January
31,
2024
iShares
Trust
iShares
MSCI
USA
Momentum
Factor
ETF
|
MTUM
|
Cboe
BZX
iShares
MSCI
USA
Quality
Factor
ETF
|
QUAL
|
Cboe
BZX
iShares
MSCI
USA
Size
Factor
ETF
|
SIZE
|
NYSE
Arca
iShares
MSCI
USA
Value
Factor
ETF
|
VLUE
|
Cboe
BZX
2024
Semi-Annual
Report
(Unaudited)
Dear
Shareholder,
The
combination
of
continued
economic
growth
and
cooling
inflation
provided
a
supportive
backdrop
for
investors
during
the
12-month
reporting
period
ended
January
31,
2024.
Significantly
tighter
monetary
policy
helped
to
rein
in
inflation,
and
the
Consumer
Price
Index
decelerated
substantially
in
the
first
half
of
the
period
before
stalling
between
3%
and
4%
in
the
second
half.
A
moderating
labor
market
helped
ease
inflationary
pressure,
although
wages
continued
to
grow.
Wage
and
job
growth
powered
robust
consumer
spending,
backstopping
the
economy.
On
October
7,
2023,
Hamas
launched
a
horrific
attack
on
Israel.
The
ensuing
war
will
have
a
significant
humanitarian
impact
and
could
lead
to
heightened
economic
and
market
volatility.
We
see
geopolitics
as
a
structural
market
risk
going
forward.
See
our
geopolitical
risk
dashboard
at
blackrock.com
for
more
details.
Equity
returns
were
robust
during
the
period,
as
interest
rates
stabilized
and
the
economy
proved
to
be
more
resilient
than
many
investors
expected.
The
U.S.
economy
continued
to
show
strength,
and
growth
further
accelerated
in
the
second
half
of
2023.
Large-capitalization
U.S.
stocks
posted
particularly
substantial
gains,
supported
by
the
performance
of
a
few
notable
technology
companies,
while
small-
capitalization
U.S.
stocks
advanced
at
a
significantly
slower
pace.
Meanwhile,
international
developed
market
equities
also
gained,
while
emerging
market
stocks
declined
overall.
The
10-year
U.S.
Treasury
yield
rose
during
the
reporting
period,
driving
its
price
down,
as
investors
reacted
to
elevated
inflation
and
attempted
to
anticipate
future
interest
rate
changes.
However,
shorter-
duration
U.S.
Treasuries
gained,
as
higher
yields
boosted
returns.
The
corporate
bond
market
benefited
from
improving
economic
sentiment,
although
high-yield
corporate
bond
prices
fared
significantly
better
than
investment-grade
bonds
as
demand
from
yield-seeking
investors
remained
strong.
The
U.S.
Federal
Reserve
(the
“Fed”),
attempting
to
manage
persistent
inflation,
raised
interest
rates
four
times
during
the
12-month
period,
but
paused
its
tightening
in
the
second
half
of
the
period.
The
Fed
also
wound
down
its
bond-buying
programs
and
incrementally
reduced
its
balance
sheet
by
not
replacing
securities
that
reach
maturity.
Supply
constraints
appear
to
have
become
an
embedded
feature
of
the
new
macroeconomic
environment,
making
it
difficult
for
developed
economies
to
increase
production
without
sparking
higher
inflation.
Geopolitical
fragmentation
and
an
aging
population
risk
further
exacerbating
these
constraints,
keeping
the
labor
market
tight
and
wage
growth
high.
Although
the
Fed
has
stopped
tightening
for
now,
we
believe
that
the
new
economic
regime
means
that
the
Fed
will
need
to
maintain
high
rates
for
an
extended
period
despite
the
market’s
hopes
for
interest
rate
cuts,
as
reflected
in
the
recent
rally.
In
this
new
regime,
we
anticipate
greater
volatility
and
dispersion
of
returns,
creating
more
opportunities
for
selective
portfolio
management.
Looking
at
developed
market
stocks,
we
have
an
overweight
stance
on
U.S.
stocks
overall,
particularly
given
the
promise
of
emerging
AI
technologies.
We
are
also
overweight
Japanese
stocks
as
shareholder-
friendly
policies
generate
increased
investor
interest,
although
we
maintain
an
underweight
stance
on
European
stocks.
In
credit,
there
are
selective
opportunities
in
the
near
term
despite
tighter
credit
and
financial
conditions.
For
fixed
income
investing
with
a
six-
to
twelve-month
horizon,
we
see
the
most
attractive
investments
in
short-term
U.S.
Treasuries
and
hard-currency
emerging
market
bonds.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
iShares.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock,
Inc.
The
Markets
in
Review
Rob
Kapito
President,
BlackRock,
Inc.
Total
Returns
as
of
January
31,
2024
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
6.43%
20.82%
U.S.
small
cap
equities
(Russell
2000
®
Index)
(2.02)
2.40
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
3.15
10.01
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
(6.00)
(2.94)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
2.73
5.13
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
1.74
(0.38)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
3.15
2.10
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
2.70
2.90
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
6.18
9.28
2
This
Page
is
not
Part
of
Your
Fund
Report
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Semi-Annual
Report:
Fund
Summary
........................................................................................................
4
About
Fund
Performance
..................................................................................................
8
Disclosure
of
Expenses
...................................................................................................
8
Schedules
of
Investments
.................................................................................................
9
Financial
Statements:
Statements
of
Assets
and
Liabilities
.........................................................................................
30
Statements
of
Operations
................................................................................................
31
Statements
of
Changes
in
Net
Assets
........................................................................................
32
Financial
Highlights
.....................................................................................................
34
Notes
to
Financial
Statements
...............................................................................................
38
Statement
Regarding
Liquidity
Risk
Management
Program
.............................................................................
46
Supplemental
Information
.................................................................................................
47
General
Information
.....................................................................................................
48
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
49
iShares
®
MSCI
USA
Momentum
Factor
ETF
4
2024
iShares
Semi-Annual
Report
to
Shareholders
Fund
Summary
as
of
January
31,
2024
Investment
Objective
The
iShares
MSCI
USA
Momentum
Factor
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
large-
and
mid-capitalization
stocks
exhibiting
relatively
higher
price
momentum,
as
represented
by
the
MSCI
USA
Momentum
SR
Variant
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
Index
performance
through
November
22,
2020
reflects
the
performance
of
the
MSCI
USA
Momentum
Index.
Index
performance
beginning
on
November
23,
2020
reflects
the
performance
of
the
MSCI
USA
Momentum
SR
Variant
Index.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
....................
13.50
%
15.96
%
10.64
%
12.35
%
15.96
%
65.80
%
220.39
%
Fund
Market
..................
13.48
15.89
10.64
12.34
–
%
15.89
65.79
220.15
Index
.......................
13.60
16.12
10.86
12.56
16.12
67.44
226.50
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(08/01/23)
Ending
Account
Value
(01/31/24)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(08/01/23)
Ending
Account
Value
(01/31/24)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
1,135.00
‌
$
0.81
‌
$
1,000.00
‌
$
1,024.38
‌
$
0.76
‌
0.15
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/366
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Information
Technology
............................
42.0‌
%
Communication
Services
...........................
14.5‌
Industrials
.....................................
13.8‌
Consumer
Discretionary
...........................
10.5‌
Health
Care
...................................
8.3‌
Financials
.....................................
5.4‌
Materials
.....................................
2.7‌
Other
(each
representing
less
than
1%)
.................
2.8‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Broadcom,
Inc.
.................................
5.6‌
%
NVIDIA
Corp.
..................................
5.6‌
Meta
Platforms,
Inc.,
Class
A
........................
5.2‌
Eli
Lilly
&
Co.
..................................
4.9‌
Microsoft
Corp.
.................................
4.8‌
Amazon.com,
Inc.
...............................
4.7‌
Adobe,
Inc.
....................................
4.3‌
Advanced
Micro
Devices,
Inc.
.......................
2.8‌
Netflix,
Inc.
....................................
2.6‌
Alphabet,
Inc.,
Class
A
............................
2.5‌
aaa
aa
iShares
®
MSCI
USA
Quality
Factor
ETF
5
Fund
Summary
Fund
Summary
as
of
January
31,
2024
Investment
Objective
The
iShares
MSCI
USA
Quality
Factor
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
large-
and
mid-capitalization
stocks
with
quality
characteristics
as
identified
through
certain
fundamental
metrics,
as
represented
by
the
MSCI
USA
Sector
Neutral
Quality
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
Index
performance
through
August
31,
2015
reflects
the
performance
of
the
MSCI
USA
Quality
Index.
Index
performance
beginning
on
September
1,
2015
reflects
the
performance
of
the
MSCI
USA
Sector
Neutral
Quality
Index.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
....................
8.40
%
25.00
%
14.36
%
12.61
%
25.00
%
95.63
%
227.82
%
Fund
Market
..................
8.35
24.95
14.36
12.61
–
%
24.95
95.56
227.79
Index
.......................
8.48
25.24
14.58
12.80
25.24
97.45
233.37
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(08/01/23)
Ending
Account
Value
(01/31/24)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(08/01/23)
Ending
Account
Value
(01/31/24)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
1,084.00
‌
$
0.79
‌
$
1,000.00
‌
$
1,024.38
‌
$
0.76
‌
0.15
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/366
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Information
Technology
............................
30.4‌
%
Financials
.....................................
12.6‌
Health
Care
...................................
12.3‌
Consumer
Discretionary
...........................
10.7‌
Communication
Services
...........................
9.0‌
Industrials
.....................................
8.5‌
Consumer
Staples
...............................
6.0‌
Energy
.......................................
3.7‌
Real
Estate
....................................
2.5‌
Materials
.....................................
2.2‌
Utilities
.......................................
2.1‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
NVIDIA
Corp.
..................................
5.1‌
%
Visa,
Inc.,
Class
A
...............................
4.9‌
Microsoft
Corp.
.................................
4.4‌
Mastercard
,
Inc.,
Class
A
...........................
4.2‌
Apple,
Inc.
....................................
4.0‌
Meta
Platforms,
Inc.,
Class
A
........................
3.9‌
Broadcom,
Inc.
.................................
3.7‌
Eli
Lilly
&
Co.
..................................
3.5‌
Nike,
Inc.,
Class
B
...............................
2.6‌
ConocoPhillips
.................................
2.3‌
aaa
aa
iShares
®
MSCI
USA
Size
Factor
ETF
6
2024
iShares
Semi-Annual
Report
to
Shareholders
Fund
Summary
as
of
January
31,
2024
Investment
Objective
The
iShares
MSCI
USA
Size
Factor
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
large-
and
mid-capitalization
stocks
with
relatively
smaller
average
market
capitalization,
as
represented
by
the
MSCI
USA
Low
Size
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
Index
performance
through
December
2,
2018
reflects
the
performance
of
the
MSCI
USA
Risk
Weighted
Index.
Index
performance
beginning
on
December
3,
2018
reflects
the
performance
of
the
MSCI
USA
Low
Size
Index.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
....................
3.01
%
7.86
%
10.86
%
10.72
%
7.86
%
67.41
%
176.96
%
Fund
Market
..................
3.04
7.90
10.85
10.72
–
%
7.90
67.35
176.87
Index
.......................
3.02
7.93
10.99
10.87
7.93
68.43
180.57
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(08/01/23)
Ending
Account
Value
(01/31/24)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(08/01/23)
Ending
Account
Value
(01/31/24)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
1,030.10
‌
$
0.77
‌
$
1,000.00
‌
$
1,024.38
‌
$
0.76
‌
0.15
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/366
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Information
Technology
............................
16.0‌
%
Industrials
.....................................
15.6‌
Financials
.....................................
14.9‌
Health
Care
...................................
12.3‌
Consumer
Discretionary
...........................
9.8‌
Consumer
Staples
...............................
6.5‌
Real
Estate
....................................
6.0‌
Materials
.....................................
5.3‌
Utilities
.......................................
4.8‌
Communication
Services
...........................
4.7‌
Energy
.......................................
4.1‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Broadcom,
Inc.
.................................
0.3‌
%
Super
Micro
Computer,
Inc.
.........................
0.3‌
Bath
&
Body
Works,
Inc.
...........................
0.2‌
Zillow
Group,
Inc.,
Class
C,
NVS
.....................
0.2‌
Illumina,
Inc.
...................................
0.2‌
Burlington
Stores,
Inc.
............................
0.2‌
DocuSign,
Inc.
..................................
0.2‌
Juniper
Networks,
Inc.
............................
0.2‌
Robinhood
Markets,
Inc.,
Class
A
.....................
0.2‌
Ally
Financial,
Inc.
...............................
0.2‌
aaa
aa
iShares
®
MSCI
USA
Value
Factor
ETF
7
Fund
Summary
Fund
Summary
as
of
January
31,
2024
Investment
Objective
The
iShares
MSCI
USA
Value
Factor
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
large-
and
mid-capitalization
stocks
with
value
characteristics
and
relatively
lower
valuations,
as
represented
by
the
MSCI
USA
Enhanced
Value
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
Index
performance
through
August
31,
2015
reflects
the
performance
of
the
MSCI
USA
Value
Weighted
Index.
Index
performance
beginning
on
September
1,
2015
reflects
the
performance
of
the
MSCI
USA
Enhanced
Value
Index.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
....................
4.60
%
5.77
%
7.71
%
8.46
%
5.77
%
44.97
%
125.22
%
Fund
Market
..................
4.56
5.72
7.70
8.46
–
%
5.72
44.93
125.21
Index
.......................
4.69
5.91
7.86
8.62
5.91
46.01
128.58
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(08/01/23)
Ending
Account
Value
(01/31/24)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(08/01/23)
Ending
Account
Value
(01/31/24)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
1,046.00
‌
$
0.77
‌
$
1,000.00
‌
$
1,024.38
‌
$
0.76
‌
0.15
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/366
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Information
Technology
............................
28.9‌
%
Financials
.....................................
13.3‌
Consumer
Discretionary
...........................
11.7‌
Health
Care
...................................
11.7‌
Industrials
.....................................
9.0‌
Communication
Services
...........................
8.9‌
Consumer
Staples
...............................
5.7‌
Energy
.......................................
3.8‌
Real
Estate
....................................
2.5‌
Materials
.....................................
2.4‌
Utilities
.......................................
2.1‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Intel
Corp.
....................................
6.7‌
%
Cisco
Systems,
Inc.
..............................
5.2‌
AT&T,
Inc.
.....................................
5.1‌
International
Business
Machines
Corp.
.................
3.5‌
General
Motors
Co.
..............................
3.3‌
Applied
Materials,
Inc.
............................
2.4‌
Pfizer,
Inc.
....................................
2.4‌
Ford
Motor
Co.
.................................
2.2‌
CVS
Health
Corp.
...............................
2.0‌
Verizon
Communications,
Inc.
.......................
1.9‌
aaa
aa
About
Fund
Performance
8
2024
iShares
Semi-Annual
Report
to
Shareholders
Past
performance
is
not
an
indication
of
future
results.
Financial
markets
have
experienced
extreme
volatility
and
trading
in
many
instruments
has
been
disrupted.
These
circumstances
may
continue
for
an
extended
period
of
time
and
may
continue
to
affect
adversely
the
value
and
liquidity
of each
Fund’s
investments.
As
a
result,
current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Performance
data
current
to
the
most
recent
month-end
is
available
at
iShares.com
.
Performance
results
assume
reinvestment
of
all
dividends
and
capital
gain
distributions
and
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
The
investment
return
and
principal
value
of
shares
will
vary
with
changes
in
market
conditions.
Shares
may
be
worth
more
or
less
than
their
original
cost
when
they
are
redeemed
or
sold
in
the
market.
Performance
for
certain
funds
may
reflect
a
waiver
of
a
portion
of
investment
advisory
fees.
Without
such
a
waiver,
performance
would
have
been
lower.
Net
asset
value
or
“NAV”
is
the
value
of
one
share
of
a
fund
as
calculated
in
accordance
with
the
standard
formula
for
valuing
mutual
fund
shares.
Beginning
August
10,
2020,
the
price
used
to
calculate
market
return
(“Market
Price”)
is
the
closing
price.
Prior
to
August
10,
2020,
Market
Price
was
determined
using
the
midpoint
between
the
highest
bid
and
the
lowest
ask
on
the
primary
stock
exchange
on
which
shares
of
a
fund
are
listed
for
trading,
as
of
the
time
that
such
fund’s
NAV
is
calculated.
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, index
returns
do
not
include
brokerage
commissions
that
may
be
payable
on
secondary
market
transactions.
If
brokerage
commissions
were
included, index
returns
would
be
lower.
Disclosure
of
Expenses
Shareholders
of
each
Fund
may
incur
the
following
charges:
(1)
transactional
expenses,
including
brokerage
commissions
on
purchases
and
sales
of
fund
shares
and
(2)
ongoing
expenses,
including
management
fees
and
other
fund
expenses.
The
expense
examples
shown
(which
are
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period)
are
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in
each
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
funds.
The
expense
examples
provide
information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
under
the
heading
entitled
“Expenses
Paid
During
the Period.”
The
expense
examples
also
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
a
fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
the
Funds
and
other
funds,
compare
the
5%
hypothetical
examples
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
expenses
shown
in
the
expense
examples
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
any
transactional
expenses,
such
as
brokerage
commissions
and
other
fees
paid
on
purchases
and
sales
of
fund
shares.
Therefore,
the
hypothetical
examples
are
useful
in
comparing
ongoing
expenses
only
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
iShares
®
MSCI
USA
Momentum
Factor
ETF
Schedule
of
Investments
(unaudited)
January
31,
2024
(Percentages
shown
are
based
on
Net
Assets)
9
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
 — 
1
.0
%
Axon
Enterprise,
Inc.
(a)
.....................
50,697
$
12,626,595
Howmet
Aerospace,
Inc.
....................
263,263
14,811,176
TransDigm
Group,
Inc.
.....................
55,111
60,218,688
87,656,459
a
Air
Freight
&
Logistics
 — 
0
.6
%
FedEx
Corp.
............................
230,124
55,526,620
a
Banks
 — 
0
.2
%
First
Citizens
BancShares,
Inc.
,
Class
A
..........
12,224
18,458,240
a
Beverages
 — 
0
.1
%
Celsius
Holdings,
Inc.
(a)
(b)
....................
162,675
8,117,483
a
Biotechnology
 — 
1
.0
%
Exact
Sciences
Corp.
(a)
.....................
153,162
10,016,795
Vertex
Pharmaceuticals,
Inc.
(a)
................
186,976
81,031,659
91,048,454
a
Broadline
Retail
 — 
5
.3
%
Amazon.com,
Inc.
(a)
.......................
2,745,308
426,071,801
MercadoLibre,
Inc.
(a)
.......................
30,743
52,626,175
478,697,976
a
Building
Products
 — 
1
.5
%
A
O
Smith
Corp.
.........................
93,813
7,280,827
Builders
FirstSource,
Inc.
(a)
..................
136,662
23,742,289
Carrier
Global
Corp.
.......................
672,129
36,772,178
Lennox
International,
Inc.
...................
43,503
18,626,245
Owens
Corning
..........................
73,449
11,129,727
Trane
Technologies
PLC
....................
154,106
38,842,417
136,393,683
a
Capital
Markets
 — 
1
.6
%
Ares
Management
Corp.
,
Class
A
..............
137,233
16,671,065
Cboe
Global
Markets,
Inc.
...................
120,502
22,154,293
CME
Group,
Inc.
,
Class
A
...................
342,571
70,514,814
Coinbase
Global,
Inc.
,
Class
A
(a)
...............
199,319
25,552,696
Tradeweb
Markets,
Inc.
,
Class
A
...............
152,455
14,542,682
149,435,550
a
Chemicals
 — 
1
.8
%
Linde
PLC
.............................
400,559
162,158,300
a
Commercial
Services
&
Supplies
 — 
1
.0
%
Cintas
Corp.
............................
76,200
46,068,234
Copart,
Inc.
(a)
...........................
991,062
47,610,618
93,678,852
a
Communications
Equipment
 — 
0
.9
%
Arista
Networks,
Inc.
(a)
.....................
299,114
77,374,810
a
Construction
Materials
 — 
0
.6
%
Martin
Marietta
Materials,
Inc.
................
52,131
26,504,443
Vulcan
Materials
Co.
......................
111,499
25,199,889
51,704,332
a
Containers
&
Packaging
 — 
0
.2
%
Packaging
Corp.
of
America
.................
86,415
14,334,520
a
Electric
Utilities
 — 
0
.6
%
Constellation
Energy
Corp.
..................
456,877
55,738,994
a
Security
Shares
Value
a
Electrical
Equipment
 — 
1
.7
%
Eaton
Corp.
PLC
.........................
498,995
$
122,792,690
Vertiv
Holdings
Co.
,
Class
A
.................
582,515
32,813,070
155,605,760
a
Electronic
Equipment,
Instruments
&
Components
 — 
0
.6
%
CDW
Corp.
.............................
117,654
26,674,515
Jabil,
Inc.
..............................
222,642
27,894,816
54,569,331
a
Energy
Equipment
&
Services
 — 
0
.3
%
Baker
Hughes
Co.
,
Class
A
..................
823,539
23,470,862
a
Entertainment
 — 
2
.6
%
Netflix,
Inc.
(a)
............................
422,961
238,596,530
a
Financial
Services
 — 
0
.4
%
Apollo
Global
Management,
Inc.
...............
401,195
40,279,978
a
Ground
Transportation
 — 
1
.9
%
Old
Dominion
Freight
Line,
Inc.
...............
97,397
38,084,175
Uber
Technologies,
Inc.
(a)
...................
2,084,814
136,075,810
174,159,985
a
Health
Care
Equipment
&
Supplies
 — 
0
.8
%
Boston
Scientific
Corp.
(a)
....................
899,939
56,930,141
STERIS
PLC
............................
80,300
17,581,685
74,511,826
a
Health
Care
Providers
&
Services
 — 
1
.3
%
Cardinal
Health,
Inc.
.......................
196,461
21,451,577
Cencora,
Inc.
...........................
139,339
32,421,398
McKesson
Corp.
.........................
136,692
68,330,964
122,203,939
a
Health
Care
REITs
 — 
0
.4
%
Welltower,
Inc.
...........................
463,314
40,081,294
a
Hotels,
Restaurants
&
Leisure
 — 
2
.8
%
Booking
Holdings,
Inc.
(a)
....................
33,222
116,525,168
Carnival
Corp.
(a)
..........................
798,111
13,232,680
Chipotle
Mexican
Grill,
Inc.
(a)
.................
17,838
42,967,639
DoorDash,
Inc.
,
Class
A
(a)
...................
327,408
34,115,914
DraftKings,
Inc.
,
Class
A
(a)
...................
389,576
15,212,943
Royal
Caribbean
Cruises
Ltd.
(a)
...............
248,764
31,717,410
253,771,754
a
Household
Durables
 — 
1
.1
%
DR
Horton,
Inc.
..........................
215,098
30,739,655
Lennar
Corp.
,
Class
A
......................
166,826
24,998,876
NVR,
Inc.
(a)
.............................
2,029
14,355,763
PulteGroup,
Inc.
.........................
267,933
28,015,075
98,109,369
a
Independent
Power
and
Renewable
Electricity
Producers
 — 
0
.2
%
Vistra
Corp.
............................
416,438
17,086,451
a
Industrial
Conglomerates
 — 
2
.0
%
General
Electric
Co.
.......................
1,375,259
182,111,797
a
Insurance
 — 
3
.1
%
Aflac,
Inc.
..............................
487,973
41,155,643
Arch
Capital
Group
Ltd.
(a)
(b)
..................
467,379
38,526,051
Arthur
J
Gallagher
&
Co.
....................
212,115
49,244,618
Assurant,
Inc.
...........................
45,341
7,615,021
Erie
Indemnity
Co.
,
Class
A
,
NVS
..............
22,679
7,843,079
Everest
Group
Ltd.
........................
32,551
12,531,158
Loews
Corp.
............................
141,730
10,326,448
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
iShares
®
MSCI
USA
Momentum
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
10
2024
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Insurance
(continued)
Markel
Group,
Inc.
(a)
(b)
......................
10,426
$
15,612,205
Progressive
Corp.
(The)
....................
556,650
99,222,863
282,077,086
a
Interactive
Media
&
Services
 — 
10
.1
%
Alphabet,
Inc.
,
Class
A
(a)
....................
1,595,453
223,522,965
Alphabet,
Inc.
,
Class
C
,
NVS
(a)
(b)
...............
1,420,374
201,409,033
Meta
Platforms,
Inc.
,
Class
A
(a)
(b)
...............
1,214,062
473,654,149
Pinterest,
Inc.
,
Class
A
(a)
(b)
...................
499,211
18,705,436
917,291,583
a
IT
Services
 — 
0
.6
%
Akamai
Technologies,
Inc.
(a)
..................
149,612
18,436,687
MongoDB,
Inc.
,
Class
A
(a)
...................
79,760
31,945,475
50,382,162
a
Life
Sciences
Tools
&
Services
 — 
0
.2
%
West
Pharmaceutical
Services,
Inc.
............
47,353
17,664,090
a
Machinery
 — 
1
.5
%
Ingersoll
Rand,
Inc.
.......................
295,278
23,580,901
PACCAR,
Inc.
...........................
474,667
47,651,820
Parker-Hannifin
Corp.
......................
115,236
53,527,122
Pentair
PLC
............................
130,706
9,563,758
134,323,601
a
Media
 — 
1
.7
%
Comcast
Corp.
,
Class
A
....................
3,121,914
145,293,878
News
Corp.
,
Class
A
,
NVS
..................
335,266
8,260,954
153,554,832
a
Metals
&
Mining
 — 
0
.1
%
Reliance
Steel
&
Aluminum
Co.
...............
42,979
12,267,066
a
Oil,
Gas
&
Consumable
Fuels
 — 
0
.7
%
Marathon
Petroleum
Corp.
..................
397,977
65,904,991
a
Pharmaceuticals
 — 
4
.9
%
Eli
Lilly
&
Co.
...........................
690,669
445,902,813
a
Professional
Services
 — 
1
.0
%
Booz
Allen
Hamilton
Holding
Corp.
,
Class
A
.......
121,189
17,059,776
Broadridge
Financial
Solutions,
Inc.
............
102,646
20,960,313
Jacobs
Solutions,
Inc.
......................
109,616
14,772,948
Verisk
Analytics,
Inc.
.......................
137,762
33,273,656
86,066,693
a
Semiconductors
&
Semiconductor
Equipment
 — 
19
.5
%
Advanced
Micro
Devices,
Inc.
(a)
...............
1,528,344
256,288,005
Applied
Materials,
Inc.
.....................
808,790
132,884,197
Broadcom,
Inc.
..........................
432,547
510,405,460
Intel
Corp.
.............................
3,769,811
162,403,458
KLA
Corp.
..............................
138,229
82,113,555
Lam
Research
Corp.
......................
116,177
95,865,775
Monolithic
Power
Systems,
Inc.
...............
29,166
17,578,932
NVIDIA
Corp.
...........................
818,786
503,774,462
1,761,313,844
a
Software
 — 
19
.5
%
Adobe,
Inc.
(a)
............................
622,843
384,779,948
Bentley
Systems,
Inc.
,
Class
B
................
185,400
9,344,160
Cadence
Design
Systems,
Inc.
(a)
..............
306,510
88,415,875
Confluent,
Inc.
,
Class
A
(a)
(b)
..................
155,210
3,470,496
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
............
207,661
60,740,842
Dropbox,
Inc.
,
Class
A
(a)
....................
264,143
8,368,050
Fair
Isaac
Corp.
(a)
(b)
.......................
29,047
34,822,415
HubSpot,
Inc.
(a)
..........................
35,652
21,783,372
Security
Shares
Value
a
Software
(continued)
Manhattan
Associates,
Inc.
(a)
.................
70,821
$
17,178,342
Microsoft
Corp.
..........................
1,080,276
429,496,132
Oracle
Corp.
............................
1,448,727
161,822,806
Palantir
Technologies,
Inc.
,
Class
A
(a)
...........
2,319,164
37,315,349
Palo
Alto
Networks,
Inc.
(a)
(b)
..................
336,191
113,804,015
PTC,
Inc.
(a)
.............................
92,277
16,669,840
ServiceNow,
Inc.
(a)
........................
206,863
158,332,940
Splunk,
Inc.
(a)
...........................
242,290
37,160,017
Synopsys,
Inc.
(a)
.........................
192,714
102,784,012
Workday,
Inc.
,
Class
A
(a)
....................
184,639
53,742,874
Zscaler,
Inc.
(a)
...........................
91,183
21,489,098
1,761,520,583
a
Specialized
REITs
 — 
0
.5
%
Digital
Realty
Trust,
Inc.
....................
308,935
43,393,010
a
Specialty
Retail
 — 
1
.0
%
TJX
Companies,
Inc.
(The)
..................
985,813
93,563,512
a
Technology
Hardware,
Storage
&
Peripherals
 — 
1
.0
%
Dell
Technologies,
Inc.
,
Class
C
...............
414,909
34,387,658
Seagate
Technology
Holdings
PLC
.............
179,551
15,383,929
Super
Micro
Computer,
Inc.
(a)
.................
81,452
43,137,794
92,909,381
a
Textiles,
Apparel
&
Luxury
Goods
 — 
0
.3
%
Deckers
Outdoor
Corp.
(a)
....................
33,739
25,430,096
a
Trading
Companies
&
Distributors
 — 
1
.6
%
Fastenal
Co.
............................
460,176
31,397,808
Ferguson
PLC
...........................
182,662
34,314,883
United
Rentals,
Inc.
.......................
55,467
34,689,062
Watsco,
Inc.
(b)
...........................
24,802
9,697,086
WW
Grainger,
Inc.
........................
34,540
30,935,406
141,034,245
a
Total
Long-Term
Investments — 99.8%
(Cost:
$
7,402,105,726
)
...............................
9,039,482,737
a
Short-Term
Securities
Money
Market
Funds
 — 
0
.6
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.51
%
(c)
(d)
(e)
......................
32,425,145
32,444,600
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.32
%
(c)
(d)
............................
17,221,769
17,221,769
a
Total
Short-Term
Securities — 0.6%
(Cost:
$
49,663,628
)
.................................
49,666,369
Total
Investments
—
100.4%
(Cost:
$
7,451,769,354
)
...............................
9,089,149,106
Liabilities
in
Excess
of
Other
Assets
—
(
0
.4
)
%
...............
(
33,888,051
)
Net
Assets
—
100.0%
.................................
$
9,055,261,055
(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
®
MSCI
USA
Momentum
Factor
ETF
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
11
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
January
31,
2024,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
January
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
07/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
01/31/24
  Shares
Held
at
01/31/24
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
91,379,648
‌
$
—
‌
$
(
58,975,830
)
(a)
$
35,245
‌
$
5,537
‌
$
32,444,600
‌
32,425,145
‌
$
77,656
(b)
$
—
‌
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
27,659,226
‌
—
‌
(
10,437,457
)
(a)
—
‌
—
‌
17,221,769
‌
17,221,769
‌
520,491
‌
—
‌
$
35,245
‌
$
5,537
‌
$
49,666,369
‌
$
598,147
‌
$
—
‌
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
S&P
500
Index
...................................................................
57
03/15/24
$
13,881
$
217,135
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)
.............
$
—
$
—
$
217,135
$
—
$
—
$
—
$
217,135
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.................................
$
—
$
—
$
1,208,480
$
—
$
—
$
—
$
1,208,480
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.................................
$
—
$
—
$
(
1,288,164
)
$
—
$
—
$
—
$
(
1,288,164
)
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
iShares
®
MSCI
USA
Momentum
Factor
ETF
12
2024
iShares
Semi-Annual
Report
to
Shareholders
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements. 
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
14,417,206
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
9,039,482,737
‌
$
—
‌
$
—
‌
$
9,039,482,737
‌
Short-Term
Securities
Money
Market
Funds
......................................
49,666,369
‌
—
‌
—
‌
49,666,369
‌
$
9,089,149,106
‌
$
—
‌
$
—
‌
$
9,089,149,106
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
217,135
‌
$
—
‌
$
—
‌
$
217,135
‌
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
MSCI
USA
Quality
Factor
ETF
Schedule
of
Investments
(unaudited)
January
31,
2024
(Percentages
shown
are
based
on
Net
Assets)
13
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
 — 
1
.3
%
Lockheed
Martin
Corp.
.....................
1,049,737
$
450,767,565
a
Air
Freight
&
Logistics
 — 
0
.2
%
Expeditors
International
of
Washington,
Inc.
(a)
......
549,842
69,461,540
a
Beverages
 — 
3
.3
%
Coca-Cola
Co.
(The)
......................
9,026,379
536,979,287
Monster
Beverage
Corp.
(b)
...................
1,808,908
99,526,118
PepsiCo,
Inc.
...........................
3,058,126
515,385,975
1,151,891,380
a
Biotechnology
 — 
1
.8
%
AbbVie,
Inc.
............................
2,713,239
446,056,491
Vertex
Pharmaceuticals,
Inc.
(b)
................
425,234
184,287,911
630,344,402
a
Building
Products
 — 
0
.3
%
Lennox
International,
Inc.
...................
226,289
96,887,898
a
Capital
Markets
 — 
2
.0
%
Ameriprise
Financial,
Inc.
...................
339,826
131,454,891
BlackRock,
Inc.
(c)
.........................
412,380
319,309,958
FactSet
Research
Systems,
Inc.
...............
110,800
52,731,936
LPL
Financial
Holdings,
Inc.
..................
278,590
66,635,942
MarketAxess
Holdings,
Inc.
..................
119,402
26,926,345
SEI
Investments
Co.
.......................
351,715
22,242,457
T
Rowe
Price
Group,
Inc.
...................
673,003
72,987,175
692,288,704
a
Chemicals
 — 
1
.9
%
Air
Products
and
Chemicals,
Inc.
..............
511,612
130,824,304
Albemarle
Corp.
.........................
258,948
29,711,694
CF
Industries
Holdings,
Inc.
..................
592,043
44,705,167
FMC
Corp.
.............................
261,724
14,708,889
Linde
PLC
.............................
1,098,677
444,777,410
664,727,464
a
Commercial
Services
&
Supplies
 — 
0
.6
%
Cintas
Corp.
............................
278,036
168,092,225
Rollins,
Inc.
.............................
912,395
39,515,827
207,608,052
a
Communications
Equipment
 — 
1
.9
%
Arista
Networks,
Inc.
(b)
.....................
651,946
168,645,391
Cisco
Systems,
Inc.
.......................
10,180,247
510,844,795
679,490,186
a
Consumer
Staples
Distribution
&
Retail
 — 
2
.1
%
Costco
Wholesale
Corp.
....................
1,064,251
739,526,735
a
Containers
&
Packaging
 — 
0
.1
%
Packaging
Corp.
of
America
.................
211,709
35,118,289
a
Distributors
 — 
0
.3
%
Pool
Corp.
(a)
............................
291,124
108,079,785
a
Electronic
Equipment,
Instruments
&
Components
 — 
0
.5
%
Amphenol
Corp.
,
Class
A
...................
1,204,782
121,803,460
Keysight
Technologies,
Inc.
(a)
(b)
................
368,249
56,437,842
178,241,302
a
Security
Shares
Value
a
Entertainment
 — 
1
.4
%
Electronic
Arts,
Inc.
.......................
492,823
$
67,802,588
Netflix,
Inc.
(b)
............................
766,011
432,114,465
499,917,053
a
Financial
Services
 — 
9
.2
%
Jack
Henry
&
Associates,
Inc.
................
232,924
38,625,787
Mastercard,
Inc.
,
Class
A
(a)
..................
3,301,092
1,482,949,559
Visa,
Inc.
,
Class
A
........................
6,228,852
1,702,096,098
3,223,671,444
a
Food
Products
 — 
0
.5
%
Archer-Daniels-Midland
Co.
..................
1,000,782
55,623,464
Hershey
Co.
(The)
........................
380,599
73,661,130
Lamb
Weston
Holdings,
Inc.
.................
306,000
31,346,640
160,631,234
a
Gas
Utilities
 — 
0
.4
%
Atmos
Energy
Corp.
.......................
1,226,687
139,768,717
a
Ground
Transportation
 — 
0
.4
%
Old
Dominion
Freight
Line,
Inc.
...............
353,938
138,396,837
a
Health
Care
Equipment
&
Supplies
 — 
0
.7
%
Edwards
Lifesciences
Corp.
(a)
(b)
...............
1,147,019
90,006,581
IDEXX
Laboratories,
Inc.
(b)
...................
191,245
98,506,475
ResMed,
Inc.
...........................
236,283
44,941,026
233,454,082
a
Health
Care
Providers
&
Services
 — 
2
.7
%
Cencora,
Inc.
...........................
653,443
152,043,117
Molina
Healthcare,
Inc.
(b)
....................
100,355
35,770,536
UnitedHealth
Group,
Inc.
....................
1,513,610
774,574,782
962,388,435
a
Health
Care
Technology
 — 
0
.1
%
Veeva
Systems,
Inc.
,
Class
A
(b)
...............
240,509
49,883,972
a
Hotels,
Restaurants
&
Leisure
 — 
1
.3
%
Chipotle
Mexican
Grill,
Inc.
(b)
.................
195,822
471,690,159
a
Household
Durables
 — 
3
.1
%
DR
Horton,
Inc.
..........................
2,178,278
311,297,709
Garmin
Ltd.
.............................
1,084,901
129,634,820
Lennar
Corp.
,
Class
A
......................
1,683,496
252,271,875
NVR,
Inc.
(b)
.............................
29,092
205,834,337
PulteGroup,
Inc.
.........................
1,716,269
179,453,087
1,078,491,828
a
Industrial
Conglomerates
 — 
0
.8
%
3M
Co.
................................
3,032,135
286,081,937
a
Industrial
REITs
 — 
0
.9
%
Prologis,
Inc.
............................
2,360,185
299,011,838
a
Insurance
 — 
1
.4
%
Aflac,
Inc.
..............................
1,724,456
145,440,619
American
Financial
Group,
Inc.
...............
199,424
24,010,650
Erie
Indemnity
Co.
,
Class
A
,
NVS
..............
85,104
29,431,516
Globe
Life,
Inc.
..........................
266,603
32,744,181
Marsh
&
McLennan
Companies,
Inc.
............
1,364,192
264,434,977
496,061,943
a
Interactive
Media
&
Services
 — 
7
.4
%
Alphabet,
Inc.
,
Class
A
(b)
....................
4,609,064
645,729,866
Alphabet,
Inc.
,
Class
C
,
NVS
(b)
................
4,055,982
575,138,248
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
iShares
®
MSCI
USA
Quality
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
14
2024
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Interactive
Media
&
Services
(continued)
Meta
Platforms,
Inc.
,
Class
A
(b)
................
3,492,489
$
1,362,559,658
2,583,427,772
a
IT
Services
 — 
1
.7
%
Accenture
PLC
,
Class
A
....................
1,661,534
604,598,992
a
Life
Sciences
Tools
&
Services
 — 
0
.4
%
Agilent
Technologies,
Inc.
...................
487,692
63,448,729
Waters
Corp.
(a)
(b)
.........................
111,462
35,412,592
West
Pharmaceutical
Services,
Inc.
............
122,790
45,804,354
144,665,675
a
Machinery
 — 
1
.0
%
Graco,
Inc.
.............................
512,711
43,734,248
Illinois
Tool
Works,
Inc.
.....................
1,144,306
298,549,436
342,283,684
a
Media
 — 
0
.2
%
Fox
Corp.
,
Class
A
,
NVS
....................
444,794
14,366,846
Fox
Corp.
,
Class
B
........................
251,182
7,537,972
Interpublic
Group
of
Companies,
Inc.
(The)
.......
725,488
23,933,849
Omnicom
Group,
Inc.
......................
398,232
35,992,208
81,830,875
a
Metals
&
Mining
 — 
0
.2
%
Reliance
Steel
&
Aluminum
Co.
...............
134,499
38,388,705
Steel
Dynamics,
Inc.
.......................
338,315
40,831,237
79,219,942
a
Multi-Utilities
 — 
1
.7
%
Public
Service
Enterprise
Group,
Inc.
...........
4,099,831
237,749,200
Sempra
...............................
4,893,210
350,158,107
587,907,307
a
Oil,
Gas
&
Consumable
Fuels
 — 
3
.7
%
ConocoPhillips
..........................
7,194,454
804,843,569
Coterra
Energy,
Inc.
.......................
4,432,879
110,290,030
Devon
Energy
Corp.
.......................
3,660,472
153,813,033
EQT
Corp.
.............................
2,583,141
91,443,191
HF
Sinclair
Corp.
.........................
734,816
41,509,756
Texas
Pacific
Land
Corp.
....................
60,527
88,449,921
1,290,349,500
a
Personal
Care
Products
 — 
0
.2
%
Kenvue,
Inc.
............................
3,384,108
70,254,082
a
Pharmaceuticals
 — 
6
.5
%
Eli
Lilly
&
Co.
...........................
1,875,089
1,210,576,209
Johnson
&
Johnson
.......................
4,385,426
696,844,191
Pfizer,
Inc.
.............................
8,657,723
234,451,139
Zoetis,
Inc.
,
Class
A
.......................
787,434
147,887,980
2,289,759,519
a
Professional
Services
 — 
2
.6
%
Automatic
Data
Processing,
Inc.
...............
2,341,875
575,586,037
Paychex,
Inc.
...........................
1,401,796
170,640,627
Robert
Half,
Inc.
.........................
325,255
25,870,783
Verisk
Analytics,
Inc.
.......................
574,373
138,728,311
910,825,758
a
Real
Estate
Management
&
Development
 — 
0
.6
%
CBRE
Group,
Inc.
,
Class
A
(a)
(b)
................
988,827
85,345,658
CoStar
Group,
Inc.
(b)
.......................
1,279,720
106,831,026
192,176,684
a
Security
Shares
Value
a
Residential
REITs
 — 
0
.4
%
AvalonBay
Communities,
Inc.
................
378,596
$
67,772,470
Equity
Residential
........................
856,726
51,566,338
Mid-America
Apartment
Communities,
Inc.
........
272,918
34,491,377
153,830,185
a
Semiconductors
&
Semiconductor
Equipment
 — 
14
.1
%
Applied
Materials,
Inc.
.....................
2,259,508
371,237,164
Broadcom,
Inc.
..........................
1,104,801
1,303,665,180
KLA
Corp.
..............................
412,995
245,335,550
Lam
Research
Corp.
......................
389,219
321,171,842
Monolithic
Power
Systems,
Inc.
...............
106,569
64,231,268
NVIDIA
Corp.
...........................
2,906,221
1,788,110,595
QUALCOMM,
Inc.
........................
2,727,193
405,015,432
Teradyne,
Inc.
(a)
..........................
342,232
33,056,189
Texas
Instruments,
Inc.
.....................
2,673,073
428,012,449
4,959,835,669
a
Software
 — 
7
.7
%
Adobe,
Inc.
(b)
............................
1,109,684
685,540,581
Cadence
Design
Systems,
Inc.
(b)
..............
672,220
193,908,581
Fortinet,
Inc.
(b)
...........................
3,231,595
208,405,562
Manhattan
Associates,
Inc.
(a)
(b)
................
266,986
64,760,124
Microsoft
Corp.
..........................
3,881,419
1,543,174,566
2,695,789,414
a
Specialized
REITs
 — 
0
.6
%
Public
Storage
...........................
784,246
222,090,625
a
Specialty
Retail
 — 
1
.6
%
Best
Buy
Co.,
Inc.
........................
1,537,909
111,483,023
Dick's
Sporting
Goods,
Inc.
..................
398,927
59,468,048
Tractor
Supply
Co.
........................
814,683
182,977,802
Ulta
Beauty,
Inc.
(b)
........................
430,724
216,244,984
570,173,857
a
Technology
Hardware,
Storage
&
Peripherals
 — 
4
.3
%
Apple,
Inc.
.............................
7,652,217
1,411,068,815
NetApp,
Inc.
............................
600,894
52,397,957
Super
Micro
Computer,
Inc.
(a)
(b)
................
115,688
61,269,522
1,524,736,294
a
Textiles,
Apparel
&
Luxury
Goods
 — 
4
.4
%
Deckers
Outdoor
Corp.
(a)
(b)
...................
216,555
163,224,000
Lululemon
Athletica,
Inc.
(b)
...................
1,043,251
473,448,169
Nike,
Inc.
,
Class
B
........................
8,843,391
897,869,488
1,534,541,657
a
Trading
Companies
&
Distributors
 — 
1
.3
%
Fastenal
Co.
............................
1,976,944
134,886,889
Ferguson
PLC
...........................
651,760
122,439,634
Watsco,
Inc.
............................
103,169
40,337,016
WW
Grainger,
Inc.
........................
193,549
173,350,226
471,013,765
a
Total
Long-Term
Investments — 99.8%
(Cost:
$
29,115,573,319
)
..............................
35,053,194,037
iShares
®
MSCI
USA
Quality
Factor
ETF
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
(Percentages
shown
are
based
on
Net
Assets)
15
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
 — 
0
.5
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.51
%
(c)
(d)
(e)
......................
113,607,839
$
113,676,003
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.32
%
(c)
(d)
............................
41,433,944
41,433,944
a
Total
Short-Term
Securities — 0.5%
(Cost:
$
155,026,262
)
................................
155,109,947
Total
Investments
—
100.3%
(Cost:
$
29,270,599,581
)
..............................
35,208,303,984
Liabilities
in
Excess
of
Other
Assets
—
(
0
.3
)
%
...............
(
94,215,265
)
Net
Assets
—
100.0%
.................................
$
35,114,088,719
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
January
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
07/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
01/31/24
  Shares
Held
at
01/31/24
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
190,194,678
$
—
$
(
76,614,612
)
(a)
$
47,687
$
48,250
$
113,676,003
113,607,839
$
1,169,699
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
55,278,792
—
(
13,844,848
)
(a)
—
—
41,433,944
41,433,944
1,476,121
—
BlackRock,
Inc.
...
269,297,526
68,422,635
(
37,197,087
)
6,265,125
12,521,759
319,309,958
412,380
4,087,330
—
$
6,312,812
$
12,570,009
$
474,419,905
$
6,733,150
$
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
S&P
500
Index
...................................................................
207
03/15/24
$
50,410
$
2,370,568
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
iShares
®
MSCI
USA
Quality
Factor
ETF
16
2024
iShares
Semi-Annual
Report
to
Shareholders
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
January
31,
2024,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements. 
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
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)
.............
$
—
$
—
$
2,370,568
$
—
$
—
$
—
$
2,370,568
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
3,940,872
$
—
$
—
$
—
$
3,940,872
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
(
971,017
)
$
—
$
—
$
—
$
(
971,017
)
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
48,056,294
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
35,053,194,037
‌
$
—
‌
$
—
‌
$
35,053,194,037
‌
Short-Term
Securities
Money
Market
Funds
......................................
155,109,947
‌
—
‌
—
‌
155,109,947
‌
$
35,208,303,984
‌
$
—
‌
$
—
‌
$
35,208,303,984
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
2,370,568
‌
$
—
‌
$
—
‌
$
2,370,568
‌
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
MSCI
USA
Size
Factor
ETF
Schedule
of
Investments
(unaudited)
January
31,
2024
(Percentages
shown
are
based
on
Net
Assets)
17
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
 — 
1
.9
%
Axon
Enterprise,
Inc.
(a)
.....................
2,850
$
709,821
Boeing
Co.
(The)
(a)
........................
2,719
573,818
General
Dynamics
Corp.
....................
2,477
656,380
HEICO
Corp.
...........................
1,566
281,238
HEICO
Corp.
,
Class
A
......................
2,690
380,554
Howmet
Aerospace,
Inc.
....................
12,337
694,080
Huntington
Ingalls
Industries,
Inc.
..............
2,749
711,771
L3Harris
Technologies,
Inc.
..................
3,335
695,081
Lockheed
Martin
Corp.
.....................
1,343
576,698
Northrop
Grumman
Corp.
...................
1,303
582,128
RTX
Corp.
.............................
7,488
682,306
Textron,
Inc.
............................
8,308
703,771
TransDigm
Group,
Inc.
.....................
637
696,037
7,943,683
a
Air
Freight
&
Logistics
 — 
0
.6
%
CH
Robinson
Worldwide,
Inc.
................
8,055
677,345
Expeditors
International
of
Washington,
Inc.
.......
5,477
691,909
FedEx
Corp.
............................
2,378
573,788
United
Parcel
Service,
Inc.
,
Class
B
............
3,953
560,931
2,503,973
a
Automobile
Components
 — 
0
.5
%
Aptiv
PLC
(a)
.............................
7,815
635,594
BorgWarner,
Inc.
.........................
19,168
649,795
Lear
Corp.
.............................
4,955
658,520
1,943,909
a
Automobiles
 — 
0
.7
%
Ford
Motor
Co.
..........................
60,114
704,536
General
Motors
Co.
.......................
21,722
842,814
Lucid
Group,
Inc.
(a)
(b)
.......................
151,284
511,340
Rivian
Automotive,
Inc.
,
Class
A
(a)
(b)
.............
37,977
581,428
Tesla,
Inc.
(a)
.............................
2,357
441,442
3,081,560
a
Banks
 — 
2
.4
%
Bank
of
America
Corp.
.....................
19,283
655,815
Citigroup,
Inc.
...........................
13,239
743,635
Citizens
Financial
Group,
Inc.
................
23,499
768,417
Fifth
Third
Bancorp
.......................
23,066
789,780
First
Citizens
BancShares,
Inc.
,
Class
A
..........
437
659,870
Huntington
Bancshares,
Inc.
.................
58,039
738,837
JPMorgan
Chase
&
Co.
....................
3,700
645,132
KeyCorp
...............................
53,491
777,224
M&T
Bank
Corp.
.........................
5,034
695,195
PNC
Financial
Services
Group,
Inc.
(The)
........
4,701
710,838
Regions
Financial
Corp.
....................
39,491
737,297
Truist
Financial
Corp.
......................
19,259
713,739
U.S.
Bancorp
...........................
16,297
676,977
Wells
Fargo
&
Co.
........................
13,746
689,774
10,002,530
a
Beverages
 — 
1
.2
%
Brown-Forman
Corp.
,
Class
B
,
NVS
............
10,633
583,752
Celsius
Holdings,
Inc.
(a)
(b)
....................
12,103
603,940
Coca-Cola
Co.
(The)
......................
10,025
596,387
Constellation
Brands,
Inc.
,
Class
A
.............
2,622
642,600
Keurig
Dr
Pepper,
Inc.
.....................
19,385
609,464
Molson
Coors
Beverage
Co.
,
Class
B
...........
11,000
679,690
Monster
Beverage
Corp.
(a)
...................
11,112
611,382
PepsiCo,
Inc.
...........................
3,466
584,125
4,911,340
a
Security
Shares
Value
a
Biotechnology
 — 
2
.2
%
AbbVie,
Inc.
............................
4,162
$
684,233
Alnylam
Pharmaceuticals,
Inc.
(a)
...............
3,867
668,643
Amgen,
Inc.
............................
2,214
695,772
Biogen,
Inc.
(a)
...........................
2,709
668,202
BioMarin
Pharmaceutical,
Inc.
(a)
...............
7,373
649,414
Exact
Sciences
Corp.
(a)
.....................
9,724
635,950
Gilead
Sciences,
Inc.
......................
7,865
615,515
Incyte
Corp.
(a)
...........................
11,889
698,716
Moderna,
Inc.
(a)
(b)
.........................
7,937
802,034
Neurocrine
Biosciences,
Inc.
(a)
................
5,978
835,545
Regeneron
Pharmaceuticals,
Inc.
(a)
.............
750
707,085
United
Therapeutics
Corp.
(a)
..................
2,875
617,492
Vertex
Pharmaceuticals,
Inc.
(a)
................
1,682
728,945
9,007,546
a
Broadline
Retail
 — 
0
.6
%
Amazon.com,
Inc.
(a)
.......................
3,692
572,998
eBay,
Inc.
..............................
16,186
664,759
Etsy,
Inc.
(a)
.............................
9,192
611,820
MercadoLibre,
Inc.
(a)
.......................
404
691,571
2,541,148
a
Building
Products
 — 
1
.9
%
A
O
Smith
Corp.
.........................
8,565
664,730
Allegion
PLC
............................
6,223
770,968
Builders
FirstSource,
Inc.
(a)
..................
4,777
829,908
Carlisle
Companies,
Inc.
....................
2,374
746,053
Carrier
Global
Corp.
.......................
11,486
628,399
Fortune
Brands
Innovations,
Inc.
..............
9,997
775,667
Johnson
Controls
International
PLC
............
11,930
628,592
Lennox
International,
Inc.
...................
1,591
681,203
Masco
Corp.
............................
10,760
724,040
Owens
Corning
..........................
5,014
759,771
Trane
Technologies
PLC
....................
2,698
680,031
7,889,362
a
Capital
Markets
 — 
4
.9
%
Ameriprise
Financial,
Inc.
...................
1,785
690,492
Ares
Management
Corp.
,
Class
A
..............
5,912
718,190
Bank
of
New
York
Mellon
Corp.
(The)
...........
13,171
730,464
BlackRock,
Inc.
(c)
.........................
824
638,031
Blackstone,
Inc.
,
NVS
......................
5,667
705,258
Carlyle
Group,
Inc.
(The)
....................
20,453
818,529
Cboe
Global
Markets,
Inc.
...................
3,635
668,295
Charles
Schwab
Corp.
(The)
.................
10,525
662,233
CME
Group,
Inc.
,
Class
A
...................
2,839
584,380
Coinbase
Global,
Inc.
,
Class
A
(a)
...............
5,987
767,533
FactSet
Research
Systems,
Inc.
...............
1,409
670,571
Franklin
Resources,
Inc.
....................
26,878
715,761
Goldman
Sachs
Group,
Inc.
(The)
.............
1,751
672,402
Intercontinental
Exchange,
Inc.
...............
5,413
689,237
KKR
&
Co.,
Inc.
..........................
8,941
774,112
LPL
Financial
Holdings,
Inc.
..................
2,861
684,323
MarketAxess
Holdings,
Inc.
..................
2,890
651,724
Moody's
Corp.
...........................
1,683
659,803
Morgan
Stanley
..........................
7,442
649,240
MSCI,
Inc.
,
Class
A
.......................
1,186
709,963
Nasdaq,
Inc.
............................
11,630
671,865
Northern
Trust
Corp.
.......................
8,486
675,825
Raymond
James
Financial,
Inc.
...............
6,106
672,759
Robinhood
Markets,
Inc.
,
Class
A
(a)
.............
82,145
882,237
S&P
Global,
Inc.
.........................
1,436
643,831
SEI
Investments
Co.
.......................
11,386
720,051
State
Street
Corp.
........................
9,060
669,262
T
Rowe
Price
Group,
Inc.
...................
6,418
696,032
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
iShares
®
MSCI
USA
Size
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
18
2024
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Capital
Markets
(continued)
Tradeweb
Markets,
Inc.
,
Class
A
...............
6,860
$
654,375
20,146,778
a
Chemicals
 — 
2
.8
%
Air
Products
and
Chemicals,
Inc.
..............
2,252
575,859
Albemarle
Corp.
.........................
4,976
570,946
Celanese
Corp.
..........................
4,953
724,574
CF
Industries
Holdings,
Inc.
..................
8,373
632,245
Corteva,
Inc.
............................
13,294
604,611
Dow,
Inc.
..............................
12,018
644,165
DuPont
de
Nemours,
Inc.
...................
8,775
542,295
Eastman
Chemical
Co.
.....................
8,013
669,486
Ecolab,
Inc.
............................
3,328
659,676
FMC
Corp.
.............................
12,493
702,107
International
Flavors
&
Fragrances,
Inc.
..........
8,637
696,833
Linde
PLC
.............................
1,427
577,693
LyondellBasell
Industries
NV
,
Class
A
...........
6,484
610,274
Mosaic
Co.
(The)
.........................
17,964
551,675
PPG
Industries,
Inc.
.......................
4,604
649,348
RPM
International,
Inc.
.....................
6,353
677,611
Sherwin-Williams
Co.
(The)
..................
2,226
677,550
Westlake
Corp.
..........................
4,969
687,461
11,454,409
a
Commercial
Services
&
Supplies
 — 
1
.1
%
Cintas
Corp.
............................
1,113
672,886
Copart,
Inc.
(a)
...........................
12,077
580,179
Republic
Services,
Inc.
.....................
3,842
657,443
Rollins,
Inc.
.............................
16,134
698,763
Veralto
Corp.
............................
9,097
697,649
Waste
Connections,
Inc.
....................
4,637
719,941
Waste
Management,
Inc.
....................
3,533
655,831
4,682,692
a
Communications
Equipment
 — 
0
.9
%
Arista
Networks,
Inc.
(a)
.....................
2,818
728,960
Cisco
Systems,
Inc.
.......................
12,035
603,916
F5,
Inc.
(a)
..............................
4,022
738,841
Juniper
Networks,
Inc.
.....................
24,509
905,853
Motorola
Solutions,
Inc.
....................
1,929
616,316
3,593,886
a
Construction
&
Engineering
 — 
0
.3
%
AECOM
...............................
7,490
660,543
Quanta
Services,
Inc.
......................
3,440
667,532
1,328,075
a
Construction
Materials
 — 
0
.3
%
Martin
Marietta
Materials,
Inc.
................
1,379
701,111
Vulcan
Materials
Co.
......................
3,004
678,934
1,380,045
a
Consumer
Finance
 — 
1
.0
%
Ally
Financial,
Inc.
........................
23,962
878,926
American
Express
Co.
.....................
3,613
725,274
Capital
One
Financial
Corp.
..................
5,772
781,067
Discover
Financial
Services
..................
7,299
770,190
Synchrony
Financial
.......................
21,900
851,253
4,006,710
a
Consumer
Staples
Distribution
&
Retail
 — 
1
.5
%
Albertsons
Companies,
Inc.
,
Class
A
............
31,034
658,541
Costco
Wholesale
Corp.
....................
993
690,016
Dollar
General
Corp.
......................
5,191
685,575
Dollar
Tree,
Inc.
(a)
.........................
5,458
712,924
Kroger
Co.
(The)
.........................
14,568
672,168
Security
Shares
Value
a
Consumer
Staples
Distribution
&
Retail
(continued)
Sysco
Corp.
............................
8,770
$
709,756
Target
Corp.
............................
4,722
656,736
Walgreens
Boots
Alliance,
Inc.
................
30,568
689,920
Walmart,
Inc.
............................
3,637
601,014
6,076,650
a
Containers
&
Packaging
 — 
1
.2
%
Amcor
PLC
.............................
69,065
651,283
Avery
Dennison
Corp.
......................
3,396
677,332
Ball
Corp.
..............................
12,183
675,547
Crown
Holdings,
Inc.
......................
7,937
702,425
International
Paper
Co.
.....................
20,105
720,362
Packaging
Corp.
of
America
.................
4,243
703,829
Westrock
Co.
...........................
17,994
724,438
4,855,216
a
Distributors
 — 
0
.5
%
Genuine
Parts
Co.
........................
4,670
654,874
LKQ
Corp.
.............................
14,304
667,567
Pool
Corp.
.............................
1,867
693,124
2,015,565
a
Diversified
REITs
 — 
0
.2
%
WP
Carey,
Inc.
..........................
6,576
710,123
a
Diversified
Telecommunication
Services
 — 
0
.5
%
AT&T,
Inc.
..............................
36,842
651,735
Liberty
Global,
Ltd.
,
Class
C
(a)
(b)
...............
38,302
802,044
Verizon
Communications,
Inc.
................
15,960
675,906
2,129,685
a
Electric
Utilities
 — 
2
.4
%
Alliant
Energy
Corp.
.......................
13,227
643,626
American
Electric
Power
Co.,
Inc.
..............
8,063
630,043
Constellation
Energy
Corp.
..................
5,096
621,712
Duke
Energy
Corp.
.......................
6,779
649,632
Edison
International
.......................
9,652
651,317
Entergy
Corp.
...........................
6,421
640,559
Evergy,
Inc.
.............................
12,911
655,491
Eversource
Energy
.......................
10,907
591,378
Exelon
Corp.
............................
15,852
551,808
FirstEnergy
Corp.
........................
17,067
626,018
NextEra
Energy,
Inc.
......................
10,330
605,648
NRG
Energy,
Inc.
.........................
13,806
732,270
PG&E
Corp.
............................
35,235
594,414
PPL
Corp.
.............................
24,368
638,442
Southern
Co.
(The)
.......................
8,681
603,503
Xcel
Energy,
Inc.
.........................
10,442
625,162
10,061,023
a
Electrical
Equipment
 — 
1
.0
%
AMETEK,
Inc.
...........................
4,017
650,955
Eaton
Corp.
PLC
.........................
2,639
649,405
Emerson
Electric
Co.
......................
6,938
636,423
Hubbell,
Inc.
............................
2,137
717,113
Rockwell
Automation,
Inc.
...................
2,309
584,824
Vertiv
Holdings
Co.
,
Class
A
.................
14,410
811,715
4,050,435
a
Electronic
Equipment,
Instruments
&
Components
 — 
1
.5
%
Amphenol
Corp.
,
Class
A
...................
6,821
689,603
CDW
Corp.
.............................
2,888
654,767
Corning,
Inc.
............................
22,315
725,014
Jabil,
Inc.
..............................
4,840
606,404
Keysight
Technologies,
Inc.
(a)
.................
4,715
722,621
TE
Connectivity
Ltd.
.......................
4,713
670,141
iShares
®
MSCI
USA
Size
Factor
ETF
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
(Percentages
shown
are
based
on
Net
Assets)
19
Schedule
of
Investments
Security
Shares
Value
a
Electronic
Equipment,
Instruments
&
Components
(continued)
Teledyne
Technologies,
Inc.
(a)
.................
1,635
$
684,198
Trimble,
Inc.
(a)
...........................
14,968
761,273
Zebra
Technologies
Corp.
,
Class
A
(a)
............
2,974
712,422
6,226,443
a
Energy
Equipment
&
Services
 — 
0
.4
%
Baker
Hughes
Co.
,
Class
A
..................
18,385
523,972
Halliburton
Co.
..........................
16,301
581,131
Schlumberger
Ltd.
........................
11,511
560,586
1,665,689
a
Entertainment
 — 
1
.4
%
Electronic
Arts,
Inc.
.......................
4,588
631,217
Liberty
Media
Corp.-Liberty
Formula
One
,
Series
C
,
NVS
(a)
...............................
9,869
663,690
Live
Nation
Entertainment,
Inc.
(a)
..............
7,110
631,723
Netflix,
Inc.
(a)
............................
1,223
689,907
ROBLOX
Corp.
,
Class
A
(a)
...................
16,802
652,086
Roku,
Inc.
,
Class
A
(a)
......................
6,860
604,092
Take-Two
Interactive
Software,
Inc.
(a)
............
4,037
665,822
Walt
Disney
Co.
(The)
.....................
6,135
589,267
Warner
Bros
Discovery,
Inc.
,
Series
A
(a)
..........
58,608
587,252
5,715,056
a
Financial
Services
 — 
2
.2
%
Apollo
Global
Management,
Inc.
...............
6,941
696,876
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
............
1,533
588,273
Block,
Inc.
,
Class
A
(a)
......................
10,542
685,335
Equitable
Holdings,
Inc.
....................
19,525
638,272
Fidelity
National
Information
Services,
Inc.
........
11,388
709,017
Fiserv,
Inc.
(a)
............................
4,857
689,063
FleetCor
Technologies,
Inc.
(a)
.................
2,734
792,669
Global
Payments,
Inc.
.....................
5,530
736,762
Jack
Henry
&
Associates,
Inc.
................
4,273
708,592
Mastercard,
Inc.
,
Class
A
....................
1,407
632,067
PayPal
Holdings,
Inc.
(a)
.....................
10,658
653,868
Toast,
Inc.
,
Class
A
(a)
......................
45,865
815,021
Visa,
Inc.
,
Class
A
(b)
.......................
2,245
613,469
8,959,284
a
Food
Products
 — 
2
.4
%
Archer-Daniels-Midland
Co.
..................
8,400
466,872
Bunge
Global
SA
.........................
5,969
525,809
Campbell
Soup
Co.
.......................
16,059
716,713
Conagra
Brands,
Inc.
......................
23,041
671,645
Darling
Ingredients,
Inc.
(a)
...................
15,393
666,517
General
Mills,
Inc.
........................
9,725
631,250
Hershey
Co.
(The)
........................
3,205
620,296
Hormel
Foods
Corp.
.......................
19,994
607,218
J
M
Smucker
Co.
(The)
.....................
5,798
762,727
Kellanova
..............................
12,170
666,429
Kraft
Heinz
Co.
(The)
......................
18,277
678,625
Lamb
Weston
Holdings,
Inc.
.................
6,679
684,197
McCormick
&
Co.,
Inc.
,
NVS
.................
9,750
664,560
Mondelez
International,
Inc.
,
Class
A
............
8,424
634,074
Tyson
Foods,
Inc.
,
Class
A
..................
13,229
724,420
9,721,352
a
Gas
Utilities
 — 
0
.2
%
Atmos
Energy
Corp.
.......................
5,676
646,723
a
Ground
Transportation
 — 
1
.3
%
CSX
Corp.
.............................
18,939
676,122
JB
Hunt
Transport
Services,
Inc.
..............
3,609
725,337
Knight-Swift
Transportation
Holdings,
Inc.
,
Class
A
..
12,953
743,243
Norfolk
Southern
Corp.
.....................
2,895
681,020
Security
Shares
Value
a
Ground
Transportation
(continued)
Old
Dominion
Freight
Line,
Inc.
...............
1,537
$
600,998
Uber
Technologies,
Inc.
(a)
...................
10,841
707,592
U-Haul
Holding
Co.
,
Series
N
,
NVS
.............
12,448
795,054
Union
Pacific
Corp.
.......................
2,686
655,196
5,584,562
a
Health
Care
Equipment
&
Supplies
 — 
3
.2
%
Abbott
Laboratories
.......................
5,772
653,102
Align
Technology,
Inc.
(a)
.....................
2,990
799,287
Baxter
International,
Inc.
....................
17,953
694,602
Becton
Dickinson
&
Co.
....................
2,590
618,518
Boston
Scientific
Corp.
(a)
....................
11,042
698,517
Cooper
Companies,
Inc.
(The)
................
1,906
710,995
Dexcom,
Inc.
(a)
(b)
.........................
5,672
688,297
Edwards
Lifesciences
Corp.
(a)
................
9,257
726,397
GE
HealthCare
Technologies,
Inc.
(b)
............
8,500
623,560
Hologic,
Inc.
(a)
...........................
8,955
666,610
IDEXX
Laboratories,
Inc.
(a)
...................
1,312
675,785
Insulet
Corp.
(a)
...........................
3,588
684,842
Intuitive
Surgical,
Inc.
(a)
.....................
1,916
724,669
Medtronic
PLC
..........................
7,934
694,542
ResMed,
Inc.
...........................
4,199
798,650
STERIS
PLC
............................
3,192
698,888
Stryker
Corp.
...........................
2,058
690,418
Teleflex,
Inc.
............................
3,072
745,974
Zimmer
Biomet
Holdings,
Inc.
................
5,657
710,519
13,304,172
a
Health
Care
Providers
&
Services
 — 
2
.5
%
Cardinal
Health,
Inc.
.......................
5,986
653,611
Cencora,
Inc.
...........................
3,174
738,526
Centene
Corp.
(a)
.........................
8,506
640,587
Cigna
Group
(The)
........................
2,117
637,111
CVS
Health
Corp.
........................
8,772
652,374
DaVita,
Inc.
(a)
............................
6,799
735,380
Elevance
Health,
Inc.
......................
1,273
628,149
HCA
Healthcare,
Inc.
......................
2,442
744,566
Henry
Schein,
Inc.
(a)
(b)
......................
9,655
722,580
Humana,
Inc.
...........................
1,215
459,343
Laboratory
Corp.
of
America
Holdings
...........
3,024
672,235
McKesson
Corp.
.........................
1,347
673,352
Molina
Healthcare,
Inc.
(a)
....................
1,790
638,028
Quest
Diagnostics,
Inc.
.....................
4,779
613,767
UnitedHealth
Group,
Inc.
....................
1,052
538,350
Universal
Health
Services,
Inc.
,
Class
B
.........
4,839
768,482
10,516,441
a
Health
Care
REITs
 — 
0
.5
%
Healthpeak
Properties,
Inc.
..................
39,801
736,318
Ventas,
Inc.
............................
14,227
659,991
Welltower,
Inc.
...........................
6,945
600,812
1,997,121
a
Health
Care
Technology
 — 
0
.2
%
Veeva
Systems,
Inc.
,
Class
A
(a)
...............
3,514
728,839
a
Hotel
&
Resort
REITs
 — 
0
.2
%
Host
Hotels
&
Resorts,
Inc.
..................
37,115
713,350
a
Hotels,
Restaurants
&
Leisure
 — 
3
.4
%
Airbnb,
Inc.
,
Class
A
(a)
......................
4,659
671,548
Booking
Holdings,
Inc.
(a)
....................
188
659,404
Caesars
Entertainment,
Inc.
(a)
................
14,178
621,989
Carnival
Corp.
(a)
..........................
44,283
734,212
Chipotle
Mexican
Grill,
Inc.
(a)
.................
275
662,412
Darden
Restaurants,
Inc.
...................
4,147
674,219
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
iShares
®
MSCI
USA
Size
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
20
2024
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Hotels,
Restaurants
&
Leisure
(continued)
Domino's
Pizza,
Inc.
.......................
1,769
$
753,983
DoorDash,
Inc.
,
Class
A
(a)
...................
6,479
675,112
DraftKings,
Inc.
,
Class
A
(a)
...................
16,544
646,043
Expedia
Group,
Inc.
(a)
......................
4,724
700,711
Hilton
Worldwide
Holdings,
Inc.
...............
3,644
695,858
Hyatt
Hotels
Corp.
,
Class
A
..................
5,650
725,291
Las
Vegas
Sands
Corp.
....................
12,587
615,756
Marriott
International,
Inc.
,
Class
A
.............
2,942
705,286
McDonald's
Corp.
........................
2,079
608,565
MGM
Resorts
International
..................
16,040
695,655
Royal
Caribbean
Cruises
Ltd.
(a)
...............
5,976
761,940
Starbucks
Corp.
..........................
5,672
527,666
Vail
Resorts,
Inc.
.........................
2,939
652,458
Wynn
Resorts
Ltd.
........................
7,570
714,835
Yum!
Brands,
Inc.
........................
4,850
628,027
14,130,970
a
Household
Durables
 — 
0
.9
%
DR
Horton,
Inc.
..........................
4,799
685,825
Garmin
Ltd.
.............................
5,276
630,429
Lennar
Corp.
,
Class
A
......................
4,844
725,873
NVR,
Inc.
(a)
.............................
103
728,755
PulteGroup,
Inc.
.........................
7,226
755,551
3,526,433
a
Household
Products
 — 
0
.8
%
Church
&
Dwight
Co.,
Inc.
...................
6,925
691,462
Clorox
Co.
(The)
.........................
4,705
683,401
Colgate-Palmolive
Co.
.....................
8,051
677,894
Kimberly-Clark
Corp.
......................
5,159
624,084
Procter
&
Gamble
Co.
(The)
.................
3,778
593,675
3,270,516
a
Independent
Power
and
Renewable
Electricity
Producers
 — 
0
.3
%
AES
Corp.
(The)
.........................
38,107
635,625
Vistra
Corp.
............................
18,703
767,384
1,403,009
a
Industrial
Conglomerates
 — 
0
.5
%
3M
Co.
................................
6,479
611,294
General
Electric
Co.
.......................
4,913
650,579
Honeywell
International,
Inc.
.................
3,081
623,163
1,885,036
a
Industrial
REITs
 — 
0
.2
%
Prologis,
Inc.
............................
5,365
679,692
a
Insurance
 — 
4
.2
%
Aflac,
Inc.
..............................
7,610
641,827
Allstate
Corp.
(The)
.......................
4,649
721,757
American
Financial
Group,
Inc.
...............
6,066
730,347
American
International
Group,
Inc.
.............
9,560
664,516
Aon
PLC
,
Class
A
........................
1,840
549,111
Arch
Capital
Group
Ltd.
(a)
...................
7,444
613,609
Arthur
J
Gallagher
&
Co.
....................
2,499
580,168
Assurant,
Inc.
...........................
4,015
674,319
Brown
&
Brown,
Inc.
.......................
8,706
675,237
Chubb
Ltd.
.............................
2,701
661,745
Cincinnati
Financial
Corp.
...................
6,418
711,114
Erie
Indemnity
Co.
,
Class
A
,
NVS
..............
2,287
790,913
Everest
Group
Ltd.
........................
1,616
622,112
Fidelity
National
Financial,
Inc.
................
10,834
578,947
Globe
Life,
Inc.
..........................
5,560
682,879
Hartford
Financial
Services
Group,
Inc.
(The)
......
8,330
724,377
Loews
Corp.
............................
9,599
699,383
Markel
Group,
Inc.
(a)
.......................
454
679,833
Security
Shares
Value
a
Insurance
(continued)
Marsh
&
McLennan
Companies,
Inc.
............
3,025
$
586,366
MetLife,
Inc.
............................
9,891
685,644
Principal
Financial
Group,
Inc.
................
8,873
701,854
Progressive
Corp.
(The)
....................
3,779
673,607
Prudential
Financial,
Inc.
....................
6,602
692,748
Travelers
Companies,
Inc.
(The)
...............
3,614
763,855
W
R
Berkley
Corp.
........................
9,237
756,326
Willis
Towers
Watson
PLC
...................
2,565
631,760
17,494,354
a
Interactive
Media
&
Services
 — 
0
.9
%
Alphabet,
Inc.
,
Class
A
(a)
....................
2,080
291,408
Alphabet,
Inc.
,
Class
C
,
NVS
(a)
................
1,830
259,494
Match
Group,
Inc.
(a)
.......................
20,213
775,775
Meta
Platforms,
Inc.
,
Class
A
(a)
................
1,620
632,027
Pinterest,
Inc.
,
Class
A
(a)
....................
19,770
740,782
Snap,
Inc.
,
Class
A
,
NVS
(a)
..................
52,746
838,134
3,537,620
a
IT
Services
 — 
2
.2
%
Accenture
PLC
,
Class
A
....................
1,754
638,246
Akamai
Technologies,
Inc.
(a)
(b)
.................
5,732
706,354
Cloudflare,
Inc.
,
Class
A
(a)
...................
8,675
685,759
Cognizant
Technology
Solutions
Corp.
,
Class
A
.....
8,904
686,676
EPAM
Systems,
Inc.
(a)
......................
2,478
689,157
Gartner,
Inc.
(a)
...........................
1,473
673,809
GoDaddy,
Inc.
,
Class
A
(a)
....................
7,030
749,820
International
Business
Machines
Corp.
..........
3,818
701,214
MongoDB,
Inc.
,
Class
A
(a)
...................
1,552
621,607
Okta,
Inc.
,
Class
A
(a)
.......................
9,049
747,900
Snowflake,
Inc.
,
Class
A
(a)
(b)
..................
3,691
722,107
Twilio,
Inc.
,
Class
A
(a)
......................
10,250
720,882
VeriSign,
Inc.
(a)
..........................
3,011
598,828
8,942,359
a
Leisure
Products
 — 
0
.2
%
Hasbro,
Inc.
............................
14,986
733,565
a
Life
Sciences
Tools
&
Services
 — 
2
.5
%
Agilent
Technologies,
Inc.
...................
5,471
711,777
Avantor,
Inc.
(a)
...........................
33,525
770,740
Bio-Rad
Laboratories,
Inc.
,
Class
A
(a)
(b)
..........
2,182
700,182
Bio-Techne
Corp.
.........................
10,328
726,265
Charles
River
Laboratories
International,
Inc.
(a)
.....
3,450
746,166
Danaher
Corp.
..........................
2,777
666,230
Illumina,
Inc.
(a)
...........................
6,635
948,871
IQVIA
Holdings,
Inc.
(a)
......................
3,021
629,063
Mettler-Toledo
International,
Inc.
(a)
.............
608
727,892
Repligen
Corp.
(a)
.........................
4,271
808,927
Revvity,
Inc.
............................
7,417
794,954
Thermo
Fisher
Scientific,
Inc.
.................
1,246
671,569
Waters
Corp.
(a)
..........................
2,476
786,650
West
Pharmaceutical
Services,
Inc.
............
1,810
675,184
10,364,470
a
Machinery
 — 
3
.4
%
Caterpillar,
Inc.
..........................
2,375
713,236
CNH
Industrial
N.V.
.......................
60,811
729,732
Cummins,
Inc.
...........................
2,797
669,322
Deere
&
Co.
............................
1,564
615,559
Dover
Corp.
............................
4,615
691,235
Fortive
Corp.
............................
9,332
729,576
Graco,
Inc.
.............................
8,068
688,200
IDEX
Corp.
.............................
3,315
701,123
Illinois
Tool
Works,
Inc.
.....................
2,520
657,468
Ingersoll
Rand,
Inc.
.......................
8,903
710,994
iShares
®
MSCI
USA
Size
Factor
ETF
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
(Percentages
shown
are
based
on
Net
Assets)
21
Schedule
of
Investments
Security
Shares
Value
a
Machinery
(continued)
Nordson
Corp.
...........................
2,770
$
697,264
Otis
Worldwide
Corp.
......................
7,378
652,510
PACCAR,
Inc.
...........................
6,684
671,007
Parker-Hannifin
Corp.
......................
1,426
662,377
Pentair
PLC
............................
10,467
765,870
Snap-on,
Inc.
...........................
2,354
682,495
Stanley
Black
&
Decker,
Inc.
.................
7,058
658,512
Toro
Co.
(The)
...........................
7,750
716,720
Westinghouse
Air
Brake
Technologies
Corp.
.......
5,495
722,977
Xylem,
Inc.
.............................
6,300
708,372
13,844,549
a
Media
 — 
1
.8
%
Charter
Communications,
Inc.
,
Class
A
(a)
.........
1,486
550,875
Comcast
Corp.
,
Class
A
....................
13,587
632,339
Fox
Corp.
,
Class
A
,
NVS
....................
13,793
445,514
Fox
Corp.
,
Class
B
........................
7,795
233,928
Interpublic
Group
of
Companies,
Inc.
(The)
.......
21,350
704,336
Liberty
Broadband
Corp.
,
Class
C
,
NVS
(a)
........
7,754
608,301
Liberty
Media
Corp.-Liberty
SiriusXM
,
Series
C
,
NVS
(a)
24,950
757,482
News
Corp.
,
Class
A
,
NVS
..................
30,550
752,752
Omnicom
Group,
Inc.
......................
8,126
734,428
Paramount
Global
,
Class
B
,
NVS
..............
47,591
694,353
Sirius
XM
Holdings,
Inc.
(b)
...................
123,975
631,033
Trade
Desk,
Inc.
(The)
,
Class
A
(a)
..............
9,327
638,247
7,383,588
a
Metals
&
Mining
 — 
1
.0
%
Cleveland-Cliffs,
Inc.
(a)
.....................
38,682
775,574
Freeport-McMoRan,
Inc.
....................
16,808
667,110
Newmont
Corp.
..........................
16,987
586,221
Nucor
Corp.
............................
3,947
737,813
Reliance
Steel
&
Aluminum
Co.
...............
2,384
680,441
Steel
Dynamics,
Inc.
.......................
5,715
689,743
4,136,902
a
Mortgage
REITs
 — 
0
.2
%
Annaly
Capital
Management,
Inc.
..............
37,107
712,083
a
Multi-Utilities
 — 
1
.5
%
Ameren
Corp.
...........................
8,329
579,449
CenterPoint
Energy,
Inc.
....................
23,197
648,124
CMS
Energy
Corp.
........................
11,289
645,279
Consolidated
Edison,
Inc.
...................
6,914
628,483
Dominion
Energy,
Inc.
......................
13,342
609,996
DTE
Energy
Co.
.........................
6,172
650,652
NiSource,
Inc.
...........................
25,079
651,302
Public
Service
Enterprise
Group,
Inc.
...........
9,756
565,750
Sempra
...............................
8,497
608,045
WEC
Energy
Group,
Inc.
....................
7,746
625,567
6,212,647
a
Office
REITs
 — 
0
.4
%
Alexandria
Real
Estate
Equities,
Inc.
............
6,157
744,381
Boston
Properties,
Inc.
.....................
12,040
800,660
1,545,041
a
Oil,
Gas
&
Consumable
Fuels
 — 
3
.7
%
APA
Corp.
.............................
17,742
555,857
Cheniere
Energy,
Inc.
......................
3,578
586,756
Chesapeake
Energy
Corp.
..................
7,995
616,494
Chevron
Corp.
...........................
3,970
585,297
ConocoPhillips
..........................
5,102
570,761
Coterra
Energy,
Inc.
.......................
23,855
593,512
Devon
Energy
Corp.
.......................
13,729
576,893
Diamondback
Energy,
Inc.
...................
4,022
618,342
Security
Shares
Value
a
Oil,
Gas
&
Consumable
Fuels
(continued)
EOG
Resources,
Inc.
......................
4,828
$
549,378
EQT
Corp.
.............................
16,004
566,542
Exxon
Mobil
Corp.
........................
5,402
555,380
Hess
Corp.
.............................
4,266
599,501
HF
Sinclair
Corp.
.........................
12,094
683,190
Kinder
Morgan,
Inc.
,
Class
P
.................
36,597
619,221
Marathon
Oil
Corp.
........................
25,323
578,631
Marathon
Petroleum
Corp.
..................
4,088
676,973
Occidental
Petroleum
Corp.
..................
9,998
575,585
ONEOK,
Inc.
............................
9,316
635,817
Ovintiv,
Inc.
.............................
14,565
617,847
Phillips
66
..............................
5,215
752,577
Pioneer
Natural
Resources
Co.
...............
2,573
591,353
Targa
Resources
Corp.
.....................
7,380
627,005
Texas
Pacific
Land
Corp.
....................
395
577,225
Valero
Energy
Corp.
.......................
4,936
685,610
Williams
Companies,
Inc.
(The)
...............
17,317
600,207
15,195,954
a
Passenger
Airlines
 — 
0
.3
%
Delta
Air
Lines,
Inc.
.......................
17,330
678,296
Southwest
Airlines
Co.
.....................
25,806
771,341
1,449,637
a
Personal
Care
Products
 — 
0
.3
%
Estee
Lauder
Companies,
Inc.
(The)
,
Class
A
......
5,032
664,174
Kenvue,
Inc.
............................
31,389
651,635
1,315,809
a
Pharmaceuticals
 — 
1
.6
%
Bristol-Myers
Squibb
Co.
....................
12,161
594,308
Catalent,
Inc.
(a)
..........................
16,758
865,383
Eli
Lilly
&
Co.
...........................
936
604,291
Jazz
Pharmaceuticals
PLC
(a)
.................
5,533
679,010
Johnson
&
Johnson
.......................
3,784
601,278
Merck
&
Co.,
Inc.
.........................
5,598
676,126
Pfizer,
Inc.
.............................
19,478
527,464
Royalty
Pharma
PLC
,
Class
A
................
24,169
686,158
Viatris,
Inc.
.............................
69,278
815,402
Zoetis,
Inc.
,
Class
A
.......................
3,413
640,996
6,690,416
a
Professional
Services
 — 
2
.3
%
Automatic
Data
Processing,
Inc.
...............
2,579
633,867
Booz
Allen
Hamilton
Holding
Corp.
,
Class
A
.......
5,032
708,355
Broadridge
Financial
Solutions,
Inc.
............
3,456
705,715
Dayforce,
Inc.
(a)
(b)
.........................
9,365
651,055
Equifax,
Inc.
............................
3,012
735,952
Jacobs
Solutions,
Inc.
......................
4,676
630,184
Leidos
Holdings,
Inc.
......................
6,097
673,536
Paychex,
Inc.
...........................
5,226
636,161
Paycom
Software,
Inc.
.....................
3,585
682,010
Paylocity
Holding
Corp.
(a)
(b)
..................
4,337
687,024
Robert
Half,
Inc.
.........................
8,054
640,615
SS&C
Technologies
Holdings,
Inc.
.............
11,803
720,219
TransUnion
.............................
10,883
752,995
Verisk
Analytics,
Inc.
.......................
2,621
633,050
9,490,738
a
Real
Estate
Management
&
Development
 — 
0
.6
%
CBRE
Group,
Inc.
,
Class
A
(a)
.................
8,131
701,787
CoStar
Group,
Inc.
(a)
.......................
7,504
626,434
Zillow
Group,
Inc.
,
Class
C
,
NVS
(a)
.............
17,117
972,930
2,301,151
a
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
iShares
®
MSCI
USA
Size
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
22
2024
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Residential
REITs
 — 
1
.6
%
American
Homes
4
Rent
,
Class
A
..............
18,067
$
633,248
AvalonBay
Communities,
Inc.
................
3,696
661,621
Camden
Property
Trust
.....................
7,425
696,762
Equity
LifeStyle
Properties,
Inc.
...............
9,382
635,068
Equity
Residential
........................
11,328
681,832
Essex
Property
Trust,
Inc.
...................
3,050
711,474
Invitation
Homes,
Inc.
......................
18,978
624,946
Mid-America
Apartment
Communities,
Inc.
........
5,275
666,654
Sun
Communities,
Inc.
.....................
5,212
653,324
UDR,
Inc.
..............................
19,655
707,973
6,672,902
a
Retail
REITs
 — 
0
.6
%
Kimco
Realty
Corp.
.......................
34,799
702,940
Realty
Income
Corp.
.......................
11,653
633,807
Regency
Centers
Corp.
....................
10,562
661,920
Simon
Property
Group,
Inc.
..................
5,040
698,594
2,697,261
a
Semiconductors
&
Semiconductor
Equipment
 — 
3
.9
%
Advanced
Micro
Devices,
Inc.
(a)
...............
4,781
801,726
Analog
Devices,
Inc.
.......................
3,259
626,901
Applied
Materials,
Inc.
.....................
3,900
640,770
Broadcom,
Inc.
..........................
1,081
1,275,580
Enphase
Energy,
Inc.
(a)
(b)
....................
6,594
686,633
Entegris,
Inc.
............................
6,154
724,326
First
Solar,
Inc.
(a)
.........................
4,029
589,443
Intel
Corp.
.............................
13,018
560,815
KLA
Corp.
..............................
1,080
641,563
Lam
Research
Corp.
......................
834
688,192
Lattice
Semiconductor
Corp.
(a)
................
11,151
678,650
Marvell
Technology,
Inc.
....................
10,891
737,321
Microchip
Technology,
Inc.
...................
7,260
618,407
Micron
Technology,
Inc.
.....................
7,629
654,187
Monolithic
Power
Systems,
Inc.
...............
1,148
691,923
NVIDIA
Corp.
...........................
1,083
666,337
NXP
Semiconductors
NV
...................
3,012
634,237
ON
Semiconductor
Corp.
(a)
..................
8,858
630,069
Qorvo,
Inc.
(a)
............................
6,919
690,101
QUALCOMM,
Inc.
........................
4,537
673,790
Skyworks
Solutions,
Inc.
....................
6,802
710,537
Teradyne,
Inc.
...........................
6,938
670,141
Texas
Instruments,
Inc.
.....................
3,782
605,574
15,897,223
a
Software
 — 
6
.2
%
Adobe,
Inc.
(a)
............................
937
578,860
ANSYS,
Inc.
(a)
...........................
2,081
682,214
Aspen
Technology,
Inc.
(a)
....................
3,511
674,077
Atlassian
Corp.
,
Class
A
(a)
...................
3,302
824,740
Autodesk,
Inc.
(a)
(b)
.........................
2,818
715,237
Bentley
Systems,
Inc.
,
Class
B
................
12,142
611,957
BILL
Holdings,
Inc.
(a)
.......................
10,325
805,866
Cadence
Design
Systems,
Inc.
(a)
..............
2,250
649,035
Confluent,
Inc.
,
Class
A
(a)
(b)
..................
34,833
778,866
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
............
2,952
863,460
Datadog,
Inc.
,
Class
A
(a)
....................
5,595
696,242
DocuSign,
Inc.
(a)
.........................
15,142
922,451
Dropbox,
Inc.
,
Class
A
(a)
....................
23,750
752,400
Dynatrace,
Inc.
(a)
.........................
12,454
709,878
Fair
Isaac
Corp.
(a)
.........................
605
725,292
Fortinet,
Inc.
(a)
...........................
11,911
768,140
Gen
Digital,
Inc.
..........................
31,168
731,825
HubSpot,
Inc.
(a)
..........................
1,329
812,019
Intuit,
Inc.
..............................
1,047
661,002
Security
Shares
Value
a
Software
(continued)
Manhattan
Associates,
Inc.
(a)
.................
2,907
$
705,122
Microsoft
Corp.
..........................
1,395
554,624
Oracle
Corp.
............................
4,872
544,202
Palantir
Technologies,
Inc.
,
Class
A
(a)
...........
28,865
464,438
Palo
Alto
Networks,
Inc.
(a)
...................
2,316
783,989
PTC,
Inc.
(a)
.............................
4,106
741,749
Roper
Technologies,
Inc.
....................
1,173
629,901
Salesforce,
Inc.
(a)
.........................
2,584
726,337
ServiceNow,
Inc.
(a)
........................
888
679,675
Splunk,
Inc.
(a)
...........................
4,164
638,633
Synopsys,
Inc.
(a)
.........................
1,114
594,152
Tyler
Technologies,
Inc.
(a)
...................
1,558
658,644
UiPath,
Inc.
,
Class
A
(a)
(b)
....................
35,454
814,733
Unity
Software,
Inc.
(a)
(b)
.....................
22,167
718,211
Workday,
Inc.
,
Class
A
(a)
....................
2,569
747,759
Zoom
Video
Communications,
Inc.
,
Class
A
(a)
......
9,718
627,880
Zscaler,
Inc.
(a)
...........................
3,273
771,348
25,364,958
a
Specialized
REITs
 — 
1
.7
%
American
Tower
Corp.
.....................
3,001
587,146
Crown
Castle,
Inc.
........................
5,899
638,567
Digital
Realty
Trust,
Inc.
....................
4,547
638,671
Equinix,
Inc.
............................
772
640,582
Extra
Space
Storage,
Inc.
...................
4,854
701,112
Gaming
and
Leisure
Properties,
Inc.
............
14,475
660,784
Iron
Mountain,
Inc.
........................
10,165
686,341
Public
Storage
...........................
2,386
675,691
SBA
Communications
Corp.
,
Class
A
............
2,686
601,288
VICI
Properties,
Inc.
.......................
21,917
660,140
Weyerhaeuser
Co.
........................
19,618
642,882
7,133,204
a
Specialty
Retail
 — 
2
.3
%
AutoZone,
Inc.
(a)
.........................
236
651,863
Bath
&
Body
Works,
Inc.
....................
23,074
984,337
Best
Buy
Co.,
Inc.
........................
9,517
689,887
Burlington
Stores,
Inc.
(a)
....................
4,847
926,504
CarMax,
Inc.
(a)
(b)
..........................
10,076
717,210
Dick's
Sporting
Goods,
Inc.
..................
5,537
825,401
Home
Depot,
Inc.
(The)
....................
1,867
658,976
Lowe's
Companies,
Inc.
....................
2,897
616,597
O'Reilly
Automotive,
Inc.
(a)
...................
624
638,383
Ross
Stores,
Inc.
.........................
4,767
668,715
TJX
Companies,
Inc.
(The)
..................
6,658
631,911
Tractor
Supply
Co.
........................
3,173
712,656
Ulta
Beauty,
Inc.
(a)
(b)
.......................
1,570
788,218
9,510,658
a
Technology
Hardware,
Storage
&
Peripherals
 — 
1
.4
%
Apple,
Inc.
.............................
2,751
507,284
Dell
Technologies,
Inc.
,
Class
C
...............
8,329
690,308
Hewlett
Packard
Enterprise
Co.
...............
40,179
614,337
HP,
Inc.
...............................
22,426
643,850
NetApp,
Inc.
............................
8,290
722,888
Seagate
Technology
Holdings
PLC
.............
8,391
718,941
Super
Micro
Computer,
Inc.
(a)
.................
2,119
1,122,244
Western
Digital
Corp.
(a)
.....................
13,605
778,886
5,798,738
a
Textiles,
Apparel
&
Luxury
Goods
 — 
0
.6
%
Deckers
Outdoor
Corp.
(a)
....................
1,023
771,066
Lululemon
Athletica,
Inc.
(a)
...................
1,430
648,963
Nike,
Inc.
,
Class
B
........................
5,538
562,273
iShares
®
MSCI
USA
Size
Factor
ETF
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
(Percentages
shown
are
based
on
Net
Assets)
23
Schedule
of
Investments
Security
Shares
Value
a
Textiles,
Apparel
&
Luxury
Goods
(continued)
VF
Corp.
..............................
39,192
$
645,100
2,627,402
a
Tobacco
 — 
0
.3
%
Altria
Group,
Inc.
.........................
14,877
596,865
Philip
Morris
International,
Inc.
................
6,363
578,079
1,174,944
a
Trading
Companies
&
Distributors
 — 
0
.9
%
Fastenal
Co.
............................
10,211
696,696
Ferguson
PLC
...........................
3,760
706,354
United
Rentals,
Inc.
.......................
1,322
826,779
Watsco,
Inc.
............................
1,657
647,854
WW
Grainger,
Inc.
........................
768
687,851
3,565,534
a
Water
Utilities
 — 
0
.3
%
American
Water
Works
Co.,
Inc.
...............
4,826
598,521
Essential
Utilities,
Inc.
......................
18,770
673,092
1,271,613
a
Security
Shares
Value
a
Wireless
Telecommunication
Services
 — 
0
.1
%
T-Mobile
U.S.,
Inc.
........................
3,952
$
637,181
a
Total
Long-Term
Investments — 99.7%
(Cost:
$
398,607,560
)
................................
410,693,532
a
Short-Term
Securities
Money
Market
Funds
 — 
3
.2
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.51
%
(c)
(d)
(e)
......................
12,132,952
12,140,232
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.32
%
(c)
(d)
............................
960,172
960,172
a
Total
Short-Term
Securities — 3.2%
(Cost:
$
13,089,477
)
.................................
13,100,404
Total
Investments
—
102.9%
(Cost:
$
411,697,037
)
................................
423,793,936
Liabilities
in
Excess
of
Other
Assets
—
(
2
.9
)
%
...............
(
11,862,122
)
Net
Assets
—
100.0%
.................................
$
411,931,814
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
January
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
07/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
01/31/24
  Shares
Held
at
01/31/24
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
15,067,783
$
—
$
(
2,932,296
)
(a)
$
2,116
$
2,629
$
12,140,232
12,132,952
$
92,488
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
453,882
506,290
(a)
—
—
—
960,172
960,172
18,624
—
BlackRock,
Inc.
..
489,119
192,095
(
62,583
)
1,664
17,736
638,031
824
6,845
—
$
3,780
$
20,365
$
13,738,435
$
117,957
$
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
iShares
®
MSCI
USA
Size
Factor
ETF
24
2024
iShares
Semi-Annual
Report
to
Shareholders
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
January
31,
2024,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements. 
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Russell
2000
Index
...............................................................
3
‌
03/15/24
$
293
‌
$
(
11,578
)
E-Mini
S&P
500
Index
..................................................................
1
‌
03/15/24
244
‌
11,452
‌
E-Mini
S&P
MidCap
400
Index
............................................................
2
‌
03/15/24
549
‌
5,260
‌
$
5,134
‌
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)
.............
$
—
$
—
$
16,712
$
—
$
—
$
—
$
16,712
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
–
–
Unrealized
depreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
11,578
$
—
$
—
$
—
$
11,578
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(
19,523
)
$
—
$
—
$
—
$
(
19,523
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
(
26,914
)
$
—
$
—
$
—
$
(
26,914
)
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
786,670
a
iShares
®
MSCI
USA
Size
Factor
ETF
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
25
Schedule
of
Investments
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
410,693,532
‌
$
—
‌
$
—
‌
$
410,693,532
‌
Short-Term
Securities
Money
Market
Funds
......................................
13,100,404
‌
—
‌
—
‌
13,100,404
‌
$
423,793,936
‌
$
—
‌
$
—
‌
$
423,793,936
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
16,712
‌
$
—
‌
$
—
‌
$
16,712
‌
Liabilities
Equity
Contracts
...........................................
(
11,578
)
—
‌
—
‌
(
11,578
)
$
5,134
‌
$
—
‌
$
—
‌
$
5,134
‌
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
(unaudited)
January
31,
2024
iShares
®
MSCI
USA
Value
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
26
2024
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
 — 
2
.7
%
Huntington
Ingalls
Industries,
Inc.
..............
37,546
$
9,721,410
L3Harris
Technologies,
Inc.
..................
178,034
37,105,846
RTX
Corp.
.............................
1,315,681
119,884,853
Textron,
Inc.
............................
231,814
19,636,964
186,349,073
a
Air
Freight
&
Logistics
 — 
1
.1
%
FedEx
Corp.
............................
314,163
75,804,390
a
Automobile
Components
 — 
0
.6
%
BorgWarner,
Inc.
.........................
689,649
23,379,101
Lear
Corp.
.............................
148,513
19,737,378
43,116,479
a
Automobiles
 — 
5
.5
%
Ford
Motor
Co.
..........................
13,142,785
154,033,440
General
Motors
Co.
.......................
5,905,249
229,123,661
383,157,101
a
Banks
 — 
7
.4
%
Bank
of
America
Corp.
.....................
3,285,279
111,732,339
Citigroup,
Inc.
...........................
2,326,403
130,674,057
Citizens
Financial
Group,
Inc.
................
515,985
16,872,710
Fifth
Third
Bancorp
.......................
430,622
14,744,497
Huntington
Bancshares,
Inc.
.................
655,754
8,347,748
KeyCorp
...............................
605,739
8,801,388
M&T
Bank
Corp.
.........................
114,650
15,833,165
Regions
Financial
Corp.
....................
682,084
12,734,508
Truist
Financial
Corp.
......................
984,740
36,494,464
U.S.
Bancorp
...........................
585,533
24,323,041
Wells
Fargo
&
Co.
........................
2,609,463
130,942,853
511,500,770
a
Beverages
 — 
0
.4
%
Molson
Coors
Beverage
Co.
,
Class
B
...........
453,507
28,022,198
a
Biotechnology
 — 
1
.1
%
Gilead
Sciences,
Inc.
......................
943,232
73,817,336
United
Therapeutics
Corp.
(a)
..................
25,033
5,376,588
79,193,924
a
Building
Products
 — 
1
.5
%
Builders
FirstSource,
Inc.
(a)
..................
210,145
36,508,491
Fortune
Brands
Innovations,
Inc.
..............
133,453
10,354,618
Johnson
Controls
International
PLC
............
611,917
32,241,907
Owens
Corning
..........................
175,251
26,555,784
105,660,800
a
Capital
Markets
 — 
1
.9
%
Bank
of
New
York
Mellon
Corp.
(The)
...........
540,005
29,948,677
Franklin
Resources,
Inc.
....................
182,457
4,858,830
Goldman
Sachs
Group,
Inc.
(The)
.............
216,627
83,186,934
State
Street
Corp.
........................
210,909
15,579,848
133,574,289
a
Chemicals
 — 
1
.1
%
Albemarle
Corp.
.........................
65,509
7,516,503
CF
Industries
Holdings,
Inc.
..................
125,196
9,453,550
Dow,
Inc.
..............................
403,078
21,604,981
Eastman
Chemical
Co.
.....................
62,431
5,216,110
LyondellBasell
Industries
NV
,
Class
A
...........
184,291
17,345,469
Mosaic
Co.
(The)
.........................
395,155
12,135,210
Westlake
Corp.
..........................
30,676
4,244,024
77,515,847
a
Security
Shares
Value
a
Communications
Equipment
 — 
5
.8
%
Cisco
Systems,
Inc.
.......................
7,172,365
$
359,909,276
F5,
Inc.
(a)
..............................
103,366
18,988,334
Juniper
Networks,
Inc.
.....................
595,955
22,026,497
400,924,107
a
Consumer
Finance
 — 
1
.0
%
Ally
Financial,
Inc.
........................
281,131
10,311,885
Capital
One
Financial
Corp.
..................
335,410
45,387,681
Synchrony
Financial
.......................
324,201
12,601,693
68,301,259
a
Consumer
Staples
Distribution
&
Retail
 — 
1
.4
%
Albertsons
Companies,
Inc.
,
Class
A
............
391,655
8,310,919
Kroger
Co.
(The)
.........................
1,008,452
46,529,976
Walgreens
Boots
Alliance,
Inc.
................
1,878,595
42,399,889
97,240,784
a
Containers
&
Packaging
 — 
0
.2
%
International
Paper
Co.
.....................
195,053
6,988,749
Westrock
Co.
...........................
234,755
9,451,236
16,439,985
a
Distributors
 — 
0
.3
%
LKQ
Corp.
.............................
503,462
23,496,572
a
Diversified
Telecommunication
Services
 — 
7
.3
%
AT&T,
Inc.
..............................
20,199,133
357,322,663
Liberty
Global,
Ltd.
,
Class
C
(a)
(b)
...............
886,928
18,572,272
Verizon
Communications,
Inc.
................
3,180,918
134,711,877
510,606,812
a
Electric
Utilities
 — 
1
.5
%
Evergy,
Inc.
.............................
286,347
14,537,837
Eversource
Energy
.......................
218,178
11,829,611
NRG
Energy,
Inc.
.........................
337,438
17,897,712
PG&E
Corp.
............................
2,105,012
35,511,553
PPL
Corp.
.............................
793,467
20,788,835
100,565,548
a
Electronic
Equipment,
Instruments
&
Components
 — 
2
.0
%
Corning,
Inc.
............................
1,776,395
57,715,074
Jabil,
Inc.
..............................
106,337
13,322,963
TE
Connectivity
Ltd.
.......................
461,128
65,567,790
136,605,827
a
Entertainment
 — 
0
.7
%
Warner
Bros
Discovery,
Inc.
,
Series
A
(a)
(b)
.........
5,151,825
51,621,287
a
Financial
Services
 — 
0
.8
%
Equitable
Holdings,
Inc.
....................
247,215
8,081,458
Fidelity
National
Information
Services,
Inc.
........
421,560
26,246,326
Global
Payments,
Inc.
.....................
172,639
23,000,694
57,328,478
a
Food
Products
 — 
2
.8
%
Archer-Daniels-Midland
Co.
..................
831,757
46,229,054
Conagra
Brands,
Inc.
......................
680,990
19,850,859
Darling
Ingredients,
Inc.
(a)
(b)
..................
131,730
5,703,909
J
M
Smucker
Co.
(The)
.....................
149,842
19,711,715
Kraft
Heinz
Co.
(The)
......................
1,807,467
67,111,250
Tyson
Foods,
Inc.
,
Class
A
..................
623,541
34,145,105
192,751,892
a
iShares
®
MSCI
USA
Value
Factor
ETF
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
(Percentages
shown
are
based
on
Net
Assets)
27
Schedule
of
Investments
Security
Shares
Value
a
Ground
Transportation
 — 
0
.4
%
Knight-Swift
Transportation
Holdings,
Inc.
,
Class
A
..
278,616
$
15,986,986
U-Haul
Holding
Co.
,
Series
N
,
NVS
(b)
...........
157,292
10,046,240
26,033,226
a
Health
Care
Providers
&
Services
 — 
5
.8
%
Centene
Corp.
(a)
.........................
652,111
49,110,480
Cigna
Group
(The)
........................
302,174
90,939,265
CVS
Health
Corp.
........................
1,858,920
138,247,880
DaVita,
Inc.
(a)
............................
39,223
4,242,360
Elevance
Health,
Inc.
......................
171,614
84,681,212
Laboratory
Corp.
of
America
Holdings
...........
77,594
17,249,146
Quest
Diagnostics,
Inc.
.....................
87,597
11,250,083
Universal
Health
Services,
Inc.
,
Class
B
.........
65,230
10,359,176
406,079,602
a
Hotels,
Restaurants
&
Leisure
 — 
0
.5
%
Expedia
Group,
Inc.
(a)
......................
221,091
32,794,428
a
Household
Durables
 — 
4
.4
%
DR
Horton,
Inc.
..........................
754,284
107,794,726
Lennar
Corp.
,
Class
A
......................
807,289
120,972,257
PulteGroup,
Inc.
.........................
711,289
74,372,378
303,139,361
a
Insurance
 — 
2
.1
%
American
International
Group,
Inc.
.............
619,225
43,042,330
Everest
Group
Ltd.
........................
26,329
10,135,875
Fidelity
National
Financial,
Inc.
................
123,654
6,211,425
Hartford
Financial
Services
Group,
Inc.
(The)
......
166,512
14,479,884
Loews
Corp.
............................
130,322
9,495,261
MetLife,
Inc.
............................
470,423
32,609,722
Prudential
Financial,
Inc.
....................
288,623
30,285,211
146,259,708
a
IT
Services
 — 
4
.8
%
Cognizant
Technology
Solutions
Corp.
,
Class
A
.....
993,530
76,621,033
International
Business
Machines
Corp.
..........
1,340,004
246,105,135
Twilio,
Inc.
,
Class
A
(a)
......................
130,661
9,189,388
331,915,556
a
Machinery
 — 
1
.8
%
CNH
Industrial
N.V.
.......................
1,021,267
12,255,204
Cummins,
Inc.
...........................
126,439
30,256,853
PACCAR,
Inc.
...........................
500,541
50,249,311
Snap-on,
Inc.
...........................
44,836
12,999,301
Westinghouse
Air
Brake
Technologies
Corp.
.......
162,047
21,320,524
127,081,193
a
Media
 — 
0
.8
%
Fox
Corp.
,
Class
A
,
NVS
....................
561,394
18,133,026
Fox
Corp.
,
Class
B
........................
303,046
9,094,411
Liberty
Media
Corp.-Liberty
SiriusXM
,
Series
C
,
NVS
(a)
234,578
7,121,788
Paramount
Global
,
Class
B
,
NVS
..............
1,604,324
23,407,087
57,756,312
a
Metals
&
Mining
 — 
1
.0
%
Cleveland-Cliffs,
Inc.
(a)
.....................
538,663
10,800,193
Nucor
Corp.
............................
224,712
42,005,414
Steel
Dynamics,
Inc.
.......................
139,735
16,864,617
69,670,224
a
Mortgage
REITs
 — 
0
.1
%
Annaly
Capital
Management,
Inc.
..............
486,253
9,331,195
a
Security
Shares
Value
a
Multi-Utilities
 — 
0
.7
%
Consolidated
Edison,
Inc.
...................
283,976
$
25,813,418
Dominion
Energy,
Inc.
......................
470,509
21,511,672
47,325,090
a
Oil,
Gas
&
Consumable
Fuels
 — 
3
.7
%
APA
Corp.
.............................
499,550
15,650,901
Chesapeake
Energy
Corp.
..................
166,843
12,865,264
Coterra
Energy,
Inc.
.......................
1,207,345
30,038,744
Diamondback
Energy,
Inc.
...................
326,923
50,261,142
EQT
Corp.
.............................
546,020
19,329,108
HF
Sinclair
Corp.
.........................
270,684
15,290,939
Marathon
Oil
Corp.
........................
1,306,287
29,848,658
Ovintiv,
Inc.
.............................
604,277
25,633,430
Valero
Energy
Corp.
.......................
442,062
61,402,412
260,320,598
a
Passenger
Airlines
 — 
0
.3
%
Delta
Air
Lines,
Inc.
.......................
301,057
11,783,371
Southwest
Airlines
Co.
.....................
289,779
8,661,494
20,444,865
a
Pharmaceuticals
 — 
4
.7
%
Bristol-Myers
Squibb
Co.
....................
2,294,656
112,139,839
Jazz
Pharmaceuticals
PLC
(a)
.................
77,518
9,513,009
Pfizer,
Inc.
.............................
6,139,534
166,258,581
Royalty
Pharma
PLC
,
Class
A
................
405,134
11,501,754
Viatris,
Inc.
.............................
2,440,720
28,727,274
328,140,457
a
Professional
Services
 — 
0
.4
%
Leidos
Holdings,
Inc.
......................
102,978
11,375,980
SS&C
Technologies
Holdings,
Inc.
.............
273,198
16,670,542
28,046,522
a
Real
Estate
Management
&
Development
 — 
0
.9
%
CBRE
Group,
Inc.
,
Class
A
(a)
.................
508,803
43,914,787
Zillow
Group,
Inc.
,
Class
C
,
NVS
(a)
(b)
............
369,118
20,980,667
64,895,454
a
Retail
REITs
 — 
0
.8
%
Simon
Property
Group,
Inc.
..................
419,743
58,180,577
a
Semiconductors
&
Semiconductor
Equipment
 — 
12
.7
%
Applied
Materials,
Inc.
.....................
1,018,300
167,306,690
First
Solar,
Inc.
(a)
(b)
........................
92,077
13,470,865
Intel
Corp.
.............................
10,784,937
464,615,086
Microchip
Technology,
Inc.
...................
397,709
33,876,853
NXP
Semiconductors
NV
...................
417,890
87,995,097
ON
Semiconductor
Corp.
(a)
..................
772,363
54,938,180
Qorvo,
Inc.
(a)
............................
202,839
20,231,162
Skyworks
Solutions,
Inc.
....................
385,046
40,221,905
882,655,838
a
Software
 — 
0
.7
%
Aspen
Technology,
Inc.
(a)
(b)
...................
63,563
12,203,460
Gen
Digital,
Inc.
..........................
877,697
20,608,326
Zoom
Video
Communications,
Inc.
,
Class
A
(a)
......
209,464
13,533,469
46,345,255
a
Specialized
REITs
 — 
0
.8
%
Weyerhaeuser
Co.
........................
1,579,695
51,766,605
a
Specialty
Retail
 — 
0
.4
%
Best
Buy
Co.,
Inc.
........................
387,810
28,112,347
a
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
iShares
®
MSCI
USA
Value
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
28
2024
iShares
Semi-Annual
Report
to
Shareholders
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Security
Shares
Value
a
Technology
Hardware,
Storage
&
Peripherals
 — 
3
.0
%
Dell
Technologies,
Inc.
,
Class
C
...............
505,124
$
41,864,677
Hewlett
Packard
Enterprise
Co.
...............
4,760,654
72,790,400
HP,
Inc.
...............................
2,230,793
64,046,067
NetApp,
Inc.
............................
324,082
28,259,950
206,961,094
a
Tobacco
 — 
1
.1
%
Altria
Group,
Inc.
.........................
1,954,416
78,411,170
a
Trading
Companies
&
Distributors
 — 
0
.8
%
United
Rentals,
Inc.
.......................
92,036
57,559,314
a
Total
Long-Term
Investments — 99.8%
(Cost:
$
7,236,375,575
)
...............................
6,949,003,413
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
 — 
0
.6
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.51
%
(c)
(d)
(e)
......................
24,990,829
$
25,005,823
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.32
%
(c)
(d)
............................
14,397,379
14,397,379
a
Total
Short-Term
Securities — 0.6%
(Cost:
$
39,399,067
)
.................................
39,403,202
Total
Investments
—
100.4%
(Cost:
$
7,275,774,642
)
...............................
6,988,406,615
Liabilities
in
Excess
of
Other
Assets
—
(
0
.4
)
%
...............
(
26,309,369
)
Net
Assets
—
100.0%
.................................
$
6,962,097,246
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
January
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
07/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
01/31/24
  Shares
Held
at
01/31/24
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
33,397,964
$
—
$
(
8,403,154
)
(a)
$
10,646
$
367
$
25,005,823
24,990,829
$
39,956
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
11,508,688
2,888,691
(a)
—
—
—
14,397,379
14,397,379
324,982
—
$
10,646
$
367
$
39,403,202
$
364,938
$
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Russell
2000
Index
................................................................
56
03/15/24
$
5,477
$
185,751
E-Mini
S&P
500
Index
...................................................................
27
03/15/24
6,575
300,537
$
486,288
iShares
®
MSCI
USA
Value
Factor
ETF
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
29
Schedule
of
Investments
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
January
31,
2024,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements. 
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
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)
.............
$
—
$
—
$
486,288
$
—
$
—
$
—
$
486,288
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.................................
$
—
$
—
$
744,927
$
—
$
—
$
—
$
744,927
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.................................
$
—
$
—
$
(
332,587
)
$
—
$
—
$
—
$
(
332,587
)
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
10,952,554
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
6,949,003,413
‌
$
—
‌
$
—
‌
$
6,949,003,413
‌
Short-Term
Securities
Money
Market
Funds
......................................
39,403,202
‌
—
‌
—
‌
39,403,202
‌
$
6,988,406,615
‌
$
—
‌
$
—
‌
$
6,988,406,615
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
486,288
‌
$
—
‌
$
—
‌
$
486,288
‌
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
30
2024
iShares
Semi-Annual
Report
to
Shareholders
Statements
of
Assets
and
Liabilities
(unaudited)
January
31,
2024
See
notes
to
financial
statements.
iShares
MSCI
USA
Momentum
Factor
ETF
iShares
MSCI
USA
Quality
Factor
ETF
iShares
MSCI
USA
Size
Factor
ETF
iShares
MSCI
USA
Value
Factor
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.....................................
$
9,039,482,737
‌
$
34,733,884,079
‌
$
410,055,501
‌
$
6,949,003,413
‌
Investments,
at
value
—
affiliated
(c)
........................................
49,666,369
‌
474,419,905
‌
13,738,435
‌
39,403,202
‌
Cash
............................................................
—
‌
476,828
‌
—
‌
368,200
‌
Cash
pledged:
Futures
contracts
..................................................
853,000
‌
2,714,000
‌
69,000
‌
1,300,000
‌
Receivables:
Investments
sold
..................................................
10,686,747
‌
—
‌
—
‌
—
‌
Securities
lending
income
—
affiliated
....................................
10,431
‌
35,024
‌
23,083
‌
6,176
‌
Capital
shares
sold
.................................................
70,535
‌
—
‌
—
‌
—
‌
Dividends
—
unaffiliated
.............................................
745,438
‌
21,160,357
‌
258,654
‌
15,118,253
‌
Dividends
—
affiliated
...............................................
99,233
‌
220,216
‌
3,578
‌
48,193
‌
Total
assets
.......................................................
9,101,614,490
‌
35,232,910,409
‌
424,148,251
‌
7,005,247,437
‌
LIABILITIES
Due
to
broker
......................................................
2,059
‌
—
‌
6,787
‌
—
‌
Collateral
on
securities
loaned
...........................................
32,521,375
‌
113,272,121
‌
12,135,648
‌
25,050,684
‌
Payables:
Investments
purchased
..............................................
12,476,112
‌
—
‌
—
‌
16,935,370
‌
Capital
shares
redeemed
.............................................
—
‌
91,306
‌
—
‌
32,460
‌
Investment
advisory
fees
.............................................
1,092,044
‌
4,625,088
‌
51,957
‌
883,002
‌
Variation
margin
on
futures
contracts
.....................................
261,845
‌
833,175
‌
22,045
‌
248,675
‌
Total
liabilities
......................................................
46,353,435
‌
118,821,690
‌
12,216,437
‌
43,150,191
‌
Commitments
and
contingent
liabilities
NET
ASSETS
......................................................
$
9,055,261,055
‌
$
35,114,088,719
‌
$
411,931,814
‌
$
6,962,097,246
‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
......................................................
$
11,222,801,558
‌
$
29,598,547,667
‌
$
461,422,559
‌
$
8,129,837,647
‌
Accumulated
earnings
(loss)
............................................
(
2,167,540,503
)
5,515,541,052
‌
(
49,490,745
)
(
1,167,740,401
)
NET
ASSETS
......................................................
$
9,055,261,055
‌
$
35,114,088,719
‌
$
411,931,814
‌
$
6,962,097,246
‌
NET
ASSET
VALUE
Shares
outstanding
..................................................
54,650,000
‌
233,300,000
‌
3,150,000
‌
69,400,000
‌
Net
asset
value
.....................................................
$
165.70
‌
$
150.51
‌
$
130.77
‌
$
100.32
‌
Shares
authorized
...................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
.........................................................
None
None
None
None
(a)
Securities
loaned,
at
value
...........................................
$
31,217,490
‌
$
109,107,147
‌
$
11,633,450
‌
$
23,902,833
‌
(b)
Investments,
at
cost
—
unaffiliated
......................................
$
7,402,105,726
‌
$
28,837,966,383
‌
$
397,996,943
‌
$
7,236,375,575
‌
(c)
Investments,
at
cost
—
affiliated
........................................
$
49,663,628
‌
$
432,633,198
‌
$
13,700,094
‌
$
39,399,067
‌
31
Financial
Statements
Statements
of
Operations
(unaudited)
Six
Months
Ended
January
31,
2024
See
notes
to
financial
statements.
iShares
MSCI
USA
Momentum
Factor
ETF
iShares
MSCI
USA
Quality
Factor
ETF
iShares
MSCI
USA
Size
Factor
ETF
iShares
MSCI
USA
Value
Factor
ETF
INVESTMENT
INCOME
Dividends
—
unaffiliated
............................................
$
45,434,578
‌
$
257,291,839
‌
$
3,008,386
‌
$
96,465,914
‌
Dividends
—
affiliated
..............................................
520,491
‌
5,563,451
‌
25,469
‌
324,982
‌
Interest
—
unaffiliated
..............................................
62,364
‌
163,923
‌
2,439
‌
41,598
‌
Securities
lending
income
—
affiliated
—
net
...............................
77,656
‌
1,169,699
‌
92,488
‌
39,956
‌
Foreign
taxes
withheld
.............................................
—
‌
—
‌
(
1,043
)
(
115,840
)
Total
investment
income
..............................................
46,095,089
‌
264,188,912
‌
3,127,739
‌
96,756,610
‌
EXPENSES
Investment
advisory
...............................................
6,311,161
‌
25,171,176
‌
246,196
‌
4,927,884
‌
Total
expenses
....................................................
6,311,161
‌
25,171,176
‌
246,196
‌
4,927,884
‌
Net
investment
income
...............................................
39,783,928
‌
239,017,736
‌
2,881,543
‌
91,828,726
‌
—
‌
—
‌
—
‌
—
‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.........................................
125,425,966
‌
(
289,722,521
)
(
8,974,406
)
(
167,318,783
)
Investments
—
affiliated
...........................................
35,245
‌
(
10,914
)
1,185
‌
10,646
‌
Futures
contracts
...............................................
1,208,480
‌
3,940,872
‌
(
19,523
)
744,927
‌
In-kind
redemptions
—
unaffiliated
(a)
...................................
153,682,652
‌
2,270,574,979
‌
5,173,528
‌
36,443,420
‌
In-kind
redemptions
—
affiliated
(a)
....................................
—
‌
6,323,726
‌
2,595
‌
—
‌
280,352,343
‌
1,991,106,142
‌
(
3,816,621
)
(
130,119,790
)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.........................................
707,296,828
‌
762,648,307
‌
11,544,226
‌
322,520,337
‌
Investments
—
affiliated
...........................................
5,537
‌
12,570,009
‌
20,365
‌
367
‌
Futures
contracts
...............................................
(
1,288,164
)
(
971,017
)
(
26,914
)
(
332,587
)
706,014,201
‌
774,247,299
‌
11,537,677
‌
322,188,117
‌
Net
realized
and
unrealized
gain
........................................
986,366,544
‌
2,765,353,441
‌
7,721,056
‌
192,068,327
‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...............
$
1,026,150,472
‌
$
3,004,371,177
‌
$
10,602,599
‌
$
283,897,053
‌
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
32
2024
iShares
Semi-Annual
Report
to
Shareholders
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
iShares
MSCI
USA
Momentum
Factor
ETF
iShares
MSCI
USA
Quality
Factor
ETF
Six
Months
Ended
01/31/24
(unaudited)
Year
Ended
07/31/23
Six
Months
Ended
01/31/24
(unaudited)
Year
Ended
07/31/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
39,783,928
‌
$
205,732,135
‌
$
239,017,736
‌
$
327,884,291
‌
Net
realized
gain
(loss)
.........................................
280,352,343
‌
(
685,284,925
)
1,991,106,142
‌
(
277,715,346
)
Net
change
in
unrealized
appreciation
(depreciation)
.....................
706,014,201
‌
878,019,235
‌
774,247,299
‌
4,501,082,052
‌
Net
increase
in
net
assets
resulting
from
operations
........................
1,026,150,472
‌
398,466,445
‌
3,004,371,177
‌
4,551,250,997
‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
43,313,840
)
(
232,076,086
)
(
253,982,632
)
(
325,161,698
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
(
1,041,173,132
)
(
1,094,647,687
)
728,931,965
‌
7,171,562,698
‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
(
58,336,500
)
(
928,257,328
)
3,479,320,510
‌
11,397,651,997
‌
Beginning
of
period
.............................................
9,113,597,555
‌
10,041,854,883
‌
31,634,768,209
‌
20,237,116,212
‌
End
of
period
.................................................
$
9,055,261,055
‌
$
9,113,597,555
‌
$
35,114,088,719
‌
$
31,634,768,209
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
33
Financial
Statements
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
MSCI
USA
Size
Factor
ETF
iShares
MSCI
USA
Value
Factor
ETF
Six
Months
Ended
01/31/24
(unaudited)
Year
Ended
07/31/23
Six
Months
Ended
01/31/24
(unaudited)
Year
Ended
07/31/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
........................................
$
2,881,543
‌
$
4,984,961
‌
$
91,828,726
‌
$
221,175,573
‌
Net
realized
loss
............................................
(
3,816,621
)
(
17,399,584
)
(
130,119,790
)
(
118,128,586
)
Net
change
in
unrealized
appreciation
(depreciation)
....................
11,537,677
‌
37,890,122
‌
322,188,117
‌
120,774,959
‌
Net
increase
in
net
assets
resulting
from
operations
.......................
10,602,599
‌
25,475,499
‌
283,897,053
‌
223,821,946
‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.............
(
2,747,606
)
(
4,723,437
)
(
92,497,645
)
(b)
(
231,097,546
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.....
84,053,696
‌
(
47,798,497
)
(
149,960,397
)
(
2,196,245,190
)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...............................
91,908,689
‌
(
27,046,435
)
41,439,011
‌
(
2,203,520,790
)
Beginning
of
period
............................................
320,023,125
‌
347,069,560
‌
6,920,658,235
‌
9,124,179,025
‌
End
of
period
................................................
$
411,931,814
‌
$
320,023,125
‌
$
6,962,097,246
‌
$
6,920,658,235
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
34
2024
iShares
Semi-Annual
Report
to
Shareholders
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
MSCI
USA
Momentum
Factor
ETF
Six
Months
Ended
01/31/24
(unaudited)
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Net
asset
value,
beginning
of
period
.......
$
146.76
‌
$
143.35
‌
$
175.04
‌
$
140.10
‌
$
120.79
‌
$
111.68
‌
Net
investment
income
(a)
...............
0
.70
‌
2
.79
‌
1
.79
‌
0
.85
‌
1
.50
‌
1
.67
‌
Net
realized
and
unrealized
gain
(loss)
(b)
.....
19.01
‌
3
.83
‌
(
31.95
)
34.86
‌
19.53
‌
9
.03
‌
Net
increase
(decrease)
from
investment
operations
.........................
19.71
‌
6
.62
‌
(
30.16
)
35.71
‌
21.03
‌
10.70
‌
Distributions
from
net
investment
income
(c)
.....
(
0
.77
)
(
3
.21
)
(
1
.53
)
(
0
.77
)
(
1
.72
)
(
1
.59
)
Net
asset
value,
end
of
period
............
$
165.70
‌
$
146.76
‌
$
143.35
‌
$
175.04
‌
$
140.10
‌
$
120.79
‌
Total
Return
(d)
–
–
–
–
–
–
Based
on
net
asset
value
................
13.50
%
(e)
4
.80
%
(
17.35
)
%
25.57
%
17.71
%
9
.71
%
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
–
Total
expenses
.......................
0
.15
%
(g)
0
.15
%
0
.15
%
0
.15
%
0
.15
%
0
.15
%
Net
investment
income
..................
0
.94
%
(g)
1
.95
%
1
.07
%
0
.53
%
1
.22
%
1
.49
%
Supplemental
Data
Net
assets,
end
of
period
(000)
............
$
9,055,261
‌
$
9,113,598
‌
$
10,041,855
‌
$
14,493,017
‌
$
10,647,455
‌
$
10,176,170
‌
Portfolio
turnover
rate
(h)
..................
45
%
111
%
125
%
107
%
160
%
138
%
(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.
35
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
MSCI
USA
Quality
Factor
ETF
Six
Months
Ended
01/31/24
(unaudited)
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Net
asset
value,
beginning
of
period
.......
$
139.91
‌
$
121.95
‌
$
137.31
‌
$
100.59
‌
$
92.73
‌
$
86.55
‌
Net
investment
income
(a)
...............
1
.00
‌
1
.79
‌
1
.68
‌
1
.70
‌
1
.72
‌
1
.61
‌
Net
realized
and
unrealized
gain
(loss)
(b)
.....
10.66
‌
17.93
‌
(
15.41
)
36.79
‌
7
.71
‌
6
.16
‌
Net
increase
(decrease)
from
investment
operations
.........................
11.66
‌
19.72
‌
(
13.73
)
38.49
‌
9
.43
‌
7
.77
‌
Distributions
from
net
investment
income
(c)
.....
(
1
.06
)
(
1
.76
)
(
1
.63
)
(
1
.77
)
(
1
.57
)
(
1
.59
)
Net
asset
value,
end
of
period
............
$
150.51
‌
$
139.91
‌
$
121.95
‌
$
137.31
‌
$
100.59
‌
$
92.73
‌
Total
Return
(d)
–
–
–
–
–
–
Based
on
net
asset
value
................
8
.40
%
(e)
16.47
%
(
10.09
)
%
38.63
%
10.38
%
9
.13
%
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
–
Total
expenses
.......................
0
.15
%
(g)
0
.15
%
0
.15
%
0
.15
%
0
.15
%
0
.15
%
Net
investment
income
..................
1
.42
%
(g)
1
.46
%
1
.27
%
1
.45
%
1
.82
%
1
.85
%
Supplemental
Data
Net
assets,
end
of
period
(000)
............
$
35,114,089
‌
$
31,634,768
‌
$
20,237,116
‌
$
23,966,830
‌
$
18,851,143
‌
$
10,913,780
‌
Portfolio
turnover
rate
(h)
..................
12
%
58
%
41
%
47
%
45
%
41
%
(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.
36
2024
iShares
Semi-Annual
Report
to
Shareholders
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
MSCI
USA
Size
Factor
ETF
Six
Months
Ended
01/31/24
(unaudited)
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Net
asset
value,
beginning
of
period
.......
$
128.01
‌
$
119.68
‌
$
131.04
‌
$
92.12
‌
$
91.99
‌
$
86.61
‌
Net
investment
income
(a)
...............
1
.09
‌
1
.83
‌
1
.69
‌
1
.50
‌
1
.73
‌
1
.52
‌
Net
realized
and
unrealized
gain
(loss)
(b)
.....
2
.69
‌
8
.24
‌
(
11.21
)
38.96
‌
(
0
.13
)
5
.49
‌
Net
increase
(decrease)
from
investment
operations
.........................
3
.78
‌
10.07
‌
(
9
.52
)
40.46
‌
1
.60
‌
7
.01
‌
Distributions
from
net
investment
income
(c)
.....
(
1
.02
)
(
1
.74
)
(
1
.84
)
(
1
.54
)
(
1
.47
)
(
1
.63
)
Net
asset
value,
end
of
period
............
$
130.77
‌
$
128.01
‌
$
119.68
‌
$
131.04
‌
$
92.12
‌
$
91.99
‌
Total
Return
(d)
–
–
–
–
–
–
Based
on
net
asset
value
................
3
.01
%
(e)
8
.62
%
(
7
.35
)
%
44.28
%
1
.91
%
8
.26
%
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
–
Total
expenses
.......................
0
.15
%
(g)
0
.15
%
0
.15
%
0
.15
%
0
.15
%
0
.15
%
Net
investment
income
..................
1
.75
%
(g)
1
.56
%
1
.31
%
1
.34
%
1
.93
%
1
.74
%
Supplemental
Data
Net
assets,
end
of
period
(000)
............
$
411,932
‌
$
320,023
‌
$
347,070
‌
$
674,864
‌
$
741,572
‌
$
377,167
‌
Portfolio
turnover
rate
(h)
..................
10
%
22
%
25
%
23
%
29
%
30
%
(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.
37
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
MSCI
USA
Value
Factor
ETF
Six
Months
Ended
01/31/24
(unaudited)
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Net
asset
value,
beginning
of
period
......
$
97.27
‌
$
95.84
‌
$
104.29
‌
$
72.97
‌
$
82.49
‌
$
85.39
‌
Net
investment
income
(a)
..............
1
.33
‌
2
.74
‌
2
.66
‌
2
.33
‌
2
.37
‌
2
.23
‌
Net
realized
and
unrealized
gain
(loss)
(b)
....
3
.06
‌
1
.53
‌
(
8
.22
)
30.96
‌
(
9
.65
)
(
2
.92
)
Net
increase
(decrease)
from
investment
operations
........................
4
.39
‌
4
.27
‌
(
5
.56
)
33.29
‌
(
7
.28
)
(
0
.69
)
Distributions
from
net
investment
income
(c)
....
(
1
.34
)
(d)
(
2
.84
)
(
2
.89
)
(
1
.97
)
(
2
.24
)
(
2
.21
)
Net
asset
value,
end
of
period
...........
$
100.32
‌
$
97.27
‌
$
95.84
‌
$
104.29
‌
$
72.97
‌
$
82.49
‌
Total
Return
(e)
–
–
–
–
–
–
Based
on
net
asset
value
...............
4
.60
%
(f)
4
.77
%
(
5
.48
)
%
46.10
%
(
8
.83
)
%
(
0
.68
)
%
Ratios
to
Average
Net
Assets
(g)
–
–
–
–
–
–
Total
expenses
......................
0
.15
%
(h)
0
.15
%
0
.15
%
0
.15
%
0
.15
%
0
.15
%
Net
investment
income
.................
2
.79
%
(h)
2
.96
%
2
.57
%
2
.47
%
3
.04
%
2
.74
%
Supplemental
Data
Net
assets,
end
of
period
(000)
...........
$
6,962,097
‌
$
6,920,658
‌
$
9,124,179
‌
$
15,945,689
‌
$
5,611,044
‌
$
3,485,258
‌
Portfolio
turnover
rate
(i)
.................
14
%
23
%
17
%
28
%
33
%
35
%
(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)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions.
Notes
to
Financial
Statements
(unaudited)
38
2024
iShares
Semi-Annual
Report
to
Shareholders
1.
Organization
iShares
Trust
(the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Delaware
statutory
trust
and
is
authorized
to
have
multiple
series
or
portfolios.
These
financial
statements
relate
only
to
the
following
funds
(each,
a
“Fund”
and
collectively,
the
“Funds”):
2.
Significant
Accounting
Policies
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates. Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method. Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
date
at
fair
value. Dividends
from
foreign
securities
where
the
ex-dividend
date
may
have
passed
are
subsequently
recorded
when
the
Funds
are
informed
of
the
ex-dividend
date.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest. Upon
notification
from
issuers
or
as
estimated
by
management,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain. Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis.
Foreign
Taxes:
 Certain
Funds
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
each
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
each
Fund
and
are
reflected
in
its
Statements
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Other
foreign
taxes”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
January
31,
2024,
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
portion
of
distributions
that
exceeds
each
Fund’s
current
and
accumulated
earnings
and
profits
will
constitute
a
non-taxable
return
of
capital.
Distributions
in
excess
of
each
Fund’s
minimum
distribution
requirements,
but
not
in
excess
of
the
Fund’s
earning
and
profits,
will
be
taxable
to
the
Fund’s
shareholders
and
will
not
constitute
non-
taxable
returns
of
capital.
Return
of
capital
distributions
will
reduce
a
shareholder’s
cost
basis
and
will
result
in
higher
capital
gains
or
lower
capital
losses
when
each
Fund’s
shares
on
which
distributions
were
received
are
sold.
Once
a
shareholder’s
cost
basis
is
reduced
to
zero,
further
distributions
will
be
treated
as
capital
gains.
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.
iShares
ETF
Diversification
Classification
MSCI
USA
Momentum
Factor
............................................................................................
Diversified
MSCI
USA
Quality
Factor
...............................................................................................
Diversified
MSCI
USA
Size
Factor
.................................................................................................
Diversified
MSCI
USA
Value
Factor
................................................................................................
Diversified
Notes
to
Financial
Statements
(unaudited)
(
continued)
39
Notes
to
Financial
Statements
3.
Investment
Valuation
and
Fair
Value
Measurements
Investment
Valuation
Policies:
Each
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund’s
listing
exchange
is
open
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of Trustees of
the
Trust (the
“Board”)
of
each
Fund
has
approved
the
designation
of
BlackRock
Fund
Advisors
(“BFA”),
the
Funds’
investment
adviser,
as
the
valuation
designee
for each
Fund. Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
BFA’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
BFA’s
policies
and
procedures
as
reflecting
fair
value. BFA
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of each
Fund’s
assets
and
liabilities:
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s
official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
are
valued
at
the
last
traded
price.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds)
are
valued
at
that
day’s
published
NAV.
Futures
contracts
are
valued
based
on
that
day’s
last
reported
settlement
or
trade
price
on
the
exchange
where
the
contract
is
traded.
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
Notes
to
Financial
Statements
(unaudited)
(continued)
40
2024
iShares
Semi-Annual
Report
to
Shareholders
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:
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
(b)
MSCI
USA
Momentum
Factor
Barclays
Bank
PLC
...............................................
$
442,433‌
$
(442,433‌)
$
—‌
$
—‌
BofA
Securities,
Inc.
..............................................
1,395,776‌
(1,395,776‌)
—‌
—‌
Citigroup
Global
Markets,
Inc.
........................................
8,012,743‌
(8,012,743‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
.........................................
13,670,440‌
(13,670,440‌)
—‌
—‌
Jefferies
LLC
...................................................
361,096‌
(361,096‌)
—‌
—‌
SG
Americas
Securities
LLC
........................................
76,997‌
(76,997‌)
—‌
—‌
State
Street
Bank
&
Trust
Co.
........................................
1,230‌
(1,230‌)
—‌
—‌
UBS
AG
......................................................
6,451,170‌
(6,451,170‌)
—‌
—‌
Virtu
Americas
LLC
...............................................
805,605‌
(805,605‌)
—‌
—‌
$
31,217,490‌
$
(31,217,490‌)
$
—‌
$
—‌
a
MSCI
USA
Quality
Factor
Barclays
Bank
PLC
...............................................
3,071,738‌
(3,045,640‌)
—‌
26,098‌
BofA
Securities,
Inc.
..............................................
4,901,561‌
(4,901,561‌)
—‌
—‌
Citigroup
Global
Markets,
Inc.
........................................
13,859,463‌
(13,859,463‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
285,939‌
(285,939‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
.........................................
30,095,933‌
(30,095,933‌)
—‌
—‌
Jefferies
LLC
...................................................
837,207‌
(837,207‌)
—‌
—‌
Morgan
Stanley
.................................................
30,256,875‌
(30,256,875‌)
—‌
—‌
RBC
Capital
Markets
LLC
..........................................
5,428,906‌
(5,428,906‌)
—‌
—‌
SG
Americas
Securities
LLC
........................................
6,344,547‌
(6,175,703‌)
—‌
168,844‌
UBS
AG
......................................................
4,257,314‌
(4,257,314‌)
—‌
—‌
Virtu
Americas
LLC
...............................................
2,108,077‌
(2,108,077‌)
—‌
—‌
Wells
Fargo
Bank
NA
.............................................
7,659,587‌
(7,659,587‌)
—‌
—‌
$
109,107,147‌
$
(108,912,205‌)
$
—‌
$
194,942‌
a
MSCI
USA
Size
Factor
Barclays
Bank
PLC
...............................................
1,219,889‌
(1,219,889‌)
—‌
—‌
Barclays
Capital,
Inc.
.............................................
955,802‌
(955,802‌)
—‌
—‌
BNP
Paribas
SA
.................................................
1,330,390‌
(1,330,390‌)
—‌
—‌
BofA
Securities,
Inc.
..............................................
66,973‌
(66,973‌)
—‌
—‌
Citigroup
Global
Markets,
Inc.
........................................
2,250,014‌
(2,250,014‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
1,008,554‌
(1,008,554‌)
—‌
—‌
HSBC
Bank
PLC
................................................
542,480‌
(542,480‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
.........................................
2,882,332‌
(2,882,332‌)
—‌
—‌
Morgan
Stanley
.................................................
547,586‌
(547,586‌)
—‌
—‌
RBC
Capital
Markets
LLC
..........................................
160,522‌
(160,522‌)
—‌
—‌
SG
Americas
Securities
LLC
........................................
607,184‌
(607,184‌)
—‌
—‌
Toronto-Dominion
Bank
............................................
61,724‌
(61,724‌)
—‌
—‌
$
11,633,450‌
$
(11,633,450‌)
$
—‌
$
—‌
a
Notes
to
Financial
Statements
(unaudited)
(
continued)
41
Notes
to
Financial
Statements
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
each
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BlackRock,
Inc.
(“BlackRock”).
BlackRock’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent
the
collateral
received
does
not
cover
the
value
of
the
securities
loaned
in
the
event
of
borrower
default.
Each
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
the
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by
each
Fund.
5.
Derivative
Financial
Instruments
Futures
Contracts:
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk).
Futures
contracts
are
exchange-traded
agreements
between
the Funds
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the Funds
are
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any,
are
shown
as
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the Funds
agree
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets. 
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:
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. The
Funds
do
not
pay
BRIL
for
ETF
Services.
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
(b)
MSCI
USA
Value
Factor
Barclays
Bank
PLC
...............................................
$
3,890,146‌
$
(3,890,146‌)
$
—‌
$
—‌
Barclays
Capital,
Inc.
.............................................
334,969‌
(334,969‌)
—‌
—‌
BofA
Securities,
Inc.
..............................................
2,873,893‌
(2,873,893‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
345,582‌
(345,582‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
.........................................
16,450,289‌
(16,450,289‌)
—‌
—‌
Toronto-Dominion
Bank
............................................
167‌
(167‌)
—‌
—‌
UBS
AG
......................................................
7,787‌
(7,787‌)
—‌
—‌
$
23,902,833‌
$
(23,902,833‌)
$
—‌
$
—‌
a
(a)
Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
each
Fund
is
disclosed
in
the
Funds’
Statements
of
Assets
and
Liabilities.
(b)
The
market
value
of
the
loaned
securities
is
determined
as
of
January
31,
2024.
Additional
collateral
is
delivered
to
the
Fund
on
the
next
business
day
in
accordance
with
the
MSLA.
The
net
amount
would
be
subject
to
the
borrower
default
indemnity
in
the
event
of
default
by
the
counterparty.
iShares
ETF
Investment
Advisory
Fees
MSCI
USA
Momentum
Factor
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.15%
MSCI
USA
Quality
Factor
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.15
MSCI
USA
Size
Factor
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.15
MSCI
USA
Value
Factor
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.15
Notes
to
Financial
Statements
(unaudited)
(continued)
42
2024
iShares
Semi-Annual
Report
to
Shareholders
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 January
31,
2024,
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
January
31,
2024,
transactions
executed
by
the
Funds
pursuant
to
Rule
17a-7
under
the
1940
Act
were
as
follows:
Each
Fund
may
invest
its
positive
cash
balances
in
certain
money
market
funds
managed
by
BFA
or
an
affiliate.
The
income
earned
on
these
temporary
cash
investments
is
shown
as
dividends
–
affiliated
in
the
Statements
of
Operations.
A
fund,
in
order
to
improve
its
portfolio
liquidity
and
its
ability
to
track
its
underlying
index,
may
invest
in
shares
of
other
iShares
funds
that
invest
in
securities
in
the
fund’s
underlying
index.
7.
Purchases
and
Sales
For
the six
months
ended
January
31,
2024,
purchases
and
sales
of
investments,
excluding
short-term
securities
and
in-kind
transactions,
were
as
follows:
iShares
ETF
Amounts
MSCI
USA
Momentum
Factor
...........................................................................................
$
32,216
‌
MSCI
USA
Quality
Factor
..............................................................................................
327,220
‌
MSCI
USA
Size
Factor
................................................................................................
24,194
‌
MSCI
USA
Value
Factor
...............................................................................................
16,158
‌
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
MSCI
USA
Momentum
Factor
.......................................................
$
374,312,243
‌
$
277,936,621
‌
$
14,799,839
‌
MSCI
USA
Quality
Factor
..........................................................
251,060,066
‌
456,376,081
‌
(14,190,185
)
MSCI
USA
Size
Factor
............................................................
14,505,489
‌
13,456,430
‌
(3,751,202
)
MSCI
USA
Value
Factor
...........................................................
237,452,298
‌
50,009,474
‌
(12,382,552
)
iShares
ETF
Purchases
Sales
MSCI
USA
Momentum
Factor
.........................................................................
$
3,779,916,133
‌
$
3,773,304,922
‌
MSCI
USA
Quality
Factor
............................................................................
4,053,643,591
‌
4,078,148,418
‌
MSCI
USA
Size
Factor
..............................................................................
34,303,358
‌
33,441,202
‌
MSCI
USA
Value
Factor
.............................................................................
895,231,721
‌
894,700,974
‌
Notes
to
Financial
Statements
(unaudited)
(
continued)
43
Notes
to
Financial
Statements
For
the six
months ended
January
31,
2024,
in-kind
transactions
were
as
follows:
8.
Income
Tax
Information
Each
Fund
is
treated
as
an
entity
separate
from
the
Trust’s
other
funds
for
federal
income
tax
purposes.
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the
Funds
as
of
January
31,
2024,
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 July
31,
2023,
the
Funds
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
as
follows:
A
fund
may
own
shares
in
certain
foreign
investment
entities,
referred
to,
under
U.S.
tax
law,
as
“passive
foreign
investment
companies.”
Such
fund
may
elect
to
mark-to-
market
annually
the
shares
of
each
passive
foreign
investment
company
and
would
be
required
to
distribute
to
shareholders
any
such
marked-to-market
gains.
As
of
January
31,
2024,
gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
9.
Principal
Risks
In
the
normal
course
of
business,
each
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including,
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and
their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject.
BFA
uses
an
indexing
approach
to
try
to
achieve
each
Fund’s
investment
objective.
The
Fund
is
not
actively
managed,
and
BFA
generally
does
not
attempt
to
take
defensive
positions
under
any
market
conditions,
including
declining
markets.
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.
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. 
iShares
ETF
In-kind
Purchases
In-kind
Sales
MSCI
USA
Momentum
Factor
.........................................................................
$
396,123,661
‌
$
1,433,862,087
‌
MSCI
USA
Quality
Factor
............................................................................
7,671,058,946
‌
6,915,901,711
‌
MSCI
USA
Size
Factor
..............................................................................
118,731,985
‌
35,635,128
‌
MSCI
USA
Value
Factor
.............................................................................
356,902,789
‌
506,340,467
‌
iShares
ETF
Non-Expiring
Capital
Loss
Carryforwards
MSCI
USA
Momentum
Factor
..........................................................................................
$
(4,084,116,161
)
MSCI
USA
Quality
Factor
.............................................................................................
(2,395,144,859
)
MSCI
USA
Size
Factor
...............................................................................................
(57,475,306
)
MSCI
USA
Value
Factor
..............................................................................................
(736,816,445
)
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
MSCI
USA
Momentum
Factor
.....................................
$
7,453,203,750
‌
$
1,665,193,134
‌
$
(29,030,643
)
$
1,636,162,491
‌
MSCI
USA
Quality
Factor
........................................
29,308,760,789
‌
6,583,455,695
‌
(681,541,932
)
5,901,913,763
‌
MSCI
USA
Size
Factor
..........................................
412,378,742
‌
46,014,346
‌
(34,594,018
)
11,420,328
‌
MSCI
USA
Value
Factor
.........................................
7,306,248,929
‌
611,596,844
‌
(928,952,870
)
(317,356,026
)
Notes
to
Financial
Statements
(unaudited)
(continued)
44
2024
iShares
Semi-Annual
Report
to
Shareholders
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.
Geographic/Asset
Class
Risk:
A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments.
The Funds
invest
a
significant
portion
of
their
assets
in securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the
Funds
invest.
Certain Funds
invest
a
significant
portion
of
their
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
fund’s
portfolio.
Investment
percentages
in
specific
sectors
are
presented
in
the
Schedule
of
Investments.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
10.
Capital
Share
Transactions 
Capital
shares
are
issued
and
redeemed
by each
Fund
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”)
at
NAV.
Except
when
aggregated
in
Creation
Units,
shares
of each
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
‌
Six
Months
Ended
01/31/24
‌
Year
Ended
07/31/23
‌
iShares
ETF
Shares
‌
Amount
‌
Shares
‌
Amount
‌
MSCI
USA
Momentum
Factor
Shares
sold
...............................................
2,500,000
‌
$
397,175,698
‌
22,150,000
‌
$
3,116,739,507
‌
Shares
redeemed
...........................................
(9,950,000
)
(1,438,348,830
)
(30,100,000
)
(4,211,387,194
)
(7,450,000
)
$
(1,041,173,132
)
(7,950,000
)
$
(1,094,647,687
)
MSCI
USA
Quality
Factor
Shares
sold
...............................................
55,400,000
‌
$
7,692,654,134
‌
99,950,000
‌
$
12,117,158,431
‌
Shares
redeemed
...........................................
(48,200,000
)
(6,963,722,169
)
(39,800,000
)
(4,945,595,733
)
7,200,000
‌
$
728,931,965
‌
60,150,000
‌
$
7,171,562,698
‌
MSCI
USA
Size
Factor
Shares
sold
...............................................
950,000
‌
$
120,036,096
‌
100,000
‌
$
10,676,106
‌
Shares
redeemed
...........................................
(300,000
)
(35,982,400
)
(500,000
)
(58,474,603
)
650,000
‌
$
84,053,696
‌
(400,000
)
$
(47,798,497
)
Notes
to
Financial
Statements
(unaudited)
(
continued)
45
Notes
to
Financial
Statements
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.
Six
Months
Ended
01/31/24
Year
Ended
07/31/23
iShares
ETF
Shares
Amount
Shares
Amount
MSCI
USA
Value
Factor
Shares
sold
...............................................
3,700,000
‌
$
359,015,124
‌
4,100,000
‌
$
384,517,796
‌
Shares
redeemed
...........................................
(5,450,000
)
(508,975,521
)
(28,150,000
)
(2,580,762,986
)
(1,750,000
)
$
(149,960,397
)
(24,050,000
)
$
(2,196,245,190
)
Statement
Regarding
Liquidity
Risk
Management
Program
(unaudited)
46
2024
iShares
Semi-Annual
Report
to
Shareholders
In
compliance
with
Rule
22e-4
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Liquidity
Rule”),
iShares
Trust
(the
“Trust”)
has
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Program”)
for iShares
MSCI
USA
Momentum
Factor
ETF,
iShares
MSCI
USA
Quality
Factor
ETF,
iShares
MSCI
USA
Size
Factor
ETF
and
iShares
MSCI
USA
Value
Factor
ETF
(the
“Funds”
or
“ETFs”),
each
a
series
of
the
Trust,
which
is
reasonably
designed
to
assess
and
manage
each
Fund’s
liquidity
risk.
The
Board
of
Trustees
(the
“Board”)
of
the
Trust,
on
behalf
of
the
Funds,
met
on
December
8,
2023
(the
“Meeting”)
to
review
the
Program.
The
Board
previously
appointed
BlackRock
Fund
Advisors
(“BlackRock”),
the
investment
adviser
to
the
Funds,
as
the
program
administrator
for
each
Fund’s
Program.
BlackRock
also
previously
delegated
oversight
of
the
Program
to
the
40
Act
Liquidity
Risk
Management
Committee
(the
“Committee”).
At
the
Meeting,
the
Committee,
on
behalf
of
BlackRock,
provided
the
Board
with
a
report
that
addressed
the
operation
of
the
Program
and
assessed
its
adequacy
and
effectiveness
of
implementation,
including
the
management
of
each
Fund’s
Highly
Liquid
Investment
Minimum
(“HLIM”)
where
applicable,
and
any
material
changes
to
the
Program
(the
“Report”). 
The
Report
covered
the
period
from
October
1,
2022
through
September
30,
2023
(the
“Program
Reporting
Period”).
The
Report
described
the
Program’s
liquidity
classification
methodology
for
categorizing
each
Fund’s
investments
(including
derivative
transactions)
into
one
of
four
liquidity
buckets.
It
also
referenced
the
methodology
used
by
BlackRock
to
establish
each
Fund’s
HLIM
and
noted
that
the
Committee
reviews
and
ratifies
the
HLIM
assigned
to
each Fund
no
less
frequently
than
annually.
The
Report
also
discussed
notable
events
affecting
liquidity
over
the
Program
Reporting
Period,
including
extended
market
holidays,
delays
in
the
repatriation
of
the
local
currency
in
certain
non-U.S.
countries,
the
continued
illiquidity
of
Russian
equity
securities
and
the
suspension
of
select
sanctions
in
Venezuela.
The
Report
noted
that
the
Program
complied
with
the
key
factors
for
consideration
under
the
Liquidity
Rule
for
assessing,
managing
and
periodically
reviewing
each
Fund’s
liquidity
risk,
as
follows:
a)
The
Fund’s
investment
strategy
and
liquidity
of
portfolio
investments
during
both
normal
and
reasonably
foreseeable
stressed
conditions.
During
the
Program
Reporting
Period,
the
Committee
reviewed
whether each
Fund’s
strategy
is
appropriate
for
an
open-end
fund
structure,
with
a
focus
on
funds
with
more
significant
and
consistent
holdings
of
less
liquid
and
illiquid
assets.
The
Committee
also
factored
a
fund’s
concentration
in
an
issuer
into
the
liquidity
classification
methodology
by
taking
issuer
position
sizes
into
account.
Derivative
exposure
was
also
considered
in
the
calculation
of
a
fund’s
liquidity
bucketing.
Finally,
a
factor
for
consideration
under
the
Liquidity
Rule
is
a
Fund’s
use
of
borrowings
for
investment
purposes.
However,
the
Funds
do
not
borrow
for
investment
purposes.
b)
Short-term
and
long-term
cash
flow
projections
during
both
normal
and
reasonably
foreseeable
stressed
conditions.
During
the
Program
Reporting
Period,
the
Committee
reviewed
historical
redemption
activity
and
used
this
information
as
a
component
to
establish
each
ETF’s
reasonably
anticipated
trading
size
utilized
for
liquidity
classifications.
The
Committee
may
also
take
into
consideration
a
fund’s
shareholder
ownership
concentration
(which,
depending
on
product
type
and
distribution
channel,
may
or
may
not
be
available),
a
fund’s
distribution
channels,
and
the
degree
of
certainty
associated
with
a
fund’s
short-term
and
long-term
cash
flow
projections.
c)
Holdings
of
cash
and
cash
equivalents,
as
well
as
borrowing
arrangements.
The
Committee
considered
that
ETFs
generally
do
not
hold
more
than
de
minimis
amounts
of
cash.
The
Committee
also
considered
that
ETFs
generally
do
not
engage
in
borrowing.
d)
The
relationship
between
an
ETF’s
portfolio
liquidity
and
the
way
in
which,
and
the
prices
and
spreads
at
which,
ETF
shares
trade,
including
the
efficiency
of
the
arbitrage
function
and
the
level
of
active
participation
by
market
participants,
including
authorized
participants.
The
Committee
monitored
the
prevailing
bid/ask
spread
and
the
ETF
price
premium
(or
discount)
to
NAV
for
all
ETFs.
However,
there
were
no
ETFs
with
persistent
deviations
of
fund
premium/
discount
or
bid/ask
spreads
from
long-term
averages
over
the
Program
Reporting
Period.
e)
The
effect
of
the
composition
of
baskets
on
the
overall
liquidity
of
an
ETF’s
portfolio.
In
reviewing
the
linkage
between
the
composition
of
custom
baskets
accepted
by
an
ETF
and
any
significant
change
in
the
liquidity
profile
of
such
ETF,
the
Committee
reviewed
changes
in
the
proportion
of
each
ETF’s
portfolio
comprised
of
less
liquid
and
illiquid
holdings
to
determine
if
applicable
thresholds
were
met
requiring
enhanced
review.
There
were
no
ETFs
for
which
the
custom
baskets
accepted
by
the
ETF
had
a
significant
change
in
its
liquidity
profile.
There
were
no
material
changes
to
the
Program
during
the
Program
Reporting
Period
other
than
the
enhancement
of
certain
model
components
in
the
Program’s
classification
methodology.
The
Report
provided
to
the
Board
stated
that
the
Committee
concluded
that
based
on
the
operation
of
the
functions,
as
described
in
the
Report,
the
Program
is
operating
as
intended
and
is
effective
in
implementing
the
requirements
of
the
Liquidity
Rule. 
Supplemental
Information
(unaudited)
47
Supplemental
Information
Section
19(a)
Notices
The
amounts
and
sources
of
distributions
reported
are
estimates
and
are
being
provided
pursuant
to
regulatory
requirements
and
are
not
being
provided
for
tax
reporting
purposes.
The
actual
amounts
and
sources
for
tax
reporting
purposes
will
depend
upon
each
Fund’s
investment
experience
during
the
year
and
may
be
subject
to
changes
based
on
tax
regulations.
Shareholders
will
receive
a
Form
1099-DIV
each
calendar
year
that
will
inform
them
how
to
report
these
distributions
for
federal
income
tax
purposes.
January
31,
2024
Tailored
Shareholder
Reports
for
Open-End
Mutual
Funds
and
ETFs 
Effective
January
24,
2023,
the
SEC adopted
rule
and
form
amendments
to
require
open-end
mutual
funds
and
ETFs
to
transmit
concise
and
visually
engaging
streamlined
annual
and
semiannual
reports
to
shareholders
that
highlight
key
information.
Other
information,
including
financial
statements,
will
no
longer
appear
in
a
streamlined
shareholder
report
but
must
be
available
online,
delivered
free
of
charge
upon
request,
and
filed
on
a
semiannual
basis
on
Form
N-CSR.
The
rule
and
form
amendments
have
a
compliance
date
of
July
24,
2024.
At
this
time,
management
is
evaluating
the
impact
of
these
amendments
on
the
shareholder
reports
for
the
Funds.
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
MSCI
USA
Momentum
Factor
..........
$
0
.768098
‌
$
—
‌
$
—
‌
$
0
.768098
‌
100
%
—
%
—
%
100
%
MSCI
USA
Quality
Factor
.............
1
.055772
‌
—
‌
—
‌
1
.055772
‌
100
—
—
100
MSCI
USA
Size
Factor
...............
1
.018918
‌
—
‌
—
‌
1
.018918
‌
100
—
—
100
MSCI
USA
Value
Factor
(a)
.............
1
.335616
‌
—
‌
0
.000107
‌
1
.335723
‌
100
—
—
(b)
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.
(b)
Rounds
to
less
than
1%.
General
Information
48
2024
iShares
Semi-Annual
Report
to
Shareholders
Electronic
Delivery
Shareholders
can
sign
up
for
e-mail
notifications
announcing
that
the
shareholder
report
or
prospectus
has
been
posted
on
the
iShares
website
at
iShares.com
.
Once
you
have
enrolled,
you
will
no
longer
receive
prospectuses
and
shareholder
reports
in
the
mail.
To
enroll
in
electronic
delivery:
Go
to
icsdelivery.com
.
If
your
brokerage
firm
is
not
listed,
electronic
delivery
may
not
be
available.
Please
contact
your
broker-dealer
or
financial
advisor.
Householding
Householding
is
an
option
available
to
certain
fund
investors.
Householding
is
a
method
of
delivery,
based
on
the
preference
of
the
individual
investor,
in
which
a
single
copy
of
certain
shareholder
documents
and
Rule
30e-3
notices
can
be
delivered
to
investors
who
share
the
same
address,
even
if
their
accounts
are
registered
under
different
names.
Please
contact
your
broker-dealer
if
you
are
interested
in
enrolling
in
householding
and
receiving
a
single
copy
of
prospectuses
and
other
shareholder
documents,
or
if
you
are
currently
enrolled
in
householding
and
wish
to
change
your
householding
status.
Availability
of
Quarterly
Schedule
of
Investments
The
Funds
file
their
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
their
reports
on
Form
N-PORT.
The
Funds’
Forms
N-PORT
are
available
on
the
SEC’s
website
at
sec.gov
.
Additionally,
each
Fund
makes
its
portfolio
holdings
for
the
first
and
third
quarters
of
each
fiscal
year
available
at
iShares.com/fundreports
.
Availability
of
Proxy
Voting
Policies
and
Proxy
Voting
Records
A
description
of
the
policies
and
procedures
that
the
iShares
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
iShares
Funds
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
twelve-month
period
ending
June
30
is
available
without
charge,
upon
request
(1)
by
calling
toll-free
1-800-474-2737;
(2)
on
the
iShares
website
at
iShares.com
;
and
(3)
on
the
SEC
website
at
sec.gov
.
A
description
of
the Trust’s
policies
and
procedures
with
respect
to
the
disclosure
of
the
Fund’s
portfolio
securities
is
available
in
the
Fund
Prospectus.
The
Fund
discloses
its
portfolio
holdings
daily
and
provides
information
regarding
its
top
holdings
in
Fund
fact
sheets
at
iShares.com
.
Glossary
of
Terms
Used
in
this
Report
49
Glossary
of
Terms
Used
in
this
Report
Portfolio
Abbreviation
NVS
Non-Voting
Shares
REIT
Real
Estate
Investment
Trust
iS-SAR-718-0124
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
MSCI
Inc.,
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.
©2024
BlackRock,
Inc.
All
rights
reserved.
iSHARES
and
BLACKROCK
are
registered
trademarks
of
BlackRock,
Inc.
or
its
subsidiaries.
All
other
marks
are
the
property
of
their
respective
owners.