September
30,
2023
iShares
Trust
iShares
Focused
Value
Factor
ETF
|
FOVL
|
NYSE
Arca
iShares
US
Small
Cap
Value
Factor
ETF
|
SVAL
|
Cboe
BZX
2023
Semi-Annual
Report
(Unaudited)
Dear
Shareholder,
The
combination
of
continued
economic
growth
and
moderating
inflation
provided
a
supportive
backdrop
for
investors
during
the
12-month
reporting
period
ended
September
30,
2023.
Significantly
tighter
monetary
policy
helped
to
rein
in
inflation
while
the
economy
proved
more
resilient
than
many
investors
anticipated.
A
moderating
labor
market
also
helped
ease
inflationary
pressure,
although
wages
continued
to
grow
and
unemployment
rates
touched
the
lowest
levels
in
decades.
This
robust
labor
market
powered
further
growth
in
consumer
spending,
backstopping
the
economy.
On
October
7,
2023,
Hamas
launched
a
horrific
attack
on
Israel.
The
ensuing
war
will
have
a
significant
humanitarian
impact
and
could
lead
to
heightened
economic
and
market
volatility.
We
see
geopolitics
as
a
structural
market
risk
going
forward.
See
our
geopolitical
risk
dashboard
at
blackrock.com
for
more
details.
Equity
returns
were
substantial,
as
the
durability
of
consumer
sentiment
and
spending
mitigated
investors’
concerns
about
the
economy’s
trajectory.
The
U.S.
economy
resumed
growth
in
the
third
quarter
of
2022
and
continued
to
expand
thereafter.
All
major
classes
of
equities
rose,
although
large-capitalization
U.S.
stocks
posted
significantly
higher
returns
than
small-capitalization
U.S.
stocks
due
primarily
to
the
performance
of
large
technology
companies.
International
developed
market
equities
also
advanced
strongly,
and
emerging
market
equities
posted
solid
gains.
The
10-year
U.S.
Treasury
yield
rose
during
the
reporting
period,
driving
its
price
down,
as
investors
reacted
to
elevated
inflation
and
attempted
to
anticipate
future
interest
rate
changes.
The
corporate
bond
market
benefited
from
improving
economic
sentiment,
although
high-yield
corporate
bond
prices
fared
significantly
better
than
investment-grade
bonds
as
demand
from
yield-seeking
investors
remained
strong.
The
U.S.
Federal
Reserve
(the
“Fed”),
attempting
to
manage
persistent
inflation,
raised
interest
rates
six
times
during
the
12-month
period.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
incrementally
reduced
its
balance
sheet
by
not
replacing
securities
that
reach
maturity.
However,
the
Fed
declined
to
raise
interest
rates
at
two
of
its
meetings
late
in
the
period.
Supply
constraints
appear
to
have
become
an
embedded
feature
of
the
new
macroeconomic
environment,
making
it
difficult
for
developed
economies
to
increase
production
without
sparking
higher
inflation.
Geopolitical
fragmentation
and
an
aging
population
risk
further
exacerbating
these
constraints,
keeping
the
labor
market
tight
and
wage
growth
high.
Although
the
Fed
has
decelerated
the
pace
of
interest
rate
hikes
and
recently
opted
for
two
pauses,
we
believe
that
the
new
economic
regime
means
that
the
Fed
will
need
to
maintain
high
rates
for
an
extended
period
to
keep
inflation
under
control.
Furthermore,
ongoing
structural
changes
may
mean
that
the
Fed
will
be
hesitant
to
cut
interest
rates
in
the
event
of
faltering
economic
activity
lest
inflation
accelerate
again.
We
believe
investors
should
expect
a
period
of
higher
volatility
as
markets
adjust
to
the
new
economic
reality
and
policymakers
attempt
to
adapt.
While
we
favor
an
overweight
position
in
developed
market
equities
in
the
long
term,
we
prefer
an
underweight
stance
in
the
near
term.
Expectations
for
corporate
earnings
remain
elevated,
which
seems
inconsistent
with
macroeconomic
constraints.
Nevertheless,
we
are
overweight
on
Japanese
stocks
in
the
near
term
as
shareholder-friendly
policies
generate
increased
investor
interest.
We
also
believe
that
stocks
with
an
AI
tilt
should
benefit
from
an
investment
cycle
that
is
set
to
support
revenues
and
margins.
In
credit,
there
are
selective
opportunities
in
the
near
term
despite
tightening
credit
and
financial
conditions.
For
fixed
income
investing
with
a
six-
to
twelve-month
horizon,
we
see
the
most
attractive
investments
in
short-term
U.S.
Treasuries,
U.S.
inflation-linked
bonds,
euro
area
government
bonds
and
gilts,
U.S.
mortgage-backed
securities,
and
hard-currency
emerging
market
bonds.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
iShares.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock,
Inc.
The
Markets
in
Review
Rob
Kapito
President,
BlackRock,
Inc.
Total
Returns
as
of
September
30
,
2023
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
5.18
%
21.62
%
U.S.
small
cap
equities
(Russell
2000
®
Index)
(0.19
)
8.93
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
(1.28
)
25.65
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
(2.05
)
11.70
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
2.50
4.47
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
(6.98
)
(2.90
)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
(4.05
)
0.64
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
(4.05
)
2.66
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
2.22
10.28
2
This
Page
is
not
Part
of
Your
Fund
Report
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Semi-Annual
Report:
Fund
Summary
........................................................................................................
4
About
Fund
Performance
..................................................................................................
6
Disclosure
of
Expenses
...................................................................................................
6
Schedules
of
Investments
.................................................................................................
7
Financial
Statements:
Statements
of
Assets
and
Liabilities
.........................................................................................
17
Statements
of
Operations
................................................................................................
18
Statements
of
Changes
in
Net
Assets
........................................................................................
19
Financial
Highlights
.....................................................................................................
20
Notes
to
Financial
Statements
...............................................................................................
22
Board
Review
and
Approval
of
Investment
Advisory
Contract
...........................................................................
30
Supplemental
Information
.................................................................................................
34
General
Information
.....................................................................................................
35
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
36
iShares
®
Focused
Value
Factor
ETF
4
2023
iShares
Semi-Annual
Report
to
Shareholders
Fund
Summary
as
of
September
30,
2023
Investment
Objective
The
iShares
Focused
Value
Factor
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
large-
and
mid-capitalization
stocks
with
prominent
value
characteristics,
as
represented
by
the
Focused
Value
Select
Index
(the
“Index”)
and
determined
by
the
Index
provider,
FTSE
Russell.
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
The
inception
date
of
the
Fund
was
March
19,
2019.
The
first
day
of
secondary
market
trading
was
March
21,
2019.
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
Since
Inception
1
Year
Since
Inception
Fund
NAV
................................................
1.27
%
13.59
%
3.59
%
13.59
%
17.33
%
Fund
Market
..............................................
1.38
13.66
3.58
–
%
13.66
17.31
Index
...................................................
1.44
13.89
3.88
13.89
18.81
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(04/01/23)
Ending
Account
Value
(09/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(04/01/23)
Ending
Account
Value
(09/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
1,012.70
‌
$
1.26
‌
$
1,000.00
‌
$
1,023.75
‌
$
1.26
‌
0.25
%
(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
.....................................
49.4‌
%
Materials
.....................................
12.4‌
Communication
Services
...........................
7.4‌
Consumer
Discretionary
...........................
7.3‌
Real
Estate
....................................
7.0‌
Industrials
.....................................
6.8‌
Utilities
.......................................
4.5‌
Information
Technology
............................
2.7‌
Energy
.......................................
2.5‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Pinnacle
Financial
Partners,
Inc.
......................
3.1‌
%
White
Mountains
Insurance
Group
Ltd.
.................
2.8‌
Old
Republic
International
Corp.
......................
2.8‌
Webster
Financial
Corp.
...........................
2.8‌
Axis
Capital
Holdings
Ltd.
..........................
2.8‌
Westlake
Corp.
.................................
2.7‌
Interactive
Brokers
Group,
Inc.,
Class
A
.................
2.7‌
Hewlett
Packard
Enterprise
Co.
......................
2.7‌
Unum
Group
...................................
2.7‌
LyondellBasell
Industries
NV,
Class
A
..................
2.7‌
      aaa
aa
iShares
®
US
Small
Cap
Value
Factor
ETF
5
Fund
Summary
Fund
Summary
as
of
September
30,
2023
Investment
Objective
The
iShares
US
Small
Cap
Value
Factor
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
small-capitalization
stocks
with
prominent
value
characteristics,
as
represented
by
the
Russell
2000
Focused
Value
Select
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
The
inception
date
of
the
Fund
was
October
27,
2020.
The
first
day
of
secondary
market
trading
was
October
29,
2020.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
Since
Inception
1
Year
Since
Inception
Fund
NAV
................................................
0.53
%
5.35
%
13.40
%
5.35
%
44.53
%
Fund
Market
..............................................
0.44
5.19
13.36
–
%
5.19
44.38
Index
...................................................
0.70
5.65
13.78
5.65
45.93
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(04/01/23)
Ending
Account
Value
(09/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(04/01/23)
Ending
Account
Value
(09/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
1,005.30
‌
$
1.00
‌
$
1,000.00
‌
$
1,024.00
‌
$
1.01
‌
0.20
%
(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
.....................................
39.6‌
%
Industrials
.....................................
18.9‌
Consumer
Discretionary
...........................
15.7‌
Energy
.......................................
7.2‌
Information
Technology
............................
6.2‌
Materials
.....................................
4.9‌
Real
Estate
....................................
2.7‌
Consumer
Staples
...............................
2.2‌
Utilities
.......................................
1.2‌
Other
(each
representing
less
than
1%)
.................
1.4‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Sterling
Infrastructure,
Inc.
..........................
1.3‌
%
Chord
Energy
Corp.
..............................
1.1‌
Covenant
Logistics
Group,
Inc.,
Class
A
.................
1.0‌
Dorian
LPG,
Ltd.
................................
1.0‌
M/I
Homes,
Inc.
.................................
0.9‌
DHT
Holdings,
Inc.
...............................
0.9‌
Terex
Corp.
....................................
0.8‌
Group
1
Automotive,
Inc.
...........................
0.8‌
Encore
Wire
Corp.
...............................
0.8‌
Taylor
Morrison
Home
Corp.
........................
0.8‌
      aaa
aa
About
Fund
Performance
6
2023
iShares
Semi-Annual
Report
to
Shareholders
Past
performance
is
not
an
indication
of
future
results.
Financial
markets
have
experienced
extreme
volatility
and
trading
in
many
instruments
has
been
disrupted.
These
circumstances
may
continue
for
an
extended
period
of
time
and
may
continue
to
affect
adversely
the
value
and
liquidity
of each
Fund’s
investments.
As
a
result,
current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Performance
data
current
to
the
most
recent
month-end
is
available
at
iShares.com
.
Performance
results
assume
reinvestment
of
all
dividends
and
capital
gain
distributions
and
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
The
investment
return
and
principal
value
of
shares
will
vary
with
changes
in
market
conditions.
Shares
may
be
worth
more
or
less
than
their
original
cost
when
they
are
redeemed
or
sold
in
the
market.
Performance
for
certain
funds
may
reflect
a
waiver
of
a
portion
of
investment
advisory
fees.
Without
such
a
waiver,
performance
would
have
been
lower.
Net
asset
value
or
“NAV”
is
the
value
of
one
share
of
a
fund
as
calculated
in
accordance
with
the
standard
formula
for
valuing
mutual
fund
shares.
Beginning
August
10,
2020,
the
price
used
to
calculate
market
return
(“Market
Price”)
is
the
closing
price.
Prior
to
August
10,
2020,
Market
Price
was
determined
using
the
midpoint
between
the
highest
bid
and
the
lowest
ask
on
the
primary
stock
exchange
on
which
shares
of
a
fund
are
listed
for
trading,
as
of
the
time
that
such
fund’s
NAV
is
calculated.
Since
shares
of
a
fund
may
not
trade
in
the
secondary
market
until
after
the
fund’s
inception,
for
the
period
from
inception
to
the
first
day
of
secondary
market
trading
in
shares
of
the
fund,
the
NAV
of
the
fund
is
used
as
a
proxy
for
the
Market
Price
to
calculate
market
returns.
Market
and
NAV
returns
assume
that
dividends
and
capital
gain
distributions
have
been
reinvested
at
Market
Price
and
NAV,
respectively.
An
index
is
a
statistical
composite
that
tracks
a
specified
financial
market
or
sector.
Unlike
a
fund,
an
index
does
not
actually
hold
a
portfolio
of
securities
and
therefore
does
not
incur
the
expenses
incurred
by
a
fund.
These
expenses
negatively
impact
fund
performance.
Also,
market
returns
do
not
include
brokerage
commissions
that
may
be
payable
on
secondary
market
transactions.
If
brokerage
commissions
were
included,
market
returns
would
be
lower.
Disclosure
of
Expenses
Shareholders
of
each
Fund
may
incur
the
following
charges:
(1)
transactional
expenses,
including
brokerage
commissions
on
purchases
and
sales
of
fund
shares
and
(2)
ongoing
expenses,
including
management
fees
and
other
fund
expenses.
The
expense
examples
shown
(which
are
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period)
are
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in
each
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
funds.
The
expense
examples
provide
information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
under
the
heading
entitled
“Expenses
Paid
During
the Period.”
The
expense
examples
also
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
a
fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
the
Funds
and
other
funds,
compare
the
5%
hypothetical
examples
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
expenses
shown
in
the
expense
examples
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
any
transactional
expenses,
such
as
brokerage
commissions
and
other
fees
paid
on
purchases
and
sales
of
fund
shares.
Therefore,
the
hypothetical
examples
are
useful
in
comparing
ongoing
expenses
only
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
iShares
®
Focused
Value
Factor
ETF
Schedule
of
Investments
(unaudited)
September
30,
2023
(Percentages
shown
are
based
on
Net
Assets)
7
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Automobiles
 — 2.4%
Thor
Industries,
Inc.
.......................
4,470
$
425,231
a
Banks
 — 16.1%
First
Hawaiian,
Inc.
.......................
25,690
463,704
FNB
Corp.
.............................
40,443
436,380
JPMorgan
Chase
&
Co.
....................
3,181
461,309
Pinnacle
Financial
Partners,
Inc.
...............
8,167
547,516
Synovus
Financial
Corp.
....................
15,295
425,201
Webster
Financial
Corp.
....................
12,256
494,039
2,828,149
a
Building
Products
 — 2.4%
Builders
FirstSource,
Inc.
(a)
..................
3,402
423,515
a
Capital
Markets
 — 12.6%
Affiliated
Managers
Group,
Inc.
...............
3,087
402,359
Interactive
Brokers
Group,
Inc.,
Class
A
..........
5,570
482,139
Janus
Henderson
Group
PLC
................
16,979
438,398
State
Street
Corp.
........................
6,322
423,321
Stifel
Financial
Corp.
......................
7,754
476,406
2,222,623
a
Chemicals
 — 5.5%
LyondellBasell
Industries
NV,
Class
A
...........
5,038
477,099
Westlake
Corp.
..........................
3,873
482,847
959,946
a
Consumer
Finance
 — 4.3%
Capital
One
Financial
Corp.
..................
4,230
410,521
Discover
Financial
Services
..................
3,960
343,055
753,576
a
Diversified
Telecommunication
Services
 — 4.7%
AT&T,
Inc.
..............................
29,007
435,685
Frontier
Communications
Parent,
Inc.
(a)
..........
24,821
388,449
824,134
a
Electric
Utilities
 — 4.5%
Avangrid,
Inc.
...........................
12,279
370,458
Pinnacle
West
Capital
Corp.
.................
5,680
418,502
788,960
a
Entertainment
 — 0.6%
Liberty
Media
Corp.-Liberty
Live,
Series
C
(a)
.......
3,536
113,506
a
Ground
Transportation
 — 2.5%
Schneider
National,
Inc.,
Class
B
..............
16,110
446,086
a
Household
Durables
 — 2.5%
Toll
Brothers,
Inc.
.........................
5,851
432,740
a
Insurance
 — 16.3%
Axis
Capital
Holdings
Ltd.
...................
8,595
484,500
CNA
Financial
Corp.
.......................
11,980
471,413
Old
Republic
International
Corp.
...............
18,382
495,211
Principal
Financial
Group,
Inc.
................
6,101
439,699
Unum
Group
............................
9,700
477,143
White
Mountains
Insurance
Group
Ltd.
..........
333
498,065
2,866,031
a
Media
 — 2.0%
Liberty
Media
Corp.-Liberty
SiriusXM,
Series
C,
NVS
(a)
14,136
359,903
a
Security
Shares
Value
a
Metals
&
Mining
 — 5.0%
Cleveland-Cliffs,
Inc.
(a)
.....................
27,606
$
431,482
Nucor
Corp.
............................
2,821
441,063
872,545
a
Office
REITs
 — 2.3%
Cousins
Properties,
Inc.
....................
20,292
413,348
a
Oil,
Gas
&
Consumable
Fuels
 — 2.5%
Kinder
Morgan,
Inc.,
Class
P
.................
26,868
445,471
a
Paper
&
Forest
Products
 — 1.9%
Louisiana-Pacific
Corp.
.....................
6,171
341,071
a
Passenger
Airlines
 — 1.8%
Alaska
Air
Group,
Inc.
(a)
.....................
8,700
322,596
a
Real
Estate
Management
&
Development
 — 2.4%
Zillow
Group,
Inc.,
Class
C,
NVS
(a)
.............
9,206
424,949
a
Retail
REITs
 — 2.2%
Spirit
Realty
Capital,
Inc.
....................
11,749
393,944
a
Specialty
Retail
 — 2.4%
AutoNation,
Inc.
(a)(b)
.......................
2,811
425,585
a
Technology
Hardware,
Storage
&
Peripherals
 — 2.7%
Hewlett
Packard
Enterprise
Co.
...............
27,540
478,370
a
Total
Long-Term
Investments — 99.6%
(Cost:
$18,266,107)
.................................
17,562,279
a
Short-Term
Securities
Money
Market
Funds
 — 
3.4%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
5.54%
(c)(d)(e)
......................
433,981
434,155
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
5.31%
(c)(d)
............................
163,854
163,854
a
Total
Short-Term
Securities — 3.4%
(Cost:
$597,954)
...................................
598,009
Total
Investments
—
103.0%
(Cost:
$18,864,061)
.................................
18,160,288
Liabilities
in
Excess
of
Other
Assets
—
(3.0)%
...............
(534,423)
Net
Assets
—
100.0%
.................................
$
17,625,865
(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.
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Focused
Value
Factor
ETF
8
2023
iShares
Semi-Annual
Report
to
Shareholders
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
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: 
For
the period
ended
September
30,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
September
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
09/30/23
  Shares
Held
at
09/30/23
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
—
‌
$
433,992
(a)
$
—
‌
$
108
‌
$
55
‌
$
434,155
‌
433,981
‌
$
579
(b)
$
—
‌
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
..
32,125
‌
131,729
(a)
—
‌
—
‌
—
‌
163,854
‌
163,854
‌
1,154
‌
—
‌
$
108
‌
$
55
‌
$
598,009
‌
$
1,733
‌
$
—
‌
(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.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Micro
E-Mini
Russell
2000
Index
...........................................................
6
12/15/23
$
54
$
(1,894
)
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)
.............
$
—
$
—
$
1,894
$
—
$
—
$
—
$
1,894
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
3,423
$
—
$
—
$
—
$
3,423
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
(4,348
)
$
—
$
—
$
—
$
(4,348
)
iShares
®
Focused
Value
Factor
ETF
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
9
Schedule
of
Investments
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
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.
See
notes
to
financial
statements.
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
55,535
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
17,562,279
‌
$
—
‌
$
—
‌
$
17,562,279
‌
Short-Term
Securities
Money
Market
Funds
......................................
598,009
‌
—
‌
—
‌
598,009
‌
$
18,160,288
‌
$
—
‌
$
—
‌
$
18,160,288
‌
Derivative
Financial
Instruments
(a)
Liabilities
Equity
Contracts
...........................................
$
(1,894
)
$
—
‌
$
—
‌
$
(1,894
)
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
(unaudited)
September
30,
2023
iShares
®
US
Small
Cap
Value
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
10
2023
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
 — 0.6%
Moog,
Inc.,
Class
A
.......................
4,470
$
504,931
a
Air
Freight
&
Logistics
 — 0.8%
Air
Transport
Services
Group,
Inc.
(a)
............
11,734
244,888
Hub
Group,
Inc.,
Class
A
(a)
...................
5,083
399,219
644,107
a
Automobile
Components
 — 0.4%
Standard
Motor
Products,
Inc.
................
9,098
305,875
a
Automobiles
 — 0.5%
Winnebago
Industries,
Inc.
..................
7,264
431,845
a
Banks
 — 33.5%
1st
Source
Corp.
.........................
8,486
357,176
Amerant
Bancorp,
Inc.,
Class
A
...............
12,424
216,675
Ameris
Bancorp
..........................
8,945
343,399
Associated
Banc-Corp.
.....................
17,245
295,062
Atlantic
Union
Bankshares
Corp.
..............
10,453
300,837
Banc
of
California,
Inc.
.....................
20,124
249,135
BancFirst
Corp.
..........................
4,717
409,105
Bank
of
NT
Butterfield
&
Son
Ltd.
(The)
..........
10,939
296,228
BankUnited,
Inc.
.........................
8,863
201,190
Banner
Corp.
...........................
6,706
284,200
Berkshire
Hills
Bancorp,
Inc.
.................
13,337
267,407
Brookline
Bancorp,
Inc.
.....................
24,898
226,821
Byline
Bancorp,
Inc.
.......................
14,711
289,954
Cadence
Bank
..........................
13,107
278,131
Camden
National
Corp.
....................
8,344
235,468
Capitol
Federal
Financial,
Inc.
................
36,074
172,073
Cathay
General
Bancorp
....................
8,771
304,880
Central
Pacific
Financial
Corp.
................
13,909
232,002
City
Holding
Co.
.........................
4,987
450,575
Community
Trust
Bancorp,
Inc.
...............
9,526
326,361
ConnectOne
Bancorp,
Inc.
..................
12,261
218,614
Customers
Bancorp,
Inc.
(a)
...................
7,528
259,340
CVB
Financial
Corp.
.......................
16,786
278,144
Dime
Community
Bancshares,
Inc.
.............
11,353
226,606
Eagle
Bancorp,
Inc.
.......................
6,734
144,444
Eastern
Bankshares,
Inc.
...................
18,221
228,491
Enterprise
Financial
Services
Corp.
............
8,296
311,100
First
Bancorp
...........................
9,181
258,353
First
BanCorp
...........................
29,915
402,656
First
Bancshares,
Inc.
(The)
..................
11,660
314,470
First
Busey
Corp.
.........................
15,489
297,699
First
Commonwealth
Financial
Corp.
............
25,890
316,117
First
Financial
Bancorp
.....................
16,923
331,691
First
Financial
Corp.
.......................
9,069
306,623
First
Foundation,
Inc.
......................
16,158
98,241
First
Interstate
BancSystem,
Inc.,
Class
A
........
10,674
266,210
First
Merchants
Corp.
......................
9,435
262,482
Fulton
Financial
Corp.
......................
23,483
284,379
German
American
Bancorp,
Inc.
...............
10,331
279,867
Great
Southern
Bancorp,
Inc.
.................
6,651
318,716
Hancock
Whitney
Corp.
....................
7,526
278,387
Hanmi
Financial
Corp.
.....................
15,976
259,290
HarborOne
Bancorp,
Inc.
...................
27,995
266,512
Heartland
Financial
USA,
Inc.
................
8,206
241,503
Heritage
Financial
Corp.
....................
15,662
255,447
Hilltop
Holdings,
Inc.
.......................
13,350
378,606
Home
BancShares,
Inc.
....................
17,367
363,665
HomeStreet,
Inc.
.........................
8,252
64,283
Hope
Bancorp,
Inc.
.......................
24,229
214,427
Security
Shares
Value
a
Banks
(continued)
Horizon
Bancorp,
Inc.
......................
21,022
$
224,515
Independent
Bank
Corp.
....................
17,840
327,186
Independent
Bank
Group,
Inc.
................
5,516
218,158
Kearny
Financial
Corp.
.....................
30,473
211,178
Lakeland
Bancorp,
Inc.
.....................
23,502
296,595
National
Bank
Holdings
Corp.,
Class
A
..........
9,714
289,089
NBT
Bancorp,
Inc.
........................
10,863
344,248
Nicolet
Bankshares,
Inc.
(b)
...................
4,195
292,727
Northfield
Bancorp,
Inc.
....................
27,332
258,287
Northwest
Bancshares,
Inc.
..................
29,052
297,202
OceanFirst
Financial
Corp.
..................
19,527
282,556
OFG
Bancorp
...........................
14,733
439,927
Old
National
Bancorp
......................
23,961
348,393
Old
Second
Bancorp,
Inc.
...................
27,050
368,150
Origin
Bancorp,
Inc.
(b)
......................
9,281
267,942
Pacific
Premier
Bancorp,
Inc.
.................
11,015
239,686
Park
National
Corp.
.......................
2,987
282,331
Pathward
Financial,
Inc.
....................
7,147
329,405
Peapack-Gladstone
Financial
Corp.
............
11,295
289,717
Peoples
Bancorp,
Inc.
.....................
12,536
318,164
Premier
Financial
Corp.
....................
12,941
220,773
Provident
Financial
Services,
Inc.
..............
16,389
250,588
QCR
Holdings,
Inc.
.......................
6,936
336,535
Renasant
Corp.
..........................
11,579
303,254
S&T
Bancorp,
Inc.
........................
13,275
359,487
Sandy
Spring
Bancorp,
Inc.
..................
8,738
187,255
Seacoast
Banking
Corp.
of
Florida
.............
11,125
244,305
Simmons
First
National
Corp.,
Class
A
..........
30,062
509,851
Southside
Bancshares,
Inc.
..................
9,641
276,697
SouthState
Corp.
.........................
4,811
324,069
Stellar
Bancorp,
Inc.
.......................
25,121
535,580
Texas
Capital
Bancshares,
Inc.
(a)
..............
6,849
403,406
Towne
Bank
............................
13,109
300,589
TriCo
Bancshares
........................
9,805
314,054
TrustCo
Bank
Corp.
.......................
12,258
334,521
Trustmark
Corp.
.........................
12,974
281,925
UMB
Financial
Corp.
......................
4,040
250,682
United
Bankshares,
Inc.
....................
11,253
310,470
United
Community
Banks,
Inc.
................
11,278
286,574
Univest
Financial
Corp.
.....................
14,667
254,912
Valley
National
Bancorp
....................
30,145
258,041
Washington
Federal,
Inc.
....................
11,685
299,370
Washington
Trust
Bancorp,
Inc.
...............
7,476
196,843
WesBanco,
Inc.
..........................
11,423
278,950
WSFS
Financial
Corp.
.....................
8,418
307,257
27,014,486
a
Biotechnology
 — 0.2%
iTeos
Therapeutics,
Inc.
(a)
...................
12,197
133,557
a
Building
Products
 — 1.7%
Insteel
Industries,
Inc.
......................
10,611
344,433
Quanex
Building
Products
Corp.
...............
18,699
526,751
UFP
Industries,
Inc.
.......................
5,087
520,909
1,392,093
a
Capital
Markets
 — 0.6%
BGC
Group,
Inc.,
Class
A
(b)
..................
89,202
470,987
a
Chemicals
 — 1.2%
AdvanSix,
Inc.
...........................
7,682
238,756
American
Vanguard
Corp.
...................
19,315
211,113
Kronos
Worldwide,
Inc.
.....................
25,289
195,990
iShares
®
US
Small
Cap
Value
Factor
ETF
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
(Percentages
shown
are
based
on
Net
Assets)
11
Schedule
of
Investments
Security
Shares
Value
a
Chemicals
(continued)
Minerals
Technologies,
Inc.
..................
5,933
$
324,891
970,750
a
Commercial
Services
&
Supplies
 — 2.1%
ABM
Industries,
Inc.
.......................
8,525
341,085
BrightView
Holdings,
Inc.
(a)
..................
28,838
223,495
CoreCivic,
Inc.
(a)
.........................
35,138
395,302
Interface,
Inc.
...........................
28,923
283,735
Matthews
International
Corp.,
Class
A
...........
12,129
471,939
1,715,556
a
Communications
Equipment
 — 0.7%
NETGEAR,
Inc.
(a)
.........................
15,903
200,219
NetScout
Systems,
Inc.
(a)
...................
12,235
342,825
543,044
a
Construction
&
Engineering
 — 1.9%
Argan,
Inc.
.............................
9,670
440,178
Sterling
Infrastructure,
Inc.
(a)
.................
14,645
1,076,115
1,516,293
a
Construction
Materials
 — 0.5%
Summit
Materials,
Inc.,
Class
A
(a)
..............
12,851
400,180
a
Consumer
Staples
Distribution
&
Retail
 — 1.0%
SpartanNash
Co.
.........................
11,897
261,734
Sprouts
Farmers
Market,
Inc.
(a)(b)
..............
12,273
525,284
787,018
a
Containers
&
Packaging
 — 0.5%
Greif,
Inc.,
Class
A
........................
6,033
403,065
a
Diversified
Consumer
Services
 — 1.3%
Adtalem
Global
Education,
Inc.
(a)
..............
13,211
566,091
Stride,
Inc.
(a)
............................
10,803
486,459
1,052,550
a
Diversified
REITs
 — 0.7%
Broadstone
Net
Lease,
Inc.
..................
18,021
257,700
CTO
Realty
Growth,
Inc.
....................
17,754
287,793
545,493
a
Diversified
Telecommunication
Services
 — 0.3%
EchoStar
Corp.,
Class
A
(a)
...................
16,125
270,094
a
Electric
Utilities
 — 0.8%
PNM
Resources,
Inc.
......................
8,233
367,274
Portland
General
Electric
Co.
.................
7,117
288,096
655,370
a
Electrical
Equipment
 — 1.5%
Atkore,
Inc.
(a)
............................
3,987
594,820
Encore
Wire
Corp.
........................
3,441
627,845
1,222,665
a
Electronic
Equipment,
Instruments
&
Components
 — 2.8%
Benchmark
Electronics,
Inc.
.................
15,674
380,251
Knowles
Corp.
(a)
.........................
18,230
269,986
Methode
Electronics,
Inc.
...................
9,075
207,364
Sanmina
Corp.
(a)
.........................
9,710
527,059
TTM
Technologies,
Inc.
(a)
....................
26,484
341,114
Vishay
Intertechnology,
Inc.
..................
20,025
495,018
2,220,792
a
Security
Shares
Value
a
Energy
Equipment
&
Services
 — 0.8%
Bristow
Group,
Inc.
(a)
......................
10,585
$
298,179
ProPetro
Holding
Corp.
(a)
....................
28,176
299,511
597,690
a
Financial
Services
 — 1.8%
A-Mark
Precious
Metals,
Inc.
.................
10,150
297,700
NMI
Holdings,
Inc.,
Class
A
(a)
.................
19,034
515,631
Radian
Group,
Inc.
........................
17,267
433,574
Waterstone
Financial,
Inc.
...................
20,294
222,219
1,469,124
a
Food
Products
 — 0.7%
Hostess
Brands,
Inc.,
Class
A
(a)
...............
17,889
595,883
a
Ground
Transportation
 — 2.5%
Covenant
Logistics
Group,
Inc.,
Class
A
..........
18,230
799,385
Heartland
Express,
Inc.
.....................
27,895
409,778
Marten
Transport
Ltd.
......................
22,100
435,591
Werner
Enterprises,
Inc.
....................
9,573
372,868
2,017,622
a
Health
Care
Technology
 — 0.2%
Computer
Programs
and
Systems,
Inc.
(a)
.........
11,393
181,604
a
Hotel
&
Resort
REITs
 — 0.3%
Chatham
Lodging
Trust
.....................
28,462
272,381
a
Hotels,
Restaurants
&
Leisure
 — 1.0%
Bloomin'
Brands,
Inc.
......................
17,889
439,891
Brinker
International,
Inc.
(a)(b)
.................
10,285
324,903
764,794
a
Household
Durables
 — 5.1%
Century
Communities,
Inc.
..................
7,327
489,297
Ethan
Allen
Interiors,
Inc.
...................
15,055
450,144
GoPro,
Inc.,
Class
A
(a)
......................
46,013
144,481
KB
Home
..............................
12,121
560,960
M/I
Homes,
Inc.
(a)
.........................
8,850
743,754
Meritage
Homes
Corp.
.....................
4,954
606,320
Taylor
Morrison
Home
Corp.
(a)(b)
...............
14,419
614,394
Tri
Pointe
Homes,
Inc.
(a)
....................
19,546
534,583
4,143,933
a
Household
Products
 — 0.5%
Central
Garden
&
Pet
Co.,
Class
A,
NVS
(a)
........
9,625
385,866
a
Insurance
 — 3.5%
Argo
Group
International
Holdings,
Ltd.
..........
9,508
283,719
CNO
Financial
Group,
Inc.
...................
15,643
371,208
Employers
Holdings,
Inc.
....................
9,243
369,258
Horace
Mann
Educators
Corp.
................
9,314
273,645
ProAssurance
Corp.
.......................
14,094
266,236
Safety
Insurance
Group,
Inc.
.................
4,288
292,399
Selective
Insurance
Group,
Inc.
...............
4,392
453,122
Stewart
Information
Services
Corp.
.............
6,476
283,649
United
Fire
Group,
Inc.
.....................
12,632
249,482
2,842,718
a
Interactive
Media
&
Services
 — 0.3%
Ziff
Davis,
Inc.
(a)(b)
.........................
4,055
258,263
a
Leisure
Products
 — 1.1%
Funko,
Inc.,
Class
A
(a)(b)
.....................
22,753
174,060
MasterCraft
Boat
Holdings,
Inc.
(a)
..............
15,948
354,365
Vista
Outdoor,
Inc.
(a)(b)
......................
10,997
364,221
892,646
a
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
US
Small
Cap
Value
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
12
2023
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Machinery
 — 1.9%
Hillenbrand,
Inc.
.........................
8,886
$
375,967
Mueller
Industries,
Inc.
.....................
7,246
544,609
Terex
Corp.
.............................
11,006
634,166
1,554,742
a
Marine
Transportation
 — 1.3%
Eagle
Bulk
Shipping,
Inc.
...................
5,763
242,219
Genco
Shipping
&
Trading
Ltd.
................
16,617
232,472
Matson,
Inc.
............................
3,254
288,695
Safe
Bulkers,
Inc.
........................
82,456
267,157
1,030,543
a
Metals
&
Mining
 — 2.0%
Commercial
Metals
Co.
.....................
9,430
465,936
Schnitzer
Steel
Industries,
Inc.,
Class
A
..........
7,557
210,463
TimkenSteel
Corp.
(a)
.......................
17,938
389,613
Warrior
Met
Coal,
Inc.
......................
10,576
540,222
1,606,234
a
Multi-Utilities
 — 0.4%
Unitil
Corp.
.............................
7,869
336,085
a
Office
REITs
 — 0.1%
City
Office
REIT,
Inc.
......................
22,095
93,904
a
Oil,
Gas
&
Consumable
Fuels
 — 6.4%
Berry
Corp.
.............................
38,032
311,862
Chord
Energy
Corp.
.......................
5,463
885,388
CNX
Resources
Corp.
(a)(b)
...................
18,943
427,733
CVR
Energy,
Inc.
.........................
15,368
522,973
DHT
Holdings,
Inc.
........................
67,671
697,011
Dorian
LPG,
Ltd.
.........................
27,087
778,210
Matador
Resources
Co.
....................
7,408
440,628
Murphy
Oil
Corp.
.........................
9,717
440,666
Sitio
Royalties
Corp.,
Class
A
.................
14,558
352,449
World
Kinect
Corp.
........................
14,515
325,572
5,182,492
a
Paper
&
Forest
Products
 — 0.7%
Clearwater
Paper
Corp.
(a)
...................
14,002
507,573
Glatfelter
Corp.
(a)
.........................
31,449
62,898
570,471
a
Passenger
Airlines
 — 0.7%
SkyWest,
Inc.
(a)
..........................
13,604
570,552
a
Pharmaceuticals
 — 0.3%
Innoviva,
Inc.
(a)
..........................
20,284
263,489
a
Professional
Services
 — 0.6%
CRA
International,
Inc.
.....................
4,658
469,340
a
Real
Estate
Management
&
Development
 — 0.4%
Anywhere
Real
Estate,
Inc.
(a)(b)
................
25,031
160,950
Newmark
Group,
Inc.,
Class
A
................
24,654
158,525
319,475
a
Retail
REITs
 — 0.7%
Acadia
Realty
Trust
.......................
17,979
257,999
SITE
Centers
Corp.
.......................
23,488
289,607
547,606
a
Semiconductors
&
Semiconductor
Equipment
 — 2.4%
Alpha
&
Omega
Semiconductor
Ltd.
(a)
...........
7,182
214,311
Amkor
Technology,
Inc.
.....................
18,070
408,382
Cohu,
Inc.
(a)
............................
13,260
456,674
Kulicke
&
Soffa
Industries,
Inc.
................
7,006
340,702
Security
Shares
Value
a
Semiconductors
&
Semiconductor
Equipment
(continued)
Photronics,
Inc.
(a)
.........................
23,128
$
467,417
1,887,486
a
Software
 — 0.4%
Adeia,
Inc.
.............................
22,661
242,020
Xperi,
Inc.
(a)
.............................
9,064
89,371
331,391
a
Specialized
REITs
 — 0.4%
PotlatchDeltic
Corp.
.......................
7,443
337,838
a
Specialty
Retail
 — 5.3%
Arko
Corp.
.............................
43,131
308,387
Caleres,
Inc.
............................
20,305
583,972
Genesco,
Inc.
(a)
..........................
6,170
190,159
Group
1
Automotive,
Inc.
....................
2,339
628,513
Haverty
Furniture
Cos.,
Inc.
..................
14,314
411,957
MarineMax,
Inc.
(a)
.........................
9,749
319,962
ODP
Corp.
(The)
(a)
........................
8,564
395,229
Shoe
Carnival,
Inc.
........................
13,460
323,444
Signet
Jewelers
Ltd.
.......................
5,399
387,702
Urban
Outfitters,
Inc.
(a)(b)
....................
15,631
510,977
Zumiez,
Inc.
(a)
...........................
10,272
182,841
4,243,143
a
Textiles,
Apparel
&
Luxury
Goods
 — 1.0%
G-III
Apparel
Group
Ltd.
(a)
...................
14,510
361,589
Oxford
Industries,
Inc.
.....................
4,337
416,916
778,505
a
Trading
Companies
&
Distributors
 — 3.2%
Boise
Cascade
Co.
.......................
5,650
582,176
DXP
Enterprises,
Inc.
(a)
.....................
14,488
506,211
Herc
Holdings,
Inc.
........................
2,349
279,390
MRC
Global,
Inc.
(a)
........................
32,955
337,789
Rush
Enterprises,
Inc.,
Class
A
...............
11,564
472,158
Titan
Machinery,
Inc.
(a)
.....................
13,889
369,169
2,546,893
a
Total
Long-Term
Investments — 99.6%
(Cost:
$91,314,587)
.................................
80,293,464
a
Short-Term
Securities
Money
Market
Funds
 — 
3.9%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
5.54%
(c)(d)(e)
......................
2,271,110
2,272,018
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
5.31%
(c)(d)
............................
892,383
892,383
a
Total
Short-Term
Securities — 3.9%
(Cost:
$3,163,137)
..................................
3,164,401
Total
Investments
—
103.5%
(Cost:
$94,477,724)
.................................
83,457,865
Liabilities
in
Excess
of
Other
Assets
—
(3.5)%
...............
(2,858,329)
Net
Assets
—
100.0%
.................................
$
80,599,536
(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.
iShares
®
US
Small
Cap
Value
Factor
ETF
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
13
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
September
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
09/30/23
  Shares
Held
at
09/30/23
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
3,856,572
$
—
$
(1,584,955
)
(a)
$
519
$
(118
)
$
2,272,018
2,271,110
$
11,788
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
......
286,846
605,537
(a)
—
—
—
892,383
892,383
10,666
—
$
519
$
(118
)
$
3,164,401
$
22,454
$
—
(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.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Micro
E-Mini
Russell
2000
Index
...........................................................
20
12/15/23
$
180
$
(6,904
)
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)
08/19/26
$
9,946
$
(927
)
(c)
$
9,482
–
%
(d)
Monthly
HSBC
Bank
PLC
(e)
02/10/28
50,858
(1,565
)
(f
)
50,280
0.1
Monthly
JPMorgan
Chase
Bank
NA
(g)
02/08/24
47,981
(2,103
)
(h)
47,548
0.1
$
(4,595
)
$
107,310
(a)
The
Fund
receives
the
total
return
on
a
portfolio
of
long
positions
underlying
the
total
return
swap.
The
Fund
pays
the
total
return
on
a
portfolio
of
short
positions
underlying
the
total
return
swap.
In
addition,
the
Fund
pays
or
receives
a
variable
rate
of
interest,
based
on
a
specified
benchmark.
The
benchmark
and
spread
are
determined
based
upon
the
country
and/or
currency
of
the
individual
underlying
positions.
(c)
Amount
includes
$(463)
of
net
dividends,
payable
for
referenced
securities
and
financing
fees.
(d)
Rounds
to
less
than
0.1%.
(f)
Amount
includes
$(987)
of
net
dividends,
payable
for
referenced
securities
and
financing
fees.
(h)
Amount
includes
$(1,670)
of
net
dividends,
payable
for
referenced
securities
and
financing
fees.
The
following
are
the
specified
benchmarks
(plus
or
minus
a
range)
used
in
determining
the
variable
rate
of
interest:
(b)
(e)
(g)
Range:
40
basis
points
40
basis
points
40
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)
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
US
Small
Cap
Value
Factor
ETF
14
2023
iShares
Semi-Annual
Report
to
Shareholders
Balances
Reported
in
the
Statements
of
Assets
and
Liabilities
for
OTC
Derivatives
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
August
19,
2026
:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Common
Stocks
Banks
BankUnited,
Inc.
...................
75
$
1,702
17.9
%
CVB
Financial
Corp.
.................
124
2,055
21.7
Fulton
Financial
Corp.
................
132
1,599
16.9
Pacific
Premier
Bancorp,
Inc.
...........
28
609
6.4
Simmons
First
National
Corp.,
Class
A
....
46
780
8.2
Southside
Bancshares,
Inc.
............
28
804
8.5
Trustmark
Corp.
...................
33
717
7.6
WSFS
Financial
Corp.
...............
1
36
0.4
8,302
Financial
Services
Radian
Group,
Inc.
..................
47
1,180
12.4
a
Total
Reference
Entity
—
Long
9,482
Net
Value
of
Reference
Entity
—
Goldman
Sachs
Bank
USA
...................................
$
9,482
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,
2028
:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Common
Stocks
Banks
Atlantic
Union
Bankshares
Corp.
........
80
$
2,302
4.6
%
Banc
of
California,
Inc.
...............
112
1,386
2.8
Berkshire
Hills
Bancorp,
Inc.
...........
94
1,885
3.7
Cadence
Bank
....................
134
2,843
5.7
Central
Pacific
Financial
Corp.
..........
132
2,202
4.4
Eagle
Bancorp,
Inc.
.................
57
1,223
2.4
First
Bancorp
.....................
92
2,589
5.1
First
Financial
Bancorp
...............
105
2,058
4.1
Hope
Bancorp,
Inc.
.................
227
2,009
4.0
Provident
Financial
Services,
Inc.
........
165
2,523
5.0
Seacoast
Banking
Corp.
of
Florida
.......
108
2,372
4.7
TrustCo
Bank
Corp.
.................
34
928
1.8
Washington
Federal,
Inc.
..............
92
2,357
4.7
26,677
Shares
Value
%
of
Basket
Value
Financial
Services
Radian
Group,
Inc.
..................
358
$
8,989
17.9
%
a
Insurance
Employers
Holdings,
Inc.
..............
78
3,116
6.2
Horace
Mann
Educators
Corp.
..........
62
1,822
3.6
ProAssurance
Corp.
.................
357
6,744
13.4
Safety
Insurance
Group,
Inc.
...........
43
2,932
5.9
14,614
Total
Reference
Entity
—
Long
50,280
Net
Value
of
Reference
Entity
—
HSBC
Bank
PLC
....
$
50,280
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,
2024
:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Common
Stocks
Banks
Atlantic
Union
Bankshares
Corp.
........
164
$
4,720
9.9
%
Banc
of
California,
Inc.
...............
37
458
1.0
Berkshire
Hills
Bancorp,
Inc.
...........
117
2,346
4.9
Brookline
Bancorp,
Inc.
...............
88
802
1.7
Cadence
Bank
....................
173
3,671
7.7
Central
Pacific
Financial
Corp.
..........
27
450
1.0
Eagle
Bancorp,
Inc.
.................
94
2,016
4.2
First
Bancorp
.....................
123
3,461
7.3
Hanmi
Financial
Corp.
...............
28
454
1.0
National
Bank
Holdings
Corp.,
Class
A
....
30
893
1.9
Pacific
Premier
Bancorp,
Inc.
...........
60
1,306
2.8
Provident
Financial
Services,
Inc.
........
219
3,349
7.0
Renasant
Corp.
....................
155
4,060
8.5
Trustmark
Corp.
...................
3
65
0.1
Washington
Federal,
Inc.
..............
182
4,663
9.8
32,714
Insurance
Employers
Holdings,
Inc.
..............
247
9,868
20.8
Horace
Mann
Educators
Corp.
..........
7
205
0.4
ProAssurance
Corp.
.................
151
2,852
6.0
12,925
Retail
REITs
Acadia
Realty
Trust
.................
133
1,909
4.0
a
Total
Reference
Entity
—
Long
47,548
Net
Value
of
Reference
Entity
—
JPMorgan
Chase
Bank
NA
....................................
$
47,548
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
OTC
Swaps
................................................................
$
—
$
—
$
—
$
(4,595
)
iShares
®
US
Small
Cap
Value
Factor
ETF
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
15
Schedule
of
Investments
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: 
For
the period
ended
September
30,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements. 
Derivative
Financial
Instruments
–
Offsetting
as
of
Period
End
The
Fund’s
derivative
assets
and
liabilities
(by
type)
were
as
follows: 
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)
.............
$
—
$
—
$
6,904
$
—
$
—
$
—
$
6,904
Swaps
-
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
—
—
4,595
—
—
—
4,595
$
—
$
—
$
11,499
$
—
$
—
$
—
$
11,499
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(1,308
)
$
—
$
—
$
—
$
(1,308
)
Swaps
.........................................
—
—
3,143
—
—
—
3,143
$
—
$
—
$
1,835
$
—
$
—
$
—
$
1,835
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
(11,900
)
$
—
$
—
$
—
$
(11,900
)
Swaps
.........................................
—
—
(3,576
)
—
—
—
(3,576
)
$
—
$
—
$
(15,476
)
$
—
$
—
$
—
$
(15,476
)
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
194,634
Total
return
swaps
Average
notional
amount
...............................................................................................
$
210,619
a
Assets
Liabilities
Derivative
Financial
Instruments:
Futures
contracts
................................................................................
$
—
‌
$
1,050
‌
Swaps
—
OTC
(a)
................................................................................
—
‌
4,595
‌
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
........................................
$
—
‌
$
5,645
‌
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
(“MNA”)
.....................................
—
‌
(1,050
)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
........................................................
$
—
‌
$
4,595
‌
(a)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
(paid/received)
in
the
Statements
of
Assets
and
Liabilities.
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
US
Small
Cap
Value
Factor
ETF
16
2023
iShares
Semi-Annual
Report
to
Shareholders
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.
See
notes
to
financial
statements.
The
following
table
presents
the
Fund’s
derivative
assets
and
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
received
and
pledged
by
the
Fund:
a
a
a
a
a
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-Cash
Collateral
Pledged
(b)
Cash
Collateral
Pledged
(b)
Net
Amount
of
Derivative
Liabilities
(c)
Goldman
Sachs
Bank
USA
..............................
$
927
‌
$
–
‌
$
–
‌
$
–
‌
$
927
‌
HSBC
Bank
PLC
.....................................
1,565
‌
–
‌
–
‌
–
‌
1,565
‌
JPMorgan
Chase
Bank
NA
..............................
2,103
‌
–
‌
–
‌
–
‌
2,103
‌
$
4,595
‌
$
–
‌
$
–
‌
$
–
‌
$
4,595
‌
(a)
The
amount
of
derivatives
available
for
offset
is
limited
to
the
amount
of
derivatives
assets
and/or
liabilities
that
are
subject
to
an
MNA.
(b)
Excess
of
collateral
pledged
to
the
individual
counterparty
is
not
shown
for
financial
reporting
purposes.
(c)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
........................................
$
80,293,464
‌
$
—
‌
$
—
‌
$
80,293,464
‌
Short-Term
Securities
Money
Market
Funds
.....................................
3,164,401
‌
—
‌
—
‌
3,164,401
‌
$
83,457,865
‌
$
—
‌
$
—
‌
$
83,457,865
‌
Derivative
Financial
Instruments
(a)
Liabilities
Equity
Contracts
..........................................
$
(6,904
)
$
(4,595
)
$
—
‌
$
(11,499
)
a
(a)
Derivative
financial
instruments
are
swaps
and
futures
contracts.
Swaps
and
futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
17
Financial
Statements
Statements
of
Assets
and
Liabilities
(unaudited)
September
30,
2023
See
notes
to
financial
statements.
iShares
Focused
Value
Factor
ETF
iShares
US
Small
Cap
Value
Factor
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
....................................................................
$
17,562,279
‌
$
80,293,464
‌
Investments,
at
value
—
affiliated
(c)
.......................................................................
598,009
‌
3,164,401
‌
Cash
pledged:
Futures
contracts
.................................................................................
4,000
‌
14,000
‌
Receivables:
Securities
lending
income
—
affiliated
...................................................................
154
‌
596
‌
Dividends
—
unaffiliated
............................................................................
33,513
‌
87,097
‌
Dividends
—
affiliated
..............................................................................
262
‌
2,762
‌
Interest
—
unaffiliated
..............................................................................
4
‌
34
‌
Total
assets
......................................................................................
18,198,221
‌
83,562,354
‌
LIABILITIES
Bank
overdraft
.....................................................................................
745
‌
6,082
‌
Collateral
on
securities
loaned
..........................................................................
433,992
‌
2,271,144
‌
Payables:
Investments
purchased
.............................................................................
—
‌
69,962
‌
Income
dividend
distributions
.........................................................................
133,587
‌
596,297
‌
Investment
advisory
fees
............................................................................
3,733
‌
13,688
‌
Variation
margin
on
futures
contracts
....................................................................
299
‌
1,050
‌
Unrealized
depreciation
on:
OTC
swaps
.....................................................................................
—
‌
4,595
‌
Total
liabilities
.....................................................................................
572,356
‌
2,962,818
‌
Commitments
and
contingent
liabilities
NET
ASSETS
.....................................................................................
$
17,625,865
‌
$
80,599,536
‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.....................................................................................
$
23,311,056
‌
$
101,113,857
‌
Accumulated
loss
..................................................................................
(
5,685,191
)
(
20,514,321
)
NET
ASSETS
.....................................................................................
$
17,625,865
‌
$
80,599,536
‌
NET
ASSET
VALUE
Shares
outstanding
.................................................................................
350,000
‌
3,050,000
‌
Net
asset
value
....................................................................................
$
50.36
‌
$
26.43
‌
Shares
authorized
..................................................................................
Unlimited
Unlimited
Par
value
........................................................................................
None
None
(a)
Securities
loaned,
at
value
..........................................................................
$
421,194
‌
$
2,217,858
‌
(b)
Investments,
at
cost
—
unaffiliated
.....................................................................
$
18,266,107
‌
$
91,314,587
‌
(c)
Investments,
at
cost
—
affiliated
.......................................................................
$
597,954
‌
$
3,163,137
‌
18
2023
iShares
Semi-Annual
Report
to
Shareholders
Statements
of
Operations
(unaudited)
Six
Months
Ended
September
30,
2023
See
notes
to
financial
statements.
iShares
Focused
Value
Factor
ETF
iShares
US
Small
Cap
Value
Factor
ETF
INVESTMENT
INCOME
Dividends
—
unaffiliated
............................................................................
$
263,075
‌
$
1,106,982
‌
Dividends
—
affiliated
..............................................................................
1,154
‌
10,666
‌
Interest
—
unaffiliated
..............................................................................
116
‌
680
‌
Securities
lending
income
—
affiliated
—
net
...............................................................
579
‌
11,788
‌
Foreign
taxes
withheld
.............................................................................
(
303
)
(
1,469
)
Total
investment
income
..............................................................................
264,621
‌
1,128,647
‌
EXPENSES
Investment
advisory
...............................................................................
23,515
‌
104,679
‌
Total
expenses
....................................................................................
23,515
‌
104,679
‌
Less:
—
‌
(
20,456
)
Investment
advisory
fees
waived
.......................................................................
—
‌
(
20,456
)
Total
expenses
after
fees
waived
........................................................................
23,515
‌
84,223
‌
Net
investment
income
...............................................................................
241,106
‌
1,044,424
‌
—
‌
—
‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.........................................................................
207,424
‌
(
1,973,479
)
Investments
—
affiliated
...........................................................................
108
‌
519
‌
Futures
contracts
...............................................................................
3,423
‌
(
1,308
)
In-kind
redemptions
—
unaffiliated
(a)
...................................................................
(
5,656
)
(
994,584
)
Swaps  
......................................................................................
—
‌
3,143
‌
205,299
‌
(
2,965,709
)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.........................................................................
(
265,574
)
1,727,608
‌
Investments
—
affiliated
...........................................................................
55
‌
(
118
)
Futures
contracts
...............................................................................
(
4,348
)
(
11,900
)
Swaps  
......................................................................................
—
‌
(
3,576
)
(
269,867
)
1,712,014
‌
Net
realized
and
unrealized
loss
.........................................................................
(
64,568
)
(
1,253,695
)
NET
INCREASE
(DECREASE)
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.....................................
$
176,538
‌
$
(
209,271
)
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
19
Financial
Statements
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
iShares
Focused
Value
Factor
ETF
iShares
US
Small
Cap
Value
Factor
ETF
Six
Months
Ended
09/30/23
(unaudited)
Year
Ended
03/31/23
Six
Months
Ended
09/30/23
(unaudited)
Year
Ended
03/31/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
241,106
‌
$
718,331
‌
$
1,044,424
‌
$
3,236,064
‌
Net
realized
gain
(loss)
.........................................
205,299
‌
(
3,887,014
)
(
2,965,709
)
(
2,533,049
)
Net
change
in
unrealized
appreciation
(depreciation)
.....................
(
269,867
)
(
326,217
)
1,712,014
‌
(
16,723,433
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
176,538
‌
(
3,494,900
)
(
209,271
)
(
16,020,418
)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
235,205
)
(
726,394
)
(
997,948
)
(
3,151,456
)
CAPITAL
SHARE
TRANSACTIONS
Net
decrease
in
net
assets
derived
from
capital
share
transactions
..............
(
2,469,647
)
(
10,720,408
)
(
15,323,581
)
(
63,196,281
)
NET
ASSETS
Total
decrease
in
net
assets
.......................................
(
2,528,314
)
(
14,941,702
)
(
16,530,800
)
(
82,368,155
)
Beginning
of
period
.............................................
20,154,179
‌
35,095,881
‌
97,130,336
‌
179,498,491
‌
End
of
period
.................................................
$
17,625,865
‌
$
20,154,179
‌
$
80,599,536
‌
$
97,130,336
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
20
2023
iShares
Semi-Annual
Report
to
Shareholders
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
Focused
Value
Factor
ETF
Six
Months
Ended
09/30/23
(unaudited)
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Period
From
03/19/19
(a)
to
03/31/19
Net
asset
value,
beginning
of
period
.....
$
50.39
‌
$
58.49
‌
$
53.34
‌
$
30.23
‌
$
48.63
‌
$
49.43
‌
Net
investment
income
(b)
.............
0
.67
‌
1
.54
‌
1
.71
‌
1
.23
‌
1
.33
‌
0
.04
‌
Net
realized
and
unrealized
gain
(loss)
(c)
...
(
0
.03
)
(
8
.03
)
5
.25
‌
23.04
‌
(
18.31
)
(
0
.84
)
Net
increase
(decrease)
from
investment
operations
.......................
0
.64
‌
(
6
.49
)
6
.96
‌
24.27
‌
(
16.98
)
(
0
.80
)
Distributions
from
net
investment
income
(d)
...
(
0
.67
)
(
1
.61
)
(
1
.81
)
(
1
.16
)
(
1
.42
)
—
‌
Net
asset
value,
end
of
period
..........
$
50.36
‌
$
50.39
‌
$
58.49
‌
$
53.34
‌
$
30.23
‌
$
48.63
‌
Total
Return
(e)
–
–
–
–
–
–
Based
on
net
asset
value
..............
1
.27
%
(f)
(
11.02
)
%
13.20
%
81.85
%
(
35.71
)
%
(
1
.62
)
%
(f)
Ratios
to
Average
Net
Assets
(g)
–
–
–
–
–
–
Total
expenses
.....................
0
.25
%
(h)
0
.25
%
0
.25
%
0
.25
%
0
.25
%
0
.25
%
(h)
Net
investment
income
................
2
.56
%
(h)
2
.94
%
3
.01
%
3
.20
%
2
.76
%
2
.36
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
..........
$
17,626
‌
$
20,154
‌
$
35,096
‌
$
40,003
‌
$
18,141
‌
$
31,607
‌
Portfolio
turnover
rate
(i)
................
74
%
133
%
138
%
70
%
149
%
0
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions.
21
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
US
Small
Cap
Value
Factor
ETF
Six
Months
Ended
09/30/23
(unaudited)
Year
Ended
03/31/23
Year
Ended
03/31/22
Period
From
10/27/20
(a)
to
03/31/21
Net
asset
value,
beginning
of
period
......................................
$
26.61
‌
$
30.68
‌
$
30.56
‌
$
19.56
‌
Net
investment
income
(b)
..............................................
0
.33
‌
0
.68
‌
0
.57
‌
0
.20
‌
Net
realized
and
unrealized
gain
(loss)
(c)
....................................
(
0
.18
)
(
4
.03
)
0
.28
‌
10.94
‌
Net
increase
(decrease)
from
investment
operations
.............................
0
.15
‌
(
3
.35
)
0
.85
‌
11.14
‌
Distributions
from
net
investment
income
(d)
....................................
(
0
.33
)
(
0
.72
)
(
0
.73
)
(
0
.14
)
Net
asset
value,
end
of
period
...........................................
$
26.43
‌
$
26.61
‌
$
30.68
‌
$
30.56
‌
Total
Return
(e)
–
–
–
–
Based
on
net
asset
value
...............................................
0
.53
%
(f)
(
10.95
)
%
2
.79
%
57.05
%
(f)
Ratios
to
Average
Net
Assets
(g)
–
–
–
–
Total
expenses
......................................................
0
.25
%
(h)
0
.30
%
0
.30
%
0
.30
%
(h)
Total
expenses
after
fees
waived
..........................................
0
.20
%
(h)
0
.20
%
0
.20
%
0
.20
%
(h)
Net
investment
income
.................................................
2
.47
%
(h)
2
.39
%
1
.84
%
1
.74
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
...........................................
$
80,600
‌
$
97,130
‌
$
179,498
‌
$
113,060
‌
Portfolio
turnover
rate
(i)
.................................................
2
%
71
%
13
%
14
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions.
Notes
to
Financial
Statements
(unaudited)
22
2023
iShares
Semi-Annual
Report
to
Shareholders
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. Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis.
Foreign
Taxes:
The
Funds
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
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,
2023,
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. 
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.
iShares
ETF
Diversification
Classification
Focused
Value
Factor
..................................................................................................
Diversified
US
Small
Cap
Value
Factor
..............................................................................................
Diversified
Notes
to
Financial
Statements
(unaudited)
(
continued)
23
Notes
to
Financial
Statements
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of each
Fund’s
assets
and
liabilities:
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s
official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
are
valued
at
the
last
traded
price.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds)
are
valued
at
that
day’s
published
NAV.
Futures
contracts
are
valued
based
on
that
day’s
last
reported
settlement
or
trade
price
on
the
exchange
where
the
contract
is
traded.
Swap
agreements
are
valued
utilizing
quotes
received
daily
by
independent
pricing
services
or
through
brokers,
which
are
derived
using
daily
swap
curves
and
models
that
incorporate
a
number
of
market
data
factors,
such
as
discounted
cash
flows,
trades
and
values
of
the
underlying
reference
instruments.
If
events
(e.g.,
market
volatility,
company
announcement
or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that
application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Valuation
Committee,
in
accordance
with BFA’s
policies
and
procedures
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Valuation
Committee
include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Valuation
Committee
seeks
to
determine
the
price
that each
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
Fair
value
pricing
could
result
in
a
difference
between
the
prices
used
to
calculate
a
fund’s
NAV
and
the
prices
used
by
the
fund’s
underlying
index,
which
in
turn
could
result
in
a
difference
between
the
fund’s
performance
and
the
performance
of
the
fund’s
underlying
index.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
–
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that each
Fund
has
the
ability
to
access;
Level
2
–
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market-corroborated
inputs);
and
Level
3
–
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available,
(including
the
Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
4.
Securities
and
Other
Investments
Securities
Lending:
Each
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
an
approved
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
government.
The
initial
collateral
received
by
each
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
market
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of
the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund
or
excess
collateral
is
returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
each
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
in
money
market
funds
managed
by
BFA,
or
its
affiliates
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
also
disclosed
in
each
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
any
related
cash
collateral
are
disclosed
in
the Statements
of
Assets
and
Liabilities.
Securities
lending
transactions
are
entered
into
by
the
Funds
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”)
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency)
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Funds,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the
Funds
can
reinvest
cash
collateral
received
in
Notes
to
Financial
Statements
(unaudited)
(continued)
24
2023
iShares
Semi-Annual
Report
to
Shareholders
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
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:
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
US
Small
Cap
Value
Factor
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).
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
Focused
Value
Factor
J.P.
Morgan
Securities
LLC
.....................................
$
421,194
‌
$
(
421,194
)
$
—
‌
$
—
‌
$
421,194
‌
$
(
421,194
)
$
—
‌
$
—
‌
a
US
Small
Cap
Value
Factor
Barclays
Bank
PLC
...........................................
615,848
‌
(
615,848
)
—
‌
—
‌
BNP
Paribas
SA
.............................................
167,446
‌
(
167,446
)
—
‌
—
‌
BofA
Securities,
Inc.
..........................................
98,003
‌
(
98,003
)
—
‌
—
‌
Goldman
Sachs
&
Co.
LLC
.....................................
195,314
‌
(
195,314
)
—
‌
—
‌
Jefferies
LLC
...............................................
196,140
‌
(
196,140
)
—
‌
—
‌
Morgan
Stanley
.............................................
20,972
‌
(
20,972
)
—
‌
—
‌
National
Financial
Services
LLC
..................................
308,855
‌
(
308,855
)
—
‌
—
‌
RBC
Capital
Markets
LLC
......................................
382
‌
(
382
)
—
‌
—
‌
Scotia
Capital
(USA),
Inc.
......................................
423,443
‌
(
423,443
)
—
‌
—
‌
State
Street
Bank
&
Trust
Co.
....................................
19,714
‌
(
19,714
)
—
‌
—
‌
Toronto-Dominion
Bank
........................................
9,645
‌
(
9,645
)
—
‌
—
‌
Virtu
Americas
LLC
...........................................
162,096
‌
(
162,096
)
—
‌
—
‌
$
2,217,858
‌
$
(
2,217,858
)
$
—
‌
$
—
‌
a
(a)
Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
each
Fund
is
disclosed
in
the
Funds’
Statements
of
Assets
and
Liabilities.
Notes
to
Financial
Statements
(unaudited)
(
continued)
25
Notes
to
Financial
Statements
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
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
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:
Expense
Waivers:
Prior
to
June
30,
2023,
BFA
had
contractually
agreed
to
waive
a
portion
of
its
management
fee
such
that
iShares
US
Small
Cap
Value
Factor
ETF’s
total
annual
fund
operating
expenses
after
the
fee
waiver
would
not
exceed
0.20%.
The
contractual
waiver
was
terminated
as
of
June
30,
2023,
by
written
agreement
of
the
Trust
and
BFA.
iShares
ETF
Investment
Advisory
Fees
Focused
Value
Factor
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
.
0.25%
US
Small
Cap
Value
Factor
.
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.
.
0.20
Notes
to
Financial
Statements
(unaudited)
(continued)
26
2023
iShares
Semi-Annual
Report
to
Shareholders
This
amount
is
included
in
investment
advisory
fees
waived
in
the
Statements
of
Operations.
For
the six
months
ended
September
30,
2023,
the
amounts
waived
in
investment
advisory
fees
pursuant
to
this
arrangement
were
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.
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,
2023
,
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,
2023
,
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.
7.
Purchases
and
Sales
For
the six
months
ended
September
30,
2023
,
purchases
and
sales
of
investments,
excluding
short-term
securities
and
in-kind
transactions,
were
as
follows:
iShares
ETF
Amounts
Waived
US
Small
Cap
Value
Factor
.............................................................................................................................................
$
20,456
‌
iShares
ETF
Amounts
Focused
Value
Factor
.................................................................................................
$
234
‌
US
Small
Cap
Value
Factor
.............................................................................................
3,421
‌
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
Focused
Value
Factor
.............................................................
$
1,379,654
‌
$
1,726,093
‌
$
26,188
‌
US
Small
Cap
Value
Factor
.........................................................
33,940
‌
143,731
‌
(
241,868
)
iShares
ETF
Purchases
Sales
Focused
Value
Factor
...............................................................................
$
13,990,105
‌
$
14,367,569
‌
US
Small
Cap
Value
Factor
...........................................................................
2,005,214
‌
4,976,361
‌
Notes
to
Financial
Statements
(unaudited)
(
continued)
27
Notes
to
Financial
Statements
For
the six
months ended
September
30,
2023
,
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,
2023,
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,
2023,
the
Funds
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
and
qualified
late-year
losses
as
follows:
As
of
September
30,
2023,
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.
Infectious
Illness
Risk:
An
outbreak
of
an
infectious
illness,
such
as
the
COVID-19
pandemic,
may
adversely
impact
the
economies
of
many
nations
and
the
global
economy
and
may
impact
individual
issuers
and
capital
markets
in
ways
that
cannot
be
foreseen.
An
infectious
illness
outbreak
may
result
in,
among
other
things,
closed
international
borders,
prolonged
quarantines,
supply
chain
disruptions,
market
volatility
or
disruptions
and
other
significant
economic,
social
and
political
impacts.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries.
A
fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that
a
fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment.
A
fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that
it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
a
fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of
a
fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which
a
fund
invests. 
Counterparty
Credit
Risk:
The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
BFA
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
iShares
ETF
In-kind
Purchases
In-kind
Sales
Focused
Value
Factor
...............................................................................
$
—
‌
$
2,308,953
‌
US
Small
Cap
Value
Factor
...........................................................................
4,393,602
‌
16,858,510
‌
iShares
ETF
Non-Expiring
Capital
Loss
Carryforwards
Qualified
Late-Year
Ordinary
Losses
Focused
Value
Factor
...............................................................................
$
5,139,862
‌
$
—
‌
US
Small
Cap
Value
Factor
...........................................................................
6,226,922
‌
26,369
‌
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Focused
Value
Factor
...........................................
$
18,926,521
‌
$
747,599
‌
$
(
1,515,726
)
$
(
768,127
)
US
Small
Cap
Value
Factor
.......................................
94,784,186
‌
7,047,722
‌
(
18,385,542
)
(
11,337,820
)
Notes
to
Financial
Statements
(unaudited)
(continued)
28
2023
iShares
Semi-Annual
Report
to
Shareholders
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.
Geographic/Asset
Class
Risk:
A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments.
The
Funds
invest
a
significant
portion
of
their
assets
in securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the
Funds
invest.
The Funds
invest
a
significant
portion
of
their
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
Fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
fund’s
portfolio.
Investment
percentages
in
specific
sectors
are
presented
in
the
Schedule
of
Investments. 
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
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
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.
Six
Months
Ended
09/30/23
Year
Ended
03/31/23
iShares
ETF
Shares
Amount
Shares
Amount
Focused
Value
Factor
Shares
sold
...............................................
—
‌
$
—
‌
50,000
‌
$
2,482,133
‌
Shares
redeemed
...........................................
(
50,000
)
(
2,469,647
)
(
250,000
)
(
13,202,541
)
(
50,000
)
$
(
2,469,647
)
(
200,000
)
$
(
10,720,408
)
US
Small
Cap
Value
Factor
Shares
sold
...............................................
200,000
‌
$
5,373,660
‌
600,000
‌
$
16,584,672
‌
Shares
redeemed
...........................................
(
800,000
)
(
20,697,241
)
(
2,800,000
)
(
79,780,953
)
(
600,000
)
$
(
15,323,581
)
(
2,200,000
)
$
(
63,196,281
)
Notes
to
Financial
Statements
(unaudited)
(
continued)
29
Notes
to
Financial
Statements
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
30
2023
iShares
Semi-Annual
Report
to
Shareholders
iShares
Focused
Value
Factor
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
the
approval
of
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
2,
2023
and
May
15,
2023,
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
7-8,
2023,
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
other
fund(s)
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
any
waivers
and
reimbursements)
for
the
Fund
were
lower
than
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
any
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,
2022,
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
ongoing
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,
including
related
programs
implemented
pursuant
to
regulatory
requirements.
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
2,
2023
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program
and
other
compliance
programs
and
services.
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
Board
Review
and
Approval
of
Investment
Advisory
Contract
(
continued)
31
Board
Review
and
Approval
of
Investment
Advisory
Contract
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
(as
discussed
above),
including
BFA’s
and
its
affiliates’
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
variable
costs
may
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
relatively
low
fee
rates
established
at
inception,
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business
and
the
provision
of
improved
or
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
did
not
provide
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund
increase.
However,
the
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates
:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts.
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
noted
that
BFA
and
its
affiliates
do
not
manage
Other
Accounts
with
substantially
the
same
investment
objective
and
strategy
as
the
Fund
and
that
track
the
same
index
as
the
Fund.
The
Board
also
acknowledged
management’s
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates
:
The
Board
reviewed
other
benefits
or
ancillary
revenue
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
provided
to
the
Fund
by
BFA,
both
direct
and
indirect,
including,
but
not
limited
to,
payment
of
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
for
loaning
portfolio
securities,
as
applicable
(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
further
considered
other
direct
benefits
that
might
accrue
to
BFA,
including
the
potential
for
reduction
in
the
Fund’s
expenses
that
are
borne
by
BFA
under
the
“all-inclusive”
management
fee
arrangement,
due
in
part
to
the
size
and
scope
of
BFA’s
investment
operations
servicing
the
Fund
(and
other
funds
in
the
iShares
complex)
as
well
as
in
response
to
a
changing
market
environment.
The
Board
also
reviewed
and
considered
information
provided
by
BFA
concerning
authorized
participant
primary
market
order
processing
services
that
are
provided
by
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
and
paid
for
by
authorized
participants
under
the
ETF
Servicing
Platform.
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
US
Small
Cap
Value
Factor
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
the
approval
of
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
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
32
2023
iShares
Semi-Annual
Report
to
Shareholders
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
2,
2023
and
May
15,
2023,
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
7-8,
2023,
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
other
fund(s)
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
any
waivers
and
reimbursements)
for
the
Fund
were
lower
than
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
any
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,
2022,
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
ongoing
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,
including
related
programs
implemented
pursuant
to
regulatory
requirements.
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
2,
2023
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program
and
other
compliance
programs
and
services.
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.
Board
Review
and
Approval
of
Investment
Advisory
Contract
(
continued)
33
Board
Review
and
Approval
of
Investment
Advisory
Contract
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
(as
discussed
above),
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
any
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund
increase.
However,
the
Board
noted
that
during
the
June
7-8,
2023
meeting,
the
Board
approved
a
permanent
reduction
to
the
advisory
fee
rate
charged
to
the
Fund.
In
addition,
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,
as
applicable
(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
further
considered
other
direct
benefits
that
might
accrue
to
BFA,
including
the
potential
for
reduction
in
the
Fund’s
expenses
that
are
borne
by
BFA
under
the
“all-inclusive”
management
fee
arrangement,
due
in
part
to
the
size
and
scope
of
BFA’s
investment
operations
servicing
the
Fund
(and
other
funds
in
the
iShares
complex)
as
well
as
in
response
to
a
changing
market
environment.
The
Board
also
reviewed
and
considered
information
provided
by
BFA
concerning
authorized
participant
primary
market
order
processing
services
that
are
provided
by
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
and
paid
for
by
authorized
participants
under
the
ETF
Servicing
Platform.
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)
34
2023
iShares
Semi-Annual
Report
to
Shareholders
Tailored
Shareholder
Reports
for
Open-End
Mutual
Funds
and
ETFs 
Effective
January
24,
2023,
the
SEC adopted
rule
and
form
amendments
to
require
open-end
mutual
funds
and
ETFs
to
transmit
concise
and
visually
engaging
streamlined
annual
and
semiannual
reports
to
shareholders
that
highlight
key
information.
Other
information,
including
financial
statements,
will
no
longer
appear
in
a
streamlined
shareholder
report
but
must
be
available
online,
delivered
free
of
charge
upon
request,
and
filed
on
a
semiannual
basis
on
Form
N-CSR.
The
rule
and
form
amendments
have
a
compliance
date
of
July
24,
2024.
At
this
time,
management
is
evaluating
the
impact
of
these
amendments
on
the
shareholder
reports
for
the
Funds.
General
Information
35
General
Information
Electronic
Delivery
Shareholders
can
sign
up
for
e-mail
notifications
announcing
that
the
shareholder
report
or
prospectus
has
been
posted
on
the
iShares
website
at
iShares.com
.
Once
you
have
enrolled,
you
will
no
longer
receive
prospectuses
and
shareholder
reports
in
the
mail.
To
enroll
in
electronic
delivery:
Go
to
icsdelivery.com
.
If
your
brokerage
firm
is
not
listed,
electronic
delivery
may
not
be
available.
Please
contact
your
broker-dealer
or
financial
advisor.
Householding
Householding
is
an
option
available
to
certain
fund
investors.
Householding
is
a
method
of
delivery,
based
on
the
preference
of
the
individual
investor,
in
which
a
single
copy
of
certain
shareholder
documents
and
Rule
30e-3
notices
can
be
delivered
to
investors
who
share
the
same
address,
even
if
their
accounts
are
registered
under
different
names.
Please
contact
your
broker-dealer
if
you
are
interested
in
enrolling
in
householding
and
receiving
a
single
copy
of
prospectuses
and
other
shareholder
documents,
or
if
you
are
currently
enrolled
in
householding
and
wish
to
change
your
householding
status.
Availability
of
Quarterly
Schedule
of
Investments
The
Funds
file
their
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
their
reports
on
Form
N-PORT.
The
Funds’
Forms
N-PORT
are
available
on
the
SEC’s
website
at
sec.gov
.
Additionally,
each
Fund
makes
its
portfolio
holdings
for
the
first
and
third
quarters
of
each
fiscal
year
available
at
iShares.com/fundreports
.
Availability
of
Proxy
Voting
Policies
and
Proxy
Voting
Records
A
description
of
the
policies
and
procedures
that
the
iShares
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
iShares
Funds
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
twelve-month
period
ending
June
30
is
available
without
charge,
upon
request
(1)
by
calling
toll-free
1-800-474-2737;
(2)
on
the
iShares
website
at
iShares.com
;
and
(3)
on
the
SEC
website
at
sec.gov
.
A
description
of
the Trust’s
policies
and
procedures
with
respect
to
the
disclosure
of
the
Fund’s
portfolio
securities
is
available
in
the
Fund
Prospectus.
The
Fund
discloses
its
portfolio
holdings
daily
and
provides
information
regarding
its
top
holdings
in
Fund
fact
sheets
at
iShares.com
.
Glossary
of
Terms
Used
in
this
Report
36
2023
iShares
Semi-Annual
Report
to
Shareholders
Portfolio
Abbreviation
NVS
Non-Voting
Shares
REIT
Real
Estate
Investment
Trust
iS-SAR-320-0923
Want
to
know
more?
iShares.com
|
1-800-474-2737
This
report
is
intended
for
the
Funds’
shareholders.
It
may
not
be
distributed
to
prospective
investors
unless
it
is
preceded
or
accompanied
by
the
current
prospectus.
Investing
involves
risk,
including
possible
loss
of
principal.
The
iShares
Funds
are
distributed
by
BlackRock
Investments,
LLC
(together
with
its
affiliates,
“BlackRock”).
The
iShares
Funds
are
not
sponsored,
endorsed,
issued,
sold
or
promoted
by
FTSE
Russell,
nor
does
this
company
make
any
representation
regarding
the
advisability
of
investing
in
the
iShares
Funds.
BlackRock
is
not
affiliated
with
the
company
listed
above.
©2023
BlackRock,
Inc.
All
rights
reserved.
iSHARES
and
BLACKROCK
are
registered
trademarks
of
BlackRock,
Inc.
or
its
subsidiaries.
All
other
marks
are
the
property
of
their
respective
owners.