iShares Trust


		OCTOBER 31, 2022

2022 Semi-Annual Report

(Unaudited)

iShares Trust

iShares Core Dividend ETF | DIVB | Cboe BZX

iShares Core Dividend Growth ETF | DGRO | NYSE Arca

iShares Core High Dividend ETF | HDV | NYSE Arca

iShares Select Dividend ETF | DVY | NASDAQ

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period as of October 31, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks as inflation decreased the value of future cash flows and investors shifted focus to balance sheet resilience. Both large- and small-capitalization U.S. stocks fell, although declines for small-capitalization U.S. stocks were slightly steeper. Emerging market stocks and international equities from developed markets also declined significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

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

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

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

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of October 31, 2022

	6-Month			12-Month

U.S. large cap equities (S&P 500^® Index)		(5.50	)%		(14.61	)%

U.S. small cap equities (Russell 2000^® Index)		(0.20	)		(18.54	)

International equities (MSCI Europe, Australasia, Far East Index)		(12.70	)		(23.00	)

Emerging market equities (MSCI Emerging Markets Index)		(19.66	)		(13.03	)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.72			0.79

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(8.24	)		(17.68	)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(6.86	)		(15.68	)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(4.43	)		(11.98	)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(4.71	)		(11.76	)

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


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

Table of Contents


	Page

The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		8
Disclosure of Expenses		8
Schedules of Investments		9
Financial Statements:
Statements of Assets and Liabilities		28
Statements of Operations		29
Statements of Changes in Net Assets		30
Financial Highlights		32
Notes to Financial Statements		36
Board Review and Approval of Investment Advisory Contract		43
Supplemental Information		47
General Information		48
Glossary of Terms Used in this Report		49


		3


Fund Summary as of October 31, 2022		iShares^® Core Dividend ETF

Investment Objective

The iShares Core Dividend ETF (the “Fund”) (formerly the iShares U.S. Dividend and Buyback ETF) seeks to track the investment results of an index composed of U.S. stocks with a history of dividend payments and/or share buybacks, as represented by the Morningstar^® US Dividend and Buyback Index^SM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns						Cumulative Total Returns
	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(4.20	)%		(8.51	)%		10.61	%		(8.51	)%		65.27	%
Fund Market		(4.14	)		(8.50	)		10.62			(8.50	)		65.33
Index		(4.08	)		(8.28	)		10.91			(8.28	)		67.46

The inception date of the Fund was November 7, 2017. The first day of secondary market trading was November 9, 2017.

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


Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	958.00	$	1.20		$	1,000.00	$	1,023.98	$	1.22		0.24	%

^(a)

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

Portfolio Information


SECTOR ALLOCATION
Sector	Percent of Total Investments	^(a)
Information Technology	22.9	%
Financials	19.4
Health Care	12.6
Consumer Discretionary	8.9
Communication Services	8.7
Industrials	8.1
Consumer Staples	7.4
Energy	6.3
Materials	3.0
Utilities	1.6
Real Estate	1.1

^(a)	Excludes money market funds.


TEN LARGEST HOLDINGS
Security	Percent of Total Investments	^(a)
Apple Inc.	4.9	%
Microsoft Corp.	3.6
JPMorgan Chase & Co.	2.1
Berkshire Hathaway, Inc., Class B	1.8
Exxon Mobil Corp.	1.8
Bank of America Corp.	1.7
Alphabet, Inc., Class A	1.7
Procter & Gamble Co.	1.6
Meta Platforms, Inc., Class A	1.6
Alphabet, Inc., Class C, NVS	1.6


4		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of October 31, 2022		iShares^® Core Dividend Growth ETF

Investment Objective

The iShares Core Dividend Growth ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities with a history of consistently growing dividends, as represented by the Morningstar^® U.S. Dividend Growth Index^SM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(1.97	)%		(5.68	)%		10.71	%		10.90	%		(5.68	)%		66.34	%		138.22	%
Fund Market		(1.93	)		(5.64	)		10.72			10.90			(5.64	)		66.38			138.35
Index		(1.91	)		(5.56	)		10.81			10.97			(5.56	)		67.07			139.50

The inception date of the Fund was June 10, 2014. The first day of secondary market trading was June 12, 2014.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	980.30	$	0.40		$	1,000.00	$	1,024.80	$	0.41		0.08	%

^(a)

Portfolio Information


SECTOR ALLOCATION
Sector	Percent of Total Investments	^(a)
Financials	20.7	%
Information Technology	19.3
Health Care	17.7
Industrials	13.4
Consumer Staples	11.3
Consumer Discretionary	7.5
Utilities	4.2
Materials	2.9
Communication Services	1.6
Energy	1.4

^(a)	Excludes money market funds.


TEN LARGEST HOLDINGS
Security	Percent of Total Investments	^(a)
JPMorgan Chase & Co.	2.9	%
Johnson & Johnson	2.9
Apple Inc.	2.8
Microsoft Corp.	2.7
Pfizer, Inc.	2.6
Procter & Gamble Co.	2.5
Merck & Co., Inc.	2.3
Home Depot, Inc.	2.3
PepsiCo, Inc.	1.9
Coca-Cola Co.	1.9


F U N D S U M M A R Y		5


Fund Summary as of October 31, 2022		iShares^® Core High Dividend ETF

Investment Objective

The iShares Core High Dividend ETF (the “Fund”) seeks to track the investment results of an index composed of relatively high dividend paying U.S. equities, as represented by the Morningstar^® Dividend Yield Focus Index^SM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		1.18	%		8.56	%		7.66	%		9.33	%		8.56	%		44.65	%		144.01	%
Fund Market		1.24			8.60			7.67			9.33			8.60			44.72			143.98
Index		1.22			8.65			7.75			9.48			8.65			45.24			147.41

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,011.80	$	0.41		$	1,000.00	$	1,024.80	$	0.41		0.08	%

^(a)

Portfolio Information


SECTOR ALLOCATION
Sector	Percent of Total Investments	^(a)
Energy	28.1	%
Health Care	21.5
Information Technology	11.9
Consumer Staples	10.8
Utilities	7.4
Financials	7.2
Communication Services	5.9
Industrials	5.2
Consumer Discretionary	1.4
Materials	0.6

^(a)	Excludes money market funds.


TEN LARGEST HOLDINGS
Security	Percent of Total Investments	^(a)
Exxon Mobil Corp.	10.3	%
Chevron Corp.	7.7
AbbVie, Inc.	6.2
Verizon Communications, Inc.	5.7
Merck & Co., Inc.	4.8
Philip Morris International, Inc.	4.4
Pioneer Natural Resources Co.	4.3
Coca-Cola Co.	3.9
International Business Machines Corp.	3.8
Cisco Systems, Inc.	3.7


6		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of October 31, 2022		iShares^® Select Dividend ETF

Investment Objective

The iShares Select Dividend ETF (the “Fund”) seeks to track the investment results of an index composed of relatively high dividend paying U.S. equities, as represented by the Dow Jones U.S. Select Dividend Index^™ (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(2.52	)%		3.47	%		8.32	%		11.14	%		3.47	%		49.14	%		187.53	%
Fund Market		(2.51	)		3.48			8.33			11.14			3.48			49.18			187.64
Index		(2.34	)		3.87			8.75			11.57			3.87			52.09			198.89

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	974.80	$	1.90		$	1,000.00	$	1,023.28	$	1.94		0.38	%

^(a)

Portfolio Information


SECTOR ALLOCATION
Sector	Percent of Total Investments	^(a)
Utilities	25.6	%
Financials	21.9
Consumer Staples	10.5
Energy	9.7
Materials	6.5
Consumer Discretionary	5.5
Communication Services	5.5
Health Care	5.2
Industrials	4.8
Information Technology	4.8

^(a)	Excludes money market funds.


TEN LARGEST HOLDINGS
Security	Percent of Total Investments	^(a)
Valero Energy Corp.	2.5	%
Gilead Sciences, Inc.	2.3
Altria Group, Inc.	2.3
Exxon Mobil Corp.	2.2
International Business Machines Corp.	2.1
ONEOK, Inc.	1.9
Philip Morris International, Inc.	1.8
Principal Financial Group, Inc.	1.8
Merck & Co., Inc.	1.7
Marathon Petroleum Corp.	1.6


F U N D S U M M A R Y		7


About Fund Performance

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


8		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

October 31, 2022

iShares^® Core Dividend ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 2.0%
General Dynamics Corp.		2,116	$	528,577
L3Harris Technologies, Inc.		3,331		820,992
Lockheed Martin Corp.		2,688		1,308,196
Northrop Grumman Corp.		1,251		686,811
Raytheon Technologies Corp.		12,081		1,145,520
Textron, Inc.		2,420		165,625


				4,655,721
Air Freight & Logistics — 0.5%
CH Robinson Worldwide, Inc.		1,572		153,616
FedEx Corp.		1,686		270,232
United Parcel Service, Inc., Class B		4,859		815,194


				1,239,042
Automobiles — 0.1%
Ford Motor Co.		23,227		310,545


Banks — 7.4%
Bank of America Corp.		113,551		4,092,378
Citigroup, Inc.		39,091		1,792,713
Citizens Financial Group, Inc.		5,198		212,598
Comerica, Inc.		1,767		124,574
Fifth Third Bancorp		9,076		323,923
Huntington Bancshares, Inc.		18,183		276,018
JPMorgan Chase & Co.		39,493		4,971,379
KeyCorp		14,774		264,011
M&T Bank Corp.		1,292		217,534
PNC Financial Services Group, Inc.		4,881		789,892
Regions Financial Corp.		8,505		186,685
Truist Financial Corp.		15,260		683,495
U.S. Bancorp		14,129		599,776
Wells Fargo & Co.		64,491		2,965,941
Zions Bancorp N.A.		2,415		125,435


				17,626,352
Beverages — 1.3%
Coca-Cola Co.		21,580		1,291,563
Constellation Brands, Inc., Class A		1,766		436,343
PepsiCo, Inc.		8,068		1,464,988


				3,192,894
Biotechnology — 2.8%
AbbVie, Inc.		16,292		2,385,149
Amgen, Inc.		8,872		2,398,545
Biogen, Inc.^(a)		1,998		566,313
Gilead Sciences, Inc.		12,676		994,559
Regeneron Pharmaceuticals, Inc.^(a)		207		154,991
Vertex Pharmaceuticals, Inc.^(a)		705		219,960


				6,719,517
Building Products — 0.8%
Builders FirstSource, Inc.^(a)		5,219		321,804
Carrier Global Corp.		5,829		231,761
Fortune Brands Home & Security, Inc.		2,086		125,827
Johnson Controls International PLC		9,445		546,299
Masco Corp.		5,144		238,013
Owens Corning		1,686		144,338
Trane Technologies PLC		2,005		320,058


				1,928,100
Capital Markets — 4.0%
Ameriprise Financial, Inc.		1,757		543,124
Bank of New York Mellon Corp.		15,218		640,830
BlackRock, Inc.^(b)		1,188		767,341
Blackstone, Inc., NVS		9,289		846,599


Security	Shares		Value

Capital Markets (continued)
Charles Schwab Corp.		3,420	$	272,471
CME Group, Inc., Class A		1,383		239,674
Evercore, Inc., Class A		1,507		158,386
Goldman Sachs Group, Inc.		3,701		1,275,031
Intercontinental Exchange, Inc.		2,722		260,142
Jefferies Financial Group, Inc.		4,216		145,073
KKR & Co., Inc.		2,654		129,064
Moody’s Corp.		864		228,848
Morgan Stanley		26,855		2,206,675
MSCI, Inc., Class A		523		245,214
Nasdaq, Inc.		2,874		178,878
Northern Trust Corp.		1,549		130,658
S&P Global, Inc.		3,006		965,677
T Rowe Price Group, Inc.		3,249		344,914


				9,578,599
Chemicals — 2.0%
Air Products and Chemicals, Inc.		1,106		276,942
Celanese Corp.		1,926		185,127
CF Industries Holdings, Inc.		1,716		182,342
Corteva, Inc.		4,011		262,079
Dow, Inc.		12,402		579,669
DuPont de Nemours, Inc.		7,425		424,710
Eastman Chemical Co.		2,797		214,838
Ecolab, Inc.		880		138,222
International Flavors & Fragrances, Inc.		1,449		141,437
Linde PLC		4,608		1,370,189
LyondellBasell Industries NV, Class A		3,710		283,630
PPG Industries, Inc.		1,117		127,539
Sherwin-Williams Co.		2,372		533,771


				4,720,495
Commercial Services & Supplies — 0.3%
Cintas Corp.		701		299,712
Waste Management, Inc.		2,091		331,152


				630,864
Communications Equipment — 1.1%
Cisco Systems, Inc.		48,632		2,209,352
Juniper Networks, Inc.		4,577		140,056
Motorola Solutions, Inc.		921		229,983


				2,579,391
Construction & Engineering — 0.1%
AECOM		2,059		155,002


Consumer Finance — 1.8%
Ally Financial, Inc.		12,069		332,622
American Express Co.		6,832		1,014,210
Capital One Financial Corp.		13,027		1,381,123
Credit Acceptance Corp.^(a)		260		121,061
Discover Financial Services		5,109		533,686
SLM Corp.		15,250		252,997
Synchrony Financial		17,287		614,726


				4,250,425
Containers & Packaging — 0.2%
Ball Corp.		3,103		153,257
Crown Holdings, Inc.		1,876		128,675
International Paper Co.		7,446		250,260


				532,192
Distributors — 0.2%
Genuine Parts Co.		894		159,007
LKQ Corp.		3,521		195,908


				354,915


S C H E D U L E S O F I N V E S T M E N T S		9

Schedule of Investments (unaudited) (continued)

October 31, 2022

iShares^® Core Dividend ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Diversified Consumer Services — 0.1%
Grand Canyon Education, Inc.^(a)		1,748	$	175,901
Service Corp. International		2,466		149,465


				325,366
Diversified Financial Services — 2.0%
Berkshire Hathaway, Inc., Class B^(a)		14,579		4,302,117
Equitable Holdings, Inc.		9,302		284,827
Voya Financial, Inc.		3,566		243,772


				4,830,716
Diversified Telecommunication Services — 2.0%
AT&T Inc.		143,078		2,608,312
Lumen Technologies, Inc.		19,335		142,305
Verizon Communications, Inc.		53,113		1,984,833


				4,735,450
Electric Utilities — 1.0%
American Electric Power Co., Inc.		1,694		148,936
Duke Energy Corp.		3,115		290,256
Edison International		3,075		184,623
Entergy Corp.		1,204		128,997
Eversource Energy		1,756		133,948
Exelon Corp.		6,115		235,978
NextEra Energy, Inc.		7,367		570,942
PPL Corp.		6,348		168,158
Southern Co.		7,075		463,271


				2,325,109
Electrical Equipment — 0.4%
Eaton Corp. PLC		2,270		340,659
Emerson Electric Co.		4,161		360,342
Rockwell Automation, Inc.		653		166,711


				867,712
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		3,177		240,912
Arrow Electronics, Inc.^(a)		1,655		167,585
CDW Corp.		1,317		227,591
Corning, Inc.		6,241		200,773
Keysight Technologies, Inc.^(a)		962		167,532
TE Connectivity Ltd.		2,637		322,321


				1,326,714
Energy Equipment & Services — 0.2%
Baker Hughes Co.		9,168		253,587
Schlumberger Ltd.		4,264		221,856


				475,443
Entertainment — 0.1%
Electronic Arts, Inc.		2,038		256,707


Equity Real Estate Investment Trusts (REITs) — 1.1%
American Tower Corp.		189		39,159
AvalonBay Communities, Inc.		934		163,562
Crown Castle, Inc.		2,975		396,448
Equity Residential		2,242		141,291
Essex Property Trust, Inc.		466		103,564
Healthpeak Properties, Inc.		4,983		118,247
Iron Mountain, Inc.		2,767		138,544
Prologis, Inc.		3,376		373,892
Public Storage		691		214,037
Realty Income Corp.		1,510		94,028
SBA Communications Corp., Class A		695		187,580
Simon Property Group, Inc.		2,489		271,251
SL Green Realty Corp.		2,651		105,192
Weyerhaeuser Co.		5,685		175,837


				2,522,632


Security	Shares		Value

Food & Staples Retailing — 1.2%
Costco Wholesale Corp.		745	$	373,617
Kroger Co.		7,793		368,531
Sysco Corp.		2,990		258,814
Walgreens Boots Alliance, Inc.		8,375		305,688
Walmart, Inc.		10,966		1,560,791


				2,867,441
Food Products — 1.1%
Archer-Daniels-Midland Co.		2,321		225,091
Conagra Brands, Inc.		4,735		173,774
General Mills, Inc.		5,099		415,976
Hershey Co.		844		201,522
JM Smucker Co.		1,313		197,817
Kellogg Co.		1,901		146,035
Kraft Heinz Co.		6,188		238,052
Mondelez International, Inc., Class A		13,480		828,750
Tyson Foods, Inc., Class A		2,530		172,926


				2,599,943
Health Care Equipment & Supplies — 1.2%
Abbott Laboratories		10,938		1,082,206
Baxter International, Inc.		3,881		210,932
Becton Dickinson and Co.		1,448		341,685
Medtronic PLC		10,968		957,945
Stryker Corp.		877		201,043


				2,793,811
Health Care Providers & Services — 3.7%
Cardinal Health, Inc.		3,253		246,903
Cigna Corp.		5,196		1,678,620
CVS Health Corp.		5,691		538,938
DaVita, Inc.^(a)		2,419		176,611
Elevance Health, Inc.		1,571		858,975
HCA Healthcare, Inc.		5,242		1,139,978
Humana, Inc.		772		430,838
Laboratory Corp. of America Holdings		978		216,979
McKesson Corp.		1,513		589,117
Quest Diagnostics, Inc.		2,878		413,425
UnitedHealth Group, Inc.		4,122		2,288,328
Universal Health Services, Inc., Class B		1,887		218,646


				8,797,358
Hotels, Restaurants & Leisure — 1.4%
Booking Holdings, Inc.^(a)		134		250,510
Darden Restaurants, Inc.		1,846		264,237
Domino’s Pizza, Inc.		538		178,745
McDonald’s Corp.		4,541		1,238,149
MGM Resorts International		7,748		275,596
Starbucks Corp.		9,179		794,810
Yum! Brands, Inc.		3,201		378,518


				3,380,565
Household Durables — 0.6%
DR Horton, Inc.		3,181		244,555
Lennar Corp., Class A		3,970		320,379
NVR, Inc.^(a)		67		283,929
PulteGroup, Inc.		5,126		204,989
Tempur Sealy International, Inc.		6,332		170,268
Whirlpool Corp.		1,647		227,681


				1,451,801
Household Products — 2.1%
Church & Dwight Co., Inc.		628		46,554
Clorox Co.		1,445		211,028
Colgate-Palmolive Co.		8,322		614,497


10		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

October 31, 2022

iShares^® Core Dividend ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Household Products (continued)
Kimberly-Clark Corp.		3,181	$	395,907
Procter & Gamble Co.		28,135		3,788,940


				5,056,926
Independent Power and Renewable Electricity Producers — 0.1%
Vistra Corp.		8,464		194,418


Industrial Conglomerates — 1.0%
3M Co.		8,202		1,031,729
Honeywell International, Inc.		6,594		1,345,308


				2,377,037
Insurance — 3.9%
Aflac, Inc.		9,622		626,488
Allstate Corp.		5,980		754,975
American International Group, Inc.		14,599		832,143
Aon PLC, Class A		2,495		702,318
Arch Capital Group Ltd.^(a)		3,977		228,678
Assurant, Inc.		1,135		154,201
Chubb Ltd.		5,199		1,117,213
Fidelity National Financial, Inc.		4,674		184,062
Hartford Financial Services Group, Inc.		5,506		398,690
Lincoln National Corp.		4,537		244,408
Loews Corp.		2,959		168,722
Marsh & McLennan Cos., Inc.		2,732		441,191
MetLife, Inc.		13,304		973,986
Principal Financial Group, Inc.		3,937		346,968
Progressive Corp.		1,956		251,150
Prudential Financial, Inc.		7,207		758,104
Travelers Cos., Inc.		3,204		591,010
Willis Towers Watson PLC		2,430		530,250


				9,304,557
Interactive Media & Services — 4.8%
Alphabet, Inc., Class A^(a)		42,773		4,042,476
Alphabet, Inc., Class C, NVS^(a)		39,187		3,709,442
Meta Platforms, Inc., Class A^(a)		39,833		3,710,842


				11,462,760
Internet & Direct Marketing Retail — 0.4%
eBay, Inc.		26,039		1,037,394


IT Services — 4.4%
Accenture PLC, Class A		3,778		1,072,574
Automatic Data Processing, Inc.		2,827		683,286
Cognizant Technology Solutions Corp., Class A		5,894		366,902
Fidelity National Information Services, Inc.		5,181		429,971
Fiserv, Inc.^(a)		3,338		342,946
FleetCor Technologies, Inc.^(a)		1,115		207,524
Gartner, Inc.^(a)		914		275,955
Global Payments, Inc.		3,567		407,565
GoDaddy, Inc., Class A^(a)		2,027		162,971
International Business Machines Corp.		9,981		1,380,272
Mastercard, Inc., Class A		4,805		1,576,905
Paychex, Inc.		1,732		204,913
PayPal Holdings, Inc.^(a)		6,362		531,736
VeriSign, Inc.^(a)		772		154,755
Visa, Inc., Class A		12,466		2,582,457
Western Union Co.		9,200		124,292


				10,505,024
Life Sciences Tools & Services — 0.4%
Agilent Technologies, Inc.		1,964		271,719
Mettler-Toledo International, Inc.^(a)		173		218,833
Thermo Fisher Scientific, Inc.		903		464,115


				954,667


Security	Shares		Value

Machinery — 1.4%
Caterpillar, Inc.		5,075	$	1,098,534
Cummins, Inc.		1,583		387,059
Deere & Co.		1,811		716,830
Illinois Tool Works, Inc.		2,132		455,246
Otis Worldwide Corp.		2,104		148,627
Parker-Hannifin Corp.		701		203,725
Stanley Black & Decker, Inc.		3,573		280,445


				3,290,466
Media — 1.8%
Altice U.S.A., Inc., Class A^(a)		36,257		239,659
Charter Communications, Inc., Class A^(a)		5,249		1,929,637
Comcast Corp., Class A		26,953		855,488
Fox Corp., Class A, NVS		4,415		127,461
Liberty Broadband Corp., Class C, NVS^(a)		5,726		483,446
Liberty Media Corp. - Liberty SiriusXM, Class C, NVS^(a)		4,995		210,739
Nexstar Media Group, Inc.		785		134,471
Omnicom Group, Inc.		3,174		230,909


				4,211,810
Metals & Mining — 0.7%
Freeport-McMoRan, Inc.		11,429		362,185
Newmont Corp.		10,070		426,162
Nucor Corp.		4,480		588,582
Steel Dynamics, Inc.		2,929		275,473


				1,652,402
Mortgage Real Estate Investment Trusts (REITs) — 0.1%
AGNC Investment Corp.		17,232		141,647
Annaly Capital Management, Inc.		5,705		105,828


				247,475
Multiline Retail — 1.0%
Dollar General Corp.		2,610		665,681
Dollar Tree, Inc.^(a)		1,136		180,056
Kohl’s Corp.		6,692		200,425
Target Corp.		8,153		1,339,130


				2,385,292
Multi-Utilities — 0.5%
Dominion Energy, Inc.		6,565		459,353
DTE Energy Co.		1,100		123,321
Public Service Enterprise Group, Inc.		3,138		175,947
Sempra Energy		2,422		365,577
WEC Energy Group, Inc.		1,854		169,326


				1,293,524
Oil, Gas & Consumable Fuels — 6.1%
APA Corp.		4,699		213,617
Chevron Corp.		14,391		2,603,332
ConocoPhillips		11,393		1,436,543
Devon Energy Corp.		8,122		628,237
Diamondback Energy, Inc.		1,356		213,041
EOG Resources, Inc.		2,792		381,164
Exxon Mobil Corp.		38,691		4,287,350
Kinder Morgan, Inc., Class P		25,186		456,370
Marathon Oil Corp.		4,752		144,698
Marathon Petroleum Corp.		13,483		1,531,938
ONEOK, Inc.		5,578		330,887
Phillips 66		4,248		443,024
Pioneer Natural Resources Co.		2,824		724,102
Valero Energy Corp.		4,608		578,534
Williams Cos., Inc.		12,179		398,619


				14,371,456


S C H E D U L E S O F I N V E S T M E N T S		11

Schedule of Investments (unaudited) (continued)

October 31, 2022

iShares^® Core Dividend ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Paper & Forest Products — 0.1%
Louisiana-Pacific Corp.		4,210	$	238,497


Personal Products — 0.2%
Estee Lauder Cos., Inc., Class A		1,693		339,430
Herbalife Nutrition Ltd.^(a)		7,378		156,856


				496,286
Pharmaceuticals — 4.5%
Bristol-Myers Squibb Co.		32,093		2,486,245
Eli Lilly & Co.		2,694		975,470
Johnson & Johnson		18,452		3,210,094
Merck & Co., Inc.		17,076		1,728,091
Pfizer, Inc.		43,721		2,035,213
Zoetis, Inc., Class A		1,701		256,477


				10,691,590
Professional Services — 0.1%
Leidos Holdings, Inc.		1,258		127,800
Verisk Analytics, Inc.		980		179,174


				306,974
Road & Rail — 1.4%
Avis Budget Group, Inc.^(a)		1,475		348,778
CSX Corp.		23,426		680,760
Norfolk Southern Corp.		3,282		748,526
Union Pacific Corp.		7,874		1,552,280


				3,330,344
Semiconductors & Semiconductor Equipment — 4.9%
Advanced Micro Devices, Inc.^(a)		6,326		379,939
Analog Devices, Inc.		5,376		766,725
Applied Materials, Inc.		10,833		956,445
Broadcom, Inc.		4,197		1,973,094
Intel Corp.		80,204		2,280,200
KLA Corp.		1,815		574,357
Lam Research Corp.		1,927		780,011
Microchip Technology, Inc.		2,615		161,450
Micron Technology, Inc.		9,253		500,587
NXP Semiconductors NV		3,926		573,510
Qorvo, Inc. ^(a)		2,107		181,370
QUALCOMM, Inc.		9,242		1,087,414
Silicon Laboratories, Inc.^(a)		1,440		165,485
Skyworks Solutions, Inc.		2,167		186,384
Texas Instruments, Inc.		6,166		990,445


				11,557,416
Software — 5.9%
Adobe, Inc.^(a)		2,359		751,341
Autodesk, Inc.^(a)		936		200,585
Cadence Design Systems, Inc.^(a)		884		133,829
Dropbox, Inc., Class A^(a)		7,634		166,039
Fair Isaac Corp.^(a)		438		209,732
Fortinet, Inc.^(a)		3,712		212,178
Intuit, Inc.		1,013		433,057
Microsoft Corp.		36,859		8,556,080
Oracle Corp.		38,058		2,971,188
Palo Alto Networks, Inc.^(a)		1,162		199,388
VMware, Inc., Class A^(a)		1,052		118,382


				13,951,799
Specialty Retail — 4.6%
Advance Auto Parts, Inc.		1,372		260,570


Security	Shares		Value

Specialty Retail (continued)
AutoNation, Inc.^(a)		1,758	$	186,893
AutoZone, Inc.^(a)		337		853,580
Bath & Body Works, Inc.		12,084		403,364
Best Buy Co., Inc.		7,417		507,397
Dick’s Sporting Goods, Inc.		1,604		182,471
Home Depot, Inc.		11,375		3,368,479
Lowe’s Cos., Inc.		14,986		2,921,521
O’Reilly Automotive, Inc.^(a)		828		693,177
Ross Stores, Inc.		2,211		211,571
TJX Cos., Inc.		8,726		629,145
Tractor Supply Co.		1,034		227,242
Ulta Beauty, Inc.^(a)		457		191,652
Williams-Sonoma, Inc.		1,444		178,810


				10,815,872
Technology Hardware, Storage & Peripherals — 6.0%
Apple Inc.		75,377		11,558,309
Dell Technologies, Inc., Class C		13,057		501,389
Hewlett Packard Enterprise Co.		14,122		201,521
HP, Inc.		50,277		1,388,651
NetApp, Inc.		2,823		195,549
Seagate Technology Holdings PLC		7,141		354,622
Xerox Holdings Corp.		7,880		115,284


				14,315,325
Textiles, Apparel & Luxury Goods — 0.5%
Crocs, Inc.^(a)		1,540		108,955
Nike, Inc., Class B		7,861		728,558
Tapestry, Inc.		6,130		194,198
VF Corp.		3,569		100,824


				1,132,535
Tobacco — 1.4%
Altria Group, Inc.		35,676		1,650,728
Philip Morris International, Inc.		17,702		1,625,929


				3,276,657
Trading Companies & Distributors — 0.1%
Fastenal Co.		2,825		136,532
WW Grainger, Inc.		307		179,396

				315,928


Total Long-Term Investments — 99.7% (Cost: $257,619,362)				236,805,253


Short-Term Securities

Money Market Funds — 0.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(b)(c)		768,866		768,866


Total Short-Term Securities — 0.3% (Cost: $768,866)				768,866


Total Investments — 100.0% (Cost: $258,388,228)				237,574,119
Liabilities in Excess of Other Assets — (0.0)%				(107,747	)

Net Assets — 100.0%			$	237,466,372

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

^(c)	Annualized 7-day yield as of period end.


12		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

October 31, 2022

iShares^® Core Dividend ETF

Affiliates

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


Affiliated Issuer		Value at 04/30/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 10/31/22	Shares Held at 10/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	490,000	$	278,866	^(a)	$	—		$	—		$	—	$	768,866	768,866	$	5,463	$	—
BlackRock, Inc.		922,028		146,781			(317,583	)		(71,576	)		87,691		767,341	1,188		14,713		—

									$	(71,576	)	$	87,691	$	1,536,207		$	20,176	$	—

^(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

Micro E-Mini S&P 500 Index

12/16/22

$ 641

7,092

Derivative Financial Instruments Categorized by Risk Exposure

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



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

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	7,092	$	—	$	—	$	—	$	7,092

^(a)

Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended October 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:



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

Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(146,312	)	$	—	$	—	$	—	$	(146,312	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	66,540		$	—	$	—	$	—	$	66,540

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	785,366

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


S C H E D U L E S O F I N V E S T M E N T S		13

Schedule of Investments (unaudited) (continued)

October 31, 2022

iShares^® Core Dividend ETF

Fair Value Hierarchy as of Period End

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

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



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	236,805,253	$	—	$	—	$	236,805,253
Short-Term Securities
Money Market Funds		768,866		—		—		768,866

	$	237,574,119	$	—	$	—	$	237,574,119

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	7,092	$	—	$	—	$	7,092

^(a)

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

See notes to financial statements.


14		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

October 31, 2022

iShares^® Core Dividend Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 3.0%
BWX Technologies, Inc.		101,371	$	5,776,120
Curtiss-Wright Corp.		13,371		2,244,055
General Dynamics Corp.		347,194		86,729,061
HEICO Corp.		4,716		767,010
HEICO Corp., Class A		8,911		1,134,370
Huntington Ingalls Industries, Inc.		55,587		14,289,750
L3Harris Technologies, Inc.		252,470		62,226,281
Lockheed Martin Corp.		429,191		208,878,676
Northrop Grumman Corp.		140,790		77,295,118
Raytheon Technologies Corp.		2,543,556		241,179,980


				700,520,421
Air Freight & Logistics — 1.2%
CH Robinson Worldwide, Inc.		167,611		16,378,947
Expeditors International of Washington, Inc.		150,772		14,753,040
Forward Air Corp.		19,652		2,080,557
United Parcel Service, Inc., Class B		1,546,562		259,466,707


				292,679,251
Auto Components — 0.1%
Gentex Corp.		285,654		7,566,974
LCI Industries		61,990		6,577,759


				14,144,733
Automobiles — 0.0%
Thor Industries, Inc.		81,667		6,653,411


Banks — 10.2%
Associated Banc-Corp.		408,999		9,959,126
Atlantic Union Bankshares Corp.		183,967		6,354,220
BancFirst Corp.		18,943		1,815,118
Bank of America Corp.		12,060,907		434,675,088
Bank of Hawaii Corp.		99,239		7,537,202
Bank OZK		247,257		10,627,106
BOK Financial Corp.		49,380		5,441,182
Cadence Bank		119,539		3,305,253
Cathay General Bancorp		168,797		7,697,143
Citigroup, Inc.		5,538,079		253,976,303
Comerica, Inc.		295,822		20,855,451
Commerce Bancshares, Inc.		114,675		8,123,577
Community Bank System, Inc.		53,253		3,324,585
Cullen/Frost Bankers, Inc.		100,669		15,608,728
CVB Financial Corp.		267,710		7,688,631
Fifth Third Bancorp		1,653,385		59,009,311
First Financial Bankshares, Inc.		145,182		5,588,055
First Horizon Corp.		952,919		23,356,045
First Merchants Corp.		128,543		5,771,581
First Republic Bank		87,373		10,493,497
Fulton Financial Corp.		426,369		7,772,707
Glacier Bancorp, Inc.		197,011		11,284,790
Hilltop Holdings, Inc.		80,025		2,316,724
Home BancShares, Inc.		374,586		9,548,197
Independent Bank Corp.		34,694		3,018,725
Independent Bank Group, Inc.		56,786		3,582,629
JPMorgan Chase & Co.		5,513,566		694,047,688
KeyCorp		2,797,919		49,998,813
M&T Bank Corp.		320,896		54,029,260
PNC Financial Services Group, Inc.		1,056,937		171,044,115
Popular, Inc.		150,690		10,656,797
Prosperity Bancshares, Inc.		186,475		13,346,016
Regions Financial Corp.		2,015,698		44,244,571
ServisFirst Bancshares, Inc.		37,094		2,794,291
Simmons First National Corp., Class A		177,423		4,235,087


Security	Shares		Value

Banks (continued)
SouthState Corp.		131,018	$	11,847,958
Synovus Financial Corp.		340,577		13,571,993
Towne Bank		150,416		4,954,703
Truist Financial Corp.		3,997,221		179,035,529
U.S. Bancorp		3,683,836		156,378,838
UMB Financial Corp.		48,788		4,060,137
United Community Banks, Inc.		94,831		3,650,993
Washington Federal, Inc.		137,504		5,321,405
Webster Financial Corp.		422,370		22,917,796
Wintrust Financial Corp.		67,369		6,307,086
Zions Bancorp N.A.		301,109		15,639,601


				2,406,813,651
Beverages — 4.0%
Brown-Forman Corp., Class A		40,161		2,761,872
Brown-Forman Corp., Class B, NVS		129,429		8,801,172
Coca-Cola Co.		7,491,900		448,390,215
Constellation Brands, Inc., Class A		142,387		35,180,980
PepsiCo, Inc.		2,495,810		453,189,180


				948,323,419
Biotechnology — 1.3%
Amgen, Inc.		1,151,267		311,245,033


Building Products — 0.5%
A O Smith Corp.		176,434		9,665,055
AAON, Inc.		21,123		1,362,222
Advanced Drainage Systems, Inc.		13,655		1,582,341
Allegion PLC		100,378		10,516,603
Carlisle Cos., Inc.		35,082		8,377,582
Fortune Brands Home & Security, Inc.		160,984		9,710,555
Lennox International, Inc.		37,157		8,678,761
Masco Corp.		355,294		16,439,453
Owens Corning		111,920		9,581,471
Simpson Manufacturing Co., Inc.		33,789		2,888,284
Trane Technologies PLC		263,975		42,138,329
UFP Industries, Inc.		59,101		4,209,764


				125,150,420
Capital Markets — 5.8%
Ameriprise Financial, Inc.		135,677		41,940,474
Bank of New York Mellon Corp.		1,759,698		74,100,883
BlackRock, Inc.^(a)		280,307		181,053,094
CME Group, Inc., Class A		488,239		84,611,819
Cohen & Steers, Inc.		52,333		3,148,353
Evercore, Inc., Class A		83,689		8,795,714
FactSet Research Systems, Inc.		20,710		8,811,898
Franklin Resources, Inc.		852,182		19,983,668
Goldman Sachs Group, Inc.		706,339		243,340,849
Hamilton Lane, Inc., Class A		56,228		3,363,559
Houlihan Lokey, Inc., Class A		92,717		8,281,482
Intercontinental Exchange, Inc.		563,038		53,809,542
Jefferies Financial Group, Inc.		482,889		16,616,211
MarketAxess Holdings, Inc.		29,160		7,116,206
Moody’s Corp.		104,388		27,649,250
Morgan Stanley		3,395,442		279,003,469
MSCI, Inc., Class A		58,452		27,405,805
Nasdaq, Inc.		302,927		18,854,176
Northern Trust Corp.		413,326		34,864,048
Raymond James Financial, Inc.		170,994		20,201,231
S&P Global, Inc.		220,404		70,804,785
SEI Investments Co.		107,340		5,828,562
State Street Corp.		820,487		60,716,038


S C H E D U L E S O F I N V E S T M E N T S		15

Schedule of Investments (unaudited) (continued)

October 31, 2022

iShares^® Core Dividend Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Capital Markets (continued)
Stifel Financial Corp.		145,632	$	9,010,252
T Rowe Price Group, Inc.		610,691		64,830,957


				1,374,142,325
Chemicals — 2.2%
Air Products and Chemicals, Inc.		385,315		96,482,876
Albemarle Corp.		45,362		12,695,463
Ashland, Inc.		46,658		4,895,357
Avient Corp.		142,165		4,903,271
Balchem Corp.		11,753		1,643,069
Cabot Corp.		81,818		6,011,987
Celanese Corp.		182,718		17,562,854
Eastman Chemical Co.		292,856		22,494,269
Ecolab, Inc.		201,297		31,617,720
HB Fuller Co.		41,938		2,923,498
Innospec, Inc.		25,980		2,597,740
International Flavors & Fragrances, Inc.		482,832		47,129,232
Linde PLC		559,406		166,339,374
NewMarket Corp.		12,989		3,953,072
PPG Industries, Inc.		311,010		35,511,122
Quaker Chemical Corp.		8,835		1,436,924
RPM International, Inc.		148,312		14,025,866
Scotts Miracle-Gro Co., Class A		126,653		5,814,639
Sensient Technologies Corp.		60,926		4,353,772
Sherwin-Williams Co.		163,393		36,768,327
Stepan Co.		21,035		2,196,896
Valvoline, Inc.		210,577		6,182,541
Westlake Corp.		33,328		3,221,151


				530,761,020
Commercial Services & Supplies — 0.5%
ABM Industries, Inc.		81,640		3,633,796
Brady Corp., Class A, NVS		69,652		3,186,579
Cintas Corp.		63,945		27,339,685
MSA Safety, Inc.		39,445		5,295,097
Republic Services, Inc.		177,769		23,575,725
Tetra Tech, Inc.		24,584		3,473,227
Waste Management, Inc.		389,343		61,660,251


				128,164,360
Communications Equipment — 2.0%
Cisco Systems, Inc.		9,535,083		433,178,821
Motorola Solutions, Inc.		143,827		35,915,040


				469,093,861
Construction & Engineering — 0.1%
Comfort Systems U.S.A., Inc.		15,554		1,917,497
MDU Resources Group, Inc.		399,738		11,384,538


				13,302,035
Construction Materials — 0.1%
Martin Marietta Materials, Inc.		31,953		10,735,569
Vulcan Materials Co.		85,517		13,999,133


				24,734,702
Consumer Finance — 0.8%
Ally Financial, Inc.		806,625		22,230,585
American Express Co.		567,139		84,191,785
Discover Financial Services		461,293		48,186,667
FirstCash Holdings, Inc.		44,993		4,429,561
Nelnet, Inc., Class A		16,780		1,494,930
Synchrony Financial		987,129		35,102,307


				195,635,835
Containers & Packaging — 0.2%
AptarGroup, Inc.		67,337		6,676,464


Security	Shares		Value

Containers & Packaging (continued)
Avery Dennison Corp.		88,788	$	15,054,005
Ball Corp.		298,265		14,731,308
Silgan Holdings, Inc.		79,261		3,753,801
Sonoco Products Co.		203,399		12,627,010


				52,842,588
Distributors — 0.2%
Genuine Parts Co.		212,480		37,791,693
Pool Corp.		31,662		9,632,530


				47,424,223
Diversified Consumer Services — 0.1%
Graham Holdings Co., Class B		3,140		1,958,952
Service Corp. International		172,302		10,443,224


				12,402,176
Electric Utilities — 2.1%
Alliant Energy Corp.		465,047		24,261,502
American Electric Power Co., Inc.		1,040,876		91,513,818
Evergy, Inc.		508,800		31,102,944
Eversource Energy		650,130		49,591,916
IDACORP, Inc.		93,737		9,814,264
MGE Energy, Inc.		53,133		3,617,826
NextEra Energy, Inc.		2,515,970		194,987,675
Otter Tail Corp.		61,383		4,138,442
PNM Resources, Inc.		170,588		7,927,224
Portland General Electric Co.		210,329		9,452,185
Xcel Energy, Inc.		940,034		61,205,614


				487,613,410
Electrical Equipment — 1.1%
Eaton Corp. PLC		621,152		93,216,281
Emerson Electric Co.		1,012,585		87,689,861
Hubbell, Inc.		71,730		17,034,440
nVent Electric PLC		236,503		8,632,360
Regal Rexnord Corp.		45,384		5,742,891
Rockwell Automation, Inc.		145,494		37,144,618


				249,460,451
Electronic Equipment, Instruments & Components — 0.7%
Amphenol Corp., Class A		436,557		33,104,117
Avnet, Inc.		167,484		6,731,182
Badger Meter, Inc.		18,661		2,098,989
CDW Corp.		106,731		18,444,184
Cognex Corp.		74,050		3,423,332
Corning, Inc.		1,689,321		54,345,457
Littelfuse, Inc.		17,885		3,939,171
TD SYNNEX Corp.		37,599		3,440,685
TE Connectivity Ltd.		387,345		47,345,179


				172,872,296
Entertainment — 0.1%
Activision Blizzard, Inc.		323,151		23,525,393


Food & Staples Retailing — 1.9%
Casey’s General Stores, Inc.		17,452		4,061,255
Costco Wholesale Corp.		204,909		102,761,864
Kroger Co.		929,643		43,962,817
Sysco Corp.		820,394		71,013,305
Walmart, Inc.		1,575,031		224,174,162


				445,973,403
Food Products — 1.8%
Archer-Daniels-Midland Co.		702,952		68,172,285
Flowers Foods, Inc.		444,891		12,772,821
Hershey Co.		179,991		42,976,451
Hormel Foods Corp.		426,930		19,830,899


16		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

October 31, 2022

iShares^® Core Dividend Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Food Products (continued)
Ingredion, Inc.		138,362	$	12,330,821
J & J Snack Foods Corp.		18,048		2,664,065
JM Smucker Co.		213,070		32,101,126
Kellogg Co.		554,757		42,616,433
Lamb Weston Holdings, Inc.		120,707		10,407,358
Lancaster Colony Corp.		25,088		4,522,865
McCormick & Co., Inc., NVS		298,510		23,474,826
Mondelez International, Inc., Class A		2,144,862		131,866,116
Tyson Foods, Inc., Class A		492,890		33,689,031


				437,425,097
Gas Utilities — 0.3%
Atmos Energy Corp.		219,774		23,416,920
National Fuel Gas Co.		167,367		11,295,599
New Jersey Resources Corp.		207,161		9,247,667
ONE Gas, Inc.		115,474		8,946,925
Southwest Gas Holdings, Inc.		138,561		10,124,652
UGI Corp.		522,915		18,474,587


				81,506,350
Health Care Equipment & Supplies — 2.8%
Abbott Laboratories		2,137,408		211,475,148
Baxter International, Inc.		675,149		36,694,348
Becton Dickinson and Co.		260,959		61,578,495
Dentsply Sirona, Inc.		230,732		7,111,160
Medtronic PLC		2,847,770		248,724,232
ResMed, Inc.		76,119		17,027,059
STERIS PLC		57,735		9,963,906
Stryker Corp.		301,652		69,150,705


				661,725,053
Health Care Providers & Services — 2.8%
AmerisourceBergen Corp.		128,265		20,165,823
Chemed Corp.		3,314		1,547,207
Elevance Health, Inc.		173,211		94,706,579
Encompass Health Corp.		151,936		8,271,396
Ensign Group, Inc.		9,117		818,524
Humana, Inc.		56,130		31,325,030
McKesson Corp.		58,483		22,771,526
Quest Diagnostics, Inc.		167,024		23,992,998
UnitedHealth Group, Inc.		806,886		447,942,763


				651,541,846
Hotels, Restaurants & Leisure — 2.1%
Domino’s Pizza, Inc.		30,326		10,075,510
McDonald’s Corp.		1,073,947		292,822,389
Starbucks Corp.		1,730,526		149,846,246
Texas Roadhouse, Inc.		96,252		9,524,136
Wingstop, Inc.		11,084		1,755,595
Yum! Brands, Inc.		382,791		45,265,036


				509,288,912
Household Durables — 0.2%
DR Horton, Inc.		277,300		21,318,824
Whirlpool Corp.		174,492		24,121,774


				45,440,598
Household Products — 3.4%
Church & Dwight Co., Inc.		213,689		15,840,766
Colgate-Palmolive Co.		1,364,322		100,741,536
Energizer Holdings, Inc.		193,266		5,583,455
Kimberly-Clark Corp.		834,482		103,859,630
Procter & Gamble Co.		4,328,009		582,852,972
WD-40 Co.		16,165		2,588,986


				811,467,345


Security	Shares		Value

Independent Power and Renewable Electricity Producers — 0.1%
AES Corp.		1,060,994	$	27,755,603


Industrial Conglomerates — 1.8%
3M Co.		1,912,689		240,597,149
Honeywell International, Inc.		959,386		195,733,932


				436,331,081
Insurance — 3.9%
Aflac, Inc.		1,057,562		68,857,861
Allstate Corp.		507,168		64,029,960
American Equity Investment Life Holding Co.		51,245		2,207,635
American Financial Group, Inc.		78,696		11,419,577
Aon PLC, Class A		112,761		31,741,094
Arthur J. Gallagher & Co.		156,968		29,365,573
Assurant, Inc.		62,285		8,462,040
Assured Guaranty Ltd.		85,622		5,067,966
Axis Capital Holdings Ltd.		172,568		9,434,293
Brown & Brown, Inc.		100,548		5,911,217
Chubb Ltd.		493,041		105,949,581
Cincinnati Financial Corp.		284,057		29,348,769
CNO Financial Group, Inc.		244,816		5,400,641
Erie Indemnity Co., Class A, NVS		33,540		8,620,115
Everest Re Group Ltd.		63,310		20,427,605
Fidelity National Financial, Inc.		844,257		33,246,841
First American Financial Corp.		286,027		14,415,761
Globe Life, Inc.		51,512		5,950,666
Hanover Insurance Group, Inc.		55,790		8,172,677
Hartford Financial Services Group, Inc.		526,475		38,122,055
Kinsale Capital Group, Inc.		3,652		1,151,001
Lincoln National Corp.		417,353		22,482,806
Marsh & McLennan Cos., Inc.		485,636		78,425,358
MetLife, Inc.		1,418,284		103,832,572
Old Republic International Corp.		817,719		18,979,258
Primerica, Inc.		46,891		6,785,128
Principal Financial Group, Inc.		545,988		48,117,922
Reinsurance Group of America, Inc.		115,597		17,012,410
RenaissanceRe Holdings Ltd.		33,121		5,123,156
RLI Corp.		26,821		3,488,607
Selective Insurance Group, Inc.		56,763		5,567,315
Travelers Cos., Inc.		369,407		68,140,815
W. R. Berkley Corp.		85,706		6,374,812
Willis Towers Watson PLC		118,844		25,932,949


				917,566,036
IT Services — 2.9%
Accenture PLC, Class A		582,620		165,405,818
Automatic Data Processing, Inc.		488,914		118,170,514
Broadridge Financial Solutions, Inc.		120,898		18,141,954
Fidelity National Information Services, Inc.		860,257		71,392,729
Genpact Ltd.		125,084		6,066,574
Jack Henry & Associates, Inc.		49,588		9,870,987
Mastercard, Inc., Class A		348,411		114,341,522
SS&C Technologies Holdings, Inc.		216,778		11,146,725
TTEC Holdings, Inc.		24,088		1,071,193
Visa, Inc., Class A		837,382		173,472,055


				689,080,071
Leisure Products — 0.1%
Acushnet Holdings Corp.		34,126		1,589,248
Brunswick Corp.		102,434		7,239,010
Polaris, Inc.		87,688		8,909,101


				17,737,359
Life Sciences Tools & Services — 0.3%
Agilent Technologies, Inc.		131,200		18,151,520


S C H E D U L E S O F I N V E S T M E N T S		17

Schedule of Investments (unaudited) (continued)

October 31, 2022

iShares^® Core Dividend Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Life Sciences Tools & Services (continued)
Danaher Corp.		158,250	$	39,826,778
West Pharmaceutical Services, Inc.		12,850		2,956,785


				60,935,083
Machinery — 2.9%
AGCO Corp.		36,843		4,574,795
Caterpillar, Inc.		962,323		208,304,437
Cummins, Inc.		278,507		68,097,747
Donaldson Co., Inc.		151,539		8,705,915
Dover Corp.		154,389		20,177,098
Franklin Electric Co., Inc.		23,586		1,932,637
Graco, Inc.		149,259		10,385,441
Hillenbrand, Inc.		111,702		4,934,994
IDEX Corp.		60,131		13,367,723
Illinois Tool Works, Inc.		464,070		99,092,867
ITT, Inc.		81,847		6,252,292
Kadant, Inc.		5,198		924,984
Lincoln Electric Holdings, Inc.		64,474		9,155,308
Mueller Water Products, Inc., Class A		234,001		2,737,812
Nordson Corp.		41,179		9,265,275
Oshkosh Corp.		84,146		7,404,848
Otis Worldwide Corp.		453,290		32,020,406
PACCAR, Inc.		362,235		35,075,215
Parker-Hannifin Corp.		169,882		49,371,107
Pentair PLC		210,220		9,028,949
Snap-on, Inc.		92,812		20,608,905
Stanley Black & Decker, Inc.		369,966		29,038,631
Terex Corp.		74,138		3,005,554
Timken Co.		86,893		6,194,602
Toro Co.		98,069		10,339,415
Trinity Industries, Inc.		182,413		5,204,243
Watts Water Technologies, Inc., Class A		17,696		2,589,986
Xylem, Inc.		154,220		15,796,755


				693,587,941
Marine — 0.0%
Matson, Inc.		47,150		3,469,297


Media — 1.5%
Cable One, Inc.		3,706		3,185,047
Comcast Corp., Class A		9,383,570		297,834,512
Interpublic Group of Cos., Inc.		1,115,897		33,242,572
John Wiley & Sons, Inc., Class A		99,141		4,182,759
Nexstar Media Group, Inc.		52,767		9,038,987
Sirius XM Holdings, Inc.		916,589		5,536,197


				353,020,074
Metals & Mining — 0.3%
Nucor Corp.		267,832		35,187,768
Reliance Steel & Aluminum Co.		78,672		15,850,835
Royal Gold, Inc.		66,664		6,330,414
Steel Dynamics, Inc.		209,168		19,672,250
Worthington Industries, Inc.		49,047		2,332,675


				79,373,942
Multiline Retail — 0.7%
Dillard’s, Inc., Class A		880		289,335
Dollar General Corp.		139,734		35,639,157
Target Corp.		795,268		130,622,769


				166,551,261
Multi-Utilities — 1.4%
Ameren Corp.		432,724		35,275,660
Black Hills Corp.		135,954		8,887,313
CMS Energy Corp.		519,809		29,655,103
DTE Energy Co.		344,190		38,587,141


Security	Shares		Value

Multi-Utilities (continued)
NiSource, Inc.		856,942	$	22,014,840
Public Service Enterprise Group, Inc.		1,092,568		61,260,288
Sempra Energy		564,630		85,225,252
WEC Energy Group, Inc.		589,105		53,802,960


				334,708,557
Oil, Gas & Consumable Fuels — 1.5%
ConocoPhillips		1,515,545		191,095,069
Coterra Energy, Inc.		4,894,572		152,368,026


				343,463,095
Personal Products — 0.2%
Estee Lauder Cos., Inc., Class A		152,327		30,540,040
Medifast, Inc.		43,210		5,055,138


				35,595,178
Pharmaceuticals — 10.5%
Bristol-Myers Squibb Co.		4,546,850		352,244,469
Eli Lilly & Co.		674,496		244,228,257
Johnson & Johnson		3,903,980		679,175,401
Merck & Co., Inc.		5,462,049		552,759,359
Perrigo Co. PLC		251,714		10,139,040
Pfizer, Inc.		13,230,357		615,873,118
Zoetis, Inc., Class A		258,963		39,046,441


				2,493,466,085
Professional Services — 0.2%
Booz Allen Hamilton Holding Corp., Class A		161,992		17,632,829
Exponent, Inc.		35,885		3,418,405
Insperity, Inc.		47,113		5,560,276
ManpowerGroup, Inc.		135,723		10,632,540
Robert Half International, Inc.		167,925		12,839,546


				50,083,596
Road & Rail — 1.5%
CSX Corp.		1,851,218		53,796,395
JB Hunt Transport Services, Inc.		53,884		9,217,936
Landstar System, Inc.		21,070		3,291,555
Norfolk Southern Corp.		330,859		75,459,012
Old Dominion Freight Line, Inc.		28,541		7,837,359
Ryder System, Inc.		116,239		9,358,402
Schneider National, Inc., Class B		35,299		785,050
Union Pacific Corp.		970,373		191,299,333
Werner Enterprises, Inc.		57,267		2,244,866


				353,289,908
Semiconductors & Semiconductor Equipment — 6.6%
Analog Devices, Inc.		718,034		102,406,009
Broadcom, Inc.		901,155		423,650,989
Intel Corp.		13,241,646		376,459,996
KLA Corp.		156,643		49,569,677
Lam Research Corp.		130,861		52,969,916
Microchip Technology, Inc.		698,734		43,139,837
Power Integrations, Inc.		42,689		2,847,783
QUALCOMM, Inc.		1,776,205		208,988,280
Skyworks Solutions, Inc.		274,672		23,624,539
Texas Instruments, Inc.		1,739,091		279,350,187
Universal Display Corp.		33,073		3,149,211


				1,566,156,424
Software — 3.6%
Dolby Laboratories, Inc., Class A		60,672		4,055,316
Intuit, Inc.		120,412		51,476,130
Microsoft Corp.		2,748,892		638,100,300


18		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

October 31, 2022

iShares^® Core Dividend Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Software (continued)
Oracle Corp.		1,839,410	$	143,602,739
Roper Technologies, Inc.		44,213		18,328,057


				855,562,542
Specialty Retail — 3.5%
Best Buy Co., Inc.		660,514		45,185,763
Dick’s Sporting Goods, Inc.		69,457		7,901,428
Group 1 Automotive, Inc.		11,188		1,935,524
Home Depot, Inc.		1,794,819		531,499,751
Lithia Motors, Inc.		13,246		2,624,695
Lowe’s Cos., Inc.		937,762		182,816,702
Penske Automotive Group, Inc.		38,566		4,304,737
Tractor Supply Co.		143,251		31,482,272
Williams-Sonoma, Inc.		102,023		12,633,508


				820,384,380
Technology Hardware, Storage & Peripherals — 3.4%
Apple Inc.		4,256,604		652,707,657
Hewlett Packard Enterprise Co.		3,187,488		45,485,454
HP, Inc.		2,611,158		72,120,184
NetApp, Inc.		430,024		29,787,763


				800,101,058
Textiles, Apparel & Luxury Goods — 0.5%
Carter’s, Inc.		111,064		7,537,914
Columbia Sportswear Co.		40,752		3,036,024
Nike, Inc., Class B		970,839		89,977,358
VF Corp.		1,034,069		29,212,449


				129,763,745
Thrifts & Mortgage Finance — 0.0%
WSFS Financial Corp.		31,138		1,449,785


Trading Companies & Distributors — 0.5%
Air Lease Corp., Class A		142,822		5,040,188


Security	Shares		Value

Trading Companies & Distributors (continued)
Applied Industrial Technologies, Inc.		33,559	$	4,174,068
Fastenal Co.		948,157		45,824,428
GATX Corp.		53,681		5,620,938
MSC Industrial Direct Co., Inc., Class A		122,175		10,138,082
Watsco, Inc.		70,079		18,988,606
WW Grainger, Inc.		35,250		20,598,337


				110,384,647
Water Utilities — 0.2%
American States Water Co.		48,847		4,418,699
American Water Works Co., Inc.		210,752		30,630,696
California Water Service Group		62,432		3,874,530
Essential Utilities, Inc.		370,136		16,367,414

				55,291,339


Total Long-Term Investments — 99.7% (Cost: $21,098,333,396)			23,626,981,705


Short-Term Securities

Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(a)(b)		49,382,273		49,382,273


Total Short-Term Securities — 0.2% (Cost: $49,382,273)				49,382,273


Total Investments — 99.9% (Cost: $21,147,715,669)				23,676,363,978
Other Assets Less Liabilities — 0.1%				30,302,851

Net Assets — 100.0%			$	23,706,666,829

^(a)	Affiliate of the Fund.

^(b)	Annualized 7-day yield as of period end.

Affiliates


Affiliated Issuer		Value at 04/30/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 10/31/22	Shares Held at 10/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	—	$	—		$	(23,634	)^(b)	$	23,634		$	—	$	—	—	$	267,190	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		48,180,000		1,202,273	^(b)		—			—			—		49,382,273	49,382,273		437,769			—
BlackRock, Inc.		146,773,563		42,229,607			(15,422,290	)		(5,009,400	)		12,481,614		181,053,094	280,307		2,601,235			—

									$	(4,985,766	)	$	12,481,614	$	230,435,367		$	3,306,194		$	—

^(a)

As of period end, the entity is no longer held.

^(b)

Represents net amount purchased (sold).

^(c)

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.


S C H E D U L E S O F I N V E S T M E N T S		19

Schedule of Investments (unaudited) (continued)

October 31, 2022

iShares^® Core Dividend Growth ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

S&P 500 E-Mini Index

392

12/16/22

$ 76,107

436,115

Derivative Financial Instruments Categorized by Risk Exposure

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



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

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	436,115	$	—	$	—	$	—	$	436,115

^(a)

For the period ended October 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:



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

Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(10,422,890	)	$	—	$	—	$	—	$	(10,422,890	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	2,492,552		$	—	$	—	$	—	$	2,492,552

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	83,108,550

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


20		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

October 31, 2022

iShares^® Core Dividend Growth ETF

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	23,626,981,705	$	—	$	—	$	23,626,981,705
Short-Term Securities
Money Market Funds		49,382,273		—		—		49,382,273

	$	23,676,363,978	$	—	$	—	$	23,676,363,978

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	436,115	$	—	$	—	$	436,115

^(a)

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

See notes to financial statements.


S C H E D U L E S O F I N V E S T M E N T S		21

Schedule of Investments (unaudited)

October 31, 2022

iShares^® Core High Dividend ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Air Freight & Logistics — 2.2%
United Parcel Service, Inc., Class B		1,602,066	$	268,778,613


Banks — 3.6%
Huntington Bancshares, Inc.		4,640,692		70,445,704
PNC Financial Services Group, Inc.		1,094,894		177,186,696
Truist Financial Corp.		4,140,715		185,462,625


				433,095,025
Beverages — 3.9%
Coca-Cola Co.		7,760,847		464,486,693


Biotechnology — 11.5%
AbbVie, Inc.		5,060,048		740,791,027
Amgen, Inc.		1,192,591		322,416,977
Gilead Sciences, Inc.		3,981,076		312,355,223


				1,375,563,227
Capital Markets — 3.4%
Artisan Partners Asset Management, Inc., Class A		343,820		9,802,308
Blackstone, Inc., NVS		2,602,099		237,155,303
Carlyle Group, Inc.		397,629		11,244,948
Cohen & Steers, Inc.		54,156		3,258,025
Evercore, Inc., Class A		86,378		9,078,328
Franklin Resources, Inc.		879,014		20,612,878
Invesco Ltd.		1,068,526		16,369,818
Janus Henderson Group PLC		774,970		17,646,067
Moelis & Co., Class A		262,855		11,160,823
T Rowe Price Group, Inc.		634,084		67,314,358


				403,642,856
Communications Equipment — 3.7%
Cisco Systems, Inc.		9,877,383		448,729,510


Containers & Packaging — 0.6%
Amcor PLC		4,199,690		48,632,410
Packaging Corp. of America		236,821		28,468,253


				77,100,663
Diversified Telecommunication Services — 5.8%
Cogent Communications Holdings, Inc.		218,085		11,451,643
Verizon Communications, Inc.		18,430,694		688,755,035


				700,206,678
Electric Utilities — 4.4%
Alliant Energy Corp.		478,689		24,973,205
American Electric Power Co., Inc.		1,077,307		94,716,831
Avangrid, Inc.		174,843		7,112,613
Duke Energy Corp.		1,976,977		184,214,717
Evergy, Inc.		527,302		32,233,971
IDACORP, Inc.		96,108		10,062,508
PNM Resources, Inc.		176,093		8,183,042
Southern Co.		2,552,095		167,111,181


				528,608,068
Electronic Equipment, Instruments & Components — 0.6%
Corning, Inc.		1,752,513		56,378,343
National Instruments Corp.		264,647		10,104,223


				66,482,566
Food Products — 1.5%
Campbell Soup Co.		427,625		22,625,639
Flowers Foods, Inc.		456,209		13,097,760
General Mills, Inc.		1,200,915		97,970,646
Kellogg Co.		576,214		44,264,759


				177,958,804


Security	Shares		Value

Health Care Equipment & Supplies — 2.1%
Medtronic PLC		2,950,013	$	257,654,135


Hotels, Restaurants & Leisure — 0.4%
Darden Restaurants, Inc.		332,249		47,558,122


Household Durables — 0.4%
Garmin Ltd.		345,638		30,429,970
Leggett & Platt, Inc.		439,550		14,834,812


				45,264,782
Household Products — 0.9%
Kimberly-Clark Corp.		863,902		107,521,243
Reynolds Consumer Products, Inc.		125,120		3,821,165


				111,342,408
Industrial Conglomerates — 2.1%
3M Co.		1,981,327		249,231,123


Insurance — 0.1%
CNA Financial Corp.		76,991		3,210,525
First American Financial Corp.		292,945		14,764,428


				17,974,953
IT Services — 4.0%
International Business Machines Corp.		3,273,472		452,688,443
Western Union Co.		1,747,806		23,612,859


				476,301,302
Leisure Products — 0.2%
Hasbro, Inc.		326,434		21,299,818


Machinery — 0.6%
Cummins, Inc.		288,900		70,638,939


Media — 0.0%
John Wiley & Sons, Inc., Class A		102,435		4,321,733


Multi-Utilities — 3.0%
Dominion Energy, Inc.		1,829,288		127,995,281
NiSource, Inc.		883,181		22,688,920
Public Service Enterprise Group, Inc.		1,128,478		63,273,761
Sempra Energy		584,336		88,199,676
WEC Energy Group, Inc.		608,578		55,581,429


				357,739,067
Oil, Gas & Consumable Fuels — 28.0%
Antero Midstream Corp.		2,101,357		22,379,452
Chevron Corp.		5,066,984		916,617,406
Devon Energy Corp.		3,212,240		248,466,764
DT Midstream, Inc.		313,948		18,742,696
Exxon Mobil Corp.		11,092,579		1,229,168,679
Kinder Morgan, Inc., Class P		8,539,748		154,740,234
ONEOK, Inc.		1,948,194		115,566,868
Pioneer Natural Resources Co.		1,994,544		511,421,027
Williams Cos., Inc.		4,380,324		143,368,004


				3,360,471,130
Personal Products — 0.0%
Medifast, Inc.		44,740		5,234,133


Pharmaceuticals — 7.8%
Bristol-Myers Squibb Co.		4,710,059		364,888,271
Merck & Co., Inc.		5,658,147		572,604,476


				937,492,747
Semiconductors & Semiconductor Equipment — 3.7%
Broadcom, Inc.		933,511		438,862,191


Specialty Retail — 0.2%
Advance Auto Parts, Inc.		144,799		27,500,226


22		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

October 31, 2022

iShares^® Core High Dividend ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Textiles, Apparel & Luxury Goods — 0.3%
VF Corp.		1,071,581	$	30,272,163


Thrifts & Mortgage Finance — 0.1%
Radian Group, Inc.		476,998		9,954,948


Tobacco — 4.4%
Philip Morris International, Inc.		5,769,195		529,900,561


Trading Companies & Distributors — 0.2%
MSC Industrial Direct Co., Inc., Class A		124,886		10,363,040
Watsco, Inc.		72,340		19,601,247

				29,964,287


Total Long-Term Investments — 99.7% (Cost: $11,702,052,033)				11,973,631,471


Security	Shares		Value

Short-Term Securities

Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(a)(b)		17,951,620	$	17,951,620


Total Short-Term Securities — 0.2% (Cost: $17,951,620)				17,951,620


Total Investments — 99.9% (Cost: $11,720,003,653)				11,991,583,091
Other Assets Less Liabilities — 0.1%				14,165,187

Net Assets — 100.0%			$	12,005,748,278

^(a)	Affiliate of the Fund.

^(b)	Annualized 7-day yield as of period end.

Affiliates


Affiliated Issuer	Value at 04/30/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/22		Shares Held at 10/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash
Funds: Institutional, SL Agency Shares^(a)	$	—	$	—		$	(22,951	)^(b)	$	22,951	$	—	$	—		—	$	210,968	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		14,010,000		3,941,620	^(b)		—			—		—		17,951,620		17,951,620		170,209			—

									$	22,951	$	—	$	17,951,620			$	381,177		$	—

^(a)

As of period end, the entity is no longer held.

^(b)

Represents net amount purchased (sold).

^(c)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



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

Long Contracts
E-Mini Consumer Staples Index		109		12/16/22	$	8,001	$	336,839
E-Mini Dow Jones Industrial Average Index		78		12/16/22		12,782		1,134,567
E-Mini Energy Select Sector Index		84		12/16/22		7,911		1,236,955

							$	2,708,361


S C H E D U L E S O F I N V E S T M E N T S		23

Schedule of Investments (unaudited) (continued)

October 31, 2022

iShares^® Core High Dividend ETF

Derivative Financial Instruments Categorized by Risk Exposure

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


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	2,708,361	$	—	$	—	$	—	$	2,708,361

^(a)

For the period ended October 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(963,156	)	$	—	$	—	$	—	$	(963,156	)

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	2,328,040		$	—	$	—	$	—	$	2,328,040

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	30,283,153

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


	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	11,973,631,471	$	—	$	—	$	11,973,631,471
Short-Term Securities
Money Market Funds		17,951,620		—		—		17,951,620

	$	11,991,583,091	$	—	$	—	$	11,991,583,091

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	2,708,361	$	—	$	—	$	2,708,361

^(a)

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

See notes to financial statements.


24		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

October 31, 2022

iShares^® Select Dividend ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.0%
Lockheed Martin Corp.		451,168	$	219,574,442


Banks — 10.4%
Citizens Financial Group, Inc.		4,876,756		199,459,321
Comerica, Inc.		2,531,560		178,474,980
Fifth Third Bancorp		4,398,790		156,992,815
First Horizon Corp.		8,537,397		209,251,601
FNB Corp.		8,772,732		126,765,977
Huntington Bancshares, Inc.		21,294,757		323,254,411
KeyCorp		10,461,997		186,955,886
Regions Financial Corp.		9,818,428		215,514,495
Truist Financial Corp.		4,134,782		185,196,886
U.S. Bancorp		4,681,354		198,723,477
United Bankshares, Inc.		3,536,983		149,791,230
Valley National Bancorp		10,393,201		123,367,296


				2,253,748,375
Beverages — 1.0%
Coca-Cola Co.		3,760,724		225,079,331


Biotechnology — 2.3%
Gilead Sciences, Inc.		6,425,091		504,112,640


Capital Markets — 2.8%
Federated Hermes, Inc., Class B		2,516,096		87,434,336
Franklin Resources, Inc.		7,193,776		168,694,047
Invesco Ltd.		8,864,313		135,801,275
Janus Henderson Group PLC		4,412,164		100,464,974
Lazard Ltd., Class A		2,867,687		108,140,477


				600,535,109
Chemicals — 2.4%
Chemours Co.		4,340,703		124,274,327
Huntsman Corp.		4,459,238		119,329,209
LyondellBasell Industries NV, Class A		3,705,619		283,294,572


				526,898,108
Containers & Packaging — 3.4%
International Paper Co.		7,902,506		265,603,227
Packaging Corp. of America		1,443,506		173,523,856
Sonoco Products Co.		2,559,527		158,895,436
Westrock Co.		4,080,803		138,992,150


				737,014,669
Distributors — 1.6%
Genuine Parts Co.		1,891,157		336,361,184


Diversified Consumer Services — 0.8%
H&R Block, Inc.		4,338,470		178,528,041


Diversified Telecommunication Services — 3.3%
AT&T Inc.		15,795,506		287,952,075
Lumen Technologies, Inc.		22,096,006		162,626,604
Verizon Communications, Inc.		7,046,327		263,321,240


				713,899,919
Electric Utilities — 14.4%
Alliant Energy Corp.		3,842,650		200,471,050
American Electric Power Co., Inc.		2,840,553		249,741,420
Edison International		5,287,800		317,479,512
Entergy Corp.		2,788,470		298,756,676
Eversource Energy		2,903,435		221,474,022
Exelon Corp.		5,711,224		220,396,134
FirstEnergy Corp.		6,630,906		250,051,465
IDACORP, Inc.		1,184,082		123,973,385
NextEra Energy, Inc.		2,120,928		164,371,920


Security	Shares		Value

Electric Utilities (continued)
NRG Energy, Inc.		6,006,203	$	266,675,413
OGE Energy Corp.		4,761,868		174,427,225
Pinnacle West Capital Corp.		2,680,742		180,172,670
PPL Corp.		8,980,967		237,905,816
Xcel Energy, Inc.		3,251,678		211,716,755


				3,117,613,463
Electrical Equipment — 1.5%
Eaton Corp. PLC		1,104,221		165,710,445
Emerson Electric Co.		1,840,491		159,386,521


				325,096,966
Food & Staples Retailing — 1.1%
Walgreens Boots Alliance, Inc.		6,752,839		246,478,624


Food Products — 2.9%
Conagra Brands, Inc.		8,989,253		329,905,585
General Mills, Inc.		3,700,297		301,870,229


				631,775,814
Gas Utilities — 1.9%
New Jersey Resources Corp.		2,350,298		104,917,303
Southwest Gas Holdings, Inc.		1,488,006		108,728,598
UGI Corp.		5,684,714		200,840,946


				414,486,847
Hotels, Restaurants & Leisure — 1.0%
McDonald’s Corp.		794,869		216,728,982


Household Durables — 1.8%
Garmin Ltd.		1,718,965		151,337,679
Leggett & Platt, Inc.		3,287,312		110,946,780
Newell Brands, Inc.		9,788,730		135,182,361


				397,466,820
Household Products — 1.3%
Kimberly-Clark Corp.		2,262,463		281,586,145


Insurance — 8.1%
Cincinnati Financial Corp.		1,452,297		150,051,326
Fidelity National Financial, Inc.		6,237,838		245,646,060
MetLife, Inc.		3,458,642		253,207,181
Old Republic International Corp.		7,217,381		167,515,413
Principal Financial Group, Inc.		4,294,508		378,474,990
Prudential Financial, Inc.		3,153,494		331,716,034
Unum Group		5,092,750		232,178,473


				1,758,789,477
IT Services — 2.8%
International Business Machines Corp.		3,326,514		460,023,621
Western Union Co.		10,093,687		136,365,711


				596,389,332
Machinery — 0.9%
Caterpillar, Inc.		885,001		191,567,317


Media — 2.2%
Interpublic Group of Cos., Inc.		7,317,048		217,974,860
Omnicom Group, Inc.		3,403,793		247,625,941


				465,600,801
Metals & Mining — 0.7%
Newmont Corp.		3,431,979		145,241,351


Multi-Utilities — 9.3%
Avista Corp.		1,678,453		68,866,927
Black Hills Corp.		1,560,941		102,038,713
CenterPoint Energy, Inc.		6,869,489		196,536,080
CMS Energy Corp.		3,456,003		197,164,971
Dominion Energy, Inc.		3,249,978		227,400,961


S C H E D U L E S O F I N V E S T M E N T S		25

Schedule of Investments (unaudited) (continued)

October 31, 2022

iShares^® Select Dividend ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Multi-Utilities (continued)
DTE Energy Co.		1,825,897	$	204,701,313
NiSource, Inc.		8,592,907		220,751,781
NorthWestern Corp.		1,290,556		68,180,073
Public Service Enterprise Group, Inc.		3,969,220		222,554,165
Sempra Energy		1,635,029		246,791,277
WEC Energy Group, Inc.		2,711,432		247,635,085


				2,002,621,346

Oil, Gas & Consumable Fuels — 9.7%
Chevron Corp.		1,860,189		336,508,190
Exxon Mobil Corp.		4,251,315		471,088,215
Marathon Petroleum Corp.		3,097,131		351,896,024
ONEOK, Inc.		6,742,246		399,950,033
Valero Energy Corp.		4,223,917		530,312,780


				2,089,755,242

Pharmaceuticals — 2.9%
Merck & Co., Inc.		3,632,918		367,651,301
Pfizer, Inc.		5,482,614		255,215,682


				622,866,983

Semiconductors & Semiconductor Equipment — 0.7%
Intel Corp.		5,038,937		143,256,979


Technology Hardware, Storage & Peripherals — 1.3%
HP, Inc.		6,331,296		174,870,395
Seagate Technology Holdings PLC		2,353,522		116,875,903


				291,746,298

Textiles, Apparel & Luxury Goods — 0.3%
Hanesbrands, Inc.		8,736,218		59,581,007


Security	Shares		Value

Thrifts & Mortgage Finance — 0.5%
New York Community Bancorp, Inc.		11,663,229	$	108,584,662


Tobacco — 4.1%
Altria Group, Inc.		10,791,581		499,326,453
Philip Morris International, Inc.		4,135,083		379,807,373


				879,133,826
Trading Companies & Distributors — 1.4%
MSC Industrial Direct Co., Inc., Class A		1,133,897		94,090,773
Watsco, Inc.		773,441		209,571,573

				303,662,346


Total Long-Term Investments — 99.8% (Cost: $20,079,560,831)				21,585,782,446


Short-Term Securities

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(a)(b)		24,169,069		24,169,069


Total Short-Term Securities — 0.1% (Cost: $24,169,069)				24,169,069


Total Investments — 99.9% (Cost: $20,103,729,900)				21,609,951,515

Other Assets Less Liabilities — 0.1%				23,436,130


Net Assets — 100.0%			$	21,633,387,645

^(a)	Affiliate of the Fund.

^(b)	Annualized 7-day yield as of period end.

Affiliates


Affiliated Issuer	Value at 04/30/22		Purchases at Cost		Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/22		Shares Held at 10/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	24,690,000	$	—	$	(520,931)^(a)	$	—	$	—	$	24,169,069		24,169,069	$	280,922	$	—

^(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



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

Long Contracts
E-Mini Energy Select Sector Index		79		12/16/22	$	7,440	$	498,490
E-Mini Financial Select Sector Index		211		12/16/22		22,105		568,772
E-Mini Utilities Select Sector Index		240		12/16/22		16,210		(915,324	)

							$	151,938


26		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

October 31, 2022

iShares^® Select Dividend ETF

Derivative Financial Instruments Categorized by Risk Exposure

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


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	1,067,262	$	—	$	—	$	—	$	1,067,262

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	915,324	$	—	$	—	$	—	$	915,324

^(a)

For the period ended October 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(9,580,319	)	$	—	$	—	$	—	$	(9,580,319	)

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	1,016,341		$	—	$	—	$	—	$	1,016,341

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	40,792,579

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


	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	21,585,782,446		$	—	$	—	$	21,585,782,446
Short-Term Securities
Money Market Funds		24,169,069			—		—		24,169,069

	$	21,609,951,515		$	—	$	—	$	21,609,951,515

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	1,067,262		$	—	$	—	$	1,067,262
Liabilities
Equity Contracts		(915,324	)		—		—		(915,324	)

	$	151,938		$	—	$	—	$	151,938

^(a)

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

See notes to financial statements.


S C H E D U L E S O F I N V E S T M E N T S		27

Statements of Assets and Liabilities (unaudited)

October 31, 2022


	iShares Core Dividend ETF			iShares Core Dividend Growth ETF		iShares Core High Dividend ETF			iShares Select Dividend ETF


ASSETS
Investments, at value — unaffiliated^(a)	$	236,037,912		$	23,445,928,611	$	11,973,631,471		$	21,585,782,446
Investments, at value — affiliated^(b)		1,536,207			230,435,367		17,951,620			24,169,069
Cash		432,450			5,440,977		—			—
Cash pledged for futures contracts		55,000			3,959,400		1,625,600			2,062,200
Receivables:
Investments sold		—			19,738		10,268,795			17,699,321
Securities lending income — affiliated		—			23,315		22,951			—
Capital shares sold		—			44,111,335		25,762,859			35,435,652
Dividends — unaffiliated		305,167			22,497,427		33,975,996			28,041,583
Dividends — affiliated		2,898			222,081		89,402			144,982


Total assets		238,369,634			23,752,638,251		12,063,328,694			21,693,335,253


LIABILITIES
Bank overdraft		—			—		38,369			4,876
Payables:
Investments purchased		855,686			43,910,034		46,392,754			35,243,225
Capital shares redeemed		—			—		10,296,525			17,790,239
Investment advisory fees		39,949			1,507,688		808,198			6,625,898
Variation margin on futures contracts		7,627			553,700		44,570			283,370

Total liabilities		903,262			45,971,422		57,580,416			59,947,608


NET ASSETS	$	237,466,372		$	23,706,666,829	$	12,005,748,278		$	21,633,387,645


NET ASSETS CONSIST OF:
Paid-in capital	$	262,339,189		$	21,798,776,732	$	12,513,530,743		$	20,478,223,615
Accumulated earnings (loss)		(24,872,817	)		1,907,890,097		(507,782,465	)		1,155,164,030


NET ASSETS	$	237,466,372		$	23,706,666,829	$	12,005,748,278		$	21,633,387,645


NET ASSET VALUE
Shares outstanding		6,400,000			484,000,000		116,600,000			183,150,000


Net asset value	$	37.10		$	48.98	$	102.97		$	118.12


Shares authorized		Unlimited			Unlimited		Unlimited			Unlimited


Par value		None			None		None			None


^(a)Investments, at cost — unaffiliated	$	256,690,756		$	20,931,040,410	$	11,702,052,033		$	20,079,560,831
^(b)Investments, at cost — affiliated	$	1,697,472		$	216,675,259	$	17,951,620		$	24,169,069

See notes to financial statements.


28		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Operations (unaudited)

Six Months Ended October 31, 2022


	iShares Core Dividend ETF			iShares Core Dividend Growth ETF			iShares Core High Dividend ETF			iShares Select Dividend ETF


INVESTMENT INCOME
Dividends — unaffiliated	$	2,910,346		$	281,846,626		$	246,896,285		$	448,141,954
Dividends — affiliated		20,176			3,039,004			170,209			280,922
Securities lending income — affiliated — net		—			267,190			210,968			—
Foreign taxes withheld		(1,082	)		(15,025	)		—			—


Total investment income		2,929,440			285,137,795			247,277,462			448,422,876


EXPENSES
Investment advisory		308,388			9,166,668			4,915,255			41,603,356


Total expenses		308,388			9,166,668			4,915,255			41,603,356


Net investment income		2,621,052			275,971,127			242,362,207			406,819,520


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(9,058,673	)		(227,362,363	)		(469,493,144	)		(133,422,781	)
Investments — affiliated		(74,225	)		(5,723,286	)		22,951			—
Futures contracts		(146,312	)		(10,422,890	)		(963,156	)		(9,580,319	)
In-kind redemptions — unaffiliated^(a)		8,663,914			137,458,652			617,059,523			349,183,675
In-kind redemptions — affiliated^(a)		2,649			737,520			—			—


		(612,647	)		(105,312,367	)		146,626,174			206,180,575

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(14,797,004	)		(637,456,236	)		(386,587,006	)		(1,216,140,239	)
Investments — affiliated		87,691			12,481,614			—			—
Futures contracts		66,540			2,492,552			2,328,040			1,016,341


		(14,642,773	)		(622,482,070	)		(384,258,966	)		(1,215,123,898	)


Net realized and unrealized loss		(15,255,420	)		(727,794,437	)		(237,632,792	)		(1,008,943,323	)


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(12,634,368	)	$	(451,823,310	)	$	4,729,415		$	(602,123,803	)

^(a)	See Note 2 of the Notes to Financial Statements.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		29

Statements of Changes in Net Assets


	iShares Core Dividend ETF						iShares Core Dividend Growth ETF


	Six Months Ended 10/31/22 (unaudited)			Year Ended 04/30/22			Six Months Ended 10/31/22 (unaudited)			Year Ended 04/30/22


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	2,621,052		$	2,926,970		$	275,971,127		$	445,718,048
Net realized gain (loss)		(612,647	)		9,208,877			(105,312,367	)		971,722,516
Net change in unrealized appreciation (depreciation)		(14,642,773	)		(19,291,256	)		(622,482,070	)		(933,077,494	)


Net increase (decrease) in net assets resulting from operations		(12,634,368	)		(7,155,409	)		(451,823,310	)		484,363,070


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(2,573,065	)		(2,605,463	)		(269,888,458	)		(433,784,061	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(7,589,621	)		202,844,254			1,685,580,589			4,289,062,601


NET ASSETS
Total increase (decrease) in net assets		(22,797,054	)		193,083,382			963,868,821			4,339,641,610
Beginning of period		260,263,426			67,180,044			22,742,798,008			18,403,156,398


End of period	$	237,466,372		$	260,263,426		$	23,706,666,829		$	22,742,798,008

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


30		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	iShares Core High Dividend ETF						iShares Select Dividend ETF


	Six Months Ended 10/31/22 (unaudited)			Year Ended 04/30/22			Six Months Ended 10/31/22 (unaudited)			Year Ended 04/30/22


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	242,362,207		$	282,262,323		$	406,819,520		$	627,979,818
Net realized gain		146,626,174			479,090,410			206,180,575			1,169,713,678
Net change in unrealized appreciation (depreciation)		(384,258,966	)		55,124,197			(1,215,123,898	)		(420,759,814	)


Net increase (decrease) in net assets resulting from operations		4,729,415			816,476,930			(602,123,803	)		1,376,933,682


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(224,345,200	)		(262,993,551	)		(402,071,131	)		(605,570,050	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		2,594,462,392			2,238,090,827			975,646,309			2,395,005,483


NET ASSETS
Total increase (decrease) in net assets		2,374,846,607			2,791,574,206			(28,548,625	)		3,166,369,115
Beginning of period		9,630,901,671			6,839,327,465			21,661,936,270			18,495,567,155


End of period	$	12,005,748,278		$	9,630,901,671		$	21,633,387,645		$	21,661,936,270

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		31

Financial Highlights

(For a share outstanding throughout each period)


	iShares Core Dividend ETF

		Six Months Ended 10/31/22 (unaudited	)		Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Period from 11/07/17 to 04/30/18	^(a)


Net asset value, beginning of period	$	39.14		$	38.39		$	25.94		$	27.96		$	25.30		$	24.99

Net investment income^(b)		0.39			0.77			0.70			0.64			0.61			0.26
Net realized and unrealized gain (loss)^(c)		(2.05	)		0.68			12.43			(2.02	)		2.67			0.28

Net increase (decrease) from investment operations		(1.66	)		1.45			13.13			(1.38	)		3.28			0.54


Distributions^(d)
From net investment income		(0.38	)		(0.70	)		(0.68	)		(0.64	)		(0.58	)		(0.23	)
From net realized gain		—			—			—			—			(0.04	)		—

Total distributions		(0.38	)		(0.70	)		(0.68	)		(0.64	)		(0.62	)		(0.23	)


Net asset value, end of period	$	37.10		$	39.14		$	38.39		$	25.94		$	27.96		$	25.30


Total Return^(e)
Based on net asset value		(4.20	)%^(f)		3.71	%		51.33	%		(4.95	)%		13.21	%		2.16	%^(f)


Ratios to Average Net Assets^(g)
Total expenses		0.24	%^(h)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%^(h)

Net investment income		2.06	%^(h)		1.87	%		2.20	%		2.31	%		2.34	%		2.07	%^(h)


Supplemental Data
Net assets, end of period (000)	$	237,466		$	260,263		$	67,180		$	24,645		$	8,389		$	7,591

Portfolio turnover rate⁽ⁱ⁾		14	%		25	%		30	%		33	%		31	%		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.

See notes to financial statements.


32		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)


	iShares Core Dividend Growth ETF

	Six Months Ended 10/31/22 (unaudited)			Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18


Net asset value, beginning of period	$	50.58		$	49.87		$	36.39		$	38.13		$	33.86		$	30.75

Net investment income^(a)		0.59			1.10			1.08			0.99			0.91			0.78
Net realized and unrealized gain (loss)^(b)		(1.61	)		0.68			13.44			(1.77	)		4.20			3.07

Net increase (decrease) from investment operations		(1.02	)		1.78			14.52			(0.78	)		5.11			3.85

Distributions from net investment income^(c)		(0.58	)		(1.07	)		(1.04	)		(0.96	)		(0.84	)		(0.74	)


Net asset value, end of period	$	48.98		$	50.58		$	49.87		$	36.39		$	38.13		$	33.86


Total Return^(d)
Based on net asset value		(1.97	)%^(e)		3.51	%		40.52	%		(2.05	)%		15.30	%		12.59	%


Ratios to Average Net Assets^(f)
Total expenses		0.08	%^(g)		0.08	%		0.08	%		0.08	%		0.08	%		0.08	%

Net investment income		2.41	%^(g)		2.10	%		2.53	%		2.55	%		2.55	%		2.32	%


Supplemental Data
Net assets, end of period (000)	$	23,706,667		$	22,742,798		$	18,403,156		$	9,355,727		$	7,084,809		$	3,343,410

Portfolio turnover rate^(h)		9	%		22	%		31	%		24	%		26	%		24	%

^(a)	Based on average shares outstanding.

^(b)	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.

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		33

Financial Highlights

(For a share outstanding throughout each period)


	iShares Core High Dividend ETF

	Six Months Ended 10/31/22 (unaudited)			Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18


Net asset value, beginning of period	$	103.67		$	95.59		$	81.85		$	95.42		$	84.44		$	83.27

Net investment income^(a)		2.02			3.68			3.56			3.24			3.09			2.99
Net realized and unrealized gain (loss)^(b)		(0.92	)		7.80			13.72			(13.51	)		11.01			1.20

Net increase (decrease) from investment operations		1.10			11.48			17.28			(10.27	)		14.10			4.19

Distributions from net investment income^(c)		(1.80	)		(3.40	)		(3.54	)		(3.30	)		(3.12	)		(3.02	)


Net asset value, end of period	$	102.97		$	103.67		$	95.59		$	81.85		$	95.42		$	84.44


Total Return^(d)
Based on net asset value		1.18	%^(e)		12.21	%		21.70	%		(10.86	)%		17.05	%		5.03	%


Ratios to Average Net Assets^(f)
Total expenses		0.08	%^(g)		0.08	%		0.08	%		0.08	%		0.08	%		0.08	%

Net investment income		3.94	%^(g)		3.68	%		4.13	%		3.53	%		3.48	%		3.47	%


Supplemental Data
Net assets, end of period (000)	$	12,005,748		$	9,630,902		$	6,839,327		$	6,036,798		$	7,175,741		$	6,007,744

Portfolio turnover rate^(h)		39	%		74	%		75	%		62	%		57	%		46	%

^(a)	Based on average shares outstanding.

^(b)	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.

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


34		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)


	iShares Select Dividend ETF

	Six Months Ended 10/31/22 (unaudited)			Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18


Net asset value, beginning of period	$	123.50		$	118.37		$	80.66		$	101.13		$	96.31		$	91.51

Net investment income^(a)		2.26			3.91			3.51			3.51			3.31			3.08
Net realized and unrealized gain (loss)^(b)		(5.43	)		4.97			37.74			(20.30	)		4.80			4.76

Net increase (decrease) from investment operations		(3.17	)		8.88			41.25			(16.79	)		8.11			7.84

Distributions from net investment income^(c)		(2.21	)		(3.75	)		(3.54	)		(3.68	)		(3.29	)		(3.04	)


Net asset value, end of period	$	118.12		$	123.50		$	118.37		$	80.66		$	101.13		$	96.31


Total Return^(d)
Based on net asset value		(2.52	)%^(e)		7.63	%		52.54	%		(16.96	)%		8.63	%		8.65	%


Ratios to Average Net Assets^(f)
Total expenses		0.38	%^(g)		0.38	%		0.38	%		0.39	%		0.39	%		0.39	%

Net investment income		3.73	%^(g)		3.23	%		3.78	%		3.60	%		3.40	%		3.24	%


Supplemental Data
Net assets, end of period (000)	$	21,633,388		$	21,666,936		$	18,495,567		$	13,257,023		$	17,585,695		$	16,714,032

Portfolio turnover rate^(h)		1	%		15	%		55	%		6	%		21	%		28	%

^(a)	Based on average shares outstanding.

^(b)	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.

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		35

Notes to Financial Statements (unaudited)

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”):


iShares ETF	Diversification Classification
Core Dividend^(a)		Diversified
Core Dividend Growth		Diversified
Core High Dividend		Non-Diversified
Select Dividend		Diversified

^(a)	Formerly the iShares U.S. Dividend and Buyback ETF.

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.

ForeignTaxes: 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 jurisdiction 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 October 31, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Fund’s 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


36		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

•

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 may be 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.

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


N O T E S T O F I N A N C I A L S T A T E M E N T S		37

Notes to Financial Statements (unaudited) (continued)

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.

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 to 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.

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:


iShares ETF	Investment Advisory Fees
Core Dividend		0.05	%
Core Dividend Growth		0.08
Core High Dividend		0.08

Prior to October 25, 2022, BFA was entitled to an annual investment advisory fee of 0.25%, accrued daily and paid monthly by the iShares Core Dividend ETF, based on the average daily net assets of the Fund.

For its investment advisory services to the iShares Select Dividend ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:


Aggregate Average Daily Net Assets	Investment Advisory Fees
First $46 billion		0.4000	%
Over $46 billion, up to and including $81 billion		0.3800
Over $81 billion, up to and including $111 billion		0.3610
Over $111 billion, up to and including $141 billion		0.3430
Over $141 billion, up to and including $171 billion		0.3259
Over $171 billion		0.3096

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.


38		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

Prior to April 25, 2022, ETF Services were performed by State Street Bank and Trust Company.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the six months ended October 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:



iShares ETF	Amounts
Core Dividend Growth	$	66,442

Core High Dividend		52,652

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 October 31, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)

Core Dividend	$	20,511,694	$	17,259,273	$	(3,411,696	)
Core Dividend Growth		731,365,112		475,196,228		(52,379,340	)
Core High Dividend		719,219,795		368,656,815		(40,852,129	)

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 October 31, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:


iShares ETF	Purchases		Sales
Core Dividend	$	37,288,875	$	34,367,531
Core Dividend Growth		2,006,353,414		1,961,958,679
Core High Dividend		4,651,745,845		4,628,537,540
Select Dividend		354,428,821		260,676,160


N O T E S T O F I N A N C I A L S T A T E M E N T S		39

Notes to Financial Statements (unaudited) (continued)

For the six months ended October 31, 2022, in-kind transactions were as follows:



iShares ETF	In-kind Purchases		In-kind Sales

Core Dividend	$	37,939,725	$	48,328,823
Core Dividend Growth		1,942,383,196		309,689,891
Core High Dividend		5,355,554,162		2,771,503,352
Select Dividend		2,090,124,598		1,208,881,751

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 October 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of April 30, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:


iShares ETF	Amounts
Core Dividend	$	3,581,767
Core Dividend Growth		500,795,997
Core High Dividend		940,170,854
Select Dividend		448,427,573

As of October 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

Core Dividend	$	258,758,635	$	12,476,128	$	(33,653,552	)	$	(21,177,424	)
Core Dividend Growth		21,207,493,675		3,414,075,353		(944,768,935	)		2,469,306,418
Core High Dividend		11,753,842,852		963,249,746		(722,801,146	)		240,448,600
Select Dividend		20,240,416,912		2,752,996,499		(1,383,309,958	)		1,369,686,541

9.	*PRINCIPAL RISKS*

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid 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,


40		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

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.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10.

CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:



	Six Months Ended 10/31/22						Year Ended 04/30/22

iShares ETF	Shares			Amount			Shares			Amount

Core Dividend
Shares sold		1,000,000		$	38,111,268			5,700,000		$	235,671,266
Shares redeemed		(1,250,000	)		(45,700,889	)		(800,000	)		(32,827,012	)

		(250,000	)	$	(7,589,621	)		4,900,000		$	202,844,254

Core Dividend Growth
Shares sold		39,750,000		$	1,952,371,567			121,400,000		$	6,428,227,610
Shares redeemed		(5,400,000	)		(266,790,978	)		(40,750,000	)		(2,139,165,009	)

		34,350,000		$	1,685,580,589			80,650,000		$	4,289,062,601


N O T E S T O F I N A N C I A L S T A T E M E N T S		41

Notes to Financial Statements (unaudited) (continued)



	Six Months Ended 10/31/22						Year Ended 04/30/22

iShares ETF	Shares			Amount			Shares			Amount

Core High Dividend
Shares sold		51,700,000		$	5,371,035,343			39,450,000		$	4,102,347,570
Shares redeemed		(28,000,000	)		(2,776,572,951	)		(18,100,000	)		(1,864,256,743	)

		23,700,000		$	2,594,462,392			21,350,000		$	2,238,090,827

Select Dividend
Shares sold		17,600,000		$	2,131,338,601			48,950,000		$	6,044,186,342
Shares redeemed		(9,850,000	)		(1,155,692,292	)		(29,800,000	)		(3,649,180,859	)

		7,750,000		$	975,646,309			19,150,000		$	2,395,005,483

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.

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.


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Board Review and Approval of Investment Advisory Contract

iShares Core Dividend ETF, iShares Core Dividend Growth ETF, iShares Core High Dividend ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		43

Board Review and Approval of Investment Advisory Contract (continued)

revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares Select Dividend ETF (the “Fund”)


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Board Review and Approval of Investment Advisory Contract (continued)

response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		45

Board Review and Approval of Investment Advisory Contract (continued)

impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board 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 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.


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Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

October 31, 2022


	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Select Dividend^(a)	$	2.126192	$	—	$	0.086620	$	2.212812		96	%		—	%		4	%		100	%

^(a)

The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.


S U P P L E M E N T A L I N F O R M A T I O N		47

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.


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Glossary of Terms Used in this Report


Portfolio Abbreviation

NVS		Non-Voting Shares

S&P		Standard & Poor’s


G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T		49

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 Morningstar, Inc. or S&P Dow Jones Indices LLC, nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.

iS-SAR-409-1022