iShares Trust

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of September 30, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022, ending the run of robust growth that followed the reopening of global economies and the development of COVID-19 vaccines. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks and economically sensitive small-capitalization stocks. While both large- and small-capitalization U.S. stocks fell, declines for small-capitalization U.S. stocks were steeper. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

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

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

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

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

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

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of September 30, 2022

	6-Month			12-Month

U.S. large cap equities (S&P 500^® Index)		(20.20	)%		(15.47	)%

U.S. small cap equities (Russell 2000^® Index)		(19.01	)		(23.50	)

International equities (MSCI Europe, Australasia, Far East Index)		(22.51	)		(25.13	)

Emerging market equities (MSCI Emerging Markets Index)		(21.70	)		(28.11	)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.58			0.63

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(10.81	)		(16.20	)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(9.22	)		(14.60	)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(6.30	)		(11.50	)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(10.42	)		(14.15	)

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

The iShares Factors US Growth Style ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks with favorable exposure to target style factors subject to constraints, as represented by the Russell US Large Cap Factors Growth Style 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.

The inception date of the Fund was January 14, 2020. The first day of secondary market trading was January 16, 2020.

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

The iShares Factors USValue Style ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks with favorable exposure to target style factors subject to constraints, as represented by the Russell US Large Cap Factors Value Style 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.

The inception date of the Fund was January 14, 2020. The first day of secondary market trading was January 16, 2020.

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.

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.


Security	Shares		Value

Common Stocks

Air Freight & Logistics — 2.0%
Expeditors International of Washington, Inc.		147	$	12,982
United Parcel Service, Inc., Class B		267		43,131

				56,113

Automobiles — 2.7%
Tesla, Inc.^(a)		289		76,657


Beverages — 0.1%
PepsiCo, Inc.		25		4,081


Biotechnology — 4.3%
AbbVie, Inc.		542		72,742
Amgen, Inc.		59		13,298
Moderna, Inc.^(a)		147		17,383
Vertex Pharmaceuticals, Inc.^(a)		65		18,820

				122,243

Building Products — 0.9%
Carlisle Cos., Inc.		5		1,402
Masco Corp.		306		14,287
Trex Co., Inc.^(a)		210		9,228

				24,917

Capital Markets — 4.4%
Ameriprise Financial, Inc.		73		18,392
Blackstone, Inc., NVS		103		8,621
FactSet Research Systems, Inc.		24		9,603
MSCI, Inc., Class A		120		50,615
Raymond James Financial, Inc.		377		37,255

				124,486

Chemicals — 1.3%
CF Industries Holdings, Inc.		161		15,496
Chemours Co.		324		7,987
Mosaic Co.		184		8,893
Scotts Miracle-Gro Co., Class A		102		4,360

				36,736

Communications Equipment — 0.5%
Arista Networks, Inc.^(a)		78		8,806
Ubiquiti, Inc.		15		4,403

				13,209

Containers & Packaging — 0.3%
Sealed Air Corp.		202		8,991


Distributors — 0.4%
Pool Corp.		32		10,183


Diversified Consumer Services — 0.2%
H&R Block, Inc.		143		6,083


Electronic Equipment, Instruments & Components — 1.1%
Arrow Electronics, Inc.^(a)		221		20,374
Jabil, Inc.		56		3,232
Keysight Technologies, Inc.^(a)		6		944
Vontier Corp.		435		7,269

				31,819

Entertainment — 0.0%
Take-Two Interactive Software, Inc.^(a)		7		763


Equity Real Estate Investment Trusts (REITs) — 0.3%
Public Storage		29		8,491
SBA Communications Corp., Class A		1		285

				8,776

Food & Staples Retailing — 2.9%
BJ’s Wholesale Club Holdings, Inc.^(a)		268		19,513


Security	Shares		Value

Food & Staples Retailing (continued)
Costco Wholesale Corp.		134	$	63,284
Grocery Outlet Holding Corp.^(a)		9		300

				83,097

Food Products — 1.2%
Hershey Co.		161		35,496


Health Care Equipment & Supplies — 0.2%
IDEXX Laboratories, Inc.^(a)		16		5,213


Health Care Providers & Services — 2.6%
Chemed Corp.		40		17,462
DaVita, Inc.^(a)		84		6,953
HCA Healthcare, Inc.		82		15,071
McKesson Corp.		31		10,536
Molina Healthcare, Inc.^(a)		35		11,544
UnitedHealth Group, Inc.		24		12,121

				73,687

Health Care Technology — 0.0%
Veeva Systems, Inc., Class A^(a)		7		1,154


Hotels, Restaurants & Leisure — 1.5%
Airbnb, Inc., Class A^(a)		134		14,075
Domino’s Pizza, Inc.		68		21,094
Yum! Brands, Inc.		71		7,550

				42,719

Household Products — 0.6%
Procter & Gamble Co.		124		15,655


Independent Power and Renewable Electricity Producers — 0.8%
Vistra Corp.		1,057		22,197


Insurance — 0.8%
Alleghany Corp.^(a)		3		2,518
Aon PLC, Class A		1		268
Assurant, Inc.		135		19,611

				22,397

Interactive Media & Services — 1.1%
Alphabet, Inc., Class A^(a)		192		18,365
Alphabet, Inc., Class C, NVS^(a)		140		13,461

				31,826

Internet & Direct Marketing Retail — 5.4%
Amazon.com, Inc.^(a)		1,195		135,035
eBay, Inc.		333		12,258
Wayfair, Inc., Class A^(a)		222		7,226

				154,519

IT Services — 1.3%
Gartner, Inc.^(a)		1		277
Mastercard, Inc., Class A		1		284
MongoDB, Inc., Class A^(a)		6		1,192
Paychex, Inc.		38		4,264
VeriSign, Inc.^(a)(b)		176		30,571

				36,588

Life Sciences Tools & Services — 1.3%
Danaher Corp.		2		517
Maravai LifeSciences Holdings, Inc., Class A^(a)		486		12,407
Mettler-Toledo International, Inc.^(a)		23		24,935
Thermo Fisher Scientific, Inc.		1		507

				38,366

Machinery — 0.6%
AGCO Corp.		3		289


Security	Shares		Value

Machinery (continued)
Allison Transmission Holdings, Inc.		278	$	9,385
Otis Worldwide Corp.		111		7,082

				16,756

Multiline Retail — 1.6%
Dollar General Corp.		65		15,591
Target Corp.		197		29,233

				44,824

Oil, Gas & Consumable Fuels — 1.2%
Devon Energy Corp.		432		25,976
PDC Energy, Inc.		87		5,028
Range Resources Corp.		118		2,981

				33,985

Paper & Forest Products — 2.0%
Louisiana-Pacific Corp.		1,119		57,282


Pharmaceuticals — 3.2%
Eli Lilly & Co.		129		41,712
Merck & Co., Inc.		570		49,088

				90,800

Professional Services — 2.7%
Booz Allen Hamilton Holding Corp., Class A		494		45,621
FTI Consulting, Inc.^(a)		101		16,737
Robert Half International, Inc.		207		15,835

				78,193

Road & Rail — 0.5%
Old Dominion Freight Line, Inc.^(b)		57		14,180


Semiconductors & Semiconductor Equipment — 7.0%
Advanced Micro Devices, Inc.^(a)		62		3,928
Allegro MicroSystems, Inc.^(a)		639		13,962
Broadcom, Inc.		45		19,981
KLA Corp.		32		9,684
Lattice Semiconductor Corp.^(a)		178		8,759
NVIDIA Corp.		364		44,186
QUALCOMM, Inc.		558		63,043
Teradyne, Inc.		94		7,064
Texas Instruments, Inc.		182		28,170

				198,777

Software — 20.1%
Adobe, Inc.^(a)		26		7,155
Aspen Technology, Inc.^(a)		76		18,103
Atlassian Corp. PLC, Class A^(a)		174		36,643
Cadence Design Systems, Inc.^(a)		175		28,600
Citrix Systems, Inc.^(a)		96		9,974
Crowdstrike Holdings, Inc., Class A^(a)		184		30,325
Dropbox, Inc., Class A^(a)		213		4,413
Fair Isaac Corp.^(a)		54		22,249
Fortinet, Inc.^(a)		628		30,854
HubSpot, Inc.^(a)		37		9,994
Intuit, Inc.		30		11,620
Manhattan Associates, Inc.^(a)		218		29,001
Microsoft Corp.		1,258		292,988
NortonLifeLock, Inc.		24		483
Nutanix, Inc., Class A^(a)		315		6,561
Oracle Corp.		224		13,680


Security	Shares		Value

Software (continued)
Palo Alto Networks, Inc.^(a)		12	$	1,966
Smartsheet, Inc., Class A^(a)		272		9,346
Synopsys, Inc.^(a)		24		7,332
Teradata Corp.^(a)		53		1,646

				572,933

Specialty Retail — 5.9%
AutoZone, Inc.^(a)		10		21,419
Best Buy Co., Inc.		260		16,468
Home Depot, Inc.		118		32,561
Leslie’s, Inc.^(a)		889		13,077
Lowe’s Cos., Inc.		145		27,233
Tractor Supply Co.		63		11,711
Victoria’s Secret & Co.^(a)		534		15,550
Williams-Sonoma, Inc.		251		29,580

				167,599

Technology Hardware, Storage & Peripherals — 15.1%
Apple Inc.		2,773		383,228
HP, Inc.		1,397		34,813
NetApp, Inc.		202		12,494

				430,535

Textiles, Apparel & Luxury Goods — 1.3%
Deckers Outdoor Corp.^(a)		92		28,760
Lululemon Athletica, Inc.^(a)		14		3,914
Nike, Inc., Class B		36		2,992

				35,666

Trading Companies & Distributors — 0.8%
Watsco, Inc.		17		4,377
WESCO International, Inc.^(a)		9		1,074
WW Grainger, Inc.		36		17,611

				23,062


Total Long-Term Investments — 100.2% (Cost: $3,452,178)				2,852,563


Short-Term Securities^(c)(d)

Money Market Funds — 1.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%^(e)		45,604		45,618
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%		3,782		3,782


Total Short-Term Securities — 1.7% (Cost: $49,400)				49,400


Total Investments — 101.9% (Cost: $3,501,578)				2,901,963

Liabilities in Excess of Other Assets — (1.9)%				(53,308	)


Net Assets — 100.0%			$ 2,848,655

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan.

^(c)	Affiliate of the Fund.

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

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

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

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.


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.0%
Northrop Grumman Corp.		3	$	1,411


Air Freight & Logistics — 2.1%
CH Robinson Worldwide, Inc.		39		3,756
Expeditors International of Washington, Inc.		220		19,428
FedEx Corp.		104		15,441
United Parcel Service, Inc., Class B		236		38,124

				76,749

Banks — 1.9%
Citigroup, Inc.		427		17,793
JPMorgan Chase & Co.		113		11,809
Popular, Inc.		517		37,255
Regions Financial Corp.		45		903

				67,760

Biotechnology — 1.7%
Amgen, Inc.		70		15,778
Biogen, Inc.^(a)		12		3,204
Gilead Sciences, Inc.		435		26,835
Moderna, Inc.^(a)		127		15,018
Vertex Pharmaceuticals, Inc.^(a)		4		1,158

				61,993

Building Products — 1.5%
Lennox International, Inc.		136		30,283
Masco Corp.		475		22,178

				52,461

Capital Markets — 10.3%
Ameriprise Financial, Inc.		1		252
Carlyle Group, Inc.		70		1,809
Evercore, Inc., Class A		860		70,735
Franklin Resources, Inc.		679		14,612
Goldman Sachs Group, Inc.		114		33,408
Jefferies Financial Group, Inc.		2,531		74,664
Lazard Ltd., Class A		1,685		53,634
Morgan Stanley		311		24,572
MSCI, Inc., Class A		76		32,056
Raymond James Financial, Inc.		306		30,239
State Street Corp.		126		7,662
Stifel Financial Corp.		128		6,644
Virtu Financial, Inc., Class A		1,091		22,660

				372,947

Chemicals — 0.5%
Chemours Co.		192		4,733
Huntsman Corp.		140		3,435
Scotts Miracle-Gro Co., Class A		236		10,089

				18,257

Commercial Services & Supplies — 0.5%
Republic Services, Inc.		126		17,141


Communications Equipment — 1.3%
Cisco Systems, Inc.		76		3,040
Juniper Networks, Inc.		98		2,560
Motorola Solutions, Inc.		119		26,652
Ubiquiti, Inc.		51		14,972

				47,224

Consumer Finance — 3.2%
Ally Financial, Inc.		1,396		38,851
American Express Co.		44		5,936
Capital One Financial Corp.		176		16,222
OneMain Holdings, Inc.		767		22,642


Security	Shares		Value

Consumer Finance (continued)
SLM Corp.		869	$	12,157
Synchrony Financial		649		18,295

				114,103

Containers & Packaging — 1.0%
Amcor PLC		1,216		13,048
Ball Corp.		149		7,200
Silgan Holdings, Inc.		379		15,933

				36,181

Diversified Consumer Services — 0.5%
H&R Block, Inc.		317		13,485
Service Corp. International		68		3,926

				17,411

Diversified Financial Services — 0.8%
Equitable Holdings, Inc.		64		1,686
Voya Financial, Inc.		422		25,531

				27,217

Diversified Telecommunication Services — 2.9%
AT&T Inc.		612		9,388
Lumen Technologies, Inc.		4,257		30,991
Verizon Communications, Inc.		1,727		65,574

				105,953

Electric Utilities — 2.5%
American Electric Power Co., Inc.		4		346
Duke Energy Corp.		91		8,465
Entergy Corp.		139		13,987
Hawaiian Electric Industries, Inc.		644		22,321
IDACORP, Inc.		68		6,733
NRG Energy, Inc.		400		15,308
Pinnacle West Capital Corp.		160		10,322
Xcel Energy, Inc.		171		10,944

				88,426

Electrical Equipment — 0.8%
Acuity Brands, Inc.		3		472
nVent Electric PLC		845		26,711

				27,183

Electronic Equipment, Instruments & Components — 0.4%
Arrow Electronics, Inc.^(a)		2		184
Avnet, Inc.		141		5,093
Jabil, Inc.		26		1,501
Vontier Corp.		387		6,467

				13,245

Entertainment — 0.3%
Activision Blizzard, Inc.		6		446
Electronic Arts, Inc.		52		6,017
Playtika Holding Corp.^(a)(b)		29		272
Take-Two Interactive Software, Inc.^(a)		53		5,777

				12,512

Equity Real Estate Investment Trusts (REITs) — 3.1%
Brixmor Property Group, Inc.		315		5,818
Equity Residential		194		13,041
Healthpeak Properties, Inc.		414		9,489
Public Storage^(b)		70		20,497
SBA Communications Corp., Class A		88		25,049
SL Green Realty Corp.		910		36,545

				110,439

Food & Staples Retailing — 4.0%
Albertsons Cos., Inc., Class A		1,482		36,843
BJ’s Wholesale Club Holdings, Inc.^(a)		142		10,339


Security	Shares		Value

Food & Staples Retailing (continued)
Kroger Co.		859	$	37,581
Walgreens Boots Alliance, Inc.		207		6,500
Walmart, Inc.		412		53,436

				144,699

Food Products — 2.4%
Campbell Soup Co.		46		2,168
Flowers Foods, Inc.		1,673		41,306
General Mills, Inc.		3		230
Hershey Co.		111		24,472
J M Smucker Co.		126		17,314

				85,490

Health Care Equipment & Supplies — 0.5%
Abbott Laboratories		168		16,256
DENTSPLY SIRONA, Inc.		44		1,247

				17,503

Health Care Providers & Services — 4.5%
Chemed Corp.		26		11,351
CVS Health Corp.		585		55,791
Enhabit, Inc.^(a)		3,827		53,731
HCA Healthcare, Inc.		107		19,666
Henry Schein, Inc.^(a)		4		263
McKesson Corp.		35		11,895
Molina Healthcare, Inc.^(a)		24		7,916

				160,613

Hotels, Restaurants & Leisure — 1.7%
Domino’s Pizza, Inc.		75		23,265
McDonald’s Corp.		29		6,691
Yum! Brands, Inc.		306		32,540

				62,496

Household Durables — 0.2%
Newell Brands, Inc.		601		8,348


Household Products — 1.1%
Colgate-Palmolive Co.		145		10,186
Kimberly-Clark Corp.		28		3,151
Procter & Gamble Co.		219		27,649

				40,986

Independent Power and Renewable Electricity Producers — 0.3%
Vistra Corp.		461		9,681


Insurance — 6.1%
Aflac, Inc.		285		16,017
Alleghany Corp.^(a)		1		839
Allstate Corp.		124		15,442
American Financial Group, Inc.		194		23,848
Aon PLC, Class A		7		1,875
Assurant, Inc.		48		6,973
Assured Guaranty Ltd.		378		18,314
Axis Capital Holdings Ltd.		208		10,223
Brighthouse Financial, Inc.^(a)		655		28,440
Cincinnati Financial Corp.		57		5,105
CNA Financial Corp.		225		8,302
Everest Re Group Ltd.		4		1,050
Fidelity National Financial, Inc.		263		9,521
First American Financial Corp.		32		1,475
Hanover Insurance Group, Inc.		28		3,588
Hartford Financial Services Group, Inc.		38		2,354
Loews Corp.		503		25,070
MetLife, Inc.		284		17,262
Old Republic International Corp.		115		2,407
Travelers Cos., Inc.		19		2,911


Security	Shares		Value

Insurance (continued)
Unum Group		97	$	3,764
White Mountains Insurance Group Ltd.		12		15,636

				220,416

Interactive Media & Services — 0.4%
Meta Platforms, Inc., Class A^(a)		93		12,618


Internet & Direct Marketing Retail — 0.6%
eBay, Inc.		511		18,810
Wayfair, Inc., Class A^(a)(b)		129		4,199

				23,009

IT Services — 1.6%
Akamai Technologies, Inc.^(a)(b)		4		321
Concentrix Corp.		20		2,233
VeriSign, Inc.^(a)		229		39,777
Western Union Co.		1,202		16,227

				58,558

Leisure Products — 0.3%
Hasbro, Inc.		155		10,450


Life Sciences Tools & Services — 1.1%
Danaher Corp.		83		21,438
Thermo Fisher Scientific, Inc.		37		18,766

				40,204

Machinery — 2.7%
AGCO Corp.		58		5,578
Allison Transmission Holdings, Inc.		622		20,999
Dover Corp.		4		466
Esab Corp.		423		14,111
Illinois Tool Works, Inc.		3		542
Otis Worldwide Corp.		886		56,527
Pentair PLC		9		366

				98,589

Media — 0.8%
Altice U.S.A., Inc., Class A^(a)(b)		938		5,468
Comcast Corp., Class A		532		15,604
Sirius XM Holdings, Inc.^(b)		1,369		7,817

				28,889

Metals & Mining — 1.0%
Alcoa Corp.		145		4,881
Nucor Corp.		62		6,633
Reliance Steel & Aluminum Co.		77		13,429
Steel Dynamics, Inc.		148		10,501

				35,444

Multiline Retail — 1.5%
Kohl’s Corp.		329		8,274
Macy’s, Inc.		1,804		28,269
Target Corp.		128		18,994

				55,537

Multi-Utilities — 2.1%
Ameren Corp.		362		29,159
CMS Energy Corp.		81		4,718
Consolidated Edison, Inc.		201		17,238
NiSource, Inc.		275		6,927
WEC Energy Group, Inc.		207		18,512

				76,554

Oil, Gas & Consumable Fuels — 6.0%
Antero Midstream Corp.		4,778		43,862
APA Corp.		24		821
Chesapeake Energy Corp.		511		48,141
Chevron Corp.		111		15,947


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
ConocoPhillips		156	$	15,965
Coterra Energy, Inc.		432		11,284
Devon Energy Corp.		460		27,660
DT Midstream, Inc.		603		31,290
Exxon Mobil Corp.		11		960
Kinder Morgan, Inc.		849		14,127
Marathon Oil Corp.		60		1,355
PDC Energy, Inc.		102		5,895

				217,307

Paper & Forest Products — 1.4%
Louisiana-Pacific Corp.		1,004		51,395


Pharmaceuticals — 8.9%
Bristol-Myers Squibb Co.		586		41,659
Eli Lilly & Co.		49		15,844
Johnson & Johnson		692		113,045
Merck & Co., Inc.		933		80,350
Organon & Co.		128		2,995
Pfizer, Inc.		1,474		64,502
Royalty Pharma PLC, Class A		111		4,460

				322,855

Professional Services — 1.3%
Dun & Bradstreet Holdings, Inc.		990		12,266
FTI Consulting, Inc.^(a)		147		24,359
ManpowerGroup, Inc.		16		1,035
Robert Half International, Inc.		139		10,634

				48,294

Road & Rail — 0.9%
Avis Budget Group, Inc.^(a)		47		6,978
Schneider National, Inc., Class B		1,195		24,258

				31,236

Semiconductors & Semiconductor Equipment — 1.6%
Cirrus Logic, Inc.^(a)		141		9,701
Intel Corp.		61		1,572
Qorvo, Inc.^(a)		66		5,241
Teradyne, Inc.^(b)		8		601
Texas Instruments, Inc.		273		42,255

				59,370

Software — 2.6%
Citrix Systems, Inc.^(a)		205		21,299
Dropbox, Inc., Class A^(a)		403		8,350
Manhattan Associates, Inc.^(a)		171		22,748
NortonLifeLock, Inc.		390		7,855
Nutanix, Inc., Class A^(a)		466		9,707
Oracle Corp.		190		11,603
Teradata Corp.^(a)		375		11,648

				93,210

Specialty Retail — 3.5%
AutoNation, Inc.^(a)		113		11,511


Security	Shares		Value

Specialty Retail (continued)
AutoZone, Inc.^(a)		2	$	4,284
Bath & Body Works, Inc.		287		9,356
Best Buy Co., Inc.		209		13,238
Dick’s Sporting Goods, Inc.		143		14,964
Home Depot, Inc.		84		23,179
Leslie’s, Inc.^(a)		639		9,400
Lowe’s Cos., Inc.		47		8,827
Victoria’s Secret & Co.^(a)		441		12,842
Williams-Sonoma, Inc.		166		19,563

				127,164

Technology Hardware, Storage & Peripherals — 2.6%
Dell Technologies, Inc., Class C		42		1,435
Hewlett Packard Enterprise Co.		4,925		59,001
HP, Inc.		1,302		32,446

				92,882

Textiles, Apparel & Luxury Goods — 1.1%
Carter’s, Inc.		3		196
Columbia Sportswear Co.		242		16,287
Deckers Outdoor Corp.^(a)		74		23,133

				39,616

Tobacco — 1.8%
Altria Group, Inc.		509		20,554
Philip Morris International, Inc.		534		44,327

				64,881

Trading Companies & Distributors — 0.4%
Watsco, Inc.		52		13,388


Total Long-Term Investments — 100.3% (Cost: $4,439,209)				3,620,295


Short-Term Securities^(c)(d)(e)

Money Market Funds — 1.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%		39,517		39,529


Total Short-Term Securities — 1.1% (Cost: $39,522)				39,529


Total Investments — 101.4% (Cost: $4,478,731)				3,659,824

Liabilities in Excess of Other Assets — (1.4)%				(50,502	)


Net Assets — 100.0%			$ 3,609,322

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan.

^(c)	Affiliate of the Fund.

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

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

iShares 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”):

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 dates may have passed are subsequently recorded when the Fund is informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Taxes: 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 September 30, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

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

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

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

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

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

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 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:

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:

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.

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

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:

Distributor: BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

ETF Servicing Fees: Each Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units (“ETF Services”). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. Each Fund does not pay BRIL for ETF Services.

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

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

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

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

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

The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the six months ended September 30, 2022, the Funds paid BTC the following amounts for securities lending agent services:

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended September 30, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends–affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

For the six months ended September 30, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

For the six months ended September 30, 2022, in-kind transactions were as follows:

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of September 30, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of September 30, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

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, 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.

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.

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.

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.

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.

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

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 ad 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.

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.

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.

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.

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.

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.

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.

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.

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.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by FTSE Russell, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.


·		iShares Factors US Growth Style ETF \| STLG \| Cboe BZX

·		iShares Factors US Value Style ETF \| STLV \| Cboe BZX


				Average Annual Total Returns						Cumulative Total Returns


	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception

Fund NAV		(21.00	)%		(19.85	)%		6.08	%		(19.85	)%		17.37	%
Fund Market		(21.14	)		(19.91	)		6.08			(19.91	)		17.38
Index		(20.99	)		(19.73	)		6.24			(19.73	)		17.85



Actual							Hypothetical 5% Return


	Beginning Account Value (04/01/22)		Ending Account Value (09/30/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/22)		Ending Account Value (09/30/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	790.00	$	1.12		$	1,000.00	$	1,023.81	$	1.27		0.25	%



SECTOR ALLOCATION

Sector	Percent of Total Investments	^(a)

Information Technology	45.0	%

Consumer Discretionary	18.9

Health Care	11.6

Industrials	7.5

Financials	5.1

Consumer Staples	4.9

Materials	3.6

Energy	1.2

Communication Services	1.1

Other (each representing less than 1%)	1.1



				Average Annual Total Returns						Cumulative Total Returns


	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception

Fund NAV		(15.74	)%		(13.08	)%		1.16	%		(13.08	)%		3.18	%

Fund Market		(15.89	)		(13.21	)		1.15			(13.21	)		3.17

Index		(15.65	)		(12.97	)		1.30			(12.97	)		3.56


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


	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		6
Disclosure of Expenses		6
Schedules of Investments		7
Financial Statements:
Statements of Assets and Liabilities		16
Statements of Operations		17
Statements of Changes in Net Assets		18
Financial Highlights		19
Notes to Financial Statements		21
Board Review and Approval of Investment Advisory Contract		27
General Information		31
Glossary of Terms Used in this Report		32


Fund Summary as of September 30, 2022		iShares^® Factors US Growth Style ETF



TEN LARGEST HOLDINGS

Security	Percent of Total Investments	^(a)

Apple Inc.	13.4	%

Microsoft Corp.	10.3

Amazon.com, Inc.	4.7

Tesla, Inc.	2.7

AbbVie, Inc.	2.6

Costco Wholesale Corp.	2.2

QUALCOMM, Inc.	2.2

Louisiana-Pacific Corp.	2.0

MSCI, Inc., Class A	1.8

Merck & Co., Inc.	1.7


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 September 30, 2022		iShares^® Factors US Value Style ETF




Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	4,274	$	41,342	^(a)	$	—	$	3	$	(1	)	$	45,618		45,604	$	73	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—		3,782	^(a)		—		—		—			3,782		3,782		16			—


								$	3	$	(1	)	$	49,400			$	89		$	—




	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks
Air Freight & Logistics	$	56,113	$	—	$	—	$	56,113
Automobiles		76,657		—		—		76,657
Beverages		4,081		—		—		4,081
Biotechnology		122,243		—		—		122,243
Building Products		24,917		—		—		24,917
Capital Markets		124,486		—		—		124,486
Chemicals		36,736		—		—		36,736
Communications Equipment		13,209		—		—		13,209
Containers & Packaging		8,991		—		—		8,991
Distributors		10,183		—		—		10,183
Diversified Consumer Services		6,083		—		—		6,083
Electronic Equipment, Instruments & Components		31,819		—		—		31,819
Entertainment		763		—		—		763
Equity Real Estate Investment Trusts (REITs)		8,776		—		—		8,776
Food & Staples Retailing		83,097		—		—		83,097
Food Products		35,496		—		—		35,496
Health Care Equipment & Supplies		5,213		—		—		5,213
Health Care Providers & Services		73,687		—		—		73,687
Health Care Technology		1,154		—		—		1,154
Hotels, Restaurants & Leisure		42,719		—		—		42,719
Household Products		15,655		—		—		15,655
Independent Power and Renewable Electricity Producers		22,197		—		—		22,197
Insurance		22,397		—		—		22,397
Interactive Media & Services		31,826		—		—		31,826
Internet & Direct Marketing Retail		154,519		—		—		154,519
IT Services		36,588		—		—		36,588
Life Sciences Tools & Services		38,366		—		—		38,366
Machinery		16,756		—		—		16,756
Multiline Retail		44,824		—		—		44,824
Oil, Gas & Consumable Fuels		33,985		—		—		33,985
Paper & Forest Products		57,282		—		—		57,282
Pharmaceuticals		90,800		—		—		90,800


	iShares Factors US Growth Style ETF			iShares Factors US Value Style ETF

ASSETS
Investments, at value — unaffiliated^(a)(b)	$	2,852,563		$	3,620,295
Investments, at value — affiliated^(c)		49,400			39,529
Cash		84			49,399
Receivables:
Investments sold		1,605			—
Securities lending income — affiliated		5			7,910
Dividends — unaffiliated		1,245			5,713
Dividends — affiliated		7			13


Total assets		2,904,909			3,722,859


LIABILITIES
Collateral on securities loaned		45,650			39,583
Payables:
Investments purchased		9,973			27,822
Income dividend distributions		—			45,325
Investment advisory fees		631			807


Total liabilities		56,254			113,537


NET ASSETS	$	2,848,655		$	3,609,322


NET ASSETS CONSIST OF:
Paid-in capital	$	4,708,807		$	5,003,198
Accumulated loss		(1,860,152	)		(1,393,876	)


NET ASSETS	$	2,848,655		$	3,609,322


NET ASSET VALUE
Shares outstanding		100,000			150,000


Net asset value	$	28.49		$	24.06


Shares authorized		Unlimited			Unlimited


Par value		None			None


^(a)Investments, at cost — unaffiliated	$	3,452,178		$	4,439,209
^(b)Securities loaned, at value	$	43,981		$	38,450
^(c)Investments, at cost — affiliated	$	49,400		$	39,522


	iShares Factors US Growth Style ETF			iShares Factors US Value Style ETF

INVESTMENT INCOME
Dividends — unaffiliated	$	24,301		$	88,362
Dividends — affiliated		16			28
Securities lending income — affiliated — net		73			312
Foreign taxes withheld		—			(76	)


Total investment income		24,390			88,626


EXPENSES
Investment advisory		4,778			7,788


Total expenses		4,778			7,788


Net investment income		19,612			80,838


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(240,564	)		(511,146	)
Investments — affiliated		3			56
In-kind redemptions — unaffiliated^(a)		(332,876	)		307,154


		(573,437	)		(203,936	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(394,739	)		(576,945	)
Investments — affiliated		(1	)		(10	)


		(394,740	)		(576,955	)


Net realized and unrealized loss		(968,177	)		(780,891	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(948,565	)	$	(700,053	)


	iShares Factors US Growth Style ETF						iShares Factors US Value Style ETF

	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	19,612		$	36,997		$	80,838		$	175,589
Net realized gain (loss)		(573,437	)		1,652,570			(203,936	)		2,079,050
Net change in unrealized appreciation (depreciation)		(394,740	)		(1,206,725	)		(576,955	)		(1,743,608	)


Net increase (decrease) in net assets resulting from operations		(948,565	)		482,842			(700,053	)		511,031


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(19,169	)		(43,421	)		(78,215	)		(173,963	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(1,642,579	)		167,748			(2,875,405	)		62,505


NET ASSETS
Total increase (decrease) in net assets		(2,610,313	)		607,169			(3,653,673	)		399,573
Beginning of period		5,458,968			4,851,799			7,262,995			6,863,422


End of period	$	2,848,655		$	5,458,968		$	3,609,322		$	7,262,995


	iShares Factors US Value Style ETF

		Six Months Ended 09/30/22 (unaudited	)		Year Ended 03/31/22			Year Ended 03/31/21			Period from 01/14/20 to 03/31/20	^(a)

Net asset value, beginning of period	$	29.05		$	27.45		$	17.46		$	25.09

Net investment income^(b)		0.36			0.69			0.51			0.15
Net realized and unrealized gain (loss)^(c)		(4.92	)		1.58			10.06			(7.65	)


Net increase (decrease) from investment operations		(4.56	)		2.27			10.57			(7.50	)


Distributions from net investment income^(d)		(0.43	)		(0.67	)		(0.58	)		(0.13	)


Net asset value, end of period	$	24.06		$	29.05		$	27.45		$	17.46


Total Return^(e)
Based on net asset value		(15.74	)%^(f)		8.28	%		61.25	%		(29.87	)%^(f)


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


Net investment income		2.60	%^(h)		2.37	%		2.29	%		3.09	%^(h)


Supplemental Data
Net assets, end of period (000)	$	3,609		$	7,263		$	6,863		$	3,492


Portfolio turnover rate⁽ⁱ⁾		61	%		104	%		148	%		16	%



iShares ETF		Diversification Classification

Factors US Growth Style		Non-Diversified
Factors US Value Style		Non-Diversified



iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount

Factors US Growth Style
Citigroup Global Markets, Inc.	$	13,931	$	(13,931	)	$	—		$	—
Jefferies LLC		30,050		(30,050	)		—			—


	$	43,981	$	(43,981	)	$	—		$	—


Factors US Value Style
Barclays Bank PLC	$	4,069	$	(4,069	)	$	—		$	—
Citigroup Global Markets, Inc.		20,445		(20,445	)		—			—
J.P. Morgan Securities LLC		896		(896	)		—			—
Jefferies LLC		920		(920	)		—			—
Morgan Stanley		11,857		(11,857	)		—			—
Nomura Securities International, Inc.		263		(263	)		—			—


	$	38,450	$	(38,450	)	$	—		$	—



iShares ETF	Investment Advisory Fees

Factors US Growth Style		0.25	%

Factors US Value Style		0.25



iShares ETF	Amounts

Factors US Growth Style	$	24

Factors US Value Style		84



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)

Factors US Value Style	$	404,431	$	528,396	$	(69,675	)



iShares ETF	In-kind Purchases		In-kind Sales

Factors US Growth Style	$	6,585,576	$	8,183,597

Factors US Value Style		1,437,530		4,300,029



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

Factors US Growth Style	$	4,047,884	$	6,125	$	(1,152,046	)	$	(1,145,921	)

Factors US Value Style		4,712,094		34,833		(1,087,103	)		(1,052,270	)



	Six Months Ended 09/30/22						Year Ended 03/31/22

iShares ETF	Shares			Amount			Shares			Amount

Factors US Growth Style

Shares sold		200,000		$	6,596,262			450,000		$	16,814,770
Shares redeemed		(250,000	)		(8,238,841	)		(450,000	)		(16,647,022	)


		(50,000	)	$	(1,642,579	)		—		$	167,748


Factors US Value Style

Shares sold		50,000		$	1,458,535			450,000		$	13,270,839
Shares redeemed		(150,000	)		(4,333,940	)		(450,000	)		(13,208,334	)


		(100,000	)	$	(2,875,405	)		—		$	62,505


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		27