iShares Trust


		SEPTEMBER 30, 2022

2022 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares ESG Screened S&P 500 ETF | XVV | Cboe BZX

· iShares ESG Screened S&P Mid-Cap ETF | XJH | Cboe BZX

· iShares ESG Screened S&P Small-Cap ETF | XJR | Cboe BZX

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of September 30, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022, ending the run of robust growth that followed the reopening of global economies and the development of COVID-19 vaccines. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks and economically sensitive small-capitalization stocks. While both large- and small-capitalization U.S. stocks fell, declines for small-capitalization U.S. stocks were steeper. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose notably during the reporting period as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is proving more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic’s restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy’s capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort 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, and the outlook for Europe and the U.K. is also troubling. 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.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

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 September 30, 2022

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	(20.20)%	(15.47)%

U.S. small cap equities (Russell 2000^® Index)	(19.01)	(23.50)

International equities (MSCI Europe, Australasia, Far East Index)	(22.51)	(25.13)

Emerging market equities (MSCI Emerging Markets Index)	(21.70)	(28.11)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.58	0.63

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(10.81)	(16.20)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(9.22)	(14.60)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(6.30)	(11.50)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(10.42)	(14.15)

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


2		T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

Table of Contents


	Page

The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		7
Disclosure of Expenses		7
Schedules of Investments		8
Financial Statements:
Statements of Assets and Liabilities		33
Statements of Operations		34
Statements of Changes in Net Assets		35
Financial Highlights		37
Notes to Financial Statements		40
Board Review and Approval of Investment Advisory Contract		48
Supplemental Information		50
General Information		51
Glossary of Terms Used in this Report		52


		3


Fund Summary as of September 30, 2022		iShares^® ESG Screened S&P 500 ETF

Investment Objective

The iShares ESG Screened S&P 500 ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities while applying screens for company involvement in controversies and controversial business activities, as represented by the S&P 500 Substainability Screened Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns						Cumulative Total Returns

	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception

Fund NAV		(21.39	)%		(17.71	)%		4.10	%		(17.71	)%		8.48	%
Fund Market		(21.39	)		(17.88	)		4.14			(17.88	)		8.55
Index		(21.37	)		(17.67	)		4.20			(17.67	)		8.67

The inception date of the Fund was September 22, 2020. The first day of secondary market trading was September 24, 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


Actual					Hypothetical 5% Return
	Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 786.10	$ 0.36			$ 1,000.00	$ 1,024.67	$ 0.41		0.08	%

^(a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (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.

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)

Information Technology	29.5	%
Health Care	15.3
Consumer Discretionary	13.1
Financials	11.8
Communication Services	9.0
Consumer Staples	6.3
Industrials	6.2
Real Estate	3.1
Materials	2.7
Utilities	1.8
Energy	1.2


TEN LARGEST HOLDINGS

Security	Percent of Total Investments	^(a)

Apple, Inc.	7.8	%
Microsoft Corp.	6.5
Amazon.com, Inc.	3.7
Tesla, Inc.	2.6
Alphabet, Inc., Class A	2.1
Alphabet, Inc., Class C	1.9
Berkshire Hathaway, Inc., Class B	1.8
UnitedHealth Group, Inc.	1.8
Meta Platforms, Inc., Class A	1.2
JPMorgan Chase & Co.	1.1

^(a)	Excludes money market funds.


4		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of September 30, 2022		iShares^® ESG Screened S&P Mid-Cap ETF

Investment Objective

The iShares ESG Screened S&P Mid-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities while applying screens for company involvement in controversies and controversial business activities, as represented by the S&P MidCap 400 Sustainability Screened Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to 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			Since Inception			1 Year			Since Inception

Fund NAV		(17.96	)%		(16.48	)%		9.85	%		(16.48	)%		20.95	%
Fund Market		(18.10	)		(16.62	)		9.85			(16.62	)		20.95
Index		(17.96	)		(16.43	)		10.02			(16.43	)		21.30

The inception date of the Fund was September 22, 2020. The first day of secondary market trading was September 24, 2020.

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 820.40	$ 0.55			$ 1,000.00	$ 1,024.47	$ 0.61		0.12	%

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)

Industrials	20.2	%
Financials	16.6
Consumer Discretionary	13.8
Information Technology	13.2
Health Care	11.1
Real Estate	8.5
Materials	6.7
Consumer Staples	3.6
Energy	2.3
Utilities	2.3
Communication Services	1.7

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Carlisle Cos., Inc.	0.8	%
Targa Resources Corp.	0.8
First Solar, Inc.	0.8
Wolfspeed, Inc.	0.7
Steel Dynamics, Inc.	0.7
First Horizon Corp.	0.7
Hubbell, Inc.	0.7
Alleghany Corp.	0.7
RPM International, Inc.	0.6
Darling Ingredients, Inc.	0.6

^(a)	Excludes money market funds.


F U N D S U M M A R Y		5


Fund Summary as of September 30, 2022		iShares^® ESG Screened S&P Small-Cap ETF

Investment Objective

The iShares ESG Screened S&PSmall-Cap ETF (the “Fund”) seeks to track the investment results if an index composed of small-capitalization U.S. equities while applying screens for company involvement in controversies and controversial business activities, as represented by the S&P SmallCap 600 Sustainability Screened Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns						Cumulative Total Returns

	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception

Fund NAV		(18.63	)%		(19.38	)%		12.00	%		(19.38	)%		25.79	%
Fund Market		(18.50	)		(19.21	)		12.09			(19.21	)		25.99
Index		(18.62	)		(19.22	)		12.50			(19.22	)		26.90

The inception date of the Fund was September 22, 2020. The first day of secondary market trading was September 24, 2020.

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 813.70	$ 0.54			$ 1,000.00	$ 1,024.47	$ 0.61		0.12	%

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)

Financials	17.5	%
Industrials	16.7
Information Technology	13.8
Health Care	13.5
Consumer Discretionary	12.6
Real Estate	8.0
Materials	5.5
Consumer Staples	5.0
Energy	3.0
Communication Services	2.3
Utilities	2.1

^(a)	Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Livent Corp.	0.8	%
Agree Realty REIT Corp.	0.7
Lantheus Holdings, Inc.	0.7
AMN Healthcare, Inc.	0.6
Cytokinetics, Inc.	0.6
Rogers Corp.	0.6
Exponent, Inc.	0.6
SPS Commerce, Inc.	0.6
UFP Industries, Inc.	0.6
Ensign Group, Inc.	0.6


6		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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. 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.


A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S		7

Schedule of Investments (unaudited)

September 30, 2022

iShares^® ESG Screened S&P 500 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.1%
Howmet Aerospace, Inc.		2,767	$	85,583
TransDigm Group, Inc.		384		201,531


				287,114

Air Freight & Logistics — 0.7%
CH Robinson Worldwide, Inc.		929		89,472
Expeditors International of Washington, Inc.		1,226		108,268
FedEx Corp.		1,778		263,980
United Parcel Service, Inc., Class B		5,463		882,493


				1,344,213

Airlines — 0.2%
Alaska Air Group, Inc.^(a)		922		36,096
American Airlines Group, Inc.^(a)		4,847		58,358
Delta Air Lines, Inc.^(a)		4,807		134,884
Southwest Airlines Co.^(a)		4,439		136,899
United Airlines Holdings, Inc.^(a)		2,420		78,723


				444,960

Auto Components — 0.1%
Aptiv PLC^(a)		2,029		158,688
BorgWarner, Inc.		1,747		54,856


				213,544

Automobiles — 3.0%
Ford Motor Co.		29,477		330,142
General Motors Co.		10,884		349,268
Tesla, Inc.^(a)		19,880		5,273,170


				5,952,580

Banks — 3.6%
Bank of America Corp.		52,178		1,575,776
Citigroup, Inc.		14,455		602,340
Citizens Financial Group, Inc.		3,662		125,826
Comerica, Inc.		991		70,460
Fifth Third Bancorp		5,136		164,147
First Republic Bank		1,369		178,723
Huntington Bancshares, Inc.		10,698		141,000
JPMorgan Chase & Co.		21,889		2,287,400
KeyCorp.		6,992		112,012
M&T Bank Corp.		1,316		232,037
PNC Financial Services Group, Inc.		3,060		457,225
Regions Financial Corp.		7,022		140,932
Signature Bank		465		70,215
SVB Financial Group^(a)		439		147,407
Truist Financial Corp.		9,894		430,785
US Bancorp		10,090		406,829
Zions Bancorp NA		1,112		56,556


				7,199,670

Beverages — 2.1%
Brown-Forman Corp., Class B		1,367		91,001
Coca-Cola Co.		29,051		1,627,437
Constellation Brands, Inc., Class A		1,185		272,171
Keurig Dr Pepper, Inc.		6,368		228,102
Molson Coors Beverage Co., Class B		1,391		66,754
Monster Beverage Corp.^(a)		2,883		250,706
PepsiCo, Inc.		10,301		1,681,741


				4,217,912

Biotechnology — 2.5%
AbbVie, Inc.		13,197		1,771,169
Amgen, Inc.		3,993		900,022
Biogen, Inc.^(a)		1,088		290,496
Gilead Sciences, Inc.		9,355		577,110


Security	Shares		Value

Biotechnology (continued)
Incyte Corp.^(a)		1,378	$	91,830
Moderna, Inc.^(a)		2,522		298,227
Regeneron Pharmaceuticals, Inc.^(a)		799		550,407
Vertex Pharmaceuticals, Inc.^(a)		1,914		554,180


				5,033,441

Building Products — 0.5%
A O Smith Corp.		951		46,200
Allegion PLC		659		59,099
Carrier Global Corp.		6,308		224,312
Fortune Brands Home & Security, Inc.		964		51,757
Johnson Controls International PLC		5,121		252,056
Masco Corp.		1,690		78,906
Trane Technologies PLC		1,730		250,521


				962,851

Capital Markets — 3.3%
Ameriprise Financial, Inc.		811		204,332
Bank of New York Mellon Corp.		5,512		212,322
BlackRock, Inc.^(b)		1,126		619,615
Cboe Global Markets, Inc.		785		92,136
Charles Schwab Corp.		11,397		819,102
CME Group, Inc.		2,688		476,125
FactSet Research Systems, Inc.		284		113,631
Franklin Resources, Inc.		2,124		45,709
Goldman Sachs Group, Inc.		2,548		746,691
Intercontinental Exchange, Inc.		4,165		376,308
Invesco Ltd.		3,409		46,703
MarketAxess Holdings, Inc.		276		61,407
Moody’s Corp.		1,174		285,411
Morgan Stanley		9,995		789,705
MSCI, Inc., Class A		600		253,074
Nasdaq, Inc.		2,540		143,967
Northern Trust Corp.		1,560		133,474
Raymond James Financial, Inc.		1,452		143,487
S&P Global, Inc.		2,543		776,505
State Street Corp.		2,741		166,680
T Rowe Price Group, Inc.		1,680		176,417


				6,682,801

Chemicals — 1.9%
Air Products and Chemicals, Inc.		1,655		385,168
Albemarle Corp.		870		230,063
Celanese Corp.		747		67,484
CF Industries Holdings, Inc.		1,493		143,701
Corteva, Inc.		5,364		306,552
Dow, Inc.		5,383		236,475
Eastman Chemical Co.		920		65,366
Ecolab, Inc.		1,850		267,177
FMC Corp.		948		100,204
International Flavors & Fragrances, Inc.		1,900		172,577
Linde PLC		3,720		1,002,875
LyondellBasell Industries NV, Class A		1,903		143,258
Mosaic Co.		2,588		125,078
PPG Industries, Inc.		1,754		194,150
Sherwin-Williams Co.		1,757		359,746


				3,799,874

Commercial Services & Supplies — 0.6%
Cintas Corp.		639		248,054
Copart, Inc.^(a)		1,598		170,027
Republic Services, Inc.		1,539		209,366


8		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® ESG Screened S&P 500 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Commercial Services & Supplies (continued)
Rollins, Inc.		1,681	$	58,297
Waste Management, Inc.		2,806		449,549


				1,135,293

Communications Equipment — 0.9%
Arista Networks, Inc.^(a)		1,847		208,508
Cisco Systems, Inc.		30,908		1,236,320
F5, Inc.^(a)		437		63,247
Juniper Networks, Inc.		2,419		63,184
Motorola Solutions, Inc.		1,250		279,963


				1,851,222

Construction & Engineering — 0.1%
Quanta Services, Inc.		1,060		135,033


Construction Materials — 0.2%
Martin Marietta Materials, Inc.		468		150,738
Vulcan Materials Co.		997		157,237


				307,975

Consumer Finance — 0.6%
American Express Co.		4,477		603,992
Capital One Financial Corp.		2,855		263,146
Discover Financial Services		2,047		186,113
Synchrony Financial		3,611		101,794


				1,155,045

Containers & Packaging — 0.3%
Amcor PLC		11,269		120,916
Avery Dennison Corp.		601		97,783
Ball Corp.		2,356		113,842
International Paper Co.		2,709		85,875
Packaging Corp. of America		692		77,705
Sealed Air Corp.		1,089		48,471
Westrock Co.		1,882		58,135


				602,727

Distributors — 0.2%
Genuine Parts Co.		1,050		156,786
LKQ Corp.		1,942		91,565
Pool Corp.		296		94,190


				342,541

Diversified Financial Services — 1.8%
Berkshire Hathaway, Inc., Class B^(a)		13,471		3,597,026


Diversified Telecommunication Services — 1.0%
AT&T Inc.		53,188		815,904
Lumen Technologies, Inc.		7,006		51,004
Verizon Communications, Inc.		31,346		1,190,207


				2,057,115

Electric Utilities — 1.2%
Constellation Energy Corp.		2,430		202,152
Edison International		2,846		161,027
Entergy Corp.		1,518		152,756
Eversource Energy		2,574		200,669
Exelon Corp.		7,433		278,440
FirstEnergy Corp.		4,069		150,553
NextEra Energy, Inc.		14,665		1,149,882
NRG Energy, Inc.		1,762		67,432


				2,362,911

Electrical Equipment — 0.6%
AMETEK, Inc.		1,711		194,044
Eaton Corp. PLC		2,986		398,213
Emerson Electric Co.		4,408		322,754


Security	Shares		Value

Electrical Equipment (continued)
Generac Holdings, Inc.^(a)		476	$	84,795
Rockwell Automation, Inc.		859		184,779


				1,184,585

Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		4,429		296,566
CDW Corp.		1,003		156,548
Corning, Inc.		5,674		164,659
Keysight Technologies, Inc.^(a)		1,343		211,335
TE Connectivity Ltd.		2,397		264,533
Trimble, Inc.^(a)		1,842		99,965
Zebra Technologies Corp., Class A^(a)		388		101,660


				1,295,266

Energy Equipment & Services — 0.3%
Baker Hughes Co.		7,583		158,940
Halliburton Co.		6,776		166,825
Schlumberger NV		10,549		378,709


				704,474

Entertainment — 1.5%
Activision Blizzard, Inc.		5,308		394,597
Electronic Arts, Inc.		1,980		229,106
Live Nation Entertainment, Inc.^(a)		1,065		80,983
Netflix, Inc.^(a)		3,317		780,954
Take-Two Interactive Software, Inc.^(a)		1,177		128,293
Walt Disney Co.^(a)		13,607		1,283,548
Warner Bros Discovery, Inc.^(a)		16,539		190,198


				3,087,679

Equity Real Estate Investment Trusts (REITs) — 3.0%
Alexandria Real Estate Equities, Inc.		1,107		155,190
American Tower Corp.		3,475		746,083
AvalonBay Communities, Inc.		1,042		191,926
Boston Properties, Inc.		1,064		79,768
Camden Property Trust		794		94,843
Crown Castle, Inc.		3,234		467,475
Digital Realty Trust, Inc.		2,154		213,634
Duke Realty Corp.		2,869		138,286
Equinix, Inc.		681		387,380
Equity Residential		2,524		169,663
Essex Property Trust, Inc.		489		118,450
Extra Space Storage, Inc.		1,002		173,055
Federal Realty Investment Trust		537		48,394
Healthpeak Properties, Inc.		4,048		92,780
Host Hotels & Resorts, Inc.		5,278		83,815
Iron Mountain, Inc.		2,149		94,492
Kimco Realty Corp.		4,653		85,662
Mid-America Apartment Communities, Inc.		862		133,670
Prologis, Inc.		5,525		561,340
Public Storage		1,176		344,345
Realty Income Corp.		4,629		269,408
Regency Centers Corp.		1,163		62,628
SBA Communications Corp., Class A		801		228,005
Simon Property Group, Inc.		2,443		219,259
UDR, Inc.		2,289		95,474
Ventas, Inc.		2,994		120,269
VICI Properties, Inc.		7,218		215,457
Vornado Realty Trust		1,201		27,815
Welltower, Inc.		3,442		221,389
Weyerhaeuser Co.		5,526		157,823


				5,997,778

Food & Staples Retailing — 1.1%
Costco Wholesale Corp.		3,306		1,561,325


S C H E D U L E S O F I N V E S T M E N T S		9

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® ESG Screened S&P 500 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Food & Staples Retailing (continued)
Kroger Co.		4,851	$	212,231
Sysco Corp.		3,802		268,839
Walgreens Boots Alliance, Inc.		5,360		168,304


				2,210,699

Food Products — 1.3%
Archer-Daniels-Midland Co.		4,175		335,879
Campbell Soup Co.		1,517		71,481
Conagra Brands, Inc.		3,583		116,913
General Mills, Inc.		4,439		340,072
Hershey Co.		1,101		242,737
Hormel Foods Corp.		2,121		96,378
J M Smucker Co.		799		109,791
Kellogg Co.		1,908		132,911
Kraft Heinz Co.		5,970		199,100
Lamb Weston Holdings, Inc.		1,075		83,184
McCormick & Co., Inc., NVS		1,867		133,061
Mondelez International, Inc., Class A		10,230		560,911
Tyson Foods, Inc., Class A		2,153		141,947


				2,564,365

Gas Utilities — 0.0%
Atmos Energy Corp.		1,038		105,720


Health Care Equipment & Supplies — 3.0%
Abbott Laboratories		13,071		1,264,750
ABIOMED, Inc.^(a)		343		84,261
Align Technology, Inc.^(a)		546		113,082
Baxter International, Inc.		3,764		202,729
Becton Dickinson and Co.		2,129		474,405
Boston Scientific Corp.^(a)		10,671		413,288
Cooper Cos., Inc.		367		96,851
DENTSPLY SIRONA, Inc.^(c)		1,597		45,275
Dexcom, Inc.^(a)		2,931		236,063
Edwards Lifesciences Corp.^(a)		4,627		382,329
Hologic, Inc.^(a)		1,850		119,362
IDEXX Laboratories, Inc.^(a)		620		201,996
Intuitive Surgical, Inc.^(a)		2,665		499,528
Medtronic PLC		9,917		800,798
ResMed, Inc.		1,094		238,820
STERIS PLC		746		124,045
Stryker Corp.		2,513		508,983
Teleflex, Inc.		351		70,712
Zimmer Biomet Holdings, Inc.		1,569		164,039


				6,041,316

Health Care Providers & Services — 4.1%
AmerisourceBergen Corp.		1,165		157,660
Cardinal Health, Inc.		2,035		135,694
Centene Corp.^(a)		4,257		331,237
Cigna Corp.		2,278		632,077
CVS Health Corp.		9,799		934,531
DaVita, Inc.^(a)		417		34,515
Elevance Health, Inc.		1,792		813,998
HCA Healthcare, Inc.		1,613		296,453
Henry Schein, Inc.^(a)		1,008		66,296
Humana, Inc.		943		457,534
Laboratory Corp. of America Holdings		678		138,861
McKesson Corp.		1,070		363,661
Molina Healthcare, Inc.^(a)		431		142,161
Quest Diagnostics, Inc.		870		106,740
UnitedHealth Group, Inc.		6,982		3,526,189
Universal Health Services, Inc., Class B		500		44,090


				8,181,697


Security	Shares		Value

Hotels, Restaurants & Leisure — 2.1%
Booking Holdings, Inc.^(a)		296	$	486,390
Caesars Entertainment, Inc.^(a)		1,600		51,616
Carnival Corp.^(a)		7,294		51,277
Chipotle Mexican Grill, Inc.^(a)		208		312,574
Darden Restaurants, Inc.		919		116,088
Domino’s Pizza, Inc.		269		83,444
Expedia Group, Inc.^(a)		1,134		106,244
Hilton Worldwide Holdings, Inc.		2,038		245,824
Las Vegas Sands Corp.^(a)		2,463		92,412
Marriott International, Inc., Class A		2,068		289,809
McDonald’s Corp.		5,491		1,266,993
MGM Resorts International		2,445		72,665
Norwegian Cruise Line Holdings Ltd.^(a)(c)		3,112		35,352
Royal Caribbean Cruises Ltd.^(a)		1,632		61,853
Starbucks Corp.		8,564		721,603
Wynn Resorts Ltd.^(a)		774		48,785
Yum! Brands, Inc.		2,128		226,292


				4,269,221

Household Durables — 0.3%
DR Horton, Inc.		2,369		159,552
Garmin Ltd.		1,141		91,634
Lennar Corp., Class A		1,911		142,465
Mohawk Industries, Inc.^(a)		385		35,108
Newell Brands, Inc.		2,762		38,364
NVR, Inc.^(a)		23		91,703
PulteGroup, Inc.		1,720		64,500
Whirlpool Corp.		405		54,598


				677,924

Household Products — 1.6%
Church & Dwight Co., Inc.		1,803		128,806
Clorox Co.		915		117,477
Colgate-Palmolive Co.		6,226		437,376
Kimberly-Clark Corp.		2,516		283,151
Procter & Gamble Co.		17,835		2,251,669


				3,218,479

Industrial Conglomerates — 0.2%
General Electric Co.		8,185		506,733


Insurance — 2.5%
Aflac, Inc.		4,310		242,222
Allstate Corp.		2,009		250,181
American International Group, Inc.		5,700		270,636
Aon PLC, Class A		1,574		421,627
Arthur J. Gallagher & Co.		1,567		268,302
Assurant, Inc.		389		56,510
Brown & Brown, Inc.		1,754		106,082
Chubb Ltd.		3,117		566,920
Cincinnati Financial Corp.		1,193		106,857
Everest Re Group Ltd.		296		77,682
Globe Life, Inc.		678		67,597
Hartford Financial Services Group, Inc.		2,420		149,895
Lincoln National Corp.		1,161		50,979
Loews Corp.		1,461		72,816
Marsh & McLennan Cos., Inc.		3,725		556,105
MetLife, Inc.		5,022		305,237
Principal Financial Group, Inc.		1,727		124,603
Progressive Corp.		4,366		507,373
Prudential Financial, Inc.		2,765		237,182
Travelers Cos., Inc.		1,765		270,398


10		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® ESG Screened S&P 500 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Insurance (continued)
W R Berkley Corp.		1,523	$	98,355
Willis Towers Watson PLC		823		165,374


				4,972,933

Interactive Media & Services — 5.3%
Alphabet, Inc., Class A^(a)		44,754		4,280,720
Alphabet, Inc., Class C, NVS^(a)		40,020		3,847,923
Match Group, Inc.^(a)		2,131		101,755
Meta Platforms, Inc., Class A^(a)		17,023		2,309,681
Twitter, Inc.^(a)		5,039		220,910


				10,760,989

Internet & Direct Marketing Retail — 3.8%
Amazon.com, Inc.^(a)		66,154		7,475,402
eBay, Inc.		4,118		151,584
Etsy, Inc.^(a)		954		95,524


				7,722,510

IT Services — 4.9%
Accenture PLC, Class A		4,721		1,214,713
Akamai Technologies, Inc.^(a)		1,197		96,143
Automatic Data Processing, Inc.		3,101		701,415
Broadridge Financial Solutions, Inc.		876		126,425
Cognizant Technology Solutions Corp., Class A		3,864		221,948
DXC Technology Co.^(a)		1,723		42,179
EPAM Systems, Inc.^(a)		426		154,293
Fidelity National Information Services, Inc.		4,538		342,937
Fiserv, Inc.^(a)		4,772		446,516
FleetCor Technologies, Inc.^(a)		562		99,008
Gartner, Inc.^(a)		593		164,077
Global Payments, Inc.		2,077		224,420
International Business Machines Corp.		6,741		800,898
Jack Henry & Associates, Inc.		538		98,061
Mastercard, Inc., Class A		6,368		1,810,677
Paychex, Inc.		2,395		268,743
PayPal Holdings, Inc.^(a)		8,632		742,956
VeriSign, Inc.^(a)		700		121,590
Visa, Inc., Class A		12,204		2,168,041


				9,845,040

Leisure Products — 0.0%
Hasbro, Inc.		956		64,454


Life Sciences Tools & Services — 2.1%
Agilent Technologies, Inc.		2,230		271,056
Bio-Rad Laboratories, Inc., Class A^(a)		160		66,742
Bio-Techne Corp.		295		83,780
Charles River Laboratories International, Inc.^(a)		381		74,981
Danaher Corp.		4,887		1,262,263
Illumina, Inc.^(a)		1,169		223,034
IQVIA Holdings, Inc.^(a)		1,386		251,060
Mettler-Toledo International, Inc.^(a)		167		181,048
PerkinElmer, Inc.		951		114,434
Thermo Fisher Scientific, Inc.		2,924		1,483,024
Waters Corp.^(a)		450		121,289
West Pharmaceutical Services, Inc.		552		135,836


				4,268,547

Machinery — 1.8%
Caterpillar, Inc.		3,940		646,475
Cummins, Inc.		1,047		213,075
Deere & Co.		2,076		693,156
Dover Corp.		1,073		125,090
Fortive Corp.		2,669		155,603
IDEX Corp.		560		111,916
Illinois Tool Works, Inc.		2,100		379,365


Security	Shares		Value

Machinery (continued)
Ingersoll Rand, Inc.		2,995	$	129,564
Nordson Corp.		409		86,819
Otis Worldwide Corp.		3,123		199,247
PACCAR, Inc.		2,594		217,092
Parker-Hannifin Corp.		958		232,133
Pentair PLC		1,231		50,016
Snap-on, Inc.		395		79,533
Stanley Black & Decker, Inc.		1,102		82,881
Westinghouse Air Brake Technologies Corp.		1,363		110,880
Xylem, Inc.		1,334		116,538


				3,629,383

Media — 0.8%
Charter Communications, Inc., Class A^(a)		824		249,960
Comcast Corp., Class A		32,870		964,077
DISH Network Corp., Class A^(a)		1,843		25,489
Fox Corp., Class A, NVS		2,292		70,319
Fox Corp., Class B		1,087		30,979
Interpublic Group of Cos., Inc.		2,910		74,496
News Corp., Class A, NVS		2,908		43,940
News Corp., Class B		924		14,248
Omnicom Group, Inc.		1,532		96,654
Paramount Global, Class B, NVS		3,785		72,066


				1,642,228

Metals & Mining — 0.4%
Freeport-McMoRan, Inc.		10,643		290,873
Newmont Corp.		5,942		249,742
Nucor Corp.		1,962		209,915


				750,530

Multiline Retail — 0.6%
Dollar General Corp.		1,692		405,843
Dollar Tree, Inc.^(a)		1,582		215,310
Target Corp.		3,466		514,320


				1,135,473

Multi-Utilities — 0.5%
CenterPoint Energy, Inc.		4,676		131,770
Consolidated Edison, Inc.		2,639		226,320
Public Service Enterprise Group, Inc.		3,713		208,782
Sempra Energy		2,347		351,909


				918,781

Oil, Gas & Consumable Fuels — 0.8%
Kinder Morgan, Inc.		14,738		245,240
Marathon Petroleum Corp.		3,715		369,011
ONEOK, Inc.		3,319		170,066
Phillips 66		3,591		289,865
Valero Energy Corp.		2,953		315,528
Williams Cos., Inc.		9,116		260,991


				1,650,701

Personal Products — 0.2%
Estee Lauder Cos., Inc., Class A		1,733		374,155


Pharmaceuticals — 3.6%
Bristol-Myers Squibb Co.		15,937		1,132,961
Catalent, Inc.^(a)		1,339		96,890
Eli Lilly & Co.		5,886		1,903,238
Merck & Co., Inc.		18,908		1,628,357
Organon & Co.		1,909		44,671
Pfizer, Inc.		41,890		1,833,107
Viatris, Inc.		9,042		77,038
Zoetis, Inc.		3,494		518,125


				7,234,387


S C H E D U L E S O F I N V E S T M E N T S		11

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® ESG Screened S&P 500 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Professional Services — 0.2%
Equifax, Inc.		914	$	156,687
Nielsen Holdings PLC^(a)		2,638		73,125
Robert Half International, Inc.		834		63,801
Verisk Analytics, Inc.		1,167		199,009


				492,622

Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A^(a)		2,407		162,497


Road & Rail — 1.0%
CSX Corp.		15,975		425,574
JB Hunt Transport Services, Inc.		614		96,042
Norfolk Southern Corp.		1,750		366,887
Old Dominion Freight Line, Inc.		684		170,159
Union Pacific Corp.		4,661		908,056


				1,966,718

Semiconductors & Semiconductor Equipment — 5.4%
Advanced Micro Devices, Inc.^(a)		12,049		763,425
Analog Devices, Inc.		3,880		540,639
Applied Materials, Inc.		6,493		531,972
Broadcom, Inc.		3,014		1,338,246
Enphase Energy, Inc.^(a)		1,009		279,967
Intel Corp.		30,647		789,773
KLA Corp.		1,056		319,577
Lam Research Corp.		1,021		373,686
Microchip Technology, Inc.		4,124		251,688
Micron Technology, Inc.		8,225		412,073
Monolithic Power Systems, Inc.		333		121,012
NVIDIA Corp.		18,690		2,268,779
NXP Semiconductors N.V		1,957		288,677
ON Semiconductor Corp.^(a)		3,247		202,386
Qorvo, Inc.^(a)		774		61,463
QUALCOMM, Inc.		8,382		946,998
Skyworks Solutions, Inc.		1,201		102,409
SolarEdge Technologies, Inc.^(a)		414		95,825
Teradyne, Inc.		1,175		88,301
Texas Instruments, Inc.		6,820		1,055,600


				10,832,496

Software — 9.6%
Adobe, Inc.^(a)		3,493		961,274
ANSYS, Inc.^(a)		652		144,548
Autodesk, Inc.^(a)		1,621		302,803
Cadence Design Systems, Inc.^(a)		2,040		333,397
Ceridian HCM Holding, Inc.^(a)		1,147		64,094
Citrix Systems, Inc.^(a)		919		95,484
Fortinet, Inc.^(a)		4,905		240,983
Intuit, Inc.		2,105		815,309
Microsoft Corp.		55,665		12,964,378
NortonLifeLock, Inc.		4,402		88,656
Oracle Corp.		11,338		692,412
Paycom Software, Inc.^(a)		363		119,786
PTC, Inc.^(a)		786		82,216
Roper Technologies, Inc.		790		284,116
Salesforce, Inc.^(a)		7,427		1,068,300
ServiceNow, Inc.^(a)		1,508		569,436
Synopsys, Inc.^(a)		1,145		349,809
Tyler Technologies, Inc.^(a)		311		108,072


				19,285,073

Specialty Retail — 2.5%
Advance Auto Parts, Inc.		447		69,884


Security	Shares		Value


Specialty Retail (continued)
AutoZone, Inc.^(a)		146	$	312,722
Bath & Body Works, Inc.		1,711		55,778
Best Buy Co., Inc.		1,511		95,707
CarMax, Inc.^(a)(c)		1,196		78,960
Home Depot, Inc.		7,671		2,116,736
Lowe’s Cos., Inc.		4,770		895,854
O’Reilly Automotive, Inc.^(a)		474		333,388
Ross Stores, Inc.		2,612		220,113
TJX Cos., Inc.		8,745		543,239
Tractor Supply Co.		824		153,165
Ulta Beauty, Inc.^(a)		385		154,458


				5,030,004

Technology Hardware, Storage & Peripherals — 8.0%
Apple Inc.		112,754		15,582,603
Hewlett Packard Enterprise Co.		9,705		116,266
HP, Inc.		6,821		169,979
NetApp, Inc.		1,640		101,434
Seagate Technology Holdings PLC		1,464		77,929
Western Digital Corp.^(a)		2,335		76,004


				16,124,215

Textiles, Apparel & Luxury Goods — 0.5%
Nike, Inc., Class B		9,432		783,988
Ralph Lauren Corp.		315		26,753
Tapestry, Inc.		1,871		53,193
VF Corp.		2,475		74,027


				937,961

Trading Companies & Distributors — 0.2%
Fastenal Co.^(c)		4,294		197,696
United Rentals, Inc.^(a)		525		141,813


				339,509

Water Utilities — 0.1%
American Water Works Co., Inc.		1,363		177,408


Wireless Telecommunication Services — 0.3%
T-Mobile U.S., Inc.^(a)		4,493		602,826


Total Long-Term Investments — 99.8% (Cost: $264,322,377)				200,653,224


Short-Term Securities^(b)(d)

Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%^(e)		359,160		359,268
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%		202,148		202,148


Total Short-Term Securities — 0.3% (Cost: $561,309)				561,416


Total Investments — 100.1% (Cost: $264,883,686)				201,214,640

Liabilities in Excess of Other Assets — (0.1)%				(138,657	)


Net Assets — 100.0%			$	201,075,983

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

^(c)	All or a portion of this security is on loan.

^(d)	Annualized 7-day yield as of period end.

^(e)	All or a portion of this security was purchased with the cash collateral from loaned securities.


12		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® ESG Screened S&P 500 ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2022 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 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	12,354	$	345,627	^(a)	$	—		$	1,177		$	110		$	359,268		359,160	$	839	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		320,000		—			(117,852	)^(a)		—			—			202,148		202,148		2,221			—
BlackRock, Inc.		719,848		147,069			(32,627	)		(596	)		(214,079	)		619,615		1,126		10,053			—


									$	581		$	(213,969	)	$	1,181,031			$	13,113		$	—

^(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
Micro E-mini S&P 500 Index		27		12/16/22	$	486	$	(41,630	)

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

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	41,630	$	—	$	—	$	—	$	41,630

^(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).

For the period ended September 30, 2022, 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	$	—	$	—	$	(19,403	)	$	—	$	—	$	—	$	(19,403	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(64,628	)	$	—	$	—	$	—	$	(64,628	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	461,101

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.


S C H E D U L E S O F I N V E S T M E N T S		13

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® ESG Screened S&P 500 ETF

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
Aerospace & Defense	$	287,114	$	—	$	—	$	287,114
Air Freight & Logistics		1,344,213		—		—		1,344,213
Airlines		444,960		—		—		444,960
Auto Components		213,544		—		—		213,544
Automobiles		5,952,580		—		—		5,952,580
Banks		7,199,670		—		—		7,199,670
Beverages		4,217,912		—		—		4,217,912
Biotechnology		5,033,441		—		—		5,033,441
Building Products		962,851		—		—		962,851
Capital Markets		6,682,801		—		—		6,682,801
Chemicals		3,799,874		—		—		3,799,874
Commercial Services & Supplies		1,135,293		—		—		1,135,293
Communications Equipment		1,851,222		—		—		1,851,222
Construction & Engineering		135,033		—		—		135,033
Construction Materials		307,975		—		—		307,975
Consumer Finance		1,155,045		—		—		1,155,045
Containers & Packaging		602,727		—		—		602,727
Distributors		342,541		—		—		342,541
Diversified Financial Services		3,597,026		—		—		3,597,026
Diversified Telecommunication Services		2,057,115		—		—		2,057,115
Electric Utilities		2,362,911		—		—		2,362,911
Electrical Equipment		1,184,585		—		—		1,184,585
Electronic Equipment, Instruments & Components		1,295,266		—		—		1,295,266
Energy Equipment & Services		704,474		—		—		704,474
Entertainment		3,087,679		—		—		3,087,679
Equity Real Estate Investment Trusts (REITs)		5,997,778		—		—		5,997,778
Food & Staples Retailing		2,210,699		—		—		2,210,699
Food Products		2,564,365		—		—		2,564,365
Gas Utilities		105,720		—		—		105,720
Health Care Equipment & Supplies		6,041,316		—		—		6,041,316
Health Care Providers & Services		8,181,697		—		—		8,181,697
Hotels, Restaurants & Leisure		4,269,221		—		—		4,269,221
Household Durables		677,924		—		—		677,924
Household Products		3,218,479		—		—		3,218,479
Industrial Conglomerates		506,733		—		—		506,733
Insurance		4,972,933		—		—		4,972,933
Interactive Media & Services		10,760,989		—		—		10,760,989
Internet & Direct Marketing Retail		7,722,510		—		—		7,722,510
IT Services		9,845,040		—		—		9,845,040
Leisure Products		64,454		—		—		64,454
Life Sciences Tools & Services		4,268,547		—		—		4,268,547
Machinery		3,629,383		—		—		3,629,383
Media		1,642,228		—		—		1,642,228
Metals & Mining		750,530		—		—		750,530
Multiline Retail		1,135,473		—		—		1,135,473
Multi-Utilities		918,781		—		—		918,781
Oil, Gas & Consumable Fuels		1,650,701		—		—		1,650,701
Personal Products		374,155		—		—		374,155
Pharmaceuticals		7,234,387		—		—		7,234,387
Professional Services		492,622		—		—		492,622
Real Estate Management & Development		162,497		—		—		162,497
Road & Rail		1,966,718		—		—		1,966,718
Semiconductors & Semiconductor Equipment		10,832,496		—		—		10,832,496


14		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® ESG Screened S&P 500 ETF




	Level 1			Level 2		Level 3		Total

Common Stocks (continued)
Software	$	19,189,589		$	95,484	$	—	$	19,285,073
Specialty Retail		5,030,004			—		—		5,030,004
Technology Hardware, Storage & Peripherals		16,124,215			—		—		16,124,215
Textiles, Apparel & Luxury Goods		937,961			—		—		937,961
Trading Companies & Distributors		339,509			—		—		339,509
Water Utilities		177,408			—		—		177,408
Wireless Telecommunication Services		602,826			—		—		602,826
Short-Term Securities
Money Market Funds		561,416			—		—		561,416


	$	201,119,156		$	95,484	$	—	$	201,214,640

Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(41,630	)	$	—	$	—	$	(41,630	)

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

See notes to financial statements.


S C H E D U L E S O F I N V E S T M E N T S		15

Schedule of Investments (unaudited)

September 30, 2022

iShares^® ESG Screened S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.4%
Axon Enterprise, Inc.^(a)		3,308	$	382,901
Curtiss-Wright Corp.		1,881		261,760
Hexcel Corp.		4,145		214,380
Mercury Systems, Inc.^(a)		2,825		114,695
Woodward, Inc.		2,947		236,526


				1,210,262

Air Freight & Logistics — 0.2%
GXO Logistics, Inc.^(a)		5,835		204,575


Airlines — 0.1%
JetBlue Airways Corp.^(a)		16,053		106,431


Auto Components — 1.5%
Adient PLC^(a)		4,671		129,620
Dana, Inc.		6,277		71,746
Fox Factory Holding Corp.^(a)		2,070		163,696
Gentex Corp.		11,519		274,613
Goodyear Tire & Rubber Co.^(a)(b)		13,854		139,787
Lear Corp.		2,909		348,178
Visteon Corp.^(a)		1,387		147,105


				1,274,745

Automobiles — 0.5%
Harley-Davidson, Inc.		6,516		227,278
Thor Industries, Inc.		2,683		187,756


				415,034

Banks — 8.2%
Associated Banc-Corp.		7,426		149,114
Bank of Hawaii Corp.		1,983		150,946
Bank OZK		5,472		216,472
Cadence Bank		4,744		120,545
Cathay General Bancorp		3,661		140,802
Commerce Bancshares, Inc.		5,367		355,081
Cullen/Frost Bankers, Inc.		3,154		417,022
East West Bancorp, Inc.		6,934		465,549
First Financial Bankshares, Inc.		6,423		268,674
First Horizon Corp.		26,288		601,995
FNB Corp.		17,258		200,193
Fulton Financial Corp.		8,365		132,167
Glacier Bancorp, Inc.		5,425		266,530
Hancock Whitney Corp.		4,218		193,227
Home BancShares, Inc.		9,458		212,900
International Bancshares Corp.		2,604		110,670
Old National Bancorp		14,349		236,328
PacWest Bancorp		5,817		131,464
Pinnacle Financial Partners, Inc.		3,760		304,936
Prosperity Bancshares, Inc.		4,489		299,326
Synovus Financial Corp.		7,151		268,234
Texas Capital Bancshares, Inc.^(a)		2,454		144,860
UMB Financial Corp.		2,140		180,381
Umpqua Holdings Corp.		10,795		184,487
United Bankshares, Inc.		6,594		235,735
Valley National Bancorp		20,678		223,322
Washington Federal, Inc.		3,213		96,326
Webster Financial Corp.		8,652		391,070
Wintrust Financial Corp.		2,995		244,242


				6,942,598

Beverages — 0.5%
Boston Beer Co., Inc., Class A, NVS^(a)		467		151,145


Security	Shares		Value

Beverages (continued)
Celsius Holdings, Inc.^(a)		1,974	$	179,002
Coca-Cola Consolidated, Inc.		227		93,463


				423,610

Biotechnology — 2.0%
Arrowhead Pharmaceuticals, Inc.^(a)		5,186		171,397
Exelixis, Inc.^(a)		15,766		247,211
Halozyme Therapeutics, Inc.^(a)		6,750		266,895
Neurocrine Biosciences, Inc.^(a)		4,685		497,594
United Therapeutics Corp.^(a)		2,239		468,802


				1,651,899

Building Products — 2.7%
Builders FirstSource, Inc.^(a)(b)		7,646		450,502
Carlisle Cos., Inc.		2,534		710,559
Lennox International, Inc.		1,580		351,819
Owens Corning		4,715		370,646
Simpson Manufacturing Co., Inc.		2,127		166,757
Trex Co., Inc.^(a)		5,402		237,364


				2,287,647

Capital Markets — 2.1%
Affiliated Managers Group, Inc.		1,885		210,837
Evercore, Inc., Class A		1,772		145,747
Federated Hermes, Inc.		4,166		137,978
Interactive Brokers Group, Inc., Class A		5,061		323,449
Janus Henderson Group PLC		6,519		132,401
Jefferies Financial Group, Inc.		9,151		269,955
SEI Investments Co.		5,067		248,536
Stifel Financial Corp.		5,221		271,022


				1,739,925

Chemicals — 2.3%
Ashland, Inc.		2,451		232,771
Avient Corp.		4,206		127,442
Cabot Corp.		2,758		176,209
Chemours Co.		7,600		187,340
Ingevity Corp.^(a)		1,760		106,709
NewMarket Corp.		340		102,282
RPM International, Inc.		6,320		526,519
Scotts Miracle-Gro Co., Class A		2,027		86,654
Sensient Technologies Corp.		2,059		142,771
Valvoline, Inc.		8,725		221,092


				1,909,789

Commercial Services & Supplies — 1.6%
Brink’s Co.		2,339		113,301
Clean Harbors, Inc.^(a)		2,465		271,101
IAA, Inc.^(a)		6,579		209,541
MillerKnoll, Inc.		3,770		58,812
MSA Safety, Inc.		1,802		196,923
Stericycle, Inc.^(a)		4,516		190,169
Tetra Tech, Inc.		2,612		335,720


				1,375,567

Communications Equipment — 1.0%
Calix, Inc.^(a)		2,779		169,908
Ciena Corp.^(a)		7,365		297,767
Lumentum Holdings, Inc.^(a)		3,380		231,766
Viasat, Inc.^(a)		3,751		113,393


				812,834

Construction & Engineering — 1.9%
AECOM		6,841		467,719
Dycom Industries, Inc.^(a)		1,456		139,092
EMCOR Group, Inc.		2,418		279,231


16		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® ESG Screened S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Construction & Engineering (continued)
MasTec, Inc.^(a)		2,800	$	177,800
MDU Resources Group, Inc.		9,962		272,461
Valmont Industries, Inc.		1,046		280,976


				1,617,279

Construction Materials — 0.2%
Eagle Materials, Inc.		1,856		198,926


Consumer Finance — 0.4%
Bread Financial Holdings, Inc.		1,896		59,629
Navient Corp.		5,446		80,002
SLM Corp.		12,369		173,042


				312,673

Containers & Packaging — 1.0%
AptarGroup, Inc.		3,213		305,332
Greif, Inc., Class A, NVS		1,304		77,679
Silgan Holdings, Inc.		4,120		173,205
Sonoco Products Co.		4,777		270,999


				827,215

Diversified Consumer Services — 1.2%
Graham Holdings Co., Class B		190		102,216
Grand Canyon Education, Inc.^(a)		1,575		129,544
H&R Block, Inc.		7,818		332,577
Service Corp. International		7,724		445,984


				1,010,321

Diversified Financial Services — 0.3%
Voya Financial, Inc.		4,818		291,489


Diversified Telecommunication Services — 0.3%
Iridium Communications, Inc.^(a)		6,220		275,981


Electric Utilities — 0.2%
Hawaiian Electric Industries, Inc.		5,363		185,882


Electrical Equipment — 2.5%
Acuity Brands, Inc.		1,603		252,424
EnerSys		2,000		116,340
Hubbell, Inc.		2,630		586,490
nVent Electric PLC		8,156		257,811
Regal Rexnord Corp.		3,257		457,153
SunPower Corp.^(a)		4,153		95,685
Sunrun, Inc.^(a)(b)		10,391		286,688
Vicor Corp.^(a)		1,075		63,575


				2,116,166

Electronic Equipment, Instruments & Components — 3.3%
Arrow Electronics, Inc.^(a)(b)		3,156		290,952
Avnet, Inc.		4,659		168,283
Belden, Inc.^(b)		2,132		127,963
Cognex Corp.		8,543		354,107
Coherent Corp.^(a)		6,350		221,298
IPG Photonics Corp.^(a)		1,632		137,659
Jabil, Inc.		6,769		390,639
Littelfuse, Inc.		1,221		242,600
National Instruments Corp.		6,482		244,631
Novanta, Inc.^(a)		1,754		202,850
TD SYNNEX Corp.		2,064		167,576
Vishay Intertechnology, Inc.		6,430		114,390
Vontier Corp.		7,738		129,302


				2,792,250

Energy Equipment & Services — 0.6%
ChampionX Corp.		9,942		194,565
NOV, Inc.		19,243		311,352


				505,917


Security	Shares		Value

Entertainment — 0.2%
World Wrestling Entertainment, Inc., Class A		2,162	$	151,708


Equity Real Estate Investment Trusts (REITs) — 8.0%
Apartment Income REIT Corp.		7,554		291,735
Brixmor Property Group, Inc.		14,681		271,158
Corporate Office Properties Trust		5,508		127,951
Cousins Properties, Inc.		7,489		174,868
Douglas Emmett, Inc.		8,660		155,274
EastGroup Properties, Inc.		2,134		308,022
EPR Properties		3,711		133,076
First Industrial Realty Trust, Inc.		6,470		289,921
Highwoods Properties, Inc.		5,176		139,545
Independence Realty Trust, Inc.		10,867		181,805
JBG SMITH Properties		4,897		90,986
Kilroy Realty Corp.		5,153		216,993
Kite Realty Group Trust		10,734		184,839
Lamar Advertising Co., Class A		4,268		352,067
Life Storage, Inc.		4,134		457,882
Macerich Co.		10,676		84,767
Medical Properties Trust, Inc.		29,345		348,032
National Retail Properties, Inc.		8,677		345,865
National Storage Affiliates Trust		4,208		174,969
Omega Healthcare Investors, Inc.		11,469		338,221
Park Hotels & Resorts, Inc.		11,062		124,558
Pebblebrook Hotel Trust		6,537		94,852
Physicians Realty Trust		11,235		168,974
PotlatchDeltic Corp.		3,972		163,011
Rayonier, Inc.		7,173		214,975
Rexford Industrial Realty, Inc.		8,381		435,812
Sabra Health Care REIT, Inc.		11,381		149,319
SL Green Realty Corp.		3,170		127,307
Spirit Realty Capital, Inc.		6,679		241,513
STORE Capital Corp.		13,018		407,854


				6,796,151

Food & Staples Retailing — 0.9%
BJ’s Wholesale Club Holdings, Inc.^(a)		6,623		482,221
Grocery Outlet Holding Corp.^(a)		4,384		145,943
Sprouts Farmers Market, Inc.^(a)		5,288		146,742


				774,906

Food Products — 1.7%
Darling Ingredients, Inc.^(a)		7,857		519,741
Flowers Foods, Inc.		9,495		234,432
Ingredion, Inc.		3,210		258,469
Lancaster Colony Corp.		984		147,875
Pilgrim’s Pride Corp.^(a)		2,246		51,703
Post Holdings, Inc.^(a)(b)		2,676		219,191


				1,431,411

Gas Utilities — 1.3%
New Jersey Resources Corp.		4,714		182,432
ONE Gas, Inc.		2,652		186,674
Southwest Gas Holdings, Inc.		3,032		211,482
Spire, Inc.		2,572		160,313
UGI Corp.		10,303		333,096


				1,073,997

Health Care Equipment & Supplies — 4.0%
Enovis Corp.^(a)		2,343		107,942
Envista Holdings Corp.^(a)		8,004		262,611
Globus Medical, Inc., Class A^(a)		3,788		225,651
Haemonetics Corp.^(a)		2,514		186,112
ICU Medical, Inc.^(a)		983		148,040
Integra LifeSciences Holdings Corp.^(a)		3,575		151,437


S C H E D U L E S O F I N V E S T M E N T S		17

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® ESG Screened S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Equipment & Supplies (continued)
LivaNova PLC^(a)		2,661	$	135,099
Masimo Corp.^(a)		2,368		334,267
Neogen Corp.^(a)		10,587		147,900
NuVasive, Inc.^(a)		2,600		113,906
Omnicell, Inc.^(a)		2,178		189,551
Penumbra, Inc.^(a)		1,856		351,898
QuidelOrtho Corp.^(a)		2,669		190,780
Shockwave Medical, Inc.^(a)		1,760		489,403
STAAR Surgical Co.^(a)		2,353		166,004
Tandem Diabetes Care, Inc.^(a)		3,183		152,307


				3,352,908

Health Care Providers & Services — 2.9%
Acadia Healthcare Co., Inc.^(a)		4,450		347,901
Amedisys, Inc.^(a)		1,596		154,477
Chemed Corp.		730		318,689
Encompass Health Corp.		4,888		221,084
HealthEquity, Inc.^(a)		4,133		277,614
LHC Group, Inc.^(a)		1,528		250,073
Option Care Health, Inc.^(a)		7,461		234,798
Patterson Cos., Inc.		4,323		103,838
Progyny, Inc.^(a)		3,539		131,155
R1 RCM, Inc.^(a)		6,713		124,392
Tenet Healthcare Corp.^(a)		5,285		272,600


				2,436,621

Hotels, Restaurants & Leisure — 2.8%
Boyd Gaming Corp.		4,029		191,982
Choice Hotels International, Inc.		1,427		156,285
Churchill Downs, Inc.		1,625		299,244
Cracker Barrel Old Country Store, Inc.		1,122		103,875
Light & Wonder, Inc.^(a)		4,640		198,963
Marriott Vacations Worldwide Corp.		1,925		234,580
Papa John’s International, Inc.		1,593		111,526
Texas Roadhouse, Inc.		3,275		285,776
Travel + Leisure Co.		4,123		140,677
Wendy’s Co.		8,390		156,809
Wingstop, Inc.		1,465		183,740
Wyndham Hotels & Resorts, Inc.		4,425		271,474


				2,334,931

Household Durables — 1.5%
Helen of Troy Ltd.^(a)		1,192		114,957
KB Home		4,157		107,749
Leggett & Platt, Inc.		6,524		216,727
Taylor Morrison Home Corp.^(a)		5,592		130,406
Tempur Sealy International, Inc.		8,473		204,538
Toll Brothers, Inc.		5,260		220,920
TopBuild Corp.^(a)		1,586		261,341


				1,256,638

Household Products — 0.1%
Energizer Holdings, Inc.		3,260		81,956


Independent Power and Renewable Electricity Producers — 0.2%
Ormat Technologies, Inc.		2,203		189,899


Insurance — 4.9%
Alleghany Corp.^(a)		659		553,145
American Financial Group, Inc.		3,435		422,265
Brighthouse Financial, Inc.^(a)		3,534		153,446
CNO Financial Group, Inc.		5,629		101,153
First American Financial Corp.		5,126		236,309
Hanover Insurance Group, Inc.		1,746		223,732
Kemper Corp.		3,057		126,132
Kinsale Capital Group, Inc.		1,055		269,468


Security	Shares		Value

Insurance (continued)
Old Republic International Corp.		14,167	$	296,515
Primerica, Inc.		1,842		227,395
Reinsurance Group of America, Inc.		3,283		413,034
RenaissanceRe Holdings Ltd.		2,151		301,979
RLI Corp.		1,994		204,146
Selective Insurance Group, Inc.		2,956		240,618
Unum Group		9,249		358,861


				4,128,198

Interactive Media & Services — 0.3%
TripAdvisor, Inc.^(a)		4,982		110,003
Ziff Davis, Inc.^(a)		2,323		159,079


				269,082

IT Services — 1.9%
Concentrix Corp.		2,105		234,981
Euronet Worldwide, Inc.^(a)		2,319		175,687
Genpact Ltd.		8,306		363,554
Kyndryl Holdings, Inc.^(a)		10,041		83,039
Maximus, Inc.		2,966		171,642
Sabre Corp.^(a)		16,238		83,626
Western Union Co.		18,980		256,230
WEX, Inc.^(a)		2,174		275,968


				1,644,727

Leisure Products — 0.9%
Brunswick Corp.		3,657		239,351
Polaris, Inc.		2,743		262,368
Topgolf Callaway Brands Corp.^(a)		6,819		131,334
YETI Holdings, Inc.^(a)		4,222		120,411


				753,464

Life Sciences Tools & Services — 1.6%
Azenta, Inc.		3,675		157,511
Bruker Corp.		4,962		263,284
Medpace Holdings, Inc.^(a)		1,236		194,262
Repligen Corp.^(a)(b)		2,528		473,014
Syneos Health, Inc.^(a)		5,029		237,117


				1,325,188

Machinery — 4.7%
AGCO Corp.		3,033		291,684
Chart Industries, Inc.^(a)		1,757		323,903
Crane Holdings Co.		2,336		204,493
Donaldson Co., Inc.		6,053		296,657
Esab Corp.		2,271		75,761
Flowserve Corp.		6,441		156,516
Graco, Inc.		8,285		496,686
ITT, Inc.		4,051		264,692
Kennametal, Inc.		4,010		82,526
Lincoln Electric Holdings, Inc.		2,837		356,668
Middleby Corp.^(a)		2,640		338,369
Oshkosh Corp.		3,215		225,982
Terex Corp.		3,337		99,242
Timken Co.		3,289		194,183
Toro Co.		5,123		443,037
Watts Water Technologies, Inc., Class A		1,345		169,107


				4,019,506

Marine — 0.2%
Kirby Corp.^(a)		2,948		179,150


Media — 0.9%
Cable One, Inc.		239		203,879
John Wiley & Sons, Inc., Class A		2,123		79,740


18		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® ESG Screened S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Media (continued)
New York Times Co., Class A		8,106	$	233,047
TEGNA, Inc.		11,047		228,452


				745,118

Metals & Mining — 3.0%
Alcoa Corp.		8,814		296,679
Cleveland-Cliffs, Inc.^(a)(b)		25,342		341,357
Commercial Metals Co.		5,942		210,822
Reliance Steel & Aluminum Co.		2,954		515,207
Royal Gold, Inc.		3,216		301,725
Steel Dynamics, Inc.		8,499		603,004
United States Steel Corp.		11,673		211,515
Worthington Industries, Inc.		1,486		56,676


				2,536,985

Multiline Retail — 0.7%
Kohl’s Corp.		6,293		158,269
Macy’s, Inc.		13,272		207,972
Nordstrom, Inc.		5,579		93,337
Ollie’s Bargain Outlet Holdings, Inc.^(a)		2,864		147,782


				607,360

Oil, Gas & Consumable Fuels — 1.7%
DT Midstream, Inc.		4,767		247,360
Equitrans Midstream Corp.		21,297		159,301
HF Sinclair Corp.		7,147		384,794
Targa Resources Corp.		11,099		669,714


				1,461,169

Paper & Forest Products — 0.2%
Louisiana-Pacific Corp.		3,635		186,076


Personal Products — 0.4%
BellRing Brands, Inc.^(a)		6,664		137,345
Coty, Inc., Class A^(a)		17,115		108,167
Nu Skin Enterprises, Inc., Class A		2,512		83,825


				329,337

Pharmaceuticals — 0.8%
Jazz Pharmaceuticals PLC^(a)		3,071		409,333
Perrigo Co. PLC		6,595		235,178


				644,511

Professional Services — 1.6%
ASGN, Inc.^(a)		2,469		223,124
FTI Consulting, Inc.^(a)		1,692		280,381
Insperity, Inc.		1,779		181,618
KBR, Inc.		6,812		294,415
ManpowerGroup, Inc.		2,547		164,765
Science Applications International Corp.		2,728		241,237


				1,385,540

Real Estate Management & Development — 0.4%
Jones Lang LaSalle, Inc.^(a)		2,347		354,561


Road & Rail — 1.9%
Avis Budget Group, Inc.^(a)		1,419		210,665
Knight-Swift Transportation Holdings, Inc.		7,871		385,128
Landstar System, Inc.		1,791		258,566
Ryder System, Inc.		2,518		190,084
Saia, Inc.^(a)		1,294		245,860
Werner Enterprises, Inc.		2,902		109,115
XPO Logistics, Inc.^(a)		5,636		250,915


				1,650,333

Semiconductors & Semiconductor Equipment — 3.7%
Amkor Technology, Inc.		5,002		85,284
Cirrus Logic, Inc.^(a)		2,751		189,269


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
First Solar, Inc.^(a)		4,879	$	645,345
Lattice Semiconductor Corp.^(a)		6,727		331,036
MACOM Technology Solutions Holdings, Inc.^(a)		2,514		130,200
MKS Instruments, Inc.		2,801		231,475
Power Integrations, Inc.		2,821		181,447
Semtech Corp.^(a)		3,175		93,377
Silicon Laboratories, Inc.^(a)(b)		1,685		207,996
SiTime Corp.^(a)		777		61,173
Synaptics, Inc.^(a)		1,941		192,178
Universal Display Corp.		2,129		200,871
Wolfspeed, Inc.^(a)		6,057		626,052


				3,175,703

Software — 3.1%
ACI Worldwide, Inc.^(a)		5,610		117,249
Aspen Technology, Inc.^(a)(b)		1,402		333,956
Blackbaud, Inc.^(a)		2,190		96,491
CommVault Systems, Inc.^(a)		2,195		116,423
Envestnet, Inc.^(a)		1,507		66,911
Fair Isaac Corp.^(a)		1,243		512,128
Manhattan Associates, Inc.^(a)		3,085		410,398
NCR Corp.^(a)		6,830		129,838
Paylocity Holding Corp.^(a)		1,985		479,536
Qualys, Inc.^(a)		1,671		232,921
Teradata Corp.^(a)		5,059		157,133


				2,652,984

Specialty Retail — 2.9%
AutoNation, Inc.^(a)		1,900		193,553
Five Below, Inc.^(a)		2,718		374,187
Foot Locker, Inc.		3,952		123,026
GameStop Corp., Class A^(a)(b)		12,365		310,732
Gap, Inc.		10,486		86,090
Lithia Motors, Inc.		1,349		289,428
Murphy USA, Inc.		1,052		289,205
RH^(a)		983		241,887
Victoria’s Secret & Co.^(a)		4,088		119,043
Williams-Sonoma, Inc.		3,369		397,037


				2,424,188

Technology Hardware, Storage & Peripherals — 0.1%
Xerox Holdings Corp.		5,512		72,097


Textiles, Apparel & Luxury Goods — 1.8%
Capri Holdings Ltd.^(a)		6,762		259,931
Carter’s, Inc.		1,920		125,818
Columbia Sportswear Co.		1,695		114,073
Crocs, Inc.^(a)		3,020		207,353
Deckers Outdoor Corp.^(a)		1,300		406,393
Hanesbrands, Inc.		17,095		118,981
Skechers USA, Inc., Class A^(a)		6,608		209,606
Under Armour, Inc., Class A^(a)		9,284		61,739
Under Armour, Inc., Class C, NVS^(a)		9,820		58,527


				1,562,421

Thrifts & Mortgage Finance — 0.7%
Essent Group Ltd.		5,316		185,369
MGIC Investment Corp.		14,970		191,915
New York Community Bancorp, Inc.		22,837		194,800


				572,084

Trading Companies & Distributors — 1.1%
GATX Corp.		1,735		147,735
MSC Industrial Direct Co., Inc., Class A		2,319		168,846


S C H E D U L E S O F I N V E S T M E N T S		19

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® ESG Screened S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Trading Companies & Distributors (continued)
Univar Solutions, Inc.^(a)		8,207	$	186,627
Watsco, Inc.		1,627		418,888


				922,096

Water Utilities — 0.6%
Essential Utilities, Inc.		11,734		485,553


Total Long-Term Investments — 99.7% (Cost: $100,755,116)				84,457,572


Short-Term Securities^(c)(d)

Money Market Funds — 2.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%^(e)		2,156,598		2,157,245
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%		101,120		101,119


Total Short-Term Securities — 2.6% (Cost: $2,257,445)				2,258,364


Total Investments — 102.3% (Cost: $103,012,561)				86,715,936

Liabilities in Excess of Other Assets — (2.3)%				(1,990,902	)


Net Assets — 100.0%			$	84,725,034

^(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



Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	815,271	$	1,340,817	^(a)	$	—	$	349	$	808	$	2,157,245		2,156,598	$	21,772	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		90,000		11,119	^(a)		—		—		—		101,119		101,120		1,018			—


								$	349	$	808	$	2,258,364			$	22,790		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Categorized by Risk Exposure

For the period ended September 30, 2022, 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	$	—	$	—	$	(4,490	)	$	—	$	—	$	—	$	(4,490	)


20		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® ESG Screened S&P Mid-Cap ETF

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	84,457,572	$	—	$	—	$	84,457,572
Short-Term Securities
Money Market Funds		2,258,364		—		—		2,258,364


	$	86,715,936	$	—	$	—	$	86,715,936

See notes to financial statements.


S C H E D U L E S O F I N V E S T M E N T S		21

Schedule of Investments (unaudited)

September 30, 2022

iShares^® ESG Screened S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.7%
AAR Corp.^(a)		1,579	$	56,560
AeroVironment, Inc.^(a)		1,173		97,781
Kaman Corp.		1,315		36,728
National Presto Industries, Inc.		238		15,482
Park Aerospace Corp.		912		10,068
Triumph Group, Inc.^(a)		3,050		26,200


				242,819

Air Freight & Logistics — 1.0%
Atlas Air Worldwide Holdings, Inc.^(a)		1,210		115,640
Forward Air Corp.		1,261		113,818
Hub Group, Inc., Class A^(a)		1,595		110,023


				339,481

Airlines — 0.4%
Allegiant Travel Co.^(a)		726		52,983
Hawaiian Holdings, Inc.^(a)		2,413		31,731
SkyWest, Inc.^(a)		2,375		38,618
Sun Country Airlines Holdings, Inc.^(a)		1,529		20,810


				144,142

Auto Components — 1.4%
American Axle & Manufacturing Holdings, Inc.^(a)		5,378		36,732
Dorman Products, Inc.^(a)		1,328		109,055
Gentherm, Inc.^(a)		1,557		77,430
LCI Industries		1,194		121,143
Motorcar Parts of America, Inc.^(a)		903		13,744
Patrick Industries, Inc.		1,020		44,717
Standard Motor Products, Inc.		874		28,405
XPEL, Inc.^(a)		921		59,349


				490,575

Automobiles — 0.2%
Winnebago Industries, Inc.		1,491		79,336


Banks — 9.5%
Ameris Bancorp		2,840		126,976
Banc of California, Inc.		2,619		41,825
BancFirst Corp.		816		73,008
Bancorp, Inc.^(a)		2,202		48,400
BankUnited, Inc.		2,029		69,331
Banner Corp.		908		53,645
Berkshire Hills Bancorp, Inc.		581		15,861
Brookline Bancorp, Inc.		1,924		22,415
Central Pacific Financial Corp.		464		9,600
City Holding Co.		428		37,959
Columbia Banking System, Inc.		3,273		94,557
Community Bank System, Inc.		2,371		142,450
Customers Bancorp, Inc.^(a)		1,193		35,170
CVB Financial Corp.		5,705		144,451
Dime Community Bancshares, Inc.		1,522		44,564
Eagle Bancorp, Inc.		1,451		65,034
FB Financial Corp.		1,651		63,085
First BanCorp/Puerto Rico		6,475		88,578
First Bancorp/Southern Pines NC		1,473		53,882
First Commonwealth Financial Corp.		1,770		22,727
First Financial Bancorp		3,854		81,242
First Hawaiian, Inc.		5,995		147,657
Hanmi Financial Corp.		1,259		29,813
Heritage Financial Corp.		1,409		37,296
Hilltop Holdings, Inc.		2,153		53,502
HomeStreet, Inc.		461		13,281
Hope Bancorp, Inc.		3,221		40,713
Independent Bank Corp.		1,185		88,318


Security	Shares		Value

Banks (continued)
Independent Bank Group, Inc.		1,662	$	102,030
Lakeland Financial Corp.		1,100		80,091
National Bank Holdings Corp., Class A		1,412		52,230
NBT Bancorp, Inc.		1,738		65,957
Northwest Bancshares, Inc.		5,563		75,156
OFG Bancorp		1,618		40,660
Pacific Premier Bancorp, Inc.		4,255		131,735
Park National Corp.		679		84,522
Pathward Financial, Inc.		1,023		33,718
Preferred Bank		107		6,980
Renasant Corp.		2,292		71,694
S&T Bancorp, Inc.		1,005		29,457
Seacoast Banking Corp. of Florida		2,543		76,875
ServisFirst Bancshares, Inc.^(b)		2,295		183,600
Simmons First National Corp., Class A		3,595		78,335
Southside Bancshares, Inc.		1,418		50,140
Tompkins Financial Corp.		591		42,918
Triumph Bancorp, Inc.^(a)		1,032		56,089
Trustmark Corp.		2,328		71,307
United Community Banks, Inc.		4,408		145,905
Veritex Holdings, Inc.		1,859		49,431
Westamerica Bancorp		1,103		57,676


				3,331,846

Beverages — 0.3%
MGP Ingredients, Inc.		723		76,754
National Beverage Corp.		1,096		42,240


				118,994

Biotechnology — 3.0%
Anika Therapeutics, Inc.^(a)		685		16,303
Arcus Biosciences, Inc.^(a)(b)		2,439		63,804
Avid Bioservices, Inc.^(a)		2,903		55,505
Coherus Biosciences, Inc.^(a)		3,029		29,109
Cytokinetics, Inc.^(a)		4,420		214,149
Dynavax Technologies Corp.^(a)		5,522		57,650
Eagle Pharmaceuticals, Inc.^(a)		499		13,184
Emergent BioSolutions, Inc.^(a)		2,083		43,722
Enanta Pharmaceuticals, Inc.^(a)		915		47,461
Ironwood Pharmaceuticals, Inc.^(a)		6,259		64,843
Ligand Pharmaceuticals, Inc.^(a)		753		64,841
Myriad Genetics, Inc.^(a)		3,786		72,237
Organogenesis Holdings, Inc.^(a)		3,318		10,750
REGENXBIO, Inc.^(a)		1,766		46,675
uniQure NV^(a)		1,931		36,226
Vanda Pharmaceuticals, Inc.^(a)		2,655		26,231
Vericel Corp.^(a)		2,215		51,388
Vir Biotechnology, Inc.^(a)		3,550		68,444
Xencor, Inc.^(a)		2,803		72,822


				1,055,344

Building Products — 2.1%
AAON, Inc.		1,972		106,251
American Woodmark Corp.^(a)		779		34,167
Apogee Enterprises, Inc.		1,040		39,749
Gibraltar Industries, Inc.^(a)		1,485		60,781
Griffon Corp.		2,224		65,653
Insteel Industries, Inc.		916		24,302
PGT Innovations, Inc.^(a)		2,814		58,981
Quanex Building Products Corp.		1,564		28,402
Resideo Technologies, Inc.^(a)		6,840		130,370
UFP Industries, Inc.		2,893		208,759


				757,415


22		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® ESG Screened S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Capital Markets — 1.0%
B Riley Financial, Inc.		744	$	33,123
Blucora, Inc.^(a)		2,242		43,360
Brightsphere Investment Group, Inc.		1,517		22,619
Donnelley Financial Solutions, Inc.^(a)(b)		1,200		44,364
Piper Sandler Cos		644		67,453
StoneX Group, Inc.^(a)		809		67,098
Virtus Investment Partners, Inc.		321		51,206
WisdomTree Investments, Inc.		5,230		24,476


				353,699

Chemicals — 3.0%
AdvanSix, Inc.		1,315		42,211
American Vanguard Corp.		1,362		25,469
Balchem Corp.		1,508		183,343
FutureFuel Corp.		1,240		7,490
Hawkins, Inc.		888		34,623
HB Fuller Co.		2,496		150,010
Innospec, Inc.		1,164		99,720
Koppers Holdings, Inc.		981		20,385
Livent Corp.^(a)(b)		8,415		257,920
Quaker Chemical Corp.		640		92,403
Stepan Co.		995		93,202
Tredegar Corp.		1,181		11,149
Trinseo PLC		1,642		30,081


				1,048,006

Commercial Services & Supplies — 2.0%
ABM Industries, Inc.		3,136		119,889
Brady Corp., Class A, NVS		2,192		91,472
CoreCivic, Inc.^(a)		5,522		48,815
Deluxe Corp.		2,023		33,683
GEO Group, Inc.^(a)		5,611		43,205
Harsco Corp.^(a)		3,729		13,946
Healthcare Services Group, Inc.		3,477		42,037
HNI Corp.		1,941		51,456
Interface, Inc.		2,759		24,803
KAR Auction Services, Inc.^(a)		5,438		60,743
Matthews International Corp., Class A		1,437		32,203
Pitney Bowes, Inc.		1,838		4,283
UniFirst Corp.		709		119,275
Viad Corp.^(a)		968		30,569


				716,379

Communications Equipment — 1.7%
ADTRAN Holdings, Inc.		3,308		64,770
Clearfield, Inc.^(a)(b)		537		56,192
Comtech Telecommunications Corp.		1,292		12,933
Digi International, Inc.^(a)		1,647		56,937
Extreme Networks, Inc.^(a)		6,069		79,322
Harmonic, Inc.^(a)		4,932		64,461
NETGEAR, Inc.^(a)		1,349		27,034
NetScout Systems, Inc.^(a)		3,188		99,848
Viavi Solutions, Inc.^(a)		10,696		139,583


				601,080

Construction & Engineering — 1.4%
Arcosa, Inc.		2,270		129,799
Comfort Systems USA, Inc.		1,680		163,514
Granite Construction, Inc.		2,070		52,557
MYR Group, Inc.^(a)		782		66,259
NV5 Global, Inc.^(a)		584		72,311


				484,440

Consumer Finance — 0.7%
Encore Capital Group, Inc.^(a)		1,121		50,983


Security	Shares		Value

Consumer Finance (continued)
Enova International, Inc.^(a)		1,503	$	43,993
Green Dot Corp., Class A^(a)		875		16,607
LendingTree, Inc.^(a)		510		12,169
PRA Group, Inc.^(a)		1,830		60,134
PROG Holdings, Inc.^(a)		2,369		35,488
World Acceptance Corp.^(a)(b)		171		16,556


				235,930

Containers & Packaging — 0.3%
Myers Industries, Inc.		1,712		28,197
O-I Glass, Inc.^(a)		7,311		94,677


				122,874

Diversified Consumer Services — 1.0%
Adtalem Global Education, Inc.^(a)		2,122		77,347
Frontdoor, Inc.^(a)		3,826		78,012
Perdoceo Education Corp.^(a)		3,181		32,765
Strategic Education, Inc.		1,053		64,665
Stride, Inc.^(a)(b)		1,908		80,193
WW International, Inc.^(a)		2,511		9,868


				342,850

Diversified Telecommunication Services — 0.4%
ATN International, Inc.		503		19,401
Cogent Communications Holdings, Inc.		2,003		104,476
Consolidated Communications Holdings, Inc.^(a)		3,467		14,423


				138,300

Electrical Equipment — 0.4%
AZZ, Inc.		1,164		42,498
Encore Wire Corp.^(b)		898		103,755
Powell Industries, Inc.		426		8,980


				155,233

Electronic Equipment, Instruments & Components — 4.5%
Advanced Energy Industries, Inc.		1,754		135,777
Arlo Technologies, Inc.^(a)		4,114		19,089
Badger Meter, Inc.		1,374		126,944
Benchmark Electronics, Inc.		1,651		40,912
CTS Corp.		1,496		62,308
ePlus, Inc.^(a)		1,263		52,465
Fabrinet^(a)		1,727		164,842
FARO Technologies, Inc.^(a)		858		23,543
Insight Enterprises, Inc.^(a)		1,433		118,094
Itron, Inc.^(a)(b)		2,119		89,231
Knowles Corp.^(a)		4,302		52,355
Methode Electronics, Inc.		1,725		64,084
OSI Systems, Inc.^(a)		744		53,613
PC Connection, Inc.		530		23,898
Plexus Corp.^(a)		1,301		113,916
Rogers Corp.^(a)		879		212,612
Sanmina Corp.^(a)		2,714		125,061
ScanSource, Inc.^(a)		1,184		31,269
TTM Technologies, Inc.^(a)		4,798		63,238


				1,573,251

Energy Equipment & Services — 1.8%
Archrock, Inc.		6,284		40,343
Bristow Group, Inc.^(a)		1,102		25,886
Core Laboratories NV		2,175		29,319
DMC Global, Inc.^(a)		871		13,919
Dril-Quip, Inc.^(a)		1,614		31,505
Helix Energy Solutions Group, Inc.^(a)		6,696		25,847
Helmerich & Payne, Inc.		4,943		182,743
Nabors Industries Ltd.^(a)		420		42,609
Oil States International, Inc.^(a)		3,000		11,670


S C H E D U L E S O F I N V E S T M E N T S		23

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® ESG Screened S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Energy Equipment & Services (continued)
Patterson-UTI Energy, Inc.		10,180	$	118,902
ProPetro Holding Corp.^(a)		4,115		33,126
RPC, Inc.		3,907		27,075
US Silica Holdings, Inc.^(a)		3,547		38,840


				621,784

Entertainment — 0.2%
Cinemark Holdings, Inc.^(a)		5,038		61,010
Marcus Corp.		1,145		15,904


				76,914

Equity Real Estate Investment Trusts (REITs) — 7.2%
Acadia Realty Trust		4,035		50,922
Agree Realty Corp.		3,748		253,290
Alexander & Baldwin, Inc.		3,413		56,588
American Assets Trust, Inc.		2,444		62,860
Armada Hoffler Properties, Inc.		3,179		32,998
Brandywine Realty Trust		8,055		54,371
CareTrust REIT, Inc.		4,555		82,491
Centerspace		722		48,605
Chatham Lodging Trust^(a)		2,291		22,612
Community Healthcare Trust, Inc.		1,095		35,861
DiamondRock Hospitality Co.		9,903		74,372
Diversified Healthcare Trust		11,227		11,116
Easterly Government Properties, Inc.		4,264		67,243
Elme Communities		4,103		72,049
Essential Properties Realty Trust, Inc.		6,630		128,953
Four Corners Property Trust, Inc.		3,824		92,503
Franklin Street Properties Corp.		4,314		11,346
Getty Realty Corp.		1,722		46,305
Global Net Lease, Inc.		4,868		51,844
Hersha Hospitality Trust, Class A		1,543		12,313
Industrial Logistics Properties Trust		3,072		16,896
Innovative Industrial Properties, Inc.		1,313		116,200
iStar, Inc.		4,008		37,114
LTC Properties, Inc.		1,902		71,230
LXP Industrial Trust		13,141		120,372
NexPoint Residential Trust, Inc.		1,072		49,537
Office Properties Income Trust		2,275		31,964
Orion Office REIT, Inc.		2,659		23,266
Retail Opportunity Investments Corp.		5,847		80,455
RPT Realty		3,998		30,225
Safehold, Inc.		817		21,618
Saul Centers, Inc.		605		22,687
Service Properties Trust		7,753		40,238
SITE Centers Corp.		8,743		93,637
Summit Hotel Properties, Inc.		5,019		33,728
Sunstone Hotel Investors, Inc.		9,968		93,899
Tanger Factory Outlet Centers, Inc.		4,900		67,032
Uniti Group, Inc.		11,139		77,416
Universal Health Realty Income Trust		596		25,753
Urban Edge Properties		5,514		73,557
Urstadt Biddle Properties, Inc., Class A		1,416		21,962
Veris Residential, Inc.^(a)		3,720		42,296
Whitestone REIT		2,179		18,434
Xenia Hotels & Resorts, Inc.		5,369		74,038


				2,552,196

Food & Staples Retailing — 0.9%
Andersons, Inc.		1,494		46,359
Chefs’ Warehouse, Inc.^(a)		1,599		46,323
PriceSmart, Inc.		1,176		67,726


Security	Shares		Value

Food & Staples Retailing (continued)
SpartanNash Co.		1,696	$	49,218
United Natural Foods, Inc.^(a)		2,737		94,070


				303,696

Food Products — 2.1%
B&G Foods, Inc.		3,365		55,489
Calavo Growers, Inc.		833		26,448
Cal-Maine Foods, Inc.		1,782		99,061
Fresh Del Monte Produce, Inc.		1,437		33,396
Hostess Brands, Inc.^(a)		6,408		148,922
J & J Snack Foods Corp.		703		91,017
John B Sanfilippo & Son, Inc.		419		31,731
Seneca Foods Corp., Class A^(a)		261		13,165
Simply Good Foods Co.^(a)		4,005		128,120
Tootsie Roll Industries, Inc.		834		27,755
TreeHouse Foods, Inc.^(a)		2,368		100,451


				755,555

Gas Utilities — 0.8%
Chesapeake Utilities Corp.		280		32,309
Northwest Natural Holding Co.		1,635		70,926
South Jersey Industries, Inc.		5,750		192,165


				295,400

Health Care Equipment & Supplies — 3.5%
AngioDynamics, Inc.^(a)(b)		1,830		37,442
Artivion, Inc.^(a)		1,893		26,199
Avanos Medical, Inc.^(a)		2,183		47,546
BioLife Solutions, Inc.^(a)		1,600		36,400
Cardiovascular Systems, Inc.^(a)		1,915		26,542
CONMED Corp.^(b)		1,430		114,643
Cutera, Inc.^(a)		836		38,121
Glaukos Corp.^(a)		2,235		118,991
Heska Corp.^(a)		477		34,783
Inogen, Inc.^(a)		1,074		26,077
Integer Holdings Corp.^(a)		1,555		96,768
Lantheus Holdings, Inc.^(a)		3,227		226,955
LeMaitre Vascular, Inc.		907		45,967
Meridian Bioscience, Inc.^(a)		2,054		64,763
Merit Medical Systems, Inc.^(a)		2,665		150,599
Mesa Laboratories, Inc.		235		33,095
OraSure Technologies, Inc.^(a)		3,409		12,920
Orthofix Medical, Inc.^(a)		939		17,944
Surmodics, Inc.^(a)		658		20,003
Varex Imaging Corp.^(a)		1,873		39,595
Zynex, Inc.		1,046		9,487


				1,224,840

Health Care Providers & Services — 3.9%
AdaptHealth Corp.^(a)		3,599		67,589
Addus HomeCare Corp.^(a)		755		71,906
AMN Healthcare Services, Inc.^(a)		2,032		215,311
Apollo Medical Holdings, Inc.^(a)(b)		1,842		71,838
Community Health Systems, Inc.^(a)		5,882		12,646
CorVel Corp.^(a)		433		59,940
Covetrus, Inc.^(a)		4,929		102,918
Cross Country Healthcare, Inc.^(a)		1,705		48,371
Ensign Group, Inc.		2,596		206,382
Fulgent Genetics, Inc.^(a)		952		36,290
Hanger, Inc.^(a)		1,785		33,415
Joint Corp.^(a)		681		10,699
ModivCare, Inc.^(a)		594		59,210
Owens & Minor, Inc.		3,580		86,278
Pediatrix Medical Group, Inc.^(a)		3,960		65,380
Pennant Group, Inc.^(a)		1,318		13,720


24		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® ESG Screened S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Providers & Services (continued)
RadNet, Inc.^(a)		2,287	$	46,540
Select Medical Holdings Corp.		4,848		107,141
US Physical Therapy, Inc.		611		46,448


				1,362,022

Health Care Technology — 0.6%
Allscripts Healthcare Solutions, Inc.^(a)		5,202		79,226
Computer Programs and Systems, Inc.^(a)		693		19,321
HealthStream, Inc.^(a)		1,134		24,109
NextGen Healthcare, Inc.^(a)		2,587		45,790
OptimizeRx Corp.^(a)		846		12,538
Simulations Plus, Inc.		751		36,453


				217,437

Hotels, Restaurants & Leisure — 1.9%
BJ’s Restaurants, Inc.^(a)		1,101		26,259
Bloomin’ Brands, Inc.		4,192		76,839
Brinker International, Inc.^(a)		2,058		51,409
Cheesecake Factory, Inc.		2,280		66,758
Chuy’s Holdings, Inc.^(a)		885		20,514
Dave & Buster’s Entertainment, Inc.^(a)		1,999		62,029
Dine Brands Global, Inc.		736		46,780
El Pollo Loco Holdings, Inc.^(a)		938		8,367
Golden Entertainment, Inc.^(a)		1,030		35,937
Jack in the Box, Inc.		989		73,255
Monarch Casino & Resort, Inc.^(a)		621		34,863
Ruth’s Hospitality Group, Inc.		1,447		24,397
Shake Shack, Inc., Class A^(a)		1,752		78,805
Six Flags Entertainment Corp.^(a)		3,473		61,472


				667,684

Household Durables — 2.5%
Cavco Industries, Inc.^(a)		388		79,835
Century Communities, Inc.		1,349		57,710
Ethan Allen Interiors, Inc.		1,070		22,620
Green Brick Partners, Inc.^(a)		1,275		27,259
Installed Building Products, Inc.		1,107		89,656
iRobot Corp.^(a)		1,278		71,990
La-Z-Boy, Inc.		2,037		45,975
LGI Homes, Inc.^(a)		962		78,278
M/I Homes, Inc.^(a)		1,303		47,208
MDC Holdings, Inc.		2,673		73,294
Meritage Homes Corp.^(a)		1,717		120,653
Sonos, Inc.^(a)		5,974		83,039
Tri Pointe Homes, Inc.^(a)		4,772		72,105
Tupperware Brands Corp.^(a)		1,802		11,803
Universal Electronics, Inc.^(a)		560		11,015


				892,440

Household Products — 0.6%
Central Garden & Pet Co.^(a)		457		16,470
Central Garden & Pet Co., Class A, NVS^(a)		1,946		66,475
WD-40 Co.		640		112,474


				195,419

Insurance — 2.5%
Ambac Financial Group, Inc.^(a)		2,111		26,915
American Equity Investment Life Holding Co.		3,333		124,288
AMERISAFE, Inc.		905		42,291
Assured Guaranty Ltd.		2,906		140,796
Employers Holdings, Inc.		794		27,385
Genworth Financial, Inc., Class A^(a)		14,070		49,245
HCI Group, Inc.		333		13,054
Horace Mann Educators Corp.		1,098		38,748
James River Group Holdings Ltd.		1,685		38,435


Security	Shares		Value

Insurance (continued)
Palomar Holdings, Inc.^(a)		1,185	$	99,208
ProAssurance Corp.		1,419		27,685
Safety Insurance Group, Inc.		587		47,876
SiriusPoint Ltd.^(a)		3,989		19,745
Stewart Information Services Corp.		1,207		52,673
Trupanion, Inc.^(a)		1,645		97,762
United Fire Group, Inc.		1,016		29,190
Universal Insurance Holdings, Inc.		1,297		12,775


				888,071

Interactive Media & Services — 0.6%
Cars.com, Inc.^(a)		2,963		34,074
QuinStreet, Inc.^(a)		2,419		25,400
Shutterstock, Inc.		1,131		56,742
Yelp, Inc.^(a)		3,299		111,869


				228,085

Internet & Direct Marketing Retail — 0.1%
Liquidity Services, Inc.^(a)		1,270		20,650
PetMed Express, Inc.		987		19,266


				39,916

IT Services — 1.0%
CSG Systems International, Inc.		1,506		79,637
EVERTEC, Inc.		3,097		97,091
Perficient, Inc.^(a)		1,625		105,658
TTEC Holdings, Inc.		887		39,303
Unisys Corp.^(a)(b)		3,182		24,024


				345,713

Life Sciences Tools & Services — 0.1%
NeoGenomics, Inc.^(a)		5,906		50,851


Machinery — 4.5%
3D Systems Corp.^(a)		6,117		48,814
Alamo Group, Inc.		483		59,056
Albany International Corp., Class A		1,460		115,092
Astec Industries, Inc.		1,073		33,467
Barnes Group, Inc.		2,372		68,503
CIRCOR International, Inc.^(a)		956		15,764
Enerpac Tool Group Corp.		2,730		48,676
EnPro Industries, Inc.		977		83,026
ESCO Technologies, Inc.		1,214		89,156
Federal Signal Corp.^(b)		2,846		106,213
Franklin Electric Co., Inc.		1,826		149,203
Greenbrier Cos., Inc.		1,530		37,133
Hillenbrand, Inc.		3,261		119,744
John Bean Technologies Corp.		1,496		128,656
Lindsay Corp.		515		73,789
Proto Labs, Inc.^(a)		1,291		47,031
SPX Technologies, Inc.^(a)		2,123		117,232
Standex International Corp.		562		45,887
Tennant Co.		873		49,377
Titan International, Inc.^(a)		2,388		28,990
Trinity Industries, Inc.		3,850		82,198
Wabash National Corp.		2,279		35,461


				1,582,468

Marine — 0.3%
Matson, Inc.		1,830		112,582


Media — 0.6%
AMC Networks, Inc., Class A^(a)		1,313		26,654
EW Scripps Co., Class A^(a)		2,718		30,632
Gannett Co., Inc.^(a)		6,586		10,077
Scholastic Corp.		1,419		43,648


S C H E D U L E S O F I N V E S T M E N T S		25

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® ESG Screened S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Media (continued)
TechTarget, Inc.^(a)		1,274	$	75,421
Thryv Holdings, Inc.^(a)		1,439		32,852


				219,284

Metals & Mining — 1.7%
Arconic Corp.^(a)		4,819		82,116
ATI, Inc.^(a)		6,099		162,294
Carpenter Technology Corp.		2,267		70,594
Century Aluminum Co.^(a)		2,402		12,683
Compass Minerals International, Inc.		1,604		61,802
Haynes International, Inc.		585		20,545
Kaiser Aluminum Corp.		748		45,890
Materion Corp.		964		77,120
Olympic Steel, Inc.		450		10,265
SunCoke Energy, Inc.		3,915		22,746
TimkenSteel Corp.^(a)		1,931		28,946


				595,001

Mortgage Real Estate Investment Trusts (REITs) — 1.3%
Apollo Commercial Real Estate Finance, Inc.		6,073		50,406
ARMOUR Residential REIT, Inc.		5,382		26,210
Ellington Financial, Inc.		2,674		30,403
Franklin BSP Realty Trust, Inc.		3,933		42,358
Granite Point Mortgage Trust, Inc.		2,457		15,823
Invesco Mortgage Capital, Inc.		1,550		17,205
KKR Real Estate Finance Trust, Inc.		2,731		44,379
New York Mortgage Trust, Inc.		17,734		41,498
PennyMac Mortgage Investment Trust		4,252		50,089
Ready Capital Corp.		4,780		48,469
Redwood Trust, Inc.		5,482		31,467
Two Harbors Investment Corp.		16,171		53,688


				451,995

Multiline Retail — 0.1%
Big Lots, Inc.		1,358		21,198


Multi-Utilities — 0.4%
Avista Corp.		3,328		123,303
Unitil Corp.		752		34,930


				158,233

Oil, Gas & Consumable Fuels — 1.1%
Dorian LPG Ltd.		1,489		20,206
Green Plains, Inc.^(a)		1,983		57,646
Par Pacific Holdings, Inc.^(a)		2,599		42,649
PBF Energy, Inc., Class A^(a)		5,037		177,101
REX American Resources Corp.^(a)		738		20,605
World Fuel Services Corp.		2,907		68,140


				386,347

Paper & Forest Products — 0.3%
Clearwater Paper Corp.^(a)		786		29,554
Mercer International, Inc.		1,901		23,382
Sylvamo Corp.		1,554		52,681


				105,617

Personal Products — 0.9%
Edgewell Personal Care Co.		2,433		90,994
elf Beauty, Inc.^(a)		2,338		87,956
Inter Parfums, Inc.		838		63,236
Medifast, Inc.		517		56,022
USANA Health Sciences, Inc.^(a)		523		29,314


				327,522

Pharmaceuticals — 1.9%
Amphastar Pharmaceuticals, Inc.^(a)		1,795		50,439
ANI Pharmaceuticals, Inc.^(a)		566		18,191


Security	Shares		Value

Pharmaceuticals (continued)
Cara Therapeutics, Inc.^(a)(b)		2,119	$	19,834
Collegium Pharmaceutical, Inc.^(a)		1,602		25,664
Corcept Therapeutics, Inc.^(a)		4,475		114,739
Harmony Biosciences Holdings, Inc.^(a)		1,389		61,519
Innoviva, Inc.^(a)		2,945		34,191
Nektar Therapeutics^(a)		8,798		28,154
Pacira BioSciences, Inc.^(a)(b)		2,151		114,412
Phibro Animal Health Corp., Class A		955		12,692
Prestige Consumer Healthcare, Inc.^(a)		2,336		116,403
Supernus Pharmaceuticals, Inc.^(a)		2,512		85,031


				681,269

Professional Services — 1.3%
Exponent, Inc.		2,400		210,408
Forrester Research, Inc.^(a)		527		18,977
Heidrick & Struggles International, Inc.		927		24,093
Kelly Services, Inc., Class A, NVS		1,624		22,070
Korn Ferry		2,564		120,380
Resources Connection, Inc.		1,492		26,960
TrueBlue, Inc.^(a)		1,535		29,288


				452,176

Real Estate Management & Development — 0.5%
Anywhere Real Estate, Inc.^(a)		5,370		43,550
Douglas Elliman, Inc., NVS		3,167		12,985
Marcus & Millichap, Inc.		1,182		38,746
RE/MAX Holdings, Inc., Class A		881		16,660
St Joe Co.		1,604		51,376


				163,317

Road & Rail — 0.5%
ArcBest Corp.		1,152		83,785
Heartland Express, Inc.		2,187		31,296
Marten Transport Ltd.		2,701		51,751


				166,832

Semiconductors & Semiconductor Equipment — 3.4%
Alpha & Omega Semiconductor Ltd.^(a)(b)		1,041		32,021
Axcelis Technologies, Inc.^(a)		1,551		93,929
CEVA, Inc.^(a)		1,091		28,617
Cohu, Inc.^(a)		2,264		58,366
Diodes, Inc.^(a)		2,135		138,583
FormFactor, Inc.^(a)		3,621		90,706
Ichor Holdings Ltd.^(a)		1,349		32,659
Kulicke & Soffa Industries, Inc.^(b)		2,726		105,033
MaxLinear, Inc.^(a)		3,383		110,353
Onto Innovation, Inc.^(a)		2,332		149,365
PDF Solutions, Inc.^(a)		1,383		33,925
Photronics, Inc.^(a)		2,892		42,281
Rambus, Inc.^(a)		5,189		131,904
SMART Global Holdings, Inc.^(a)		2,347		37,247
Ultra Clean Holdings, Inc.^(a)		2,133		54,925
Veeco Instruments, Inc.^(a)		2,414		44,224


				1,184,138

Software — 2.7%
8x8, Inc.^(a)		5,632		19,430
A10 Networks, Inc.		3,111		41,283
Adeia, Inc.		4,838		68,409
Agilysys, Inc.^(a)		928		51,365
Alarm.com Holdings, Inc.^(a)		2,335		151,448
Cerence, Inc.^(a)		1,849		29,122
Consensus Cloud Solutions, Inc.^(a)		828		39,164
Digital Turbine, Inc.^(a)		4,223		60,854
Ebix, Inc.		1,103		20,924


26		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® ESG Screened S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Software (continued)
InterDigital, Inc.		1,392	$	56,265
LivePerson, Inc.^(a)		3,259		30,700
LiveRamp Holdings, Inc.^(a)		3,152		57,240
OneSpan, Inc.^(a)		1,653		14,232
Progress Software Corp.		2,040		86,802
SPS Commerce, Inc.^(a)		1,691		210,073


				937,311

Specialty Retail — 4.0%
Aaron’s Co., Inc.		1,444		14,036
Abercrombie & Fitch Co., Class A^(a)		2,368		36,822
America’s Car-Mart, Inc.^(a)		279		17,025
Asbury Automotive Group, Inc.^(a)		1,039		156,993
Bed Bath & Beyond, Inc.^(a)(b)		3,266		19,890
Boot Barn Holdings, Inc.^(a)		1,399		81,786
Buckle, Inc.		1,388		43,944
Caleres, Inc.		1,725		41,779
Cato Corp., Class A		753		7,184
Chico’s FAS, Inc.^(a)		5,875		28,435
Children’s Place, Inc.^(a)		619		19,121
Conn’s, Inc.^(a)		598		4,234
Designer Brands, Inc., Class A		2,646		40,510
Genesco, Inc.^(a)		612		24,064
Group 1 Automotive, Inc.		741		105,867
Guess?, Inc.		1,567		22,988
Haverty Furniture Cos., Inc.		610		15,189
Hibbett, Inc.		607		30,235
LL Flooring Holdings, Inc.^(a)		1,377		9,543
MarineMax, Inc.^(a)		1,011		30,118
Monro, Inc.		1,512		65,711
National Vision Holdings, Inc.^(a)		3,704		120,936
ODP Corp.^(a)		2,009		70,616
Rent-A-Center, Inc.		2,501		43,792
Sally Beauty Holdings, Inc.^(a)		5,024		63,302
Shoe Carnival, Inc.		803		17,216
Signet Jewelers Ltd.		2,184		124,903
Sleep Number Corp.^(a)		1,031		34,858
Sonic Automotive, Inc., Class A		870		37,671
Urban Outfitters, Inc.^(a)		2,828		55,570
Zumiez, Inc.^(a)		731		15,738


				1,400,076

Technology Hardware, Storage & Peripherals — 0.1%
Corsair Gaming, Inc.^(a)		1,799		20,419
Diebold Nixdorf, Inc.^(a)		3,526		8,603


				29,022

Textiles, Apparel & Luxury Goods — 1.0%
G-III Apparel Group Ltd.^(a)		2,038		30,468
Kontoor Brands, Inc.		2,314		77,773
Movado Group, Inc.		753		21,220
Oxford Industries, Inc.		703		63,115
Steven Madden Ltd.		3,486		92,972
Unifi, Inc.^(a)		601		5,715
Wolverine World Wide, Inc.		3,697		56,897


				348,160


Security	Shares		Value


Thrifts & Mortgage Finance — 2.0%
Axos Financial, Inc.^(a)		2,497	$	85,472
Capitol Federal Financial, Inc.		5,661		46,986
Flagstar Bancorp, Inc.		2,115		70,641
Mr Cooper Group, Inc.^(a)		3,364		136,242
NMI Holdings, Inc., Class A^(a)		3,977		81,011
Northfield Bancorp, Inc.		2,000		28,620
Provident Financial Services, Inc.		1,475		28,763
TrustCo Bank Corp.		527		16,558
Walker & Dunlop, Inc.		1,442		120,739
WSFS Financial Corp.		1,754		81,491


				696,523

Trading Companies & Distributors — 1.4%
Applied Industrial Technologies, Inc.		1,805		185,518
Boise Cascade Co.		1,852		110,120
DXP Enterprises, Inc.^(a)		743		17,594
GMS, Inc.^(a)		2,002		80,100
NOW, Inc.^(a)		5,204		52,300
Veritiv Corp.^(a)		656		64,137


				509,769

Water Utilities — 0.8%
American States Water Co.		1,735		135,243
California Water Service Group		2,552		134,465


				269,708

Wireless Telecommunication Services — 0.4%
Gogo, Inc.^(a)		1,926		23,343
Shenandoah Telecommunications Co.		2,351		40,014
Telephone & Data Systems, Inc.		4,701		65,344


				128,701


Total Long-Term Investments — 96.5% (Cost: $40,690,564)				33,977,266


Short-Term Securities^(c)(d)

Money Market Funds — 7.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%^(e)		1,133,232		1,133,572
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%		1,355,345		1,355,345


Total Short-Term Securities — 7.1% (Cost: $2,488,595)				2,488,917

Total Investments — 103.6% (Cost: $43,179,159)				36,466,183
Liabilities in Excess of Other Assets — (3.6)%				(1,253,063	)


Net Assets — 100.0%			$	35,213,120

^(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.


S C H E D U L E S O F I N V E S T M E N T S		27

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® ESG Screened S&P Small-Cap ETF

Affiliates




Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	405,593	$	727,591	^(a)	$	—	$	132	$	256	$	1,133,572		1,133,232	$	1,162	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		760,000		595,345	^(a)		—		—		—		1,355,345		1,355,345		8,711			—


								$	132	$	256	$	2,488,917			$	9,873		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

OTC Total Return Swaps




Reference Entity	Payment Frequency	Counterparty^(a)	Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage


Equity Securities Long/Short	Monthly	Goldman Sachs Bank USA^(b)		02/27/23	$	585,411	$	(41,998	)^(c)	$	543,694		1.7	%
	Monthly	HSBC Bank PLC^(d)		02/10/23		426,880		(29,910	)^(e)		397,476		1.2
	Monthly	JPMorgan Chase Bank NA^(f)		02/08/23		242,959		(17,304	)^(g)		225,750		0.7


							$	(89,212	)	$	1,166,920

^(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 $(281) of net dividends, payable for referenced securities purchased and financing fees.

^(e)

Amount includes $(506) of net dividends, payable for referenced securities purchased and financing fees.

^(g)

Amount includes $(95) of net dividends, payable for referenced securities purchased 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:	65 basis points	65 basis points	65 basis points
Benchmarks:	USD - 1D Overnight Fed Funds Effective Rate	USD - 1D Overnight Bank Funding Rate	USD - 1D Overnight Bank Funding Rate
	(FEDL01)	(OBFR01)	(OBFR01)

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 February 27, 2023.




	Shares		Value		% of Basket Value


Reference Entity — Long

Common Stocks

Banks
Ameris Bancorp		157	$	8,540		1.6	%
Bancorp, Inc.		432		9,957		1.8
BankUnited, Inc.		1,465		51,426		9.5
Berkshire Hills Bancorp, Inc.		815		22,905		4.2
Brookline Bancorp, Inc.		290		3,705		0.7




	Shares		Value		% of Basket Value


Banks
Central Pacific Financial Corp.		11	$	228		0.0	%
City Holding Co.		164		15,166		2.8
Columbia Banking System, Inc.		241		8,118		1.5
Customers Bancorp, Inc.		198		6,161		1.1
CVB Financial Corp.		397		11,774		2.2
Eagle Bancorp, Inc.		39		2,465		0.5
First Bancorp		292		5,321		1.0
First Bancorp		146		5,999		1.1
First Commonwealth Financial Corp.		262		3,980		0.7
First Financial Bancorp		497		11,510		2.1
Hanmi Financial Corp.		172		4,073		0.8


28		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® ESG Screened S&P Small-Cap ETF




	Shares		Value		% of Basket Value


Banks
Heritage Financial Corp.		221	$	6,194		1.1	%
HomeStreet, Inc.		68		2,161		0.4
Hope Bancorp, Inc.		1,271		16,836		3.1
Independent Bank Corp.		267		21,688		4.0
Lakeland Financial Corp.		64		5,606		1.0
NBT Bancorp, Inc.		239		9,905		1.8
OFG Bancorp		196		5,554		1.0
Preferred Bank		328		21,722		4.0
S&T Bancorp, Inc.		129		4,221		0.8
Simmons First National Corp., Class A		814		19,175		3.5
Southside Bancshares, Inc.		2		495		0.1
Triumph Bancorp, Inc.		37		2,011		0.4
Trustmark Corp.		441		14,457		2.7
United Community Banks, Inc.		517		18,933		3.5
Verites Holdings, Inc.		150		4,520		0.8
Westamerica Bancorp		136		7,791		1.4


				332,597

Commercial Services & Supplies
Pitney Bowes, Inc.		887		2,263		0.4


Consumer Finance
Green Dot Corp., Class A		79		1,841		0.3


Equity Real Estate Investment Trusts (REITs)
Getty Realty Corp.		173		5,674		1.1


Gas Utilities
Chesapeake Utilities Corp.		91		11,539		2.1


Insurance
Employers Holdings, Inc.		125		4,656		0.9
Genworth Financial, Inc., Class A		1,078		4,431		0.8
Horace Mann Educators Corp.		259		9,881		1.8
James River Group Holdings Ltd.		184		1,391		0.2
ProAssurance Corp.		531		10,770		2.0
Safety Insurance Group, Inc.		81		7,993		1.5


				39,122

Oil, Gas & Consumable Fuels
Green Plains, Inc.		97		2,820		0.5


Specialty Retail
Haverty Furniture Cos, Inc.		18		448		0.1


Thrifts & Mortgage Finance
Capitol Federal Financial, Inc.		324		3,245		0.6
Provident Financial Services, Inc.		1,795		35,763		6.6
TrustCo Bank Corp.		164		5,373		1.0
WSFS Financial Corp.		1,021		48,969		9.0


				93,350

Water Utilities
Middlesex Water Co.		693		54,040		9.9


Net Value of Reference Entity — Goldman Sachs Bank USA			$	543,694

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, 2023.




	Shares		Value		% of Basket Value


Reference Entity — Long

Common Stocks

Banks
Ameris Bancorp		13	$	581		0.1	%
BankUnited, Inc.		124		4,237		1.1
Banner Corp.		680		41,179		10.4
Berkshire Hills Bancorp, Inc.		730		19,929		5.0
Brookline Bancorp, Inc.		1,358		15,821		4.0
Central Pacific		57		1,179		0.3
City Holding Co.		98		8,692		2.2
Community Bank System, Inc.		11		661		0.2
Customers Bancorp, Inc.		30		884		0.2
First Bancorp		80		1,095		0.3
First Bancorp		38		1,390		0.3
First Commonwealth Financial Corp.		761		9,771		2.5
First Financial Bancorp		54		1,138		0.3
Heritage Financial Corp.		5		132		0.0
HomeStreet, Inc.		47		1,354		0.3
Hope Bancorp, Inc.		1,056		13,348		3.4
Independent Bank Corp.		242		18,036		4.5
Lakeland Financial Corp.		13		947		0.2
NBT Bancorp, Inc.		12		455		0.1
Northwest Bancshares, Inc.		328		4,431		1.1
OFG Bancorp		394		9,901		2.5
Pacific Premier Bancorp, Inc.		154		4,768		1.2
Preferred Bank		47		3,066		0.8
Renasant Corp.		306		10,479		2.6
S&T Bancorp, Inc.		689		20,195		5.1
Simmons First National Corp., Class A		1,413		30,789		7.7
Trustmark Corp.		73		2,236		0.6
Verites Holdings, Inc.		10		266		0.1
Westamerica Bancorp		11		575		0.1


				227,535

Commercial Services & Supplies
GEO Group, Inc.		169		1,656		0.4
Pitney Bowes, Inc.		4,783		11,144		2.8


				12,800

Consumer Finance
Green Dot Corp., Class A		205		3,891		1.0


Equity Real Estate Investment Trusts (REITs)
Getty Realty Corp.		15		403		0.1


Gas Utilities
Chesapeake Utilities Corp.		453		52,272		13.2


Insurance
Employers Holdings, Inc.		353		12,175		3.1
Genworth Financial, Inc., Class A		2,408		8,428		2.1
Horace Mann Educators Corp.		542		19,127		4.8
ProAssurance Corp.		563		10,984		2.8
Safety Insurance Group, Inc.		7		571		0.1
Stewart Information Services Corp.		56		2,881		0.7


				54,166


S C H E D U L E S O F I N V E S T M E N T S		29

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® ESG Screened S&P Small-Cap ETF




	Shares		Value		% of Basket Value


Oil, Gas & Consumable Fuels
Green Plains, Inc.		357	$	11,250		2.8	%


Thrifts & Mortgage Finance
Flagstar Bancorp, Inc.		369		12,993		3.3
Provident Financial Services Inc.		214		4,173		1.0
TrustCo Bank Corp.		200		6,284		1.6
WSFS Financial Corp.		41		1,905		0.5


				25,355

Water Utilities
Middlesex Water Co.		127		9,804		2.5


Net Value of Reference Entity — HSBC Bank PLC			$	397,476

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, 2023.




	Shares		Value		% of Basket Value


Reference Entity — Long

Common Stocks

Banks
Ameris Bancorp		17	$	760		0.3	%
Central Pacific Financial Corp.		743		15,600		6.9
Columbia Banking System, Inc.		138		3,987		1.8
Community Bank System, Inc.		113		6,789		3.0
First Bancorp		1,882		25,746		11.4
First Commonwealth Financial Corp.		1,543		19,812		8.8




	Shares		Value		% of Basket Value


Banks
HomeStreet, Inc.		252	$	7,260		3.2	%
Independent Bank Corp.		437		32,570		14.4
Pathward Financial, Inc.		330		11,239		5.0
Preferred Bank		153		9,980		4.4
Seacoast Banking Corp. of Florida		308		10,278		4.6
Simmons First National Corp., Class A		136		2,964		1.3
Triumph Bancorp, Inc.		10		544		0.3
Veritex Holdings, Inc.		495		13,162		5.8


				160,691

Consumer Finance
Green Dot Corp., Class A		1,069		20,290		9.0


Equity Real Estate Investment Trusts (REITs)
Acadia Realty Trust		387		5,326		2.3
Getty Realty Corp.		49		1,317		0.6


				6,643

Insurance
Genworth Financial, Inc., Class A		5,905		20,667		9.2


Multi-Utilities
Avista Corp.		60		3,631		1.6


Oil, Gas & Consumable Fuels
Green Plains, Inc.		260		7,558		3.3


Thrifts & Mortgage Finance
Capitol Federal Financial, Inc.		11		91		0.1
WSFS Financial Corp.		133		6,179		2.7


				6,270


Net Value of Reference Entity — JPMorgan Chase Bank NA			$	225,750

Balances Reported in the Statements of Assets and Liabilities for OTC Swaps



Description	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation

OTC Swaps	$	—	$	—	$	—	$	(89,212	)

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

Liabilities — Derivative Financial Instruments
Swaps — OTC
Unrealized depreciation on OTC swaps;
Swap premiums received	$	—	$	—	$	89,212	$	—	$	—	$	—	$	89,212


30		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® ESG Screened S&P Small-Cap ETF

For the period ended September 30, 2022, 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
Swaps	$	—	$	—	$	(3,574	)	$	—	$	—	$	—	$	(3,574	)

Net Change in Unrealized Appreciation (Depreciation) on
Swaps	$	—	$	—	$	(104,197	)	$	—	$	—	$	—	$	(104,197	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Total return swaps
Average notional amount	$	1,169,040

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:



	Assets		Liabilities

Derivative Financial Instruments
Swaps — OTC^(a)	$	—	$	89,212


Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	—	$	89,212


Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—


Total derivative assets and liabilities subject to an MNA	$	—	$	89,212

^(a)

Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/received in the Statement of Assets and Liabilities.

The following tables present the Fund’s derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:




Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset^(a)		Non- Cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities^(b)


Goldman Sachs Bank USA	$	41,998	$	—	$	—	$	—	$	41,998
HSBC Bank PLC		29,910		—		—		—		29,910
JPMorgan Chase Bank N.A		17,304		—		—		—		17,304


	$	89,212	$	—	$	—	$	—	$	89,212

^(a)

The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)

Net amount represents the net amount payable due to the counterparty in the event of default.


S C H E D U L E S O F I N V E S T M E N T S		31

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® ESG Screened S&P Small-Cap ETF

Fair Value Hierarchy as of Period End




	Level 1		Level 2			Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	33,977,266	$	—		$	—	$	33,977,266
Short-Term Securities
Money Market Funds		2,488,917		—			—		2,488,917


	$	36,466,183	$	—		$	—	$	36,466,183

Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	—	$	(89,212	)	$	—	$	(89,212	)

^(a)

Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


32		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Assets and Liabilities (unaudited)

September 30, 2022


	iShares ESG Screened S&P 500 ETF			iShares ESG Screened S&P Mid-Cap ETF			iShares ESG Screened S&P Small-Cap ETF

ASSETS
Investments, at value — unaffiliated^(a)(b)	$	200,033,609		$	84,457,572		$	33,977,266
Investments, at value — affiliated^(c)		1,181,031			2,258,364			2,488,917
Cash		72,927			7,090			4,593
Cash pledged for futures contracts		30,000			—			—
Receivables:
Investments sold		5,662			535,335			353,823
Securities lending income — affiliated		114			1,958			279
Swaps		—			—			48,415
Dividends — unaffiliated		135,667			90,849			45,805
Dividends — affiliated		717			232			3,054


Total assets		201,459,727			87,351,400			36,922,152


LIABILITIES
Collateral on securities loaned		363,822			2,617,814			1,133,560
Payables:
Investments purchased		—			—			422,692
Swaps		—			—			56,493
Investment advisory fees		14,498			8,552			3,562
Other accrued expenses		—			—			3,513
Variation margin on futures contracts		5,424			—			—

Unrealized depreciation on OTC swaps		—			—			89,212


Total liabilities		383,744			2,626,366			1,709,032


NET ASSETS	$	201,075,983		$	84,725,034		$	35,213,120


NET ASSETS CONSIST OF:

Paid-in capital	$	266,201,959		$	102,865,458		$	43,371,486

Accumulated loss		(65,125,976	)		(18,140,424	)		(8,158,366	)


NET ASSETS	$	201,075,983		$	84,725,034		$	35,213,120


NET ASSET VALUE

Shares outstanding	$	7,500,000		$	2,850,000		$	1,150,000


Net asset value	$	26.81		$	29.73		$	30.62


Shares authorized		Unlimited			Unlimited			Unlimited


Par value		None			None			None


^(a)Investments, at cost — unaffiliated	$	263,371,702		$	100,755,116		$	40,690,564
^(b)Securities loaned, at value	$	322,124		$	2,081,692		$	1,102,638
^(c)Investments, at cost — affiliated	$	1,511,984		$	2,257,445		$	2,488,595

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		33

Statements of Operations (unaudited)

Six Months Ended September 30, 2022


	iShares ESG Screened S&P 500 ETF			iShares ESG Screened S&P Mid-Cap ETF			iShares ESG Screened S&P Small-Cap ETF

INVESTMENT INCOME
Dividends — unaffiliated	$	1,592,458		$	669,856		$	238,416
Dividends — affiliated		12,274			1,018			8,711
Securities lending income — affiliated — net		839			21,772			1,162
Foreign taxes withheld		(485	)		—			(175	)


Total investment income		1,605,086			692,646			248,114


EXPENSES
Investment advisory		87,676			46,910			18,143


Total expenses		87,676			46,910			18,143


Net investment income		1,517,410			645,736			229,971


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(1,256,883	)		(1,620,492	)		(638,926	)
Investments — affiliated		581			349			132
Futures contracts		(19,403	)		(4,490	)		—
In-kind redemptions — unaffiliated^(a)		571,726			903,685			—
In-kind redemptions — affiliated^(a)		2,055			—			—
Swaps		—			—			(3,574	)


		(701,924	)		(720,948	)		(642,368	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(51,470,605	)		(15,557,762	)		(5,544,466	)
Investments — affiliated		(213,969	)		808			256
Futures contracts		(64,628	)		—			—
Swaps		—			—			(104,197	)


		(51,749,202	)		(15,556,954	)		(5,648,407	)


Net realized and unrealized loss		(52,451,126	)		(16,277,902	)		(6,290,775	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(50,933,716	)	$	(15,632,166	)	$	(6,060,804	)

^(a)	See Note 2 of the Notes to Financial Statements.

See notes to financial statements.


34		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets


	iShares ESG Screened S&P 500 ETF						iShares ESG Screened S&P Mid-Cap ETF

	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	1,517,410		$	2,155,766		$	645,736		$	586,448
Net realized gain (loss)		(701,924	)		27,890,630			(720,948	)		1,134,234
Net change in unrealized appreciation (depreciation)		(51,749,202	)		(13,278,031	)		(15,556,954	)		(2,007,608	)


Net increase (decrease) in net assets resulting from operations		(50,933,716	)		16,768,365			(15,632,166	)		(286,926	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(1,456,937	)		(2,164,851	)		(606,058	)		(598,577	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		25,052,632			183,536,895			24,297,078			57,811,412


NET ASSETS
Total increase (decrease) in net assets		(27,338,021	)		198,140,409			8,058,854			56,925,909
Beginning of period		228,414,004			30,273,595			76,666,180			19,740,271


End of period	$	201,075,983		$	228,414,004		$	84,725,034		$	76,666,180

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		35

Statements of Changes in Net Assets (continued)


	iShares ESG Screened S&P Small-Cap ETF

	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	229,971		$	167,343
Net realized gain (loss)		(642,368	)		1,351,582
Net change in unrealized appreciation (depreciation)		(5,648,407	)		(2,333,805	)


Net decrease in net assets resulting from operations		(6,060,804	)		(814,880	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(201,034	)		(297,928	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		16,859,024			16,027,431


NET ASSETS
Total increase in net assets		10,597,186			14,914,623
Beginning of period		24,615,934			9,701,311


End of period	$	35,213,120		$	24,615,934

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


36		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)


	iShares ESG Screened S&P 500 ETF

		Six Months Ended 09/30/22 (unaudited	)		Year Ended 03/31/22			Period from 09/22/20 to 03/31/21	^(a)

Net asset value, beginning of period	$	34.35		$	30.27		$	25.29


Net investment income^(b)		0.21			0.39			0.21
Net realized and unrealized gain (loss)^(c)		(7.55	)		4.07			4.91


Net increase (decrease) from investment operations		(7.34	)		4.46			5.12


Distributions from net investment income^(d)		(0.20	)		(0.38	)		(0.14	)


Net asset value, end of period	$	26.81		$	34.35		$	30.27


Total Return^(e)
Based on net asset value		(21.39	)%^(f)		14.74	%		20.27	%^(f)


Ratios to Average Net Assets^(g)
Total expenses		0.08	%^(h)		0.08	%		0.08	%^(h)


Net investment income		1.38	%^(h)		1.12	%		1.37	%^(h)


Supplemental Data
Net assets, end of period (000)	$	201,076		$	228,414		$	30,274


Portfolio turnover rate⁽ⁱ⁾		2	%		3	%		6	%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		37

Financial Highlights

(For a share outstanding throughout each period)


	iShares ESG Screened S&P Mid-Cap ETF

		Six Months Ended 09/30/22 (unaudited	)		Year Ended 03/31/22			Period from 09/22/20 to 03/31/21	^(a)

Net asset value, beginning of period	$	36.51		$	35.89		$	25.19


Net investment income^(b)		0.27			0.46			0.22
Net realized and unrealized gain (loss)^(c)		(6.82	)		0.58			10.66


Net increase (decrease) from investment operations		(6.55	)		1.04			10.88


Distributions from net investment income^(d)		(0.23	)		(0.42	)		(0.18	)


Net asset value, end of period	$	29.73		$	36.51		$	35.89


Total Return^(e)
Based on net asset value		(17.96	)%^(f)		2.88	%		43.29	%^(f)


Ratios to Average Net Assets^(g)
Total expenses		0.12	%^(h)		0.12	%		0.12	%^(h)


Net investment income		1.65	%^(h)		1.23	%		1.29	%^(h)


Supplemental Data
Net assets, end of period (000)	$	84,725		$	76,666		$	19,740


Portfolio turnover rate⁽ⁱ⁾		10	%		26	%		11	%

^(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.

See notes to financial statements.


38		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)


	iShares ESG Screened S&P Small-Cap ETF

		Six Months Ended 09/30/22 (unaudited	)		Year Ended 03/31/22			Period from 09/22/20 to 03/31/21	^(a)

Net asset value, beginning of period	$	37.87		$	38.81		$	25.18


Net investment income^(b)		0.26			0.39			0.20
Net realized and unrealized gain (loss)^(c)		(7.31	)		(0.55	)		13.69


Net increase (decrease) from investment operations		(7.05	)		(0.16	)		13.89


Distributions from net investment income^(d)		(0.20	)		(0.78	)		(0.26	)


Net asset value, end of period	$	30.62		$	37.87		$	38.81


Total Return^(e)
Based on net asset value		(18.63	)%^(f)		(0.47	)%		55.32	%^(f)


Ratios to Average Net Assets^(g)
Total expenses		0.12	%^(h)		0.12	%		0.12	%^(h)


Net investment income		1.52	%^(h)		1.00	%		1.13	%^(h)


Supplemental Data
Net assets, end of period (000)	$	35,214		$	24,616		$	9,701


Portfolio turnover rate⁽ⁱ⁾		13	%		34	%		18	%

^(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.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		39

Notes to Financial Statements (unaudited)

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”):




iShares ETF	Diversification Classification


ESG Screened S&P 500		Non-Diversified
ESG Screened S&P Mid-Cap		Non-Diversified
ESG Screened S&P Small-Cap		Non-Diversified

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. 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.

ForeignTaxes: 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 jurisdiction in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of September 30, 2022, 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 Fund’s 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.


40		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

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 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


N O T E S T O F I N A N C I A L S T A T E M E N T S		41

Notes to Financial Statements (unaudited) (continued)

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

ESG Screened S&P 500
Barclays Capital, Inc.	$	44,821	$	(44,821	)	$	—		$	—
BNP Paribas SA		3,419		(3,419	)		—			—
Toronto-Dominion Bank		78,168		(78,168	)		—			—
UBS AG		195,716		(195,716	)		—			—


	$	322,124	$	(322,124	)	$	—		$	—

ESG Screened S&P Mid-Cap
Barclays Bank PLC	$	8,167	$	(8,167	)	$	—		$	—
Barclays Capital, Inc.		8,814		(8,814	)		—			—
BofA Securities, Inc.		129,624		(129,624	)		—			—
Citigroup Global Markets, Inc.		87,251		(87,251	)		—			—
HSBC Bank PLC		267,904		(267,904	)		—			—
J.P. Morgan Securities LLC		831,538		(831,538	)		—			—
Jefferies LLC		13,351		(13,351	)		—			—
UBS AG		735,043		(735,043	)		—			—


	$	2,081,692	$	(2,081,692	)	$	—		$	—

ESG Screened S&P Small-Cap
Barclays Bank PLC	$	250	$	(250	)	$	—		$	—
BNP Paribas SA		16,169		(16,169	)		—			—
BofA Securities, Inc.		2,553		(2,553	)		—			—
Goldman Sachs & Co. LLC		703,679		(703,679	)		—			—
J.P. Morgan Securities LLC		120,725		(120,725	)		—			—
Jefferies LLC		112,018		(112,018	)		—			—
Toronto-Dominion Bank		102,698		(102,698	)		—			—
UBS AG		32,846		(32,846	)		—			—
UBS Securities LLC		11,700		(11,700	)		—			—


	$	1,102,638	$	(1,102,638	)	$	—		$	—

^(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.

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 to 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


42		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

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 EGS Screened S&P Small-Cap 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 of 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 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 the 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).


N O T E S T O F I N A N C I A L S T A T E M E N T S		43

Notes to Financial Statements (unaudited) (continued)

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:



iShares ETF	Investment Advisory Fees

ESG Screened S&P 500		0.08	%
ESG Screened S&P Mid-Cap		0.12
ESG Screened S&P Small-Cap		0.12

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.

Prior to September 12, 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.

The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the six months ended September 30, 2022, the Funds paid BTC the following amounts for securities lending agent services:




iShares ETF	Amounts


ESG Screened S&P 500	$	352
ESG Screened S&P Mid-Cap		5,459
ESG Screened S&P Small-Cap		400

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended September 30, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:




iShares ETF	Purchases		Sales		Net Realized Loss


ESG Screened S&P 500	$	1,229,949	$	825,077	$	(324,907	)
ESG Screened S&P Mid-Cap		645,482		1,469,094		(870,180	)
ESG Screened S&P Small-Cap		890,679		222,807		(54,467	)

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.


44		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

7.	*PURCHASES AND SALES*

For the six months ended September 30, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:




iShares ETF	Purchases		Sales


ESG Screened S&P 500	$	3,780,660	$	3,670,627
ESG Screened S&P Mid-Cap		8,012,968		7,924,716
ESG Screened S&P Small-Cap		5,335,153		3,667,371

For the six months ended September 30, 2022, in-kind transactions were as follows:




iShares ETF	In-kind Purchases		In-kind Sales


ESG Screened S&P 500	$	33,928,772	$	8,984,022
ESG Screened S&P Mid-Cap		29,233,550		5,104,886
ESG Screened S&P Small-Cap		14,637,005		—

8.	*INCOME TAX INFORMATION*

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of September 30, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of March 31, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:




iShares ETF	Amounts


ESG Screened S&P Mid-Cap	$	322,579
ESG Screened S&P Small-Cap		296,856

As of September 30, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:




iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)


ESG Screened S&P 500	$	265,634,537	$	2,005,653	$	(66,467,180	)	$	(64,461,527	)
ESG Screened S&P Mid-Cap		103,852,511		1,967,800		(19,104,375	)		(17,136,575	)
ESG Screened S&P Small-Cap		43,571,185		727,347		(7,921,561	)		(7,194,214	)

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.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.


N O T E S T O F I N A N C I A L S T A T E M E N T S		45

Notes to Financial Statements (unaudited) (continued)

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 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.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10.

CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:



	Six Months Ended 09/30/22						Year Ended 03/31/22


iShares ETF	Shares			Amount			Shares			Amount

ESG Screened S&P 500
Shares sold		1,150,000		$	34,067,552			15,950,000		$	540,500,596
Shares redeemed		(300,000	)		(9,014,920	)		(10,300,000	)		(356,963,701	)


		850,000		$	25,052,632			5,650,000		$	183,536,895


46		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)



	Six Months Ended 09/30/22						Year Ended 03/31/22


iShares ETF	Shares			Amount			Shares			Amount

ESG Screened S&P Mid-Cap
Shares sold		900,000		$	29,451,829			1,850,000		$	68,955,535
Shares redeemed		(150,000	)		(5,154,751	)		(300,000	)		(11,144,123	)


		750,000		$	24,297,078			1,550,000		$	57,811,412

ESG Screened S&P Small-Cap
Shares sold		500,000		$	16,859,024			700,000		$	27,779,582
Shares redeemed		—			—			(300,000	)		(11,752,151	)


		500,000		$	16,859,024			400,000		$	16,027,431

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.


N O T E S T O F I N A N C I A L S T A T E M E N T S		47

Board Review and Approval of Investment Advisory Contract

iShares ESG Screened S&P 500 ETF, iShares ESG Screened S&P Mid-Cap ETF, iShares ESG Screened S&P Small-Cap ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the


48		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract (continued)

revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		49

Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

September 30, 2022


	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date

iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share

ESG Screened S&P Small-Cap^(a)	$	0.203770	$	—	$	—	$	0.203770		100	%		—	%		0	%		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.


50		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.


G E N E R A L I N F O R M A T I O N		51

Glossary of Terms Used in this Report


Portfolio Abbreviation

NVS		Non-Voting Shares

REIT		Real Estate Investment Trust

S&P		Standard & Poor’s


52		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Want to know more?

iShares.com | 1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by S&P Dow Jones Indices LLC, nor does this company make any representations regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

iS-SAR-315-0922