
dollars
and
cannot
be
automatically
reinvested
in
additional
shares
of
the
Funds. 
The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP. 
Indemnifications:
In
the
normal
course
of
business,
each
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Funds,
which
cannot
be
predicted
with
any
certainty.
3.
Investment
Valuation
and
Fair
Value
Measurements
Investment
Valuation
Policies:
Each
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund’s
listing
exchange
is
open
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of Trustees of
the
Trust (the
“Board”)
of
each
Fund
has
approved
the
designation
of
BlackRock
Fund
Advisors
(“BFA”),
the
Funds’
investment
adviser,
as
the
valuation
designee
for each
Fund. Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
BFA’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
BFA’s
policies
and
procedures
as
reflecting
fair
value. BFA
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
iShares
ETF
Diversification
Classification
Focused
Value
Factor
..................................................................................................
Diversified
US
Small
Cap
Value
Factor
..............................................................................................
Diversified
Notes
to
Financial
Statements
(continued)
26
2023
iShares
Annual
Report
to
Shareholders
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.
If
events
(e.g.,
market
volatility,
company
announcement
or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that
application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Valuation
Committee,
in
accordance
with BFA’s
policies
and
procedures
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Valuation
Committee
include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Valuation
Committee
seeks
to
determine
the
price
that each
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
Fair
value
pricing
could
result
in
a
difference
between
the
prices
used
to
calculate
a
fund’s
NAV
and
the
prices
used
by
the
fund’s
underlying
index,
which
in
turn
could
result
in
a
difference
between
the
fund’s
performance
and
the
performance
of
the
fund’s
underlying
index.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
–
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that each
Fund
has
the
ability
to
access;
Level
2
–
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market-corroborated
inputs);
and
Level
3
–
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available,
(including
the
Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
4.
Securities
and
Other
Investments 
Securities
Lending:
Each
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
an
approved
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
government.
The
initial
collateral
received
by
each
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
market
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of
the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund
or
excess
collateral
is
returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
each
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
in
money
market
funds
managed
by
BFA,
or
its
affiliates
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
also
disclosed
in
each
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
any
related
cash
collateral
are
disclosed
in
the Statements
of
Assets
and
Liabilities.
Securities
lending
transactions
are
entered
into
by
the
Funds
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”)
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency)
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Funds,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the
Funds
can
reinvest
cash
collateral
received
in
Notes
to
Financial
Statements
(
continued)
27
Notes
to
Financial
Statements
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
As
of
period
end,
the
following
table
is
a
summary
of
the
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
each
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BlackRock,
Inc.
(“BlackRock”).
BlackRock’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent
the
collateral
received
does
not
cover
the
value
of
the
securities
loaned
in
the
event
of
borrower
default.
Each
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
the
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by
each
Fund.
5.
Derivative
Financial
Instruments
Futures
Contracts:
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk).
Futures
contracts
are
exchange-traded
agreements
between
the Funds
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the Funds
are
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any,
are
shown
as
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the Funds
agree
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets. 
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
US
Small
Cap
Value
Factor
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.
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
(b)
US
Small
Cap
Value
Factor
Barclays
Capital,
Inc.
.........................................
$
120,207
‌
$
(110,497
)
$
—
‌
$
9,710
‌
BNP
Paribas
SA
.............................................
186,470
‌
(186,470
)
—
‌
—
‌
Goldman
Sachs
&
Co.
LLC
.....................................
1,820,767
‌
(1,820,767
)
—
‌
—
‌
J.P.
Morgan
Securities
LLC
.....................................
220,645
‌
(220,645
)
—
‌
—
‌
Morgan
Stanley
.............................................
668,179
‌
(668,179
)
—
‌
—
‌
National
Financial
Services
LLC
..................................
741,505
‌
(741,505
)
—
‌
—
‌
RBC
Capital
Markets
LLC
......................................
1,405
‌
(1,395
)
—
‌
10
‌
UBS
Securities
LLC
..........................................
88,270
‌
(88,270
)
—
‌
—
‌
$
3,847,448
‌
$
(3,837,728
)
$
—
‌
$
9,720
‌
a
(a)
Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
the
Fund
is
disclosed
in
the
Fund’s
Statement
of
Assets
and
Liabilities.
(b)
The
market
value
of
the
loaned
securities
is
determined
as
of
March
31,
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
(continued)
28
2023
iShares
Annual
Report
to
Shareholders
Certain
total
return
swaps
are
designed
to
function
as
a
portfolio
of
direct
investments
in
long
and
short
equity
positions.
This
means
that
the
Fund
has
the
ability
to
trade
in
and
out
of
these
long
and
short
positions
within
the
swap
and
will
receive
the
economic
benefits
and
risks
equivalent
to
direct
investment
in
these
positions,
subject
to
certain
adjustments
due
to
events
related
to
the
counterparty.
Benefits
and
risks
include
capital
appreciation
(depreciation),
corporate
actions
and
dividends
received
and
paid,
all
of
which
are
reflected
in
the
swap’s
market
value.
The
market
value
also
includes
interest
charges
and
credits
(“financing
fees”)
related
to
the
notional
values
of
the
long
and
short
positions
and
cash
balances
within
the
swap.
These
interest
charges
and
credits
are
based
on
a
specified
benchmark
rate
plus
or
minus
a
specified
spread
determined
based
upon
the
country
and/or
currency
of
the
positions
in
the
portfolio.
Positions
within
the
swap
and
financing
fees
are
reset
periodically.
During
a
reset,
any
unrealized
appreciation
(depreciation)
on
positions
and
accrued
financing
fees
become
available
for
cash
settlement
between
the
Fund
and
the
counterparty.
The
amounts
that
are
available
for
cash
settlement
are
recorded
as
realized
gains
or
losses
in
the
Statements
of
Operations.
Cash
settlement
in
and
out
of
the
swap
may
occur
at
a
reset
date
or
any
other
date,
at
the
discretion
of
the
Fund
and
the
counterparty,
over
the
life
of
the
agreement.
Certain
swaps
have
no
stated
expiration
and
can
be
terminated
by
either
party
at
any
time.
Swap
transactions
involve,
to
varying
degrees,
elements
of
interest
rate,
credit
and
market
risks
in
excess
of
the
amounts
recognized
in
the
Statements
of
Assets
and
Liabilities. 
Such
risks
involve
the
possibility
that
there
will
be
no
liquid
market
for
these
agreements,
that
the
counterparty
to
the
agreements
may
default
on
its
obligation
to
perform
or
disagree
as
to
the
meaning
of
the
contractual
terms
in
the
agreements,
and
that
there
may
be
unfavorable
changes
in
interest
rates
and/or
market
values
associated
with
these
transactions.
Master
Netting
Arrangements:
In
order
to
define
its
contractual
rights
and
to
secure
rights
that
will
help
mitigate
its
counterparty
risk,
a
Fund
may
enter
into
an
International
Swaps
and
Derivatives
Association,
Inc.
Master
Agreement
(“ISDA
Master
Agreement”)
or
similar
agreement
with
its
derivative
contract
counterparties.
An
ISDA
Master
Agreement
is
a
bilateral
agreement
between
a
Fund
and
a
counterparty
that
governs
certain
OTC
derivatives
and
typically
contains,
among
other
things,
collateral
posting
terms
and
netting
provisions
in
the
event
of
a
default
and/or
termination
event.
Under
an
ISDA
Master
Agreement,
a
Fund
may,
under
certain
circumstances,
offset
with
the
counterparty
certain
derivative
financial
instruments’
payables
and/or
receivables
with
collateral
held
and/or
posted
and
create
one
single
net
payment.
The
provisions
of
the
ISDA
Master
Agreement
typically
permit
a
single
net
payment
in
the
event
of
default
including
the
bankruptcy
or
insolvency
of
the
counterparty.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
the
right
of
offset
in
bankruptcy,
insolvency,
or
other
events.
For
derivatives
traded
under
an
ISDA
Master
Agreement,
the
collateral
requirements
are
typically
calculated
by
netting
the
mark-to-market
amount
for
each
transaction
under
such
agreement,
and
comparing
that
amount
to
the
value
of
any
collateral
currently
pledged
by
a
fund
and
the
counterparty.
Cash
collateral
that
has
been
pledged
to
cover
obligations
of
the
Funds
and
cash
collateral
received
from
the
counterparty,
if
any,
is
reported
separately
in
the
Statements
of
Assets
and
Liabilities
as
cash
pledged
as
collateral
and
cash
received
as
collateral,
respectively.
Non-cash
collateral
pledged
by
the
Funds,
if
any,
is
noted
in
the
Schedules
of
Investments.
Generally,
the
amount
of
collateral
due
from
or
to
a
counterparty
is
subject
to
a
certain
minimum
transfer
amount
threshold
before
a
transfer
is
required,
which
is
determined
at
the
close
of
business
of
the
Funds.
Any
additional
required
collateral
is
delivered
to/pledged
by
the
Funds
on
the
next
business
day.
Typically,
the
counterparty
is
not
permitted
to
sell,
re-pledge
or
use
cash
and
non-cash
collateral
it
receives.
A
fund
generally
agrees
not
to
use
non-cash
collateral
that
it
receives
but
may,
absent
default
or
certain
other
circumstances
defined
in
the
underlying
ISDA
Master
Agreement,
be
permitted
to
use
cash
collateral
received.
In
such
cases,
interest
may
be
paid
pursuant
to
the
collateral
arrangement
with
the
counterparty.
To
the
extent
amounts
due
to
the
Funds
from
the
counterparty
are
not
fully
collateralized,
each
Fund
bears
the
risk
of
loss
from
counterparty
non-performance.
Likewise,
to
the
extent
the
Funds
have
delivered
collateral
to
a
counterparty
and
stand
ready
to
perform
under
the
terms
of
their
agreement
with
such
counterparty,
each
Fund
bears
the
risk
of
loss
from
a
counterparty
in
the
amount
of
the
value
of
the
collateral
in
the
event
the
counterparty
fails
to
return
such
collateral.
Based
on
the
terms
of
agreements,
collateral
may
not
be
required
for
all
derivative
contracts.
For
financial
reporting
purposes, each
Fund
does
not
offset
derivative
assets
and
derivative
liabilities
that
are
subject
to
netting
arrangements,
if
any,
in
the
Statements
of
Assets
and
Liabilities. 
6.
Investment
Advisory
Agreement
and
Other
Transactions
with
Affiliates 
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the
Trust, BFA manages
the
investment
of
each
Fund’s
assets.
BFA
is
a
California
corporation
indirectly
owned
by BlackRock.
Under
the
Investment
Advisory
Agreement,
BFA
is
responsible
for
substantially
all
expenses
of
the
Funds,
except
(i)
interest
and
taxes;
(ii)
brokerage
commissions
and
other
expenses
connected
with
the
execution
of
portfolio
transactions;
(iii)
distribution
fees;
(iv)
the
advisory
fee
payable
to
BFA;
and
(v)
litigation
expenses
and
any
extraordinary
expenses
(in
each
case
as
determined
by
a
majority
of
the
independent
trustees).
For
its
investment
advisory
services
to
each
of
the
following
Funds,
BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Funds,
based
on
the
average
daily
net
assets
of
each
Fund
as
follows:
Expense
Waivers:
The
total
of
the
investment
advisory
fee
and
any
other fund expenses
are
a
fund’s
total
annual
operating
expenses.
For
the
iShares
US
Small
Cap
Value
Factor
ETF,
BFA
has
contractually
agreed
to
waive
a
portion
of
its
management
fee
so
that
the
Fund’s
total
annual
fund
operating
expenses
after
the
fee
waiver
will
not
exceed
0.20%
through July
31,
2024.
This
amount
is
included
in
investment
advisory
fees
waived
in
the
Statements
of
Operations.
For
the year
ended
March
31,
2023,
the
amounts
waived
in
investment
advisory
fees
pursuant
to
this
arrangement
were
as
follows:
iShares
ETF
Investment
Advisory
Fees
Focused
Value
Factor
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.25%
US
Small
Cap
Value
Factor
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.30
iShares
ETF
Amounts
Waived
US
Small
Cap
Value
Factor
.............................................................................................................................................
$
137,638
‌
Notes
to
Financial
Statements
(
continued)
29
Notes
to
Financial
Statements
Distributor:
 BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
is
the
distributor
for
each
Fund.
Pursuant
to
the
distribution
agreement,
BFA
is
responsible
for
any
fees
or
expenses
for
distribution
services
provided
to
the
Funds.
ETF
Servicing
Fees:
Each
Fund
has
entered
into
an
ETF
Services
Agreement
with
BRIL
to
perform
certain
order
processing,
Authorized
Participant
communications,
and
related
services
in
connection
with
the
issuance
and
redemption
of
Creation
Units
(“ETF
Services”).
BRIL
is
entitled
to
a
transaction
fee
from
Authorized
Participants
on
each
creation
or
redemption
order
for
the
ETF
Services
provided. Each
Fund
does
not
pay
BRIL
for
ETF
Services.
Prior
to
April
11,
2022,
ETF
Services
were
performed
by
State
Street
Bank
and
Trust
Company
for
the
iShares
Focused
Value
Factor
ETF.
Prior
to
April
25,
2022,
ETF
Services
were
performed
by
State
Street
Bank
and
Trust
Company
for
the
iShares
US
Small
Cap
Value
Factor
ETF.
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 year
ended March
31,
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
year
ended
March
31,
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 year
ended
March
31,
2023,
purchases
and
sales
of
investments,
excluding
short-term
securities
and
in-kind
transactions,
were
as
follows:
iShares
ETF
Amounts
Focused
Value
Factor
.................................................................................................
$
189
‌
US
Small
Cap
Value
Factor
.............................................................................................
5,639
‌
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
Focused
Value
Factor
.............................................................
$
2,682,067
‌
$
2,817,713
‌
$
(608,916
)
US
Small
Cap
Value
Factor
.........................................................
368,230
‌
2,396,183
‌
(314,874
)
iShares
ETF
Purchases
Sales
Focused
Value
Factor
...............................................................................
$
32,947,572
‌
$
32,896,258
‌
US
Small
Cap
Value
Factor
...........................................................................
94,424,132
‌
102,133,713
‌
Notes
to
Financial
Statements
(continued)
30
2023
iShares
Annual
Report
to
Shareholders
For
the year
ended
March
31,
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
March
31,
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.
U.S.
GAAP
requires
that
certain
components
of
net
assets
be
adjusted
to
reflect
permanent
differences
between
financial
and
tax
reporting.
These
reclassifications
have
no
effect
on
net
assets
or
NAV
per
share.
As
of
March
31,
2023,
permanent
differences
attributable
to
distributions
paid
in
excess
of
taxable
income
and
realized
gains
(losses)
from
in-kind
redemptions
were
reclassified
to
the
following
accounts:
The
tax
character
of
distributions
paid
was
as
follows:
As
of
March
31,
2023,
the
tax
components
of
accumulated
net earnings
(losses)
were
as
follows:
As
of
March
31,
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.
iShares
ETF
In-kind
Purchases
In-kind
Sales
Focused
Value
Factor
...............................................................................
$
2,408,427
‌
$
12,897,994
‌
US
Small
Cap
Value
Factor
...........................................................................
13,271,298
‌
63,966,207
‌
iShares
ETF
Paid-in
Capital
Accumulated
Earnings
(Loss)
Focused
Value
Factor
...............................................................................
$
644,997
‌
$
(644,997
)
US
Small
Cap
Value
Factor
...........................................................................
2,898,629
‌
(2,898,629
)
iShares
ETF
Year
Ended
03/31/23
Year
Ended
03/31/22
Focused
Value
Factor
Ordinary
income
..........................................................................................
$
726,394
‌
$
1,163,130
‌
US
Small
Cap
Value
Factor
Ordinary
income
..........................................................................................
$
3,151,456
‌
$
3,383,522
‌
iShares
ETF
Undistributed
Ordinary
Income
Non-expiring
Capital
Loss
Carryforwards
(a)
Net
Unrealized
Gains
(Losses)
(b)
Qualified
Late-Year
Losses
(c)
Total
Focused
Value
Factor
........................
$
14,051
‌
$
(5,139,862
)
$
(500,713
)
$
—
‌
$
(5,626,524
)
US
Small
Cap
Value
Factor
....................
—
‌
(6,226,922
)
(13,053,811
)
(26,369
)
(19,307,102
)
(a)
Amounts
available
to
offset
future
realized
capital
gains.
(b)
The
difference
between
book-basis
and
tax-basis
unrealized
gains
(losses)
was
attributable
primarily
to
the
tax
deferral
of
losses
on
wash
sales,
the
realization
for
tax
purposes
of
unrealized
gains
(losses)
on
certain
futures
contracts,
the
accounting
for
swap
agreements
and
the
characterization
of
corporate
actions.
(c)
The
Fund
has
elected
to
defer
certain
qualified
late-year
losses
and
recognize
such
losses
in
the
next
taxable
year.
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Focused
Value
Factor
...........................................
$
20,845,352
‌
$
1,683,030
‌
$
(2,183,743
)
$
(500,713
)
US
Small
Cap
Value
Factor
.......................................
114,167,229
‌
6,020,875
‌
(19,074,686
)
(13,053,811
)
Notes
to
Financial
Statements
(
continued)
31
Notes
to
Financial
Statements
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. 
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.
Concentration
Risk:
A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments.
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:
Year
Ended
03/31/23
‌
Year
Ended
03/31/22
‌
iShares
ETF
Shares
‌
Amount
‌
Shares
‌
Amount
‌
Focused
Value
Factor
Shares
sold
...............................................
50,000
‌
$
2,482,133
‌
500,000
‌
$
29,481,775
‌
Shares
redeemed
...........................................
(250,000
)
(13,202,541
)
(650,000
)
(37,877,914
)
(200,000
)
$
(10,720,408
)
(150,000
)
$
(8,396,139
)
Notes
to
Financial
Statements
(continued)
32
2023
iShares
Annual
Report
to
Shareholders
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.
Year
Ended
03/31/23
‌
Year
Ended
03/31/22
‌
iShares
ETF
Shares
‌
Amount
‌
Shares
‌
Amount
‌
US
Small
Cap
Value
Factor
Shares
sold
...............................................
600,000
‌
$
16,584,672
‌
3,300,000
‌
$
103,708,907
‌
Shares
redeemed
...........................................
(2,800,000
)
(79,780,953
)
(1,150,000
)
(35,483,786
)
(2,200,000
)
$
(63,196,281
)
2,150,000
‌
$
68,225,121
‌
Report
of
Independent
Registered
Public
Accounting
Firm
33
Report
of
Independent
Registered
Public
Accounting
Firm
To
the
Board
of
Trustees
of
iShares
Trust
and
Shareholders
of
each
of
the two funds
listed
in
the
table
below
Opinions
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities,
including
the
schedules
of
investments,
of
each
of
the
funds
listed
in
the
table
below
(two
of
the
funds
constituting
iShares
Trust,
hereafter
collectively
referred
to
as
the
“Funds”)
as
of
March
31,
2023,
the
related
statements
of
operations
for
the
year
ended
March
31,
2023, the statements
of changes
in
net
assets
for
each
of
the
two
years
in
the period
ended
March
31,
2023,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the periods
indicated
therein (collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
each
of
the
Funds
as
of
March
31,
2023,
the
results
of
each
of
their
operations
for
the
year
then
ended, the
changes
in
each
of
their
net
assets
for
each
of
the
two
years in
the period
ended
March 31,
2023
and
each
of
the
financial
highlights
for
each
of
the
periods
indicated
therein, in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America. 
Basis
for
Opinions
These
financial
statements
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
March
31,
2023 by
correspondence
with
the
custodian,
transfer
agent
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
/s/PricewaterhouseCoopers
LLP
Philadelphia,
Pennsylvania
May
25,
2023
We
have
served
as
the
auditor
of
one
or
more
BlackRock
investment
companies
since
2000.
iShares
Focused
Value
Factor
ETF
iShares
US
Small
Cap
Value
Factor
ETF
Important
Tax
Information
(unaudited)
34
2023
iShares
Annual
Report
to
Shareholders
The
following
amounts,
or
maximum
amounts
allowable
by
law,
are
hereby
designated
as
qualified
dividend
income
for
individuals
for
the
fiscal
year
ended
March
31,
2023
:
The
following
amounts,
or
maximum
amounts
allowable
by
law,
are
hereby
designated
as
qualified
business
income
for
individuals
for
the
fiscal
year
ended
March
31,
2023
:
The
following
percentages,
or
maximum
percentages
allowable
by
law,
of
ordinary
income
distributions
paid
during
the
fiscal
year
ended
March
31,
2023
qualified
for
the
dividends-received
deduction
for
corporate
shareholders:
iShares
ETF
Qualified
Dividend
Income
Focused
Value
Factor
..................................................................................................
$
716,853‌
US
Small
Cap
Value
Factor
..............................................................................................
2,827,528‌
iShares
ETF
Qualified
Business
Income
Focused
Value
Factor
..................................................................................................
$
14,442‌
US
Small
Cap
Value
Factor
..............................................................................................
65,179‌
iShares
ETF
Dividends-Received
Deduction
Focused
Value
Factor
..................................................................................................
88
.47‌
%
US
Small
Cap
Value
Factor
..............................................................................................
99
.83‌
Statement
Regarding
Liquidity
Risk
Management
Program
(unaudited)
35
Statement
Regarding
Liquidity
Risk
Management
Program
In
compliance
with
Rule
22e-4
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Liquidity
Rule”),
iShares
Trust
(the
“Trust”)
has
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Program”)
for iShares
Focused
Value
Factor
ETF
and
iShares
US
Small
Cap
Value
Factor
ETF
(the
“Funds”
or
“ETFs”),
each
a
series
of
the
Trust,
which
is
reasonably
designed
to
assess
and
manage
each
Fund’s
liquidity
risk.
The
Board
of
Trustees
(the
“Board”)
of
the
Trust,
on
behalf
of
the
Funds,
met
on
December
9,
2022
(the
“Meeting”)
to
review
the
Program.
The
Board
previously
appointed
BlackRock
Fund
Advisors
(“BlackRock”),
the
investment
adviser
to
the
Funds,
as
the
program
administrator
for
each
Fund’s
Program.
BlackRock
also
previously
delegated
oversight
of
the
Program
to
the
40
Act
Liquidity
Risk
Management
Committee
(the
“Committee”).
At
the
Meeting,
the
Committee,
on
behalf
of
BlackRock,
provided
the
Board
with
a
report
that
addressed
the
operation
of
the
Program
and
assessed
its
adequacy
and
effectiveness
of
implementation,
including
the
management
of
each
Fund’s
Highly
Liquid
Investment
Minimum
(“HLIM”)
where
applicable,
and
any
material
changes
to
the
Program
(the
“Report”). 
The
Report
covered
the
period
from
October
1,
2021
through
September
30,
2022
(the
“Program
Reporting
Period”).
The
Report
described
the
Program’s
liquidity
classification
methodology
for
categorizing
each
Fund’s
investments
(including
derivative
transactions)
into
one
of
four
liquidity
buckets.
It
also
referenced
the
methodology
used
by
BlackRock
to
establish
each
Fund’s
HLIM
and
noted
that
the
Committee
reviews
and
ratifies
the
HLIM
assigned
to
each Fund
no
less
frequently
than
annually.
The
Report
also
discussed
notable
events
affecting
liquidity
over
the
Program
Reporting
Period,
including
extended
market
holidays,
the
imposition
of
capital
controls
in
certain
non-U.S.
countries,
Russian
sanctions
and
the
closure
of
the
Russian
securities
market.
The
Report
noted
that
the
Program
complied
with
the
key
factors
for
consideration
under
the
Liquidity
Rule
for
assessing,
managing
and
periodically
reviewing
each
Fund’s
liquidity
risk,
as
follows:
a)
The
Fund’s
investment
strategy
and
liquidity
of
portfolio
investments
during
both
normal
and
reasonably
foreseeable
stressed
conditions.
During
the
Program
Reporting
Period,
the
Committee
reviewed
whether
each
Fund’s
strategy
is
appropriate
for
an
open-end
fund
structure,
with
a
focus
on
funds
with
more
significant
and
consistent
holdings
of
less
liquid
and
illiquid
assets.
The
Committee
also
factored
a
fund’s
concentration
in
an
issuer
into
the
liquidity
classification
methodology
by
taking
issuer
position
sizes
into
account.
Derivative
exposure
was
also
considered
in
the
calculation
of
a
fund’s
liquidity
bucketing.
Finally,
a
factor
for
consideration
under
the
Liquidity
Rule
is
a
Fund’s
use
of
borrowings
for
investment
purposes.
However,
the
Funds
do
not
borrow
for
investment
purposes.
b)
Short-term
and
long-term
cash
flow
projections
during
both
normal
and
reasonably
foreseeable
stressed
conditions.
During
the
Program
Reporting
Period,
the
Committee
reviewed
historical
redemption
activity
and
used
this
information
as
a
component
to
establish
each
ETF’s
reasonably
anticipated
trading
size
(“RATS”).
The
Committee
may
also
take
into
consideration
a
fund’s
shareholder
ownership
concentration
(which,
depending
on
product
type
and
distribution
channel,
may
or
may
not
be
available),
a
fund’s
distribution
channels,
and
the
degree
of
certainty
associated
with
a
fund’s
short-term
and
long-term
cash
flow
projections.
c)
Holdings
of
cash
and
cash
equivalents,
as
well
as
borrowing
arrangements.
The
Committee
considered
that
ETFs
generally
do
not
hold
more
than
de
minimis
amounts
of
cash.
The
Committee
also
considered
that
ETFs
generally
do
not
engage
in
borrowing.
d)
The
relationship
between
an
ETF’s
portfolio
liquidity
and
the
way
in
which,
and
the
prices
and
spreads
at
which,
ETF
shares
trade,
including
the
efficiency
of
the
arbitrage
function
and
the
level
of
active
participation
by
market
participants,
including
authorized
participants.
The
Committee
monitored
the
prevailing
bid/ask
spread
and
the
ETF
price
premium
(or
discount)
to
NAV
for
all
ETFs.
However,
there
were
no
ETFs
with
persistent
deviations
of
fund
premium/
discount
or
bid/ask
spreads
from
long-term
averages
over
the
Program
Reporting
Period.
e)
The
effect
of
the
composition
of
baskets
on
the
overall
liquidity
of
an
ETF’s
portfolio.
In
reviewing
the
linkage
between
the
composition
of
custom
baskets
accepted
by
an
ETF
and
any
significant
change
in
the
liquidity
profile
of
such
ETF,
the
Committee
reviewed
changes
in
the
proportion
of
each
ETF’s
portfolio
comprised
of
less
liquid
and
illiquid
holdings
to
determine
if
applicable
thresholds
were
met
requiring
enhanced
review.
There
were
no
material
changes
to
the
Program
during
the
Program
Reporting
Period
other
than
the
enhancement
of
certain
model
components
in
the
Program’s
classification
methodology.
The
Report
provided
to
the
Board
stated
that
the
Committee
concluded
that
based
on
the
operation
of
the
functions,
as
described
in
the
Report,
the
Program
is
operating
as
intended
and
is
effective
in
implementing
the
requirements
of
the
Liquidity
Rule.
Supplemental
Information
(unaudited)
36
2023
iShares
Annual
Report
to
Shareholders
Premium/Discount
Information
Information
on
the
Fund’s
net
asset
value,
market
price,
premiums
and
discounts,
and
bid-ask
spreads
can
be
found
at
iShares.com
.
Trustee
and
Officer
Information
(unaudited)
37
Trustee
and
Officer
Information
The
Board
of
Trustees
has
responsibility
for
the
overall
management
and
operations
of
the
Funds,
including
general
supervision
of
the
duties
performed
by
BFA
and
other
service
providers.
Each
Trustee
serves
until
he
or
she
resigns,
is
removed,
dies,
retires
or
becomes
incapacitated.
Each
officer
shall
hold
office
until
his
or
her
successor
is
elected
and
qualifies
or
until
his
or
her
death,
resignation
or
removal.
Trustees
who
are
not
“interested
persons”
(as
defined
in
the
1940
Act)
of
the
Trust
are
referred
to
as
independent
trustees
(“Independent
Trustees”). 
The
registered
investment
companies
advised
by
BFA
or
its
affiliates
(the
“BlackRock-advised
Funds”)
are
organized
into
one
complex
of
open-end
equity,
multi-asset,
index
and
money
market
funds
and
ETFs
(the
“BlackRock
Multi-Asset
Complex”),
one
complex
of
closed-end
funds
and
open-end
non-index
fixed-income
funds
(including
ETFs)
(the
“BlackRock
Fixed-Income
Complex”)
and
one
complex
of
ETFs
(“Exchange-Traded
Fund
Complex”)
(each,
a
“BlackRock
Fund
Complex”).
Each
Fund
is
included
in
the
Exchange-Traded
Fund
Complex.
Each
Trustee also
serves
as
a
Director
of
iShares,
Inc.
and
a
Trustee
of
iShares
U.S.
ETF
Trust
and,
as
a
result,
oversees
all
of
the
funds
within
the
Exchange-Traded
Fund
Complex,
which
consists
of
380
funds
as
of
March
31,
2023.
With
the
exception
of
Robert
S.
Kapito,
Salim
Ramji
and
Charles
Park,
the
address
of
each
Trustee and
officer
is
c/o
BlackRock,
Inc.,
400
Howard
Street,
San
Francisco,
CA
94105.
The
address
of
Mr.
Kapito,
Mr.
Ramji
and
Mr.
Park
is
c/o
BlackRock,
Inc.,
50
Hudson
Yards, New
York,
NY
10001.
The
Board
has
designated
John
E.
Kerrigan
as
its
Independent
Board
Chair.
Additional
information
about
the
Funds’
Trustees and
officers
may
be
found
in
the
Funds’
combined
Statement
of
Additional
Information,
which
is
available
without
charge,
upon
request,
by
calling
toll-free
1-800-iShares
(1-800-474-2737).
Interested
Trustees
(a)
Robert
S.
Kapito
is
deemed
to
be
an
“interested
person”
(as
defined
in
the
1940
Act)
of
the
Trust
due
to
his
affiliations
with
BlackRock,
Inc.
and
its
affiliates.
(b)
Salim
Ramji
is
deemed
to
be
an
“interested
person”
(as
defined
in
the
1940
Act)
of
the
Trust
due
to
his
affiliations
with
BlackRock,
Inc.
and
its
affiliates.
Independent
Trustees
Name
(Year
of
Birth)
Position(s)
Principal
Occupation(s)
During
Past
5
Years
Other
Directorships
Held
by
Trustee
Robert
S.
Kapito
(a)
(1957)
Trustee
(since
2009).
President,
BlackRock,
Inc.
(since
2006);
Vice
Chairman
of
BlackRock,
Inc.
and
Head
of
BlackRock’s
Portfolio
Management
Group
(since
its
formation
in
1998)
and
BlackRock,
Inc.’s
predecessor
entities
(since
1988);
Trustee,
University
of
Pennsylvania
(since
2009);
President
of
Board
of
Directors,
Hope
&
Heroes
Children’s
Cancer
Fund
(since
2002).
Director
of
BlackRock,
Inc.
(since
2006);
Director
of
iShares,
Inc.
(since
2009);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011).
Salim
Ramji
(b)
(1970)
Trustee
(since
2019).
Senior
Managing
Director,
BlackRock,
Inc.
(since
2014);
Global
Head
of
BlackRock’s
ETF
and
Index
Investments
Business
(since
2019);
Head
of
BlackRock’s
U.S.
Wealth
Advisory
Business
(2015-2019);
Global
Head
of
Corporate
Strategy,
BlackRock,
Inc.
(2014-2015);
Senior
Partner,
McKinsey
&
Company
(2010-2014).
Director
of
iShares,
Inc.
(since
2019);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2019).
Name
(Year
of
Birth)
Position(s)
Principal
Occupation(s)
During
Past
5
Years
Other
Directorships
Held
by
Trustee
John
E.
Kerrigan
(1955)
Trustee
(since
2005);
Independent
Board
Chair
(since
2022).
Chief
Investment
Officer,
Santa
Clara
University
(since
2002).
Director
of
iShares,
Inc.
(since
2005);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011);
Independent
Board
Chair
of
iShares,
Inc.
and
iShares
U.S.
ETF
Trust
(since
2022).
Jane
D.
Carlin
(1956)
Trustee
(since
2015);
Risk
Committee
Chair
(since
2016).
Consultant
(since
2012);
Member
of
the
Audit
Committee
(2012-2018),
Chair
of
the
Nominating
and
Governance
Committee
(2017-2018)
and
Director
of
PHH
Corporation
(mortgage
solutions)
(2012-2018);
Managing
Director
and
Global
Head
of
Financial
Holding
Company
Governance
&
Assurance
and
the
Global
Head
of
Operational
Risk
Management
of
Morgan
Stanley
(2006-2012).
Director
of
iShares,
Inc.
(since
2015);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2015);
Member
of
the
Audit
Committee
(since
2016),
Chair
of
the
Audit
Committee
(since
2020)
and
Director
of
The
Hanover
Insurance
Group,
Inc.
(since
2016).
Richard
L.
Fagnani
(1954)
Trustee
(since
2017);
Audit
Committee
Chair
(since
2019).
Partner,
KPMG
LLP
(2002-2016);
Director
of
One
Generation
Away
(since
2021).
Director
of
iShares,
Inc.
(since
2017);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2017).
Cecilia
H.
Herbert
(1949)
Trustee
(since
2005);
Nominating
and
Governance
and
Equity
Plus
Committee
Chairs
(since
2022).
Chair
of
the
Finance
Committee
(since
2019)
and
Trustee
and
Member
of
the
Finance,
Audit
and
Quality
Committees
of
Stanford
Health
Care
(since
2016);
Trustee
of
WNET,
New
York’s
public
media
company
(since
2011)
and
Member
of
the
Audit
Committee
(since
2018),
Investment
Committee
(since
2011)
and
Personnel
Committee
(since
2022);
Chair
(1994-2005)
and
Member
(1992-2021)
of
the
Investment
Committee,
Archdiocese
of
San
Francisco;
Trustee
of
Forward
Funds
(14
portfolios)
(2009-2018);
Trustee
of
Salient
MF
Trust
(4
portfolios)
(2015-
2018);
Director
(1998-2013)
and
President
(2007-2011)
of
the
Board
of
Directors,
Catholic
Charities
CYO;
Trustee
(2002-2011)
and
Chair
of
the
Finance
and
Investment
Committee
(2006-2010)
of
the
Thacher
School;
Director
of
the
Senior
Center
of
Jackson
Hole
(since
2020);
Director
of
the
Jackson
Hole
Center
for
the
Arts
(since
2021);
Member
of
the
Wyoming
State
Investment
Funds
Committee
(since
2022).
Director
of
iShares,
Inc.
(since
2005);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011).
Trustee
and
Officer
Information
(unaudited)
(continued)
38
2023
iShares
Annual
Report
to
Shareholders
Officers
Name
(Year
of
Birth)
Position(s)
Principal
Occupation(s)
During
Past
5
Years
Other
Directorships
Held
by
Trustee
Drew
E.
Lawton
(1959)
Trustee
(since
2017);
15(c)
Committee
Chair
(since
2017).
Senior
Managing
Director
of
New
York
Life
Insurance
Company
(2010-2015).
Director
of
iShares,
Inc.
(since
2017);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2017);
Director
of
Jackson
Financial
Inc.
(since
2021).
John
E.
Martinez
(1961)
Trustee
(since
2003);
Securities
Lending
Committee
Chair
(since
2019).
Director
of
Real
Estate
Equity
Exchange,
Inc.
(since
2005);
Director
of
Cloudera
Foundation
(2017-2020);
and
Director
of
Reading
Partners
(2012-2016).
Director
of
iShares,
Inc.
(since
2003);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011).
Madhav
V.
Rajan
(1964)
Trustee
(since
2011);
Fixed
Income
Plus
Committee
Chair
(since
2019).
Dean,
and
George
Pratt
Shultz
Professor
of
Accounting,
University
of
Chicago
Booth
School
of
Business
(since
2017);
Advisory
Board
Member
(since
2016)
and
Director
(since
2020)
of
C.M.
Capital
Corporation;
Chair
of
the
Board
for
the
Center
for
Research
in
Security
Prices,
LLC
(since
2020);
Robert
K.
Jaedicke
Professor
of
Accounting,
Stanford
University
Graduate
School
of
Business
(2001-2017);
Professor
of
Law
(by
courtesy),
Stanford
Law
School
(2005-2017);
Senior
Associate
Dean
for
Academic
Affairs
and
Head
of
MBA
Program,
Stanford
University
Graduate
School
of
Business
(2010-2016).
Director
of
iShares,
Inc.
(since
2011);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011).
Name
(Year
of
Birth)
Position(s)
Principal
Occupation(s)
During
Past
5
Years
Dominik
Rohé
(1973)
President
(since
2023).
Managing
Director,
BlackRock,
Inc.
(since
2005);
Head
of
Americas
ETF
and
Index
Investments
(since
2023);
Head
of
Latin
America
(2019-2023).
Trent
Walker
(1974)
Treasurer
and
Chief
Financial
Officer
(since
2020).
Managing
Director,
BlackRock,
Inc.
(since
September
2019);
Chief
Financial
Officer
of
iShares
Delaware
Trust
Sponsor
LLC,
BlackRock
Funds,
BlackRock
Funds
II,
BlackRock
Funds
IV,
BlackRock
Funds
V
and
BlackRock
Funds
VI
(since
2021);
Executive
Vice
President
of
PIMCO
(2016-2019);
Senior
Vice
President
of
PIMCO
(2008-2015);
Treasurer
(2013-2019)
and
Assistant
Treasurer
(2007-2017)
of
PIMCO
Funds,
PIMCO
Variable
Insurance
Trust,
PIMCO
ETF
Trust,
PIMCO
Equity
Series,
PIMCO
Equity
Series
VIT,
PIMCO
Managed
Accounts
Trust,
2
PIMCO-sponsored
interval
funds
and
21
PIMCO-sponsored
closed-end
funds.
Charles
Park
(1967)
Chief
Compliance
Officer
(since
2006).
Chief
Compliance
Officer
of
BlackRock
Advisors,
LLC
and
the
BlackRock-advised
Funds
in
the
BlackRock
Multi-Asset
Complex
and
the
BlackRock
Fixed-Income
Complex
(since
2014);
Chief
Compliance
Officer
of
BFA
(since
2006).
Marisa
Rolland
(1980)
Secretary
(since
2022).
Managing
Director,
BlackRock,
Inc.
(since
2023);
Director,
BlackRock,
Inc.
(2018-2022);
Vice
President,
BlackRock,
Inc.
(2010-2017).
Rachel
Aguirre
(1982)
Executive
Vice
President
(since
2022).
Managing
Director,
BlackRock,
Inc.
(since
2018);
Director,
BlackRock,
Inc.
(2009-2018);
Head
of
U.S.
iShares
Product
(since
2022);
Head
of
EII
U.S.
Product
Engineering
(since
2021);
Co-Head
of
EII’s
Americas
Portfolio
Engineering
(2020-2021);
Head
of
Developed
Markets
Portfolio
Engineering
(2016-2019).
Jennifer
Hsui
(1976)
Executive
Vice
President
(since
2022).
Managing
Director,
BlackRock,
Inc.
(since
2009);
Co-Head
of
Index
Equity
(since
2022).
James
Mauro
(1970)
Executive
Vice
President
(since
2022).
Managing
Director,
BlackRock,
Inc.
(since
2010);
Head
of
Fixed
Income
Index
Investments
in
the
Americas
and
Head
of
San
Francisco
Core
Portfolio
Management
(since
2020).
Effective
June
15,
2022,
Marisa
Rolland
replaced
Deepa
Damre
Smith
as
Secretary.
Effective
March
30,
2023,
Dominik
Rohé
replaced
Armando
Senra
as
President.
Independent
Trustees
(
continued
)
General
Information
39
General
Information
Electronic
Delivery
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can
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up
for
e-mail
notifications
announcing
that
the
shareholder
report
or
prospectus
has
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posted
on
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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
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option
available
to
certain
fund
investors.
Householding
is
a
method
of
delivery,
based
on
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preference
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the
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investor,
in
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a
single
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Rule
30e-3
notices
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Availability
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Quarterly
Schedule
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Investments
The
Funds
file
their
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
their
reports
on
Form
N-PORT.
The
Funds’
Forms
N-PORT
are
available
on
the
SEC’s
website
at
sec.gov
.
Additionally,
each
Fund
makes
its
portfolio
holdings
for
the
first
and
third
quarters
of
each
fiscal
year
available
at
iShares.com/fundreports
.
Availability
of
Proxy
Voting
Policies
and
Proxy
Voting
Records
A
description
of
the
policies
and
procedures
that
the
iShares
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
iShares
Funds
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
twelve-month
period
ending
June
30
is
available
without
charge,
upon
request
(1)
by
calling
toll-free
1-800-474-2737;
(2)
on
the
iShares
website
at
iShares.com
;
and
(3)
on
the
SEC
website
at
sec.gov
.
A
description
of
the Trust’s
policies
and
procedures
with
respect
to
the
disclosure
of
the
Fund’s
portfolio
securities
is
available
in
the
Fund
Prospectus.
The
Fund
discloses
its
portfolio
holdings
daily
and
provides
information
regarding
its
top
holdings
in
Fund
fact
sheets
at
iShares.com
.
Glossary
of
Terms
Used
in
this
Report
40
2023
iShares
Annual
Report
to
Shareholders
Portfolio
Abbreviation
NVS
Non-Voting
Shares
REIT
Real
Estate
Investment
Trust
iS-AR-320-0323
Want
to
know
more?
iShares.com
|
1-800-474-2737
This
report
is
intended
for
the
Funds’
shareholders.
It
may
not
be
distributed
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prospective
investors
unless
it
is
preceded
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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.
 
The registrant
has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the registrant has not amended the code of ethics and there have been no waivers granted under the code of ethics.
The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, by calling 1-800-474-2737.
 
Item 3.      Audit Committee Financial Expert.
 
The registrant’s Board of Trustees has determined that the registrant has more than one audit committee financial expert, as that term is defined under Item 3(b) and 3(c), serving on its audit committee. The audit committee financial experts serving on the registrant’s audit committee are Richard L. Fagnani and Madhav V. Rajan, all of whom are independent, as that term is defined under Item 3(a)(2).
 
Item 4.      Principal Accountant Fees and Services.
 
The principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g) are for the eighteen series of the registrant for which the fiscal year-end is March 31, 2023 (the “Funds”), and whose annual financial statements are reported in Item 1.
 
(a)
    
Audit Fees
– The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds’ annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $230,050 for the fiscal year ended
March 31, 2022
and $242,050 for the fiscal year ended March 31, 2023.
 
(b)
   
Audit-Related Fees
– There were no fees billed for the fiscal years end
ed March 31, 2022
and March 31, 2023 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Fund’s financial statements and are not reported under (a) of this Item.
 
(c)
    
Tax Fees
– The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning for the Funds were $174,600 for the fiscal year ended
March 31, 2022
and $174,600 for the fiscal year ended March 31, 2023. These services related to the review of the Funds’ tax returns and excise tax calculations.
 
(d)
   
All Other Fees
– There were no other fees billed in each of the fiscal years end
ed March 31, 2022 and March 31, 2023
for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.
 
(e)
    
(1) The registrant’s audit committee charter, as amended, provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the principal accountant to annually audit and provide their opinion on the registrant’s financial statements. The audit committee must also approve, prior to appointment, the engagement of the principal accountant to provide non-audit services to the registrant or to any entity controlling, controlled by or under common control with the registrant’s investment adviser (“Adviser Affiliate”) that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.
 
(2) There were no services described in (b) through (d) above that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
 
(f)
     
Not Applicable
 
(g)
   
The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the Funds, and rendered to the registrant’s investment adviser, and any Adviser Affiliate that provides ongoing services to the registrant for the last two fiscal years were $174,600 for the fiscal year ended
March 31, 2022
and $174,600 for the fiscal year ended March 31, 2023.
 
 
(h)
   
The registrant’s audit committee has considered whether the provision of non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliate that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if any, is compatible with maintaining the principal accountant’s independence, and has determined that the provision of these services, if any, does not compromise the principal accountant’s independence.
 
(i)
     
Not Applicable
 
(j)
     
Not Applicable
 

Item 5.      Audit Committee of Listed Registrants

 
(a)
The registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act of 1934 and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act of 1934.  The registrant’s audit committee members are Richard L. Fagnani, Cecilia H. Herbert and Madhav V. Rajan.
 
(b) Not applicable.
 

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) Code of Ethics is not filed as an exhibit; please refer to Item 2.
 
(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:
May 25, 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:
May 25, 2023
 
 
 
By: /s/
Trent Walker
 
Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)
 
 
Date:
May 25, 2023
 

 
Ex.99.906 CERT
 
N-CSR Exhibit for Item 13(b): CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002                      
 
Dominik Rohe, President (Principal Executive Officer), and Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer), of iShares Trust (the “Registrant”), each certify, to his knowledge, that:
 
1. The Registrant’s periodic report on Form N-CSR for the period ended March 31, 2023 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
 
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
 
 
 
Date:
 
May 25, 2023
 
 
/s/ Dominik Rohe
President
(Principal Executive Officer)
 
Dominik Rohe
[Signature]
[Title]
 
 
 
 
Date:
May 25, 2023
 
 
/s/
Trent Walker
Treasurer and Chief Financial Officer (Principal Financial Officer)
 
Trent Walker
[Signature]
[Title]
 
 
 
 

 
 
N-CSR Exhibit for Item 13(a)(2): SECTION 302 CERTIFICATIONS                                   EX-99.CERT
I, Dominik Rohe, certify that:
 
1.
   
I have reviewed this report on Form N-CSR of iShares Trust for the following eighteen series: iShares Focused Value Factor ETF, iShares Russell 1000 ETF, iShares Russell 1000 Growth ETF, iShares Russell 1000 Value ETF, iShares U.S. Aerospace & Defense ETF, iShares U.S. Broker-Dealers & Securities Exchanges ETF, iShares U.S. Healthcare Providers ETF, iShares U.S. Home Construction ETF, iShares U.S. Infrastructure ETF, iShares U.S. Insurance ETF, iShares U.S. Medical Devices ETF, iShares U.S. Oil & Gas Exploration & Production ETF, iShares U.S. Oil Equipment & Services ETF, iShares U.S. Pharmaceuticals ETF, iShares U.S. Real Estate ETF, iShares U.S. Regional Banks ETF, iShares U.S. Telecommunications ETF and iShares US Small Cap Value Factor ETF;
 
2.
   
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3.
   
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
 
4.
   
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
 
(a)
    
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
(b)
   
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
(c)
    
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our  conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
 
(d)
   
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
 
5.
   
The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
 
(a)
    
 All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
 
(b)
   
 Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
 
 
 
 
Date:
 
May 25, 2023
 
 
/s/ Dominik Rohe
President
(Principal Executive Officer)
 
Dominik Rohe
[Signature]
[Title]

N-CSR Exhibit for Item 13(a)(2): SECTION 302 CERTIFICATIONS                                      EX-99.CERT
 
I, Trent Walker, certify that:
 
1.
   
I have reviewed this report on Form N-CSR of iShares Trust for the following eighteen series: iShares Focused Value Factor ETF, iShares Russell 1000 ETF, iShares Russell 1000 Growth ETF, iShares Russell 1000 Value ETF, iShares U.S. Aerospace & Defense ETF, iShares U.S. Broker-Dealers & Securities Exchanges ETF, iShares U.S. Healthcare Providers ETF, iShares U.S. Home Construction ETF, iShares U.S. Infrastructure ETF, iShares U.S. Insurance ETF, iShares U.S. Medical Devices ETF, iShares U.S. Oil & Gas Exploration & Production ETF, iShares U.S. Oil Equipment & Services ETF, iShares U.S. Pharmaceuticals ETF, iShares U.S. Real Estate ETF, iShares U.S. Regional Banks ETF, iShares U.S. Telecommunications ETF and iShares US Small Cap Value Factor ETF;
 
2.
   
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3.
   
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 
 
4.
   
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
 
(a)
    
 Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
(b)
   
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
(c)
    
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
 
(d)
   
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
 
5.
   
The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
 
(a)
    
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
 
(b)
   
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
 
 
 
Date:
 
May 25, 2023
 
 
/s/
Trent Walker
Treasurer and Chief Financial Officer (Principal Financial Officer)
 
Trent Walker
[Signature]
[Title]