LOGO

  OCTOBER 31, 2023

 

  

2023 Semi-Annual Report

(Unaudited)

 

iShares Trust

 

·  

iShares Morningstar Mid-Cap Value ETF | IMCV | NASDAQ

 

·  

iShares Morningstar Small-Cap ETF | ISCB | NYSE Arca

 

·  

iShares Morningstar U.S. Equity ETF | ILCB | NYSE Arca

 

·  

iShares Morningstar Value ETF | ILCV | NYSE Arca


The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended October 31, 2023. Significantly tighter monetary policy helped to rein in inflation, as the annual increase in the Consumer Price Index declined to its long-term average of approximately 3% in October 2023. Meanwhile, real economic growth proved more resilient than many investors anticipated. A moderating labor market also helped ease inflationary pressure, although wages continued to grow and unemployment rates touched the lowest levels in decades before rising slightly. This robust labor market powered further growth in consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were solid during the period, as the durability of consumer spending mitigated investors’ concerns about the economy’s trajectory. The U.S. economy continued to show strength, and growth further accelerated in the third quarter of 2023. However, equity returns were uneven, as the performance of a few notable technology companies supported gains among large-capitalization U.S. stocks, while small-capitalization U.S. stocks declined overall. Meanwhile, international developed market equities advanced, and emerging market equities posted solid gains.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates six times during the 12-month period, but slowed and then paused its tightening later in the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for several pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again.

While we favor an overweight position in developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on Japanese stocks in the near term as shareholder-friendly policies generate increased investor interest. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, euro area government bonds and gilts, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

    Total Returns as of October 31, 2023

 

 
     
      6-Month       12-Month   
   

U.S. large cap equities
(S&P 500® Index)

    1.39     10.14
   

U.S. small cap equities
(Russell 2000® Index)

    (5.29     (8.56
   

International equities
(MSCI Europe, Australasia,
Far East Index)

    (7.88       14.40  
   

Emerging market equities
(MSCI Emerging
Markets Index)

    (4.78       10.80  
   

3-month Treasury bills
(ICE BofA 3-Month U.S.
Treasury Bill Index)

        2.63           4.77  
   

U.S. Treasury securities
(ICE BofA 10-Year U.S.
Treasury Index)

    (9.70     (3.25
   

U.S. investment grade
bonds (Bloomberg
U.S. Aggregate Bond Index) 

    (6.13         0.36  
   

Tax-exempt municipal
bonds (Bloomberg Municipal
Bond Index)

    (4.65         2.64  
   

U.S. high yield bonds
(Bloomberg U.S.
Corporate High Yield 2%
Issuer Capped Index)

        0.02           6.23  

Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

 

 

 

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Table of Contents

 

    Page  

 

 

The Markets in Review

    2  

Semi-Annual Report:

 

Fund Summary

    4  

About Fund Performance

    8  

Disclosure of Expenses

    8  

Schedules of Investments

    9  

Financial Statements:

 

Statements of Assets and Liabilities

    49  

Statements of Operations

    50  

Statements of Changes in Net Assets

    51  

Financial Highlights

    53  

Notes to Financial Statements

    57  

Board Review and Approval of Investment Advisory Contract

    65  

Supplemental Information

    67  

General Information

    68  

Glossary of Terms Used in this Report

    69  

 

 

  3


Fund Summary as of October 31, 2023    iShares® Morningstar Mid-Cap Value ETF

 

Investment Objective

The iShares Morningstar Mid-Cap Value ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities that exhibit value characteristics, as represented by the Morningstar® US Mid Cap Broad Value IndexSM (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

 

           

 Average Annual Total Returns 

        

    Cumulative Total Returns    

 
      6-Month Total
Returns
     1 Year      5 Years      10 Years           1 Year      5 Years      10 Years  

Fund NAV

     (5.32 )%       (3.13 )%       5.48      7.28        (3.13 )%       30.58      102.00

Fund Market

     (5.33      (3.19      5.49        7.28          (3.19      30.61        102.00  

Index

     (5.25      (3.06      5.63        7.51            (3.06      31.51        106.36  

Index performance through March 21, 2021 reflects the performance of the Morningstar® US Mid Value IndexSM. Index performance beginning on March 22, 2021 reflects the performance of the Morningstar® US Mid Cap Broad Value IndexSM.

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

 

Actual           Hypothetical 5% Return           
 

Beginning
Account Value
(05/01/23)
 
 
 
      

Ending
Account Value
(10/31/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(05/01/23)
 
 
 
      

Ending
Account Value
(10/31/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
  $       1,000.00          $          946.80          $         0.29               $       1,000.00          $       1,024.83          $       0.31          0.06

 

(a)  

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

 

SECTOR ALLOCATION

 

   

Sector

   
Percent of
Total Investments
 
(a) 

Financials

    18.7

Industrials

    12.7  

Utilities

    11.6  

Materials

    9.5  

Health Care

    8.6  

Information Technology

    8.6  

Real Estate

    8.4  

Consumer Discretionary

    7.7  

Energy

    6.9  

Consumer Staples

    4.8  

Communication Services

    2.5  

TEN LARGEST HOLDINGS

 

   

Security

   
Percent of
Total Investments
 
(a) 

American International Group, Inc.

    1.1

Newmont Corp.

    1.1  

PACCAR, Inc.

    1.1  

Williams Cos., Inc. (The)

    1.1  

Exelon Corp.

    1.0  

Capital One Financial Corp.

    1.0  

ONEOK, Inc.

    1.0  

Centene Corp.

    1.0  

Nucor Corp.

    1.0  

Simon Property Group, Inc.

    0.9  

 

(a)  

Excludes money market funds.

 

 

4  

2 0 2 3    H A R E S    E M I - A N N U A L    E P O R T    T O    H  A R E H O L D E R S


Fund Summary as of October 31, 2023    iShares® Morningstar Small-Cap ETF

 

Investment Objective

The iShares Morningstar Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities, as represented by the Morningstar® US Small Cap Extended IndexSM (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

 

           

 Average Annual Total Returns 

        

    Cumulative Total Returns    

 
      6-Month Total
Returns
     1 Year      5 Years      10 Years           1 Year      5 Years      10 Years  

Fund NAV

     (4.81 )%       (5.22 )%       2.90      5.17        (5.22 )%       15.37      65.47

Fund Market

     (4.60      (5.33      2.88        5.15          (5.33      15.25        65.29  

Index

     (4.89      (5.41      2.89        5.21            (5.41      15.29        66.20  

Index performance through March 21, 2021 reflects the performance of the Morningstar® US Small Core IndexSM. Index performance beginning on March 22, 2021 reflects the performance of the Morningstar® US Small Cap Extended IndexSM.

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

 

Actual           Hypothetical 5% Return           
 

Beginning
Account Value
(05/01/23)
 
 
 
      

Ending
Account Value
(10/31/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(05/01/23)
 
 
 
      

Ending
Account Value
(10/31/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
  $       1,000.00          $          951.90          $         0.20               $       1,000.00          $       1,024.93          $       0.20          0.04

 

(a)  

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

 

SECTOR ALLOCATION

 

   

Sector

   
Percent of
Total Investments
 
(a) 

Industrials

    18.9

Financials

    17.0  

Consumer Discretionary

    13.3  

Information Technology

    13.2  

Health Care

    11.8  

Real Estate

    6.2  

Energy

    6.0  

Materials

    5.1  

Consumer Staples

    3.3  

Communication Services

    3.0  

Utilities

    2.2  

TEN LARGEST HOLDINGS

 

   

Security

   
Percent of
Total Investments
 
(a) 

Vertiv Holdings Co., Class A

    0.4

Super Micro Computer, Inc.

    0.3  

Tradeweb Markets, Inc., Class A

    0.3  

Pure Storage, Inc., Class A

    0.3  

Saia, Inc.

    0.3  

XPO, Inc.

    0.3  

Range Resources Corp.

    0.3  

Nutanix, Inc., Class A

    0.3  

Antero Resources Corp.

    0.3  

Omega Healthcare Investors, Inc.

    0.3  

 

(a)  

Excludes money market funds.

 

 

U N D    U M M A R Y

  5


Fund Summary as of October 31, 2023    iShares® Morningstar U.S. Equity ETF

 

Investment Objective

The iShares Morningstar U.S. Equity 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 Morningstar® US Large-Mid Cap IndexSM (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 re included in the Index.

Performance

 

           

 Average Annual Total Returns 

        

    Cumulative Total Returns    

 
      6-Month Total
Returns
     1 Year      5 Years      10 Years           1 Year      5 Years      10 Years  

Fund NAV

     1.63      9.96      9.74      10.37        9.96      59.17      168.29

Fund Market

     1.70        9.96        9.76        10.37          9.96        59.28        168.28  

Index

     1.64        9.97        9.85        10.54            9.97        59.99        172.50  

Index performance through March 21, 2021 reflects the performance of the Morningstar® US Large Core IndexSM. Index performance beginning on March 22, 2021 reflects the performance of the Morningstar® US Large-Mid Cap IndexSM.

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

 

Actual           Hypothetical 5% Return           
 

Beginning
Account Value
(05/01/23)
 
 
 
      

Ending
Account Value
(10/31/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(05/01/23)
 
 
 
      

Ending
Account Value
(10/31/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
  $       1,000.00          $          1,016.30          $         0.15               $       1,000.00          $       1,024.99          $         0.15          0.03

 

(a)  

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

 

SECTOR ALLOCATION

 

   

Sector

   
Percent of
Total Investments
 
(a) 

Information Technology

    28.1

Health Care

    13.0  

Financials

    12.8  

Consumer Discretionary

    10.5  

Industrials

    8.8  

Communication Services

    8.5  

Consumer Staples

    6.4  

Energy

    4.5  

Real Estate

    2.5  

Materials

    2.5  

Utilities

    2.4  

TEN LARGEST HOLDINGS

 

   

Security

   
Percent of
Total Investments
 
(a) 

Microsoft Corp.

    6.8

Apple Inc.

    6.8  

Amazon.com, Inc.

    3.3  

NVIDIA Corp.

    2.7  

Alphabet, Inc., Class A

    2.0  

Meta Platforms, Inc., Class A

    1.8  

Alphabet, Inc., Class C, NVS

    1.7  

Berkshire Hathaway, Inc., Class B

    1.7  

Tesla, Inc.

    1.5  

UnitedHealth Group, Inc.

    1.3  

 

(a)  

Excludes money market funds.

 

 

6  

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Fund Summary as of October 31, 2023    iShares® Morningstar Value ETF

 

Investment Objective

The iShares Morningstar 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 Morningstar® US Large-Mid Cap Broad Value IndexSM (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

 

           

 Average Annual Total Returns 

        

    Cumulative Total Returns    

 
      6-Month Total
Returns
     1 Year      5 Years      10 Years           1 Year      5 Years      10 Years  

Fund NAV

     (2.12 )%       2.80      6.83      7.96        2.80      39.16      115.11

Fund Market

     (2.09      2.74        6.84        7.95          2.74        39.20        114.99  

Index

     (2.11      2.82        6.98        8.16            2.82        40.09        119.21  

Index performance through March 21, 2021 reflects the performance of the Morningstar® US Large Value IndexSM. Index performance beginning on March 22, 2021 reflects the performance of the Morningstar® US Large-Mid Cap Broad Value IndexSM.

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

 

Actual           Hypothetical 5% Return           
 

Beginning
Account Value
(05/01/23)
 
 
 
      

Ending
Account Value
(10/31/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(05/01/23)
 
 
 
      

Ending
Account Value
(10/31/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
  $       1,000.00          $          978.80          $           0.20               $       1,000.00          $       1,024.94          $         0.20          0.04

 

(a)  

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

 

SECTOR ALLOCATION

 

   

Sector

   
Percent of
Total Investments
 
(a) 

Financials

    19.2

Health Care

    16.5  

Industrials

    11.2  

Information Technology

    10.9  

Consumer Staples

    9.9  

Communication Services

    9.0  

Energy

    7.9  

Consumer Discretionary

    4.9  

Utilities

    4.4  

Materials

    3.6  

Real Estate

    2.5  

TEN LARGEST HOLDINGS

 

   

Security

   
Percent of
Total Investments
 
(a) 

Berkshire Hathaway, Inc., Class B

    3.6

Exxon Mobil Corp.

    2.4  

JPMorgan Chase & Co.

    2.3  

Meta Platforms, Inc., Class A

    2.2  

Johnson & Johnson

    2.1  

Procter & Gamble Co. (The)

    2.0  

Alphabet, Inc., Class A

    1.7  

Chevron Corp.

    1.5  

AbbVie, Inc.

    1.4  

Alphabet, Inc., Class C, NVS

    1.4  

 

(a)  

Excludes money market funds.

 

 

U N D    U M M A R Y

  7


About Fund Performance

 

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.

 

 

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Schedule of Investments (unaudited)

October 31, 2023

  

iShares® Morningstar Mid-Cap Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Common Stocks            
Aerospace & Defense — 1.3%            

Huntington Ingalls Industries, Inc.

    2,596     $ 570,653  

L3Harris Technologies, Inc.

    24,999       4,485,070  

Textron, Inc.

    17,559       1,334,484  
   

 

 

 
      6,390,207  
Air Freight & Logistics — 0.4%            

CH Robinson Worldwide, Inc.(a)

    10,582       865,925  

Expeditors International of Washington, Inc.(a)

    11,723       1,280,738  
   

 

 

 
      2,146,663  
Automobile Components — 0.3%            

BorgWarner, Inc.

    18,779       692,945  

Lear Corp.

    4,910       637,122  
   

 

 

 
      1,330,067  
Automobiles — 0.3%            

Rivian Automotive, Inc., Class A(a)(b)

    88,372       1,433,394  
   

 

 

 
Banks — 2.5%            

Citizens Financial Group, Inc.

    62,509       1,464,586  

East West Bancorp, Inc.

    18,662       1,000,657  

Fifth Third Bancorp

    90,024       2,134,469  

First Horizon Corp.

    74,259       798,284  

Huntington Bancshares, Inc.

    191,498       1,847,956  

KeyCorp

    123,992       1,267,198  

M&T Bank Corp.

    21,927       2,472,269  

Regions Financial Corp.

    124,123       1,803,507  
   

 

 

 
          12,788,926  
Beverages — 0.3%            

Molson Coors Beverage Co., Class B

    24,588       1,420,449  
   

 

 

 
Biotechnology — 0.3%            

Karuna Therapeutics, Inc.(b)

    2,139       356,379  

United Therapeutics Corp.(b)

    6,214       1,384,852  
   

 

 

 
      1,741,231  
Broadline Retail — 0.5%            

Coupang, Inc., Class A(b)

    49,188       836,196  

eBay, Inc.

    39,763       1,559,902  
   

 

 

 
      2,396,098  
Building Products — 2.4%            

A O Smith Corp.

    7,403       516,433  

Allegion PLC

    4,514       443,997  

Builders FirstSource, Inc.(b)

    7,667       832,023  

Carlisle Cos., Inc.

    2,320       589,489  

Carrier Global Corp.

    70,267       3,348,925  

Fortune Brands Innovations, Inc.

    16,721       933,032  

Lennox International, Inc.

    2,238       829,268  

Masco Corp.

    29,766       1,550,511  

Owens Corning

    11,894       1,348,423  

Trane Technologies PLC

    9,932       1,890,159  
   

 

 

 
      12,282,260  
Capital Markets — 4.2%            

Ameriprise Financial, Inc.

    8,040       2,529,143  

Bank of New York Mellon Corp. (The)

    102,935       4,374,738  

Carlyle Group, Inc. (The)

    28,705       790,536  

Coinbase Global, Inc., Class A(a)(b)

    22,367       1,724,943  

Franklin Resources, Inc.

    37,693       859,023  

Invesco Ltd.

    59,629       773,388  

Nasdaq, Inc.

    26,947       1,336,571  

Northern Trust Corp.

    27,382       1,804,748  

Raymond James Financial, Inc.

    11,359       1,084,103  

SEI Investments Co.

    6,590       353,619  
Security   Shares     Value  
Capital Markets (continued)            

State Street Corp.

    42,116     $ 2,721,957  

T Rowe Price Group, Inc.

    29,646       2,682,963  
   

 

 

 
          21,035,732  
Chemicals — 4.5%            

Albemarle Corp.

    7,245       918,521  

Celanese Corp., Class A

    13,245       1,516,685  

CF Industries Holdings, Inc.

    25,513       2,035,427  

Dow, Inc.

    92,928       4,492,140  

DuPont de Nemours, Inc.

    33,416       2,435,358  

Eastman Chemical Co.

    15,704       1,173,560  

FMC Corp.

    9,915       527,478  

International Flavors & Fragrances, Inc.

    33,744       2,306,402  

LyondellBasell Industries NV, Class A

    33,782       3,048,488  

Mosaic Co. (The)

    43,978       1,428,405  

Olin Corp.

    9,954       425,235  

PPG Industries, Inc.

    11,953       1,467,470  

RPM International, Inc.

    8,331       760,370  

Westlake Corp.

    1,774       204,649  
   

 

 

 
      22,740,188  
Communications Equipment — 0.4%            

F5, Inc.(b)

    5,238       794,028  

Juniper Networks, Inc.

    42,575       1,146,119  
   

 

 

 
      1,940,147  
Construction & Engineering — 0.5%            

AECOM

    9,072       694,462  

EMCOR Group, Inc.

    2,650       547,622  

Quanta Services, Inc.

    6,740       1,126,389  
   

 

 

 
      2,368,473  
Consumer Finance — 1.7%            

Ally Financial, Inc.

    35,879       867,913  

Capital One Financial Corp.

    50,417       5,106,738  

Discover Financial Services

    12,850       1,054,728  

Synchrony Financial

    55,398       1,553,914  
   

 

 

 
      8,583,293  
Consumer Staples Distribution & Retail — 1.7%  

Albertsons Cos., Inc., Class A

    53,386       1,158,476  

BJ’s Wholesale Club Holdings, Inc.(a)(b)

    8,916       607,358  

Casey’s General Stores, Inc.

    1,817       494,060  

Kroger Co. (The)

    87,278       3,959,803  

U.S. Foods Holding Corp.(b)

    11,072       431,144  

Walgreens Boots Alliance, Inc.

    94,741       1,997,140  
   

 

 

 
      8,647,981  
Containers & Packaging — 1.8%            

Amcor PLC

    194,086       1,725,424  

Avery Dennison Corp.

    6,194       1,078,190  

Ball Corp.

    23,004       1,107,643  

Crown Holdings, Inc.

    10,566       851,620  

International Paper Co.

    45,792       1,544,564  

Packaging Corp. of America

    11,894       1,820,377  

Westrock Co.

    33,950       1,219,823  
   

 

 

 
      9,347,641  
Distributors — 0.6%            

Genuine Parts Co.

    9,851       1,269,400  

LKQ Corp.

    24,660       1,083,067  

Pool Corp.

    2,064       651,749  
   

 

 

 
      3,004,216  
Diversified Consumer Services — 0.1%            

Service Corp. International

    12,132       660,223  
   

 

 

 

 

 

C H E D U L E S    O F    N V E S  T M E N T S

  9


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Morningstar Mid-Cap Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Diversified REITs — 0.3%            

WP Carey, Inc.

    28,341     $ 1,520,495  
   

 

 

 
Electric Utilities — 6.6%            

Alliant Energy Corp.

    33,436       1,631,342  

Avangrid, Inc.

    9,321       278,418  

Edison International

    50,661       3,194,683  

Entergy Corp.

    27,949       2,671,645  

Evergy, Inc.

    30,401       1,493,905  

Eversource Energy

    46,140       2,481,871  

Exelon Corp.

    131,542       5,122,246  

FirstEnergy Corp.

    68,205       2,428,098  

NRG Energy, Inc.

    20,811       881,970  

OGE Energy Corp.

    26,406       903,085  

PG&E Corp.(b)

    276,408       4,505,450  

Pinnacle West Capital Corp.

    14,942       1,108,398  

PPL Corp.

    97,427       2,393,781  

Xcel Energy, Inc.

    72,898       4,320,665  
   

 

 

 
          33,415,557  
Electrical Equipment — 0.2%            

Regal Rexnord Corp.

    8,781       1,039,758  
   

 

 

 
Electronic Equipment, Instruments & Components — 2.2%  

Corning, Inc.

    101,468       2,715,284  

Flex Ltd.(b)

    38,636       993,718  

Jabil, Inc.

    7,254       890,791  

Keysight Technologies, Inc.(b)

    9,331       1,138,848  

TD SYNNEX Corp.

    6,360       583,085  

TE Connectivity Ltd.

    20,009       2,358,061  

Teledyne Technologies, Inc.(b)

    2,672       1,000,904  

Trimble, Inc.(b)

    17,731       835,662  

Zebra Technologies Corp., Class A(b)

    2,902       607,766  
   

 

 

 
      11,124,119  
Energy Equipment & Services — 0.7%            

Baker Hughes Co., Class A

    55,969       1,926,453  

Halliburton Co.

    42,293       1,663,807  
   

 

 

 
      3,590,260  
Entertainment — 0.9%            

Electronic Arts, Inc.

    18,219       2,255,330  

Liberty Media Corp. - Liberty Formula One, Class A(b)

    999       57,493  

Liberty Media Corp. - Liberty Formula One, Class C(b)

    8,754       566,296  

Warner Bros Discovery, Inc., Class A(b)

    173,463       1,724,222  
   

 

 

 
      4,603,341  
Financial Services — 2.6%            

Apollo Global Management, Inc.

    57,687       4,467,281  

Equitable Holdings, Inc.

    43,257       1,149,338  

Fidelity National Information Services, Inc.

    78,308       3,845,706  

FleetCor Technologies, Inc.(b)

    4,215       949,092  

Global Payments, Inc.

    22,916       2,434,137  

WEX, Inc.(a)(b)

    2,620       436,178  
   

 

 

 
      13,281,732  
Food Products — 2.4%            

Bunge Ltd.

    19,918       2,110,909  

Campbell Soup Co.

    25,942       1,048,316  

Conagra Brands, Inc.

    63,214       1,729,535  

Darling Ingredients, Inc.(b)

    7,406       328,012  

Hormel Foods Corp.

    26,203       852,908  

J M Smucker Co. (The)

    13,513       1,538,320  

Kellanova

    34,870       1,759,889  

McCormick & Co., Inc., NVS

    13,509       863,225  

Tyson Foods, Inc., Class A

    37,775       1,750,871  
   

 

 

 
      11,981,985  
Security   Shares     Value  
Gas Utilities — 0.3%            

Atmos Energy Corp.

    12,772     $ 1,375,034  
   

 

 

 
Ground Transportation — 0.4%            

Avis Budget Group, Inc.(b)

    2,625       427,350  

Knight-Swift Transportation Holdings, Inc.

    14,732       720,248  

U-Haul Holding Co.(b)

    862       42,341  

U-Haul Holding Co., NVS

    13,130       619,867  
   

 

 

 
      1,809,806  
Health Care Equipment & Supplies — 2.1%            

Baxter International, Inc.

    66,952       2,171,253  

Cooper Cos., Inc. (The)

    2,124       662,157  

DENTSPLY SIRONA, Inc.

    28,075       853,761  

GE HealthCare Technologies, Inc.

    32,130       2,138,894  

Hologic, Inc.(b)

    20,953       1,386,460  

Teleflex, Inc.

    3,229       596,558  

Zimmer Biomet Holdings, Inc.

    27,620       2,883,804  
   

 

 

 
      10,692,887  
Health Care Providers & Services — 4.1%            

Cardinal Health, Inc.

    33,652       3,062,332  

Cencora, Inc.

    22,035       4,079,780  

Centene Corp.(b)

    71,570       4,936,898  

Chemed Corp.

    758       426,489  

DaVita, Inc.(b)

    7,156       552,658  

Henry Schein, Inc.(b)

    17,297       1,123,959  

Laboratory Corp. of America Holdings

    11,711       2,339,038  

Molina Healthcare, Inc.(b)

    3,304       1,100,067  

Quest Diagnostics, Inc.

    14,843       1,931,074  

Universal Health Services, Inc., Class B

    8,229       1,035,949  
   

 

 

 
          20,588,244  
Health Care REITs — 1.2%            

Healthcare Realty Trust, Inc.

    50,586       725,909  

Healthpeak Properties, Inc.

    41,068       638,607  

Ventas, Inc.

    53,194       2,258,617  

Welltower, Inc.

    28,868       2,413,654  
   

 

 

 
      6,036,787  
Hotels, Restaurants & Leisure — 1.3%            

Aramark

    19,998       538,546  

Carnival Corp.(a)(b)

    133,314       1,527,779  

Darden Restaurants, Inc.

    7,708       1,121,745  

Domino’s Pizza, Inc.

    1,959       664,081  

Expedia Group, Inc.(a)(b)

    18,235       1,737,613  

Royal Caribbean Cruises Ltd.(b)

    11,187       947,875  
   

 

 

 
      6,537,639  
Household Durables — 3.0%            

DR Horton, Inc.

    40,243       4,201,369  

Garmin Ltd.

    20,293       2,080,641  

Lennar Corp., Class A

    33,377       3,560,659  

Lennar Corp., Class B

    1,761       173,652  

NVR, Inc.(b)

    431       2,332,839  

PulteGroup, Inc.

    29,015       2,135,214  

Whirlpool Corp.

    7,267       759,838  
   

 

 

 
      15,244,212  
Household Products — 0.3%            

Church & Dwight Co., Inc.

    11,596       1,054,540  

Clorox Co. (The)

    5,577       656,413  
   

 

 

 
      1,710,953  
Independent Power and Renewable Electricity Producers — 0.5%  

AES Corp. (The)

    88,712       1,321,809  

Vistra Corp.

    30,477       997,207  
   

 

 

 
      2,319,016  

 

 

10  

2 0 2 3    H A R E S    E M I - A N N U A L    E P O R T    T O    H  A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Morningstar Mid-Cap Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Industrial REITs — 0.1%            

Americold Realty Trust, Inc.

    17,444     $ 457,382  
   

 

 

 
Insurance — 7.5%            

Allstate Corp. (The)

    34,573       4,429,839  

American Financial Group, Inc.

    5,926       648,067  

American International Group, Inc.

    94,094       5,768,903  

Arch Capital Group Ltd.(b)

    23,330       2,022,244  

Cincinnati Financial Corp.

    11,720       1,168,132  

Everest Group Ltd.

    5,739       2,270,463  

Fidelity National Financial, Inc., Class A

    32,113       1,255,297  

Globe Life, Inc.

    11,519       1,340,351  

Hartford Financial Services Group, Inc. (The)

    40,421       2,968,923  

Loews Corp.

    24,470       1,566,325  

Markel Group, Inc.(b)

    958       1,408,758  

Old Republic International Corp.

    35,073       960,299  

Principal Financial Group, Inc.

    29,406       1,990,198  

Prudential Financial, Inc.

    47,979       4,387,200  

Reinsurance Group of America, Inc.

    8,769       1,310,702  

RenaissanceRe Holdings Ltd.

    3,383       742,873  

Unum Group

    24,360       1,191,204  

W. R. Berkley Corp.

    14,582       983,119  

Willis Towers Watson PLC

    6,692       1,578,576  
   

 

 

 
          37,991,473  
IT Services — 1.1%            

Akamai Technologies, Inc.(b)

    13,399       1,384,519  

Cognizant Technology Solutions Corp., Class A

    66,753       4,303,566  
   

 

 

 
      5,688,085  
Leisure Products — 0.1%            

Hasbro, Inc.

    17,276       780,011  
   

 

 

 
Life Sciences Tools & Services — 1.2%            

Avantor, Inc.(b)

    61,667       1,074,856  

Illumina, Inc.(b)

    10,464       1,144,971  

IQVIA Holdings, Inc.(b)

    10,627       1,921,681  

Revvity, Inc.

    16,425       1,360,811  

Waters Corp.(b)

    2,663       635,205  
   

 

 

 
      6,137,524  
Machinery — 4.2%            

AGCO Corp.

    8,198       939,983  

Cummins, Inc.

    10,672       2,308,354  

Dover Corp.

    7,330       952,533  

Fortive Corp.

    21,285       1,389,485  

Middleby Corp. (The)(b)

    3,559       401,704  

Otis Worldwide Corp.

    25,598       1,976,422  

PACCAR, Inc.

    69,101       5,702,905  

Parker-Hannifin Corp.

    5,426       2,001,706  

Pentair PLC

    12,299       714,818  

Snap-on, Inc.

    7,000       1,805,580  

Stanley Black & Decker, Inc.

    20,277       1,724,559  

Westinghouse Air Brake Technologies Corp.

    11,065       1,173,111  
   

 

 

 
      21,091,160  
Media — 1.6%            

Fox Corp., Class A, NVS

    33,440       1,016,242  

Fox Corp., Class B

    17,536       489,430  

Interpublic Group of Cos., Inc. (The)

    50,774       1,441,982  

Liberty Media Corp. - Liberty SiriusXM, NVS(b)

    19,768       485,304  

Liberty Media Corp. - Liberty SiriusXM, Class A(b)

    10,024       245,488  

News Corp., Class A, NVS

    50,469       1,043,699  

News Corp., Class B

    15,350       329,104  

Omnicom Group, Inc.

    26,128       1,957,248  

Paramount Global, Class A(a)

    1,509       20,975  
Security   Shares     Value  
Media (continued)            

Paramount Global, Class B, NVS

    64,087     $ 697,266  

Sirius XM Holdings, Inc.(a)

    86,817       371,577  
   

 

 

 
      8,098,315  
Metals & Mining — 3.1%            

Cleveland-Cliffs, Inc.(b)

    67,387       1,130,754  

Newmont Corp.

    152,321       5,707,468  

Nucor Corp.

    32,875       4,858,596  

Reliance Steel & Aluminum Co.

    7,745       1,970,173  

Steel Dynamics, Inc.

    20,588       2,192,828  
   

 

 

 
      15,859,819  
Mortgage Real Estate Investment Trusts (REITs) — 0.2%  

Annaly Capital Management, Inc.

    65,432       1,021,394  
   

 

 

 
Multi-Utilities — 3.8%            

Ameren Corp.

    17,520       1,326,439  

CenterPoint Energy, Inc.

    50,097       1,346,607  

CMS Energy Corp.

    23,833       1,295,085  

Consolidated Edison, Inc.

    45,590       4,002,346  

DTE Energy Co.

    27,251       2,626,452  

NiSource, Inc.

    54,706       1,376,403  

Public Service Enterprise Group, Inc.

    65,970       4,067,051  

WEC Energy Group, Inc.

    41,692       3,393,312  
   

 

 

 
          19,433,695  
Office REITs — 0.4%            

Alexandria Real Estate Equities, Inc.

    11,355       1,057,491  

Boston Properties, Inc.

    19,119       1,024,205  
   

 

 

 
      2,081,696  
Oil, Gas & Consumable Fuels — 6.2%            

APA Corp.

    40,654       1,614,777  

Cheniere Energy, Inc.

    14,099       2,346,355  

Chesapeake Energy Corp.

    14,897       1,282,334  

Coterra Energy, Inc.

    44,470       1,222,925  

Devon Energy Corp.

    44,397       2,067,568  

Diamondback Energy, Inc.

    13,434       2,153,739  

EQT Corp.

    19,326       819,036  

HF Sinclair Corp.

    19,176       1,061,967  

Kinder Morgan, Inc.

    256,220       4,150,764  

Marathon Oil Corp.

    53,424       1,459,009  

ONEOK, Inc.

    76,988       5,019,618  

Ovintiv, Inc.

    20,700       993,600  

Targa Resources Corp.

    17,661       1,476,636  

Williams Cos., Inc. (The)

    160,780       5,530,832  
   

 

 

 
      31,199,160  
Passenger Airlines — 0.7%            

American Airlines Group, Inc.(a)(b)

    43,401       483,921  

Delta Air Lines, Inc.

    45,116       1,409,875  

Southwest Airlines Co.

    45,317       1,007,397  

United Airlines Holdings, Inc.(b)

    24,657       863,242  
   

 

 

 
      3,764,435  
Personal Care Products — 0.1%            

Coty, Inc., Class A(a)(b)

    29,573       277,099  
   

 

 

 
Pharmaceuticals — 0.9%            

Catalent, Inc.(b)

    16,865       579,987  

Jazz Pharmaceuticals PLC(b)

    8,321       1,056,934  

Royalty Pharma PLC, Class A

    51,146       1,374,293  

Viatris, Inc.

    158,782       1,413,160  
   

 

 

 
      4,424,374  
Professional Services — 1.5%            

Booz Allen Hamilton Holding Corp., Class A

    9,645       1,156,725  

 

 

C H E D U L E S    O F    N V E S  T M E N T S

  11


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Morningstar Mid-Cap Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Professional Services (continued)            

Genpact Ltd.

    13,226     $ 443,600  

Jacobs Solutions, Inc.

    9,384       1,250,887  

KBR, Inc.

    6,937       403,386  

Leidos Holdings, Inc.

    18,172       1,801,209  

Robert Half, Inc.

    7,636       570,944  

SS&C Technologies Holdings, Inc.

    28,469       1,430,567  

TransUnion

    10,710       469,955  
   

 

 

 
      7,527,273  
Real Estate Management & Development — 0.4%  

CBRE Group, Inc., Class A(b)

    27,237       1,888,614  
   

 

 

 
Residential REITs — 1.2%            

American Homes 4 Rent, Class A

    17,001       556,613  

AvalonBay Communities, Inc.

    8,197       1,358,571  

Equity LifeStyle Properties, Inc.

    9,540       627,732  

Equity Residential

    21,986       1,216,485  

Essex Property Trust, Inc.

    4,830       1,033,233  

Mid-America Apartment Communities, Inc.

    6,942       820,197  

UDR, Inc.

    13,644       434,016  
   

 

 

 
      6,046,847  
Retail REITs — 2.1%            

Federal Realty Investment Trust

    4,276       389,928  

Kimco Realty Corp.

    81,764       1,466,846  

NNN REIT, Inc.

    24,253       881,111  

Realty Income Corp.

    48,149       2,281,300  

Regency Centers Corp.

    13,930       839,422  

Simon Property Group, Inc.

    43,246       4,752,303  
   

 

 

 
          10,610,910  
Semiconductors & Semiconductor Equipment — 2.2%  

Microchip Technology, Inc.

    37,267       2,656,764  

NXP Semiconductors NV

    19,372       3,340,314  

ON Semiconductor Corp.(a)(b)

    29,585       1,853,204  

Qorvo, Inc.(b)

    12,973       1,134,100  

Skyworks Solutions, Inc.

    13,525       1,173,159  

Teradyne, Inc.

    10,662       887,825  
   

 

 

 
      11,045,366  
Software — 0.2%            

Gen Digital, Inc.

    74,543       1,241,886  
   

 

 

 
Specialized REITs — 2.7%            

CubeSmart

    11,944       407,171  

Digital Realty Trust, Inc.

    22,368       2,781,684  

Extra Space Storage, Inc.

    12,410       1,285,552  

Gaming & Leisure Properties, Inc.

    23,982       1,088,543  

Iron Mountain, Inc.

    15,767       931,357  

Lamar Advertising Co., Class A

    7,995       657,749  

VICI Properties, Inc.

    133,949       3,737,177  

Weyerhaeuser Co.

    96,586       2,771,052  
   

 

 

 
      13,660,285  
Specialty Retail — 1.2%            

Advance Auto Parts, Inc.

    7,940       413,118  
Security   Shares     Value  
Specialty Retail (continued)            

Bath & Body Works, Inc.

    30,323     $ 899,077  

Best Buy Co., Inc.

    25,693       1,716,806  

CarMax, Inc.(b)

    9,668       590,618  

Dick’s Sporting Goods, Inc.

    8,265       883,942  

Penske Automotive Group, Inc.(a)

    2,595       371,293  

Williams-Sonoma, Inc.

    8,506       1,277,941  
   

 

 

 
      6,152,795  
Technology Hardware, Storage & Peripherals — 2.4%  

Dell Technologies, Inc., Class C

    33,505       2,241,820  

Hewlett Packard Enterprise Co.

    170,705       2,625,443  

HP, Inc.

    114,680       3,019,524  

NetApp, Inc.

    14,996       1,091,409  

Seagate Technology Holdings PLC

    25,441       1,736,348  

Western Digital Corp.(b)

    42,332       1,699,630  
   

 

 

 
          12,414,174  
Textiles, Apparel & Luxury Goods — 0.3%            

Tapestry, Inc.

    30,738       847,139  

VF Corp.

    43,860       646,058  
   

 

 

 
      1,493,197  
Trading Companies & Distributors — 1.1%            

Ferguson PLC

    26,995       4,054,649  

United Rentals, Inc.

    4,085       1,659,613  
   

 

 

 
      5,714,262  
Water Utilities — 0.4%            

American Water Works Co., Inc.

    12,205       1,435,918  

Essential Utilities, Inc.

    14,872       497,617  
   

 

 

 
      1,933,535  
   

 

 

 

Total Long-Term Investments — 99.8%
(Cost: $511,785,103)

      505,163,780  
   

 

 

 
Short-Term Securities            
Money Market Funds — 2.2%            

BlackRock Cash Funds: Institutional,
SL Agency Shares, 5.54%(c)(d)(e)

    10,567,491       10,571,718  

BlackRock Cash Funds: Treasury,
SL Agency Shares, 5.33%(c)(d)

    601,281       601,281  
   

 

 

 

Total Short-Term Securities — 2.2%
(Cost: $11,168,313)

      11,172,999  
   

 

 

 

Total Investments — 102.0%
(Cost: $522,953,416)

      516,336,779  

Liabilities in Excess of Other Assets — (2.0)%

 

    (10,000,641
   

 

 

 

Net Assets — 100.0%

    $   506,336,138  
   

 

 

 

 

(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.

 

 

12  

2 0 2 3    H A R E S    E M I - A N N U A L    E P O R T    T O    H  A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Morningstar Mid-Cap Value ETF

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 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
04/30/23
 
 
   
Purchases
at Cost

 
   
Proceeds
from Sale
 
 
   

Net
Realized
Gain (Loss)

 
 
   


Change in
Unrealized
Appreciation
(Depreciation)
 
 
 
 
   
Value at
10/31/23
 
 
   

Shares
Held at
10/31/23
 
 
 
    Income      



Capital
Gain
Distributions
from Underlying
Funds

 

 
 

BlackRock Cash Funds: Institutional,
SL Agency Shares

  $   11,874,694     $       $  (1,304,222 )(a)    $ 2,104     $ (858   $ 10,571,718       10,567,491     $ 53,431 (b)    $  

BlackRock Cash Funds: Treasury,
SL Agency Shares

    872,368             (271,087 )(a)                  601,281       601,281       31,514        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ 2,104     $ (858   $   11,172,999       $   84,945     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (a) 

Represents net amount purchased (sold).

 
  (b) 

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

Description    Number of
Contracts
       Expiration
Date
       Notional
Amount
(000)
     Value/
Unrealized
Appreciation
(Depreciation)
 
Long Contracts                                

E-Mini Utilities Select Sector Index

     10          12/15/23        $    604      $ 13,414  

S&P Mid 400 E-Mini Index

     2          12/15/23        475        (6,400
                 

 

 

 
                  $ 7,014  
                 

 

 

 

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:

 

      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)

   $      $      $ 13,414      $      $      $      $ 13,414  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Liabilities — Derivative Financial Instruments

                    

Futures contracts

                    

Unrealized depreciation on futures contracts(a)

   $      $      $ 6,400      $      $      $      $ 6,400  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a) 

Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

 

 

 

C H E D U L E S    O F    N V E S  T M E N T S

  13


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Morningstar Mid-Cap Value ETF

 

For the period ended October 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

      Commodity
Contracts
     Credit
Contracts
     Equity
Contracts
     Foreign
Currency
Exchange
Contracts
     Interest
Rate
Contracts
     Other
Contracts
     Total  

Net Realized Gain (Loss) from:

                    

Futures contracts

   $      $      $   (207,316    $      $      $      $ (207,316
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

                    

Futures contracts

   $      $      $ (120    $      $      $      $ (120
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts        

Average notional value of contracts — long

   $ 1,324,965  

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.

 

 

 
       Level 1        Level 2        Level 3        Total  

 

 

Assets

                   

Investments

                   

Long-Term Investments

                   

Common Stocks

     $ 505,163,780        $        $        $ 505,163,780  

Short-Term Securities

                   

Money Market Funds

       11,172,999                            11,172,999  
    

 

 

      

 

 

      

 

 

      

 

 

 
     $     516,336,779        $        $        $     516,336,779  
    

 

 

      

 

 

      

 

 

      

 

 

 

Derivative Financial Instruments(a)

                   

Assets

                   

Equity Contracts

     $ 13,414        $        $        $ 13,414  

Liabilities

                   

Equity Contracts

       (6,400                          (6,400
    

 

 

      

 

 

      

 

 

      

 

 

 
     $ 7,014        $                     —        $                     —        $ 7,014  
    

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

 

See notes to financial statements.

 

 

14  

2 0 2 3    H A R E S    E M I - A N N U A L    E P O R T    T O    H  A R E H O L D E R S


Schedule of Investments (unaudited) 

October 31, 2023

  

iShares® Morningstar Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Aerospace & Defense — 1.4%        

AAR Corp.(a)

    1,841     $ 109,282  

AeroVironment, Inc.(a)

    1,447       165,913  

AerSale Corp.(a)

    1,546       23,638  

BWX Technologies, Inc.

    5,004       371,697  

Cadre Holdings, Inc.

    984       27,601  

Curtiss-Wright Corp.

    2,094       416,308  

Ducommun, Inc.(a)

    738       35,306  

Hexcel Corp.

    4,604       285,080  

Kaman Corp.

    1,513       28,157  

Kratos Defense & Security Solutions, Inc.(a)(b)

    6,997       119,299  

Leonardo DRS, Inc.(a)(b)

    2,840       54,159  

Mercury Systems, Inc.(a)(b)

    2,797       100,636  

Moog, Inc., Class A

    1,568       181,966  

National Presto Industries, Inc.

    284       21,229  

Rocket Lab U.S.A., Inc., Class A(a)(b)

    14,169       59,935  

Spirit AeroSystems Holdings, Inc., Class A(a)

    5,713       129,114  

Triumph Group, Inc.(a)

    4,189       31,250  

V2X, Inc.(a)

    629       32,123  

Virgin Galactic Holdings, Inc., Class A(a)

    17,743       26,259  

Woodward, Inc.

    3,307       412,383  
   

 

 

 
                2,631,335  
Air Freight & Logistics — 0.3%            

Air Transport Services Group, Inc.(a)(b)

    3,054       59,767  

Forward Air Corp.

    1,399       90,110  

GXO Logistics, Inc.(a)

    6,515       329,073  

Hub Group, Inc., Class A(a)

    1,710       117,562  
   

 

 

 
          596,512  
Automobile Components — 1.4%            

Adient PLC(a)

    5,104       171,954  

American Axle & Manufacturing Holdings, Inc.(a)

    6,392       43,146  

Autoliv, Inc.

    4,150       380,347  

Dana, Inc.

    7,023       80,624  

Dorman Products, Inc.(a)

    1,539       95,695  

Fox Factory Holding Corp.(a)

    2,304       187,707  

Garrett Motion, Inc.(a)(b)

    8,156       57,581  

Gentex Corp.

    12,763       366,043  

Gentherm, Inc.(a)

    1,794       72,155  

Goodyear Tire & Rubber Co. (The)(a)

    15,591       185,533  

LCI Industries

    1,397       151,560  

Luminar Technologies, Inc., Class A(a)(b)

    14,192       44,989  

Mobileye Global, Inc., Class A(a)(b)

    4,206       150,028  

Modine Manufacturing Co.(a)

    2,846       112,417  

Patrick Industries, Inc.

    1,146       86,122  

QuantumScape Corp., Class A(a)(b)

    18,523       96,690  

Solid Power, Inc., Class A(a)(b)

    6,407       8,457  

Standard Motor Products, Inc.

    1,040       36,327  

Stoneridge, Inc.(a)

    1,459       23,738  

Visteon Corp.(a)

    1,544       177,761  

XPEL, Inc.(a)(b)

    1,153       53,384  
   

 

 

 
          2,582,258  
Automobiles — 0.3%            

Fisker, Inc., Class A(a)(b)

    10,445       47,003  

Harley-Davidson, Inc.

    7,084       190,205  

Thor Industries, Inc.

    2,922       256,931  

Winnebago Industries, Inc.

    1,640       95,038  
   

 

 

 
          589,177  
Banks — 7.2%            

1st Source Corp.

    979       44,662  

Amalgamated Financial Corp.

    1,059       19,316  
Security   Shares     Value  
Banks (continued)            

Amerant Bancorp, Inc., Class A

    1,467     $ 26,743  

Ameris Bancorp

    3,569                133,124  

Associated Banc-Corp.

    8,398       136,132  

Atlantic Union Bankshares Corp.

    4,165       119,994  

Axos Financial, Inc.(a)(b)

    2,870       103,406  

Banc of California, Inc.

    2,963       33,215  

BancFirst Corp.

    794       64,401  

Bancorp, Inc. (The)(a)

    2,922       104,169  

Bank First Corp.

    458       36,168  

Bank of Hawaii Corp.

    2,203       108,806  

Bank OZK

    5,766       206,480  

BankUnited, Inc.

    4,134       90,163  

Banner Corp.

    1,687       71,208  

Berkshire Hills Bancorp, Inc.

    2,458       48,201  

BOK Financial Corp.

    1,538       100,770  

Brookline Bancorp, Inc.

    4,949       40,285  

Byline Bancorp, Inc.

    1,606       30,466  

Cadence Bank

    9,893       209,534  

Cambridge Bancorp

    409       21,967  

Camden National Corp.

    820       23,911  

Capital City Bank Group, Inc.

    748       21,370  

Capitol Federal Financial, Inc.

    7,026       36,535  

Cathay General Bancorp

    4,085       138,522  

Central Pacific Financial Corp.

    531       8,379  

City Holding Co.

    825       74,893  

CNB Financial Corp.

    1,209       21,980  

Coastal Financial Corp.(a)

    615       22,860  

Columbia Banking System, Inc.

    11,453       225,281  

Columbia Financial, Inc.(a)

    1,569       25,261  

Comerica, Inc.

    7,200       283,680  

Commerce Bancshares, Inc.

    6,203       272,064  

Community Bank System, Inc.

    2,966       118,492  

Community Trust Bancorp, Inc.

    914       34,330  

ConnectOne Bancorp, Inc.

    2,019       32,890  

CrossFirst Bankshares, Inc.(a)

    2,455       25,974  

Cullen/Frost Bankers, Inc.

    3,506       319,011  

Customers Bancorp, Inc.(a)

    1,539       61,883  

CVB Financial Corp.

    7,335       114,573  

Dime Community Bancshares, Inc.

    1,914       35,198  

Eagle Bancorp, Inc.

    1,686       32,843  

Eastern Bankshares, Inc.

    8,648       95,214  

Enterprise Financial Services Corp.

    2,082       72,391  

Farmers National Banc Corp.

    1,950       22,016  

FB Financial Corp.

    1,956       57,448  

First Bancorp

    2,303       66,833  

First Bancorp

    9,588       128,000  

First Bancshares, Inc. (The)

    1,601       38,776  

First Busey Corp.

    2,922       58,031  

First Commonwealth Financial Corp.

    5,575       67,904  

First Financial Bancorp

    5,314       98,309  

First Financial Bankshares, Inc.

    7,016       168,735  

First Financial Corp.

    656       22,573  

First Hawaiian, Inc.

    7,139       128,002  

First Interstate BancSystem, Inc., Class A

    4,574       105,522  

First Merchants Corp.

    3,110       84,934  

First Mid Bancshares, Inc.

    1,091       29,806  

FNB Corp.

    19,939       213,148  

Fulton Financial Corp.

    9,187       119,339  

German American Bancorp, Inc.

    1,712       46,789  

Glacier Bancorp, Inc.

    6,054       182,770  

Great Southern Bancorp, Inc.

    517       25,705  

Hancock Whitney Corp.

    4,719       162,475  

 

 

C H E D U L E S    O F    N V E S  T M E N T S

  15


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Morningstar Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Banks (continued)            

Hanmi Financial Corp.

    1,167     $ 17,132  

HarborOne Bancorp, Inc.

    2,328       22,908  

HBT Financial, Inc.

    819       14,742  

Heartland Financial U.S.A., Inc.

    2,196       60,170  

Heritage Commerce Corp.

    3,624       29,644  

Heritage Financial Corp.

    2,095       34,086  

Hilltop Holdings, Inc.

    2,541       70,182  

Hingham Institution For Savings (The)(b)

    97       14,412  

Home BancShares, Inc.

    10,110       206,749  

Hope Bancorp, Inc.

    5,856       51,299  

Horizon Bancorp, Inc.

    2,249       21,343  

Independent Bank Corp.

    2,452                119,658  

Independent Bank Group, Inc.

    1,977       69,887  

International Bancshares Corp.

    2,956       129,561  

Kearny Financial Corp.

    3,733       25,907  

Lakeland Bancorp, Inc.

    3,685       41,567  

Lakeland Financial Corp.

    1,400       68,950  

Live Oak Bancshares, Inc.(b)

    1,795       51,786  

Luther Burbank Corp.

    842       6,854  

Mercantile Bank Corp.

    850       27,999  

Metrocity Bankshares, Inc.

    1,021       20,461  

Midland States Bancorp, Inc.

    1,333       29,086  

National Bank Holdings Corp., Class A

    2,128       66,351  

NBT Bancorp, Inc.

    2,022       67,676  

New York Community Bancorp, Inc., Class A

    39,358       373,114  

Nicolet Bankshares, Inc.

    702       51,120  

Northfield Bancorp, Inc.

    2,337       20,098  

Northwest Bancshares, Inc.

    6,509       67,824  

OceanFirst Financial Corp.

    3,402       43,069  

OFG Bancorp

    2,355       69,755  

Old National Bancorp

    16,032       219,638  

Old Second Bancorp, Inc.

    2,261       30,659  

Origin Bancorp, Inc.

    1,612       47,699  

Pacific Premier Bancorp, Inc.

    5,451       103,569  

PacWest Bancorp(b)

    6,474       45,836  

Park National Corp.

    806       81,720  

Pathward Financial, Inc.

    1,455       65,897  

Peapack-Gladstone Financial Corp.

    953       22,272  

Peoples Bancorp, Inc.

    1,884       51,961  

Pinnacle Financial Partners, Inc.

    4,191       261,351  

Popular, Inc.

    3,953       257,103  

Premier Financial Corp.

    2,053       35,620  

Prosperity Bancshares, Inc.

    5,138       280,227  

Provident Financial Services, Inc.

    4,334       60,893  

QCR Holdings, Inc.

    927       43,986  

Renasant Corp.

    3,092       75,414  

Republic Bancorp, Inc., Class A

    524       23,156  

S&T Bancorp, Inc.

    2,069       53,297  

Sandy Spring Bancorp, Inc.

    2,534       51,820  

Seacoast Banking Corp. of Florida

    4,707       95,128  

ServisFirst Bancshares, Inc.

    2,658       125,351  

Simmons First National Corp., Class A

    6,638       94,326  

Southern Missouri Bancorp, Inc.

    544       22,005  

Southside Bancshares, Inc.

    1,615       43,121  

SouthState Corp.

    4,150       274,315  

Stellar Bancorp, Inc.

    2,511       54,589  

Stock Yards Bancorp, Inc.

    1,487       58,157  

Synovus Financial Corp.

    7,954       207,361  

Texas Capital Bancshares, Inc.(a)

    2,622       144,367  

Tompkins Financial Corp.

    712       35,657  

Towne Bank

    3,912       93,653  

TriCo Bancshares

    1,875       60,656  
Security   Shares     Value  
Banks (continued)            

Triumph Financial, Inc.(a)

    1,186     $ 73,829  

TrustCo Bank Corp.

    859       21,930  

Trustmark Corp.

    3,427       68,917  

UMB Financial Corp.

    2,371       148,709  

United Bankshares, Inc.

    7,391       210,200  

United Community Banks, Inc.

    6,422       141,862  

Univest Financial Corp.

    1,730       28,822  

Valley National Bancorp

    23,217       180,628  

Veritex Holdings, Inc.

    3,026       52,108  

WaFd, Inc.

    3,634       89,687  

Washington Trust Bancorp, Inc.

    970       22,494  

Webster Financial Corp.

    9,477                359,842  

WesBanco, Inc.

    3,314       80,828  

Westamerica BanCorp

    1,473       69,585  

Western Alliance Bancorp

    5,964       245,120  

Wintrust Financial Corp.

    3,298       246,328  

WSFS Financial Corp.

    3,344       118,378  

Zions Bancorp N.A.

    8,084       249,391  
   

 

 

 
          13,096,712  
Beverages — 0.5%            

Boston Beer Co., Inc. (The), Class A, NVS(a)

    518       172,986  

Celsius Holdings, Inc.(a)(b)

    2,685       408,362  

Coca-Cola Consolidated, Inc.

    255       162,285  

Duckhorn Portfolio, Inc. (The)(a)

    2,284       23,822  

MGP Ingredients, Inc.

    842       79,704  

National Beverage Corp.(a)

    1,259       58,392  

Vita Coco Co., Inc. (The)(a)(b)

    1,662       45,040  
   

 

 

 
          950,591  
Biotechnology — 4.5%            

4D Molecular Therapeutics, Inc.(a)

    1,633       17,538  

89bio, Inc.(a)

    3,457       25,582  

ACADIA Pharmaceuticals, Inc.(a)

    6,511       146,953  

ADMA Biologics, Inc.(a)

    11,272       38,099  

Aerovate Therapeutics, Inc.(a)

    735       7,798  

Agenus, Inc.(a)

    18,610       14,888  

Agios Pharmaceuticals, Inc.(a)(b)

    3,049       64,059  

Akero Therapeutics, Inc.(a)(b)

    3,029       36,106  

Aldeyra Therapeutics, Inc.(a)

    2,612       4,467  

Alector, Inc.(a)

    3,442       17,898  

Alkermes PLC(a)

    9,083       219,718  

Allogene Therapeutics, Inc.(a)(b)

    6,217       17,532  

Amicus Therapeutics, Inc.(a)

    13,973       153,284  

AnaptysBio, Inc.(a)

    1,014       16,538  

Anavex Life Sciences Corp.(a)(b)

    4,336       24,195  

Arbutus Biopharma Corp.(a)

    6,506       11,906  

Arcellx, Inc.(a)(b)

    1,726       60,841  

Arcturus Therapeutics Holdings, Inc.(a)

    1,323       25,269  

Arcus Biosciences, Inc.(a)

    2,973       46,706  

Arcutis Biotherapeutics, Inc.(a)

    2,780       6,255  

Ardelyx, Inc.(a)(b)

    11,746       46,397  

Arrowhead Pharmaceuticals, Inc.(a)

    5,840       143,606  

ARS Pharmaceuticals, Inc.(a)(b)

    2,758       9,846  

Aurinia Pharmaceuticals, Inc.(a)(b)

    7,819       57,391  

Avid Bioservices, Inc.(a)(b)

    3,409       20,965  

Avidity Biosciences, Inc.(a)(b)

    3,477       17,907  

Beam Therapeutics, Inc.(a)

    3,783       79,973  

BioCryst Pharmaceuticals, Inc.(a)

    10,310       56,602  

Biohaven Ltd.(a)

    3,497       92,705  

Biomea Fusion, Inc.(a)(b)

    1,394       14,247  

Bioxcel Therapeutics, Inc.(a)(b)

    1,103       4,429  

Bluebird Bio, Inc.(a)(b)

    5,801       17,113  

Blueprint Medicines Corp.(a)(b)

    3,333       196,180  

 

 

16  

2 0 2 3    H A R E S    E M I - A N N U A L    E P O R T    T O    H  A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Morningstar Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Biotechnology (continued)            

Bridgebio Pharma, Inc.(a)

    6,549     $ 170,536  

CareDx, Inc.(a)

    3,019       16,333  

Catalyst Pharmaceuticals, Inc.(a)

    5,488       68,106  

Celldex Therapeutics, Inc.(a)(b)

    2,581       60,705  

Cerevel Therapeutics Holdings, Inc.(a)(b)

    4,226       99,945  

Cogent Biosciences, Inc.(a)

    4,059       33,121  

Coherus Biosciences, Inc.(a)(b)

    4,956       16,603  

Crinetics Pharmaceuticals, Inc.(a)

    3,130       91,678  

CRISPR Therapeutics AG(a)(b)

    4,349       169,307  

Cytokinetics, Inc.(a)

    5,223       182,074  

Day One Biopharmaceuticals, Inc.(a)

    3,036       35,916  

Deciphera Pharmaceuticals, Inc.(a)

    3,054       36,617  

Denali Therapeutics, Inc.(a)

    6,734                126,801  

Disc Medicine, Inc.(a)

    640       29,318  

Dynavax Technologies Corp.(a)(b)

    7,004       99,527  

Dyne Therapeutics, Inc.(a)(b)

    2,094       14,763  

Editas Medicine, Inc.(a)

    4,460       29,793  

Emergent BioSolutions, Inc.(a)

    3,060       6,395  

Enanta Pharmaceuticals, Inc.(a)

    1,076       9,706  

EQRx, Inc.(a)

    15,148       33,023  

Erasca, Inc.(a)

    4,416       10,201  

Exelixis, Inc.(a)

    17,430       358,884  

Fate Therapeutics, Inc.(a)

    4,429       8,016  

FibroGen, Inc.(a)

    4,979       2,694  

Genelux Corp.(a)

    1,043       15,134  

Geron Corp.(a)

    25,046       47,587  

Halozyme Therapeutics, Inc.(a)

    7,224       244,677  

HilleVax, Inc.(a)

    915       10,065  

Ideaya Biosciences, Inc.(a)

    3,137       85,232  

ImmunityBio, Inc.(a)(b)

    7,594       23,845  

ImmunoGen, Inc.(a)

    12,338       183,343  

Immunovant, Inc.(a)

    2,639       87,219  

Inhibrx, Inc.(a)

    1,340       20,730  

Insmed, Inc.(a)(b)

    7,829       196,195  

Intellia Therapeutics, Inc.(a)(b)

    4,799       120,215  

Intercept Pharmaceuticals, Inc.(a)

    2,001       37,879  

Ionis Pharmaceuticals, Inc.(a)(b)

    7,808       345,660  

Iovance Biotherapeutics, Inc.(a)

    11,698       44,686  

Ironwood Pharmaceuticals, Inc., Class A(a)

    7,597       68,145  

iTeos Therapeutics, Inc.(a)

    1,407       14,154  

Janux Therapeutics, Inc.(a)

    981       6,298  

Karyopharm Therapeutics, Inc.(a)(b)

    6,116       5,321  

Keros Therapeutics, Inc.(a)

    1,246       35,561  

Krystal Biotech, Inc.(a)

    1,305       152,515  

Kura Oncology, Inc.(a)(b)

    4,028       34,037  

Kymera Therapeutics, Inc.(a)(b)

    2,151       25,102  

Lexicon Pharmaceuticals, Inc.(a)(b)

    6,675       8,277  

Lyell Immunopharma, Inc.(a)(b)

    8,428       13,948  

MacroGenics, Inc.(a)

    3,361       17,544  

Madrigal Pharmaceuticals, Inc.(a)(b)

    838       110,096  

MannKind Corp.(a)(b)

    14,972       64,230  

Mersana Therapeutics, Inc.(a)

    5,614       6,681  

MiMedx Group, Inc.(a)

    6,341       41,597  

Mineralys Therapeutics, Inc.(a)

    691       5,341  

Mirati Therapeutics, Inc.(a)(b)

    3,434       190,690  

Mirum Pharmaceuticals, Inc.(a)

    1,677       46,000  

Morphic Holding, Inc.(a)

    2,140       42,693  

Myriad Genetics, Inc.(a)

    4,445       69,253  

Natera, Inc.(a)

    5,864       231,452  

Novavax, Inc.(a)(b)

    5,152       34,312  

Nurix Therapeutics, Inc.(a)

    2,328       13,014  

Nuvalent, Inc., Class A(a)(b)

    1,436       74,801  
Security   Shares     Value  
Biotechnology (continued)            

Point Biopharma Global, Inc.(a)(b)

    4,862     $ 61,553  

Prime Medicine, Inc.(a)(b)

    1,994       12,941  

ProKidney Corp., Class A(a)

    1,594       2,598  

Protagonist Therapeutics, Inc.(a)

    3,137       45,612  

Prothena Corp. PLC(a)

    2,128       77,587  

PTC Therapeutics, Inc.(a)

    4,109       77,044  

RAPT Therapeutics, Inc.(a)(b)

    1,590       20,909  

Recursion Pharmaceuticals, Inc., Class A(a)(b)

    8,445       44,590  

REGENXBIO, Inc.(a)

    2,249       28,990  

Relay Therapeutics, Inc.(a)

    4,901       32,347  

Replimune Group, Inc.(a)

    2,828       41,204  

REVOLUTION Medicines, Inc.(a)(b)

    5,353       105,989  

Rhythm Pharmaceuticals, Inc.(a)(b)

    2,634       60,872  

Rocket Pharmaceuticals, Inc.(a)

    3,728       67,477  

Roivant Sciences Ltd.(a)

    17,570                151,805  

Sage Therapeutics, Inc.(a)(b)

    2,847       53,324  

Sana Biotechnology, Inc.(a)(b)

    5,265       15,584  

Seres Therapeutics, Inc.(a)

    5,241       8,019  

SpringWorks Therapeutics, Inc.(a)(b)

    2,897       66,341  

Syndax Pharmaceuticals, Inc.(a)(b)

    3,572       50,294  

TG Therapeutics, Inc.(a)

    7,758       59,969  

Travere Therapeutics, Inc.(a)

    3,720       24,106  

Twist Bioscience Corp.(a)(b)

    3,110       49,014  

Ultragenyx Pharmaceutical, Inc.(a)(b)

    3,911       138,449  

uniQure NV(a)

    2,556       14,569  

Vaxcyte, Inc.(a)(b)

    4,690       225,589  

Veracyte, Inc.(a)

    3,960       82,051  

Vericel Corp.(a)(b)

    2,614       91,961  

Verve Therapeutics, Inc.(a)(b)

    2,530       30,461  

Viking Therapeutics, Inc.(a)(b)

    5,452       53,484  

Vir Biotechnology, Inc.(a)

    4,670       37,033  

Viridian Therapeutics, Inc.(a)

    2,163       27,038  

Xencor, Inc.(a)(b)

    3,313       57,481  

Zentalis Pharmaceuticals, Inc.(a)(b)

    3,140       51,370  

Zymeworks, Inc.(a)

    3,669       25,756  
   

 

 

 
          8,189,995  
Broadline Retail — 0.4%            

Dillard’s, Inc., Class A(b)

    192       59,607  

Kohl’s Corp.

    6,036       136,112  

Macy’s, Inc.

    15,046       183,260  

Nordstrom, Inc.

    5,281       73,828  

Ollie’s Bargain Outlet Holdings, Inc.(a)(b)

    3,391       261,921  
   

 

 

 
          714,728  
Building Products — 1.8%            

AAON, Inc.(b)

    3,680       200,486  

Advanced Drainage Systems, Inc.

    3,784       404,245  

American Woodmark Corp.(a)

    881       59,230  

Apogee Enterprises, Inc.

    1,200       51,504  

Armstrong World Industries, Inc.

    2,428       184,261  

AZEK Co., Inc. (The), Class A(a)(b)

    8,124       212,849  

AZZ, Inc.

    1,369       64,713  

Gibraltar Industries, Inc.(a)

    1,670       101,636  

Griffon Corp.

    2,229       89,026  

Hayward Holdings, Inc.(a)

    6,847       71,893  

Insteel Industries, Inc.

    1,048       29,250  

Janus International Group, Inc.(a)

    4,900       45,864  

JELD-WEN Holding, Inc.(a)

    4,673       52,945  

Masonite International Corp.(a)

    1,197       94,731  

Masterbrand, Inc.(a)

    6,950       77,214  

PGT Innovations, Inc.(a)

    3,220       96,407  

Quanex Building Products Corp.

    1,818       48,813  

Resideo Technologies, Inc.(a)

    8,066       116,796  

 

 

C H E D U L E S    O F    N V E S  T M E N T S

  17


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Morningstar Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Building Products (continued)            

Simpson Manufacturing Co., Inc.

    2,321     $ 309,111  

Tecnoglass, Inc.

    1,103       36,046  

Trex Co., Inc.(a)

    5,935       333,606  

UFP Industries, Inc.

    3,369       320,628  

Zurn Elkay Water Solutions Corp.

    7,722       204,324  
   

 

 

 
          3,205,578  
Capital Markets — 2.5%            

Affiliated Managers Group, Inc.

    1,909       234,349  

Artisan Partners Asset Management, Inc., Class A

    3,812       125,796  

AssetMark Financial Holdings, Inc.(a)

    1,242       29,696  

Avantax, Inc.(a)

    2,009       51,852  

B Riley Financial, Inc.

    907       32,843  

BGC Group, Inc., Class A

    21,272       124,867  

Blue Owl Capital, Inc., Class A

    22,061                272,012  

Brightsphere Investment Group, Inc.

    1,825       28,580  

Cohen & Steers, Inc.

    1,382       72,196  

Diamond Hill Investment Group, Inc., Class A

    170       26,707  

Donnelley Financial Solutions, Inc.(a)

    1,388       75,549  

Evercore, Inc., Class A

    1,911       248,774  

Federated Hermes, Inc., Class B

    4,826       152,984  

Freedom Holding Corp.(a)(b)

    914       74,985  

Hamilton Lane, Inc., Class A

    1,994       167,735  

Houlihan Lokey, Inc., Class A

    2,808       282,260  

Janus Henderson Group PLC

    7,276       167,857  

Jefferies Financial Group, Inc.

    9,710       312,468  

Moelis & Co., Class A

    3,695       153,860  

Open Lending Corp.(a)

    5,458       32,693  

Oppenheimer Holdings, Inc., Class A, NVS

    384       13,467  

P10, Inc., Class A

    2,182       20,554  

Piper Sandler Cos

    828       115,796  

PJT Partners, Inc., Class A

    1,222       95,756  

Robinhood Markets, Inc., Class A(a)(b)

    30,128       275,370  

Runway Growth Finance Corp.

    979       11,924  

StepStone Group, Inc., Class A

    2,799       79,212  

Stifel Financial Corp.

    5,699       324,843  

StoneX Group, Inc.(a)

    973       92,746  

TPG, Inc., Class A

    3,338       92,262  

Tradeweb Markets, Inc., Class A

    6,244       562,023  

Victory Capital Holdings, Inc., Class A

    2,030       59,804  

Virtu Financial, Inc., Class A

    5,135       94,946  

Virtus Investment Partners, Inc.

    375       69,086  

WisdomTree, Inc.

    6,426       39,841  
   

 

 

 
          4,615,693  
Chemicals — 2.0%            

AdvanSix, Inc.

    1,467       40,416  

American Vanguard Corp.

    1,512       14,152  

Ashland, Inc.

    2,786       213,491  

Aspen Aerogels, Inc.(a)

    2,868       22,141  

Avient Corp.

    4,959       156,804  

Axalta Coating Systems Ltd.(a)

    12,105       317,514  

Balchem Corp.

    1,751       203,536  

Cabot Corp.

    3,074       204,360  

Chase Corp.

    406       51,586  

Chemours Co. (The)

    8,066       194,471  

Ecovyst, Inc.(a)

    5,572       51,262  

Element Solutions, Inc.

    12,100       220,583  

Ginkgo Bioworks Holdings, Inc., Class A(a)(b)

    72,354       99,125  

Hawkins, Inc.

    1,038       59,612  

HB Fuller Co.

    2,954       195,407  

Huntsman Corp.

    9,034       210,763  

Ingevity Corp.(a)(b)

    1,826       73,551  

Innospec, Inc.

    1,355       132,790  
Security   Shares     Value  
Chemicals (continued)            

Koppers Holdings, Inc.

    1,131     $ 41,361  

Kronos Worldwide, Inc.

    1,328       9,163  

Livent Corp.(a)(b)

    9,771       142,559  

LSB Industries, Inc.(a)

    2,903       26,446  

Mativ Holdings, Inc.

    2,998       39,274  

Minerals Technologies, Inc.

    1,793       96,930  

NewMarket Corp.

    378       182,253  

Origin Materials, Inc., Class A(a)(b)

    6,682       6,605  

Perimeter Solutions SA(a)

    8,118       25,978  

PureCycle Technologies, Inc.(a)(b)

    7,511       33,424  

Quaker Chemical Corp.

    759       109,084  

Scotts Miracle-Gro Co. (The)

    2,274       101,057  

Sensient Technologies Corp.

    2,298                129,653  

Stepan Co.

    1,161       86,843  

Trinseo PLC

    2,116       13,098  

Tronox Holdings PLC

    6,432       68,758  
   

 

 

 
          3,574,050  
Commercial Services & Supplies — 1.6%            

ABM Industries, Inc.

    3,634       142,962  

ACCO Brands Corp.

    5,193       26,277  

ACV Auctions, Inc., Class A(a)

    7,365       98,175  

Brady Corp., Class A, NVS

    2,507       129,010  

BrightView Holdings, Inc.(a)

    2,210       14,895  

Brink’s Co. (The)

    2,551       170,560  

Casella Waste Systems, Inc., Class A(a)

    3,114       234,951  

CECO Environmental Corp.(a)

    1,594       25,791  

Cimpress PLC(a)

    961       57,343  

Clean Harbors, Inc.(a)

    2,758       423,822  

CoreCivic, Inc.(a)

    6,276       79,705  

Deluxe Corp.

    2,369       40,391  

Driven Brands Holdings, Inc.(a)

    3,361       38,248  

Ennis, Inc.

    1,466       31,314  

Enviri Corp.(a)

    4,341       24,917  

GEO Group, Inc. (The)(a)

    6,886       60,184  

Healthcare Services Group, Inc.

    4,096       38,912  

HNI Corp.

    2,546       88,321  

Interface, Inc., Class A

    3,177       28,243  

LanzaTech Global, Inc.(a)(b)

    4,348       15,305  

Liquidity Services, Inc.(a)

    1,281       24,685  

Matthews International Corp., Class A

    1,686       59,752  

MillerKnoll, Inc.

    4,165       97,877  

Montrose Environmental Group, Inc.(a)

    1,513       34,981  

MSA Safety, Inc.

    2,015       318,128  

OPENLANE, Inc.(a)

    5,985       80,378  

SP Plus Corp.(a)

    1,039       52,501  

Steelcase, Inc., Class A

    5,156       56,252  

Stericycle, Inc.(a)

    5,036       207,685  

UniFirst Corp.

    823       135,326  

Viad Corp.(a)

    1,120       27,138  

VSE Corp.

    714       38,413  
   

 

 

 
          2,902,442  
Communications Equipment — 0.7%            

ADTRAN Holdings, Inc.

    3,881       25,498  

Calix, Inc.(a)

    3,237       107,209  

Cambium Networks Corp.(a)

    672       3,347  

Ciena Corp.(a)

    8,163       344,479  

Clearfield, Inc.(a)(b)

    686       16,478  

CommScope Holding Co., Inc.(a)

    11,436       16,925  

Digi International, Inc.(a)(b)

    1,971       49,630  

Extreme Networks, Inc.(a)

    7,031       144,979  

Harmonic, Inc.(a)(b)

    6,093       65,743  

Infinera Corp.(a)(b)

    10,711       31,383  

 

 

18  

2 0 2 3    H A R E S    E M I - A N N U A L    E P O R T    T O    H  A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Morningstar Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Communications Equipment (continued)            

Lumentum Holdings, Inc.(a)

    3,742     $ 146,724  

NETGEAR, Inc.(a)

    1,611       20,363  

NetScout Systems, Inc.(a)

    3,966       86,578  

Ribbon Communications, Inc.(a)(b)

    5,067       9,526  

Viasat, Inc.(a)(b)

    4,048       74,645  

Viavi Solutions, Inc.(a)

    12,111       94,224  
   

 

 

 
          1,237,731  
Construction & Engineering — 1.4%            

Ameresco, Inc., Class A(a)(b)

    1,747       45,684  

API Group Corp.(a)(b)

    11,268       291,503  

Arcosa, Inc.

    2,649       182,966  

Argan, Inc.

    696       31,835  

Bowman Consulting Group Ltd.(a)

    573       15,225  

Comfort Systems U.S.A., Inc.

    1,949       354,426  

Construction Partners, Inc., Class A(a)

    2,380       91,511  

Dycom Industries, Inc.(a)

    1,597       136,033  

Fluor Corp.(a)

    7,862                261,726  

Granite Construction, Inc.

    2,424       98,124  

IES Holdings, Inc.(a)

    453       28,190  

MasTec, Inc.(a)

    3,299       196,093  

MDU Resources Group, Inc.

    11,107       206,701  

MYR Group, Inc.(a)

    916       106,100  

Primoris Services Corp.

    2,935       88,226  

Sterling Infrastructure, Inc.(a)

    1,697       123,626  

Valmont Industries, Inc.

    1,144       225,265  
   

 

 

 
          2,483,234  
Construction Materials — 0.3%            

Eagle Materials, Inc.

    1,924