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to
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Funds’
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may
not
be
distributed
to
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unless
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or
accompanied
by
the
current
prospectus.
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involves
risk,
including
possible
loss
of
principal.
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iShares
Funds
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by
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Investments,
LLC
(together
with
its
affiliates,
“BlackRock”).
The
iShares
Funds
are
not
sponsored,
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issued,
sold
or
promoted
by
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Data
Indices,
LLC
or
S&P
Dow
Jones
Indices
LLC,
nor
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these
companies
make
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representation
regarding
the
advisability
of
investing
in
the
iShares
Funds.
BlackRock
is
not
affiliated
with
the
companies
listed
above.
©2022
BlackRock,
Inc.
All
rights
reserved.
iSHARES
and
BLACKROCK
are
registered
trademarks
of
BlackRock,
Inc.
or
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subsidiaries.
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other
marks
are
the
property
of
their
respective
owners.
SEPTEMBER
30,
2022
2022
Semi-Annual
Report
(Unaudited)
iShares
Trust
iShares
S&P
Mid-Cap
400
Growth
ETF
|
IJK
|
NYSE
Arca
iShares
S&P
Mid-Cap
400
Value
ETF
|
IJJ
|
NYSE
Arca
iShares
S&P
Small-Cap
600
Growth
ETF
|
IJT
|
NASDAQ
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,
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
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
)
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
..................................................................................................
7
Disclosure
of Expenses
...................................................................................................
7
Schedules
of
Investments
.................................................................................................
8
Financial
Statements:
Statements
of
Assets
and
Liabilities
.........................................................................................
31
Statements
of
Operations
................................................................................................
32
Statements
of
Changes
in
Net
Assets
........................................................................................
33
Financial
Highlights
.....................................................................................................
35
Notes
to
Financial
Statements
...............................................................................................
38
Board
Review
and
Approval
of
Investment
Advisory
Contract
............................................................................
47
Supplemental
Information
.................................................................................................
53
General
Information
.....................................................................................................
54
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
55
Fund
Summary
as
of
September
30,
2022
2022
iShares
Semi-Annual
Report
To
Shareholders
4
iShares
®
S&P
Mid-Cap
400
Growth
ETF
Investment
Objective
The
iShares
S&P
Mid-Cap
400
Growth
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
mid-capitalization
U.S.
equities
that
exhibit
growth
characteristics,
as
represented
by
the
S&P
MidCap
400
Growth
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
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
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(18.10‌)%
(19.60‌)%
5.48‌%
9.55‌%
(19.60‌)%
30.59‌%
148.86‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(17.94‌)
(19.65‌)
5.48‌
9.55‌
(19.65‌)
30.60‌
148.91‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(18.07‌)
(19.52‌)
5.69‌
9.76‌
(19.52‌)
31.89‌
153.80‌
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
$
819.00‌
$
0.78‌
$
1,000.00‌
$
1,024.22‌
$
0.86‌
0.17‌%
(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.
SECTOR
ALLOCATION
—
%
Sector
Percent
of
Total
Investments
(a)
—
Industrials
......................................
18.8‌
%
Information
Technology
.............................
16.3‌
Consumer
Discretionary
............................
14.8‌
Health
Care
....................................
13.8‌
Financials
......................................
11.8‌
Materials
......................................
6.9‌
Real
Estate
.....................................
6.8‌
Energy
........................................
5.1‌
Consumer
Staples
................................
2.1‌
Communication
Services
............................
2.1‌
Utilities
........................................
1.5‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Carlisle
Cos.,
Inc.
.................................
1.6‌
%
Targa
Resources
Corp.
..............................
1.5‌
Steel
Dynamics,
Inc.
................................
1.3‌
Darling
Ingredients,
Inc.
.............................
1.2‌
Neurocrine
Biosciences,
Inc.
..........................
1.1‌
Shockwave
Medical,
Inc.
.............................
1.1‌
Paylocity
Holding
Corp.
..............................
1.1‌
Repligen
Corp.
...................................
1.1‌
East
West
Bancorp,
Inc.
.............................
1.0‌
Life
Storage,
Inc.
..................................
1.0‌
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
September
30,
2022
5
Fund
Summary
iShares
®
S&P
Mid-Cap
400
Value
ETF
Investment
Objective
The
iShares
S&P
Mid-Cap
400
Value
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
mid-capitalization
U.S.
equities
that
exhibit
value
characteristics,
as
represented
by
the
S&P
MidCap
400
Value
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
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
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(17.02‌)%
(11.05‌)%
5.32‌%
9.77‌%
(11.05‌)%
29.59‌%
153.93‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(17.02‌)
(10.96‌)
5.34‌
9.78‌
(10.96‌)
29.73‌
154.27‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(16.96‌)
(10.88‌)
5.54‌
10.00‌
(10.88‌)
30.96‌
159.36‌
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
$
829.80‌
$
0.83‌
$
1,000.00‌
$
1,024.17‌
$
0.91‌
0.18‌%
(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.
SECTOR
ALLOCATION
—
%
Sector
Percent
of
Total
Investments
(a)
—
Financials
......................................
19.5‌
%
Industrials
......................................
19.2‌
Consumer
Discretionary
............................
12.5‌
Real
Estate
.....................................
9.4‌
Information
Technology
.............................
9.4‌
Health
Care
....................................
7.2‌
Utilities
........................................
6.4‌
Materials
......................................
6.2‌
Consumer
Staples
................................
5.8‌
Energy
........................................
2.9‌
Communication
Services
............................
1.5‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
First
Horizon
Corp.
.................................
1.3‌
%
Alleghany
Corp.
...................................
1.2‌
Reliance
Steel
&
Aluminum
Co.
........................
1.1‌
BJ's
Wholesale
Club
Holdings,
Inc.
......................
1.0‌
AECOM
........................................
1.0‌
Reinsurance
Group
of
America,
Inc.
.....................
0.9‌
Jazz
Pharmaceuticals
plc
............................
0.9‌
STORE
Capital
Corp.
...............................
0.9‌
Knight-Swift
Transportation
Holdings,
Inc.
.................
0.8‌
HF
Sinclair
Corp.
..................................
0.8‌
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
September
30,
2022
2022
iShares
Semi-Annual
Report
To
Shareholders
6
iShares
®
S&P
Small-Cap
600
Growth
ETF
Investment
Objective
The
iShares
S&P
Small-Cap
600
Growth
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
small-capitalization
U.S.
equities
that
exhibit
growth
characteristics,
as
represented
by
the
S&P
SmallCap
600
Growth
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
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
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(18.54‌)%
(21.31‌)%
5.24‌%
10.32‌%
(21.31‌)%
29.08‌%
167.10‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(18.28‌)
(21.12‌)
5.27‌
10.35‌
(21.12‌)
29.26‌
167.74‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(18.47‌)
(21.17‌)
5.49‌
10.53‌
(21.17‌)
30.64‌
172.03‌
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
$
814.60‌
$
0.82‌
$
1,000.00‌
$
1,024.17‌
$
0.91‌
0.18‌%
(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.
SECTOR
ALLOCATION
—
%
Sector
Percent
of
Total
Investments
(a)
—
Information
Technology
.............................
18.6‌
%
Health
Care
....................................
16.5‌
Financials
......................................
15.6‌
Industrials
......................................
15.0‌
Consumer
Discretionary
............................
12.8‌
Real
Estate
.....................................
6.5‌
Materials
......................................
4.3‌
Consumer
Staples
................................
4.1‌
Energy
........................................
3.1‌
Communication
Services
............................
2.1‌
Utilities
........................................
1.4‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Livent
Corp.
.....................................
1.5‌
%
SM
Energy
Co.
...................................
1.2‌
AMN
Healthcare
Services,
Inc.
.........................
1.2‌
Cytokinetics,
Inc.
..................................
1.2‌
Rogers
Corp.
....................................
1.2‌
Exponent,
Inc.
....................................
1.2‌
SPS
Commerce,
Inc.
...............................
1.2‌
UFP
Industries,
Inc.
................................
1.2‌
ServisFirst
Bancshares,
Inc.
..........................
1.0‌
Balchem
Corp.
...................................
1.0‌
(a)
Excludes
money
market
funds.
About
Fund
Performance
7
About
Fund
Performance
/
Disclosure
of
Expenses
Past
performance
is
not
an
indication
of
future
results.
Financial
markets
have
experienced
extreme
volatility
and
trading
in
many
instruments
has
been
disrupted.
These
circumstances
may
continue
for
an
extended
period
of
time
and
may
continue
to
affect
adversely
the
value
and
liquidity
of
each
Fund’s
investments.
As
a
result,
current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Performance
data
current
to
the
most
recent
month-end
is
available
at
iShares.com
.
Performance
results
assume
reinvestment
of
all
dividends
and
capital
gain
distributions
and
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
The
investment
return
and
principal
value
of
shares
will
vary
with
changes
in
market
conditions.
Shares
may
be
worth
more
or
less
than
their
original
cost
when
they
are
redeemed
or
sold
in
the
market.
Performance
for
certain
funds
may
reflect
a
waiver
of
a
portion
of
investment
advisory
fees.
Without
such
a
waiver,
performance
would
have
been
lower.
Net
asset
value
or
“NAV”
is
the
value
of
one
share
of
a
fund
as
calculated
in
accordance
with
the
standard
formula
for
valuing
mutual
fund
shares.
Beginning
August
10,
2020,
the
price
used
to
calculate
market
return
(“Market
Price”)
is
the
closing
price.
Prior
to
August
10,
2020,
Market Price
was
determined
using
the
midpoint
between
the
highest
bid
and
the
lowest
ask
on
the
primary
stock
exchange
on
which
shares
of
a
fund
are
listed
for
trading,
as
of
the
time
that
such
fund’s
NAV
is
calculated.
Market
and
NAV
returns
assume
that
dividends
and
capital
gain
distributions
have
been
reinvested
at
Market
Price
and
NAV,
respectively.
An
index
is
a
statistical
composite
that
tracks
a
specified
financial
market
or
sector.
Unlike
a
fund,
an
index
does
not
actually
hold
a
portfolio
of
securities
and
therefore
does
not
incur
the
expenses
incurred
by
a
fund.
These
expenses
negatively
impact
fund
performance.
Also,
market
returns
do
not
include
brokerage
commissions
that
may
be
payable
on
secondary
market
transactions.
If
brokerage
commissions
were
included,
market
returns
would
be
lower.
Disclosure
of Expenses
Shareholders
of each
Fund
may
incur
the
following
charges: (1)
transactional
expenses,
including
brokerage
commissions
on
purchases
and
sales
of
fund
shares
and
(2)
ongoing
expenses,
including
management
fees
and
other
fund
expenses.
The
expense
examples
shown (which are
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period) are
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in each
Fund and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
funds.
The
expense
examples
provide information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to estimate
the
expenses
a
shareholder paid during
the period
covered
by
this
report,
shareholders
can divide their
account
value
by
$1,000 and
then
multiply
the
result
by
the
number
under
the
heading
entitled
“Expenses
Paid
During
the
Period.”
The
expense
examples also
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on a
fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the ongoing expenses
of
investing
in the
Funds
and
other
funds, compare
the
5%
hypothetical
examples
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
expenses
shown
in
the
expense
examples are
intended
to highlight shareholders’
ongoing
costs
only
and
do
not
reflect
any
transactional
expenses,
such
as
brokerage
commissions
and
other
fees
paid
on
purchases
and
sales
of
fund
shares.
Therefore,
the
hypothetical
examples are
useful
in
comparing
ongoing expenses
only
and
will
not
help
shareholders determine
the
relative
total expenses
of
owning
different
funds. If
these
transactional expenses
were
included, shareholder
expenses would
have
been
higher.
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
September
30,
2022
iShares
®
S&P
Mid-Cap
400
Growth
ETF
8
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
0.9%
Axon
Enterprise,
Inc.
(a)(b)
..............
459,785
$
53,220,114
Air
Freight
&
Logistics
—
0.5%
GXO
Logistics,
Inc.
(a)(b)
...............
807,673
28,317,015
Auto
Components
—
0.7%
Fox
Factory
Holding
Corp.
(a)(b)
..........
287,777
22,757,405
Gentex
Corp.
.....................
848,555
20,229,551
42,986,956
Banks
—
6.4%
Bank
of
Hawaii
Corp.
................
114,918
8,747,558
Bank
OZK
.......................
355,906
14,079,641
Cathay
General
Bancorp
..............
197,634
7,601,004
Commerce
Bancshares,
Inc.
(a)
..........
371,420
24,573,147
Cullen/Frost
Bankers,
Inc.
.............
244,530
32,331,757
East
West
Bancorp,
Inc.
..............
959,539
64,423,448
First
Financial
Bankshares
,
Inc.
(a)
........
883,249
36,946,306
Glacier
Bancorp,
Inc.
................
754,221
37,054,878
Hancock
Whitney
Corp.
..............
262,559
12,027,828
Home
BancShares
,
Inc.
..............
480,477
10,815,537
PacWest
Bancorp
..................
801,933
18,123,686
Pinnacle
Financial
Partners,
Inc.
.........
520,339
42,199,493
Synovus
Financial
Corp.
..............
395,941
14,851,747
UMB
Financial
Corp.
................
296,033
24,952,621
Umpqua
Holdings
Corp.
..............
546,839
9,345,478
Webster
Financial
Corp.
..............
490,888
22,188,138
Wintrust
Financial
Corp.
..............
206,782
16,863,072
397,125,339
Beverages
—
0.8%
Boston
Beer
Co.,
Inc.
(The),
Class
A,
NVS
(a)(b)
38,854
12,575,097
Celsius
Holdings,
Inc.
(a)(b)
..............
272,979
24,753,736
Coca-Cola
Consolidated,
Inc.
...........
31,342
12,904,442
50,233,275
Biotechnology
—
2.9%
(b)
Arrowhead
Pharmaceuticals,
Inc.
(a)
.......
720,747
23,820,688
Exelixis
,
Inc.
......................
1,161,452
18,211,568
Halozyme
Therapeutics,
Inc.
(a)
..........
938,165
37,095,044
Neurocrine
Biosciences,
Inc.
...........
651,225
69,166,607
United
Therapeutics
Corp.
.............
148,765
31,148,416
179,442,323
Building
Products
—
3.9%
Builders
FirstSource
,
Inc.
(a)(b)
...........
1,062,746
62,616,994
Carlisle
Cos.,
Inc.
(a)
.................
352,199
98,760,122
Lennox
International,
Inc.
.............
127,335
28,353,685
Simpson
Manufacturing
Co.,
Inc.
........
293,926
23,043,798
Trex
Co.,
Inc.
(a)(b)
...................
750,803
32,990,284
245,764,883
Capital
Markets
—
3.0%
Affiliated
Managers
Group,
Inc.
.........
260,288
29,113,213
Evercore
,
Inc.,
Class
A
...............
245,216
20,169,016
Federated
Hermes,
Inc.,
Class
B
........
270,992
8,975,255
Interactive
Brokers
Group,
Inc.,
Class
A
....
434,177
27,748,252
Janus
Henderson
Group
plc
...........
415,103
8,430,742
Jefferies
Financial
Group,
Inc.
..........
1,266,255
37,354,522
SEI
Investments
Co.
.................
413,681
20,291,053
Stifel
Financial
Corp.
................
722,756
37,518,264
189,600,317
Security
Shares
Shares
Value
Chemicals
—
2.7%
Ashland,
Inc.
......................
145,835
$
13,849,950
Avient
Corp.
......................
582,056
17,636,297
Ingevity
Corp.
(b)
....................
131,511
7,973,512
Olin
Corp.
(a)
.......................
919,139
39,412,680
RPM
International,
Inc.
...............
448,008
37,323,547
Scotts
Miracle-
Gro
Co.
(The)
...........
275,407
11,773,649
Sensient
Technologies
Corp.
...........
163,004
11,302,697
Valvoline,
Inc.
.....................
1,205,364
30,543,924
169,816,256
Commercial
Services
&
Supplies
—
1.6%
Clean
Harbors,
Inc.
(b)
................
202,140
22,231,357
IAA,
Inc.
(a)(b)
.......................
491,783
15,663,288
MSA
Safety,
Inc.
...................
127,720
13,957,242
Tetra
Tech,
Inc.
(a)
...................
363,060
46,664,102
98,515,989
Communications
Equipment
—
1.0%
(a)(b)
Calix,
Inc.
........................
386,488
23,629,876
Ciena
Corp.
......................
642,204
25,964,308
Lumentum
Holdings,
Inc.
..............
211,426
14,497,481
64,091,665
Construction
&
Engineering
—
0.9%
Dycom
Industries,
Inc.
(b)
..............
78,478
7,497,003
MasTec
,
Inc.
(a)(b)
....................
198,446
12,601,321
Valmont
Industries,
Inc.
(a)
.............
145,383
39,052,782
59,151,106
Construction
Materials
—
0.4%
Eagle
Materials,
Inc.
.................
256,605
27,502,924
Consumer
Finance
—
0.6%
Navient
Corp.
.....................
753,544
11,069,561
SLM
Corp.
.......................
1,711,724
23,947,019
35,016,580
Containers
&
Packaging
—
0.3%
AptarGroup,
Inc.
...................
204,651
19,447,985
Diversified
Consumer
Services
—
1.3%
H&R
Block,
Inc.
....................
499,885
21,265,108
Service
Corp.
International
(a)
...........
1,073,640
61,991,974
83,257,082
Diversified
Telecommunication
Services
—
0.5%
(b)
Frontier
Communications
Parent,
Inc.
.....
500,946
11,737,165
Iridium
Communications,
Inc.
(a)
..........
458,233
20,331,798
32,068,963
Electric
Utilities
—
0.3%
OGE
Energy
Corp.
..................
504,392
18,390,132
Electrical
Equipment
—
2.4%
Acuity
Brands,
Inc.
(a)
.................
222,749
35,076,285
Hubbell,
Inc.
......................
197,372
44,013,956
nVent
Electric
plc
...................
668,853
21,142,443
Regal
Rexnord
Corp.
................
190,118
26,684,963
SunPower
Corp.
(a)(b)
.................
580,863
13,383,084
Vicor
Corp.
(a)(b)
.....................
151,409
8,954,328
149,255,059
Electronic
Equipment,
Instruments
&
Components
—
2.0%
Cognex
Corp.
.....................
743,838
30,832,085
Coherent
Corp.
(a)(b)
..................
423,675
14,765,074
Jabil,
Inc.
........................
412,121
23,783,503
Littelfuse
,
Inc.
.....................
104,508
20,764,694
National
Instruments
Corp.
............
477,512
18,021,303
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
S&P
Mid-Cap
400
Growth
ETF
Schedule
of
Investments
9
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Electronic
Equipment,
Instruments
&
Components
(continued)
Novanta
,
Inc.
(a)(b)
...................
157,755
$
18,244,366
126,411,025
Energy
Equipment
&
Services
—
0.2%
ChampionX
Corp.
..................
649,451
12,709,756
Entertainment
—
0.2%
World
Wrestling
Entertainment,
Inc.,
Class
A
(a)
182,543
12,809,042
Equity
Real
Estate
Investment
Trusts
(REITs)
—
6.4%
Apartment
Income
REIT
Corp.
..........
493,448
19,056,962
Brixmor
Property
Group,
Inc.
...........
1,122,278
20,728,475
Douglas
Emmett,
Inc.
................
552,789
9,911,507
EastGroup
Properties,
Inc.
............
296,650
42,818,461
First
Industrial
Realty
Trust,
Inc.
.........
620,515
27,805,277
Healthcare
Realty
Trust,
Inc.,
Class
A
.....
1,269,704
26,473,328
Independence
Realty
Trust,
Inc.
.........
1,510,437
25,269,611
Lamar
Advertising
Co.,
Class
A
.........
391,501
32,294,917
Life
Storage,
Inc.
...................
574,594
63,642,031
National
Retail
Properties,
Inc.
..........
542,696
21,631,863
National
Storage
Affiliates
Trust
.........
581,088
24,161,639
PotlatchDeltic
Corp.
.................
241,478
9,910,257
Rayonier,
Inc.
(a)
....................
598,210
17,928,354
Rexford
Industrial
Realty,
Inc.
..........
1,164,829
60,571,108
402,203,790
Food
Products
—
1.3%
Darling
Ingredients,
Inc.
(a)(b)
............
1,092,005
72,236,131
Lancaster
Colony
Corp.
..............
64,766
9,733,034
81,969,165
Gas
Utilities
—
0.3%
National
Fuel
Gas
Co.
...............
323,897
19,935,860
Health
Care
Equipment
&
Supplies
—
5.6%
(b)
Enovis
Corp.
(a)
.....................
132,969
6,125,882
Globus
Medical,
Inc.,
Class
A
(a)
.........
314,736
18,748,824
ICU
Medical,
Inc.
(a)
..................
64,247
9,675,598
Inari
Medical,
Inc.
(a)
.................
327,189
23,767,009
Integra
LifeSciences
Holdings
Corp.
......
252,286
10,686,835
LivaNova
plc
(a)
.....................
218,763
11,106,598
Masimo
Corp.
.....................
329,072
46,451,804
Neogen
Corp.
.....................
853,363
11,921,481
Omnicell
,
Inc.
(a)
....................
301,573
26,245,898
Penumbra,
Inc.
(a)
...................
257,987
48,914,335
QuidelOrtho
Corp.
(a)
.................
369,276
26,395,848
Shockwave
Medical,
Inc.
(a)
.............
244,634
68,025,376
STAAR
Surgical
Co.
(a)
................
327,100
23,076,905
Tandem
Diabetes
Care,
Inc.
(a)
..........
437,294
20,924,518
352,066,911
Health
Care
Providers
&
Services
—
2.3%
Chemed
Corp.
(a)
...................
57,850
25,254,996
HealthEquity
,
Inc.
(a)(b)
................
384,901
25,853,800
Option
Care
Health,
Inc.
(a)(b)
............
1,052,578
33,124,630
Progyny
,
Inc.
(a)(b)
...................
314,638
11,660,484
R1
RCM,
Inc.
(a)(b)
...................
542,257
10,048,022
Tenet
Healthcare
Corp.
(b)
..............
734,638
37,892,628
143,834,560
Hotels,
Restaurants
&
Leisure
—
3.6%
Boyd
Gaming
Corp.
.................
552,906
26,345,971
Choice
Hotels
International,
Inc.
.........
134,303
14,708,865
Churchill
Downs,
Inc.
................
225,890
41,597,643
Light
&
Wonder,
Inc.,
Class
A
(b)
..........
642,312
27,542,339
Marriott
Vacations
Worldwide
Corp.
.......
120,378
14,669,263
Papa
John's
International,
Inc.
..........
219,023
15,333,800
Texas
Roadhouse,
Inc.
...............
273,129
23,833,236
Security
Shares
Shares
Value
Hotels,
Restaurants
&
Leisure
(continued)
Wendy's
Co.
(The)
..................
578,653
$
10,815,025
Wingstop
,
Inc.
(a)
....................
203,690
25,546,800
Wyndham
Hotels
&
Resorts,
Inc.
........
399,781
24,526,564
224,919,506
Household
Durables
—
1.3%
Helen
of
Troy
Ltd.
(a)(b)
................
163,203
15,739,297
Tempur
Sealy
International,
Inc.
.........
1,172,510
28,304,391
TopBuild
Corp.
(a)(b)
..................
220,475
36,329,871
80,373,559
Independent
Power
and
Renewable
Electricity
Producers
—
0.2%
Ormat
Technologies,
Inc.
(a)
............
106,642
9,192,540
Insurance
—
1.9%
American
Financial
Group,
Inc.
.........
223,488
27,473,380
First
American
Financial
Corp.
..........
326,259
15,040,540
Kinsale
Capital
Group,
Inc.
(a)
...........
146,600
37,444,572
Primerica,
Inc.
.....................
158,115
19,519,297
RLI
Corp.
........................
164,967
16,889,321
116,367,110
Interactive
Media
&
Services
—
0.5%
(a)(b)
TripAdvisor,
Inc.
....................
297,929
6,578,272
Ziff
Davis,
Inc.
.....................
321,333
22,004,884
28,583,156
IT
Services
—
2.5%
Concentrix
Corp.
...................
290,595
32,439,120
Euronet
Worldwide,
Inc.
(a)(b)
............
109,047
8,261,401
ExlService
Holdings,
Inc.
(b)
............
225,133
33,175,599
Genpact
Ltd.
......................
758,623
33,204,929
Maximus,
Inc.
.....................
412,304
23,860,032
Sabre
Corp.
(a)(b)
....................
1,078,636
5,554,975
WEX,
Inc.
(a)(b)
......................
129,339
16,418,293
152,914,349
Leisure
Products
—
1.8%
Brunswick
Corp.
...................
506,393
33,143,422
Mattel,
Inc.
(b)
......................
2,405,370
45,557,708
Polaris,
Inc.
(a)
.....................
163,915
15,678,470
YETI
Holdings,
Inc.
(a)(b)
...............
586,789
16,735,222
111,114,822
Life
Sciences
Tools
&
Services
—
3.0%
Azenta
,
Inc.
......................
510,826
21,894,002
Bruker
Corp.
(a)
.....................
685,917
36,394,756
Medpace
Holdings,
Inc.
(a)(b)
............
170,973
26,871,826
Repligen
Corp.
(a)(b)
..................
351,400
65,750,454
Sotera
Health
Co.
(a)(b)
................
511,847
3,490,797
Syneos
Health,
Inc.,
Class
A
(b)
..........
698,985
32,957,143
187,358,978
Machinery
—
4.6%
Chart
Industries,
Inc.
(a)(b)
..............
244,205
45,019,192
Crane
Holdings
Co.
.................
159,096
13,927,264
Donaldson
Co.,
Inc.
(a)
................
429,079
21,029,162
Esab
Corp.
.......................
127,538
4,254,668
Graco
,
Inc.
.......................
690,927
41,421,074
ITT,
Inc.
.........................
315,348
20,604,838
Lincoln
Electric
Holdings,
Inc.
..........
228,742
28,757,444
Middleby
Corp.
(The)
(a)(b)
..............
234,820
30,096,879
Toro
Co.
(The)
.....................
712,045
61,577,651
Watts
Water
Technologies,
Inc.,
Class
A
....
185,918
23,375,470
290,063,642
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
S&P
Mid-Cap
400
Growth
ETF
10
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Media
—
0.9%
Cable
One,
Inc.
(a)
...................
19,271
$
16,439,126
John
Wiley
&
Sons,
Inc.,
Class
A
........
146,148
5,489,319
New
York
Times
Co.
(The),
Class
A
.......
653,493
18,787,924
TEGNA,
Inc.
......................
668,451
13,823,567
54,539,936
Metals
&
Mining
—
3.0%
Alcoa
Corp.
.......................
490,058
16,495,352
Cleveland-Cliffs,
Inc.
(a)(b)
..............
3,522,385
47,446,526
MP
Materials
Corp.,
Class
A
(a)(b)
.........
628,585
17,160,370
Royal
Gold,
Inc.
....................
268,169
25,159,616
Steel
Dynamics,
Inc.
.................
1,181,263
83,810,610
190,072,474
Oil,
Gas
&
Consumable
Fuels
—
4.9%
Antero
Midstream
Corp.
..............
2,280,541
20,935,366
CNX
Resources
Corp.
(a)(b)
.............
606,308
9,415,963
DT
Midstream,
Inc.
..................
276,646
14,355,161
Matador
Resources
Co.
(a)
.............
764,074
37,378,500
Murphy
Oil
Corp.
...................
995,000
34,994,150
PDC
Energy,
Inc.
...................
655,773
37,897,122
Range
Resources
Corp.
..............
1,164,180
29,407,187
Southwestern
Energy
Co.
(a)(b)
...........
4,856,024
29,718,867
Targa
Resources
Corp.
...............
1,542,672
93,084,828
307,187,144
Paper
&
Forest
Products
—
0.4%
Louisiana-Pacific
Corp.
(a)
..............
503,009
25,749,031
Professional
Services
—
1.9%
ASGN,
Inc.
(a)(b)
.....................
341,822
30,890,454
FTI
Consulting,
Inc.
(a)(b)
...............
235,190
38,973,335
Insperity
,
Inc.
......................
243,391
24,847,787
KBR,
Inc.
(a)
.......................
615,406
26,597,848
121,309,424
Real
Estate
Management
&
Development
—
0.4%
Jones
Lang
LaSalle,
Inc.
(a)(b)
............
159,879
24,152,921
Road
&
Rail
—
1.4%
(a)
Avis
Budget
Group,
Inc.
(b)
.............
196,375
29,153,833
Landstar
System,
Inc.
................
161,225
23,276,053
Saia,
Inc.
(b)
.......................
179,845
34,170,550
86,600,436
Semiconductors
&
Semiconductor
Equipment
—
5.1%
Amkor
Technology,
Inc.
...............
282,499
4,816,608
Cirrus
Logic,
Inc.
(b)
..................
182,835
12,579,048
First
Solar,
Inc.
(b)
...................
398,261
52,677,982
Lattice
Semiconductor
Corp.
(b)
..........
935,019
46,012,285
MACOM
Technology
Solutions
Holdings,
Inc.
(a)
(b)
...........................
271,389
14,055,236
MKS
Instruments,
Inc.
(a)
..............
214,151
17,697,439
Power
Integrations,
Inc.
..............
389,357
25,043,442
Semtech
Corp.
(b)
...................
285,275
8,389,938
Silicon
Laboratories,
Inc.
(a)(b)
............
233,031
28,765,347
SiTime
Corp.
(a)(b)
...................
108,705
8,558,345
Synaptics
,
Inc.
(b)
...................
269,787
26,711,611
Universal
Display
Corp.
(a)
.............
295,864
27,914,768
Wolfspeed
,
Inc.
(a)(b)
..................
463,020
47,857,747
321,079,796
Software
—
5.6%
(b)
ACI
Worldwide,
Inc.
.................
364,987
7,628,228
Aspen
Technology,
Inc.
(a)
..............
197,043
46,935,643
Blackbaud
,
Inc.
(a)
...................
197,156
8,686,694
CommVault
Systems,
Inc.
.............
198,207
10,512,899
Dynatrace
,
Inc.
(a)
...................
1,369,589
47,675,393
Security
Shares
Shares
Value
Software
(continued)
Envestnet
,
Inc.
(a)
...................
184,277
$
8,181,899
Fair
Isaac
Corp.
(a)
...................
99,733
41,090,993
Manhattan
Associates,
Inc.
(a)
...........
427,066
56,812,590
Paylocity
Holding
Corp.
(a)
.............
278,535
67,288,485
Qualys
,
Inc.
......................
237,718
33,135,512
Teradata
Corp.
....................
699,986
21,741,565
349,689,901
Specialty
Retail
—
3.9%
AutoNation,
Inc.
(a)(b)
.................
123,625
12,593,679
Dick's
Sporting
Goods,
Inc.
(a)
...........
387,491
40,547,058
Five
Below,
Inc.
(a)(b)
..................
377,842
52,017,508
GameStop
Corp.,
Class
A
(a)(b)
...........
1,721,013
43,249,057
RH
(a)(b)
..........................
136,127
33,496,771
Victoria's
Secret
&
Co.
(b)
..............
277,194
8,071,889
Williams-Sonoma,
Inc.
(a)
..............
468,221
55,179,845
245,155,807
Textiles,
Apparel
&
Luxury
Goods
—
2.2%
Capri
Holdings
Ltd.
(a)(b)
...............
573,335
22,038,997
Columbia
Sportswear
Co.
.............
127,725
8,595,893
Crocs,
Inc.
(a)(b)
.....................
419,787
28,822,575
Deckers
Outdoor
Corp.
(a)(b)
.............
180,655
56,474,560
Skechers
USA,
Inc.,
Class
A
(a)(b)
.........
431,666
13,692,446
Under
Armour
,
Inc.,
Class
A
(b)
...........
549,373
3,653,330
Under
Armour
,
Inc.,
Class
C,
NVS
(b)
......
590,227
3,517,753
136,795,554
Trading
Companies
&
Distributors
—
0.6%
Watsco
,
Inc.
......................
149,235
38,422,043
Water
Utilities
—
0.7%
Essential
Utilities,
Inc.
................
1,023,038
42,333,312
Total
Long-Term
Investments
—
99.8%
(Cost:
$6,502,723,462)
...........................
6,239,119,513
Short-Term
Securities
Money
Market
Funds
—
10.2%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
3.18%
(e)
............
626,813,391
627,001,435
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
2.81%
..................
7,790,345
7,790,345
Total
Short-Term
Securities
—
10.2%
(Cost:
$634,498,437)
.............................
634,791,780
Total
Investments
—
110.0%
(Cost:
$7,137,221,899
)
...........................
6,873,911,293
Liabilities
in
Excess
of
Other
Assets
—
(10.0)%
...........
(625,654,991)
Net
Assets
—
100.0%
..............................
$
6,248,256,302
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
S&P
Mid-Cap
400
Growth
ETF
Schedule
of
Investments
11
(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.
The
following
are
the
specified
benchmarks
(plus
or
minus
a
range)
used
in
determining
the
variable
rate
of
interest:
(c)
Amount
includes
$(166)
of
net
dividends
and
financing
fees.
(d)
Rounds
to
less
than
0.1%.
(f)
Amount
includes
$(601)
of
net
dividends
and
financing
fees.
(h)
Amount
includes
$(516)
of
net
dividends
and
financing
fees.
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
$
349,751,835
$
276,985,804
(a)
$
—
$
7,299
$
256,497
$
627,001,435
626,813,391
$
3,937,912
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
8,035,000
—
(244,655)
(a)
—
—
7,790,345
7,790,345
75,752
—
$
7,299
$
256,497
$
634,791,780
$
4,013,664
$
—
—
—
(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
S&P
Midcap
400
E-Mini
Index
.................................................
32
12/16/22
$
7,066
$
(541,443)
OTC
Total
Return
Swaps
Reference
Entity
Payment
Frequency
Counterparty
(a)
Termination
Date
Net
Notional
Accrued
Unrealized
Appreciation
(Depreciation)
Net
Value
of
Reference
Entity
Gross
Notional
Amount
Net
Asset
Percentage
Equity
Securities
Long
.......
Monthly
Goldman
Sachs
Bank
USA
(b)
02/27/23
$
180,783
$
(20,798)
(c)
$
160,151
0.0
%
(d)
Monthly
HSBC
Bank
plc
(e)
02/10/23
311,600
(46,245)
(f)
265,956
0.0
(d)
Monthly
JPMorgan
Chase
Bank
NA
(g)
02/08/23
248,760
(36,95
5
)
(h)
212,321
0.0
(d)
$
(103,998)
$
638,428
(b)
(e)
(g)
Range:
20
basis
points
65
basis
points
65
basis
points
Benchmarks:
USD
1D
Overnight
Fed
Funds
Effective
Rate
(FEDL01)
USD
1D
Overnight
Bank
Funding
Rate
(OBFR01)
USD
1D
Overnight
Bank
Funding
Rate
(OBFR01)
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
S&P
Mid-Cap
400
Growth
ETF
12
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
Software
Envestnet
,
Inc
.
(a)
..........
3,607
$
160,151
100.0%
Net
Value
of
Reference
Entity
—
Goldman
Sachs
Bank
USA
.........................
$
160,151
(a)
Non-income
producing
security.
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
Software
Envestnet
,
Inc
.
(a)
..........
5,990
$
265,956
100.0%
Net
Value
of
Reference
Entity
—
HSBC
Bank
plc
$
265,956
(a)
Non-income
producing
security.
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
Software
Envestnet
,
Inc
.
(a)
..........
4,782
$
212,321
100.0%
Net
Value
of
Reference
Entity
—
JPMorgan
Chase
Bank
NA
..........................
$
212,321
(a)
Non-income
producing
security.
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
...................................................................
$
—
$
—
$
—
$
(103,998)
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
S&P
Mid-Cap
400
Growth
ETF
Schedule
of
Investments
13
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
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
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)
......
$
—
$
—
$
541,443
$
—
$
—
$
—
$
541,443
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
—
103,998
—
—
—
103,998
$
—
$
—
$
645,441
$
—
$
—
$
—
$
645,441
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
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
.......................
$
—
$
—
$
(1,637,083)
$
—
$
—
$
—
$
(1,637,083)
Swaps
..............................
—
—
(238,662)
—
—
—
(238,662)
$
—
$
—
$
(1,875,745)
$
—
$
—
$
—
$
(1,875,745)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(982,125)
$
—
$
—
$
—
$
(982,125)
Swaps
..............................
—
—
(120,864)
—
—
—
(120,864)
$
—
$
—
$
(1,102,989)
$
—
$
—
$
—
$
(1,102,989)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
8,976,320
Total
return
swaps
Average
notional
value
...............................................................................................
$
699,552
The
Fund’s
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
—
$
69,478
Swaps
—
OTC
(a)
....................................................................................
—
103,998
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
—
$
173,476
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
(“MNA”)
.........................................
—
(69,478)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
—
$
103,998
(a)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
(paid/received)
in
the
Statements
of
Assets
and
Liabilities.
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
S&P
Mid-Cap
400
Growth
ETF
14
See
notes
to
financial
statements.
The
following
table
presents
the
Fund's
derivative
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
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
..........................
$
20,798
$
—
$
—
$
—
$
20,798
HSBC
Bank
plc
..................................
46,245
—
—
—
46,245
JPMorgan
Chase
Bank
NA
..........................
36,955
—
—
—
36,955
$
103,998
$
—
$
—
$
—
$
103,998
(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.
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
.........................................
$
6,239,119,513
$
—
$
—
$
6,239,119,513
Short-Term
Securities
Money
Market
Funds
......................................
634,791,780
—
—
634,791,780
$
6,873,911,293
$
—
$
—
$
6,873,911,293
Derivative
Financial
Instruments
(a)
Liabilities
Equity
contracts
...........................................
$
(541,443)
$
(103,998)
$
—
$
(645,441)
(a)
Derivative
financial
instruments
are
swaps
and
futures
contracts.
Swaps
and
futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
(unaudited)
September
30,
2022
iShares
®
S&P
Mid-Cap
400
Value
ETF
Schedule
of
Investments
15
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
1.7%
Curtiss-Wright
Corp.
.................
253,512
$
35,278,730
Hexcel
Corp.
......................
555,302
28,720,220
Mercury
Systems,
Inc.
(a)(b)
.............
380,799
15,460,439
Woodward,
Inc.
(a)
...................
397,246
31,882,964
111,342,353
Airlines
—
0.2%
JetBlue
Airways
Corp.
(a)(b)
.............
2,138,318
14,177,048
Auto
Components
—
2.0%
Adient
plc
(a)(b)
......................
626,011
17,371,805
Dana,
Inc.
........................
842,403
9,628,666
Gentex
Corp.
.....................
729,674
17,395,428
Goodyear
Tire
&
Rubber
Co.
(The)
(b)
......
1,867,270
18,840,754
Lear
Corp.
.......................
392,024
46,921,353
Visteon
Corp.
(b)
....................
185,682
19,693,433
129,851,439
Automobiles
—
0.9%
Harley-Davidson,
Inc.
................
878,211
30,632,000
Thor
Industries,
Inc.
(a)
................
360,054
25,196,579
55,828,579
Banks
—
8.7%
Associated
Banc-Corp.
...............
992,422
19,927,834
Bank
of
Hawaii
Corp.
................
153,884
11,713,650
Bank
OZK
.......................
389,172
15,395,644
Cadence
Bank
....................
1,190,384
30,247,657
Cathay
General
Bancorp
..............
299,747
11,528,270
Commerce
Bancshares,
Inc.
...........
360,158
23,828,053
Cullen/Frost
Bankers,
Inc.
(a)
............
186,305
24,633,247
First
Horizon
Corp.
..................
3,543,087
81,136,691
FNB
Corp.
.......................
2,315,813
26,863,431
Fulton
Financial
Corp.
................
1,105,012
17,459,190
Hancock
Whitney
Corp.
..............
311,067
14,249,979
Home
BancShares
,
Inc.
..............
793,302
17,857,228
International
Bancshares
Corp.
.........
349,322
14,846,185
Old
National
Bancorp
................
1,933,891
31,851,185
Prosperity
Bancshares,
Inc.
(a)
...........
602,254
40,158,297
Synovus
Financial
Corp.
..............
575,903
21,602,121
Texas
Capital
Bancshares,
Inc.
(a)(b)
.......
329,370
19,442,711
Umpqua
Holdings
Corp.
..............
902,870
15,430,048
United
Bankshares
,
Inc.
..............
888,001
31,746,036
Valley
National
Bancorp
..............
2,774,815
29,968,002
Washington
Federal,
Inc.
..............
431,317
12,930,884
Webster
Financial
Corp.
..............
684,980
30,961,096
Wintrust
Financial
Corp.
..............
200,511
16,351,672
560,129,111
Beverages
—
0.1%
Boston
Beer
Co.,
Inc.
(The),
Class
A,
NVS
(a)(b)
25,117
8,129,117
Biotechnology
—
0.8%
(b)
Exelixis
,
Inc.
(a)
.....................
998,734
15,660,149
United
Therapeutics
Corp.
.............
156,275
32,720,860
48,381,009
Building
Products
—
1.1%
Lennox
International,
Inc.
.............
89,413
19,909,593
Owens
Corning
....................
635,440
49,951,938
69,861,531
Capital
Markets
—
0.8%
Federated
Hermes,
Inc.,
Class
B
........
296,320
9,814,118
Interactive
Brokers
Group,
Inc.,
Class
A
....
258,039
16,491,273
Janus
Henderson
Group
plc
...........
472,519
9,596,861
Security
Shares
Shares
Value
Capital
Markets
(continued)
SEI
Investments
Co.
.................
278,756
$
13,672,982
49,575,234
Chemicals
—
2.0%
Ashland,
Inc.
......................
187,454
17,802,506
Cabot
Corp.
......................
371,727
23,749,638
Chemours
Co.
(The)
.................
1,024,333
25,249,808
Ingevity
Corp.
(a)(b)
...................
108,631
6,586,298
NewMarket
Corp.
...................
45,618
13,723,263
RPM
International,
Inc.
...............
417,387
34,772,511
Sensient
Technologies
Corp.
...........
119,353
8,275,937
130,159,961
Commercial
Services
&
Supplies
—
1.4%
Brink's
Co.
(The)
...................
311,932
15,109,986
Clean
Harbors,
Inc.
(b)
................
136,211
14,980,486
IAA,
Inc.
(a)(b)
.......................
406,223
12,938,202
MillerKnoll
,
Inc.
....................
500,771
7,812,028
MSA
Safety,
Inc.
...................
118,990
13,003,227
Stericycle,
Inc.
(b)
...................
608,639
25,629,788
89,473,717
Communications
Equipment
—
0.7%
(b)
Ciena
Corp.
......................
365,730
14,786,464
Lumentum
Holdings,
Inc.
(a)
............
250,573
17,181,790
Viasat
,
Inc.
(a)
......................
498,855
15,080,387
47,048,641
Construction
&
Engineering
—
2.9%
AECOM
.........................
922,071
63,041,994
Dycom
Industries,
Inc.
(a)(b)
.............
119,025
11,370,458
EMCOR
Group,
Inc.
.................
325,831
37,626,964
Fluor
Corp.
(a)(b)
.....................
938,135
23,350,180
MasTec
,
Inc.
(a)(b)
....................
184,883
11,740,071
MDU
Resources
Group,
Inc.
...........
1,342,670
36,722,025
183,851,692
Consumer
Finance
—
0.4%
Bread
Financial
Holdings,
Inc.
..........
325,452
10,235,465
FirstCash
Holdings,
Inc.
..............
251,559
18,451,853
28,687,318
Containers
&
Packaging
—
1.4%
AptarGroup,
Inc.
...................
232,957
22,137,904
Greif,
Inc.,
Class
A,
NVS
..............
175,817
10,473,419
Silgan
Holdings,
Inc.
.................
553,072
23,251,147
Sonoco
Products
Co.
................
643,805
36,523,057
92,385,527
Diversified
Consumer
Services
—
0.9%
Graham
Holdings
Co.,
Class
B
..........
25,606
13,775,516
Grand
Canyon
Education,
Inc.
(b)
.........
211,043
17,358,287
H&R
Block,
Inc.
....................
569,028
24,206,451
55,340,254
Diversified
Financial
Services
—
0.6%
Voya
Financial,
Inc.
.................
646,532
39,115,186
Diversified
Telecommunication
Services
—
0.6%
(b)
Frontier
Communications
Parent,
Inc.
.....
985,550
23,091,437
Iridium
Communications,
Inc.
...........
394,036
17,483,377
40,574,814
Electric
Utilities
—
2.5%
ALLETE,
Inc.
.....................
376,830
18,860,342
Hawaiian
Electric
Industries,
Inc.
........
722,794
25,052,040
IDACORP,
Inc.
....................
333,827
33,052,211
OGE
Energy
Corp.
..................
832,788
30,363,450
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
S&P
Mid-Cap
400
Value
ETF
16
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Electric
Utilities
(continued)
PNM
Resources,
Inc.
................
566,744
$
25,917,203
Portland
General
Electric
Co.
...........
588,849
25,591,378
158,836,624
Electrical
Equipment
—
2.2%
EnerSys
(a)
........................
268,453
15,615,911
Hubbell,
Inc.
......................
163,034
36,356,582
nVent
Electric
plc
...................
450,702
14,246,690
Regal
Rexnord
Corp.
................
254,583
35,733,270
Sunrun
,
Inc.
(a)(b)
....................
1,400,464
38,638,802
140,591,255
Electronic
Equipment,
Instruments
&
Components
—
3.9%
Arrow
Electronics,
Inc.
(a)(b)
.............
423,709
39,061,733
Avnet,
Inc.
.......................
625,066
22,577,384
Belden,
Inc.
(a)
.....................
287,383
17,248,728
Cognex
Corp.
(a)
....................
423,610
17,558,634
Coherent
Corp.
(a)(b)
..................
445,063
15,510,445
IPG
Photonics
Corp.
(a)(b)
..............
218,796
18,455,443
Jabil,
Inc.
........................
508,613
29,352,056
Littelfuse
,
Inc.
.....................
62,111
12,340,834
National
Instruments
Corp.
(a)
...........
410,613
15,496,535
Novanta
,
Inc.
(a)(b)
...................
82,369
9,525,975
TD
SYNNEX
Corp.
..................
278,457
22,607,924
Vishay
Intertechnology
,
Inc.
............
862,844
15,349,995
Vontier
Corp.
......................
1,042,861
17,426,207
252,511,893
Energy
Equipment
&
Services
—
0.9%
ChampionX
Corp.
..................
710,152
13,897,675
NOV,
Inc.
........................
2,593,562
41,963,833
55,861,508
Entertainment
—
0.1%
World
Wrestling
Entertainment,
Inc.,
Class
A
(a)
108,506
7,613,866
Equity
Real
Estate
Investment
Trusts
(REITs)
—
9.0%
Apartment
Income
REIT
Corp.
..........
539,568
20,838,116
Brixmor
Property
Group,
Inc.
...........
890,384
16,445,392
Corporate
Office
Properties
Trust
........
742,297
17,243,559
Cousins
Properties,
Inc.
..............
999,876
23,347,105
Douglas
Emmett,
Inc.
................
626,753
11,237,681
EPR
Properties
....................
495,303
17,761,566
First
Industrial
Realty
Trust,
Inc.
.........
270,329
12,113,442
Healthcare
Realty
Trust,
Inc.,
Class
A
.....
1,281,457
26,718,378
Highwoods
Properties,
Inc.
............
694,507
18,723,909
JBG
SMITH
Properties
...............
657,104
12,208,992
Kilroy
Realty
Corp.
..................
694,500
29,245,395
Kite
Realty
Group
Trust
...............
1,446,749
24,913,018
Lamar
Advertising
Co.,
Class
A
.........
195,567
16,132,322
Macerich
Co.
(The)
.................
1,417,150
11,252,171
Medical
Properties
Trust,
Inc.
...........
3,955,031
46,906,668
National
Retail
Properties,
Inc.
..........
643,182
25,637,235
Omega
Healthcare
Investors,
Inc.
........
1,545,770
45,584,757
Park
Hotels
&
Resorts,
Inc.
............
1,484,576
16,716,326
Pebblebrook
Hotel
Trust
(a)
.............
867,941
12,593,824
Physicians
Realty
Trust
...............
1,494,335
22,474,798
PotlatchDeltic
Corp.
.................
298,017
12,230,618
Rayonier,
Inc.
(a)
....................
386,714
11,589,819
Sabra
Health
Care
REIT,
Inc.
...........
1,525,025
20,008,328
SL
Green
Realty
Corp.
...............
424,562
17,050,410
Spirit
Realty
Capital,
Inc.
..............
900,228
32,552,244
STORE
Capital
Corp.
................
1,754,520
54,969,112
576,495,185
Security
Shares
Shares
Value
Food
&
Staples
Retailing
—
3.1%
BJ's
Wholesale
Club
Holdings,
Inc.
(b)
......
892,569
$
64,987,949
Casey's
General
Stores,
Inc.
...........
245,952
49,810,199
Grocery
Outlet
Holding
Corp.
(a)(b)
.........
582,402
19,388,163
Performance
Food
Group
Co.
(a)(b)
........
1,023,435
43,956,533
Sprouts
Farmers
Market,
Inc.
(a)(b)
........
709,496
19,688,514
197,831,358
Food
Products
—
1.8%
Flowers
Foods,
Inc.
.................
1,274,050
31,456,294
Ingredion,
Inc.
.....................
432,617
34,834,321
Lancaster
Colony
Corp.
..............
68,036
10,224,450
Pilgrim's
Pride
Corp.
(b)
...............
299,886
6,903,376
Post
Holdings,
Inc.
(a)(b)
................
359,055
29,410,195
112,828,636
Gas
Utilities
—
2.5%
National
Fuel
Gas
Co.
...............
289,915
17,844,268
New
Jersey
Resources
Corp.
...........
635,367
24,588,703
ONE
Gas,
Inc.
.....................
357,458
25,161,469
Southwest
Gas
Holdings,
Inc.
..........
407,034
28,390,621
Spire,
Inc.
........................
346,596
21,603,329
UGI
Corp.
........................
1,382,484
44,695,708
162,284,098
Health
Care
Equipment
&
Supplies
—
2.1%
(b)
Enovis
Corp.
(a)
.....................
185,565
8,548,979
Envista
Holdings
Corp.
(a)
..............
1,078,826
35,396,281
Globus
Medical,
Inc.,
Class
A
(a)
.........
203,461
12,120,172
Haemonetics
Corp.
(a)
................
338,832
25,083,733
ICU
Medical,
Inc.
(a)
..................
70,251
10,579,801
Integra
LifeSciences
Holdings
Corp.
......
235,042
9,956,379
LivaNova
plc
(a)
.....................
141,420
7,179,893
Neogen
Corp.
(a)
....................
599,298
8,372,193
NuVasive
,
Inc.
.....................
343,744
15,059,425
132,296,856
Health
Care
Providers
&
Services
—
2.9%
Acadia
Healthcare
Co.,
Inc.
(a)(b)
..........
599,798
46,892,208
Amedisys
,
Inc.
(a)(b)
..................
214,212
20,733,579
Chemed
Corp.
(a)
...................
42,318
18,474,346
Encompass
Health
Corp.
.............
658,807
29,797,841
HealthEquity
,
Inc.
(a)(b)
................
183,829
12,347,794
LHC
Group,
Inc.
(b)
..................
204,869
33,528,861
Patterson
Cos.,
Inc.
.................
571,982
13,739,008
Progyny
,
Inc.
(a)(b)
...................
187,138
6,935,334
R1
RCM,
Inc.
(a)(b)
...................
380,761
7,055,501
189,504,472
Hotels,
Restaurants
&
Leisure
—
1.9%
Choice
Hotels
International,
Inc.
.........
61,423
6,727,047
Cracker
Barrel
Old
Country
Store,
Inc.
.....
150,470
13,930,512
Marriott
Vacations
Worldwide
Corp.
.......
142,667
17,385,401
Penn
Entertainment,
Inc.
(a)(b)
...........
1,046,948
28,801,539
Texas
Roadhouse,
Inc.
...............
176,565
15,407,062
Travel
+
Leisure
Co.
.................
553,473
18,884,499
Wendy's
Co.
(The)
..................
562,034
10,504,415
Wyndham
Hotels
&
Resorts,
Inc.
........
208,739
12,806,138
124,446,613
Household
Durables
—
1.4%
KB
Home
........................
557,824
14,458,798
Leggett
&
Platt,
Inc.
.................
875,646
29,088,960
Taylor
Morrison
Home
Corp.
(a)(b)
.........
750,459
17,500,704
Toll
Brothers,
Inc.
...................
706,020
29,652,840
90,701,302
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
S&P
Mid-Cap
400
Value
ETF
Schedule
of
Investments
17
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Household
Products
—
0.2%
Energizer
Holdings,
Inc.
..............
437,544
$
10,999,856
Independent
Power
and
Renewable
Electricity
Producers
—
0.3%
Ormat
Technologies,
Inc.
(a)
............
192,045
16,554,279
Insurance
—
6.9%
Alleghany
Corp.
(b)
...................
88,839
74,568,791
American
Financial
Group,
Inc.
.........
244,376
30,041,142
Brighthouse
Financial,
Inc.
(b)
...........
474,187
20,589,200
CNO
Financial
Group,
Inc.
.............
755,338
13,573,424
First
American
Financial
Corp.
..........
371,135
17,109,323
Hanover
Insurance
Group,
Inc.
(The)
(a)
....
235,281
30,148,907
Kemper
Corp.
(a)
....................
421,597
17,395,092
Old
Republic
International
Corp.
.........
1,897,038
39,705,005
Primerica,
Inc.
.....................
93,971
11,600,720
Reinsurance
Group
of
America,
Inc.
......
442,428
55,661,867
RenaissanceRe
Holdings
Ltd.
(a)
.........
288,572
40,512,623
RLI
Corp.
........................
106,643
10,918,110
Selective
Insurance
Group,
Inc.
(a)
........
398,342
32,425,039
Unum
Group
......................
1,241,312
48,162,906
442,412,149
Interactive
Media
&
Services
—
0.1%
TripAdvisor,
Inc.
(a)(b)
.................
398,950
8,808,816
IT
Services
—
1.6%
Euronet
Worldwide,
Inc.
(a)(b)
............
205,261
15,550,573
Genpact
Ltd.
(a)
.....................
378,956
16,586,904
Kyndryl
Holdings,
Inc.
(a)(b)
.............
1,347,528
11,144,057
Sabre
Corp.
(a)(b)
....................
1,126,798
5,803,010
Western
Union
Co.
(The)
.............
2,547,026
34,384,851
WEX,
Inc.
(a)(b)
......................
166,251
21,103,902
104,573,297
Leisure
Products
—
0.6%
Polaris,
Inc.
.......................
210,693
20,152,786
Topgolf
Callaway
Brands
Corp.
(a)(b)
.......
914,989
17,622,688
37,775,474
Life
Sciences
Tools
&
Services
—
0.0%
Sotera
Health
Co.
(b)
.................
157,219
1,072,234
Machinery
—
4.0%
AGCO
Corp.
(a)
.....................
408,816
39,315,835
Crane
Holdings
Co.
.................
160,568
14,056,123
Donaldson
Co.,
Inc.
.................
399,751
19,591,797
Esab
Corp.
.......................
178,054
5,939,881
Flowserve
Corp.
...................
862,930
20,969,199
Graco
,
Inc.
.......................
446,650
26,776,667
ITT,
Inc.
.........................
240,260
15,698,588
Kennametal,
Inc.
...................
537,059
11,052,674
Lincoln
Electric
Holdings,
Inc.
..........
160,618
20,192,895
Middleby
Corp.
(The)
(a)(b)
..............
128,081
16,416,142
Oshkosh
Corp.
....................
431,633
30,339,484
Terex
Corp.
.......................
447,665
13,313,557
Timken
Co.
(The)
...................
441,305
26,054,647
259,717,489
Marine
—
0.4%
Kirby
Corp.
(a)(b)
.....................
395,503
24,034,717
Media
—
0.7%
Cable
One,
Inc.
....................
13,531
11,542,620
John
Wiley
&
Sons,
Inc.,
Class
A
........
142,513
5,352,788
New
York
Times
Co.
(The),
Class
A
.......
458,870
13,192,513
TEGNA,
Inc.
(a)
.....................
824,958
17,060,131
47,148,052
Security
Shares
Shares
Value
Metals
&
Mining
—
2.7%
Alcoa
Corp.
.......................
712,797
$
23,992,747
Commercial
Metals
Co.
(a)
.............
795,562
28,226,540
Reliance
Steel
&
Aluminum
Co.
.........
398,105
69,433,493
Royal
Gold,
Inc.
(a)
...................
173,359
16,264,542
United
States
Steel
Corp.
(a)
............
1,566,344
28,382,153
Worthington
Industries,
Inc.
............
199,466
7,607,633
173,907,108
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.8%
Annaly
Capital
Management,
Inc.
........
2,846,280
48,842,165
Multiline
Retail
—
1.3%
Kohl's
Corp.
......................
848,193
21,332,054
Macy's,
Inc.
......................
1,780,972
27,907,831
Nordstrom,
Inc.
(a)
...................
742,181
12,416,688
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)(b)
....
383,753
19,801,655
81,458,228
Multi-Utilities
—
0.7%
Black
Hills
Corp.
...................
429,706
29,103,987
NorthWestern
Corp.
.................
370,743
18,270,215
47,374,202
Oil,
Gas
&
Consumable
Fuels
—
2.0%
CNX
Resources
Corp.
(a)(b)
.............
662,977
10,296,033
DT
Midstream,
Inc.
..................
370,451
19,222,702
Equitrans
Midstream
Corp.
............
2,857,533
21,374,347
HF
Sinclair
Corp.
...................
959,280
51,647,635
Range
Resources
Corp.
..............
507,177
12,811,291
Southwestern
Energy
Co.
(b)
............
2,648,685
16,209,952
131,561,960
Personal
Products
—
0.7%
BellRing
Brands,
Inc.
(a)(b)
..............
894,299
18,431,503
Coty,
Inc.,
Class
A
(a)(b)
................
2,382,607
15,058,076
Nu
Skin
Enterprises,
Inc.,
Class
A
........
332,652
11,100,597
44,590,176
Pharmaceuticals
—
1.4%
Jazz
Pharmaceuticals
plc
(a)(b)
...........
413,866
55,164,199
Perrigo
Co.
plc
....................
888,846
31,696,248
86,860,447
Professional
Services
—
1.7%
CACI
International,
Inc.,
Class
A
(b)
.......
154,616
40,364,053
KBR,
Inc.
(a)
.......................
321,324
13,887,623
ManpowerGroup
,
Inc.
................
341,638
22,100,562
Science
Applications
International
Corp.
...
367,666
32,512,705
108,864,943
Real
Estate
Management
&
Development
—
0.4%
Jones
Lang
LaSalle,
Inc.
(a)(b)
............
161,358
24,376,353
Road
&
Rail
—
2.1%
Knight-Swift
Transportation
Holdings,
Inc.
..
1,060,826
51,906,216
Landstar
System,
Inc.
(a)
...............
84,181
12,153,211
Ryder
System,
Inc.
..................
338,026
25,517,583
Werner
Enterprises,
Inc.
(a)
.............
389,420
14,642,192
XPO
Logistics,
Inc.
(a)(b)
...............
759,577
33,816,368
138,035,570
Semiconductors
&
Semiconductor
Equipment
—
1.8%
Amkor
Technology,
Inc.
...............
391,385
6,673,114
Cirrus
Logic,
Inc.
(b)
..................
192,066
13,214,141
First
Solar,
Inc.
(b)
...................
268,365
35,496,639
MACOM
Technology
Solutions
Holdings,
Inc.
(a)
(b)
...........................
73,670
3,815,369
MKS
Instruments,
Inc.
(a)
..............
169,901
14,040,619
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
S&P
Mid-Cap
400
Value
ETF
18
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
Semtech
Corp.
(b)
...................
142,503
$
4,191,013
Wolfspeed
,
Inc.
(a)(b)
..................
367,348
37,969,089
115,399,984
Software
—
1.1%
(b)
ACI
Worldwide,
Inc.
.................
399,100
8,341,190
Blackbaud
,
Inc.
(a)
...................
102,175
4,501,831
CommVault
Systems,
Inc.
.............
103,546
5,492,080
Envestnet
,
Inc.
(a)
...................
119,248
5,294,611
Fair
Isaac
Corp.
....................
70,030
28,853,060
NCR
Corp.
(a)
......................
903,913
17,183,386
69,666,158
Specialty
Retail
—
2.0%
AutoNation,
Inc.
(a)(b)
.................
135,180
13,770,787
Foot
Locker,
Inc.
...................
530,420
16,511,975
Gap,
Inc.
(The)
....................
1,409,162
11,569,220
Lithia
Motors,
Inc.,
Class
A
(a)
...........
181,753
38,995,106
Murphy
USA,
Inc.
(a)
.................
141,852
38,996,533
Victoria's
Secret
&
Co.
(a)(b)
.............
279,759
8,146,582
127,990,203
Technology
Hardware,
Storage
&
Peripherals
—
0.2%
Xerox
Holdings
Corp.
................
739,574
9,673,628
Textiles,
Apparel
&
Luxury
Goods
—
1.5%
Capri
Holdings
Ltd.
(b)
................
355,443
13,663,229
Carter's,
Inc.
......................
257,480
16,872,665
Columbia
Sportswear
Co.
.............
109,831
7,391,626
Hanesbrands,
Inc.
..................
2,303,967
16,035,610
PVH
Corp.
.......................
442,125
19,807,200
Skechers
USA,
Inc.,
Class
A
(b)
..........
472,012
14,972,221
Under
Armour
,
Inc.,
Class
A
(a)(b)
.........
711,799
4,733,463
Under
Armour
,
Inc.,
Class
C,
NVS
(b)
......
745,660
4,444,134
97,920,148
Thrifts
&
Mortgage
Finance
—
1.2%
Essent
Group
Ltd.
..................
711,094
24,795,848
MGIC
Investment
Corp.
..............
2,003,530
25,685,254
Security
Shares
Shares
Value
Thrifts
&
Mortgage
Finance
(continued)
New
York
Community
Bancorp,
Inc.
......
3,077,853
$
26,254,086
76,735,188
Trading
Companies
&
Distributors
—
1.4%
GATX
Corp.
......................
233,076
19,846,421
MSC
Industrial
Direct
Co.,
Inc.,
Class
A
....
312,514
22,754,144
Univar
Solutions,
Inc.
(b)
...............
1,101,294
25,043,426
Watsco
,
Inc.
......................
74,547
19,192,871
86,836,862
Water
Utilities
—
0.4%
Essential
Utilities,
Inc.
................
582,613
24,108,526
Total
Long-Term
Investments
—
99.7%
(Cost:
$7,457,101,048)
...........................
6,403,014,409
Short-Term
Securities
Money
Market
Funds
—
5.2%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
3.18%
(e)
............
322,939,586
323,036,467
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
2.81%
..................
9,599,646
9,599,646
Total
Short-Term
Securities
—
5.2%
(Cost:
$332,477,386)
.............................
332,636,113
Total
Investments
—
104.9%
(Cost:
$7,789,578,434
)
...........................
6,735,650,522
Liabilities
in
Excess
of
Other
Assets
—
(4.9)%
............
(311,638,269)
Net
Assets
—
100.0%
..............................
$
6,424,012,253
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
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
$
216,208,372
$
106,674,888
(a)
$
—
$
(19,250)
$
172,457
$
323,036,467
322,939,586
$
312,091
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
18,588,000
—
(8,988,354)
(a)
—
—
9,599,646
9,599,646
100,521
—
$
(19,250)
$
172,457
$
332,636,113
$
412,612
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
S&P
Mid-Cap
400
Value
ETF
Schedule
of
Investments
19
(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.
The
Following
are
the
specified
benchmarks
(plus
or
minus
a
range)
used
in
determining
the
variable
rate
of
interest:
(c)
Amount
includes
$8,177
of
net
dividends
and
financing
fees.
(d)
Rounds
to
less
than
0.1%.
(f)
Amount
includes
$(2,822)
of
net
dividends
and
financing
fees.
(h)
Amount
includes
$(5,750)
of
net
dividends
and
financing
fees.
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
S&P
Midcap
400
E-Mini
Index
.................................................
64
12/16/22
$
14,132
$
(813,717)
OTC
Total
Return
Swaps
Reference
Entity
Payment
Frequency
Counterparty
(a)
Termination
Date
Net
Notional
Accrued
Unrealized
Appreciation
(Depreciation)
Net
Value
of
Reference
Entity
Gross
Notional
Amount
Net
Asset
Percentage
Equity
Securities
Long
.......
Monthly
Goldman
Sachs
Bank
USA
(b)
02/27/23
$
813,638
$
(37,005)
(c)
$
768,456
0.0
%
(d)
Monthly
HSBC
Bank
plc
(e)
02/10/23
1,516,058
(221,677)
(f)
1,297,203
0.0
(d)
Monthly
JPMorgan
Chase
Bank
NA
(g)
02/08/23
696,080
(107,714)
(h)
594,116
0.0
(d)
$
(366,396)
$
2,659,775
(b)
(e)
(g)
Range:
20
basis
points
65
basis
points
65
basis
points
Benchmarks:
USD
1D
Overnight
Fed
Funds
Effective
Rate
(FEDL01)
USD
1D
Overnight
Bank
Funding
Rate
(OBFR01)
USD
1D
Overnight
Bank
Funding
Rate
(OBFR01)
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
S&P
Mid-Cap
400
Value
ETF
20
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
Cadence
Bank
...........
12,558
$
319,099
41.5%
Software
Envestnet
,
Inc.
(a)
..........
7,684
341,169
44.4
Consumer
Finance
Bread
Financial
Holdings,
Inc.
.
3,440
108,188
14.1
Total
Reference
Entity
—
Long
............
768,456
Net
Value
of
Reference
Entity
—
Goldman
Sachs
Bank
USA
.........................
$
768,456
(a)
Non-income
producing
security.
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
Cadence
Bank
...........
972
$
24,699
1.9%
Software
Envestnet
,
Inc.
(a)
..........
28,660
1,272,504
98.1
Total
Reference
Entity
—
Long
............
1,297,203
Net
Value
of
Reference
Entity
—
HSBC
Bank
plc
$
1,297,203
(a)
Non-income
producing
security.
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
Software
Envestnet
,
Inc.
(a)
..........
13,381
$
594,116
100.0%
Net
Value
of
Reference
Entity
—
JPMorgan
Chase
Bank
NA
..........................
$
594,116
(a)
Non-income
producing
security.
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
...................................................................
$
—
$
—
$
—
$
(366,396)
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
S&P
Mid-Cap
400
Value
ETF
Schedule
of
Investments
21
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
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
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)
......
$
—
$
—
$
813,717
$
—
$
—
$
—
$
813,717
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
—
366,396
—
—
—
366,396
$
—
$
—
$
1,180,113
$
—
$
—
$
—
$
1,180,113
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
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
.......................
$
—
$
—
$
(1,893,086)
$
—
$
—
$
—
$
(1,893,086)
Swaps
..............................
—
—
(1,793,702)
—
—
—
(1,793,702)
$
—
$
—
$
(3,686,788)
$
—
$
—
$
—
$
(3,686,788)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(1,513,698)
$
—
$
—
$
—
$
(1,513,698)
Swaps
..............................
—
—
(438,542)
—
—
—
(438,542)
$
—
$
—
$
(1,952,240)
$
—
$
—
$
—
$
(1,952,240)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
15,798,040
Total
return
swaps
Average
notional
value
...............................................................................................
$
5,432,355
The
Fund’s
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
—
$
142,725
Swaps
—
OTC
(a)
....................................................................................
—
366,396
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
—
$
509,121
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
(“MNA”)
.........................................
—
(142,725)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
—
$
366,396
(a)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
(paid/received)
in
the
Statements
of
Assets
and
Liabilities.
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
S&P
Mid-Cap
400
Value
ETF
22
See
notes
to
financial
statements.
The
following
table
presents
the
Fund's
derivative
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
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
..........................
$
37,005
$
—
$
—
$
—
$
37,005
HSBC
Bank
plc
..................................
221,677
—
—
—
221,677
JPMorgan
Chase
Bank
NA
..........................
107,714
—
—
—
107,714
$
366,396
$
—
$
—
$
—
$
366,396
(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.
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
.........................................
$
6,403,014,409
$
—
$
—
$
6,403,014,409
Short-Term
Securities
Money
Market
Funds
......................................
332,636,113
—
—
332,636,113
$
6,735,650,522
$
—
$
—
$
6,735,650,522
Derivative
Financial
Instruments
(a)
Liabilities
Equity
contracts
...........................................
$
(813,717)
$
(366,396)
$
—
$
(1,180,113)
$
(813,717)
$
(366,396)
$
—
$
(1,180,113)
(a)
Derivative
financial
instruments
are
swaps
and
futures
contracts.
Swaps
and
futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
(unaudited)
September
30,
2022
iShares
®
S&P
Small-Cap
600
Growth
ETF
Schedule
of
Investments
23
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
0.9%
Aerojet
Rocketdyne
Holdings,
Inc.
(a)
......
490,328
$
19,608,217
AeroVironment
,
Inc.
(a)(b)
...............
168,295
14,029,071
Park
Aerospace
Corp.
................
105,550
1,165,272
Triumph
Group,
Inc.
(a)
................
810,227
6,959,850
41,762,410
Air
Freight
&
Logistics
—
0.6%
Forward
Air
Corp.
..................
334,853
30,223,832
Airlines
—
0.1%
Sun
Country
Airlines
Holdings,
Inc.
(a)(b)
.....
243,634
3,315,859
Auto
Components
—
1.8%
Dorman
Products,
Inc.
(a)(b)
.............
236,365
19,410,294
Gentherm
,
Inc.
(a)
...................
413,594
20,568,030
LCI
Industries
.....................
212,479
21,558,119
Patrick
Industries,
Inc.
...............
128,356
5,627,127
XPEL,
Inc.
(a)(b)(c)
....................
244,519
15,756,804
82,920,374
Automobiles
—
0.2%
Winnebago
Industries,
Inc.
(b)
...........
202,615
10,781,144
Banks
—
9.3%
Ameris
Bancorp
....................
459,215
20,531,503
Banc
of
California,
Inc.
(b)
..............
313,055
4,999,488
BancFirst
Corp.
....................
114,858
10,276,345
Bancorp,
Inc.
(The)
(a)
................
700,193
15,390,242
Banner
Corp.
.....................
167,529
9,897,613
Brookline
Bancorp,
Inc.
...............
388,575
4,526,899
CBTX,
Inc.
.......................
117,607
3,440,005
Central
Pacific
Financial
Corp.
..........
197,231
4,080,709
City
Holding
Co.
...................
83,389
7,395,770
Community
Bank
System,
Inc.
..........
288,371
17,325,330
Customers
Bancorp,
Inc.
(a)
.............
375,528
11,070,565
Dime
Community
Bancshares,
Inc.
.......
193,826
5,675,225
Eagle
Bancorp,
Inc.
.................
228,600
10,245,852
FB
Financial
Corp.
(b)
.................
210,485
8,042,632
First
Bancorp
.....................
214,658
7,852,190
First
BanCorp
.....................
2,209,530
30,226,370
First
Commonwealth
Financial
Corp.
......
593,899
7,625,663
Hanmi
Financial
Corp.
...............
193,692
4,586,627
Hilltop
Holdings,
Inc.
(b)
...............
293,831
7,301,700
HomeStreet
,
Inc.
...................
215,463
6,207,489
Independent
Bank
Corp.
..............
214,282
15,970,437
Lakeland
Financial
Corp.
(b)
............
312,521
22,754,654
National
Bank
Holdings
Corp.,
Class
A
....
215,350
7,965,797
OFG
Bancorp
.....................
276,595
6,950,832
Pacific
Premier
Bancorp,
Inc.
...........
494,649
15,314,333
Park
National
Corp.
(b)
................
113,649
14,147,028
Pathward
Financial,
Inc.
(b)
.............
347,010
11,437,450
Preferred
Bank
....................
152,144
9,924,353
Seacoast
Banking
Corp.
of
Florida
(b)
......
394,342
11,920,959
ServisFirst
Bancshares,
Inc.
(b)
..........
609,548
48,763,840
Southside
Bancshares,
Inc.
............
237,473
8,397,045
Tompkins
Financial
Corp.
.............
68,795
4,995,893
Triumph
Bancorp,
Inc.
(a)(b)
.............
286,779
15,586,439
United
Community
Banks,
Inc.
..........
836,779
27,697,385
Veritex
Holdings,
Inc.
................
630,835
16,773,903
435,298,565
Beverages
—
0.6%
MGP
Ingredients,
Inc.
(b)
...............
191,989
20,381,552
National
Beverage
Corp.
..............
166,439
6,414,559
26,796,111
Security
Shares
Shares
Value
Biotechnology
—
5.5%
(a)
Anika
Therapeutics,
Inc.
(b)
.............
94,993
$
2,260,833
Arcus
Biosciences,
Inc.
(b)
..............
647,922
16,949,640
Avid
Bioservices
,
Inc.
(b)
...............
771,131
14,744,025
Catalyst
Pharmaceuticals,
Inc.
..........
1,179,667
15,135,128
Coherus
Biosciences,
Inc.
(b)
............
805,792
7,743,661
Cytokinetics,
Inc.
(b)
..................
1,174,050
56,882,723
Dynavax
Technologies
Corp.
(b)
..........
1,466,824
15,313,643
Eagle
Pharmaceuticals,
Inc.
...........
64,378
1,700,867
Enanta
Pharmaceuticals,
Inc.
...........
146,762
7,612,545
Ironwood
Pharmaceuticals,
Inc.,
Class
A
(b)
..
1,246,870
12,917,573
iTeos
Therapeutics,
Inc.
..............
304,424
5,799,277
Ligand
Pharmaceuticals,
Inc.
...........
200,017
17,223,464
Myriad
Genetics,
Inc.
................
522,903
9,976,989
Organogenesis
Holdings,
Inc.,
Class
A
(b)
...
876,553
2,840,032
REGENXBIO,
Inc.
(b)
.................
209,894
5,547,498
uniQure
NV
.......................
512,818
9,620,466
Vanda
Pharmaceuticals,
Inc.
...........
450,567
4,451,602
Vericel
Corp.
(b)
.....................
588,347
13,649,650
Vir
Biotechnology,
Inc.
(b)
..............
942,837
18,177,897
Xencor
,
Inc.
(b)
.....................
744,481
19,341,616
257,889,129
Building
Products
—
2.0%
AAON,
Inc.
(b)
......................
350,891
18,906,007
Gibraltar
Industries,
Inc.
(a)(b)
............
186,736
7,643,104
Insteel
Industries,
Inc.
................
243,255
6,453,555
PGT
Innovations,
Inc.
(a)
...............
334,554
7,012,252
UFP
Industries,
Inc.
.................
768,487
55,454,022
95,468,940
Capital
Markets
—
1.4%
B
Riley
Financial,
Inc.
................
197,567
8,795,683
Blucora
,
Inc.
(a)(b)
....................
262,572
5,078,142
Brightsphere
Investment
Group,
Inc.
......
404,246
6,027,308
Donnelley
Financial
Solutions,
Inc.
(a)(b)
.....
318,700
11,782,339
Piper
Sandler
Cos.
..................
170,962
17,906,560
Virtus
Investment
Partners,
Inc.
.........
85,281
13,604,025
WisdomTree
Investments,
Inc.
..........
857,341
4,012,356
67,206,413
Chemicals
—
3.4%
AdvanSix
,
Inc.
.....................
189,916
6,096,304
Balchem
Corp.
(b)
...................
400,574
48,701,787
Hawkins,
Inc.
.....................
128,057
4,992,942
HB
Fuller
Co.
.....................
304,973
18,328,877
Livent
Corp.
(a)(b)
....................
2,235,327
68,512,773
Quaker
Chemical
Corp.
..............
98,558
14,229,804
160,862,487
Commercial
Services
&
Supplies
—
0.4%
Brady
Corp.,
Class
A,
NVS
............
267,823
11,176,254
Interface,
Inc.
(b)
....................
326,910
2,938,921
Viad
Corp.
(a)
......................
138,066
4,360,124
18,475,299
Communications
Equipment
—
2.1%
ADTRAN
Holdings,
Inc.
..............
878,595
17,202,890
Clearfield,
Inc.
(a)(b)
...................
142,613
14,923,024
Digi
International,
Inc.
(a)(b)
.............
206,296
7,131,653
Extreme
Networks,
Inc.
(a)(b)
............
1,612,012
21,068,997
Harmonic,
Inc.
(a)(b)
..................
1,310,181
17,124,066
Viavi
Solutions,
Inc.
(a)
................
1,761,564
22,988,410
100,439,040
Construction
&
Engineering
—
1.7%
(b)
Comfort
Systems
USA,
Inc.
............
446,155
43,424,266
MYR
Group,
Inc.
(a)
..................
207,726
17,600,624
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
S&P
Small-Cap
600
Growth
ETF
24
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Construction
&
Engineering
(continued)
NV5
Global,
Inc.
(a)
..................
155,127
$
19,207,825
80,232,715
Consumer
Finance
—
0.5%
(a)
Encore
Capital
Group,
Inc.
(b)
...........
142,160
6,465,437
Enova
International,
Inc.
..............
399,202
11,684,642
World
Acceptance
Corp.
(b)
.............
46,029
4,456,528
22,606,607
Containers
&
Packaging
—
0.1%
Myers
Industries,
Inc.
................
194,622
3,205,424
Diversified
Consumer
Services
—
0.5%
(a)
Frontdoor
,
Inc.
(b)
....................
416,660
8,495,697
Mister
Car
Wash,
Inc.
................
453,294
3,889,263
Stride,
Inc.
.......................
241,880
10,166,216
22,551,176
Diversified
Telecommunication
Services
—
0.4%
Cogent
Communications
Holdings,
Inc.
....
356,461
18,593,006
Electrical
Equipment
—
0.6%
Encore
Wire
Corp.
(b)
.................
238,516
27,558,139
Electronic
Equipment,
Instruments
&
Components
—
4.1%
Advanced
Energy
Industries,
Inc.
(b)
.......
465,896
36,065,009
Arlo
Technologies,
Inc.
(a)
..............
609,005
2,825,783
Badger
Meter,
Inc.
(b)
.................
237,255
21,919,990
CTS
Corp.
(b)
......................
203,159
8,461,572
Fabrinet
(a)(b)
.......................
458,738
43,786,542
FARO
Technologies,
Inc.
(a)(b)
...........
108,628
2,980,752
Knowles
Corp.
(a)
...................
460,571
5,605,149
Methode
Electronics,
Inc.
.............
200,531
7,449,727
OSI
Systems,
Inc.
(a)(b)
................
84,452
6,085,611
Rogers
Corp.
(a)(b)
...................
233,578
56,497,847
191,677,982
Energy
Equipment
&
Services
—
0.1%
Core
Laboratories
NV
(b)
...............
242,099
3,263,495
Entertainment
—
0.2%
Cinemark
Holdings,
Inc.
(a)(b)
............
697,247
8,443,661
Equity
Real
Estate
Investment
Trusts
(REITs)
—
6.0%
Acadia
Realty
Trust
.................
518,529
6,543,836
Agree
Realty
Corp.
.................
447,992
30,275,299
American
Assets
Trust,
Inc.
............
277,592
7,139,666
Armada
Hoffler
Properties,
Inc.
.........
519,704
5,394,528
CareTrust
REIT,
Inc.
.................
565,550
10,242,111
Centerspace
......................
123,047
8,283,524
Community
Healthcare
Trust,
Inc.
........
170,796
5,593,569
Essential
Properties
Realty
Trust,
Inc.
.....
915,758
17,811,493
Four
Corners
Property
Trust,
Inc.
........
497,777
12,041,226
Getty
Realty
Corp.
..................
234,355
6,301,806
Industrial
Logistics
Properties
Trust
.......
333,803
1,835,916
Innovative
Industrial
Properties,
Inc.
......
348,845
30,872,782
iStar
,
Inc.
........................
596,242
5,521,201
LXP
Industrial
Trust
.................
1,745,256
15,986,545
NexPoint
Residential
Trust,
Inc.
.........
284,667
13,154,462
Outfront
Media,
Inc.
.................
425,332
6,460,793
Retail
Opportunity
Investments
Corp.
.....
761,457
10,477,648
RPT
Realty
.......................
535,304
4,046,898
Safehold
,
Inc.
.....................
215,945
5,713,905
Saul
Centers,
Inc.
..................
112,555
4,220,813
SITE
Centers
Corp.
.................
1,277,247
13,679,315
Sunstone
Hotel
Investors,
Inc.
..........
512,776
4,830,350
Tanger
Factory
Outlet
Centers,
Inc.
.......
1,301,589
17,805,738
Uniti
Group,
Inc.
...................
1,716,050
11,926,547
Security
Shares
Shares
Value
Equity
Real
Estate
Investment
Trusts
(REITs)
(continued)
Universal
Health
Realty
Income
Trust
(b)
....
86,344
$
3,730,924
Urban
Edge
Properties
...............
659,073
8,792,034
Urstadt
Biddle
Properties,
Inc.,
Class
A
....
204,462
3,171,206
Washington
REIT
...................
480,922
8,444,990
280,299,125
Food
&
Staples
Retailing
—
0.5%
United
Natural
Foods,
Inc.
(a)
............
726,947
24,985,168
Food
Products
—
1.0%
J
&
J
Snack
Foods
Corp.
(b)
............
82,152
10,636,219
Simply
Good
Foods
Co.
(The)
(a)(b)
........
1,063,950
34,035,761
Tootsie
Roll
Industries,
Inc.
............
111,730
3,718,374
48,390,354
Gas
Utilities
—
0.3%
Chesapeake
Utilities
Corp.
(b)
...........
105,238
12,143,413
Health
Care
Equipment
&
Supplies
—
3.7%
AngioDynamics
,
Inc.
(a)(b)
..............
485,987
9,943,294
BioLife
Solutions,
Inc.
(a)(b)
..............
425,054
9,669,978
Cardiovascular
Systems,
Inc.
(a)(b)
........
212,940
2,951,348
CONMED
Corp.
(b)
..................
243,158
19,493,977
Cutera
,
Inc.
(a)(b)
....................
141,354
6,445,742
Glaukos
Corp.
(a)(b)
...................
308,658
16,432,952
Heska
Corp.
(a)(b)
....................
126,826
9,248,152
Lantheus
Holdings,
Inc.
(a)
.............
505,788
35,572,070
LeMaitre
Vascular,
Inc.
(b)
..............
241,028
12,215,299
Meridian
Bioscience,
Inc.
(a)
............
349,166
11,009,204
Merit
Medical
Systems,
Inc.
(a)
...........
403,498
22,801,672
Mesa
Laboratories,
Inc.
(b)
.............
36,572
5,150,435
Surmodics
,
Inc.
(a)(b)
..................
114,359
3,476,514
Varex
Imaging
Corp.
(a)(b)
..............
316,693
6,694,890
Zynex
,
Inc.
(b)
......................
276,081
2,504,055
173,609,582
Health
Care
Providers
&
Services
—
4.0%
Addus
HomeCare
Corp.
(a)(b)
............
86,388
8,227,593
AMN
Healthcare
Services,
Inc.
(a)(b)
.......
539,648
57,181,102
Apollo
Medical
Holdings,
Inc.
(a)(b)
.........
489,283
19,082,037
Community
Health
Systems,
Inc.
(a)(b)
......
1,546,496
3,324,966
CorVel
Corp.
(a)(b)
....................
115,039
15,924,849
Cross
Country
Healthcare,
Inc.
(a)(b)
.......
452,932
12,849,681
Ensign
Group,
Inc.
(The)
..............
372,335
29,600,632
Fulgent
Genetics,
Inc.
(a)(b)
.............
252,885
9,639,976
Joint
Corp.
(The)
(a)
..................
182,363
2,864,923
ModivCare
,
Inc.
(a)
...................
89,891
8,960,335
Pennant
Group,
Inc.
(The)
(a)
............
179,941
1,873,186
RadNet
,
Inc.
(a)
.....................
607,496
12,362,544
US
Physical
Therapy,
Inc.
.............
73,133
5,559,571
187,451,395
Health
Care
Technology
—
0.4%
Allscripts
Healthcare
Solutions,
Inc.
(a)
.....
538,854
8,206,746
HealthStream
,
Inc.
(a)
.................
163,608
3,478,306
OptimizeRx
Corp.
(a)
.................
227,033
3,364,629
Simulations
Plus,
Inc.
(b)
...............
120,283
5,838,537
20,888,218
Hotels,
Restaurants
&
Leisure
—
1.3%
Dave
&
Buster's
Entertainment,
Inc.
(a)
.....
237,594
7,372,542
Dine
Brands
Global,
Inc.
..............
106,481
6,767,932
Golden
Entertainment,
Inc.
(a)(b)
..........
182,378
6,363,168
Jack
in
the
Box,
Inc.
.................
181,192
13,420,891
Monarch
Casino
&
Resort,
Inc.
(a)(b)
.......
165,133
9,270,567
Shake
Shack,
Inc.,
Class
A
(a)(b)
..........
255,915
11,511,057
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
S&P
Small-Cap
600
Growth
ETF
Schedule
of
Investments
25
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Hotels,
Restaurants
&
Leisure
(continued)
Six
Flags
Entertainment
Corp.
(a)
.........
454,690
$
8,048,013
62,754,170
Household
Durables
—
2.6%
Cavco
Industries,
Inc.
(a)(b)
..............
103,163
21,226,819
Century
Communities,
Inc.
............
358,198
15,323,711
Green
Brick
Partners,
Inc.
(a)
............
158,329
3,385,074
Installed
Building
Products,
Inc.
.........
293,958
23,807,658
iRobot
Corp.
(a)(b)
....................
186,769
10,520,698
LGI
Homes,
Inc.
(a)(b)
.................
255,405
20,782,305
Meritage
Homes
Corp.
(a)(b)
.............
214,329
15,060,899
Sonos
,
Inc.
(a)(b)
.....................
777,597
10,808,598
120,915,762
Household
Products
—
0.4%
WD-40
Co.
(b)
......................
98,565
17,321,813
Insurance
—
1.7%
Assured
Guaranty
Ltd.
...............
324,247
15,709,767
HCI
Group,
Inc.
....................
88,617
3,473,787
Palomar
Holdings,
Inc.
(a)(b)
.............
314,838
26,358,237
Selectquote
,
Inc.
(a)(b)
.................
760,388
555,083
Stewart
Information
Services
Corp.
.......
157,095
6,855,626
Trupanion
,
Inc.
(a)(b)
..................
436,996
25,970,672
78,923,172
Interactive
Media
&
Services
—
0.7%
Cars.com,
Inc.
(a)
....................
383,534
4,410,641
Shutterstock
,
Inc.
...................
300,528
15,077,490
Yelp,
Inc.
(a)(b)
......................
429,422
14,561,700
34,049,831
Internet
&
Direct
Marketing
Retail
—
0.1%
Liquidity
Services,
Inc.
(a)(b)
.............
337,241
5,483,539
IT
Services
—
1.5%
CSG
Systems
International,
Inc.
.........
236,052
12,482,430
EVERTEC,
Inc.
....................
551,249
17,281,656
Perficient
,
Inc.
(a)
....................
431,527
28,057,886
TTEC
Holdings,
Inc.
.................
236,275
10,469,345
Unisys
Corp.
(a)(b)
....................
408,226
3,082,106
71,373,423
Leisure
Products
—
0.6%
Sturm
Ruger
&
Co.,
Inc.
..............
220,346
11,191,373
Vista
Outdoor,
Inc.
(a)(b)
................
704,974
17,144,968
28,336,341
Life
Sciences
Tools
&
Services
—
0.2%
NeoGenomics
,
Inc.
(a)(b)
...............
858,646
7,392,942
Machinery
—
4.2%
Alamo
Group,
Inc.
(b)
.................
53,900
6,590,353
Albany
International
Corp.,
Class
A
(b)
......
193,921
15,286,793
Enerpac
Tool
Group
Corp.,
Class
A
(a)
......
346,111
6,171,159
Federal
Signal
Corp.
................
461,201
17,212,021
Franklin
Electric
Co.,
Inc.
.............
324,903
26,547,824
Hillenbrand,
Inc.
...................
467,739
17,175,376
John
Bean
Technologies
Corp.
..........
254,300
21,869,800
Lindsay
Corp.
(b)
....................
80,781
11,574,302
Mueller
Industries,
Inc.
(b)
..............
706,894
42,017,779
SPX
Technologies,
Inc.
(a)(b)
.............
236,814
13,076,869
Standex
International
Corp.
............
72,149
5,890,966
Tennant
Co.
......................
100,215
5,668,161
Trinity
Industries,
Inc.
................
511,352
10,917,365
199,998,768
Security
Shares
Shares
Value
Marine
—
0.6%
Matson,
Inc.
......................
486,124
$
29,906,349
Media
—
0.7%
(a)
EW
Scripps
Co.
(The),
Class
A,
NVS
......
329,122
3,709,205
Gannett
Co.,
Inc.
(b)
..................
695,422
1,063,996
TechTarget
,
Inc.
(b)
...................
338,538
20,041,450
Thryv
Holdings,
Inc.
.................
382,227
8,726,242
33,540,893
Metals
&
Mining
—
0.8%
ATI,
Inc.
(a)(b)
.......................
728,991
19,398,451
Century
Aluminum
Co.
(a)(b)
.............
291,114
1,537,082
Haynes
International,
Inc.
.............
87,104
3,059,092
Materion
Corp.
....................
148,451
11,876,080
35,870,705
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.3%
Ellington
Financial,
Inc.
...............
311,391
3,540,516
KKR
Real
Estate
Finance
Trust,
Inc.
......
281,363
4,572,149
Redwood
Trust,
Inc.
.................
1,456,164
8,358,381
16,471,046
Oil,
Gas
&
Consumable
Fuels
—
3.0%
Callon
Petroleum
Co.
(a)(b)
..............
638,745
22,362,462
Civitas
Resources,
Inc.
...............
646,854
37,122,951
Dorian
LPG
Ltd.
....................
393,239
5,336,253
Laredo
Petroleum,
Inc.
(a)(b)
.............
142,911
8,981,956
Ranger
Oil
Corp.,
Class
A
.............
245,681
7,726,668
SM
Energy
Co.
....................
1,528,844
57,499,823
139,030,113
Personal
Products
—
1.3%
elf
Beauty,
Inc.
(a)
...................
621,080
23,365,030
Inter
Parfums
,
Inc.
..................
222,492
16,789,246
Medifast
,
Inc.
(b)
....................
137,403
14,888,989
USANA
Health
Sciences,
Inc.
(a)
.........
92,522
5,185,858
60,229,123
Pharmaceuticals
—
2.6%
(a)
Amphastar
Pharmaceuticals,
Inc.
........
324,210
9,110,301
ANI
Pharmaceuticals,
Inc.
(b)
............
88,283
2,837,416
Cara
Therapeutics,
Inc.
(b)
.............
559,693
5,238,726
Collegium
Pharmaceutical,
Inc.
(b)
........
425,578
6,817,760
Corcept
Therapeutics,
Inc.
(b)
...........
725,143
18,592,667
Harmony
Biosciences
Holdings,
Inc.
(b)
.....
206,580
9,149,428
Innoviva
,
Inc.
(b)
....................
783,574
9,097,294
Nektar
Therapeutics
(b)
................
1,064,748
3,407,194
Pacira
BioSciences
,
Inc.
(b)
.............
348,591
18,541,555
Prestige
Consumer
Healthcare,
Inc.
(b)
.....
328,909
16,389,535
Supernus
Pharmaceuticals,
Inc.
.........
667,125
22,582,181
121,764,057
Professional
Services
—
2.1%
Exponent,
Inc.
.....................
637,469
55,886,907
Forrester
Research,
Inc.
(a)(b)
............
139,650
5,028,796
Heidrick
&
Struggles
International,
Inc.
....
247,304
6,427,431
Korn
Ferry
.......................
681,005
31,973,185
99,316,319
Real
Estate
Management
&
Development
—
0.5%
Douglas
Elliman
,
Inc.
................
836,616
3,430,126
Marcus
&
Millichap,
Inc.
..............
175,829
5,763,675
St.
Joe
Co.
(The)
...................
426,085
13,647,502
22,841,303
Road
&
Rail
—
0.5%
ArcBest
Corp.
.....................
305,896
22,247,816
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
S&P
Small-Cap
600
Growth
ETF
26
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
—
5.8%
Alpha
&
Omega
Semiconductor
Ltd.
(a)(b)
....
212,918
$
6,549,358
Axcelis
Technologies,
Inc.
(a)(b)
...........
411,960
24,948,298
CEVA,
Inc.
(a)
......................
290,355
7,616,012
Cohu
,
Inc.
(a)
......................
348,829
8,992,812
Diodes,
Inc.
(a)(b)
....................
567,184
36,815,913
FormFactor
,
Inc.
(a)(b)
.................
606,003
15,180,375
Ichor
Holdings
Ltd.
(a)(b)
................
202,899
4,912,185
Kulicke
&
Soffa
Industries,
Inc.
(b)
.........
724,154
27,901,654
MaxLinear
,
Inc.
(a)(b)
..................
898,736
29,316,768
Onto
Innovation,
Inc.
(a)(b)
..............
619,561
39,682,882
PDF
Solutions,
Inc.
(a)(b)
...............
230,089
5,644,083
Rambus,
Inc.
(a)
....................
1,378,384
35,038,521
SMART
Global
Holdings,
Inc.
(a)(b)
........
378,235
6,002,589
Ultra
Clean
Holdings,
Inc.
(a)
............
566,560
14,588,920
Veeco
Instruments,
Inc.
(a)(b)
............
641,310
11,748,799
274,939,169
Software
—
4.3%
8x8,
Inc.
(a)(b)
.......................
1,507,619
5,201,286
A10
Networks,
Inc.
..................
826,435
10,966,792
Agilysys
,
Inc.
(a)
....................
156,221
8,646,832
Alarm.com
Holdings,
Inc.
(a)(b)
...........
620,297
40,232,463
Cerence
,
Inc.
(a)(b)
...................
255,718
4,027,559
Digital
Turbine,
Inc.
(a)(b)
...............
1,121,712
16,163,870
InterDigital
,
Inc.
....................
191,255
7,730,527
LivePerson
,
Inc.
(a)(b)
.................
528,603
4,979,440
LiveRamp
Holdings,
Inc.
(a)
.............
837,314
15,205,622
OneSpan
,
Inc.
(a)
....................
216,254
1,861,947
Progress
Software
Corp.
..............
542,005
23,062,313
SPS
Commerce,
Inc.
(a)
...............
449,135
55,796,041
Xperi
Holding
Corp.
.................
669,691
9,469,431
203,344,123
Specialty
Retail
—
4.5%
Abercrombie
&
Fitch
Co.,
Class
A
(a)(b)
......
298,528
4,642,110
Academy
Sports
&
Outdoors,
Inc.
(b)
.......
626,124
26,409,910
American
Eagle
Outfitters,
Inc.
..........
829,999
8,075,890
Asbury
Automotive
Group,
Inc.
(a)(b)
........
124,202
18,766,922
Boot
Barn
Holdings,
Inc.
(a)(b)
............
371,704
21,729,816
Buckle,
Inc.
(The)
..................
368,587
11,669,464
Children's
Place,
Inc.
(The)
(a)
...........
164,290
5,074,918
Genesco,
Inc.
(a)
....................
79,393
3,121,733
Hibbett,
Inc.
......................
162,249
8,081,623
Leslie's,
Inc.
(a)(b)
....................
1,016,855
14,957,937
MarineMax
,
Inc.
(a)(b)
.................
268,534
7,999,628
Monro
,
Inc.
.......................
171,700
7,462,082
National
Vision
Holdings,
Inc.
(a)(b)
........
442,702
14,454,220
Rent-A-Center,
Inc.
.................
317,163
5,553,524
Sally
Beauty
Holdings,
Inc.
(a)(b)
..........
589,086
7,422,484
Shoe
Carnival,
Inc.
..................
211,458
4,533,660
Signet
Jewelers
Ltd.
.................
580,066
33,173,975
Sleep
Number
Corp.
(a)(b)
..............
273,908
9,260,830
212,390,726
Technology
Hardware,
Storage
&
Peripherals
—
0.5%
(a)(b)
3D
Systems
Corp.
..................
1,624,707
12,965,162
Avid
Technology,
Inc.
................
332,377
7,731,089
Corsair
Gaming,
Inc.
................
185,327
2,103,461
Diebold
Nixdorf,
Inc.
.................
924,670
2,256,195
25,055,907
Security
Shares
Shares
Value
Textiles,
Apparel
&
Luxury
Goods
—
1.1%
Kontoor
Brands,
Inc.
.................
313,506
$
10,536,937
Movado
Group,
Inc.
.................
201,509
5,678,523
Oxford
Industries,
Inc.
...............
119,896
10,764,263
Steven
Madden
Ltd.
.................
620,474
16,548,041
Wolverine
World
Wide,
Inc.
............
449,176
6,912,819
50,440,583
Thrifts
&
Mortgage
Finance
—
2.2%
Axos
Financial,
Inc.
(a)
................
663,447
22,709,791
Flagstar
Bancorp,
Inc.
...............
657,343
21,955,256
Northfield
Bancorp,
Inc.
..............
306,143
4,380,906
Provident
Financial
Services,
Inc.
........
404,072
7,879,404
Walker
&
Dunlop,
Inc.
................
383,076
32,074,953
WSFS
Financial
Corp.
...............
315,699
14,667,376
103,667,686
Tobacco
—
0.3%
Vector
Group
Ltd.
..................
1,640,864
14,456,012
Trading
Companies
&
Distributors
—
1.0%
Applied
Industrial
Technologies,
Inc.
......
206,154
21,188,508
Boise
Cascade
Co.
.................
236,135
14,040,587
GMS,
Inc.
(a)
.......................
297,831
11,916,219
47,145,314
Water
Utilities
—
1.1%
American
States
Water
Co.
(b)
...........
304,183
23,711,065
California
Water
Service
Group
.........
399,939
21,072,786
Middlesex
Water
Co.
................
97,032
7,490,870
52,274,721
Wireless
Telecommunication
Services
—
0.1%
Gogo
,
Inc.
(a)(b)
.....................
270,338
3,276,497
Total
Long-Term
Investments
—
99.0%
(Cost:
$5,105,272,701)
...........................
4,652,097,286
Short-Term
Securities
Money
Market
Funds
—
10.0%
(d)(e)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
3.18%
(f)
............
428,906,766
429,035,438
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
2.81%
..................
41,939,183
41,939,183
Total
Short-Term
Securities
—
10.0%
(Cost:
$470,740,921)
.............................
470,974,621
Total
Investments
—
109.0%
(Cost:
$5,576,013,622
)
...........................
5,123,071,907
Liabilities
in
Excess
of
Other
Assets
—
(9.0)%
............
(423,152,744)
Net
Assets
—
100.0%
..............................
$
4,699,919,163
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(d)
Affiliate
of
the
Fund.
(e)
Annualized
7-day
yield
as
of
period
end.
(f)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
S&P
Small-Cap
600
Growth
ETF
Schedule
of
Investments
27
(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.
The
following
are
the
specified
benchmarks
(plus
or
minus
a
range)
used
in
determining
the
variable
rate
of
interest:
(c)
Amount
includes
$(2,713)
of
net
dividends
and
financing
fees.
(e)
Amount
includes
$7,092
of
net
dividends
and
financing
fees.
(g)
Amount
includes
$(20,051)
of
net
dividends
and
financing
fees.
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
$
219,232,582
$
209,591,926
(a)
$
—
$
19,687
$
191,243
$
429,035,438
428,906,766
$
367,604
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
23,330,000
18,609,183
(a)
—
—
—
41,939,183
41,939,183
327,110
—
$
19,687
$
191,243
$
470,974,621
$
694,714
$
—
—
—
(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
Russell
2000
E-Mini
Index
....................................................
196
12/16/22
$
16,364
$
(1,430,975)
OTC
Total
Return
Swaps
Reference
Entity
Payment
Frequency
Counterparty
(a)
Termination
Date
Net
Notional
Accrued
Unrealized
Appreciation
(Depreciation)
Net
Value
of
Reference
Entity
Gross
Notional
Amount
Net
Asset
Percentage
Equity
Securities
Long
.......
Monthly
Goldman
Sachs
Bank
USA
(b)
02/27/23
$
16,051,730
$
(1,580,817)
(c)
$
14,473,626
0.3
%
Monthly
HSBC
Bank
plc
(d)
02/10/23
7,244,746
(349,433)
(e)
6,888,221
0.2
Monthly
JPMorgan
Chase
Bank
NA
(f)
02/08/23
7,377,818
(616,092)
(g)
6,781,777
0.2
$
(2,546,342)
$
28,143,624
(b)
(d)
(f)
Range:
65
basis
points
65
basis
points
65
basis
points
Benchmarks:
USD
1D
Overnight
Fed
Funds
Effective
Rate
(FEDL01)
USD
1D
Overnight
Bank
Funding
Rate
(OBFR01)
USD
1D
Overnight
Bank
Funding
Rate
(OBFR01)
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
S&P
Small-Cap
600
Growth
ETF
28
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
Bancorp,
Inc.
(The)
(a)
.......
3,000
$
65,940
0.5%
City
Holding
Co.
..........
5,083
450,811
3.1
Community
Bank
System,
Inc.
.
10,355
622,128
4.3
Customers
Bancorp,
Inc.
(a)
...
4,857
143,184
1.0
First
BanCorp
............
134,804
1,844,119
12.7
First
Bancorp/Southern
Pines
NC
.................
7,846
287,007
2.0
Independent
Bank
Corp.
.....
3,252
242,372
1.7
Lakeland
Financial
Corp.
....
3,638
264,883
1.8
Pacific
Premier
Bancorp,
Inc.
.
10,667
330,250
2.3
Preferred
Bank/Los
Angeles
CA
4,683
305,472
2.1
Seacoast
Banking
Corp.
.....
3,890
117,595
0.8
United
Community
Banks,
Inc.
9,742
322,460
2.2
$
4,996,221
Thrifts
&
Mortgage
Finance
Flagstar
Bancorp,
Inc.
......
7,724
257,982
1.8
Provident
Financial
Services,
Inc.
.................
25,095
489,352
3.4
WSFS
Financial
Corp.
......
25,859
1,201,409
8.3
1,948,743
Water
Utilities
Middlesex
Water
Co.
.......
21,881
1,689,213
11.7
Equity
Real
Estate
Investment
Trusts
(REITs)
Getty
Realty
Corp.
.........
8,784
236,202
1.6
Outfront
Media,
Inc.
........
357,589
5,431,777
37.5
5,667,979
Gas
Utilities
Chesapeake
Utilities
Corp.
...
1,486
171,470
1.2
Total
Reference
Entity
—
Long
............
14,473,626
Net
Value
of
Reference
Entity
—
Goldman
Sachs
Bank
USA
.........................
$
14,473,626
(a)
Non-income
producing
security.
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
..........
4,238
$
189,481
2.7%
Banner
Corp.
............
4,998
295,282
4.3
Brookline
Bancorp,
Inc.
.....
9,355
108,986
1.6
Central
Pacific
Financial
Corp.
.
1,987
41,111
0.6
City
Holding
Co.
..........
650
57,648
0.8
Community
Bank
System,
Inc.
.
307
18,445
0.3
First
Commonwealth
Financial
Corp.
...............
46,581
598,100
8.7
Hanmi
Financial
Corp.
......
18,529
438,767
6.4
HomeStreet
,
Inc.
..........
7,144
205,819
3.0
Independent
Bank
Corp.
....
10,814
805,967
11.7
OFG
Bancorp
............
19,923
500,665
7.3
Shares
Value
%
of
Basket
Value
Banks
(continued)
Pacific
Premier
Bancorp,
Inc.
.
7,688
238,020
3.5
Pathward
Financial,
Inc.
.....
15,316
504,815
7.3
Preferred
Bank/Los
Angeles
CA
3,793
247,417
3.6
Southside
Bancshares,
Inc.
..
622
21,994
0.3
Veritex
Holdings,
Inc.
.......
42,301
1,124,784
16.3
$
5,397,301
Thrifts
&
Mortgage
Finance
Provident
Financial
Services,
Inc.
.................
1,305
25,447
0.4
WSFS
Financial
Corp.
......
6,947
322,758
4.7
348,205
Water
Utilities
Middlesex
Water
Co.
.......
389
30,031
0.4
Gas
Utilities
Chesapeake
Utilities
Corp.
...
8,304
958,198
13.9
Insurance
Stewart
Information
Services
Corp.
...............
3,540
154,486
2.2
Total
Reference
Entity
—
Long
............
6,888,221
Net
Value
of
Reference
Entity
—
HSBC
Bank
plc
$
6,888,221
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
Insurance
Stewart
Information
Services
Corp.
................
5,294
$
231,030
3.4%
Banks
Banner
Corp.
............
10,820
639,246
9.4
Brookline
Bancorp,
Inc.
.....
21,423
249,578
3.7
Central
Pacific
Financial
Corp.
.
14,703
304,205
4.5
Community
Bank
System,
Inc.
.
9,204
552,976
8.2
Eagle
Bancorp,
Inc.
........
7,474
334,985
4.9
Independent
Bank
Corp.
.....
12,064
899,130
13.3
Pacific
Premier
Bancorp,
Inc.
..
1,763
54,582
0.8
Preferred
Bank/Los
Angeles
CA
9,308
607,161
8.9
Southside
Bancshares,
Inc.
...
711
25,141
0.4
3,667,004
Water
Utilities
Middlesex
Water
Co.
.......
32,452
2,505,294
36.9
Equity
Real
Estate
Investment
Trusts
(REITs)
Sunstone
Hotel
Investors,
Inc.
.
40,175
378,449
5.6
Total
Reference
Entity
—
Long
............
6,781,777
Net
Value
of
Reference
Entity
—
JPMorgan
Chase
Bank
NA
..........................
$
6,781,777
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
S&P
Small-Cap
600
Growth
ETF
Schedule
of
Investments
29
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
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
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
...................................................................
$
—
$
—
$
—
$
(2,546,342)
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)
......
$
—
$
—
$
1,430,975
$
—
$
—
$
—
$
1,430,975
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
—
2,546,342
—
—
—
2,546,342
$
—
$
—
$
3,977,317
$
—
$
—
$
—
$
3,977,317
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
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
.......................
$
—
$
—
$
(806,168)
$
—
$
—
$
—
$
(806,168)
Swaps
..............................
—
—
(4,290,510)
—
—
—
(4,290,510)
$
—
$
—
$
(5,096,678)
$
—
$
—
$
—
$
(5,096,678)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(1,710,738)
$
—
$
—
$
—
$
(1,710,738)
Swaps
..............................
—
—
(2,833,799)
—
—
—
(2,833,799)
$
—
$
—
$
(4,544,537)
$
—
$
—
$
—
$
(4,544,537)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
14,971,320
Total
return
swaps
Average
notional
value
...............................................................................................
$
20,877,847
The
Fund’s
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
—
$
128,765
Swaps
—
OTC
(a)
....................................................................................
—
2,546,342
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
—
$
2,675,107
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
(“MNA”)
.........................................
—
(128,765)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
—
$
2,546,342
(a)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
(paid/received)
in
the
Statements
of
Assets
and
Liabilities.
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
S&P
Small-Cap
600
Growth
ETF
30
See
notes
to
financial
statements.
The
following
table
presents
the
Fund's
derivative
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
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
..........................
$
1,580,817
$
—
$
—
$
—
$
1,580,817
HSBC
Bank
plc
..................................
349,433
—
—
—
349,433
JPMorgan
Chase
Bank
NA
..........................
616,092
—
—
—
616,092
$
2,546,342
$
—
$
—
$
—
$
2,546,342
(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.
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
.........................................
$
4,652,097,286
$
—
$
—
$
4,652,097,286
Short-Term
Securities
Money
Market
Funds
......................................
470,974,621
—
—
470,974,621
$
5,123,071,907
$
—
$
—
$
5,123,071,907
Derivative
Financial
Instruments
(a)
Liabilities
Equity
contracts
...........................................
$
(1,430,975)
$
(2,546,342)
$
—
$
(3,977,317)
$
(1,430,975)
$
(2,546,342)
$
—
$
(3,977,317)
(a)
Derivative
financial
instruments
are
swaps
and
futures
contracts.
Swaps
and
futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Statements
of
Assets
and
Liabilities
(unaudited)

September
30,
2022
31
Financial
Statements
See
notes
to
financial
statements.
iShares
S&P
Mid-Cap
400
Growth
ETF
iShares
S&P
Mid-Cap
400
Value
ETF
iShares
S&P
Small-Cap
600
Growth
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.........................................................
$
6,239,119,513‌
$
6,403,014,409‌
$
4,652,097,286‌
Investments,
at
value
—
affiliated
(c)
............................................................
634,791,780‌
332,636,113‌
470,974,621‌
Cash  
...............................................................................
24,823‌
259,972‌
—‌
Cash
pledged:
Collateral
—
OTC
derivatives
..............................................................
—‌
—‌
1,158,327‌
Futures
contracts
......................................................................
600,470‌
1,230,510‌
1,278,000‌
Receivables:
–‌
–‌
–‌
Investments
sold
......................................................................
42,757,682‌
107,973,577‌
60,057,011‌
Securities
lending
income
—
affiliated
........................................................
354,162‌
73,749‌
78,281‌
Capital
shares
sold
.....................................................................
—‌
247,496‌
—‌
Dividends
—
unaffiliated
.................................................................
3,483,167‌
12,275,718‌
4,242,003‌
Dividends
—
affiliated
...................................................................
23,153‌
34,240‌
104,586‌
Total
assets
...........................................................................
6,921,154,750‌
6,857,745,784‌
5,189,990,115‌
LIABILITIES
Bank
overdraft
..........................................................................
—‌
—‌
997,647‌
Cash
received:
Collateral
—
OTC
derivatives
..............................................................
8,300‌
212,975‌
888,139‌
Collateral
on
securities
loaned
...............................................................
626,876,700‌
323,038,115‌
428,805,906‌
Payables:
–‌
–‌
–‌
Investments
purchased
..................................................................
44,915,726‌
108,795,000‌
55,943,853‌
Capital
shares
redeemed
.................................................................
—‌
123,748‌
—‌
Investment
advisory
fees
.................................................................
924,246‌
1,054,572‌
760,300‌
Variation
margin
on
futures
contracts
.........................................................
69,478‌
142,725‌
128,765‌
Unrealized
depreciation
on:
–‌
–‌
–‌
OTC
swaps
..........................................................................
103,998‌
366,396‌
2,546,342‌
Total
liabilities
..........................................................................
672,898,448‌
433,733,531‌
490,070,952‌
NET
ASSETS
..........................................................................
$
6,248,256,302‌
$
6,424,012,253‌
$
4,699,919,163‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
..........................................................................
$
6,860,396,215‌
$
7,618,522,050‌
$
5,223,129,764‌
Accumulated
loss
.......................................................................
(612,139,913‌)
(1,194,509,797‌)
(523,210,601‌)
NET
ASSETS
..........................................................................
$
6,248,256,302‌
$
6,424,012,253‌
$
4,699,919,163‌
NET
ASSET
VALUE
Shares
outstanding
......................................................................
99,150,000‌
71,450,000‌
46,300,000‌
Net
asset
value
.........................................................................
$
63.02‌
$
89.91‌
$
101.51‌
Shares
authorized
.......................................................................
Unlimited
Unlimited
Unlimited
Par
value
.............................................................................
None
None
None
(a)
  Investments,
at
cost
—
unaffiliated
..........................................................
$
6,502,723,462‌
$
7,457,101,048‌
$
5,105,272,701‌
(b)
  Securities
loaned,
at
value
................................................................
$
606,623,777‌
$
312,136,580‌
$
415,514,950‌
(c)
  Investments,
at
cost
—
affiliated
............................................................
$
634,498,437‌
$
332,477,386‌
$
470,740,921‌
Statements
of
Operations
(unaudited)

Six
Months
Ended
September
30,
2022
2022
iShares
Semi-Annual
Report
to
Shareholders
32
See
notes
to
financial
statements.
iShares
S&P
Mid-Cap
400
Growth
ETF
iShares
S&P
Mid-Cap
400
Value
ETF
iShares
S&P
Small-Cap
600
Growth
ETF
INVESTMENT
INCOME
–
–
–
Dividends
—
unaffiliated
.................................................................
$
42,520,597‌
$
85,675,679‌
$
32,166,556‌
Dividends
—
affiliated
...................................................................
75,752‌
100,521‌
327,110‌
Securities
lending
income
—
affiliated
—
net
...................................................
3,937,912‌
312,091‌
367,604‌
Foreign
taxes
withheld
..................................................................
—‌
—‌
(64,311‌)
Total
investment
income
...................................................................
46,534,261‌
86,088,291‌
32,796,959‌
EXPENSES
Investment
advisory
....................................................................
5,731,717‌
6,661,389‌
4,711,861‌
Total
expenses
.........................................................................
5,731,717‌
6,661,389‌
4,711,861‌
Net
investment
income
....................................................................
40,802,544‌
79,426,902‌
28,085,098‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(1,413,546,724‌)
$
(1,456,748,008‌)
$
(1,103,993,593‌)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.............................................................
$
(61,344,024‌)
$
(85,464,620‌)
$
78,114,674‌
Investments
—
affiliated
...............................................................
7,299‌
(19,250‌)
19,687‌
Futures
contracts
....................................................................
(1,637,083‌)
(1,893,086‌)
(806,168‌)
In-kind
redemptions
—
unaffiliated
(a)
.......................................................
58,064,818‌
354,392,104‌
149,313,573‌
Swaps  
..........................................................................
(238,662‌)
(1,793,702‌)
(4,290,510‌)
(5,147,652‌)
265,221,446‌
222,351,256‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.............................................................
(1,407,552,580‌)
(1,720,189,672‌)
(1,321,991,555‌)
Investments
—
affiliated
...............................................................
256,497‌
172,457‌
191,243‌
Futures
contracts
....................................................................
(982,125‌)
(1,513,698‌)
(1,710,738‌)
Swaps  
..........................................................................
(120,864‌)
(438,542‌)
(2,833,799‌)
(1,408,399,072‌)
(1,721,969,455‌)
(1,326,344,849‌)
Net
realized
and
unrealized
loss
..............................................................
(1,413,546,724‌)
(1,456,748,009‌)
(1,103,993,593‌)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...................................
$
(1,372,744,180‌)
$
(1,377,321,107‌)
$
(1,075,908,495‌)
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
Statements
of
Changes
in
Net
Assets

33
Financial
Statements
See
notes
to
financial
statements.
iShares
S&P
Mid-Cap
400
Growth
ETF
iShares
S&P
Mid-Cap
400
Value
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
....................................................
$
40,802,544‌
$
46,202,656‌
$
79,426,902‌
$
140,131,066‌
Net
realized
gain
(loss)
....................................................
(5,147,652‌)
820,642,500‌
265,221,446‌
1,238,986,386‌
Net
change
in
unrealized
appreciation
(depreciation)
................................
(1,408,399,072‌)
(929,840,004‌)
(1,721,969,455‌)
(657,010,902‌)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...........................
(1,372,744,180‌)
(62,994,848‌)
(1,377,321,107‌)
722,106,550‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(38,765,361‌)
(48,128,780‌)
(73,186,165‌)
(146,686,532‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.................
119,056,773‌
(355,452,658‌)
(531,603,286‌)
(278,917,161‌)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...........................................
(1,292,452,768‌)
(466,576,286‌)
(1,982,110,558‌)
296,502,857‌
Beginning
of
period
........................................................
7,540,709,070‌
8,007,285,356‌
8,406,122,811‌
8,109,619,954‌
End
of
period
............................................................
$
6,248,256,302‌
$
7,540,709,070‌
$
6,424,012,253‌
$
8,406,122,811‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
2022
iShares
Semi-Annual
Report
to
Shareholders
34
See
notes
to
financial
statements.
iShares
S&P
Small-Cap
600
Growth
ETF
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..................................................................................
$
28,085,098‌
$
45,742,922‌
Net
realized
gain
......................................................................................
222,351,256‌
513,299,340‌
Net
change
in
unrealized
appreciation
(depreciation)
..............................................................
(1,326,344,849‌)
(630,385,805‌)
Net
decrease
in
net
assets
resulting
from
operations
................................................................
(1,075,908,495‌)
(71,343,543‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.......................................................
(26,412,245‌)
(43,375,063‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
...............................................
163,504,907‌
(438,169,835‌)
NET
ASSETS
Total
decrease
in
net
assets
................................................................................
(938,815,833‌)
(552,888,441‌)
Beginning
of
period
......................................................................................
5,638,734,996‌
6,191,623,437‌
End
of
period
..........................................................................................
$
4,699,919,163‌
$
5,638,734,996‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
35
Financial
Highlights
iShares
S&P
Mid-Cap
400
Growth
ETF
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
Year
Ended
03/31/21
(a)
Year
Ended
03/31/20
(a)
Year
Ended
03/31/19
(a)
Year
Ended
03/31/18
(a)
Net
asset
value,
beginning
of
period
................
$
77.42
‌
$
78.31
‌
$
44.65
‌
$
54.76
‌
$
54.55
‌
$
47.74
‌
Net
investment
income
(b)
........................
0.42
‌
0.46
‌
0.44
‌
0.57
‌
0.55
‌
0.48
‌
Net
realized
and
unrealized
gain
(loss)
(c)
..............
(14.42
)
(0.87
)
33.69
‌
(10.05
)
0.24
‌
6.85
‌
Net
increase
(decrease)
from
investment
operations
.......
(14.00
)
(0.41
)
34.13
‌
(9.48
)
0.79
‌
7.33
‌
Distributions
(d)
–
–
–
–
–
–
From
net
investment
income
.....................
(0.40
)
(0.48
)
(0.47
)
(0.63
)
(0.56
)
(0.52
)
From
net
realized
gain
..........................
—
‌
—
‌
—
‌
—
‌
(0.02
)
—
‌
Total
distributions
..............................
(0.40
)
(0.48
)
(0.47
)
(0.63
)
(0.58
)
(0.52
)
Net
asset
value,
end
of
period
.....................
$
63.02
‌
$
77.42
‌
$
78.31
‌
$
44.65
‌
$
54.76
‌
$
54.55
‌
Total
Return
(e)
(18.10)%
—
—
—
—
—
Based
on
net
asset
value
.........................
(18.10
)%
(f)
(0.54
)%
76.68
%
(17.49
)%
1.45
%
15.41
%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
................................
0.17
%
(h)
0.17
%
0.20
%
0.24
%
0.24
%
0.24
%
Net
investment
income
...........................
1.20
%
(h)
0.57
%
0.70
%
1.01
%
1.01
%
0.94
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
6,248,256
‌
$
7,540,709
‌
$
8,007,285
‌
$
5,260,096
‌
$
7,490,758
‌
$
8,008,220
‌
Portfolio
turnover
rate
(i)
...........................
12
%
45
%
50
%
51
%
50
%
40
%
(a)
Per
share
amounts
reflect
a
four-for-one
stock
split
effective
after
the
close
of
trading
on
October
16,
2020.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
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.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
iShares
Semi-Annual
Report
to
Shareholders
36
iShares
S&P
Mid-Cap
400
Value
ETF
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
Year
Ended
03/31/21
(a)
Year
Ended
03/31/20
(a)
Year
Ended
03/31/19
(a)
Year
Ended
03/31/18
(a)
Net
asset
value,
beginning
of
period
.................
$
109.53
‌
$
101.82
‌
$
54.92
‌
$
78.47
‌
$
77.19
‌
$
74.24
‌
Net
investment
income
(b)
.........................
1.09
‌
1.73
‌
1.36
‌
1.51
‌
1.31
‌
1.32
‌
Net
realized
and
unrealized
gain
(loss)
(c)
...............
(19.69
)
7.80
‌
46.95
‌
(23.42
)
1.31
‌
2.98
‌
Net
increase
(decrease)
from
investment
operations
........
(18.60
)
9.53
‌
48.31
‌
(21.91
)
2.62
‌
4.30
‌
Distributions
from
net
investment
income
(d)
...............
(1.02
)
(1.82
)
(1.41
)
(1.64
)
(1.34
)
(1.35
)
Net
asset
value,
end
of
period
......................
$
89.91
‌
$
109.53
‌
$
101.82
‌
$
54.92
‌
$
78.47
‌
$
77.19
‌
Total
Return
(e)
(17.02)%
—
—
—
—
—
Based
on
net
asset
value
..........................
(17.02
)%
(f)
9.42
%
88.83
%
(28.36
)%
3.35
%
5.88
%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
.................................
0.18
%
(h)
0.18
%
0.21
%
0.25
%
0.25
%
0.25
%
Net
investment
income
............................
2.15
%
(h)
1.61
%
1.78
%
1.90
%
1.65
%
1.73
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......................
$
6,424,012
‌
$
8,406,123
‌
$
8,109,620
‌
$
3,811,032
‌
$
6,355,685
‌
$
5,603,679
‌
Portfolio
turnover
rate
(i)
............................
8
%
38
%
43
%
46
%
44
%
37
%
(a)
Per
share
amounts
reflect
a
two-for-one
stock
split
effective
after
the
close
of
trading
on
October
16,
2020.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
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.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
37
Financial
Highlights
iShares
S&P
Small-Cap
600
Growth
ETF
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
Year
Ended
03/31/21
(a)
Year
Ended
03/31/20
(a)
Year
Ended
03/31/19
(a)
Year
Ended
03/31/18
(a)
Net
asset
value,
beginning
of
period
................
$
125.31
‌
$
127.93
‌
$
69.20
‌
$
89.29
‌
$
86.92
‌
$
76.62
‌
Net
investment
income
(b)
........................
0.61
‌
0.98
‌
0.72
‌
0.81
‌
0.72
‌
0.73
‌
Net
realized
and
unrealized
gain
(loss)
(c)
..............
(23.83
)
(2.67
)
58.76
‌
(20.00
)
2.40
‌
10.34
‌
Net
increase
(decrease)
from
investment
operations
.......
(23.22
)
(1.69
)
59.48
‌
(19.19
)
3.12
‌
11.07
‌
Distributions
from
net
investment
income
(d)
..............
(0.58
)
(0.93
)
(0.75
)
(0.90
)
(0.75
)
(0.77
)
Net
asset
value,
end
of
period
.....................
$
101.51
‌
$
125.31
‌
$
127.93
‌
$
69.20
‌
$
89.29
‌
$
86.92
‌
Total
Return
(e)
(18.54)%
—
—
—
—
—
Based
on
net
asset
value
.........................
(18.54
)%
(f)
(1.35
)%
86.30
%
(21.68
)%
3.59
%
14.51
%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
................................
0.18
%
(h)
0.18
%
0.21
%
0.25
%
0.25
%
0.25
%
Net
investment
income
...........................
1.07
%
(h)
0.75
%
0.73
%
0.89
%
0.77
%
0.90
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
4,699,919
‌
$
5,638,735
‌
$
6,191,623
‌
$
3,515,154
‌
$
5,580,221
‌
$
5,128,053
‌
Portfolio
turnover
rate
(i)
...........................
15
%
44
%
52
%
64
%
45
%
47
%
(a)
Per
share
amounts
reflect
a
two-for-one
stock
split
effective
after
the
close
of
trading
on
October
16,
2020.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
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.
Notes
to
Financial
Statements
(unaudited)
2022
iShares
Semi-Annual
Report
To
Shareholders
38
1.
ORGANIZATION
iShares
Trust
(the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Delaware
statutory
trust
and
is
authorized
to
have
multiple
series
or
portfolios. 
These
financial
statements
relate
only
to
the
following
funds
(each,
a
“Fund”
and
collectively,
the
“Funds”):
2.
Significant
Accounting
Policies
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates. Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
date
at
fair
value.
Dividends
from
foreign
securities
where
the
ex-dividend
date
may
have
passed
are
subsequently
recorded
when
the
Funds
are
informed
of
the
ex-dividend
date.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest.
Upon
notification
from
issuers
or
as
estimated
by
management,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain. 
Foreign
Taxes:
Certain
Funds
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
each
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
each
Fund
and
are
reflected
in
its Statements
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Other
foreign
taxes”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of 
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
Funds’
investment
adviser, as
the
valuation
designee
for
each
Fund. Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
BFA’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
BFA’s policies
and
procedures as
reflecting
fair
value. BFA
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
each
Fund’s
assets
and
liabilities:
iShares
ETF
Diversification
Classification
S&P
Mid-Cap
400
Growth
...............................................................................................
Diversified
S&P
Mid-Cap
400
Value
................................................................................................
Diversified
S&P
Small-Cap
600
Growth
..............................................................................................
Diversified
Notes
to
Financial
Statements
(unaudited)
(continued)
39
Notes
to
Financial
Statements
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
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
iShares
Semi-Annual
Report
To
Shareholders
40
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency. 
As
of
period
end,
the
following
table
is
a
summary
of
the
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA
:
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
(b)
S&P
Mid-Cap
400
Growth
Barclays
Bank
PLC
...................................
$
3,159,318‌
$
(3,159,318‌)
$
–‌
$
–‌
$
–
$
–
$
–
$
–
Barclays
Capital,
Inc.
...................................
3,806,613‌
(3,806,613‌)
–‌
–‌
BMO
Capital
Markets
Corp.
...............................
624,355‌
(624,355‌)
–‌
–‌
BNP
Paribas
SA
.......................................
106,834,625‌
(106,834,625‌)
–‌
–‌
BofA
Securities,
Inc.
....................................
19,209,085‌
(19,209,085‌)
–‌
–‌
Citadel
Clearing
LLC
....................................
2,856,928‌
(2,856,928‌)
–‌
–‌
Citigroup
Global
Markets,
Inc.
..............................
11,548,006‌
(11,548,006‌)
–‌
–‌
Deutsche
Bank
Securities,
Inc.
.............................
4,341‌
(4,341‌)
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...............................
167,295,620‌
(167,295,620‌)
–‌
–‌
HSBC
Bank
PLC
......................................
9,015,364‌
(9,015,364‌)
–‌
–‌
J.P.
Morgan
Securities
LLC
...............................
51,108,526‌
(51,108,526‌)
–‌
–‌
Jefferies
LLC
.........................................
4,714,275‌
(4,714,275‌)
–‌
–‌
Morgan
Stanley
.......................................
85,403,557‌
(85,403,557‌)
–‌
–‌
National
Financial
Services
LLC
............................
8,204,814‌
(8,204,814‌)
–‌
–‌
Natixis
SA
...........................................
15,651,315‌
(15,651,315‌)
–‌
–‌
RBC
Capital
Markets
LLC
................................
2,979,304‌
(2,979,304‌)
–‌
–‌
Scotia
Capital
(USA),
Inc.
................................
11,970,289‌
(11,970,289‌)
–‌
–‌
SG
Americas
Securities
LLC
..............................
167,808‌
(167,808‌)
–‌
–‌
State
Street
Bank
&
Trust
Co.
..............................
5,592,245‌
(5,592,245‌)
–‌
–‌
Toronto-Dominion
Bank
..................................
37,753,803‌
(37,753,803‌)
–‌
–‌
UBS
AG
............................................
44,017,092‌
(44,017,092‌)
–‌
–‌
UBS
Securities
LLC
....................................
2,349,936‌
(2,349,936‌)
–‌
–‌
Virtu
Americas
LLC
.....................................
3,072,088‌
(3,072,088‌)
–‌
–‌
Wells
Fargo
Bank
N.A.
..................................
1,013,392‌
(1,013,392‌)
–‌
–‌
Wells
Fargo
Securities
LLC
...............................
8,271,078‌
(8,271,078‌)
–‌
–‌
$
606,623,777‌
$
(606,623,777‌)
$
–‌
$
–‌
S&P
Mid-Cap
400
Value
Barclays
Bank
PLC
...................................
$
5,149,658‌
$
(5,149,658‌)
$
–‌
$
–‌
–
–
–
–
BNP
Paribas
SA
.......................................
31,587,320‌
(31,587,320‌)
–‌
–‌
BofA
Securities,
Inc.
....................................
19,984,462‌
(19,984,462‌)
–‌
–‌
Citigroup
Global
Markets,
Inc.
..............................
2,116,540‌
(2,116,540‌)
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...............................
55,655,746‌
(55,655,746‌)
–‌
–‌
HSBC
Bank
PLC
......................................
10,511,548‌
(10,511,548‌)
–‌
–‌
J.P.
Morgan
Securities
LLC
...............................
98,419,412‌
(98,419,412‌)
–‌
–‌
Jefferies
LLC
.........................................
2,723,664‌
(2,723,664‌)
–‌
–‌
Morgan
Stanley
.......................................
35,345,069‌
(35,345,069‌)
–‌
–‌
National
Financial
Services
LLC
............................
999,794‌
(999,794‌)
–‌
–‌
Natixis
SA
...........................................
618,287‌
(618,287‌)
–‌
–‌
Pershing
LLC
.........................................
16,870‌
(16,870‌)
–‌
–‌
RBC
Capital
Markets
LLC
................................
4,832,591‌
(4,832,591‌)
–‌
–‌
Scotia
Capital
(USA),
Inc.
................................
7,946,130‌
(7,815,117‌)
–‌
131,013‌
SG
Americas
Securities
LLC
..............................
334,108‌
(334,108‌)
–‌
–‌
State
Street
Bank
&
Trust
Co.
..............................
7,470,826‌
(7,470,826‌)
–‌
–‌
Toronto-Dominion
Bank
..................................
4,980,642‌
(4,980,642‌)
–‌
–‌
UBS
AG
............................................
15,528,299‌
(15,528,299‌)
–‌
–‌
UBS
Securities
LLC
....................................
6,779,396‌
(6,779,396‌)
–‌
–‌
Virtu
Americas
LLC
.....................................
363,231‌
(363,231‌)
–‌
–‌
Wells
Fargo
Bank
N.A.
..................................
567,432‌
(567,432‌)
–‌
–‌
Wells
Fargo
Securities
LLC
...............................
205,555‌
(205,555‌)
–‌
–‌
$
312,136,580‌
$
(312,005,567‌)
$
–‌
$
131,013‌
S&P
Small-Cap
600
Growth
Barclays
Bank
PLC
...................................
$
3,051,547‌
$
(3,051,547‌)
$
–‌
$
–‌
–
–
–
–
BMO
Capital
Markets
Corp.
...............................
121,035‌
(121,035‌)
–‌
–‌
BNP
Paribas
SA
.......................................
100,437,294‌
(100,437,294‌)
–‌
–‌
BofA
Securities,
Inc.
....................................
9,607,940‌
(9,607,940‌)
–‌
–‌
Citadel
Clearing
LLC
....................................
4,433,764‌
(4,433,764‌)
–‌
–‌
Citigroup
Global
Markets,
Inc.
..............................
4,013,633‌
(4,013,633‌)
–‌
–‌
Credit
Suisse
Securities
(USA)
LLC
..........................
114,163‌
(114,163‌)
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...............................
74,401,159‌
(74,401,159‌)
–‌
–‌
HSBC
Bank
PLC
......................................
808,087‌
(808,087‌)
–‌
–‌
Notes
to
Financial
Statements
(unaudited)
(continued)
41
Notes
to
Financial
Statements
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
each
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BlackRock,
Inc.
(“BlackRock”).
BlackRock’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent
the
collateral
received
does
not
cover
the
value
of
the
securities
loaned
in
the
event
of
borrower
default.
Each
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
the
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by
each
Fund.
5.
Derivative
Financial
Instruments
Futures
Contracts:
 Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk).
Futures
contracts
are
exchange-traded
agreements
between
the
Funds
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the
Funds
are
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any,
are
shown
as
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Funds
agree
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
Swaps:
Swap
contracts
are
entered
into
to
manage
exposure
to
issuers,
markets
and
securities.
Such
contracts
are
agreements
between
the
Funds
and
a
counterparty
to
make
periodic
net
payments
on
a
specified
notional
amount
or
a
net
payment
upon
termination.
Swap
agreements
are
privately
negotiated
in
the
OTC
market
and
may
be
entered
into
as
a
bilateral
contract
(“OTC
swaps”)
or
centrally
cleared
(“centrally
cleared
swaps”).
For
OTC
swaps,
any
upfront
premiums
paid
and
any
upfront
fees
received
are
shown
as
swap
premiums
paid
and
swap
premiums
received,
respectively,
in
the
Statements
of
Assets
and
Liabilities
and
amortized
over
the
term
of
the
contract.
The
daily
fluctuation
in
market
value
is
recorded
as
unrealized
appreciation
(depreciation)
on
OTC
Swaps
in
the
Statements
of
Assets
and
Liabilities.
Payments
received
or
paid
are
recorded
in
the
Statements
of
Operations
as
realized
gains
or
losses,
respectively.
When
an
OTC
swap
is
terminated,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
proceeds
from
(or
cost
of)
the
closing
transaction
and
the
Funds’
basis
in
the
contract,
if
any.
Generally,
the
basis
of
the
contract
is
the
premium
received
or
paid.
Total
return
swaps
are
entered
into by
the iShares
S&P
Mid-Cap
400
Growth
ETF,
iShares
S&P
Mid-Cap
400
Value
ETF
and
iShares
S&P
Small-Cap
600
Growth
ETF to
obtain
exposure
to
a
security
or
market
without
owning
such
security
or
investing
directly
in
such
market
or
to
exchange
the
risk/return
of
one
security
or
market
(e.g.,
fixed-
income)
with
another
security
or
market
(e.g.,
equity
or
commodity
prices)
(equity
risk,
commodity
price
risk
and/or
interest
rate
risk).
Total
return
swaps
are
agreements
in
which
there
is
an
exchange
of
cash
flows
whereby
one
party
commits
to
make
payments
based
on
the
total
return
(distributions
plus
capital
gains/losses)
of
an
underlying
instrument,
or
basket
or
underlying
instruments,
in
exchange
for
fixed
or
floating
rate
interest
payments.
If
the
total
return
of
the
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
(b)
S&P
Small-Cap
600
Growth
(continued)
J.P.
Morgan
Securities
LLC
...............................
$
82,908,802‌
$
(82,908,802‌)
$
–‌
$
–‌
Jefferies
LLC
.........................................
2,478,381‌
(2,478,381‌)
–‌
–‌
Morgan
Stanley
.......................................
99,774,818‌
(99,774,818‌)
–‌
–‌
National
Financial
Services
LLC
............................
7,320,711‌
(7,320,711‌)
–‌
–‌
Natixis
SA
...........................................
3,511,431‌
(3,511,431‌)
–‌
–‌
Nomura
Securities
International,
Inc.
.........................
250,800‌
(250,800‌)
–‌
–‌
RBC
Capital
Markets
LLC
................................
38,969‌
(38,969‌)
–‌
–‌
Scotia
Capital
(USA),
Inc.
................................
10,980,820‌
(10,980,820‌)
–‌
–‌
SG
Americas
Securities
LLC
..............................
90,840‌
(90,840‌)
–‌
–‌
State
Street
Bank
&
Trust
Co.
..............................
286,689‌
(283,862‌)
–‌
2,827‌
Toronto-Dominion
Bank
..................................
1,974,472‌
(1,974,472‌)
–‌
–‌
UBS
AG
............................................
5,926,517‌
(5,926,517‌)
–‌
–‌
UBS
Securities
LLC
....................................
899,114‌
(899,114‌)
–‌
–‌
Virtu
Americas
LLC
.....................................
459,068‌
(459,068‌)
–‌
–‌
Wells
Fargo
Bank
N.A.
..................................
1,445,703‌
(1,445,703‌)
–‌
–‌
Wells
Fargo
Securities
LLC
...............................
179,193‌
(179,193‌)
–‌
–‌
$
415,514,950‌
$
(415,512,123‌)
$
–‌
$
2,827‌
(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
Fund’s
Statements
of
Assets
and
Liabilities.
(b)
The
market
value
of
the
loaned
securities
is
determined
as
of
September
30,
2022.
Additional
collateral
is
delivered
to
the
Fund
on
the
next
business
day
in
accordance
with
the
MSLA.
The
net
amount
would
be
subject
to
the
borrower
default
indemnity
in
the
event
of
default
by
the
counterparty.
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
iShares
Semi-Annual
Report
To
Shareholders
42
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 their
agreement
with
such
counterparty,
each
Fund
bears
the
risk
of
loss
from
a
counterparty
in
the
amount
of
the
value
of
the
collateral
in
the
event
the
counterparty
fails
to
return
such
collateral.
Based
on
the
terms
of
agreements,
collateral
may
not
be
required
for
all
derivative
contracts.
For
financial
reporting
purposes,
each
Fund
does
not
offset
derivative
assets
and
derivative
liabilities
that
are
subject
to
netting
arrangements,
if
any,
in
the
Statements
of
Assets
and
Liabilities.
6.
Investment
Advisory
Agreement
and
Other
Transactions
with
Affiliates
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the 
Trust
,
BFA
manages
the
investment
of each
Fund’s
assets.
BFA
is
a
California
corporation
indirectly owned
by
BlackRock. Under
the
Investment
Advisory
Agreement,
BFA
is
responsible
for
substantially
all
expenses
of
the
Funds,
except
(
i
)
interest
and
taxes;
(ii)
brokerage
commissions
and
other
expenses
connected
with
the
execution
of
portfolio
transactions;
(iii)
distribution
fees;
(iv)
the
advisory
fee
payable
to
BFA;
and
(v)
litigation
expenses
and
any
extraordinary
expenses
(in
each
case
as
determined
by
a
majority
of
the
independent
trustees
).
For
its
investment
advisory
services
to
the iShares
S&P
Mid-Cap
400
Growth
ETF, BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Fund,
based
on the
Fund’s
allocable
portion
of
the
aggregate
of
the
average
daily
net
assets
of
the
Fund
and
certain
other
iShares
funds,
as
follows:
Aggregate
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$121
billion
..................................................................................................
0.1800%
Over
$121
billion,
up
to
and
including
$181
billion
............................................................................
0.1710
Over
$181
billion,
up
to
and
including
$231
billion
............................................................................
0.1624
Over
$231
billion,
up
to
and
including
$281
billion
............................................................................
0.1543
Over
$281
billion
..................................................................................................
0.1465
Notes
to
Financial
Statements
(unaudited)
(continued)
43
Notes
to
Financial
Statements
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:
Distributor:
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
is
the
distributor
for
each
Fund.
Pursuant
to
the
distribution
agreement,
BFA
is
responsible
for
any
fees
or
expenses
for
distribution
services
provided
to
the
Funds.
ETF
Servicing
Fees:
Each
Fund
has
entered
into
an
ETF
Services
Agreement
with
BRIL
to
perform
certain
order
processing,
Authorized
Participant
communications,
and
related
services
in
connection
with
the
issuance
and
redemption
of
Creation
Units
(“ETF
Services”).
BRIL
is
entitled
to
a
transaction
fee
from
Authorized
Participants
on
each
creation
or
redemption
order
for
the
ETF
Services
provided.
Each Fund
does
not
pay
BRIL
for
ETF
Services.
Prior
to
April
25,
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:
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:
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.
iShares
ETF
Investment
Advisory
Fees
S&P
Mid-Cap
400
Value
.............................................................................................
0.18‌
%
S&P
Small-Cap
600
Growth
...........................................................................................
0.18‌
iShares
ETF
Amounts
S&P
Mid-Cap
400
Growth
...................................................................................................
$
1,021,635‌
S&P
Mid-Cap
400
Value
....................................................................................................
128,219‌
S&P
Small-Cap
600
Growth
..................................................................................................
153,399‌
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
S&P
Mid-Cap
400
Growth
................................................................
$
184,073,530‌
$
152,326,856‌
$
(38,450,657‌)
S&P
Mid-Cap
400
Value
.................................................................
108,002,453‌
212,719,107‌
(42,104,940‌)
S&P
Small-Cap
600
Growth
...............................................................
136,675,763‌
273,428,273‌
73,540,124‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
iShares
Semi-Annual
Report
To
Shareholders
44
7.
Purchases
and
Sales
For
the six
months ended
September
30,
2022,
purchases
and
sales
of
investments,
excluding
short-term securities
and
in-kind
transactions,
were
as
follows:
For
the six
months ended
September
30,
2022,
in-kind
transactions
were
as
follows:
8.
Income
Tax
Information
Each
Fund
is
treated
as
an
entity
separate
from
the
Trust’s other
funds
for
federal
income
tax
purposes.
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the
Funds
as
of
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:
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:
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.
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
iShares
ETF
Purchases
Sales
S&P
Mid-Cap
400
Growth
................................................................................
$
806,173,785‌
$
803,159,018‌
S&P
Mid-Cap
400
Value
.................................................................................
604,901,991‌
604,189,835‌
S&P
Small-Cap
600
Growth
...............................................................................
761,602,100‌
778,054,782‌
iShares
ETF
In-kind
Purchases
In-kind
Sales
S&P
Mid-Cap
400
Growth
................................................................................
$
369,047,072‌
$
250,524,685‌
S&P
Mid-Cap
400
Value
.................................................................................
1,897,848,223‌
2,422,519,088‌
S&P
Small-Cap
600
Growth
...............................................................................
698,070,046‌
546,983,519‌
iShares
ETF
Amounts
S&P
Mid-Cap
400
Growth
..................................................................................................
$
314,583,981‌
S&P
Mid-Cap
400
Value
...................................................................................................
370,278,126‌
S&P
Small-Cap
600
Growth
.................................................................................................
253,537,193‌
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
S&P
Mid-Cap
400
Growth
...........................................
$
7,166,947,110‌
$
627,849,311‌
$
(921,530,569‌)
$
(293,681,258‌)
S&P
Mid-Cap
400
Value
.............................................
7,829,392,137‌
200,693,955‌
(1,295,615,683‌)
(1,094,921,728‌)
S&P
Small-Cap
600
Growth
..........................................
5,613,029,400‌
320,387,476‌
(814,322,286‌)
(493,934,810‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
45
Notes
to
Financial
Statements
investments
in
a
timely
manner
at
the
price
that
it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
a
fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of
a
fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which
a
fund
invests.
Counterparty
Credit
Risk:
 The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that BFA
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds.
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
With
exchange-traded
futures,
there
is
less
counterparty
credit
risk
to
the
Funds
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, a
fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in
exchange-traded
futures with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Funds.
Concentration
Risk:
 A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments.
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:
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
Six
Months
Ended
09/30/22
Year
Ended
03/31/22
iShares
ETF
Shares
Amount
Shares
Amount
S&P
Mid-Cap
400
Growth
Shares
sold
5,400,000‌
$
371,007,864‌
21,850,000‌
$
1,790,788,361‌
Shares
redeemed
(3,650,000‌)
(251,951,091‌)
(26,700,000‌)
(2,146,241,019‌)
1,750,000‌
$
119,056,773‌
(4,850,000‌)
$
(355,452,658‌)
S&P
Mid-Cap
400
Value
Shares
sold
19,100,000‌
$
1,930,575,719‌
29,700,000‌
$
3,198,148,426‌
Shares
redeemed
(24,400,000‌)
(2,462,179,005‌)
(32,600,000‌)
(3,477,065,587‌)
(5,300,000‌)
$
(531,603,286‌)
(2,900,000‌)
$
(278,917,161‌)
S&P
Small-Cap
600
Growth
Shares
sold
6,800,000‌
$
773,409,615‌
8,450,000‌
$
1,117,417,618‌
Shares
redeemed
(5,500,000‌)
(609,904,708‌)
(11,850,000‌)
(1,555,587,453‌)
1,300,000‌
$
163,504,907‌
(3,400,000‌)
$
(438,169,835‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
iShares
Semi-Annual
Report
To
Shareholders
46
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.
Board
Review
and
Approval
of
Investment
Advisory
Contract
47
Board
Review
and
Approval
of
Investment
Advisory
Contract
iShares
S&P
Mid-Cap
400
Growth
ETF
(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
within
range
of
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
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
2022
iShares
Semi-Annual
Report
to
Shareholders
48
the
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
already
provided
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund,
on
an
aggregated
basis
with
the
assets
of
certain
other
iShares
funds,
increase.
The
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
new
or
revised
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.
iShares
S&P
Mid-Cap
400
Value
ETF
(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
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
49
Board
Review
and
Approval
of
Investment
Advisory
Contract
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
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
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
2022
iShares
Semi-Annual
Report
to
Shareholders
50
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.
iShares
S&P
Small-Cap
600
Growth
ETF
(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.
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
51
Board
Review
and
Approval
of
Investment
Advisory
Contract
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
within
range
of
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
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.
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
2022
iShares
Semi-Annual
Report
to
Shareholders
52
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.
Supplemental
Information
(unaudited)
53
Supplemental
Information
Section
19(a)
Notices
The
amounts
and
sources
of
distributions
reported
are
estimates
and
are
being
provided
pursuant
to
regulatory
requirements
and
are
not
being
provided
for
tax
reporting
purposes.
The
actual
amounts
and
sources
for
tax
reporting
purposes
will
depend
upon
each
Fund’s
investment
experience
during
the
year
and
may
be
subject
to
changes
based
on
tax
regulations.
Shareholders
will
receive
a
Form
1099-DIV
each
calendar
year
that
will
inform
them
how
to
report
these
distributions
for
federal
income
tax
purposes.
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
S&P
Mid-Cap
400
Growth
................
$
0.397728‌
$
—‌
$
—‌
$
0.397728‌
100‌%
—‌%
—‌%
100‌%
S&P
Mid-Cap
400
Value
.................
1.019209‌
—‌
—‌
1.019209‌
100‌
—‌
—‌
100‌
S&P
Small-Cap
600
Growth
...............
0.577660‌
—‌
—‌
0.577660‌
100‌
—‌
—‌
100‌
General
Information
2022
iShares
Semi-Annual
Report
to
Shareholders
54
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 each
Fund’s
portfolio
securities
is
available
in
the
Fund
Prospectus. Each
Fund
discloses
its
portfolio
holdings
daily
and
provides
information
regarding
its
top
holdings
in
Fund
fact
sheets
at
iShares.com
.
Glossary
of
Terms
Used
in
this
Report
55
Glossary
of
Terms
Used
in
this
Report
Portfolio
Abbreviation
NVS
Non-Voting
Shares
OTC
Over-the-counter
REIT
Real
Estate
Investment
Trust
S&P
Standard
&
Poor's
iS-SAR-321-0922