LOGO

  OCTOBER 31, 2022

 

  

2022 Semi-Annual Report
(Unaudited)

 

 

iShares Trust

 

·  

iShares Morningstar Mid-Cap Value ETF | IMCV | NASDAQ

 

·  

iShares Morningstar Small-Cap ETF | ISCB | NYSE Arca

 

·  

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

 

·  

iShares Morningstar Value ETF | ILCV | NYSE Arca

 


The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended October 31, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. 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 as inflation decreased the value of future cash flows and investors shifted focus to balance sheet resilience. Both large-and small-capitalization U.S. stocks fell, although declines for small-capitalization U.S. stocks were slightly steeper. Emerging market stocks and international equities from developed markets also declined significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, 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 has been more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic’s restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy’s capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

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

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

Sincerely,

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

    Total Returns as of October 31, 2022

 

 
     
      6-Month      12-Month  
   

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

    (5.50)     (14.61)
   

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

    (0.20)       (18.54)  
   

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

    (12.70)       (23.00)  
   

Emerging market equities
(MSCI Emerging Markets Index)

    (19.66)       (13.03)  
   

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

    0.72        0.79   
   

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

    (8.24)       (17.68)  
   

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

    (6.86)       (15.68)  
   

Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)

    (4.43)       (11.98)  
   

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

    (4.71)       (11.76)  

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

 

 

 

2  

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


Table of Contents

 

    Page  

 

 

The Markets in Review

    2  

Semi-Annual Report:

 

Fund Summary

    4  

About Fund Performance

    8  

Disclosure of Expenses

    8  

Schedules of Investments

    9  

Financial Statements:

 

Statements of Assets and Liabilities

    51  

Statements of Operations

    52  

Statements of Changes in Net Assets

    53  

Financial Highlights

    55  

Notes to Financial Statements

    59  

Board Review and Approval of Investment Advisory Contract

    67  

Supplemental Information

    69  

General Information

    70  

Glossary of Terms Used in this Report

    71  

 

 

  3


Fund Summary as of October 31, 2022   

iShares® Morningstar Mid-Cap Value ETF

 

Investment Objective

The iShares Morningstar Mid-Cap Value ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities that exhibit value characteristics, as represented by the Morningstar® US Mid Cap Broad Value IndexSM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           

 Average Annual Total Returns 

        

    Cumulative Total Returns    

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

Fund NAV

     (4.80 )%       (4.66 )%       6.61      11.32        (4.66 )%       37.75      192.27

Fund Market

     (4.80      (4.70      6.63        11.34          (4.70      37.87        192.77  

Index

     (4.81      (4.65      6.81        11.59            (4.65      38.98        199.33  

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

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption of sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

Actual         Hypothetical 5% Return               
 

Beginning
Account Value
(05/01/22)
 
 
 
      

Ending
Account Value
(10/31/22)
 
 
 
      

Expenses
Paid During
the Period(
 
 
a) 
       

Beginning
Account Value
(05/01/22)
 
 
 
      

Ending
Account Value
(10/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
          

Annualized
Expense
Ratio
 
 
 
  $        1,000.00          $          952.00          $         0.30           $       1,000.00          $       1,024.90          $         0.31              0.06

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

SECTOR ALLOCATION

 

   

Sector

   
Percent of
Total Investments
 
(a) 

Financials

    19.7

Industrials

    12.4  

Utilities

    12.2  

Consumer Discretionary

    9.2  

Energy

    8.5  

Real Estate

    8.3  

Materials

    7.1  

Health Care

    6.9  

Information Technology

    6.4  

Consumer Staples

    6.3  

Communication Services

    3.0  

TEN LARGEST HOLDINGS

 

   

Security

   
Percent of
Total Investments
 
(a) 

Devon Energy Corp.

    1.3

Phillips 66

    1.3  

Biogen, Inc.

    1.1  

Aflac, Inc.

    1.0  

Kinder Morgan, Inc., Class P

    0.9  

Xcel Energy, Inc.

    0.9  

Cummins, Inc.

    0.9  

Allstate Corp.

    0.9  

Ameriprise Financial, Inc.

    0.9  

Consolidated Edison, Inc.

    0.8  

(a) Excludes money market funds.

 

 

4  

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


Fund Summary as of October 31, 2022    iShares® Morningstar Small-Cap ETF

 

Investment Objective

The iShares Morningstar Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities, as represented by the Morningstar® US Small Cap Extended IndexSM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           

 Average Annual Total Returns 

        

    Cumulative Total Returns    

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

Fund NAV

     (2.44 )%       (17.95 )%       4.00      8.96        (17.95 )%       21.66      135.83

Fund Market

     (2.26      (17.98      4.00        8.97          (17.98      21.69        136.03  

Index

     (2.53      (18.07      4.07        9.04            (18.07      22.05        137.71  

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

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption of sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

Actual           Hypothetical 5% Return                    
 

Beginning
Account Value
(05/01/22)
 
 
 
      

Ending
Account Value
(10/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(05/01/22)
 
 
 
      

Ending
Account Value
(10/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
                 

Annualized
Expense
Ratio
 
 
 
  $       1,000.00          $          975.60          $         0.20               $       1,000.00          $       1,025.00          $         0.20                     0.04

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

SECTOR ALLOCATION

 

   

Sector

   
Percent of
Total Investments
 
(a) 

Financials

    17.1

Industrials

    17.0  

Health Care

    15.4  

Information Technology

    13.0  

Consumer Discretionary

    11.8  

Real Estate

    6.2  

Energy

    5.8  

Materials

    4.7  

Consumer Staples

    3.6  

Communication Services

    2.8  

Utilities

    2.6  

TEN LARGEST HOLDINGS

 

   

Security

   
Percent of
Total Investments
 
(a) 

Shockwave Medical, Inc.

    0.3

Sarepta Therapeutics, Inc.

    0.3  

HF Sinclair Corp.

    0.3  

NOV, Inc.

    0.3  

Casey’s General Stores, Inc.

    0.3  

Unum Group

    0.3  

Interactive Brokers Group, Inc., Class A

    0.2  

Chart Industries, Inc.

    0.2  

Healthcare Realty Trust, Inc.

    0.2  

Omega Healthcare Investors, Inc.

    0.2  
(a) 

Excludes money market funds.

 

 

U N D    U M M A R Y

  5


Fund Summary as of October 31, 2022    iShares® Morningstar U.S. Equity ETF

 

Investment Objective

The iShares Morningstar U.S. Equity ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization U.S. equities, as represented by the Morningstar® US Large-Mid Cap IndexSM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that re included in the Index.

Performance

 

           

 Average Annual Total Returns 

        

    Cumulative Total Returns    

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

Fund NAV

     (5.94 )%       (16.75 )%       8.61      12.32        (16.75 )%       51.10      219.45

Fund Market

     (5.82      (16.67      8.62        12.32          (16.67      51.21        219.57  

Index

     (5.93      (16.74      8.76        12.52            (16.74      52.18        225.26  

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

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption of sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

Actual           Hypothetical 5% Return               
 

Beginning
Account Value
(05/01/22)
 
 
 
      

Ending
Account Value
(10/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(05/01/22)
 
 
 
      

Ending
Account Value
(10/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
          

Annualized
Expense
Ratio
 
 
 
  $       1,000.00          $          940.60          $         0.15               $       1,000.00          $       1,025.05          $         0.15              0.03

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

SECTOR ALLOCATION

 

   

Sector

   
Percent of
Total Investments
 
(a) 

Information Technology

    26.3

Health Care

    14.9  

Financials

    11.6  

Consumer Discretionary

    11.0  

Industrials

    8.6  

Communication Services

    7.2  

Consumer Staples

    6.6  

Energy

    5.3  

Real Estate

    3.0  

Utilities

    2.9  

Materials

    2.6  

TEN LARGEST HOLDINGS

 

   

Security

   
Percent of
Total Investments
 
(a) 

Apple Inc.

    6.6

Microsoft Corp.

    4.9  

Amazon.com, Inc.

    2.6  

Tesla, Inc.

    1.7  

Alphabet, Inc., Class A

    1.6  

Berkshire Hathaway, Inc., Class B

    1.5  

UnitedHealth Group, Inc.

    1.5  

Alphabet, Inc., Class C, NVS

    1.5  

Exxon Mobil Corp.

    1.3  

Johnson & Johnson

    1.3  

(a) Excludes money market funds.

 

 

6  

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


Fund Summary as of October 31, 2022    iShares® Morningstar Value ETF

 

Investment Objective

The iShares MorningstarValue ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization U.S. equities that exhibit value characteristics, as represented by the Morningstar® US Large-Mid Cap Broad Value Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           

 Average Annual Total Returns 

        

    Cumulative Total Returns    

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

Fund NAV

     (2.37 )%       (4.40 )%       7.23      9.74        (4.40 )%       41.75      153.28

Fund Market

     (2.33      (4.40      7.24        9.74          (4.40      41.85        153.35  

Index

     (2.36      (4.35      7.42        9.97            (4.35      43.03        158.78  

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

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption of sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

Actual           Hypothetical 5% Return               
 

Beginning
Account Value
(05/01/22)
 
 
 
      

Ending
Account Value
(10/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(05/01/22)
 
 
 
      

Ending
Account Value
(10/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
          

Annualized
Expense
Ratio
 
 
 
  $       1,000.00          $          976.30          $       0.20               $       1,000.00          $       1,025.00          $         0.20              0.04

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

SECTOR ALLOCATION

 

   

Sector

   
Percent of
Total Investments
 
(a) 

Health Care

    18.2

Financials

    17.7  

Information Technology

    12.3  

Industrials

    10.9  

Consumer Staples

    9.6  

Energy

    8.3  

Communication Services

    6.7  

Consumer Discretionary

    5.8  

Utilities

    5.0  

Materials

    2.9  

Real Estate

    2.6  

TEN LARGEST HOLDINGS

 

   

Security

   
Percent of
Total Investments
 
(a) 

Apple Inc.

    3.8

Berkshire Hathaway, Inc., Class B

    2.8  

Exxon Mobil Corp.

    2.4  

Johnson & Johnson

    2.4  

JPMorgan Chase & Co.

    2.0  

Chevron Corp.

    1.7  

Procter & Gamble Co.

    1.7  

UnitedHealth Group, Inc.

    1.5  

Pfizer, Inc.

    1.4  

AbbVie, Inc.

    1.4  

 

(a) Excludes money market funds.

 

 

U N D    U M M A R Y

  7


About Fund Performance

 

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such 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.

 

 

8  

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Schedule of Investments (unaudited)

October 31, 2022

  

iShares® Morningstar Mid-Cap Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Common Stocks            
Aerospace & Defense — 0.3%            

Huntington Ingalls Industries, Inc.

    2,621     $ 673,781  

Textron, Inc.

    13,553       927,567  
   

 

 

 
      1,601,348  
Air Freight & Logistics — 0.4%            

CH Robinson Worldwide, Inc.

    10,005       977,689  

Expeditors International of Washington, Inc.

    8,863       867,244  

GXO Logistics, Inc.(a)

    5,650       206,451  
   

 

 

 
      2,051,384  
Airlines — 1.4%            

American Airlines Group, Inc.(a)

    79,002       1,120,248  

Delta Air Lines, Inc.(a)

    30,344       1,029,572  

Southwest Airlines Co.(a)

    71,998       2,617,127  

United Airlines Holdings, Inc.(a)

    39,581       1,705,150  
   

 

 

 
      6,472,097  
Auto Components — 0.8%            

Aptiv PLC(a)

    13,605       1,239,007  

BorgWarner, Inc.

    28,669       1,075,948  

Gentex Corp.

    13,860       367,151  

Lear Corp.

    7,214       1,000,654  
   

 

 

 
        3,682,760  
Banks — 6.1%            

Citizens Financial Group, Inc.

    60,143       2,459,849  

Comerica, Inc.

    15,874       1,119,117  

Commerce Bancshares, Inc.

    13,254       938,913  

Cullen/Frost Bankers, Inc.

    7,795       1,208,615  

East West Bancorp, Inc.

    17,099       1,223,775  

Fifth Third Bancorp

    83,264       2,971,692  

First Citizens BancShares, Inc., Class A

    1,603       1,317,858  

First Horizon Corp.

    65,145       1,596,704  

First Republic Bank

    7,804       937,260  

Huntington Bancshares, Inc.

    175,000       2,656,500  

KeyCorp

    113,172       2,022,384  

M&T Bank Corp.

    21,310       3,587,965  

Regions Financial Corp.

    113,382       2,488,735  

Signature Bank

    3,408       540,270  

SVB Financial Group(a)

    4,806       1,109,994  

Webster Financial Corp.

    21,377       1,159,916  

Western Alliance Bancorp

    7,958       534,539  

Zions Bancorp N.A.

    18,215       946,087  
   

 

 

 
      28,820,173  
Beverages — 0.2%            

Molson Coors Beverage Co., Class B

    22,873       1,153,485  
   

 

 

 
Biotechnology — 1.3%            

Biogen, Inc.(a)

    17,609       4,991,095  

United Therapeutics Corp.(a)

    5,519       1,272,295  
   

 

 

 
      6,263,390  
Building Products — 2.1%            

A O Smith Corp.

    9,288       508,797  

Allegion PLC

    5,273       552,452  

Builders FirstSource, Inc.(a)

    10,793       665,496  

Carrier Global Corp.

    65,801       2,616,248  

Fortune Brands Home & Security, Inc.

    15,719       948,170  

Lennox International, Inc.

    2,413       563,605  

Masco Corp.

    27,323       1,264,235  

Owens Corning

    7,636       653,718  

Trane Technologies PLC

    12,873       2,054,917  
   

 

 

 
      9,827,638  
Security   Shares     Value  
Capital Markets — 5.2%            

Ameriprise Financial, Inc.

    13,126     $ 4,057,509  

Bank of New York Mellon Corp.

    89,233       3,757,602  

Carlyle Group, Inc.

    26,256       742,520  

Coinbase Global, Inc., Class A(a)

    19,071       1,263,454  

Franklin Resources, Inc.

    34,388       806,399  

Invesco Ltd.

    55,069       843,657  

Jefferies Financial Group, Inc.

    22,518       774,844  

KKR & Co., Inc.

    28,637       1,392,617  

Nasdaq, Inc.

    20,472       1,274,177  

Northern Trust Corp.

    25,286       2,132,874  

Raymond James Financial, Inc.

    9,548       1,128,001  

SEI Investments Co.

    5,634       305,926  

State Street Corp.

    44,608       3,300,992  

T Rowe Price Group, Inc.

    27,387       2,907,404  
   

 

 

 
      24,687,976  
Chemicals — 4.0%            

Celanese Corp.

    12,096       1,162,667  

CF Industries Holdings, Inc.

    24,179       2,569,261  

DuPont de Nemours, Inc.

    36,003       2,059,372  

Eastman Chemical Co.

    14,902       1,144,623  

FMC Corp.

    8,817       1,048,341  

International Flavors & Fragrances, Inc.

    30,936       3,019,663  

LyondellBasell Industries NV, Class A

    30,874       2,360,317  

Mosaic Co.

    41,896       2,251,910  

Olin Corp.

    6,504       344,387  

PPG Industries, Inc.

    15,715       1,794,339  

RPM International, Inc.

    7,823       739,821  

Westlake Corp.

    1,654       159,859  
   

 

 

 
        18,654,560  
Communications Equipment — 0.9%            

Ciena Corp.(a)(b)

    7,605       364,280  

F5, Inc.(a)

    3,009       430,016  

Juniper Networks, Inc.

    39,220       1,200,132  

Motorola Solutions, Inc.

    9,844       2,458,145  
   

 

 

 
      4,452,573  
Construction & Engineering — 0.4%            

AECOM

    7,661       576,720  

Quanta Services, Inc.(b)

    9,586       1,361,596  
   

 

 

 
      1,938,316  
Consumer Finance — 1.0%            

Ally Financial, Inc.

    37,438       1,031,791  

Credit Acceptance Corp.(a)(b)

    251       116,871  

Discover Financial Services

    12,251       1,279,739  

Synchrony Financial

    58,458       2,078,767  
   

 

 

 
      4,507,168  
Containers & Packaging — 2.0%            

Amcor PLC

    182,350       2,111,613  

AptarGroup, Inc.

    4,335       429,815  

Avery Dennison Corp.

    3,424       580,539  

Ball Corp.

    14,726       727,317  

Berry Global Group, Inc.(a)

    15,150       716,898  

Crown Holdings, Inc.

    6,540       448,579  

International Paper Co.

    43,974       1,477,966  

Packaging Corp. of America

    11,357       1,365,225  

Sealed Air Corp.

    6,485       308,816  

Westrock Co.

    30,921       1,053,169  
   

 

 

 
      9,219,937  

 

 

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

  9


Schedule of Investments (unaudited) (continued)

October 31, 2022

  

iShares® Morningstar Mid-Cap Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Distributors — 0.8%            

Genuine Parts Co.

    17,162     $ 3,052,433  

LKQ Corp.

    15,612       868,652  
   

 

 

 
      3,921,085  
Diversified Consumer Services — 0.1%            

Service Corp. International

    9,909       600,585  
   

 

 

 
Diversified Financial Services — 0.7%            

Apollo Global Management, Inc.

    25,402       1,406,255  

Equitable Holdings, Inc.

    42,388       1,297,921  

Voya Financial, Inc.

    8,059       550,913  
   

 

 

 
        3,255,089  
Diversified Telecommunication Services — 0.2%        

Lumen Technologies, Inc.

    115,950       853,392  
   

 

 

 
Electric Utilities — 6.2%            

Alliant Energy Corp.

    30,466       1,589,411  

Avangrid, Inc.

    8,476       344,804  

Constellation Energy Corp.

    24,364       2,303,373  

Edison International

    46,284       2,778,891  

Entergy Corp.

    24,683       2,644,537  

Evergy, Inc.

    27,863       1,703,265  

Eversource Energy

    42,038       3,206,659  

FirstEnergy Corp.

    65,868       2,483,882  

NRG Energy, Inc.

    13,206       586,346  

OGE Energy Corp.

    24,336       891,428  

PG&E Corp.(a)

    195,364       2,916,784  

Pinnacle West Capital Corp.

    13,755       924,474  

PPL Corp.

    89,330       2,366,352  

Xcel Energy, Inc.

    66,374       4,321,611  
   

 

 

 
      29,061,817  
Electrical Equipment — 1.2%            

AMETEK, Inc.

    9,212       1,194,428  

Hubbell, Inc.

    3,723       884,138  

Regal Rexnord Corp.

    8,078       1,022,190  

Rockwell Automation, Inc.

    6,227       1,589,753  

Sensata Technologies Holding PLC

    18,795       755,747  
   

 

 

 
      5,446,256  
Electronic Equipment, Instruments & Components — 1.3%  

Arrow Electronics, Inc.(a)

    7,771       786,891  

CDW Corp.

    7,395       1,277,930  

Corning, Inc.

    50,658       1,629,668  

Flex Ltd.(a)

    55,213       1,081,071  

Jabil, Inc.

    16,725       1,074,581  

TD SYNNEX Corp.

    5,107       467,342  
   

 

 

 
      6,317,483  
Energy Equipment & Services — 0.6%            

Baker Hughes Co.

    53,816       1,488,550  

Halliburton Co.

    41,028       1,494,240  
   

 

 

 
      2,982,790  
Entertainment — 0.8%            

AMC Entertainment Holdings, Inc., Class A(a)(b)

    62,886       418,821  

Electronic Arts, Inc.

    12,345       1,554,976  

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

    1,132       58,887  

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

    9,760       563,445  

Live Nation Entertainment, Inc.(a)

    5,708       454,414  

Playtika Holding Corp.(a)

    7,794       73,653  

Take-Two Interactive Software, Inc.(a)

    6,246       740,026  
   

 

 

 
      3,864,222  
Security   Shares     Value  
Equity Real Estate Investment Trusts (REITs) — 7.8%        

Alexandria Real Estate Equities, Inc.

    10,002     $ 1,453,291  

Americold Realty Trust, Inc.

    32,608       790,744  

Apartment Income REIT Corp.

    9,232       354,786  

AvalonBay Communities, Inc.

    8,756       1,533,351  

Boston Properties, Inc.

    17,286       1,256,692  

Brixmor Property Group, Inc.

    22,590       481,393  

CubeSmart

    9,826       411,415  

Equity LifeStyle Properties, Inc.

    6,678       427,125  

Equity Residential

    23,532       1,482,987  

Essex Property Trust, Inc.

    4,128       917,407  

Extra Space Storage, Inc.

    5,132       910,622  

Federal Realty Investment Trust

    4,496       445,014  

Gaming and Leisure Properties, Inc.

    31,032       1,555,324  

Healthpeak Properties, Inc.

    26,805       636,083  

Iron Mountain, Inc.

    35,286       1,766,770  

Kilroy Realty Corp.

    7,137       305,035  

Kimco Realty Corp.

    74,904       1,601,447  

Lamar Advertising Co., Class A

    6,509       600,325  

Life Storage, Inc.

    3,984       440,670  

Medical Properties Trust, Inc.

    72,513       830,274  

Mid-America Apartment Communities, Inc.

    5,865       923,444  

National Retail Properties, Inc.

    21,552       905,830  

Realty Income Corp.

    45,526       2,834,904  

Regency Centers Corp.

    8,084       489,163  

STORE Capital Corp.

    32,168       1,022,942  

UDR, Inc.

    13,635       542,128  

Ventas, Inc.

    48,506       1,898,040  

VICI Properties, Inc.

    116,864       3,741,985  

Vornado Realty Trust

    19,511       460,264  

Welltower, Inc.

    33,055       2,017,677  

Weyerhaeuser Co.

    50,477       1,561,254  

WP Carey, Inc.

    25,188       1,921,844  
   

 

 

 
        36,520,230  
Food & Staples Retailing — 1.8%            

Albertsons Cos., Inc., Class A

    19,329       396,438  

BJ’s Wholesale Club Holdings, Inc.(a)

    10,286       796,136  

Kroger Co.

    79,013       3,736,525  

U.S. Foods Holding Corp.(a)

    14,637       435,597  

Walgreens Boots Alliance, Inc.

    87,044       3,177,106  
   

 

 

 
      8,541,802  
Food Products — 3.6%            

Bunge Ltd.

    18,439       1,819,929  

Campbell Soup Co.

    24,422       1,292,168  

Conagra Brands, Inc.

    58,256       2,137,995  

Darling Ingredients, Inc.(a)(b)

    12,424       975,036  

Hershey Co.

    6,280       1,499,476  

Hormel Foods Corp.

    18,964       880,878  

JM Smucker Co.

    12,931       1,948,184  

Kellogg Co.

    30,953       2,377,809  

Lamb Weston Holdings, Inc.

    6,169       531,891  

McCormick & Co., Inc., NVS

    14,401       1,132,495  

Tyson Foods, Inc., Class A

    35,143       2,402,024  
   

 

 

 
      16,997,885  
Gas Utilities — 0.6%            

Atmos Energy Corp.

    16,981       1,809,325  

UGI Corp.

    25,348       895,545  
   

 

 

 
      2,704,870  
Health Care Equipment & Supplies — 1.3%            

Baxter International, Inc.

    32,716       1,778,114  

Dentsply Sirona, Inc.

    16,380       504,832  

 

 

10  

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


Schedule of Investments (unaudited) (continued)

October 31, 2022

  

iShares® Morningstar Mid-Cap Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Health Care Equipment & Supplies (continued)            

Hologic, Inc.(a)

    13,920     $ 943,776  

Zimmer Biomet Holdings, Inc.

    25,460       2,885,891  
   

 

 

 
      6,112,613  
Health Care Providers & Services — 3.1%            

AmerisourceBergen Corp.

    18,862       2,965,484  

Cardinal Health, Inc.

    33,058       2,509,102  

Chemed Corp.

    889       415,047  

DaVita, Inc.(a)(b)

    3,999       291,967  

Henry Schein, Inc.(a)

    16,516       1,130,685  

Laboratory Corp. of America Holdings

    10,970       2,433,804  

Molina Healthcare, Inc.(a)

    3,486       1,250,986  

Quest Diagnostics, Inc.

    14,150       2,032,648  

Tenet Healthcare Corp.(a)

    13,065       579,563  

Universal Health Services, Inc., Class B

    7,956       921,862  
   

 

 

 
        14,531,148  
Hotels, Restaurants & Leisure — 1.7%            

Aramark

    31,329       1,143,508  

Carnival Corp.(a)(b)

    119,843       1,085,778  

Darden Restaurants, Inc.

    8,180       1,170,885  

Expedia Group, Inc.(a)

    9,987       933,485  

Las Vegas Sands Corp.(a)

    39,902       1,516,675  

Norwegian Cruise Line Holdings Ltd.(a)(b)

    51,080       862,741  

Royal Caribbean Cruises Ltd.(a)

    11,647       621,717  

Wynn Resorts Ltd.(a)

    12,529       800,603  
   

 

 

 
      8,135,392  
Household Durables — 2.0%            

DR Horton, Inc.

    20,715       1,592,569  

Garmin Ltd.

    11,788       1,037,816  

Lennar Corp., Class A

    30,941       2,496,939  

Lennar Corp., Class B

    1,763       114,983  

Mohawk Industries, Inc.(a)

    6,388       605,263  

Newell Brands, Inc.

    45,595       629,667  

NVR, Inc.(a)

    159       673,802  

PulteGroup, Inc.

    28,090       1,123,319  

Whirlpool Corp.

    6,622       915,425  
   

 

 

 
      9,189,783  
Household Products — 0.6%            

Church & Dwight Co., Inc.

    10,080       747,230  

Clorox Co.

    14,945       2,182,568  
   

 

 

 
      2,929,798  
Independent Power and Renewable Electricity Producers — 0.7%  

AES Corp.

    81,049       2,120,242  

Vistra Corp.

    47,378       1,088,273  
   

 

 

 
      3,208,515  
Insurance — 6.4%            

Aflac, Inc.

    69,778       4,543,246  

Allstate Corp.

    32,799       4,140,874  

American Financial Group, Inc.

    8,487       1,231,549  

Arch Capital Group Ltd.(a)

    26,647       1,532,202  

Arthur J. Gallagher & Co.

    9,313       1,742,276  

Assurant, Inc.

    3,746       508,932  

Cincinnati Financial Corp.

    7,887       814,885  

CNA Financial Corp.

    3,246       135,358  

Erie Indemnity Co., Class A, NVS

    1,544       396,823  

Everest Re Group Ltd.

    2,493       804,391  

Fidelity National Financial, Inc.

    33,490       1,318,836  

Globe Life, Inc.

    11,010       1,271,875  

Hartford Financial Services Group, Inc.

    39,211       2,839,269  

Lincoln National Corp.

    18,844       1,015,126  

Loews Corp.

    13,542       772,165  
Security   Shares     Value  
Insurance (continued)            

Markel Corp.(a)

    652     $ 786,377  

Old Republic International Corp.

    34,780       807,244  

Principal Financial Group, Inc.

    28,126       2,478,744  

Reinsurance Group of America, Inc.

    8,145       1,198,700  

W. R. Berkley Corp.

    8,993       668,899  

Willis Towers Watson PLC

    5,177       1,129,673  
   

 

 

 
      30,137,444  
Interactive Media & Services — 0.1%            

IAC, Inc.(a)

    5,843       284,437  
   

 

 

 
Internet & Direct Marketing Retail — 0.6%            

eBay, Inc.

    66,662         2,655,814  
   

 

 

 
IT Services — 0.8%            

Akamai Technologies, Inc.(a)

    7,928       700,280  

Concentrix Corp.

    1,941       237,248  

DXC Technology Co.(a)

    27,828       800,055  

FleetCor Technologies, Inc.(a)

    3,438       639,881  

Genpact Ltd.

    11,701       567,499  

SS&C Technologies Holdings, Inc.

    16,559       851,464  
   

 

 

 
      3,796,427  
Leisure Products — 0.2%            

Hasbro, Inc.

    7,889       514,757  

Mattel, Inc.(a)

    21,979       416,722  
   

 

 

 
      931,479  
Life Sciences Tools & Services — 0.1%            

Syneos Health, Inc.(a)

    8,015       403,796  
   

 

 

 
Machinery — 4.3%            

AGCO Corp.

    4,913       610,047  

Cummins, Inc.

    17,109       4,183,322  

Dover Corp.

    8,623       1,126,940  

Fortive Corp.

    21,947       1,402,413  

Lincoln Electric Holdings, Inc.

    2,304       327,168  

Middleby Corp.(a)

    3,341       467,272  

Otis Worldwide Corp.

    24,136       1,704,967  

PACCAR, Inc.

    27,733       2,685,386  

Parker-Hannifin Corp.

    9,411       2,735,025  

Pentair PLC

    13,136       564,191  

Snap-on, Inc.

    6,452       1,432,667  

Stanley Black & Decker, Inc.

    17,902       1,405,128  

Toro Co.

    5,376       566,792  

Westinghouse Air Brake Technologies Corp.

    13,033       1,215,718  
   

 

 

 
      20,427,036  
Media — 1.9%            

Cable One, Inc.

    274       235,484  

DISH Network Corp., Class A(a)(b)

    30,428       453,681  

Fox Corp., Class A, NVS

    37,100       1,071,077  

Fox Corp., Class B

    17,048       463,706  

Interpublic Group of Cos., Inc.

    47,392       1,411,808  

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

    9,030       383,233  

Liberty Media Corp. - Liberty SiriusXM, Class C, NVS(a)

    18,545       782,413  

News Corp., Class A, NVS

    46,687       787,610  

News Corp., Class B

    14,466       247,803  

Omnicom Group, Inc.

    24,864       1,808,856  

Paramount Global, Class A(b)

    1,107       23,335  

Paramount Global, Class B, NVS

    61,228       1,121,697  

Sirius XM Holdings, Inc.(b)

    31,850       192,374  
   

 

 

 
      8,983,077  
Metals & Mining — 1.2%            

Alcoa Corp.

    21,892       854,445  

 

 

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

  11


Schedule of Investments (unaudited) (continued)

October 31, 2022

  

iShares® Morningstar Mid-Cap Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Metals & Mining (continued)            

Cleveland-Cliffs, Inc.(a)(b)

    62,865     $ 816,616  

Reliance Steel & Aluminum Co.

    7,307       1,472,214  

Steel Dynamics, Inc.

    21,057       1,980,411  

United States Steel Corp.

    28,742       585,187  
   

 

 

 
      5,708,873  
Mortgage Real Estate Investment Trusts (REITs) — 0.2%  

Annaly Capital Management, Inc.

    53,249       987,769  
   

 

 

 
Multiline Retail — 0.6%            

Dollar Tree, Inc.(a)(b)

    10,662       1,689,927  

Kohl’s Corp.

    15,615       467,669  

Macy’s, Inc.

    32,652       680,794  
   

 

 

 
      2,838,390  
Multi-Utilities — 4.3%            

Ameren Corp.

    31,351       2,555,734  

CenterPoint Energy, Inc.

    76,386       2,185,403  

CMS Energy Corp.

    19,990       1,140,430  

Consolidated Edison, Inc.

    43,026       3,784,567  

DTE Energy Co.

    23,509       2,635,594  

NiSource, Inc.

    49,196       1,263,845  

Public Service Enterprise Group, Inc.

    60,533       3,394,085  

WEC Energy Group, Inc.

    38,276       3,495,747  
   

 

 

 
      20,455,405  
Oil, Gas & Consumable Fuels — 7.8%            

Antero Resources Corp.(a)(b)

    34,224       1,254,652  

APA Corp.

    17,546       797,641  

Chesapeake Energy Corp.

    11,728       1,199,422  

Continental Resources, Inc.

    6,595       487,832  

Coterra Energy, Inc.

    35,491       1,104,835  

Devon Energy Corp.

    79,455       6,145,843  

Diamondback Energy, Inc.

    21,569       3,388,706  

EQT Corp.

    18,093       757,011  

Hess Corp.

    22,059       3,112,084  

Kinder Morgan, Inc., Class P

    240,580       4,359,310  

Marathon Oil Corp.

    82,220       2,503,599  

ONEOK, Inc.

    31,527       1,870,182  

Ovintiv, Inc.

    30,872       1,563,667  

Phillips 66

    58,373       6,087,720  

Southwestern Energy Co.(a)

    135,555       939,396  

Targa Resources Corp.

    17,669       1,208,029  
   

 

 

 
      36,779,929  
Pharmaceuticals — 1.1%            

Jazz Pharmaceuticals PLC(a)

    7,622       1,095,967  

Organon & Co.

    30,792       806,135  

Royalty Pharma PLC, Class A

    44,559       1,885,737  

Viatris, Inc.

    146,929       1,488,391  
   

 

 

 
      5,276,230  
Professional Services — 0.9%            

Booz Allen Hamilton Holding Corp., Class A

    8,088       880,379  

Dun & Bradstreet Holdings, Inc.

    18,001       231,313  

Jacobs Solutions, Inc.

    8,050       927,521  

Leidos Holdings, Inc.

    16,579       1,684,261  

Robert Half International, Inc.

    6,651       508,535  
   

 

 

 
      4,232,009  
Real Estate Management & Development — 0.6%  

CBRE Group, Inc., Class A(a)

    25,095       1,780,239  

Jones Lang LaSalle, Inc.(a)

    5,823       926,381  
   

 

 

 
      2,706,620  
Road & Rail — 0.4%            

AMERCO

    567       326,133  
Security   Shares     Value  
Road & Rail (continued)            

Avis Budget Group, Inc.(a)

    1,584     $ 374,552  

Hertz Global Holdings, Inc.(a)(b)

    21,821       401,506  

Knight-Swift Transportation Holdings, Inc., Class A

    9,726       467,140  

Lyft, Inc., Class A(a)(b)

    17,562       257,108  
   

 

 

 
      1,826,439  
Semiconductors & Semiconductor Equipment — 0.7%  

First Solar, Inc.(a)

    6,653       968,477  

Qorvo, Inc. (a)

    7,289       627,437  

Skyworks Solutions, Inc.

    13,172       1,132,924  

Wolfspeed, Inc.(a)

    9,240       727,650  
   

 

 

 
      3,456,488  
Software — 0.4%            

Gen Digital, Inc.

    71,883       1,619,524  

Guidewire Software, Inc.(a)

    6,038       358,718  
   

 

 

 
      1,978,242  
Specialty Retail — 2.1%            

Advance Auto Parts, Inc.

    3,919       744,296  

AutoNation, Inc.(a)(b)

    4,677       497,212  

AutoZone, Inc.(a)

    938       2,375,841  

Bath & Body Works, Inc.

    18,862       629,614  

Best Buy Co., Inc.

    24,329       1,664,347  

CarMax, Inc.(a)(b)

    10,234       644,844  

GameStop Corp., Class A(a)(b)

    16,905       478,580  

Lithia Motors, Inc.(b)

    1,686       334,081  

Penske Automotive Group, Inc.(b)

    3,145       351,045  

RH(a)(b)

    1,191       302,431  

Tractor Supply Co.

    5,484       1,205,219  

Williams-Sonoma, Inc.

    4,640       574,571  
   

 

 

 
      9,802,081  
Technology Hardware, Storage & Peripherals — 2.2%  

Dell Technologies, Inc., Class C

    32,239       1,237,978  

Hewlett Packard Enterprise Co.

    157,664       2,249,865  

HP, Inc.

    110,427       3,049,994  

NetApp, Inc.

    17,170       1,189,366  

Seagate Technology Holdings PLC

    23,664       1,175,154  

Western Digital Corp.(a)

    37,949       1,304,307  
   

 

 

 
      10,206,664  
Textiles, Apparel & Luxury Goods — 0.3%            

Capri Holdings Ltd.(a)(b)

    10,904       498,095  

Tapestry, Inc.

    30,591       969,123  
   

 

 

 
      1,467,218  
Trading Companies & Distributors — 0.9%            

Fastenal Co.

    28,224       1,364,066  

United Rentals, Inc.(a)

    4,133       1,304,829  

Watsco, Inc.

    1,536       416,195  

WW Grainger, Inc.

    2,217       1,295,504  
   

 

 

 
      4,380,594  
Water Utilities — 0.4%            

American Water Works Co., Inc.

    8,521       1,238,442  

Essential Utilities, Inc.

    11,670       516,048  
   

 

 

 
      1,754,490  
   

 

 

 

Total Long-Term Investments — 99.7%
(Cost: $446,353,636)

      469,984,511  
   

 

 

 

 

 

12  

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


Schedule of Investments (unaudited) (continued)

October 31, 2022

  

iShares® Morningstar Mid-Cap Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Short-Term Securities            
Money Market Funds — 2.2%            

BlackRock Cash Funds: Institutional,
SL Agency Shares, 3.29%(c)(d)(e)

    9,403,921     $ 9,402,040  

BlackRock Cash Funds: Treasury,
SL Agency Shares, 2.97%(c)(d)

    719,799       719,799  
   

 

 

 

Total Short-Term Securities — 2.2%
(Cost: $10,121,241)

      10,121,839  
   

 

 

 

Total Investments — 101.9%
(Cost: $456,474,877)

      480,106,350  

Liabilities in Excess of Other Assets — (1.9)%

 

    (8,858,829
   

 

 

 

Net Assets — 100.0%

    $   471,247,521  
   

 

 

 

 

(a) 

Non-income producing security.

(b) 

All or a portion of this security is on loan.

(c) 

Affiliate of the Fund.

(d) 

Annualized 7-day yield as of period end.

(e) 

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

    

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    
Value at
04/30/22
 
 
   
Purchases
at Cost
 
 
   
Proceeds
from Sale
 
 
   

Net
Realized
Gain (Loss)

 
 
   


Change in
Unrealized
Appreciation
(Depreciation)
 
 
 
 
   
Value at
10/31/22
 
 
   

Shares
Held at
10/31/22
 
 
 
    Income      



Capital
Gain
Distributions
from Underlying
Funds

 


 

BlackRock Cash Funds: Institutional,
SL Agency Shares

  $ 10,213,576     $     $ (808,845 )(a)    $ (766   $ (1,925   $ 9,402,040       9,403,921     $ 66,919 (b)    $  

BlackRock Cash Funds: Treasury,
SL Agency Shares

    865,000             (145,201 )(a)                  719,799       719,799       6,524        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ (766   $ (1,925   $   10,121,839       $ 73,443     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (a) 

Represents net amount purchased (sold).

 
  (b) 

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

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

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

E-Mini Utilities Select Sector Index

     7          12/16/22        $    473      $ 3,395  

S&P Mid 400 E-Mini Index

     3          12/16/22        732        39,103  
                 

 

 

 
                  $ 42,498  
                 

 

 

 

 

 

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

  13


Schedule of Investments (unaudited) (continued)

October 31, 2022

  

iShares® Morningstar Mid-Cap Value ETF

 

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

 

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

Assets — Derivative Financial Instruments

                    

Futures contracts

                    

Unrealized appreciation on futures contracts(a)

   $      $      $ 42,498      $      $      $      $  42,498  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (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 October 31, 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

   $      $      $   (120,383    $      $      $      $ (120,383
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on

                    

Futures contracts

   $      $      $ 76,354      $      $      $      $ 76,354  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts        

Average notional value of contracts — long

   $ 1,343,025  

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

        Level 1        Level 2        Level 3        Total  

Assets

                   

Investments

                   

Long-Term Investments

                   

Common Stocks

     $ 469,984,511        $        $        $ 469,984,511  

Short-Term Securities

                   

Money Market Funds

       10,121,839                            10,121,839  
    

 

 

      

 

 

      

 

 

      

 

 

 
     $     480,106,350        $        $        $     480,106,350  
    

 

 

      

 

 

      

 

 

      

 

 

 

Derivative Financial Instruments(a)

                   

Assets

                   

Equity Contracts

     $ 42,498        $             —        $             —        $ 42,498  
    

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

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

 

See notes to financial statements.

 

 

14  

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


Schedule of Investments (unaudited)

October 31, 2022

  

iShares® Morningstar Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Aerospace & Defense — 1.4%        

AAR Corp.(a)

    2,017     $ 89,393  

Aerojet Rocketdyne Holdings, Inc.(a)

    4,477       216,911  

AeroVironment, Inc.(a)

    1,493       136,609  

AerSale Corp.(a)

    884       18,741  

Archer Aviation, Inc., Class A(a)(b)

    8,216       23,416  

Astra Space, Inc.(a)

    7,719       4,866  

BWX Technologies, Inc.

    5,419       308,775  

Cadre Holdings, Inc.(b)

    893       26,227  

Curtiss-Wright Corp.

    2,272       381,310  

Ducommun, Inc.(a)

    671       31,678  

Hexcel Corp.

    4,984       277,609  

Kaman Corp.

    1,649       52,933  

Kratos Defense & Security Solutions, Inc.(a)

    7,527       83,399  

Maxar Technologies, Inc.

    4,417       98,676  

Mercury Systems, Inc.(a)

    3,430       166,012  

Moog, Inc., Class A

    1,721       145,855  

National Presto Industries, Inc.

    298       21,006  

Parsons Corp.(a)(b)

    1,988       93,197  

Redwire Corp.(a)

    985       2,699  

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

    12,648       64,378  

Spirit AeroSystems Holdings, Inc., Class A

    6,263       145,051  

Terran Orbital Corp.(a)(b)

    3,187       8,350  

Triumph Group, Inc.(a)

    3,826       34,625  

V2X, Inc.(a)

    643       26,356  

Virgin Galactic Holdings, Inc.(a)

    13,222       61,086  

Woodward, Inc.

    3,560       326,452  
   

 

 

 
        2,845,610  
Air Freight & Logistics — 0.3%            

Air Transport Services Group, Inc.(a)

    3,474       101,441  

Atlas Air Worldwide Holdings, Inc.(a)

    1,533       155,048  

Forward Air Corp.

    1,601       169,498  

Hub Group, Inc., Class A(a)

    1,999       155,122  
   

 

 

 
      581,109  
Airlines — 0.5%            

Alaska Air Group, Inc.(a)

    7,500       333,450  

Allegiant Travel Co.(a)

    912       68,446  

Blade Air Mobility, Inc.(a)

    3,147       14,161  

Frontier Group Holdings, Inc.(a)

    2,189       28,698  

Hawaiian Holdings, Inc.(a)

    3,022       43,607  

JetBlue Airways Corp.(a)

    19,195       154,328  

Joby Aviation, Inc.(a)(b)

    16,767       80,817  

SkyWest, Inc.(a)

    2,998       53,005  

Spirit Airlines, Inc.(a)

    6,506       143,132  

Sun Country Airlines Holdings, Inc.(a)

    1,902       30,964  

Wheels Up Experience, Inc.(a)(b)

    9,987       17,677  
   

 

 

 
      968,285  
Auto Components — 1.2%            

Adient PLC(a)

    5,635       197,112  

American Axle & Manufacturing Holdings, Inc.(a)

    6,804       65,931  

Autoliv, Inc.

    4,636       372,502  

Dana, Inc.

    7,510       119,860  

Dorman Products, Inc.(a)

    1,681       137,203  

Fox Factory Holding Corp.(a)

    2,504       219,976  

Garrett Motion, Inc.(a)(b)

    3,430       22,775  

Gentherm, Inc.(a)

    1,981       115,730  

Goodyear Tire & Rubber Co.(a)

    16,794       213,284  

Holley, Inc.(a)(b)

    2,941       11,705  

LCI Industries

    1,498       158,953  

Luminar Technologies, Inc.(a)(b)

    13,714       110,946  

Modine Manufacturing Co.(a)

    3,065       54,925  
Security   Shares     Value  
Auto Components (continued)            

Patrick Industries, Inc.

    1,294     $ 59,149  

QuantumScape Corp.(a)(b)

    16,236       135,246  

Solid Power, Inc.(a)

    6,616       37,116  

Standard Motor Products, Inc.

    1,123       42,595  

Stoneridge, Inc.(a)

    1,614       33,684  

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

    4,918       96,885  

Visteon Corp.(a)

    1,668       217,624  

XPEL, Inc.(a)(b)

    1,151       79,638  
   

 

 

 
        2,502,839  
Automobiles — 0.4%            

Canoo, Inc.(a)(b)

    8,879       12,164  

Faraday Future Intelligent Electric, Inc.(a)(b)

    6,920       3,738  

Fisker, Inc.(a)(b)

    8,599       70,082  

Harley-Davidson, Inc.

    7,872       338,496  

Lordstown Motors Corp., Class A(a)(b)

    9,731       17,613  

Mullen Automotive, Inc.(a)(b)

    23,697       11,289  

Thor Industries, Inc.

    3,231       263,230  

Winnebago Industries, Inc.

    1,870       111,620  

Workhorse Group, Inc.(a)(b)

    9,592       25,898  
   

 

 

 
      854,130  
Banks — 8.4%            

1st Source Corp.

    1,224       71,188  

Amerant Bancorp, Inc.

    1,552       46,715  

Ameris Bancorp

    4,027       207,431  

Associated Banc-Corp.

    9,121       222,096  

Atlantic Union Bankshares Corp.

    4,527       156,363  

Banc of California, Inc.

    3,601       60,065  

BancFirst Corp.

    1,043       99,940  

Bancorp, Inc.(a)

    2,833       78,134  

Bank of Hawaii Corp.

    2,551       193,748  

Bank of Marin Bancorp

    971       35,053  

Bank OZK

    6,813       292,823  

BankUnited, Inc.

    4,384       157,605  

Banner Corp.

    1,557       116,386  

Berkshire Hills Bancorp, Inc.

    2,458       71,897  

BOK Financial Corp.

    1,753       193,163  

Brookline Bancorp, Inc.

    3,486       47,933  

Byline Bancorp, Inc.

    1,481       34,241  

Cadence Bank

    9,893       273,541  

Cambridge Bancorp

    465       40,850  

Camden National Corp.

    963       41,910  

Carter Bankshares, Inc.(a)

    1,570       28,103  

Cathay General Bancorp

    4,622       210,763  

Central Pacific Financial Corp.

    531       10,896  

City Holding Co.

    657       66,258  

Coastal Financial Corp.(a)

    642       29,930  

Columbia Banking System, Inc.

    4,143       138,666  

Community Bank System, Inc.

    3,105       193,845  

Community Trust Bancorp, Inc.

    1,105       52,255  

ConnectOne Bancorp, Inc.

    2,200       55,110  

CrossFirst Bankshares, Inc.(a)

    2,702       37,585  

Customers Bancorp, Inc.(a)

    1,896       63,876  

CVB Financial Corp.

    7,816       224,476  

Dime Community Bancshares, Inc.

    1,960       67,679  

Eagle Bancorp, Inc.

    1,806       81,776  

Eastern Bankshares, Inc.

    9,678       185,527  

Enterprise Financial Services Corp.

    2,296       122,767  

Equity Bancshares, Inc., Class A

    911       32,541  

Farmers National Banc Corp.

    2,004       27,535  

FB Financial Corp.

    2,167       90,927  

Financial Institutions, Inc.

    1,131       26,952  

First Bancorp

    2,074       92,438  

 

 

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

  15


Schedule of Investments (unaudited) (continued)

October 31, 2022

  

iShares® Morningstar Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Banks (continued)            

First BanCorp

    10,188     $   160,869  

First Bancshares, Inc.

    1,482       48,521  

First Busey Corp.

    3,339       88,183  

First Commonwealth Financial Corp.

    4,054       58,134  

First Financial Bancorp

    4,193       109,312  

First Financial Bankshares, Inc.

    7,680       295,603  

First Financial Corp.

    776       37,628  

First Foundation, Inc.

    3,195       50,992  

First Hawaiian, Inc.

    7,621       194,945  

First Internet Bancorp

    559       14,361  

First Interstate BancSystem, Inc., Class A

    5,390       245,838  

First Merchants Corp.

    3,565       160,068  

First Mid Bancshares, Inc.

    1,275       45,658  

First of Long Island Corp.

    1,556       27,354  

Flushing Financial Corp.

    1,921       37,844  

FNB Corp.

    21,883       316,209  

Fulton Financial Corp.

    10,282       187,441  

German American Bancorp, Inc.

    1,784       70,093  

Glacier Bancorp, Inc.

    6,577       376,731  

Great Southern Bancorp, Inc.

    658       40,783  

Hancock Whitney Corp.

    5,166       288,624  

Hanmi Financial Corp.

    1,167       31,252  

HarborOne Bancorp, Inc.

    2,929       44,609  

Heartland Financial U.S.A., Inc.

    2,360       116,395  

Heritage Commerce Corp.

    3,959       56,614  

Heritage Financial Corp.

    1,430       48,177  

Hilltop Holdings, Inc.

    2,801       81,089  

Home BancShares, Inc.

    11,391       290,357  

HomeStreet, Inc.

    1,070       27,777  

HomeTrust Bancshares, Inc.

    897       21,555  

Hope Bancorp, Inc.

    5,422       73,577  

Horizon Bancorp, Inc.

    2,502       37,305  

Independent Bank Corp./MA

    2,673       232,578  

Independent Bank Corp./MI

    1,660       38,396  

Independent Bank Group, Inc.

    2,159       136,211  

International Bancshares Corp.

    3,192       158,323  

Lakeland Bancorp, Inc.

    4,241       79,095  

Lakeland Financial Corp.

    1,569       129,678  

Live Oak Bancshares, Inc.

    1,939       62,959  

Mercantile Bank Corp.

    1,017       35,544  

Metropolitan Bank Holding Corp.(a)

    654       43,164  

Midland States Bancorp, Inc.

    1,462       40,994  

MVB Financial Corp.

    657       16,267  

National Bank Holdings Corp., Class A

    1,816       79,577  

NBT Bancorp, Inc.

    2,022       95,823  

Nicolet Bankshares, Inc.(a)(b)

    750       57,218  

Northwest Bancshares, Inc.

    6,509       98,026  

OceanFirst Financial Corp.

    3,824       86,346  

OFG Bancorp

    2,383       66,438  

Old National Bancorp

    17,388       340,109  

Old Second Bancorp, Inc.

    2,492       39,872  

Origin Bancorp, Inc.

    1,802       74,477  

Pacific Premier Bancorp, Inc.

    5,451       198,471  

PacWest Bancorp

    7,062       175,561  

Park National Corp.

    921       135,848  

Pathward Financial, Inc.

    1,755       73,763  

Peapack-Gladstone Financial Corp.

    1,118       44,239  

Peoples Bancorp, Inc.

    1,827       55,303  

Pinnacle Financial Partners, Inc.

    4,525       375,530  

Popular, Inc.

    4,463       315,623  

Premier Financial Corp.

    2,307       66,557  

Prosperity Bancshares, Inc.

    5,501       393,707  
Security   Shares     Value  
Banks (continued)            

QCR Holdings, Inc.(b)

    1,083     $ 54,919  

Renasant Corp.

    3,180       128,377  

S&T Bancorp, Inc.

    2,069       78,229  

Sandy Spring Bancorp, Inc.

    2,778       98,452  

Seacoast Banking Corp. of Florida

    3,749       115,844  

ServisFirst Bancshares, Inc.

    2,894       218,005  

Silvergate Capital Corp., Class A(a)

    1,893       107,447  

Simmons First National Corp., Class A

    6,638       158,449  

Southern First Bancshares, Inc.(a)

    494       22,072  

Southside Bancshares, Inc.

    1,959       67,076  

SouthState Corp.

    4,494       406,392  

Stellar Bancorp, Inc.

    2,719       89,292  

Stock Yards Bancorp, Inc.

    1,753       137,067  

Synovus Financial Corp.

    8,711       347,133  

Texas Capital Bancshares, Inc.(a)

    2,978       178,680  

Tompkins Financial Corp.

    816       67,597  

Towne Bank

    4,245       139,830  

TriCo Bancshares

    2,034       117,789  

Triumph Bancorp, Inc.(a)

    1,427       73,491  

Trustmark Corp.

    3,772       137,942  

UMB Financial Corp.

    2,655       220,949  

Umpqua Holdings Corp.

    13,085       260,130  

United Bankshares, Inc.

    8,027       339,943  

United Community Banks, Inc.

    5,926       228,151  

Univest Financial Corp.

    1,912       53,804  

Valley National Bancorp

    25,035       297,165  

Veritex Holdings, Inc.

    3,247       102,540  

Washington Federal, Inc.

    4,028       155,884  

Washington Trust Bancorp, Inc.

    1,148       55,678  

WesBanco, Inc.

    3,671       148,455  

Westamerica BanCorp

    1,491       93,530  

Wintrust Financial Corp.

    3,625       339,372  
   

 

 

 
        16,750,266  
Beverages — 0.4%            

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

    565       210,909  

Celsius Holdings, Inc.(a)(b)

    2,378       216,588  

Coca-Cola Consolidated, Inc.

    276       134,415  

Duckhorn Portfolio, Inc.(a)

    2,489       36,389  

MGP Ingredients, Inc.(b)

    922       103,310  

National Beverage Corp.

    1,365       64,728  

Vintage Wine Estates, Inc.(a)(b)

    2,448       6,781  

Vita Coco Co., Inc.(a)

    1,406       14,426  
   

 

 

 
      787,546  
Biotechnology — 5.8%            

4D Molecular Therapeutics, Inc.(a)(b)

    1,698       14,705  

Absci Corp.(a)(b)

    2,675       8,453  

ACADIA Pharmaceuticals, Inc.(a)

    7,139       114,438  

Adicet Bio, Inc.(a)

    1,823       30,061  

ADMA Biologics, Inc.(a)

    10,524       29,678  

Agenus, Inc.(a)(b)

    15,449       38,777  

Agios Pharmaceuticals, Inc.(a)(b)

    3,291       90,634  

Akero Therapeutics, Inc.(a)

    1,752       74,040  

Albireo Pharma, Inc.(a)(b)

    1,009       20,705  

Alector, Inc.(a)

    3,573       32,872  

Alkermes PLC(a)

    9,730       220,871  

Allogene Therapeutics, Inc.(a)(b)

    5,324       54,837  

ALX Oncology Holdings, Inc.(a)(b)

    1,285       15,600  

Amicus Therapeutics, Inc.(a)

    14,835       148,350  

AnaptysBio, Inc.(a)(b)

    1,207       34,822  

Anavex Life Sciences Corp.(a)(b)

    4,680       56,956  

Apellis Pharmaceuticals, Inc.(a)

    5,522       334,026  

Arcellx, Inc.(a)

    1,586       37,239  

 

 

16  

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


Schedule of Investments (unaudited) (continued)

October 31, 2022

  

iShares® Morningstar Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Biotechnology (continued)            

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

    1,448     $ 25,630  

Arcus Biosciences, Inc.(a)

    3,120       79,498  

Arcutis Biotherapeutics, Inc.(a)

    2,340       41,371  

Arrowhead Pharmaceuticals, Inc.(a)

    6,283       218,711  

Atara Biotherapeutics, Inc.(a)(b)

    5,707       26,595  

Avid Bioservices, Inc.(a)

    3,631       61,509  

Avidity Biosciences, Inc.(a)

    3,061       43,711  

Beam Therapeutics, Inc.(a)(b)

    3,518       155,003  

BioCryst Pharmaceuticals, Inc.(a)

    11,063       147,691  

Bioxcel Therapeutics, Inc.(a)(b)

    1,211       15,246  

Blueprint Medicines Corp.(a)

    3,547       183,876  

Bridgebio Pharma, Inc.(a)(b)

    6,280       65,500  

C4 Therapeutics, Inc.(a)

    2,521       24,252  

CareDx, Inc.(a)

    3,150       62,717  

Caribou Biosciences, Inc.(a)

    3,163       30,808  

Catalyst Pharmaceuticals, Inc.(a)

    5,684       78,837  

Celldex Therapeutics, Inc.(a)

    2,756       96,818  

Century Therapeutics, Inc.(a)

    1,190       12,495  

Cerevel Therapeutics Holdings, Inc.(a)

    3,826       106,975  

Chimerix, Inc.(a)

    5,154       9,123  

Chinook Therapeutics, Inc.(a)

    2,593       56,398  

Coherus Biosciences, Inc.(a)

    3,902       33,947  

Crinetics Pharmaceuticals, Inc.(a)

    2,592       47,848  

CRISPR Therapeutics AG(a)(b)

    4,617       241,654  

CTI BioPharma Corp.(a)

    5,642       27,646  

Cullinan Oncology, Inc.(a)

    1,695       22,272  

Cytokinetics, Inc.(a)

    5,572         243,274  

Day One Biopharmaceuticals, Inc.(a)

    1,596       33,739  

Deciphera Pharmaceuticals, Inc.(a)(b)

    2,889       46,860  

Denali Therapeutics, Inc.(a)

    6,419       184,097  

Design Therapeutics, Inc.(a)(b)

    1,741       27,194  

Dynavax Technologies Corp.(a)(b)

    6,920       79,234  

Dyne Therapeutics, Inc.(a)

    1,501       17,111  

Eagle Pharmaceuticals, Inc.(a)

    660       20,770  

Editas Medicine, Inc.(a)

    4,046       50,777  

Emergent BioSolutions, Inc.(a)

    2,610       54,445  

Enanta Pharmaceuticals, Inc.(a)

    1,147       51,741  

Enochian Biosciences, Inc.(a)(b)

    1,022       2,075  

EQRx, Inc.(a)

    13,622       70,017  

Erasca, Inc.(a)(b)

    3,507       28,652  

Exelixis, Inc.(a)

    19,037       315,633  

Fate Therapeutics, Inc.(a)(b)

    4,918       102,885  

FibroGen, Inc.(a)

    5,137       83,630  

Foghorn Therapeutics, Inc.(a)

    1,170       10,226  

Gelesis Holdings, Inc.(a)

    1,646       613  

Generation Bio Co.(a)(b)

    2,673       13,686  

Geron Corp.(a)

    19,132       42,473  

Gossamer Bio, Inc.(a)(b)

    4,528       50,261  

GreenLight Biosciences Holdings PBC(a)

    4,624       8,231  

Halozyme Therapeutics, Inc.(a)

    8,148       389,556  

Heron Therapeutics, Inc.(a)

    5,971       22,988  

HilleVax, Inc.(a)

    777       16,612  

Humacyte, Inc.(a)(b)

    2,975       10,249  

Ideaya Biosciences, Inc.(a)

    1,998       33,746  

IGM Biosciences, Inc.(a)(b)

    520       10,400  

Imago Biosciences, Inc.(a)

    1,420       24,140  

ImmunityBio, Inc.(a)(b)

    6,059       33,325  

ImmunoGen, Inc.(a)

    11,702       69,510  

Immunovant, Inc.(a)

    2,642       29,590  

Inhibrx, Inc.(a)(b)

    1,588       51,102  

Inovio Pharmaceuticals, Inc.(a)

    14,641       31,625  

Insmed, Inc.(a)(b)

    7,925       137,261  
Security   Shares     Value  
Biotechnology (continued)            

Instil Bio, Inc.(a)(b)

    3,625     $ 11,963  

Intellia Therapeutics, Inc.(a)

    4,504         237,721  

Intercept Pharmaceuticals, Inc.(a)(b)

    1,497       20,763  

Ionis Pharmaceuticals, Inc.(a)(b)

    8,430       372,606  

Iovance Biotherapeutics, Inc.(a)(b)

    8,079       75,458  

Ironwood Pharmaceuticals, Inc.(a)

    7,984       87,345  

iTeos Therapeutics, Inc.(a)

    1,441       28,071  

IVERIC bio, Inc.(a)

    6,570       157,154  

Janux Therapeutics, Inc.(a)(b)

    1,005       18,170  

Karuna Therapeutics, Inc.(a)

    1,583       347,215  

Karyopharm Therapeutics, Inc.(a)

    4,283       20,387  

Keros Therapeutics, Inc.(a)

    954       48,024  

Kezar Life Sciences, Inc.(a)

    3,053       22,943  

Krystal Biotech, Inc.(a)

    1,283       98,149  

Kura Oncology, Inc.(a)

    3,625       56,260  

Kymera Therapeutics, Inc.(a)(b)

    2,156       65,413  

Lyell Immunopharma, Inc.(a)

    8,406       49,427  

MacroGenics, Inc.(a)

    3,411       17,464  

Madrigal Pharmaceuticals, Inc.(a)(b)

    727       51,486  

MannKind Corp.(a)(b)

    15,507       52,414  

MeiraGTx Holdings PLC(a)

    1,539       11,189  

MiMedx Group, Inc.(a)

    6,607       19,557  

Mirati Therapeutics, Inc.(a)(b)

    2,971       200,008  

Mirum Pharmaceuticals, Inc.(a)

    1,403       31,638  

Monte Rosa Therapeutics, Inc.(a)(b)

    1,708       15,714  

Morphic Holding, Inc.(a)(b)

    1,743       48,821  

Myovant Sciences Ltd.(a)

    2,534       67,759  

Myriad Genetics, Inc.(a)

    4,765       98,826  

Natera, Inc.(a)

    5,747       269,879  

Nkarta, Inc.(a)(b)

    1,910       24,085  

Novavax, Inc.(a)(b)

    4,598       102,397  

Nurix Therapeutics, Inc.(a)(b)

    2,570       32,716  

Nuvalent, Inc., Class A(a)

    1,078       38,495  

Ocugen, Inc.(a)(b)

    12,418       21,359  

Organogenesis Holdings, Inc.(a)

    4,443       14,573  

Pardes Biosciences, Inc.(a)

    930       1,116  

PMV Pharmaceuticals, Inc.(a)

    1,909       23,500  

Point Biopharma Global, Inc.(a)

    3,869       36,098  

Praxis Precision Medicines, Inc.(a)

    2,186       4,306  

Prometheus Biosciences, Inc.(a)

    1,745       91,647  

Protagonist Therapeutics, Inc.(a)

    2,746       22,243  

Prothena Corp. PLC(a)(b)

    2,107       129,454  

PTC Therapeutics, Inc.(a)

    4,243       160,470  

RAPT Therapeutics, Inc.(a)

    1,273       27,777  

Recursion Pharmaceuticals, Inc., Class A(a)

    7,140       75,327  

REGENXBIO, Inc.(a)

    2,216       52,453  

Relay Therapeutics, Inc.(a)

    5,307       117,922  

Replimune Group, Inc.(a)

    1,881       34,535  

REVOLUTION Medicines, Inc.(a)(b)

    4,484       90,846  

Rigel Pharmaceuticals, Inc.(a)

    10,813       7,878  

Rocket Pharmaceuticals, Inc.(a)

    2,913       54,357  

Roivant Sciences Ltd.(a)(b)

    6,188       31,806  

Sage Therapeutics, Inc.(a)

    3,086       116,219  

Sana Biotechnology, Inc.(a)(b)

    5,262       30,520  

Sangamo Therapeutics, Inc.(a)(b)

    7,546       33,127  

Sarepta Therapeutics, Inc.(a)

    5,183       590,966  

Seres Therapeutics, Inc.(a)(b)

    5,367       47,552  

Sorrento Therapeutics, Inc.(a)

    22,934       36,006  

SpringWorks Therapeutics, Inc.(a)

    1,859       44,635  

Stoke Therapeutics, Inc.(a)

    1,335       19,825  

Syndax Pharmaceuticals, Inc.(a)

    3,124       71,727  

Tango Therapeutics, Inc.(a)

    2,600       20,904  

 

 

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

  17


Schedule of Investments (unaudited) (continued)

October 31, 2022

  

iShares® Morningstar Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Biotechnology (continued)            

Tenaya Therapeutics, Inc.(a)

    1,255     $ 3,363  

TG Therapeutics, Inc.(a)(b)

    8,059       46,903  

Travere Therapeutics, Inc.(a)

    3,242       70,287  

Twist Bioscience Corp.(a)(b)

    3,381       110,998  

Ultragenyx Pharmaceutical, Inc.(a)

    4,164       168,475  

uniQure NV(a)

    2,413       44,930  

Vanda Pharmaceuticals, Inc.(a)

    3,295       34,499  

Vaxart, Inc.(a)

    7,795       13,018  

Vaxcyte, Inc.(a)

    3,523       153,638  

Vera Therapeutics, Inc.(a)

    784       14,614  

Veracyte, Inc.(a)

    4,220       84,864  

Vericel Corp.(a)

    2,787       74,915  

Verve Therapeutics, Inc.(a)(b)

    2,395       90,291  

Vir Biotechnology, Inc.(a)

    4,527       99,503  

Xencor, Inc.(a)

    3,582       100,296  

Y-mAbs Therapeutics, Inc.(a)

    1,961       7,079  

Zentalis Pharmaceuticals, Inc.(a)(b)

    2,586       64,883  
   

 

 

 
        11,662,144  
Building Products — 1.0%            

AAON, Inc.

    2,491       160,645  

American Woodmark Corp.(a)

    981       44,488  

Apogee Enterprises, Inc.

    1,335       61,250  

Armstrong World Industries, Inc.

    2,751       207,893  

AZEK Co., Inc.(a)(b)

    6,531       114,358  

Gibraltar Industries, Inc.(a)

    1,872       95,622  

Griffon Corp.

    2,850       91,599  

Hayward Holdings, Inc.(a)(b)

    5,938       54,926  

Insteel Industries, Inc.

    1,136       29,934  

Janus International Group, Inc.(a)(b)

    4,605       44,346  

JELD-WEN Holding, Inc.(a)

    4,975       52,785  

Masonite International Corp.(a)

    1,315       94,062  

PGT Innovations, Inc.(a)

    3,527       75,160  

Quanex Building Products Corp.

    1,972       43,699  

Resideo Technologies, Inc.(a)

    8,654       204,407  

Simpson Manufacturing Co., Inc.

    2,562       219,000  

Tecnoglass, Inc.

    1,192       24,472  

UFP Industries, Inc.

    3,648       259,847  

Zurn Elkay Water Solutions Corp.

    8,631       202,742  
   

 

 

 
      2,081,235  
Capital Markets — 2.1%            

Affiliated Managers Group, Inc.

    2,272       282,092  

Artisan Partners Asset Management, Inc., Class A

    4,046       115,352  

AssetMark Financial Holdings, Inc.(a)

    1,287       26,654  

B Riley Financial, Inc.

    963       39,175  

BGC Partners, Inc., Class A

    19,285       76,369  

Blucora, Inc.(a)

    2,846       62,697  

Blue Owl Capital, Inc.

    20,060       201,001  

Bridge Investment Group Holdings, Inc., Class A

    1,626       25,463  

Brightsphere Investment Group, Inc.

    1,965       36,981  

Cohen & Steers, Inc.

    1,494       89,879  

Cowen, Inc., Class A

    1,547       59,745  

Diamond Hill Investment Group, Inc.

    185       33,291  

Donnelley Financial Solutions, Inc.(a)

    1,510       61,049  

Evercore, Inc., Class A

    2,140       224,914  

Federated Hermes, Inc., Class B

    5,045       175,314  

Focus Financial Partners, Inc., Class A(a)

    3,431       119,365  

Forge Global Holdings, Inc.(a)(b)

    6,151       9,534  

Freedom Holding Corp.(a)(b)

    1,013       56,181  

GCM Grosvenor, Inc., Class A

    2,674       22,114  

Hamilton Lane, Inc., Class A

    2,097       125,443  

Houlihan Lokey, Inc., Class A

    2,954       263,851  

Interactive Brokers Group, Inc., Class A

    6,102       489,075  
Security   Shares     Value  
Capital Markets (continued)            

Janus Henderson Group PLC

    7,891     $ 179,678  

Moelis & Co., Class A

    3,827       162,494  

Open Lending Corp., Class A(a)

    6,269       44,949  

Oppenheimer Holdings, Inc., Class A, NVS

    461       15,868  

P10, Inc., Class A

    2,106       21,881  

Piper Sandler Cos

    819       104,807  

PJT Partners, Inc., Class A

    1,450       107,880  

StepStone Group, Inc., Class A

    2,887       85,224  

Stifel Financial Corp.

    6,298       389,657  

StoneX Group, Inc.(a)

    1,039       96,960  

TPG, Inc.(b)

    3,051       93,818  

Victory Capital Holdings, Inc., Class A

    1,609       46,532  

Virtu Financial, Inc., Class A

    5,714       127,879  

Virtus Investment Partners, Inc.

    405       69,453  

WisdomTree, Inc.

    6,941       37,690  
   

 

 

 
      4,180,309  
Chemicals — 2.5%            

AdvanSix, Inc.

    1,668       60,682  

American Vanguard Corp.

    1,706       39,699  

Amyris, Inc.(a)(b)

    13,391       37,629  

Ashland, Inc.

    2,949       309,409  

Aspen Aerogels, Inc.(a)

    1,802       22,849  

Avient Corp.

    5,043       173,933  

Axalta Coating Systems Ltd.(a)

    13,054       304,419  

Balchem Corp.

    1,902       265,900  

Cabot Corp.

    3,343       245,644  

Chase Corp.

    450       42,394  

Chemours Co.

    9,195       263,253  

Danimer Scientific, Inc.(a)(b)

    5,186       13,587  

Diversey Holdings Ltd.(a)(b)

    4,525       24,435  

Ecovyst, Inc.(a)

    4,087       40,666  

Element Solutions, Inc.

    13,529       232,699  

FutureFuel Corp.

    1,850       12,654  

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

    48,669       132,866  

Hawkins, Inc.

    1,119       50,389  

HB Fuller Co.

    3,159       220,214  

Huntsman Corp.

    11,239       300,756  

Ingevity Corp.(a)(b)

    2,125       142,949  

Innospec, Inc.

    1,482       148,185  

Intrepid Potash, Inc.(a)

    604       27,331  

Koppers Holdings, Inc.

    1,218       30,401  

Kronos Worldwide, Inc.

    1,360       12,920  

Livent Corp.(a)

    10,600       334,642  

LSB Industries, Inc.(a)

    2,307       40,672  

Mativ Holdings, Inc.

    3,212       76,253  

Minerals Technologies, Inc.

    1,954       107,490  

NewMarket Corp.

    410       124,779  

Origin Materials, Inc.(a)(b)

    7,281       41,356  

Perimeter Solutions SA(a)

    9,014       72,022  

PureCycle Technologies, Inc.(a)

    7,782       64,357  

Quaker Chemical Corp.

    805       130,925  

Scotts Miracle-Gro Co., Class A

    2,424       111,286  

Sensient Technologies Corp.

    2,479       177,149  

Stepan Co.

    1,266       132,221  

Tredegar Corp.

    1,585       17,261  

Trinseo PLC

    2,064       38,844  

Tronox Holdings PLC

    6,743       80,916  

Valvoline, Inc.

    10,481       307,722  
   

 

 

 
        5,013,758  
Commercial Services & Supplies — 1.7%            

ABM Industries, Inc.

    3,976       176,972  

ACCO Brands Corp.

    5,696       26,202  

 

 

18  

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


Schedule of Investments (unaudited) (continued)

October 31, 2022

  

iShares® Morningstar Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Commercial Services & Supplies (continued)            

ACV Auctions, Inc., Class A(a)(b)

    6,875     $ 62,700