JANUARY
31,
2024
2024
Semi-Annual
Report
(Unaudited)
iShares
Trust
iShares
MSCI
USA
Small-Cap
Min
Vol
Factor
ETF
|
SMMV
|Cboe
BZX
iShares
U.S.
Equity
Factor
ETF
|
LRGF
|
NYSE
Arca
iShares
U.S.
Small-Cap
Equity
Factor
ETF
|
SMLF
|
NYSE
Arca
iShares
U.S.
Tech
Breakthrough
Multisector
ETF
|
TECB
|
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
January
31,
2024.
Significantly
tighter
monetary
policy
helped
to
rein
in
inflation,
and
the
Consumer
Price
Index
decelerated
substantially
in
the
first
half
of
the
period
before
stalling
between
3%
and
4%
in
the
second
half.
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
will
have
a
significant
humanitarian
impact
and
could
lead
to
heightened
economic
and
market
volatility.
We
see
geopolitics
as
a
structural
market
risk
going
forward.
See
our
geopolitical
risk
dashboard
at
blackrock.com
for
more
details.
Equity
returns
were
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
advanced
at
a
significantly
slower
pace.
Meanwhile,
international
developed
market
equities
also
gained,
while
emerging
market
stocks
declined
overall.
The
10-year
U.S.
Treasury
yield
rose
during
the
reporting
period,
driving
its
price
down,
as
investors
reacted
to
elevated
inflation
and
attempted
to
anticipate
future
interest
rate
changes.
However,
shorter-duration
U.S.
Treasuries
gained,
as
higher
yields
boosted
returns.
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
four
times
during
the
12-month
period,
but
paused
its
tightening
in
the
second
half
of
the
period.
The
Fed
also
wound
down
its
bond-buying
programs
and
incrementally
reduced
its
balance
sheet
by
not
replacing
securities
that
reach
maturity.
Supply
constraints
appear
to
have
become
an
embedded
feature
of
the
new
macroeconomic
environment,
making
it
difficult
for
developed
economies
to
increase
production
without
sparking
higher
inflation.
Geopolitical
fragmentation
and
an
aging
population
risk
further
exacerbating
these
constraints,
keeping
the
labor
market
tight
and
wage
growth
high.
Although
the
Fed
has
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
interest
rate
cuts,
as
reflected
in
the
recent
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
January
31,
2024
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
6.43
%
20.82
%
U.S.
small
cap
equities
(Russell
2000
®
Index)
(2.02
)
2.40
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
3.15
10.01
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
(6.00
)
(2.94
)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
2.73
5.13
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
1.74
(0.38
)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
3.15
2.10
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
2.70
2.90
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
6.18
9.28
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Semi-Annual
Report:
Fund
Summary
........................................................................................................
4
About
Fund
Performance
..................................................................................................
8
Disclosure
of Expenses
...................................................................................................
8
Schedules
of
Investments
.................................................................................................
9
Financial
Statements:
Statements
of
Assets
and
Liabilities
.........................................................................................
38
Statements
of
Operations
................................................................................................
39
Statements
of
Changes
in
Net
Assets
........................................................................................
40
Financial
Highlights
.....................................................................................................
42
Notes
to
Financial
Statements
...............................................................................................
46
Statement
Regarding
Liquidity
Risk
Management
Program
.............................................................................
55
Supplemental
Information
.................................................................................................
56
General
Information
.....................................................................................................
57
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
58
Fund
Summary
as
of
January
31,
2024
2024
iShares
Semi-Annual
Report
to
Shareholders
4
iShares
®
MSCI
USA
Small-Cap
Min
Vol
Factor
ETF
Investment
Objective
The 
iShares
MSCI
USA
Small-Cap
Min
Vol
Factor
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
small-capitalization
U.S.
equities
that,
in
the
aggregate,
have
lower
volatility
characteristics
relative
to
the
small-capitalization
U.S.
equity
market,
as
represented
by
the
MSCI
USA
Small
Cap
Minimum
Volatility
(USD)
Index
(the
"Index").
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
index.
Performance
The
inception
date
of
the
Fund
was
September
7,
2016.
The
first
day
of
secondary
market
trading
was
September
9,
2016.
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
Since
Inception
1
Year
5
Years
Since
Inception
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.60‌%
(0.17‌)%
4.30‌%
6.47‌%
(0.17‌)%
23.42‌%
59.10‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.77‌
(0.03‌)
4.30‌
6.50‌
(0.03‌)
23.41‌
59.39‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.64‌
(0.08‌)
4.44‌
6.65‌
(0.08‌)
24.23‌
61.00‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(08/01/23)
Ending
Account
Value
(01/31/24)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(08/01/23)
Ending
Account
Value
(01/31/24)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
1,016.00‌
$
1.01‌
$
1,000.00‌
$
1,024.13‌
$
1.02‌
0.20‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/366
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
SECTOR
ALLOCATION
%
Sector
Percent
of
Total
Investments
(a)
Health
Care
....................................
17.5‌
%
Financials
......................................
15.9‌
Industrials
......................................
14.9‌
Consumer
Discretionary
............................
8.9‌
Consumer
Staples
................................
8.8‌
Information
Technology
.............................
8.0‌
Utilities
........................................
6.7‌
Materials
......................................
6.2‌
Communication
Services
............................
5.2‌
Energy
........................................
4.1‌
Real
Estate
.....................................
3.8‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Landstar
System,
Inc.
...............................
1.6‌
%
Chemed
Corp.
....................................
1.5‌
Royal
Gold,
Inc.
...................................
1.5‌
Old
Republic
International
Corp.
........................
1.4‌
Murphy
USA,
Inc.
.................................
1.4‌
Agree
Realty
Corp.
................................
1.4‌
Selective
Insurance
Group,
Inc.
........................
1.3‌
Dolby
Laboratories,
Inc.,
Class
A
.......................
1.2‌
RLI
Corp.
.......................................
1.2‌
Exelixis,
Inc.
.....................................
1.1‌
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
January
31,
2024
5
Fund
Summary
iShares
®
U.S.
Equity
Factor
ETF
Investment
Objective
The
iShares
U.S.
Equity
Factor
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
large-
and
mid-capitalization
stocks
that
have
favorable
exposure
to
target
style
factors
subject
to
constraints,
as
represented
by
the
STOXX
U.S.
Equity
Factor
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
The
inception
date
of
the
Fund
was
April
28,
2015.
The
first
day
of
secondary
market
trading
was
April
30,
2015.
Index
performance
through
May
31,
2022
reflects
the
performance
of
the
MSCI
USA
Diversified
Multiple-Factor
Index.
Index
performance
beginning
on
June
01,
2022
reflects
the
performance
of
the
STOXX
U.S.
Equity
Factor
Index.
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
Since
Inception
1
Year
5
Years
Since
Inception
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
7
.55‌
%
20
.42‌
%
11
.96‌
%
9
.88‌
%
20
.42‌
%
75
.92‌
%
128
.32‌
%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
7
.58‌
20
.42‌
11
.96‌
9
.88‌
20
.42‌
75
.92‌
128
.39‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
7
.61‌
20
.53‌
12
.13‌
10
.09‌
20
.53‌
77
.27‌
131
.97‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(08/01/23)
Ending
Account
Value
(01/31/24)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(08/01/23)
Ending
Account
Value
(01/31/24)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
1,075.50‌
$
0.42‌
$
1,000.00‌
$
1,024.73‌
$
0.41‌
0
.08‌
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/366
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
SECTOR
ALLOCATION
%
Sector
Percent
of
Total
Investments
(a)
Information
Technology
.............................
31
.9‌
%
Financials
......................................
13
.1‌
Health
Care
....................................
12
.7‌
Consumer
Discretionary
............................
12
.3‌
Industrials
......................................
6
.8‌
Consumer
Staples
................................
6
.5‌
Communication
Services
............................
5
.9‌
Energy
........................................
3
.8‌
Utilities
........................................
2
.5‌
Materials
......................................
2
.4‌
Real
Estate
.....................................
2
.1‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Microsoft
Corp.
...................................
6
.7‌
%
Apple,
Inc.
......................................
6
.2‌
NVIDIA
Corp.
....................................
3
.3‌
Amazon.com,
Inc.
.................................
2
.6‌
Alphabet,
Inc.
,
Class
C
,
NVS
..........................
1
.9‌
Broadcom,
Inc.
...................................
1
.8‌
Meta
Platforms,
Inc.
,
Class
A
..........................
1
.6‌
Procter
&
Gamble
Co.
(The)
..........................
1
.5‌
Visa,
Inc.
,
Class
A
.................................
1
.4‌
JPMorgan
Chase
&
Co.
.............................
1
.4‌
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
January
31,
2024
2024
iShares
Semi-Annual
Report
to
Shareholders
6
iShares
®
U.S.
Small-Cap
Equity
Factor
ETF
Investment
Objective
The
iShares
U.S.
Small-Cap
Equity
Factor
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
small-capitalization
stocks
that
have
favorable
exposure
to
target
style
factors
subject
to
constraints,
as
represented
by
the
STOXX
U.S.
Small-Cap
Equity
Factor
Index(USD)
(the
"Index").
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
The
inception
date
of
the
Fund
was
April
28,
2015.
The
first
day
of
secondary
market
trading
was
April
30,
2015.
Index
performance
through
February
28,
2023
reflects
the
performance
of
the
MSCI
USA
Small
Cap
Diversified
Multiple-Factor
Index.
Index
performance
beginning
on
March
1,
2023
reflects
the
performance
of
the
STOXX
U.S.
Small-Cap
Equity
Factor
Index,
which,
effective
as
of
March
1,
2023,
replaced
the
MSCI
USA
Small
Cap
Diversified
Multiple-Factor
Index
as
the
underlying
index
of
the
fund.
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
Since
Inception
1
Year
5
Years
Since
Inception
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
2.38‌%
7.33‌%
9.30‌%
8.97‌%
7.33‌%
55.97‌%
112.36‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
2.42‌
7.51‌
9.31‌
8.98‌
7.51‌
56.03‌
112.54‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
2.43‌
7.43‌
9.62‌
9.32‌
7.43‌
58.27‌
118.13‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(08/01/23)
Ending
Account
Value
(01/31/24)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(08/01/23)
Ending
Account
Value
(01/31/24)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
1,023.80‌
$
0.76‌
$
1,000.00‌
$
1,024.38‌
$
0.76‌
0.15‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/366
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
SECTOR
ALLOCATION
%
Sector
Percent
of
Total
Investments
(a)
Industrials
......................................
19.2‌
%
Financials
......................................
16.7‌
Consumer
Discretionary
............................
14.7‌
Information
Technology
.............................
14.4‌
Health
Care
....................................
11.0‌
Real
Estate
.....................................
6.8‌
Energy
........................................
4.9‌
Materials
......................................
4.6‌
Consumer
Staples
................................
3.7‌
Communication
Services
............................
2.3‌
Utilities
........................................
1.7‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Builders
FirstSource,
Inc.
............................
0.7‌
%
First
Industrial
Realty
Trust,
Inc.
........................
0.7‌
Nutanix,
Inc.,
Class
A
...............................
0.7‌
Deckers
Outdoor
Corp.
..............................
0.6‌
Jabil,
Inc.
.......................................
0.6‌
Super
Micro
Computer,
Inc.
...........................
0.6‌
Manhattan
Associates,
Inc.
...........................
0.6‌
Popular,
Inc.
.....................................
0.6‌
Evercore,
Inc.,
Class
A
..............................
0.6‌
Reliance
Steel
&
Aluminum
Co.
........................
0.5‌
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
January
31,
2024
7
Fund
Summary
iShares
®
U.S.
Tech
Breakthrough
Multisector
ETF
Investment
Objective
The
iShares
U.S.
Tech
Breakthrough
Multisector
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
companies
that
could
benefit
from
various
breakthrough
technologies,
including
robotics
and
artificial
intelligence,
cloud
and
data
tech,
cybersecurity,
genomics
and
immunology,
and
financial
technology,
as
represented
by
the
NYSE
®
FactSet
®
U.S.
Tech
Breakthrough
Index
TM
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
Certain
sectors
and
markets
performed
exceptionally
well
based
on
market
conditions
during
the
one-year
period.
Achieving
such
exceptional
returns
involves
the
risk
of
volatility
and
investors
should
not
expect
that
such
exceptional
returns
will
be
repeated.
The
inception
date
of
the
Fund
was