MARCH
31,
2024
2024
Annual
Report
iShares
Trust
iShares
Micro-Cap
ETF
|
IWC
|
NYSE
Arca
iShares
Russell
2500
ETF
|
SMMD
|
Cboe
BZX
iShares
Russell
Mid-Cap
ETF
|
IWR
|
NYSE
Arca
iShares
Russell
Mid-Cap
Growth
ETF
|
IWP
|
NYSE
Arca
Dear
Shareholder,
The
combination
of
continued
economic
growth
and
cooling
inflation
provided
a
supportive
backdrop
for
investors
during
the
12-month
reporting
period
ended
March
31,
2024.
Higher
interest
rates
helped
to
rein
in
inflation,
and
the
Consumer
Price
Index
decelerated
substantially
while
remaining
above
pre-pandemic
levels.
A
moderating
labor
market
helped
ease
inflationary
pressure,
although
wages
continued
to
grow.
Wage
and
job
growth
powered
robust
consumer
spending,
backstopping
the
economy.
On
October
7,
2023,
Hamas
launched
a
horrific
attack
on
Israel.
The
ensuing
war
has
had
a
significant
humanitarian
impact
and
could
lead
to
heightened
economic
and
market
volatility.
We
see
geopolitics
as
a
structural
market
risk
going
forward.
See
our
geopolitical
risk
dashboard
at
blackrock.com
for
more
details.
Equity
returns
were
robust
during
the
period,
as
interest
rates
stabilized
and
the
economy
proved
to
be
more
resilient
than
many
investors
expected.
The
U.S.
economy
continued
to
show
strength,
and
growth
further
accelerated
in
the
second
half
of
2023.
Large-capitalization
U.S.
stocks
posted
particularly
substantial
gains,
supported
by
the
performance
of
a
few
notable
technology
companies,
while
small-capitalization
U.S.
stocks’
advance
was
slower
but
still
robust.
Meanwhile,
international
developed
market
equities
also
gained
strongly,
while
emerging
market
stocks
advanced
at
a
more
modest
pace.
The
10-year
U.S.
Treasury
yield
rose
during
the
reporting
period,
as
investors
reacted
to
elevated
inflation
and
attempted
to
anticipate
future
interest
rate
changes.
However,
higher
yields
drove
positive
returns
overall
for
10-
year
U.S.
Treasuries
and
solid
gains
in
shorter-duration
U.S.
Treasuries.
The
corporate
bond
market
benefited
from
improving
economic
sentiment,
although
high-yield
corporate
bond
prices
fared
significantly
better
than
investment-grade
bonds
as
demand
from
yield-seeking
investors
remained
strong.
The
U.S.
Federal
Reserve
(the
“Fed”),
attempting
to
manage
persistent
inflation,
raised
interest
rates
twice
during
the
12-month
period,
but
paused
its
tightening
after
its
July
meeting.
The
Fed
also
continued
to
reduce
its
balance
sheet
by
not
replacing
some
of
the
securities
that
reach
maturity.
Supply
constraints
appear
to
have
become
an
embedded
feature
of
the
new
macroeconomic
environment,
making
it
difficult
for
developed
economies
to
increase
production
without
sparking
higher
inflation.
Geopolitical
fragmentation
and
an
aging
population
risk
further
exacerbating
these
constraints,
keeping
the
labor
market
tight
and
wage
growth
high.
Although
the
Fed
has
stopped
tightening
for
now,
we
believe
that
the
new
economic
regime
means
that
the
Fed
will
need
to
maintain
high
rates
for
an
extended
period
despite
the
market’s
hopes
for
rapid
interest
rate
cuts,
as
reflected
in
the
ongoing
rally.
In
this
new
regime,
we
anticipate
greater
volatility
and
dispersion
of
returns,
creating
more
opportunities
for
selective
portfolio
management.
Looking
at
developed
market
stocks,
we
have
an
overweight
stance
on
U.S.
stocks
overall,
particularly
given
the
promise
of
emerging
AI
technologies.
We
are
also
overweight
Japanese
stocks
as
shareholder-friendly
policies
generate
increased
investor
interest,
although
we
maintain
an
underweight
stance
on
European
stocks.
In
credit,
there
are
selective
opportunities
in
the
near
term
despite
tighter
credit
and
financial
conditions.
For
fixed
income
investing
with
a
six-
to
twelve-month
horizon,
we
see
the
most
attractive
investments
in
short-term
U.S.
Treasuries
and
hard-currency
emerging
market
bonds.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
iShares.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock,
Inc.
The
Markets
in
Review
Rob
Kapito
President,
BlackRock,
Inc.
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Total
Returns
as
of
March
31,
2024
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
23.48
%
29.88
%
U.S.
small
cap
equities
(Russell
2000
®
Index)
19.94
19.71
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
16.81
15.32
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
10.42
8.15
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
2.68
5.24
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
4.88
(2.44
)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
5.99
1.70
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
7.48
3.13
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
8.73
11.15
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Annual
Report:
Market
Overview
.......................................................................................................
4
Fund
Summary
........................................................................................................
5
About
Fund
Performance
..................................................................................................
13
Disclosure
of Expenses
...................................................................................................
13
Schedules
of
Investments
.................................................................................................
14
Financial
Statements:
Statements
of
Assets
and
Liabilities
.........................................................................................
54
Statements
of
Operations
................................................................................................
55
Statements
of
Changes
in
Net
Assets
........................................................................................
56
Financial
Highlights
.....................................................................................................
58
Notes
to
Financial
Statements
...............................................................................................
62
Report
of
Independent
Registered
Public
Accounting
Firm
..............................................................................
71
Important
Tax
Information
.................................................................................................
72
Statement
Regarding
Liquidity
Risk
Management
Program
.............................................................................
73
Supplemental
Information
.................................................................................................
74
Trustee
and
Officer
Information
..............................................................................................
75
General
Information
.....................................................................................................
77
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
78
Market
Overview
2024
iShares
Annual
Report
To
Shareholders
4
iShares
Trust
Domestic
Market
Overview
U.S.
stocks
advanced
for
the
12
months
ended 
March
31,
2024
(“reporting
period”),
when
the
Russell
3000
®
Index,
a
broad
measure
of
U.S.
equity
market
performance,
returned
29.29%
.
The
economy
showed
notable
resilience
even
as
interest
rates
rose,
and
analysts’
optimism
about
the
economy’s
trajectory
improved.
Meanwhile,
inflation
decelerated
notably,
enabling
a
pause
in
monetary
policy
tightening
and
providing
a
supportive
backdrop
for
equities.
The
U.S.
economy
grew
at
a
robust
pace
in
2023
despite
concerns
about
the
impact
of
higher
interest
rates
on
growth.
The
U.S.
consumer
helped
to
power
the
expansion,
as
consumer
spending
continued
to
grow
in
both
nominal
and
real
(inflation-adjusted)
terms.
A
strong
labor
market
bolstered
consumer
spending,
as
employers
continued
to
add
jobs,
and
average
hourly
wages
increased
notably.
Consumer
spending
was
also
supported
by
higher
asset
values,
as
both
home
prices
and
strong
equity
performance
increased
household
net
worth.
Government
spending
also
stimulated
the
economy,
as
the
federal
deficit
increased
amid
rising
expenditures,
while
state
and
local
governments
also
boosted
spending
to
fill
personnel
vacancies.
Despite
high
spending
and
healthy
household
balance
sheets,
consumer
sentiment
remained
below
pre-pandemic
levels,
as
elevated
inflation
and
high
interest
rates
weighed
on
consumers’
outlook.
While
inflation
declined
early
in
the
reporting
period
-
decreasing
from
4.9%
in
April
2023
to
3%
in
June
2023
-
it
remained
stubbornly
persistent
thereafter,
fluctuating
between
3%
and
4%,
above
the
pre-pandemic
average.
While
improved
supply
chains
eased
goods
inflation,
the
tight
labor
market
kept
labor
costs
near
record
highs,
and
growing
services
inflation
was
a
significant
driver
of
inflation’s
overall
persistence.
To
counteract
inflation,
the
U.S.
Federal
Reserve
(“Fed”)
raised
interest
rates
twice
early
in
the
reporting
period,
reaching
the
highest
level
since
2001.
However,
the
Fed
paused
its
interest
rate
increases
thereafter
as
inflation
edged
down,
keeping
interest
rates
steady
after
its
July
2023
meeting.
The
Fed
also
continued
to
decrease
the
size
of
its
balance
sheet
by
reducing
the
store
of
U.S.
Treasuries
it
had
accumulated
to
stabilize
markets
in
the
early
phases
of
the
coronavirus
pandemic.
Projections
released
by
the
Fed
late
in
the
reporting
period
included
several
interest
rate
decreases
later
in
2024,
as
it
forecast
inflation
would
continue
to
moderate
despite
the
robust
economy. 
The
strong
economy
supported
corporate
profits,
which
grew
substantially
in
the
last
three
quarters
of
2023.
Despite
higher
input
costs,
companies
were
able
to
raise
prices
sufficiently
to
widen
profit
margins,
as
the
U.S.
consumer
continued
to
spend.
Firms
increasingly
kept
assets
in
short-term
investments
that
earned
higher
yields
due
to
elevated
interest
rates.
This
helped
to
mitigate
the
negative
impact
of
higher
borrowing
costs,
which
drove
a
rise
in
interest
expense.
Innovations
in
computing
also
drove
enthusiasm
for
equities,
as
new
technologies
drove
hopes
for
economy-wide
improvements
in
productivity.
Despite
the
strong
economic
conditions
during
the
reporting
period,
analysts
noted
several
areas
of
caution
about
potential
disruptions
to
markets.
Geopolitical
tensions
were
high
amid
Russia’s
ongoing
invasion
of
Ukraine
and
fighting
in
Gaza
following
Hamas’
terrorist
attack
on
Israel.
Missile
attacks
on
a
major
shipping
lane
in
the
Middle
East
raised
concerns
about
a
wider
conflict
while
disrupting
some
supply
chains.
While
inflation
declined
during
the
reporting
period,
it
remained
more
persistent
than
some
analysts
expected,
raising
concerns
about
the
effect
of
continued
inflation
on
the
Fed’s
interest
rate
policy. 
Fund
Summary
as
of
March
31,
2024
5
Fund
Summary
iShares
®
Micro-Cap
ETF
Investment
Objective
The 
iShares
Micro-Cap
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
micro-capitalization
U.S.
equities,
as
represented
by
the
Russell
MicroCap
®
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
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17
.36‌
%
6
.67‌
%
5
.83‌
%
17
.36‌
%
38
.10‌
%
76
.18‌
%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
17
.39‌
6
.70‌
5
.84‌
17
.39‌
38
.30‌
76
.34‌
Index
.
.
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.
17
.78‌
6
.90‌
5
.96‌
17
.78‌
39
.58‌
78
.36‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(10/01/23)
Ending
Account
Value
(03/31/24)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(10/01/23)
Ending
Account
Value
(03/31/24)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
1,213.40‌
$
3.32‌
$
1,000.00‌
$
1,022.00‌
$
3.03‌
0
.60‌
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/366
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
March
31,
2024
(continued)
2024
iShares
Annual
Report
To
Shareholders
6
iShares
®
Micro-Cap
ETF
Portfolio
Management
Commentary
Micro-capitalization
U.S.
stocks
advanced
strongly
for
the
reporting
period,
as
receding
inflation,
shifting
monetary
policy,
and
robust
U.S.
economic
growth
supported
equities.
The
healthcare
sector
was
the
largest
contributor
to
the
Index’s
performance,
driven
by
the
biotechnology
industry.
Biotechnology
stocks
rebounded
after
a
two-
year
slowdown
in
investment
and
innovation,
as
new
drug
approvals
by
regulators
rose
sharply
in
2023,
while
capital
flows
and
investor
sentiment
improved
early
in
2024.
Because
biotechnology
companies
require
substantial
up-front
investments
for
development
of
new
drugs
and
treatments,
they
are
typically
highly
sensitive
to
borrowing
costs
and
investor
sentiment.
A
weaker
environment
for
initial
public
offerings
(“IPOs”)
on
stock
markets
constrained
the
industry,
and
many
biotechnology
companies
cut
costs
and
reduced
payrolls.
However,
both
IPOs
and
financing
conditions
improved
at
the
beginning
of
2024,
as
investors
focused
on
companies
with
drugs
that
were
further
along
in
the
development
pipeline.
Mergers
and
acquisition
activity
bolstered
gains
in
the
biotechnology
industry.
News
that
a
large
pharmaceutical
company
agreed
to
purchase
a
developer
of
cancer
treatments
sent
the
target
company’s
stock
price
sharply
higher.
The
maker
of
a
therapy
for
ulcerative
colitis
was
also
acquired
by
a
larger
company,
driving
significant
gains.
Promising
test
results
for
a
drug
that
treats
acromegaly
further
aided
the
industry.
The
industrials
sector
was
another
significant
contributor
to
the
Index’s
performance.
Strong
economic
growth
led
to
investor
confidence
that
consumer
demand
would
continue
to
expand,
boosting
earnings
in
the
sector.
Manufacturing
output
improved
and
suppliers’
delivery
times
shortened
while
moderating
inflation
reduced
cost
pressures.
The
capital
goods
industry
advanced,
as
spending
on
factory
construction
increased
following
passage
of
federal
legislation
granting
subsidies
for
certain
types
of
production
facilities.
The
surge
in
manufacturing
construction
benefited
makers
of
machinery,
manufacturing
equipment,
building
products,
and
tools.
Portfolio
Information
SECTOR
ALLOCATION
%
Sector
Percent
of
Total
Investments
(a)
Health
Care
....................................
27
.1‌
%
Financials
......................................
19
.7‌
Industrials
......................................
14
.3‌
Information
Technology
.............................
11
.1‌
Consumer
Discretionary
............................
9
.4‌
Energy
........................................
5
.9‌
Materials
......................................
3
.7‌
Real
Estate
.....................................
3
.4‌
Communication
Services
............................
2
.9‌
Consumer
Staples
................................
1
.7‌
Utilities
........................................
0
.8‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Modine
Manufacturing
Co.
............................
1
.2‌
%
Cleanspark,
Inc.
..................................
1
.0‌
Sterling
Infrastructure,
Inc.
............................
0
.8‌
Crinetics
Pharmaceuticals,
Inc.
........................
0
.7‌
Ideaya
Biosciences,
Inc.
.............................
0
.7‌
Uranium
Energy
Corp.
..............................
0
.6‌
Rhythm
Pharmaceuticals,
Inc.
.........................
0
.6‌
Avidity
Biosciences,
Inc.
.............................
0
.5‌
UFP
Technologies,
Inc.
..............................
0
.4‌
Photronics,
Inc.
...................................
0
.4‌
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
March
31,
2024
7
Fund
Summary
iShares
®
Russell
2500
ETF