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SEPTEMBER 30, 2023 |
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2023 Semi-Annual Report (Unaudited)
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iShares Trust
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iShares Russell 3000 ETF | IWV | NYSE Arca |
| · |
iShares Russell Mid-Cap Value ETF | IWS | NYSE Arca |
Dear Shareholder,
The combination of continued economic growth and moderating inflation provided a supportive backdrop for investors during the 12-month reporting period ended September 30, 2023. Significantly tighter monetary policy helped to rein in inflation while the economy proved more resilient than many investors anticipated. A moderating labor market also helped ease inflationary pressure, although wages continued to grow and unemployment rates touched the lowest levels in decades. This robust labor market powered further growth in consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.
Equity returns were substantial, as the durability of consumer sentiment and spending mitigated investors’ concerns about the economy’s trajectory. The U.S. economy resumed growth in the third quarter of 2022 and continued to expand thereafter. All major classes of equities rose, although large-capitalization U.S. stocks posted significantly higher returns than small-capitalization U.S. stocks due primarily to the performance of large technology companies. International developed market equities also advanced strongly, and emerging market equities posted solid gains.
The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.
The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates six times during the 12-month period. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. However, the Fed declined to raise interest rates at two of its meetings late in the period.
Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for two pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt.
While we favor an overweight position in developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on Japanese stocks in the near term as shareholder-friendly policies generate increased investor interest. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, euro area government bonds and gilts, U.S. mortgage-backed securities, and hard-currency emerging market bonds.
Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.
Sincerely,
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
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Total Returns as of September 30, 2023
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||||||||
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6-Month
|
12-Month
|
|||||||
|
U.S.
large cap equities |
5.18% | 21.62% | ||||||
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U.S.
small cap equities |
(0.19) | 8.93 | ||||||
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International
equities |
(1.28) | 25.65 | ||||||
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Emerging
market |
(2.05) | 11.70 | ||||||
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3-month
Treasury bills |
2.50 | 4.47 | ||||||
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U.S.
Treasury securities |
(6.98) | (2.90) | ||||||
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U.S.
investment grade |
(4.05) | 0.64 | ||||||
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Tax-exempt
municipal |
(4.05) | 2.66 | ||||||
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U.S.
high yield bonds |
2.22 | 10.28 | ||||||
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Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |
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| 2 |
T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T |
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Semi-Annual Report: |
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Financial Statements: |
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Fund Summary as of September 30, 2023
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iShares® Russell 3000 ETF |
Investment Objective
The iShares Russell 3000 ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of U.S. equities, as represented by the Russell 3000® Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
| Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
| 6-Month Total Returns |
1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
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Fund NAV |
4.79 | % | 20.29 | % | 8.96 | % | 11.10 | % | 20.29 | % | 53.61 | % | 186.47 | % | ||||||||||||||||||
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Fund Market |
4.81 | 20.16 | 8.96 | 11.09 | 20.16 | 53.58 | 186.24 | |||||||||||||||||||||||||
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Index |
4.86 | 20.46 | 9.14 | 11.28 | 20.46 | 54.88 | 191.20 | |||||||||||||||||||||||||
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
| Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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Beginning Account Value (04/01/23) |
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Ending Account Value (09/30/23) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (04/01/23) |
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Ending Account Value (09/30/23) |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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| $ | 1,000.00 | $ 1,047.90 | $ 1.02 | $ 1,000.00 | $ 1,024.00 | $ 1.01 | 0.20 | % | ||||||||||||||||||||||
| (a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (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. |
Portfolio Information
SECTOR ALLOCATION
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Sector |
|
Percent of Total Investments |
(a) | |
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Information Technology |
25.8 | % | ||
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Financials |
13.3 | |||
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Health Care |
13.3 | |||
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Consumer Discretionary |
10.8 | |||
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Industrials |
9.8 | |||
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Communication Services |
8.2 | |||
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Consumer Staples |
6.1 | |||
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Energy |
4.8 | |||
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Real Estate |
2.9 | |||
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Materials |
2.7 | |||
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Utilities |
2.3 | |||
TEN LARGEST HOLDINGS
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Security |
|
Percent
of Total Investments |
(a) | |
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Apple Inc. |
6.1 | % | ||
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Microsoft Corp. |
5.6 | |||
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Amazon.com, Inc. |
2.8 | |||
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NVIDIA Corp. |
2.5 | |||
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Alphabet, Inc., Class A |
1.9 | |||
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Tesla, Inc. |
1.7 | |||
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Alphabet, Inc., Class C, NVS |
1.6 | |||
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Meta Platforms, Inc., Class A |
1.6 | |||
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Berkshire Hathaway, Inc., Class B |
1.6 | |||
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Exxon Mobil Corp. |
1.1 | |||
| (a) |
Excludes money market funds. |
| 4 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
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Fund Summary as of September 30, 2023
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iShares® Russell Mid-Cap Value ETF |
Investment Objective
The iShares Russell Mid-Cap Value ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities that exhibit value characteristics, as represented by the Russell MidCap® Value Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
| Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
| 6-Month Total Returns |
1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
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Fund NAV |
(0.86 | )% | 10.86 | % | 5.00 | % | 7.70 | % | 10.86 | % | 27.61 | % | 109.98 | % | ||||||||||||||||||
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Fund Market |
(0.84 | ) | 10.76 | 5.00 | 7.70 | 10.76 | 27.61 | 110.00 | ||||||||||||||||||||||||
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Index |
(0.77 | ) | 11.05 | 5.18 | 7.92 | 11.05 | 28.74 | 114.20 | ||||||||||||||||||||||||
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
| Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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Beginning Account Value (04/01/23) |
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Ending Account Value (09/30/23) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (04/01/23) |
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Ending Account Value (09/30/23) |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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| $ | 1,000.00 | $ 991.40 | $ 1.16 | $ 1,000.00 | $ 1,023.83 | $ 1.16 | 0.23 | % | ||||||||||||||||||||||
| (a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (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. |
Portfolio Information
SECTOR ALLOCATION
|
Sector |
|
Percent of Total Investments |
(a) | |
|
Industrials |
18.9 | % | ||
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Financials |
16.8 | |||
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Real Estate |
10.1 | |||
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Information Technology |
9.6 | |||
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Consumer Discretionary |
9.2 | |||
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Materials |
7.8 | |||
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Utilities |
7.4 | |||
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Health Care |
7.1 | |||
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Energy |
5.8 | |||
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Consumer Staples |
4.0 | |||
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Communication Services |
3.3 | |||
TEN LARGEST HOLDINGS
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Security |
|
Percent
of Total Investments |
(a) | |
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Phillips 66 |
0.8 | % | ||
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Parker-Hannifin Corp. |
0.7 | |||
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Marvell Technology, Inc. |
0.7 | |||
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Aflac, Inc. |
0.7 | |||
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Carrier Global Corp. |
0.7 | |||
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Arthur J. Gallagher & Co. |
0.7 | |||
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PACCAR, Inc. |
0.6 | |||
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Williams Cos., Inc. (The) |
0.6 | |||
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Welltower, Inc. |
0.6 | |||
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ON Semiconductor Corp. |
0.6 | |||
| (a) |
Excludes money market funds. |
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F U N D S U M M A R Y |
5 |
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, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.
The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”
The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.
| 6 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
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Schedule of Investments (unaudited) September 30, 2023 |
iShares® Russell 3000 ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
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Common Stocks |
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| Aerospace & Defense — 1.5% | ||||||||
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AAR Corp.(a) |
9,272 | $ | 551,962 | |||||
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AeroVironment, Inc.(a) |
6,771 | 755,170 | ||||||
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AerSale Corp.(a) |
7,339 | 109,645 | ||||||
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Archer Aviation, Inc., Class A(a)(b) |
40,527 | 205,067 | ||||||
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Astronics Corp.(a) |
7,619 | 120,837 | ||||||
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Axon Enterprise, Inc.(a) |
18,236 | 3,628,782 | ||||||
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Boeing Co. (The)(a) |
146,512 | 28,083,420 | ||||||
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BWX Technologies, Inc. |
24,889 | 1,866,177 | ||||||
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Cadre Holdings, Inc. |
6,629 | 176,663 | ||||||
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Curtiss-Wright Corp. |
9,920 | 1,940,650 | ||||||
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Ducommun, Inc.(a) |
2,579 | 112,212 | ||||||
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General Dynamics Corp. |
64,106 | 14,165,503 | ||||||
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HEICO Corp. |
11,750 | 1,902,678 | ||||||
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HEICO Corp., Class A |
21,289 | 2,750,965 | ||||||
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Hexcel Corp. |
21,279 | 1,386,114 | ||||||
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Howmet Aerospace, Inc. |
99,438 | 4,599,007 | ||||||
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Huntington Ingalls Industries, Inc. |
10,167 | 2,079,965 | ||||||
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Kaman Corp. |
7,843 | 154,115 | ||||||
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Kratos Defense & Security Solutions, Inc.(a) |
33,066 | 496,651 | ||||||
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L3Harris Technologies, Inc. |
49,605 | 8,637,223 | ||||||
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Leonardo DRS, Inc.(a)(b) |
13,120 | 219,104 | ||||||
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Lockheed Martin Corp. |
59,320 | 24,259,507 | ||||||
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Mercury Systems, Inc.(a) |
12,970 | 481,057 | ||||||
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Moog, Inc., Class A |
7,596 | 858,044 | ||||||
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National Presto Industries, Inc. |
2,221 | 160,934 | ||||||
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Northrop Grumman Corp. |
37,565 | 16,535,737 | ||||||
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Park Aerospace Corp. |
6,295 | 97,761 | ||||||
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Rocket Lab U.S.A., Inc., Class A(a)(b) |
80,009 | 350,439 | ||||||
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RTX Corp. |
383,958 | 27,633,457 | ||||||
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Spirit AeroSystems Holdings, Inc., Class A |
27,868 | 449,790 | ||||||
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Textron, Inc. |
52,114 | 4,072,188 | ||||||
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TransDigm Group, Inc.(a) |
13,747 | 11,590,508 | ||||||
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Triumph Group, Inc.(a) |
15,738 | 120,553 | ||||||
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V2X, Inc.(a) |
3,297 | 170,323 | ||||||
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Virgin Galactic Holdings, Inc., Class A(a)(b) |
65,716 | 118,289 | ||||||
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Woodward, Inc. |
15,174 | 1,885,521 | ||||||
|
|
|
|||||||
| 162,726,018 | ||||||||
| Air Freight & Logistics — 0.5% | ||||||||
|
Air Transport Services Group, Inc.(a)(b) |
15,659 | 326,803 | ||||||
|
CH Robinson Worldwide, Inc. |
30,384 | 2,616,974 | ||||||
|
Expeditors International of Washington, Inc. |
40,314 | 4,621,194 | ||||||
|
FedEx Corp. |
60,867 | 16,124,886 | ||||||
|
Forward Air Corp. |
7,245 | 498,021 | ||||||
|
GXO Logistics, Inc.(a) |
30,667 | 1,798,620 | ||||||
|
Hub Group, Inc., Class A(a) |
8,563 | 672,538 | ||||||
|
United Parcel Service, Inc., Class B |
190,623 | 29,712,407 | ||||||
|
|
|
|||||||
| 56,371,443 | ||||||||
| Automobile Components — 0.2% | ||||||||
|
Adient PLC(a) |
24,561 | 901,389 | ||||||
|
American Axle & Manufacturing Holdings, Inc.(a) |
29,787 | 216,254 | ||||||
|
Aptiv PLC(a) |
70,384 | 6,939,159 | ||||||
|
Atmus Filtration Technologies, Inc.(a)(b) |
5,020 | 104,667 | ||||||
|
BorgWarner, Inc. |
61,645 | 2,488,609 | ||||||
|
Cooper-Standard Holdings, Inc.(a)(b) |
703 | 9,434 | ||||||
|
Dana, Inc. |
33,703 | 494,423 | ||||||
|
Dorman Products, Inc.(a) |
7,327 | 555,094 | ||||||
|
Fox Factory Holding Corp.(a) |
11,099 | 1,099,689 | ||||||
|
Gentex Corp. |
61,995 | 2,017,317 | ||||||
|
Gentherm, Inc.(a) |
8,366 | 453,939 | ||||||
|
Goodyear Tire & Rubber Co. (The)(a) |
74,352 | 924,195 | ||||||
| Security | Shares | Value | ||||||
| Automobile Components (continued) | ||||||||
|
Holley, Inc.(a) |
20,228 | $ | 100,938 | |||||
|
LCI Industries |
6,869 | 806,558 | ||||||
|
Lear Corp. |
15,738 | 2,112,040 | ||||||
|
Luminar Technologies, Inc., Class A(a)(b) |
65,356 | 297,370 | ||||||
|
Modine Manufacturing Co.(a) |
14,087 | 644,480 | ||||||
|
Patrick Industries, Inc.(b) |
5,832 | 437,750 | ||||||
|
Phinia, Inc. |
12,327 | 330,240 | ||||||
|
QuantumScape Corp., Class A(a)(b) |
79,415 | 531,286 | ||||||
|
Solid Power, Inc., Class A(a)(b) |
37,374 | 75,495 | ||||||
|
Standard Motor Products, Inc. |
5,023 | 168,873 | ||||||
|
Stoneridge, Inc.(a) |
6,748 | 135,432 | ||||||
|
Visteon Corp.(a) |
6,898 | 952,407 | ||||||
|
XPEL, Inc.(a) |
6,564 | 506,150 | ||||||
|
|
|
|||||||
| 23,303,188 | ||||||||
| Automobiles — 1.9% | ||||||||
|
Fisker, Inc., Class A(a)(b) |
40,653 | 260,992 | ||||||
|
Ford Motor Co. |
1,029,281 | 12,783,670 | ||||||
|
General Motors Co. |
360,371 | 11,881,432 | ||||||
|
Harley-Davidson, Inc. |
35,217 | 1,164,274 | ||||||
|
Lucid Group, Inc.(a)(b) |
195,255 | 1,091,476 | ||||||
|
Rivian Automotive, Inc., Class A(a)(b) |
174,715 | 4,242,080 | ||||||
|
Tesla, Inc.(a) |
724,980 | 181,404,496 | ||||||
|
Thor Industries, Inc. |
13,163 | 1,252,196 | ||||||
|
Winnebago Industries, Inc. |
7,727 | 459,370 | ||||||
|
Workhorse Group, Inc.(a)(b) |
34,984 | 14,497 | ||||||
|
|
|
|||||||
| 214,554,483 | ||||||||
| Banks — 3.3% | ||||||||
|
1st Source Corp. |
3,999 | 168,318 | ||||||
|
ACNB Corp. |
3,146 | 99,445 | ||||||
|
Amalgamated Financial Corp. |
5,003 | 86,152 | ||||||
|
Amerant Bancorp, Inc., Class A |
7,656 | 133,521 | ||||||
|
American National Bankshares, Inc. |
3,298 | 125,126 | ||||||
|
Ameris Bancorp |
16,322 | 626,602 | ||||||
|
Arrow Financial Corp. |
4,933 | 83,960 | ||||||
|
Associated Banc-Corp |
39,075 | 668,573 | ||||||
|
Atlantic Union Bankshares Corp. |
19,288 | 555,109 | ||||||
|
Axos Financial, Inc.(a) |
15,481 | 586,111 | ||||||
|
Banc of California, Inc. |
14,370 | 177,901 | ||||||
|
BancFirst Corp. |
5,892 | 511,013 | ||||||
|
Bancorp, Inc. (The)(a) |
12,700 | 438,150 | ||||||
|
Bank First Corp. |
2,911 | 224,584 | ||||||
|
Bank of America Corp. |
1,830,201 | 50,110,903 | ||||||
|
Bank of Hawaii Corp. |
10,335 | 513,546 | ||||||
|
Bank of Marin Bancorp |
4,448 | 81,309 | ||||||
|
Bank of NT Butterfield & Son Ltd. (The) |
13,884 | 375,979 | ||||||
|
Bank OZK |
29,159 | 1,080,924 | ||||||
|
BankUnited, Inc. |
20,095 | 456,156 | ||||||
|
Banner Corp. |
9,732 | 412,442 | ||||||
|
Bar Harbor Bankshares |
4,756 | 112,384 | ||||||
|
BayCom Corp. |
6,142 | 117,988 | ||||||
|
BCB Bancorp, Inc. |
5,691 | 63,398 | ||||||
|
Berkshire Hills Bancorp, Inc. |
11,818 | 236,951 | ||||||
|
Blue Foundry Bancorp(a)(b) |
8,752 | 73,254 | ||||||
|
BOK Financial Corp. |
7,695 | 615,446 | ||||||
|
Bridgewater Bancshares, Inc.(a) |
8,073 | 76,532 | ||||||
|
Brookline Bancorp, Inc. |
17,954 | 163,561 | ||||||
|
Burke & Herbert Financial Services Corp. |
1,672 | 77,689 | ||||||
|
Business First Bancshares, Inc. |
6,465 | 121,283 | ||||||
|
Byline Bancorp, Inc. |
7,270 | 143,292 | ||||||
|
Cadence Bank |
38,189 | 810,371 | ||||||
|
Cambridge Bancorp |
1,654 | 103,028 | ||||||
|
Camden National Corp. |
3,678 | 103,793 | ||||||
|
S C H E D U L E S O F I N V E S T M E N T S |
7 |
|
Schedule of Investments (unaudited) (continued) September 30, 2023 |
iShares® Russell 3000 ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Banks (continued) | ||||||||
|
Capital City Bank Group, Inc. |
4,510 | $ | 134,533 | |||||
|
Capitol Federal Financial, Inc. |
39,300 | 187,461 | ||||||
|
Capstar Financial Holdings, Inc. |
5,840 | 82,870 | ||||||
|
Carter Bankshares, Inc.(a)(b) |
8,212 | 102,896 | ||||||
|
Cathay General Bancorp |
17,703 | 615,356 | ||||||
|
Central Pacific Financial Corp. |
8,258 | 137,743 | ||||||
|
Citigroup, Inc. |
511,747 | 21,048,154 | ||||||
|
Citizens & Northern Corp. |
5,745 | 100,825 | ||||||
|
Citizens Financial Group, Inc. |
122,837 | 3,292,032 | ||||||
|
Citizens Financial Services, Inc.(b) |
1,333 | 63,877 | ||||||
|
City Holding Co. |
3,834 | 346,402 | ||||||
|
Civista Bancshares, Inc. |
5,954 | 92,287 | ||||||
|
CNB Financial Corp. |
5,001 | 90,568 | ||||||
|
Coastal Financial Corp.(a) |
2,764 | 118,603 | ||||||
|
Colony Bankcorp, Inc. |
11,822 | 118,161 | ||||||
|
Columbia Banking System, Inc. |
53,854 | 1,093,236 | ||||||
|
Columbia Financial, Inc.(a) |
8,514 | 133,755 | ||||||
|
Comerica, Inc. |
33,557 | 1,394,293 | ||||||
|
Commerce Bancshares, Inc. |
29,976 | 1,438,248 | ||||||
|
Community Bank System, Inc. |
14,122 | 596,090 | ||||||
|
Community Trust Bancorp, Inc. |
3,804 | 130,325 | ||||||
|
ConnectOne Bancorp, Inc. |
10,316 | 183,934 | ||||||
|
CrossFirst Bankshares, Inc.(a)(b) |
12,704 | 128,183 | ||||||
|
Cullen/Frost Bankers, Inc. |
15,994 | 1,458,813 | ||||||
|
Customers Bancorp, Inc.(a) |
7,181 | 247,385 | ||||||
|
CVB Financial Corp. |
34,502 | 571,698 | ||||||
|
Dime Community Bancshares, Inc. |
9,445 | 188,522 | ||||||
|
Eagle Bancorp, Inc. |
7,869 | 168,790 | ||||||
|
East West Bancorp, Inc. |
36,849 | 1,942,311 | ||||||
|
Eastern Bankshares, Inc. |
39,748 | 498,440 | ||||||
|
Enterprise Bancorp, Inc. |
4,034 | 110,451 | ||||||
|
Enterprise Financial Services Corp. |
9,250 | 346,875 | ||||||
|
Equity Bancshares, Inc., Class A |
3,926 | 94,499 | ||||||
|
Esquire Financial Holdings, Inc. |
2,247 | 102,665 | ||||||
|
Farmers & Merchants Bancorp, Inc. |
4,296 | 75,309 | ||||||
|
Farmers National Banc Corp. |
10,690 | 123,576 | ||||||
|
FB Financial Corp. |
10,291 | 291,853 | ||||||
|
Fidelity D&D Bancorp, Inc. |
2,291 | 104,011 | ||||||
|
Fifth Third Bancorp |
178,668 | 4,525,660 | ||||||
|
Financial Institutions, Inc. |
4,571 | 76,930 | ||||||
|
First Bancorp, Inc. (The) |
3,745 | 88,008 | ||||||
|
First BanCorp/Puerto Rico |
48,397 | 651,424 | ||||||
|
First Bancorp/Southern Pines NC |
8,919 | 250,981 | ||||||
|
First Bancshares, Inc. (The) |
9,075 | 244,753 | ||||||
|
First Bank |
9,280 | 100,038 | ||||||
|
First Busey Corp. |
13,823 | 265,678 | ||||||
|
First Business Financial Services, Inc. |
3,268 | 98,073 | ||||||
|
First Citizens BancShares, Inc., Class A |
2,887 | 3,984,349 | ||||||
|
First Commonwealth Financial Corp. |
23,135 | 282,478 | ||||||
|
First Community Bankshares, Inc. |
4,354 | 128,225 | ||||||
|
First Financial Bancorp |
24,566 | 481,494 | ||||||
|
First Financial Bankshares, Inc. |
34,060 | 855,587 | ||||||
|
First Financial Corp. |
2,765 | 93,485 | ||||||
|
First Foundation, Inc. |
11,467 | 69,719 | ||||||
|
First Hawaiian, Inc. |
34,969 | 631,190 | ||||||
|
First Horizon Corp. |
147,334 | 1,623,621 | ||||||
|
First Interstate BancSystem, Inc., Class A |
23,402 | 583,646 | ||||||
|
First Merchants Corp. |
14,149 | 393,625 | ||||||
|
First Mid Bancshares, Inc. |
3,312 | 87,967 | ||||||
|
First of Long Island Corp. (The) |
6,532 | 75,183 | ||||||
|
Five Star Bancorp |
3,879 | 77,813 | ||||||
|
Flushing Financial Corp. |
7,483 | 98,252 | ||||||
| Security | Shares | Value | ||||||
| Banks (continued) | ||||||||
|
FNB Corp. |
92,850 | $ | 1,001,851 | |||||
|
Fulton Financial Corp. |
43,533 | 527,185 | ||||||
|
German American Bancorp, Inc. |
6,419 | 173,891 | ||||||
|
Glacier Bancorp, Inc. |
28,128 | 801,648 | ||||||
|
Great Southern Bancorp, Inc. |
2,549 | 122,148 | ||||||
|
Guaranty Bancshares, Inc. |
3,094 | 88,767 | ||||||
|
Hancock Whitney Corp. |
23,338 | 863,273 | ||||||
|
Hanmi Financial Corp. |
8,508 | 138,085 | ||||||
|
HarborOne Bancorp, Inc. |
16,861 | 160,517 | ||||||
|
HBT Financial, Inc. |
5,062 | 92,331 | ||||||
|
Heartland Financial U.S.A., Inc. |
9,517 | 280,085 | ||||||
|
Heritage Commerce Corp. |
16,334 | 138,349 | ||||||
|
Heritage Financial Corp. |
9,192 | 149,922 | ||||||
|
Hilltop Holdings, Inc. |
13,650 | 387,114 | ||||||
|
Hingham Institution For Savings (The) |
455 | 84,971 | ||||||
|
Home Bancorp, Inc. |
2,868 | 91,403 | ||||||
|
Home BancShares, Inc. |
51,842 | 1,085,571 | ||||||
|
HomeStreet, Inc. |
4,837 | 37,680 | ||||||
|
HomeTrust Bancshares, Inc. |
5,370 | 116,368 | ||||||
|
Hope Bancorp, Inc. |
29,353 | 259,774 | ||||||
|
Horizon Bancorp, Inc. |
10,426 | 111,350 | ||||||
|
Huntington Bancshares, Inc. |
379,258 | 3,944,283 | ||||||
|
Independent Bank Corp. |
11,827 | 580,587 | ||||||
|
Independent Bank Corp. |
5,098 | 93,497 | ||||||
|
Independent Bank Group, Inc. |
9,101 | 359,945 | ||||||
|
International Bancshares Corp. |
14,482 | 627,650 | ||||||
|
John Marshall Bancorp, Inc. |
5,839 | 104,226 | ||||||
|
JPMorgan Chase & Co. |
758,472 | 109,993,609 | ||||||
|
Kearny Financial Corp. |
15,478 | 107,263 | ||||||
|
KeyCorp |
241,522 | 2,598,777 | ||||||
|
Lakeland Bancorp, Inc. |
17,459 | 220,333 | ||||||
|
Lakeland Financial Corp. |
5,935 | 281,675 | ||||||
|
Live Oak Bancshares, Inc.(b) |
8,374 | 242,427 | ||||||
|
M&T Bank Corp. |
43,368 | 5,483,884 | ||||||
|
Macatawa Bank Corp. |
9,938 | 89,044 | ||||||
|
Mercantile Bank Corp. |
4,710 | 145,586 | ||||||
|
Metrocity Bankshares, Inc. |
7,493 | 147,462 | ||||||
|
Metropolitan Bank Holding Corp.(a) |
2,430 | 88,160 | ||||||
|
Mid Penn Bancorp, Inc. |
5,537 | 111,460 | ||||||
|
Middlefield Banc Corp.(b) |
4,154 | 105,553 | ||||||
|
Midland States Bancorp, Inc. |
6,168 | 126,691 | ||||||
|
MidWestOne Financial Group, Inc. |
5,996 | 121,899 | ||||||
|
MVB Financial Corp. |
5,530 | 124,867 | ||||||
|
National Bank Holdings Corp., Class A |
8,169 | 243,109 | ||||||
|
NBT Bancorp, Inc. |
11,816 | 374,449 | ||||||
|
New York Community Bancorp, Inc., Class A |
186,609 | 2,116,146 | ||||||
|
Nicolet Bankshares, Inc. |
3,223 | 224,901 | ||||||
|
Northeast Bank |
2,821 | 124,406 | ||||||
|
Northfield Bancorp, Inc. |
12,318 | 116,405 | ||||||
|
Northrim BanCorp, Inc. |
2,457 | 97,346 | ||||||
|
Northwest Bancshares, Inc. |
26,773 | 273,888 | ||||||
|
NU Holdings Ltd., Class A(a) |
604,794 | 4,384,756 | ||||||
|
OceanFirst Financial Corp. |
14,992 | 216,934 | ||||||
|
OFG Bancorp |
11,498 | 343,330 | ||||||
|
Old National Bancorp |
76,001 | 1,105,055 | ||||||
|
Old Second Bancorp, Inc. |
11,794 | 160,516 | ||||||
|
Orange County Bancorp, Inc. |
2,487 | 107,364 | ||||||
|
Origin Bancorp, Inc. |
6,933 | 200,156 | ||||||
|
Orrstown Financial Services, Inc. |
6,300 | 132,363 | ||||||
|
Pacific Premier Bancorp, Inc. |
22,786 | 495,823 | ||||||
|
PacWest Bancorp |
29,208 | 231,035 | ||||||
|
Park National Corp. |
3,520 | 332,710 | ||||||
| 8 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (unaudited) (continued) September 30, 2023 |
iShares® Russell 3000 ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Banks (continued) | ||||||||
|
Pathward Financial, Inc. |
7,053 | $ | 325,073 | |||||
|
Peapack-Gladstone Financial Corp. |
4,798 | 123,069 | ||||||
|
Peoples Bancorp, Inc. |
9,529 | 241,846 | ||||||
|
Peoples Financial Services Corp. |
3,196 | 128,160 | ||||||
|
Pinnacle Financial Partners, Inc. |
20,033 | 1,343,012 | ||||||
|
PNC Financial Services Group, Inc. (The) |
104,512 | 12,830,938 | ||||||
|
Popular, Inc. |
18,965 | 1,194,985 | ||||||
|
Preferred Bank |
2,534 | 157,741 | ||||||
|
Premier Financial Corp. |
8,832 | 150,674 | ||||||
|
Primis Financial Corp. |
9,609 | 78,313 | ||||||
|
Prosperity Bancshares, Inc. |
22,446 | 1,225,103 | ||||||
|
Provident Financial Services, Inc. |
21,816 | 333,567 | ||||||
|
QCR Holdings, Inc. |
4,993 | 242,260 | ||||||
|
RBB Bancorp |
4,835 | 61,791 | ||||||
|
Red River Bancshares, Inc. |
2,042 | 93,850 | ||||||
|
Regions Financial Corp. |
244,529 | 4,205,899 | ||||||
|
Renasant Corp. |
16,064 | 420,716 | ||||||
|
Republic Bancorp, Inc., Class A |
3,106 | 136,819 | ||||||
|
S&T Bancorp, Inc. |
8,869 | 240,173 | ||||||
|
Sandy Spring Bancorp, Inc. |
10,857 | 232,666 | ||||||
|
Seacoast Banking Corp. of Florida |
16,955 | 372,332 | ||||||
|
ServisFirst Bancshares, Inc. |
13,276 | 692,609 | ||||||
|
Shore Bancshares, Inc. |
6,730 | 70,800 | ||||||
|
Sierra Bancorp |
6,923 | 131,260 | ||||||
|
Simmons First National Corp., Class A |
34,010 | 576,810 | ||||||
|
SmartFinancial, Inc.(b) |
6,353 | 135,764 | ||||||
|
South Plains Financial, Inc. |
3,505 | 92,672 | ||||||
|
Southern First Bancshares, Inc.(a) |
2,882 | 77,641 | ||||||
|
Southern Missouri Bancorp, Inc. |
2,526 | 97,731 | ||||||
|
Southside Bancshares, Inc. |
9,146 | 262,490 | ||||||
|
SouthState Corp. |
19,263 | 1,297,556 | ||||||
|
Stellar Bancorp, Inc. |
13,460 | 286,967 | ||||||
|
Stock Yards Bancorp, Inc. |
7,509 | 295,029 | ||||||
|
Summit Financial Group, Inc. |
4,364 | 98,365 | ||||||
|
Synovus Financial Corp. |
37,110 | 1,031,658 | ||||||
|
Texas Capital Bancshares, Inc.(a) |
12,893 | 759,398 | ||||||
|
Third Coast Bancshares, Inc.(a) |
1,123 | 19,203 | ||||||
|
Timberland Bancorp, Inc. |
3,760 | 101,896 | ||||||
|
Tompkins Financial Corp. |
3,430 | 168,036 | ||||||
|
Towne Bank |
16,789 | 384,972 | ||||||
|
TriCo Bancshares |
7,199 | 230,584 | ||||||
|
Triumph Financial, Inc.(a) |
5,754 | 372,802 | ||||||
|
Truist Financial Corp. |
348,829 | 9,979,998 | ||||||
|
TrustCo Bank Corp. |
5,288 | 144,310 | ||||||
|
Trustmark Corp. |
16,710 | 363,108 | ||||||
|
U.S. Bancorp |
401,856 | 13,285,359 | ||||||
|
UMB Financial Corp. |
11,068 | 686,769 | ||||||
|
United Bankshares, Inc. |
36,032 | 994,123 | ||||||
|
United Community Banks, Inc. |
25,283 | 642,441 | ||||||
|
Univest Financial Corp. |
7,105 | 123,485 | ||||||
|
Valley National Bancorp |
111,208 | 951,940 | ||||||
|
Veritex Holdings, Inc. |
12,013 | 215,633 | ||||||
|
Washington Federal, Inc. |
16,850 | 431,697 | ||||||
|
Washington Trust Bancorp, Inc. |
3,548 | 93,419 | ||||||
|
Webster Financial Corp. |
46,132 | 1,859,581 | ||||||
|
Wells Fargo & Co. |
964,309 | 39,401,666 | ||||||
|
WesBanco, Inc. |
16,711 | 408,083 | ||||||
|
West BanCorp, Inc. |
5,670 | 92,478 | ||||||
|
Westamerica BanCorp |
7,741 | 334,798 | ||||||
|
Western Alliance Bancorp |
27,437 | 1,261,279 | ||||||
|
Wintrust Financial Corp. |
16,734 | 1,263,417 | ||||||
| Security | Shares | Value | ||||||
| Banks (continued) | ||||||||
|
WSFS Financial Corp. |
16,322 | $ | 595,753 | |||||
|
Zions Bancorp N.A |
39,109 | 1,364,513 | ||||||
|
|
|
|||||||
| 363,566,936 | ||||||||
| Beverages — 1.4% | ||||||||
|
Boston Beer Co., Inc. (The), Class A, NVS(a) |
2,384 | 928,639 | ||||||
|
Brown-Forman Corp., Class A |
12,061 | 700,744 | ||||||
|
Brown-Forman Corp., Class B, NVS |
48,310 | 2,787,004 | ||||||
|
Celsius Holdings, Inc.(a) |
12,616 | 2,164,906 | ||||||
|
Coca-Cola Co. (The) |
1,023,351 | 57,287,189 | ||||||
|
Coca-Cola Consolidated, Inc. |
1,172 | 745,767 | ||||||
|
Constellation Brands, Inc., Class A |
42,461 | 10,671,723 | ||||||
|
Duckhorn Portfolio, Inc. (The)(a) |
15,482 | 158,845 | ||||||
|
Keurig Dr Pepper, Inc. |
249,970 | 7,891,553 | ||||||
|
MGP Ingredients, Inc. |
3,827 | 403,672 | ||||||
|
Molson Coors Beverage Co., Class B |
45,857 | 2,916,047 | ||||||
|
Monster Beverage Corp.(a) |
195,156 | 10,333,510 | ||||||
|
National Beverage Corp.(a) |
6,654 | 312,871 | ||||||
|
PepsiCo, Inc. |
361,978 | 61,333,552 | ||||||
|
Primo Water Corp. |
44,312 | 611,506 | ||||||
|
Vita Coco Co., Inc. (The)(a)(b) |
6,530 | 170,041 | ||||||
|
|
|
|||||||
| 159,417,569 | ||||||||
| Biotechnology — 2.6% | ||||||||
|
2seventy bio, Inc.(a)(b) |
19,085 | 74,813 | ||||||
|
4D Molecular Therapeutics, Inc.(a)(b) |
7,559 | 96,226 | ||||||
|
89bio, Inc.(a) |
16,057 | 247,920 | ||||||
|
AbbVie, Inc. |
463,672 | 69,114,948 | ||||||
|
ACADIA Pharmaceuticals, Inc.(a) |
29,895 | 623,012 | ||||||
|
ACELYRIN, Inc.(a) |
10,719 | 109,012 | ||||||
|
Adicet Bio, Inc.(a)(b) |
8,409 | 11,520 | ||||||
|
ADMA Biologics, Inc.(a)(b) |
44,328 | 158,694 | ||||||
|
Aerovate Therapeutics, Inc.(a) |
4,572 | 62,042 | ||||||
|
Agenus, Inc.(a)(b) |
61,026 | 68,959 | ||||||
|
Agios Pharmaceuticals, Inc.(a)(b) |
16,068 | 397,683 | ||||||
|
Akero Therapeutics, Inc.(a) |
13,949 | 705,540 | ||||||
|
Aldeyra Therapeutics, Inc.(a) |
14,494 | 96,820 | ||||||
|
Alector, Inc.(a) |
15,968 | 103,473 | ||||||
|
Alkermes PLC(a) |
41,976 | 1,175,748 | ||||||
|
Allakos, Inc.(a) |
24,920 | 56,568 | ||||||
|
Allogene Therapeutics, Inc.(a)(b) |
24,578 | 77,912 | ||||||
|
Alnylam Pharmaceuticals, Inc.(a) |
32,733 | 5,797,014 | ||||||
|
Alpine Immune Sciences, Inc.(a) |
9,444 | 108,134 | ||||||
|
ALX Oncology Holdings, Inc.(a) |
9,054 | 43,459 | ||||||
|
Amgen, Inc. |
140,360 | 37,723,154 | ||||||
|
Amicus Therapeutics, Inc.(a) |
69,575 | 846,032 | ||||||
|
AnaptysBio, Inc.(a) |
7,178 | 128,917 | ||||||
|
Anavex Life Sciences Corp.(a)(b) |
19,051 | 124,784 | ||||||
|
Anika Therapeutics, Inc.(a) |
5,928 | 110,439 | ||||||
|
Apellis Pharmaceuticals, Inc.(a)(b) |
26,135 | 994,175 | ||||||
|
Apogee Therapeutics, Inc.(a)(b) |
5,297 | 112,826 | ||||||
|
Arbutus Biopharma Corp.(a) |
47,875 | 97,186 | ||||||
|
Arcellx, Inc.(a) |
10,735 | 385,172 | ||||||
|
Arcturus Therapeutics Holdings, Inc.(a)(b) |
8,668 | 221,467 | ||||||
|
Arcus Biosciences, Inc.(a)(b) |
11,934 | 214,215 | ||||||
|
Arcutis Biotherapeutics, Inc.(a) |
11,321 | 60,115 | ||||||
|
Ardelyx, Inc.(a) |
55,328 | 225,738 | ||||||
|
Arrowhead Pharmaceuticals, Inc.(a) |
26,634 | 715,656 | ||||||
|
Astria Therapeutics, Inc.(a)(b) |
11,179 | 83,395 | ||||||
|
Atara Biotherapeutics, Inc.(a) |
25,997 | 38,476 | ||||||
|
Aura Biosciences, Inc.(a)(b) |
8,590 | 77,052 | ||||||
|
Aurinia Pharmaceuticals, Inc.(a)(b) |
37,251 | 289,440 | ||||||
|
Avid Bioservices, Inc.(a) |
16,536 | 156,100 | ||||||
|
Avidity Biosciences, Inc.(a)(b) |
15,510 | 98,954 | ||||||
|
S C H E D U L E S O F I N V E S T M E N T S |
9 |
|
Schedule of Investments (unaudited) (continued) September 30, 2023 |
iShares® Russell 3000 ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Biotechnology (continued) | ||||||||
|
Avita Medical, Inc.(a)(b) |
7,051 | $ | 103,015 | |||||
|
Beam Therapeutics, Inc.(a)(b) |
17,436 | 419,336 | ||||||
|
BioCryst Pharmaceuticals, Inc.(a)(b) |
45,536 | 322,395 | ||||||
|
Biogen, Inc.(a) |
37,648 | 9,675,913 | ||||||
|
Biohaven Ltd.(a) |
16,477 | 428,567 | ||||||
|
BioMarin Pharmaceutical, Inc.(a)(b) |
49,260 | 4,358,525 | ||||||
|
Biomea Fusion, Inc.(a)(b) |
5,160 | 71,002 | ||||||
|
Bioxcel Therapeutics, Inc.(a)(b) |
3,800 | 9,614 | ||||||
|
Bluebird Bio, Inc.(a)(b) |
17,096 | 51,972 | ||||||
|
Blueprint Medicines Corp.(a)(b) |
15,368 | 771,781 | ||||||
|
Bridgebio Pharma, Inc.(a) |
28,490 | 751,281 | ||||||
|
Cabaletta Bio, Inc.(a) |
9,302 | 141,576 | ||||||
|
CareDx, Inc.(a) |
12,729 | 89,103 | ||||||
|
Caribou Biosciences, Inc.(a)(b) |
17,701 | 84,611 | ||||||
|
Carisma Therapeutics, Inc.(b) |
13,754 | 58,179 | ||||||
|
Catalyst Pharmaceuticals, Inc.(a) |
24,105 | 281,788 | ||||||
|
Celldex Therapeutics, Inc.(a) |
13,294 | 365,851 | ||||||
|
Century Therapeutics, Inc.(a)(b) |
10,097 | 20,194 | ||||||
|
Cerevel Therapeutics Holdings, Inc.(a)(b) |
15,461 | 337,514 | ||||||
|
Cogent Biosciences, Inc.(a) |
24,440 | 238,290 | ||||||
|
Coherus Biosciences, Inc.(a) |
16,382 | 61,269 | ||||||
|
Compass Therapeutics, Inc.(a) |
32,910 | 64,833 | ||||||
|
Crinetics Pharmaceuticals, Inc.(a) |
16,872 | 501,773 | ||||||
|
Cullinan Oncology, Inc.(a) |
8,034 | 72,708 | ||||||
|
Cytokinetics, Inc.(a)(b) |
24,194 | 712,755 | ||||||
|
Day One Biopharmaceuticals, Inc.(a)(b) |
18,010 | 220,983 | ||||||
|
Deciphera Pharmaceuticals, Inc.(a)(b) |
15,938 | 202,731 | ||||||
|
Denali Therapeutics, Inc.(a)(b) |
31,915 | 658,407 | ||||||
|
Design Therapeutics, Inc.(a) |
8,794 | 20,754 | ||||||
|
Disc Medicine, Inc.(a) |
2,099 | 98,611 | ||||||
|
Dynavax Technologies Corp.(a)(b) |
36,890 | 544,865 | ||||||
|
Dyne Therapeutics, Inc.(a)(b) |
9,394 | 84,170 | ||||||
|
Eagle Pharmaceuticals, Inc.(a) |
3,804 | 59,989 | ||||||
|
Editas Medicine, Inc.(a) |
18,474 | 144,097 | ||||||
|
Emergent BioSolutions, Inc.(a)(b) |
11,829 | 40,219 | ||||||
|
Enanta Pharmaceuticals, Inc.(a) |
4,779 | 53,381 | ||||||
|
Entrada Therapeutics, Inc.(a)(b) |
7,386 | 116,699 | ||||||
|
EQRx, Inc.(a) |
106,248 | 235,871 | ||||||
|
Erasca, Inc.(a) |
17,089 | 33,665 | ||||||
|
Exact Sciences Corp.(a) |
47,746 | 3,257,232 | ||||||
|
Exelixis, Inc.(a) |
82,092 | 1,793,710 | ||||||
|
Fate Therapeutics, Inc.(a) |
20,045 | 42,495 | ||||||
|
FibroGen, Inc.(a) |
22,091 | 19,062 | ||||||
|
Genelux Corp.(a)(b) |
5,426 | 132,883 | ||||||
|
Generation Bio Co.(a)(b) |
20,751 | 78,646 | ||||||
|
Geron Corp.(a) |
132,070 | 279,988 | ||||||
|
Gilead Sciences, Inc. |
327,974 | 24,578,372 | ||||||
|
Halozyme Therapeutics, Inc.(a) |
35,405 | 1,352,471 | ||||||
|
Heron Therapeutics, Inc.(a)(b) |
28,006 | 28,846 | ||||||
|
HilleVax, Inc.(a) |
5,759 | 77,459 | ||||||
|
Horizon Therapeutics PLC(a) |
58,811 | 6,803,845 | ||||||
|
Humacyte, Inc.(a) |
24,168 | 70,812 | ||||||
|
Icosavax, Inc.(a) |
11,571 | 89,675 | ||||||
|
Ideaya Biosciences, Inc.(a) |
14,104 | 380,526 | ||||||
|
IGM Biosciences, Inc.(a) |
5,312 | 44,355 | ||||||
|
ImmunityBio, Inc.(a)(b) |
21,535 | 36,394 | ||||||
|
ImmunoGen, Inc.(a) |
62,758 | 995,970 | ||||||
|
Immunovant, Inc.(a) |
15,952 | 612,397 | ||||||
|
Incyte Corp.(a) |
48,753 | 2,816,461 | ||||||
|
Inhibrx, Inc.(a)(b) |
7,541 | 138,377 | ||||||
|
Insmed, Inc.(a)(b) |
35,940 | 907,485 | ||||||
|
Intellia Therapeutics, Inc.(a)(b) |
22,987 | 726,849 | ||||||
| Security | Shares | Value | ||||||
| Biotechnology (continued) | ||||||||
|
Intercept Pharmaceuticals, Inc.(a) |
8,041 | $ | 149,080 | |||||
|
Ionis Pharmaceuticals, Inc.(a)(b) |
37,922 | 1,720,142 | ||||||
|
Iovance Biotherapeutics, Inc.(a)(b) |
54,042 | 245,891 | ||||||
|
Ironwood Pharmaceuticals, Inc., Class A(a) |
39,883 | 384,073 | ||||||
|
iTeos Therapeutics, Inc.(a) |
6,529 | 71,493 | ||||||
|
Janux Therapeutics, Inc.(a) |
5,768 | 58,141 | ||||||
|
KalVista Pharmaceuticals, Inc.(a)(b) |
6,414 | 61,767 | ||||||
|
Karuna Therapeutics, Inc.(a) |
9,319 | 1,575,750 | ||||||
|
Karyopharm Therapeutics, Inc.(a)(b) |
22,222 | 29,778 | ||||||
|
Keros Therapeutics, Inc.(a)(b) |
6,871 | 219,048 | ||||||
|
Kezar Life Sciences, Inc.(a)(b) |
13,974 | 16,629 | ||||||
|
Kiniksa Pharmaceuticals Ltd., Class A(a) |
11,382 | 197,705 | ||||||
|
Kodiak Sciences, Inc.(a) |
13,944 | 25,099 | ||||||
|
Krystal Biotech, Inc.(a)(b) |
5,802 | 673,032 | ||||||
|
Kura Oncology, Inc.(a) |
16,485 | 150,343 | ||||||
|
Kymera Therapeutics, Inc.(a)(b) |
9,657 | 134,232 | ||||||
|
Lexicon Pharmaceuticals, Inc.(a)(b) |
34,563 | 37,674 | ||||||
|
Lyell Immunopharma, Inc.(a)(b) |
40,426 | 59,426 | ||||||
|
MacroGenics, Inc.(a) |
16,138 | 75,203 | ||||||
|
Madrigal Pharmaceuticals, Inc.(a)(b) |
3,802 | 555,244 | ||||||
|
MannKind Corp.(a) |
59,320 | 244,992 | ||||||
|
MeiraGTx Holdings PLC(a) |
16,941 | 83,180 | ||||||
|
Mersana Therapeutics, Inc.(a) |
22,012 | 27,955 | ||||||
|
MiMedx Group, Inc.(a) |
33,014 | 240,672 | ||||||
|
Mineralys Therapeutics, Inc.(a)(b) |
6,143 | 58,420 | ||||||
|
Mirati Therapeutics, Inc.(a)(b) |
10,764 | 468,880 | ||||||
|
Mirum Pharmaceuticals, Inc.(a)(b) |
5,929 | 187,356 | ||||||
|
Moderna, Inc.(a)(b) |
87,306 | 9,017,837 | ||||||
|
Monte Rosa Therapeutics, Inc.(a)(b) |
14,004 | 67,079 | ||||||
|
Morphic Holding, Inc.(a)(b) |
7,905 | 181,104 | ||||||
|
Myriad Genetics, Inc.(a) |
22,476 | 360,515 | ||||||
|
Natera, Inc.(a) |
27,342 | 1,209,884 | ||||||
|
Neurocrine Biosciences, Inc.(a) |
24,970 | 2,809,125 | ||||||
|
Nkarta, Inc.(a) |
8,613 | 11,972 | ||||||
|
Novavax, Inc.(a)(b) |
19,334 | 139,978 | ||||||
|
Nurix Therapeutics, Inc.(a) |
10,456 | 82,184 | ||||||
|
Nuvalent, Inc., Class A(a)(b) |
5,919 | 272,096 | ||||||
|
Olema Pharmaceuticals, Inc.(a) |
11,642 | 143,779 | ||||||
|
Organogenesis Holdings, Inc., Class A(a) |
30,656 | 97,486 | ||||||
|
ORIC Pharmaceuticals, Inc.(a) |
17,005 | 102,880 | ||||||
|
Outlook Therapeutics, Inc.(a)(b) |
63,546 | 14,044 | ||||||
|
PepGen, Inc.(a) |
7,319 | 37,181 | ||||||
|
PMV Pharmaceuticals, Inc.(a)(b) |
8,204 | 50,373 | ||||||
|
Point Biopharma Global, Inc.(a) |
25,951 | 173,093 | ||||||
|
Precigen, Inc.(a)(b) |
59,785 | 84,895 | ||||||
|
Prime Medicine, Inc.(a)(b) |
10,276 | 98,033 | ||||||
|
ProKidney Corp., Class A(a)(b) |
16,028 | 73,408 | ||||||
|
Protagonist Therapeutics, Inc.(a) |
15,643 | 260,925 | ||||||
|
Prothena Corp. PLC(a) |
10,632 | 512,994 | ||||||
|
PTC Therapeutics, Inc.(a) |
19,590 | 439,012 | ||||||
|
RAPT Therapeutics, Inc.(a)(b) |
5,392 | 89,615 | ||||||
|
Recursion Pharmaceuticals, Inc., Class A(a)(b) |
31,554 | 241,388 | ||||||
|
Regeneron Pharmaceuticals, Inc.(a) |
27,187 | 22,373,814 | ||||||
|
REGENXBIO, Inc.(a) |
9,164 | 150,839 | ||||||
|
Relay Therapeutics, Inc.(a) |
19,745 | 166,055 | ||||||
|
Replimune Group, Inc.(a)(b) |
10,181 | 174,197 | ||||||
|
REVOLUTION Medicines, Inc.(a) |
27,075 | 749,436 | ||||||
|
Rhythm Pharmaceuticals, Inc.(a)(b) |
13,345 | 305,934 | ||||||
|
Rigel Pharmaceuticals, Inc.(a) |
63,014 | 68,055 | ||||||
|
Rocket Pharmaceuticals, Inc.(a)(b) |
13,954 | 285,918 | ||||||
|
Roivant Sciences Ltd.(a)(b) |
91,561 | 1,069,433 | ||||||
|
Sage Therapeutics, Inc.(a)(b) |
13,379 | 275,340 | ||||||
| 10 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (unaudited) (continued) September 30, 2023 |
iShares® Russell 3000 ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Biotechnology (continued) | ||||||||
|
Sana Biotechnology, Inc.(a)(b) |
22,316 | $ | 86,363 | |||||
|
Sangamo Therapeutics, Inc.(a)(b) |
33,336 | 19,995 | ||||||
|
Sarepta Therapeutics, Inc.(a) |
23,444 | 2,841,882 | ||||||
|
Savara, Inc.(a) |
41,456 | 156,704 | ||||||
|
Scholar Rock Holding Corp.(a)(b) |
12,282 | 87,202 | ||||||
|
Seagen, Inc.(a) |
36,748 | 7,796,088 | ||||||
|
Seres Therapeutics, Inc.(a)(b) |
17,998 | 42,835 | ||||||
|
SpringWorks Therapeutics, Inc.(a) |
15,137 | 349,967 | ||||||
|
Stoke Therapeutics, Inc.(a) |
7,669 | 30,216 | ||||||
|
Summit Therapeutics, Inc.(a)(b) |
39,820 | 74,463 | ||||||
|
Sutro Biopharma, Inc.(a) |
22,212 | 77,076 | ||||||
|
Syndax Pharmaceuticals, Inc.(a) |
19,397 | 281,644 | ||||||
|
Tango Therapeutics, Inc.(a) |
12,785 | 143,959 | ||||||
|
Tenaya Therapeutics, Inc.(a) |
15,606 | 39,795 | ||||||
|
TG Therapeutics, Inc.(a)(b) |
35,293 | 295,050 | ||||||
|
Travere Therapeutics, Inc.(a) |
16,660 | 148,940 | ||||||
|
Twist Bioscience Corp.(a)(b) |
14,909 | 302,056 | ||||||
|
Tyra Biosciences, Inc.(a)(b) |
6,424 | 88,459 | ||||||
|
Ultragenyx Pharmaceutical, Inc.(a) |
18,929 | 674,819 | ||||||
|
United Therapeutics Corp.(a) |
11,778 | 2,660,297 | ||||||
|
UroGen Pharma Ltd.(a) |
9,341 | 130,867 | ||||||
|
Vanda Pharmaceuticals, Inc.(a)(b) |
14,743 | 63,690 | ||||||
|
Vaxcyte, Inc.(a)(b) |
23,882 | 1,217,504 | ||||||
|
Vera Therapeutics, Inc., Class A(a)(b) |
7,474 | 102,469 | ||||||
|
Veracyte, Inc.(a) |
17,206 | 384,210 | ||||||
|
Vericel Corp.(a) |
11,469 | 384,441 | ||||||
|
Vertex Pharmaceuticals, Inc.(a) |
67,688 | 23,537,825 | ||||||
|
Verve Therapeutics, Inc.(a)(b) |
12,299 | 163,085 | ||||||
|
Viking Therapeutics, Inc.(a)(b) |
24,977 | 276,495 | ||||||
|
Vir Biotechnology, Inc.(a) |
19,866 | 186,144 | ||||||
|
Viridian Therapeutics, Inc.(a) |
10,300 | 158,002 | ||||||
|
Voyager Therapeutics, Inc.(a) |
8,853 | 68,611 | ||||||
|
X4 Pharmaceuticals, Inc.(a) |
54,582 | 59,494 | ||||||
|
Xencor, Inc.(a) |
14,770 | 297,616 | ||||||
|
Y-mAbs Therapeutics, Inc.(a) |
9,017 | 49,143 | ||||||
|
Zentalis Pharmaceuticals, Inc.(a)(b) |
13,881 | 278,453 | ||||||
|
Zymeworks, Inc.(a)(b) |
13,866 | 87,910 | ||||||
|
|
|
|||||||
| 283,190,262 | ||||||||
| Broadline Retail — 2.9% | ||||||||
|
Amazon.com, Inc.(a) |
2,367,300 | 300,931,176 | ||||||
|
Big Lots, Inc.(b) |
8,851 | 45,229 | ||||||
|
ContextLogic, Inc., Class A(a)(b) |
5,580 | 24,608 | ||||||
|
Coupang, Inc., Class A(a) |
287,265 | 4,883,505 | ||||||
|
Dillard’s, Inc., Class A |
1,039 | 343,712 | ||||||
|
eBay, Inc. |
140,136 | 6,178,596 | ||||||
|
Etsy, Inc.(a) |
32,922 | 2,126,103 | ||||||
|
Kohl’s Corp. |
28,981 | 607,442 | ||||||
|
Macy’s, Inc. |
72,920 | 846,601 | ||||||
|
Nordstrom, Inc. |
28,712 | 428,957 | ||||||
|
Ollie’s Bargain Outlet Holdings, Inc.(a) |
16,792 | 1,296,006 | ||||||
|
Savers Value Village, Inc.(a) |
6,767 | 126,340 | ||||||
|
|
|
|||||||
| 317,838,275 | ||||||||
| Building Products — 0.7% | ||||||||
|
A O Smith Corp. |
32,979 | 2,180,901 | ||||||
|
AAON, Inc. |
17,355 | 986,979 | ||||||
|
Advanced Drainage Systems, Inc. |
17,961 | 2,044,501 | ||||||
|
Allegion PLC |
22,823 | 2,378,157 | ||||||
|
American Woodmark Corp.(a) |
4,711 | 356,199 | ||||||
|
Apogee Enterprises, Inc. |
6,885 | 324,146 | ||||||
|
Armstrong World Industries, Inc. |
11,986 | 862,992 | ||||||
|
AZEK Co., Inc. (The), Class A(a) |
32,671 | 971,635 | ||||||
|
AZZ, Inc. |
6,661 | 303,608 | ||||||
| Security | Shares | Value | ||||||
| Building Products (continued) | ||||||||
|
Builders FirstSource, Inc.(a)(b) |
33,377 | $ | 4,155,103 | |||||
|
Carlisle Cos., Inc. |
12,918 | 3,349,121 | ||||||
|
Carrier Global Corp. |
219,170 | 12,098,184 | ||||||
|
CSW Industrials, Inc. |
3,654 | 640,327 | ||||||
|
Fortune Brands Innovations, Inc. |
33,960 | 2,110,954 | ||||||
|
Gibraltar Industries, Inc.(a) |
8,039 | 542,713 | ||||||
|
Griffon Corp. |
10,979 | 435,537 | ||||||
|
Hayward Holdings, Inc.(a)(b) |
37,374 | 526,973 | ||||||
|
Insteel Industries, Inc. |
4,236 | 137,501 | ||||||
|
Janus International Group, Inc.(a) |
21,993 | 235,325 | ||||||
|
JELD-WEN Holding, Inc.(a) |
21,516 | 287,454 | ||||||
|
Johnson Controls International PLC |
181,230 | 9,643,248 | ||||||
|
Lennox International, Inc. |
8,351 | 3,126,948 | ||||||
|
Masco Corp. |
58,589 | 3,131,582 | ||||||
|
Masonite International Corp.(a) |
6,124 | 570,879 | ||||||
|
Masterbrand, Inc.(a) |
33,770 | 410,305 | ||||||
|
Owens Corning |
23,535 | 3,210,409 | ||||||
|
PGT Innovations, Inc.(a) |
14,662 | 406,870 | ||||||
|
Quanex Building Products Corp. |
8,953 | 252,206 | ||||||
|
Resideo Technologies, Inc.(a) |
37,405 | 590,999 | ||||||
|
Simpson Manufacturing Co., Inc. |
11,474 | 1,718,920 | ||||||
|
Trane Technologies PLC |
59,716 | 12,116,974 | ||||||
|
Trex Co., Inc.(a)(b) |
28,181 | 1,736,795 | ||||||
|
UFP Industries, Inc. |
16,139 | 1,652,634 | ||||||
|
Zurn Elkay Water Solutions Corp. |
38,468 | 1,077,873 | ||||||
|
|
|
|||||||
| 74,574,952 | ||||||||
| Capital Markets — 2.9% | ||||||||
|
Affiliated Managers Group, Inc. |
9,893 | 1,289,454 | ||||||
|
Ameriprise Financial, Inc. |
27,730 | 9,142,026 | ||||||
|
Ares Management Corp., Class A |
42,013 | 4,321,877 | ||||||
|
Artisan Partners Asset Management, Inc., Class A |
14,769 | 552,656 | ||||||
|
AssetMark Financial Holdings, Inc.(a) |
6,947 | 174,231 | ||||||
|
Avantax, Inc.(a) |
8,666 | 221,676 | ||||||
|
B Riley Financial, Inc. |
5,710 | 234,053 | ||||||
|
Bank of New York Mellon Corp. (The) |
204,631 | 8,727,512 | ||||||
|
BGC Group, Inc., Class A |
86,272 | 455,516 | ||||||
|
BlackRock, Inc.(c) |
39,005 | 25,216,342 | ||||||
|
Blackstone, Inc., Class A, NVS |
186,931 | 20,027,787 | ||||||
|
Blue Owl Capital, Inc., Class A |
117,108 | 1,517,720 | ||||||
|
Brightsphere Investment Group, Inc. |
8,438 | 163,613 | ||||||
|
Carlyle Group, Inc. (The) |
56,582 | 1,706,513 | ||||||
|
Cboe Global Markets, Inc. |
27,500 | 4,295,775 | ||||||
|
Charles Schwab Corp. (The) |
388,742 | 21,341,936 | ||||||
|
CME Group, Inc., Class A |
94,244 | 18,869,534 | ||||||
|
Cohen & Steers, Inc. |
6,018 | 377,268 | ||||||
|
Coinbase Global, Inc., Class A(a)(b) |
43,904 | 3,296,312 | ||||||
|
Diamond Hill Investment Group, Inc., Class A |
675 | 113,785 | ||||||
|
Donnelley Financial Solutions, Inc.(a) |
6,375 | 358,785 | ||||||
|
Evercore, Inc., Class A |
9,403 | 1,296,486 | ||||||
|
FactSet Research Systems, Inc. |
9,942 | 4,347,239 | ||||||
|
Forge Global Holdings, Inc.(a) |
46,044 | 93,469 | ||||||
|
Franklin Resources, Inc. |
74,653 | 1,834,971 | ||||||
|
GCM Grosvenor, Inc., Class A |
12,875 | 99,910 | ||||||
|
Goldman Sachs Group, Inc. (The) |
84,699 | 27,406,055 | ||||||
|
Hamilton Lane, Inc., Class A |
9,222 | 834,038 | ||||||
|
Houlihan Lokey, Inc., Class A |
13,630 | 1,460,046 | ||||||
|
Interactive Brokers Group, Inc., Class A |
26,153 | 2,263,804 | ||||||
|
Intercontinental Exchange, Inc. |
149,164 | 16,411,023 | ||||||
|
Invesco Ltd. |
98,956 | 1,436,841 | ||||||
|
Janus Henderson Group PLC |
38,103 | 983,820 | ||||||
|
Jefferies Financial Group, Inc. |
50,095 | 1,834,980 | ||||||
|
S C H E D U L E S O F I N V E S T M E N T S |
11 |
|
Schedule of Investments (unaudited) (continued) September 30, 2023 |
iShares® Russell 3000 ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Capital Markets (continued) | ||||||||
|
KKR & Co., Inc., Class A |
169,370 | $ | 10,433,192 | |||||
|
Lazard Ltd., Class A |
28,679 | 889,336 | ||||||
|
LPL Financial Holdings, Inc. |
20,251 | 4,812,650 | ||||||
|
MarketAxess Holdings, Inc. |
9,877 | 2,110,122 | ||||||
|
Moelis & Co., Class A |
16,225 | 732,234 | ||||||
|
Moody’s Corp. |
41,626 | 13,160,892 | ||||||
|
Morgan Stanley |
315,457 | 25,763,373 | ||||||
|
Morningstar, Inc. |
6,710 | 1,571,750 | ||||||
|
MSCI, Inc., Class A |
20,167 | 10,347,284 | ||||||
|
Nasdaq, Inc. |
90,363 | 4,390,738 | ||||||
|
Northern Trust Corp. |
53,016 | 3,683,552 | ||||||
|
Open Lending Corp.(a) |
26,570 | 194,492 | ||||||
|
P10, Inc., Class A |
9,687 | 112,854 | ||||||
|
Patria Investments Ltd., Class A |
14,131 | 206,030 | ||||||
|
Perella Weinberg Partners, Class A |
8,223 | 83,710 | ||||||
|
Piper Sandler Cos. |
4,909 | 713,327 | ||||||
|
PJT Partners, Inc., Class A |
6,254 | 496,818 | ||||||
|
Raymond James Financial, Inc. |
49,870 | 5,008,444 | ||||||
|
Robinhood Markets, Inc., Class A(a)(b) |
173,993 | 1,706,871 | ||||||
|
S&P Global, Inc. |
84,462 | 30,863,259 | ||||||
|
Sculptor Capital Management, Inc. |
10,605 | 123,018 | ||||||
|
SEI Investments Co. |
26,569 | 1,600,251 | ||||||
|
State Street Corp. |
83,859 | 5,615,199 | ||||||
|
StepStone Group, Inc., Class A |
14,905 | 470,700 | ||||||
|
Stifel Financial Corp. |
27,452 | 1,686,651 | ||||||
|
StoneX Group, Inc.(a) |
5,231 | 506,989 | ||||||
|
T Rowe Price Group, Inc. |
57,521 | 6,032,227 | ||||||
|
TPG, Inc., Class A |
16,815 | 506,468 | ||||||
|
Tradeweb Markets, Inc., Class A |
30,080 | 2,412,416 | ||||||
|
Victory Capital Holdings, Inc., Class A |
7,822 | 260,786 | ||||||
|
Virtu Financial, Inc., Class A |
27,444 | 473,958 | ||||||
|
Virtus Investment Partners, Inc. |
1,729 | 349,241 | ||||||
|
WisdomTree, Inc. |
39,606 | 277,242 | ||||||
|
XP, Inc., Class A |
87,058 | 2,006,687 | ||||||
|
|
|
|||||||
| 322,309,814 | ||||||||
| Chemicals — 1.7% | ||||||||
|
AdvanSix, Inc. |
7,778 | 241,740 | ||||||
|
Air Products & Chemicals, Inc. |
58,482 | 16,573,799 | ||||||
|
Albemarle Corp. |
30,577 | 5,199,313 | ||||||
|
American Vanguard Corp. |
8,712 | 95,222 | ||||||
|
Ashland, Inc. |
12,147 | 992,167 | ||||||
|
Aspen Aerogels, Inc.(a)(b) |
10,365 | 89,139 | ||||||
|
Avient Corp. |
22,760 | 803,883 | ||||||
|
Axalta Coating Systems Ltd.(a) |
55,987 | 1,506,050 | ||||||
|
Balchem Corp. |
8,060 | 999,762 | ||||||
|
Cabot Corp. |
13,944 | 965,901 | ||||||
|
Celanese Corp., Class A |
25,906 | 3,251,721 | ||||||
|
CF Industries Holdings, Inc. |
51,693 | 4,432,158 | ||||||
|
Chase Corp. |
2,253 | 286,649 | ||||||
|
Chemours Co. (The) |
37,814 | 1,060,683 | ||||||
|
Corteva, Inc. |
187,836 | 9,609,690 | ||||||
|
Danimer Scientific, Inc., Class A(a)(b) |
27,151 | 56,203 | ||||||
|
Dow, Inc. |
186,665 | 9,624,447 | ||||||
|
DuPont de Nemours, Inc. |
120,925 | 9,019,796 | ||||||
|
Eastman Chemical Co. |
31,431 | 2,411,386 | ||||||
|
Ecolab, Inc. |
65,524 | 11,099,766 | ||||||
|
Ecovyst, Inc.(a)(b) |
25,350 | 249,444 | ||||||
|
Element Solutions, Inc. |
58,232 | 1,141,930 | ||||||
|
FMC Corp. |
32,638 | 2,185,767 | ||||||
|
Ginkgo Bioworks Holdings, Inc., Class A(a)(b) |
402,343 | 728,241 | ||||||
|
Hawkins, Inc. |
4,426 | 260,470 | ||||||
|
HB Fuller Co. |
13,364 | 916,904 | ||||||
| Security | Shares | Value | ||||||
| Chemicals (continued) | ||||||||
|
Huntsman Corp. |
44,552 | $ | 1,087,069 | |||||
|
Ingevity Corp.(a)(b) |
9,610 | 457,532 | ||||||
|
Innospec, Inc. |
6,437 | 657,861 | ||||||
|
International Flavors & Fragrances, Inc. |
67,590 | 4,607,610 | ||||||
|
Intrepid Potash, Inc.(a)(b) |
2,861 | 71,983 | ||||||
|
Koppers Holdings, Inc. |
5,140 | 203,287 | ||||||
|
Linde PLC |
128,898 | 47,995,170 | ||||||
|
Livent Corp.(a)(b) |
47,716 | 878,452 | ||||||
|
LSB Industries, Inc.(a) |
19,260 | 197,030 | ||||||
|
LyondellBasell Industries NV, Class A |
67,480 | 6,390,356 | ||||||
|
Mativ Holdings, Inc. |
13,772 | 196,389 | ||||||
|
Minerals Technologies, Inc. |
9,595 | 525,422 | ||||||
|
Mosaic Co. (The) |
86,737 | 3,087,837 | ||||||
|
NewMarket Corp. |
1,748 | 795,410 | ||||||
|
Olin Corp. |
33,038 | 1,651,239 | ||||||
|
Origin Materials, Inc., Class A(a)(b) |
31,686 | 40,558 | ||||||
|
Orion SA |
15,796 | 336,139 | ||||||
|
Perimeter Solutions SA(a)(b) |
38,054 | 172,765 | ||||||
|
PPG Industries, Inc. |
61,815 | 8,023,587 | ||||||
|
PureCycle Technologies, Inc.(a)(b) |
27,421 | 153,832 | ||||||
|
Quaker Chemical Corp.(b) |
3,506 | 560,960 | ||||||
|
Rayonier Advanced Materials, Inc.(a) |
16,034 | 56,760 | ||||||
|
RPM International, Inc. |
33,082 | 3,136,504 | ||||||
|
Scotts Miracle-Gro Co. (The) |
10,600 | 547,808 | ||||||
|
Sensient Technologies Corp. |
11,278 | 659,538 | ||||||
|
Sherwin-Williams Co. (The) |
62,386 | 15,911,549 | ||||||
|
Stepan Co. |
6,030 | 452,069 | ||||||
|
Trinseo PLC |
9,689 | 79,159 | ||||||
|
Tronox Holdings PLC |
26,647 | 358,136 | ||||||
|
Westlake Corp.(b) |
8,939 | 1,114,425 | ||||||
|
|
|
|||||||
| 184,208,667 | ||||||||
| Commercial Services & Supplies — 0.6% | ||||||||
|
ABM Industries, Inc. |
17,333 | 693,493 | ||||||
|
ACCO Brands Corp. |
27,455 | 157,592 | ||||||
|
ACV Auctions, Inc., Class A(a)(b) |
33,169 | 503,505 | ||||||
|
Aris Water Solutions, Inc., Class A |
6,420 | 64,072 | ||||||
|
BrightView Holdings, Inc.(a) |
13,771 | 106,725 | ||||||
|
Brink’s Co. (The) |
11,520 | 836,813 | ||||||
|
Casella Waste Systems, Inc., Class A(a) |
14,420 | 1,100,246 | ||||||
|
CECO Environmental Corp.(a)(b) |
8,351 | 133,365 | ||||||
|
Cimpress PLC(a) |
4,399 | 307,974 | ||||||
|
Cintas Corp. |
22,790 | 10,962,218 | ||||||
|
Clean Harbors, Inc.(a) |
13,329 | 2,230,741 | ||||||
|
Copart, Inc.(a) |
225,837 | 9,731,316 | ||||||
|
CoreCivic, Inc.(a) |
30,206 | 339,818 | ||||||
|
Deluxe Corp. |
10,766 | 203,370 | ||||||
|
Driven Brands Holdings, Inc.(a) |
16,773 | 211,172 | ||||||
|
Ennis, Inc. |
6,439 | 136,636 | ||||||
|
Enviri Corp.(a) |
22,573 | 162,977 | ||||||
|
GEO Group, Inc. (The)(a) |
32,760 | 267,977 | ||||||
|
Healthcare Services Group, Inc. |
19,997 | 208,569 | ||||||
|
Heritage-Crystal Clean, Inc.(a) |
5,174 | 234,641 | ||||||
|
HNI Corp. |
12,765 | 442,052 | ||||||
|
Interface, Inc., Class A |
14,261 | 139,900 | ||||||
|
Li-Cycle Holdings Corp.(a)(b) |
35,749 | 126,909 | ||||||
|
Liquidity Services, Inc.(a) |
6,677 | 117,649 | ||||||
|
Matthews International Corp., Class A |
7,825 | 304,471 | ||||||
|
MillerKnoll, Inc. |
20,794 | 508,413 | ||||||
|
Montrose Environmental Group, Inc.(a) |
5,938 | 173,746 | ||||||
|
MSA Safety, Inc. |
9,517 | 1,500,355 | ||||||
|
OPENLANE, Inc.(a) |
28,177 | 420,401 | ||||||
|
RB Global, Inc.(b) |
47,610 | 2,975,625 | ||||||
| 12 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (unaudited) (continued) September 30, 2023 |
iShares® Russell 3000 ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Commercial Services & Supplies (continued) | ||||||||
|
Republic Services, Inc. |
54,450 | $ | 7,759,669 | |||||
|
Rollins, Inc. |
67,261 | 2,510,853 | ||||||
|
SP Plus Corp.(a) |
5,881 | 212,304 | ||||||
|
Steelcase, Inc., Class A |
24,946 | 278,647 | ||||||
|
Stericycle, Inc.(a) |
23,773 | 1,062,891 | ||||||
|
Tetra Tech, Inc. |
14,062 | 2,137,846 | ||||||
|
UniFirst Corp. |
4,061 | 661,984 | ||||||
|
Viad Corp.(a) |
4,972 | 130,266 | ||||||
|
VSE Corp. |
2,937 | 148,142 | ||||||
|
Waste Management, Inc. |
106,711 | 16,267,025 | ||||||
|
|
|
|||||||
| 66,472,368 | ||||||||
| Communications Equipment — 0.9% | ||||||||
|
ADTRAN Holdings, Inc. |
18,298 | 150,593 | ||||||
|
Arista Networks, Inc.(a) |
65,768 | 12,096,708 | ||||||
|
Aviat Networks, Inc.(a) |
3,496 | 109,075 | ||||||
|
Calix, Inc.(a) |
14,358 | 658,171 | ||||||
|
Cambium Networks Corp.(a) |
4,476 | 32,809 | ||||||
|
Ciena Corp.(a) |
39,556 | 1,869,417 | ||||||
|
Cisco Systems, Inc. |
1,077,382 | 57,920,056 | ||||||
|
Clearfield, Inc.(a) |
3,363 | 96,384 | ||||||
|
CommScope Holding Co., Inc.(a) |
51,335 | 172,486 | ||||||
|
Comtech Telecommunications Corp. |
7,951 | 69,571 | ||||||
|
Digi International, Inc.(a) |
8,552 | 230,904 | ||||||
|
Extreme Networks, Inc.(a) |
34,721 | 840,596 | ||||||
|
F5, Inc.(a) |
15,552 | 2,506,049 | ||||||
|
Harmonic, Inc.(a) |
31,743 | 305,685 | ||||||
|
Infinera Corp.(a)(b) |
52,413 | 219,086 | ||||||
|
Juniper Networks, Inc. |
83,089 | 2,309,043 | ||||||
|
Lumentum Holdings, Inc.(a)(b) |
18,796 | 849,203 | ||||||
|
Motorola Solutions, Inc. |
43,315 | 11,792,076 | ||||||
|
NETGEAR, Inc.(a) |
8,648 | 108,878 | ||||||
|
NetScout Systems, Inc.(a) |
16,370 | 458,687 | ||||||
|
Ribbon Communications, Inc.(a)(b) |
23,169 | 62,093 | ||||||
|
Ubiquiti, Inc. |
1,048 | 152,274 | ||||||
|
Viasat, Inc.(a)(b) |
30,790 | 568,384 | ||||||
|
Viavi Solutions, Inc.(a) |
63,148 | 577,173 | ||||||
|
|
|
|||||||
| 94,155,401 | ||||||||
| Construction & Engineering — 0.3% | ||||||||
|
AECOM |
33,853 | 2,811,153 | ||||||
|
Ameresco, Inc., Class A(a)(b) |
7,897 | 304,508 | ||||||
|
API Group Corp.(a) |
55,635 | 1,442,616 | ||||||
|
Arcosa, Inc. |
12,647 | 909,319 | ||||||
|
Argan, Inc. |
3,801 | 173,022 | ||||||
|
Bowman Consulting Group Ltd.(a) |
3,291 | 92,247 | ||||||
|
Comfort Systems U.S.A., Inc. |
8,968 | 1,528,237 | ||||||
|
Construction Partners, Inc., Class A(a) |
8,770 | 320,631 | ||||||
|
Dycom Industries, Inc.(a)(b) |
7,081 | 630,209 | ||||||
|
EMCOR Group, Inc. |
12,373 | 2,603,155 | ||||||
|
Eneti, Inc. |
9,412 | 94,873 | ||||||
|
Fluor Corp.(a)(b) |
38,559 | 1,415,115 | ||||||
|
Granite Construction, Inc. |
13,218 | 502,548 | ||||||
|
Great Lakes Dredge & Dock Corp.(a) |
14,548 | 115,948 | ||||||
|
IES Holdings, Inc.(a) |
2,654 | 174,819 | ||||||
|
Limbach Holdings, Inc.(a)(b) |
3,596 | 114,101 | ||||||
|
MasTec, Inc.(a) |
16,577 | 1,193,047 | ||||||
|
MDU Resources Group, Inc. |
51,553 | 1,009,408 | ||||||
|
MYR Group, Inc.(a) |
4,034 | 543,622 | ||||||
|
Northwest Pipe Co.(a) |
3,960 | 119,473 | ||||||
|
Primoris Services Corp. |
15,434 | 505,155 | ||||||
|
Quanta Services, Inc. |
37,990 | 7,106,789 | ||||||
|
Sterling Infrastructure, Inc.(a) |
8,156 | 599,303 | ||||||
|
Tutor Perini Corp.(a) |
13,100 | 102,573 | ||||||
| Security | Shares | Value | ||||||
| Construction & Engineering (continued) | ||||||||
|
Valmont Industries, Inc. |
5,447 | $ | 1,308,424 | |||||
|
WillScot Mobile Mini Holdings Corp.(a) |
51,546 | 2,143,798 | ||||||
|
|
|
|||||||
| 27,864,093 | ||||||||
| Construction Materials — 0.2% | ||||||||
|
Eagle Materials, Inc. |
9,431 | 1,570,450 | ||||||
|
Knife River Corp.(a) |
15,106 | 737,626 | ||||||
|
Martin Marietta Materials, Inc. |
16,186 | 6,644,030 | ||||||
|
Summit Materials, Inc., Class A(a)(b) |
32,065 | 998,504 | ||||||
|
United States Lime & Minerals, Inc. |
672 | 135,072 | ||||||
|
Vulcan Materials Co. |
34,962 | 7,063,023 | ||||||
|
|
|
|||||||
| 17,148,705 | ||||||||
| Consumer Finance — 0.5% | ||||||||
|
Ally Financial, Inc. |
71,355 | 1,903,751 | ||||||
|
American Express Co. |
155,227 | 23,158,316 | ||||||
|
Bread Financial Holdings, Inc. |
12,814 | 438,239 | ||||||
|
Capital One Financial Corp. |
99,176 | 9,625,031 | ||||||
|
Credit Acceptance Corp.(a)(b) |
1,803 | 829,596 | ||||||
|
Discover Financial Services |
65,193 | 5,647,670 | ||||||
|
Encore Capital Group, Inc.(a)(b) |
6,439 | 307,527 | ||||||
|
Enova International, Inc.(a) |
7,574 | 385,289 | ||||||
|
FirstCash Holdings, Inc. |
9,635 | 967,161 | ||||||
|
Green Dot Corp., Class A(a) |
14,236 | 198,308 | ||||||
|
LendingClub Corp.(a) |
25,429 | 155,117 | ||||||
|
LendingTree, Inc.(a) |
3,828 | 59,334 | ||||||
|
Navient Corp. |
25,041 | 431,206 | ||||||
|
Nelnet, Inc., Class A |
3,196 | 285,467 | ||||||
|
NerdWallet, Inc., Class A(a)(b) |
5,845 | 51,962 | ||||||
|
OneMain Holdings, Inc. |
29,170 | 1,169,425 | ||||||
|
PRA Group, Inc.(a) |
9,443 | 181,400 | ||||||
|
PROG Holdings, Inc.(a) |
14,497 | 481,445 | ||||||
|
Regional Management Corp. |
3,341 | 92,479 | ||||||
|
SLM Corp. |
64,033 | 872,130 | ||||||
|
SoFi Technologies, Inc.(a)(b) |
240,414 | 1,920,908 | ||||||
|
Synchrony Financial |
109,718 | 3,354,079 | ||||||
|
Upstart Holdings, Inc.(a)(b) |
19,948 | 569,316 | ||||||
|
World Acceptance Corp.(a) |
974 | 123,756 | ||||||
|
|
|
|||||||
| 53,208,912 | ||||||||
| Consumer Staples Distribution & Retail — 1.7% | ||||||||
|
Albertsons Cos., Inc., Class A |
109,178 | 2,483,800 | ||||||
|
Andersons, Inc. (The) |
9,715 | 500,420 | ||||||
|
BJ’s Wholesale Club Holdings, Inc.(a) |
34,631 | 2,471,614 | ||||||
|
Casey’s General Stores, Inc. |
9,869 | 2,679,631 | ||||||
|
Chefs’ Warehouse, Inc. (The)(a) |
7,498 | 158,808 | ||||||
|
Costco Wholesale Corp. |
116,412 | 65,768,124 | ||||||
|
Dollar General Corp. |
57,452 | 6,078,422 | ||||||
|
Dollar Tree, Inc.(a) |
55,304 | 5,887,111 | ||||||
|
Grocery Outlet Holding Corp.(a) |
25,888 | 746,869 | ||||||
|
Ingles Markets, Inc., Class A |
4,177 | 314,653 | ||||||
|
Kroger Co. (The) |
170,759 | 7,641,465 | ||||||
|
Performance Food Group Co.(a) |
39,412 | 2,319,790 | ||||||
|
PriceSmart, Inc. |
7,274 | 541,404 | ||||||
|
SpartanNash Co. |
8,905 | 195,910 | ||||||
|
Sprouts Farmers Market, Inc.(a) |
27,419 | 1,173,533 | ||||||
|
Sysco Corp. |
133,026 | 8,786,367 | ||||||
|
Target Corp. |
120,620 | 13,336,953 | ||||||
|
U.S. Foods Holding Corp.(a) |
59,453 | 2,360,284 | ||||||
|
United Natural Foods, Inc.(a)(b) |
13,937 | 197,069 | ||||||
|
Walgreens Boots Alliance, Inc. |
189,158 | 4,206,874 | ||||||
|
Walmart, Inc. |
375,045 | 59,980,947 | ||||||
|
Weis Markets, Inc. |
4,686 | 295,218 | ||||||
|
|
|
|||||||
| 188,125,266 | ||||||||
|
S C H E D U L E S O F I N V E S T M E N T S |
13 |
|
Schedule of Investments (unaudited) (continued) September 30, 2023 |
iShares® Russell 3000 ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Containers & Packaging — 0.3% | ||||||||
|
Amcor PLC |
383,932 | $ | 3,516,817 | |||||
|
AptarGroup, Inc. |
17,163 | 2,146,062 | ||||||
|
Ardagh Group SA, Class A(a) |
4,919 | 26,833 | ||||||
|
Ardagh Metal Packaging SA |
41,863 | 131,031 | ||||||
|
Avery Dennison Corp. |
21,386 | 3,906,581 | ||||||
|
Ball Corp. |
81,693 | 4,066,678 | ||||||
|
Berry Global Group, Inc. |
32,528 | 2,013,808 | ||||||
|
Crown Holdings, Inc. |
27,805 | 2,460,186 | ||||||
|
Graphic Packaging Holding Co. |
81,907 | 1,824,888 | ||||||
|
Greif, Inc., Class A, NVS |
6,247 | 417,362 | ||||||
|
Greif, Inc., Class B |
1,975 | 131,456 | ||||||
|
International Paper Co. |
90,784 | 3,220,108 | ||||||
|
Myers Industries, Inc. |
9,592 | 171,985 | ||||||
|
O-I Glass, Inc.(a) |
43,121 | 721,414 | ||||||
|
Packaging Corp. of America |
22,960 | 3,525,508 | ||||||
|
Pactiv Evergreen, Inc. |
10,455 | 84,999 | ||||||
|
Sealed Air Corp. |
37,823 | 1,242,864 | ||||||
|
Silgan Holdings, Inc. |
21,790 | 939,367 | ||||||
|
Sonoco Products Co. |
25,757 | 1,399,893 | ||||||
|
TriMas Corp. |
9,741 | 241,187 | ||||||
|
Westrock Co. |
66,727 | 2,388,827 | ||||||
|
|
|
|||||||
| 34,577,854 | ||||||||
| Distributors — 0.1% | ||||||||
|
Genuine Parts Co. |
36,770 | 5,308,853 | ||||||
|
LKQ Corp. |
69,832 | 3,457,382 | ||||||
|
Pool Corp.(b) |
10,122 | 3,604,444 | ||||||
|
|
|
|||||||
| 12,370,679 | ||||||||
| Diversified Consumer Services — 0.1% | ||||||||
|
2U, Inc.(a)(b) |
18,323 | 45,258 | ||||||
|
ADT, Inc. |
54,459 | 326,754 | ||||||
|
Adtalem Global Education, Inc.(a) |
12,597 | 539,781 | ||||||
|
Bright Horizons Family Solutions, Inc.(a)(b) |
14,809 | 1,206,341 | ||||||
|
Carriage Services, Inc. |
3,866 | 109,215 | ||||||
|
Chegg, Inc.(a) |
31,712 | 282,871 | ||||||
|
Coursera, Inc.(a)(b) |
34,426 | 643,422 | ||||||
|
Duolingo, Inc., Class A(a)(b) |
7,459 | 1,237,224 | ||||||
|
European Wax Center, Inc., Class A(a) |
6,745 | 109,269 | ||||||
|
Frontdoor, Inc.(a) |
22,570 | 690,416 | ||||||
|
Graham Holdings Co., Class B |
1,020 | 594,660 | ||||||
|
Grand Canyon Education, Inc.(a) |
7,961 | 930,482 | ||||||
|
H&R Block, Inc. |
41,025 | 1,766,536 | ||||||
|
Laureate Education, Inc., Class A |
34,916 | 492,316 | ||||||
|
Mister Car Wash, Inc.(a) |
19,983 | 110,106 | ||||||
|
OneSpaWorld Holdings Ltd.(a) |
13,845 | 155,341 | ||||||
|
Perdoceo Education Corp. |
19,949 | 341,128 | ||||||
|
Rover Group, Inc., Class A(a) |
32,368 | 202,624 | ||||||
|
Service Corp. International |
39,651 | 2,265,658 | ||||||
|
Strategic Education, Inc. |
5,838 | 439,309 | ||||||
|
Stride, Inc.(a) |
11,031 | 496,726 | ||||||
|
Udemy, Inc.(a) |
22,081 | 209,770 | ||||||
|
Universal Technical Institute, Inc.(a) |
13,647 | 114,362 | ||||||
|
WW International, Inc.(a)(b) |
16,189 | 179,212 | ||||||
|
|
|
|||||||
| 13,488,781 | ||||||||
| Diversified REITs — 0.1% | ||||||||
|
Alexander & Baldwin, Inc. |
19,990 | 334,433 | ||||||
|
American Assets Trust, Inc. |
12,265 | 238,554 | ||||||
|
Armada Hoffler Properties, Inc. |
14,650 | 150,016 | ||||||
|
Broadstone Net Lease, Inc. |
46,063 | 658,701 | ||||||
|
CTO Realty Growth, Inc. |
6,627 | 107,424 | ||||||
|
Empire State Realty Trust, Inc., Class A(b) |
38,250 | 307,530 | ||||||
|
Essential Properties Realty Trust, Inc. |
40,870 | 884,018 | ||||||
| Security | Shares | Value | ||||||
| Diversified REITs (continued) | ||||||||
|
Gladstone Commercial Corp. |
9,672 | $ | 117,611 | |||||
|
Global Net Lease, Inc. |
54,382 | 522,611 | ||||||
|
NexPoint Diversified Real Estate Trust |
9,773 | 85,123 | ||||||
|
NexPoint Diversified Real Estate Trust(a)(d) |
9,806 | 1,177 | ||||||
|
One Liberty Properties, Inc. |
4,562 | 86,085 | ||||||
|
Star Holdings(a) |
2,381 | 29,810 | ||||||
|
WP Carey, Inc. |
55,282 | 2,989,650 | ||||||
|
|
|
|||||||
| 6,512,743 | ||||||||
| Diversified Telecommunication Services — 0.6% | ||||||||
|
Anterix, Inc.(a) |
3,152 | 98,910 | ||||||
|
AST SpaceMobile, Inc., Class A(a)(b) |
17,789 | 67,598 | ||||||
|
AT&T Inc. |
1,881,121 | 28,254,437 | ||||||
|
ATN International, Inc. |
3,037 | 95,848 | ||||||
|
Bandwidth, Inc., Class A(a) |
8,420 | 94,893 | ||||||
|
Cogent Communications Holdings, Inc. |
11,414 | 706,527 | ||||||
|
Consolidated Communications Holdings, Inc.(a) |
20,532 | 70,219 | ||||||
|
EchoStar Corp., Class A(a)(b) |
9,579 | 160,448 | ||||||
|
Frontier Communications Parent, Inc.(a)(b) |
62,386 | 976,341 | ||||||
|
GCI Liberty, Inc. Escrow, Class A(a)(d) |
28,033 | — | ||||||
|
Globalstar, Inc.(a)(b) |
170,151 | 222,898 | ||||||
|
IDT Corp., Class B(a) |
5,191 | 114,462 | ||||||
|
Iridium Communications, Inc. |
33,293 | 1,514,499 | ||||||
|
Liberty Latin America Ltd., Class A(a) |
11,761 | 95,970 | ||||||
|
Liberty Latin America Ltd., Class C, NVS(a)(b) |
42,336 | 345,462 | ||||||
|
Lumen Technologies, Inc.(a) |
265,407 | 376,878 | ||||||
|
Ooma, Inc.(a) |
7,019 | 91,317 | ||||||
|
Verizon Communications, Inc. |
1,105,550 | 35,830,875 | ||||||
|
|
|
|||||||
| 69,117,582 | ||||||||
| Electric Utilities — 1.4% | ||||||||
|
ALLETE, Inc. |
14,834 | 783,235 | ||||||
|
Alliant Energy Corp. |
66,821 | 3,237,478 | ||||||
|
American Electric Power Co., Inc. |
135,115 | 10,163,350 | ||||||
|
Avangrid, Inc. |
19,090 | 575,945 | ||||||
|
Constellation Energy Corp. |
86,401 | 9,424,621 | ||||||
|
Duke Energy Corp. |
202,506 | 17,873,180 | ||||||
|
Edison International |
99,171 | 6,276,533 | ||||||
|
Entergy Corp. |
55,499 | 5,133,658 | ||||||
|
Evergy, Inc. |
58,920 | 2,987,244 | ||||||
|
Eversource Energy |
91,235 | 5,305,315 | ||||||
|
Exelon Corp. |
259,973 | 9,824,380 | ||||||
|
FirstEnergy Corp. |
143,143 | 4,892,628 | ||||||
|
Genie Energy Ltd., Class B |
8,154 | 120,108 | ||||||
|
Hawaiian Electric Industries, Inc. |
28,885 | 355,574 | ||||||
|
IDACORP, Inc. |
12,788 | 1,197,596 | ||||||
|
MGE Energy, Inc. |
9,394 | 643,583 | ||||||
|
NextEra Energy, Inc. |
531,904 | 30,472,780 | ||||||
|
NRG Energy, Inc. |
60,492 | 2,330,152 | ||||||
|
OGE Energy Corp. |
51,178 | 1,705,763 | ||||||
|
Otter Tail Corp. |
10,447 | 793,136 | ||||||
|
PG&E Corp.(a) |
526,392 | 8,490,703 | ||||||
|
Pinnacle West Capital Corp. |
30,308 | 2,233,093 | ||||||
|
PNM Resources, Inc. |
22,130 | 987,219 | ||||||
|
Portland General Electric Co. |
26,509 | 1,073,084 | ||||||
|
PPL Corp. |
192,632 | 4,538,410 | ||||||
|
Southern Co. (The) |
286,664 | 18,552,894 | ||||||
|
Xcel Energy, Inc. |
143,895 | 8,233,672 | ||||||
|
|
|
|||||||
| 158,205,334 | ||||||||
| Electrical Equipment — 0.8% | ||||||||
|
Acuity Brands, Inc. |
8,459 | 1,440,652 | ||||||
|
Allient, Inc. |
3,466 | 107,169 | ||||||
|
AMETEK, Inc. |
60,603 | 8,954,699 | ||||||
| 14 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (unaudited) (continued) September 30, 2023 |
iShares® Russell 3000 ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Electrical Equipment (continued) | ||||||||
|
Array Technologies, Inc.(a) |
40,734 | $ | 903,887 | |||||
|
Atkore, Inc.(a)(b) |
9,852 | 1,469,820 | ||||||
|
Babcock & Wilcox Enterprises, Inc.(a) |
17,081 | 71,911 | ||||||
|
Blink Charging Co.(a)(b) |
9,813 | 30,028 | ||||||
|
Bloom Energy Corp., Class A(a)(b) |
51,183 | 678,687 | ||||||
|
ChargePoint Holdings, Inc., Class A(a)(b) |
86,716 | 430,979 | ||||||
|
Eaton Corp. PLC |
104,488 | 22,285,201 | ||||||
|
Emerson Electric Co. |
149,854 | 14,471,401 | ||||||
|
Encore Wire Corp. |
4,353 | 794,248 | ||||||
|
Energy Vault Holdings, Inc.(a)(b) |
35,445 | 90,385 | ||||||
|
EnerSys |
11,361 | 1,075,546 | ||||||
|
Enovix Corp.(a)(b) |
37,799 | 474,377 | ||||||
|
Eos Energy Enterprises, Inc., Class A(a)(b) |
31,879 | 68,540 | ||||||
|
ESS Tech, Inc.(a)(b) |
31,728 | 59,649 | ||||||
|
Fluence Energy, Inc., Class A(a)(b) |
8,829 | 202,979 | ||||||
|
FuelCell Energy, Inc.(a)(b) |
99,507 | 127,369 | ||||||
|
Generac Holdings, Inc.(a) |
16,357 | 1,782,259 | ||||||
|
GrafTech International Ltd. |
56,446 | 216,188 | ||||||
|
Hubbell, Inc. |
13,905 | 4,357,966 | ||||||
|
LSI Industries, Inc. |
8,888 | 141,141 | ||||||
|
NEXTracker, Inc., Class A(a) |
11,321 | 454,651 | ||||||
|
NuScale Power Corp., Class A(a)(b) |
10,165 | 49,808 | ||||||
|
nVent Electric PLC |
43,688 | 2,315,027 | ||||||
|
Plug Power, Inc.(a)(b) |
134,519 | 1,022,344 | ||||||
|
Powell Industries, Inc. |
2,809 | 232,866 | ||||||
|
Preformed Line Products Co. |
870 | 141,445 | ||||||
|
Regal Rexnord Corp. |
17,162 | 2,452,107 | ||||||
|
Rockwell Automation, Inc. |
30,180 | 8,627,557 | ||||||
|
Sensata Technologies Holding PLC |
39,941 | 1,510,569 | ||||||
|
SES AI Corp., Class A(a)(b) |
44,578 | 101,192 | ||||||
|
Shoals Technologies Group, Inc., Class A(a)(b) |
42,516 | 775,917 | ||||||
|
Stem, Inc.(a)(b) |
41,890 | 177,614 | ||||||
|
SunPower Corp.(a)(b) |
20,160 | 124,387 | ||||||
|
Sunrun, Inc.(a)(b) |
53,057 | 666,396 | ||||||
|
Thermon Group Holdings, Inc.(a) |
8,650 | 237,615 | ||||||
|
TPI Composites, Inc.(a)(b) |
10,473 | 27,753 | ||||||
|
Vertiv Holdings Co., Class A |
90,162 | 3,354,026 | ||||||
|
Vicor Corp.(a) |
5,481 | 322,776 | ||||||
|
|
|
|||||||
| 82,829,131 | ||||||||
| Electronic Equipment, Instruments & Components — 0.7% | ||||||||
|
908 Devices, Inc.(a)(b) |
7,819 | 52,075 | ||||||
|
Advanced Energy Industries, Inc. |
9,465 | 976,031 | ||||||
|
Akoustis Technologies, Inc.(a) |
33,319 | 25,086 | ||||||
|
Amphenol Corp., Class A |
152,903 | 12,842,323 | ||||||
|
Arlo Technologies, Inc.(a) |
21,434 | 220,770 | ||||||
|
Arrow Electronics, Inc.(a) |
15,300 | 1,916,172 | ||||||
|
Avnet, Inc. |
24,085 | 1,160,656 | ||||||
|
Badger Meter, Inc. |
7,980 | 1,148,083 | ||||||
|
Bel Fuse, Inc., Class B, NVS |
2,719 | 129,751 | ||||||
|
Belden, Inc. |
11,083 | 1,070,064 | ||||||
|
Benchmark Electronics, Inc. |
10,522 | 255,264 | ||||||
|
CDW Corp. |
35,375 | 7,137,260 | ||||||
|
Cognex Corp. |
44,833 | 1,902,713 | ||||||
|
Coherent Corp.(a) |
30,431 | 993,268 | ||||||
|
Corning, Inc. |
199,440 | 6,076,937 | ||||||
|
Crane NXT Co. |
12,483 | 693,680 | ||||||
|
CTS Corp. |
8,192 | 341,934 | ||||||
|
Daktronics, Inc.(a) |
13,531 | 120,697 | ||||||
|
ePlus, Inc.(a) |
7,516 | 477,416 | ||||||
|
Evolv Technologies Holdings, Inc., Class A(a) |
33,888 | 164,696 | ||||||
|
Fabrinet(a) |
9,339 | 1,556,064 | ||||||
|
FARO Technologies, Inc.(a) |
4,156 | 63,296 | ||||||
| Security | Shares | Value | ||||||
| Electronic Equipment, Instruments & Components (continued) | ||||||||
|
Insight Enterprises, Inc.(a)(b) |
7,275 | $ | 1,058,512 | |||||
|
IPG Photonics Corp.(a) |
8,425 | 855,474 | ||||||
|
Itron, Inc.(a) |
11,664 | 706,605 | ||||||
|
Jabil, Inc. |
33,944 | 4,307,154 | ||||||
|
Keysight Technologies, Inc.(a) |
46,866 | 6,200,840 | ||||||
|
Kimball Electronics, Inc.(a) |
5,966 | 163,349 | ||||||
|
Knowles Corp.(a) |
25,792 | 381,980 | ||||||
|
Lightwave Logic, Inc.(a)(b) |
31,301 | 139,915 | ||||||
|
Littelfuse, Inc. |
6,221 | 1,538,578 | ||||||
|
Luna Innovations, Inc.(a)(b) |
11,418 | 66,909 | ||||||
|
Methode Electronics, Inc. |
9,192 | 210,037 | ||||||
|
MicroVision, Inc.(a)(b) |
41,270 | 90,381 | ||||||
|
Mirion Technologies, Inc., Class A(a)(b) |
55,666 | 415,825 | ||||||
|
Napco Security Technologies, Inc. |
7,546 | 167,899 | ||||||
|
National Instruments Corp. |
34,617 | 2,063,866 | ||||||
|
nLight, Inc.(a) |
10,781 | 112,122 | ||||||
|
Novanta, Inc.(a) |
8,940 | 1,282,354 | ||||||
|
OSI Systems, Inc.(a) |
4,511 | 532,478 | ||||||
|
PAR Technology Corp.(a)(b) |
7,364 | 283,809 | ||||||
|
PC Connection, Inc. |
2,960 | 158,005 | ||||||
|
Plexus Corp.(a) |
7,380 | 686,192 | ||||||
|
Rogers Corp.(a) |
4,955 | 651,434 | ||||||
|
Sanmina Corp.(a) |
13,872 | 752,972 | ||||||
|
ScanSource, Inc.(a) |
6,742 | 204,350 | ||||||
|
SmartRent, Inc., Class A(a) |
38,044 | 99,295 | ||||||
|
TD SYNNEX Corp. |
10,892 | 1,087,675 | ||||||
|
Teledyne Technologies, Inc.(a) |
12,242 | 5,001,836 | ||||||
|
Trimble, Inc.(a) |
64,261 | 3,461,097 | ||||||
|
TTM Technologies, Inc.(a) |
23,829 | 306,918 | ||||||
|
Vishay Intertechnology, Inc. |
31,977 | 790,471 | ||||||
|
Vishay Precision Group, Inc.(a) |
3,216 | 107,993 | ||||||
|
Vontier Corp. |
42,277 | 1,307,205 | ||||||
|
Vuzix Corp.(a)(b) |
19,814 | 71,925 | ||||||
|
Zebra Technologies Corp., Class A(a)(b) |
13,262 | 3,136,861 | ||||||
|
|
|
|||||||
| 77,726,552 | ||||||||
| Energy Equipment & Services — 0.6% | ||||||||
|
AESI Holdings, Inc., Class A(b) |
6,596 | 146,629 | ||||||
|
Archrock, Inc. |
34,727 | 437,560 | ||||||
|
Baker Hughes Co., Class A |
265,654 | 9,382,899 | ||||||
|
Borr Drilling Ltd.(a) |
62,128 | 441,109 | ||||||
|
Bristow Group, Inc.(a) |
6,111 | 172,147 | ||||||
|
Cactus, Inc., Class A |
17,210 | 864,114 | ||||||
|
ChampionX Corp. |
50,896 | 1,812,915 | ||||||
|
Core Laboratories, Inc. |
12,185 | 292,562 | ||||||
|
Diamond Offshore Drilling, Inc.(a) |
26,223 | 384,954 | ||||||
|
DMC Global, Inc.(a) |
6,342 | 155,189 | ||||||
|
Dril-Quip, Inc.(a)(b) |
9,837 | 277,108 | ||||||
|
Expro Group Holdings NV(a) |
20,015 | 464,948 | ||||||
|
Halliburton Co. |
235,968 | 9,556,704 | ||||||
|
Helix Energy Solutions Group, Inc.(a) |
35,341 | 394,759 | ||||||
|
Helmerich & Payne, Inc. |
26,724 | 1,126,684 | ||||||
|
Kodiak Gas Services, Inc.(a) |
6,484 | 115,934 | ||||||
|
Liberty Energy, Inc., Class A |
47,203 | 874,200 | ||||||
|
Nabors Industries Ltd.(a) |
2,232 | 274,848 | ||||||
|
Newpark Resources, Inc.(a) |
26,017 | 179,777 | ||||||
|
Noble Corp. PLC |
27,983 | 1,417,339 | ||||||
|
NOV, Inc. |
103,968 | 2,172,931 | ||||||
|
Oceaneering International, Inc.(a) |
24,499 | 630,114 | ||||||
|
Oil States International, Inc.(a) |
22,862 | 191,355 | ||||||
|
Patterson-UTI Energy, Inc. |
89,965 | 1,245,116 | ||||||
|
ProFrac Holding Corp., Class A(a) |
8,111 | 88,248 | ||||||
|
ProPetro Holding Corp.(a) |
19,801 | 210,485 | ||||||
|
S C H E D U L E S O F I N V E S T M E N T S |
15 |
|
Schedule of Investments (unaudited) (continued) September 30, 2023 |
iShares® Russell 3000 ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Energy Equipment & Services (continued) | ||||||||
|
RPC, Inc. |
20,563 | $ | 183,833 | |||||
|
Schlumberger NV |
373,742 | 21,789,159 | ||||||
|
SEACOR Marine Holdings, Inc.(a) |
9,837 | 136,538 | ||||||
|
Seadrill Ltd.(a) |
13,134 | 588,272 | ||||||
|
Select Water Solutions, Inc., Class A |
22,335 | 177,563 | ||||||
|
Solaris Oilfield Infrastructure, Inc., Class A |
12,455 | 132,770 | ||||||
|
TechnipFMC PLC |
115,049 | 2,340,097 | ||||||
|
TETRA Technologies, Inc.(a) |
41,996 | 267,934 | ||||||
|
Tidewater, Inc.(a) |
12,922 | 918,367 | ||||||
|
U.S. Silica Holdings, Inc.(a) |
21,132 | 296,693 | ||||||
|
Valaris Ltd.(a) |
15,533 | 1,164,664 | ||||||
|
Weatherford International PLC(a) |
18,129 | 1,637,593 | ||||||
|
|
|
|||||||
| 62,944,111 | ||||||||
| Entertainment — 1.3% | ||||||||
|
Activision Blizzard, Inc. |
190,422 | 17,829,212 | ||||||
|
AMC Entertainment Holdings, Inc., Class A(a)(b) |
15,226 | 121,656 | ||||||
|
Atlanta Braves Holdings, Inc., Class A(a) |
3,108 | 121,429 | ||||||
|
Atlanta Braves Holdings, Inc., Class C, NVS(a) |
10,208 | 364,732 | ||||||
|
Cinemark Holdings, Inc.(a)(b) |
28,937 | 530,994 | ||||||
|
Electronic Arts, Inc. |
72,229 | 8,696,371 | ||||||
|
IMAX Corp.(a) |
14,709 | 284,178 | ||||||
|
Liberty Media Corp. - Liberty Formula One, Class A(a) |
6,502 | 367,623 | ||||||
|
Liberty Media Corp. - Liberty Formula One, Class C(a) |
50,837 | 3,167,145 | ||||||
|
Liberty Media Corp. - Liberty Live, Class A(a) |
4,949 | 157,972 | ||||||
|
Liberty Media Corp. - Liberty Live, Class C, NVS(a)(b) |
12,135 | 389,533 | ||||||
|
Lions Gate Entertainment Corp., Class A(a)(b) |
14,083 | 119,424 | ||||||
|
Lions Gate Entertainment Corp., Class B, NVS(a) |
33,340 | 262,386 | ||||||
|
Live Nation Entertainment, Inc.(a) |
41,525 | 3,448,236 | ||||||
|
Madison Square Garden Entertainment Corp.(a) |
11,236 | 369,777 | ||||||
|
Madison Square Garden Sports Corp., Class A |
5,216 | 919,581 | ||||||
|
Marcus Corp. (The) |
7,194 | 111,507 | ||||||
|
Netflix, Inc.(a) |
115,219 | 43,506,694 | ||||||
|
Playstudios, Inc., Class A(a)(b) |
27,343 | 86,951 | ||||||
|
Playtika Holding Corp.(a) |
6,176 | 59,475 | ||||||
|
ROBLOX Corp., Class A(a) |
120,637 | 3,493,647 | ||||||
|
Roku, Inc., Class A(a) |
32,985 | 2,328,411 | ||||||
|
Sphere Entertainment Co., Class A(a)(b) |
6,800 | 252,688 | ||||||
|
Spotify Technology SA(a) |
36,548 | 5,651,783 | ||||||
|
Take-Two Interactive Software, Inc.(a) |
42,987 | 6,034,945 | ||||||
|
TKO Group Holdings, Inc., Class A(b) |
11,466 | 963,832 | ||||||
|
Walt Disney Co. (The)(a) |
480,493 | 38,943,958 | ||||||
|
Warner Bros Discovery, Inc., Class A(a) |
577,757 | 6,274,441 | ||||||
|
|
|
|||||||
| 144,858,581 | ||||||||
| Financial Services — 4.2% | ||||||||
|
Affirm Holdings, Inc., Class A(a)(b) |
56,992 | 1,212,220 | ||||||
|
Alerus Financial Corp. |
5,524 | 100,426 | ||||||
|
A-Mark Precious Metals, Inc. |
5,084 | 149,114 | ||||||
|
Apollo Global Management, Inc. |
136,865 | 12,285,002 | ||||||
|
AvidXchange Holdings, Inc.(a) |
37,630 | 356,732 | ||||||
|
Banco Latinoamericano de Comercio Exterior SA, Class E |
10,782 | 228,578 | ||||||
|
Berkshire Hathaway, Inc., Class B(a) |
481,153 | 168,547,896 | ||||||
|
Block, Inc., Class A(a) |
142,330 | 6,299,526 | ||||||
|
Cannae Holdings, Inc.(a) |
16,549 | 308,473 | ||||||
|
Cantaloupe, Inc.(a) |
24,315 | 151,969 | ||||||
|
Cass Information Systems, Inc. |
3,363 | 125,272 | ||||||
|
Compass Diversified Holdings |
20,036 | 376,076 | ||||||
|
Enact Holdings, Inc. |
8,396 | 228,623 | ||||||
|
Equitable Holdings, Inc. |
95,538 | 2,712,324 | ||||||
| Security | Shares | Value | ||||||
| Financial Services (continued) | ||||||||
|
Essent Group Ltd. |
28,917 | $ | 1,367,485 | |||||
|
Euronet Worldwide, Inc.(a) |
12,247 | 972,167 | ||||||
|
EVERTEC, Inc. |
18,923 | 703,557 | ||||||
|
Federal Agricultural Mortgage Corp., Class C, NVS |
2,491 | 384,361 | ||||||
|
Fidelity National Information Services, Inc. |
155,356 | 8,586,526 | ||||||
|
Fiserv, Inc.(a) |
160,142 | 18,089,640 | ||||||
|
FleetCor Technologies, Inc.(a)(b) |
18,826 | 4,807,031 | ||||||
|
Flywire Corp.(a) |
24,969 | 796,261 | ||||||
|
Global Payments, Inc. |
68,833 | 7,942,640 | ||||||
|
I3 Verticals, Inc., Class A(a) |
6,063 | 128,172 | ||||||
|
International Money Express, Inc.(a) |
9,445 | 159,904 | ||||||
|
Jack Henry & Associates, Inc. |
18,970 | 2,867,126 | ||||||
|
Jackson Financial, Inc., Class A |
19,798 | 756,680 | ||||||
|
Marqeta, Inc., Class A(a) |
138,672 | 829,259 | ||||||
|
Mastercard, Inc., Class A |
220,446 | 87,276,776 | ||||||
|
Merchants Bancorp |
5,137 | 142,398 | ||||||
|
MGIC Investment Corp. |
74,980 | 1,251,416 | ||||||
|
Mr. Cooper Group, Inc.(a) |
16,472 | 882,240 | ||||||
|
NewtekOne, Inc. |
6,571 | 96,922 | ||||||
|
NMI Holdings, Inc., Class A(a) |
21,911 | 593,569 | ||||||
|
Ocwen Financial Corp.(a) |
3,418 | 88,458 | ||||||
|
Pagseguro Digital Ltd., Class A(a) |
52,012 | 447,823 | ||||||
|
Payoneer Global, Inc.(a) |
72,535 | 443,914 | ||||||
|
PayPal Holdings, Inc.(a) |
294,497 | 17,216,295 | ||||||
|
Paysafe Ltd.(a) |
7,671 | 91,975 | ||||||
|
PennyMac Financial Services, Inc., Class A |
6,688 | 445,421 | ||||||
|
Radian Group, Inc. |
40,621 | 1,019,993 | ||||||
|
Remitly Global, Inc.(a) |
34,154 | 861,364 | ||||||
|
Repay Holdings Corp., Class A(a)(b) |
20,634 | 156,612 | ||||||
|
Rocket Cos., Inc., Class A(a) |
30,665 | 250,840 | ||||||
|
Shift4 Payments, Inc., Class A(a)(b) |
14,890 | 824,459 | ||||||
|
StoneCo Ltd., Class A(a) |
75,518 | 805,777 | ||||||
|
TFS Financial Corp. |
15,021 | 177,548 | ||||||
|
Toast, Inc., Class A(a)(b) |
92,851 | 1,739,099 | ||||||
|
UWM Holdings Corp., Class A |
32,771 | 158,939 | ||||||
|
Visa, Inc., Class A |
425,502 | 97,869,715 | ||||||
|
Voya Financial, Inc. |
26,002 | 1,727,833 | ||||||
|
Walker & Dunlop, Inc. |
9,197 | 682,785 | ||||||
|
Waterstone Financial, Inc. |
8,180 | 89,571 | ||||||
|
Western Union Co. (The) |
77,948 | 1,027,355 | ||||||
|
WEX, Inc.(a) |
11,549 | 2,172,252 | ||||||
|
|
|
|||||||
| 460,014,389 | ||||||||
| Food Products — 1.0% | ||||||||
|
Archer-Daniels-Midland Co. |
140,755 | 10,615,742 | ||||||
|
B&G Foods, Inc. |
16,707 | 165,232 | ||||||
|
Benson Hill, Inc.(a)(b) |
59,163 | 19,613 | ||||||
|
Beyond Meat, Inc.(a)(b) |
14,905 | 143,386 | ||||||
|
BRC, Inc., Class A(a)(b) |
13,957 | 50,106 | ||||||
|
Bunge Ltd. |
39,146 | 4,237,555 | ||||||
|
Calavo Growers, Inc. |
4,084 | 103,039 | ||||||
|
Cal-Maine Foods, Inc. |
9,300 | 450,306 | ||||||
|
Campbell Soup Co. |
50,181 | 2,061,436 | ||||||
|
Conagra Brands, Inc. |
124,882 | 3,424,264 | ||||||
|
Darling Ingredients, Inc.(a) |
41,915 | 2,187,963 | ||||||
|
Dole PLC |
18,589 | 215,261 | ||||||
|
Flowers Foods, Inc. |
48,864 | 1,083,804 | ||||||
|
Fresh Del Monte Produce, Inc. |
8,850 | 228,684 | ||||||
|
Freshpet, Inc.(a) |
12,025 | 792,207 | ||||||
|
General Mills, Inc. |
154,857 | 9,909,299 | ||||||
|
Hain Celestial Group, Inc. (The)(a) |
23,152 | 240,086 | ||||||
|
Hershey Co. (The) |
38,475 | 7,698,078 | ||||||
| 16 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (unaudited) (continued) September 30, 2023 |
iShares® Russell 3000 ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Food Products (continued) | ||||||||
|
Hormel Foods Corp. |
77,375 | $ | 2,942,571 | |||||
|
Hostess Brands, Inc., Class A(a) |
33,927 | 1,130,108 | ||||||
|
Ingredion, Inc. |
17,698 | 1,741,483 | ||||||
|
J & J Snack Foods Corp. |
4,063 | 664,910 | ||||||
|
J M Smucker Co. (The) |
26,016 | 3,197,627 | ||||||
|
John B Sanfilippo & Son, Inc. |
1,952 | 192,858 | ||||||
|
Kellanova |
68,677 | 4,086,968 | ||||||
|
Kraft Heinz Co. (The) |
210,669 | 7,086,905 | ||||||
|
Lamb Weston Holdings, Inc. |
38,325 | 3,543,530 | ||||||
|
Lancaster Colony Corp. |
4,993 | 823,995 | ||||||
|
Limoneira Co. |
7,345 | 112,525 | ||||||
|
McCormick & Co., Inc., NVS |
65,351 | 4,943,150 | ||||||
|
Mission Produce, Inc.(a)(b) |
10,335 | 100,043 | ||||||
|
Mondelez International, Inc., Class A |
356,826 | 24,763,724 | ||||||
|
Pilgrim’s Pride Corp.(a) |
13,698 | 312,725 | ||||||
|
Post Holdings, Inc.(a)(b) |
14,460 | 1,239,800 | ||||||
|
Seaboard Corp. |
75 | 281,475 | ||||||
|
Seneca Foods Corp., Class A(a) |
2,080 | 111,966 | ||||||
|
Simply Good Foods Co. (The)(a) |
22,576 | 779,324 | ||||||
|
Sovos Brands, Inc.(a)(b) |
13,315 | 300,253 | ||||||
|
SunOpta, Inc.(a)(b) |
27,677 | 93,272 | ||||||
|
TreeHouse Foods, Inc.(a) |
13,113 | 571,465 | ||||||
|
Tyson Foods, Inc., Class A |
71,965 | 3,633,513 | ||||||
|
Utz Brands, Inc., Class A(b) |
15,426 | 207,171 | ||||||
|
Vital Farms, Inc.(a) |
8,616 | 99,773 | ||||||
|
Westrock Coffee Co.(a)(b) |
9,947 | 88,130 | ||||||
|
|
|
|||||||
| 106,675,325 | ||||||||
| Gas Utilities — 0.1% | ||||||||
|
Atmos Energy Corp. |
37,459 | 3,968,032 | ||||||
|
Brookfield Infrastructure Corp., Class A |
24,265 | 857,525 | ||||||
|
Chesapeake Utilities Corp. |
4,565 | 446,229 | ||||||
|
National Fuel Gas Co. |
22,208 | 1,152,817 | ||||||
|
New Jersey Resources Corp. |
26,088 | 1,059,955 | ||||||
|
Northwest Natural Holding Co. |
8,578 | 327,336 | ||||||
|
ONE Gas, Inc. |
14,275 | 974,697 | ||||||
|
Southwest Gas Holdings, Inc. |
17,114 | 1,033,857 | ||||||
|
Spire, Inc. |
13,363 | 756,079 | ||||||
|
UGI Corp. |
55,728 | 1,281,744 | ||||||
|
|
|
|||||||
| 11,858,271 | ||||||||
| Ground Transportation — 1.1% | ||||||||
|
ArcBest Corp. |
6,097 | 619,760 | ||||||
|
Avis Budget Group, Inc.(a) |
5,355 | 962,240 | ||||||
|
Covenant Logistics Group, Inc., Class A |
3,689 | 161,763 | ||||||
|
CSX Corp. |
528,307 | 16,245,440 | ||||||
|
Daseke, Inc.(a) |
12,531 | 64,284 | ||||||
|
FTAI Infrastructure, Inc. |
32,153 | 103,533 | ||||||
|
Heartland Express, Inc. |
11,766 | 172,843 | ||||||
|
Hertz Global Holdings, Inc.(a) |
35,238 | 431,665 | ||||||
|
JB Hunt Transport Services, Inc. |
21,734 | 4,097,294 | ||||||
|
Knight-Swift Transportation Holdings, Inc. |
41,575 | 2,084,986 | ||||||
|
Landstar System, Inc. |
9,122 | 1,614,047 | ||||||
|
Lyft, Inc., Class A(a) |
83,785 | 883,094 | ||||||
|
Marten Transport Ltd. |
13,940 | 274,757 | ||||||
|
Norfolk Southern Corp. |
59,963 | 11,808,514 | ||||||
|
Old Dominion Freight Line, Inc.(b) |
25,777 | 10,546,402 | ||||||
|
RXO, Inc.(a) |
27,464 | 541,865 | ||||||
|
Ryder System, Inc. |
11,837 | 1,265,967 | ||||||
|
Saia, Inc.(a)(b) |
7,005 | 2,792,543 | ||||||
|
Schneider National, Inc., Class B |
14,634 | 405,215 | ||||||
|
TuSimple Holdings, Inc., Class A(a) |
34,499 | 53,818 | ||||||
|
Uber Technologies, Inc.(a) |
509,275 | 23,421,557 | ||||||
|
U-Haul Holding Co.(a) |
2,281 | 124,474 | ||||||
| Security | Shares | Value | ||||||
| Ground Transportation (continued) | ||||||||
|
U-Haul Holding Co., NVS(b) |
26,429 | $ | 1,384,615 | |||||
|
Union Pacific Corp. |
160,160 | 32,613,381 | ||||||
|
Universal Logistics Holdings, Inc. |
3,478 | 87,576 | ||||||
|
Werner Enterprises, Inc. |
16,180 | 630,211 | ||||||
|
XPO, Inc.(a) |
29,853 | 2,228,825 | ||||||
|
|
|
|||||||
| 115,620,669 | ||||||||
| Health Care Equipment & Supplies — 2.5% | ||||||||
|
Abbott Laboratories |
454,843 | 44,051,544 | ||||||
|
Accuray, Inc.(a)(b) |
29,139 | 79,258 | ||||||
|
Align Technology, Inc.(a) |
20,018 | 6,111,896 | ||||||
|
Alphatec Holdings, Inc.(a)(b) |
21,095 | 273,602 | ||||||
|
AngioDynamics, Inc.(a) |
10,105 | 73,868 | ||||||
|
Artivion, Inc.(a) |
10,426 | 158,058 | ||||||
|
AtriCure, Inc.(a) |
11,909 | 521,614 | ||||||
|
Atrion Corp. |
382 | 157,831 | ||||||
|
Avanos Medical, Inc.(a) |
11,933 | 241,285 | ||||||
|
Axogen, Inc.(a) |
10,840 | 54,200 | ||||||
|
Axonics, Inc.(a)(b) |
12,657 | 710,311 | ||||||
|
Baxter International, Inc. |
131,632 | 4,967,792 | ||||||
|
Becton Dickinson & Co. |
74,344 | 19,220,154 | ||||||
|
Boston Scientific Corp.(a) |
377,136 | 19,912,781 | ||||||
|
Butterfly Network, Inc., Class A(a)(b) |
47,200 | 55,696 | ||||||
|
Cerus Corp.(a) |
38,367 | 62,154 | ||||||
|
CONMED Corp. |
7,743 | 780,881 | ||||||
|
Cooper Cos., Inc. (The) |
12,871 | 4,093,107 | ||||||
|
Cutera, Inc.(a)(b) |
4,055 | 24,411 | ||||||
|
DENTSPLY SIRONA, Inc. |
57,694 | 1,970,827 | ||||||
|
Dexcom, Inc.(a) |
101,561 | 9,475,641 | ||||||
|
Edwards Lifesciences Corp.(a) |
157,911 | 10,940,074 | ||||||
|
Embecta Corp. |
15,911 | 239,461 | ||||||
|
Enovis Corp.(a) |
13,830 | 729,256 | ||||||
|
Envista Holdings Corp.(a) |
42,670 | 1,189,640 | ||||||
|
GE HealthCare Technologies, Inc. |
102,647 | 6,984,102 | ||||||
|
Glaukos Corp.(a) |
11,717 | 881,704 | ||||||
|
Globus Medical, Inc., Class A(a)(b) |
32,267 | 1,602,056 | ||||||
|
Haemonetics Corp.(a) |
13,541 | 1,213,003 | ||||||
|
Hologic, Inc.(a) |
64,660 | 4,487,404 | ||||||
|
ICU Medical, Inc.(a)(b) |
5,044 | 600,286 | ||||||
|
IDEXX Laboratories, Inc.(a) |
21,599 | 9,444,595 | ||||||
|
Inari Medical, Inc.(a) |
14,644 | 957,718 | ||||||
|
Inmode Ltd.(a)(b) |
20,128 | 613,099 | ||||||
|
Inogen, Inc.(a) |
4,620 | 24,116 | ||||||
|
Inspire Medical Systems, Inc.(a) |
7,625 | 1,513,105 | ||||||
|
Insulet Corp.(a) |
18,103 | 2,887,247 | ||||||
|
Integer Holdings Corp.(a) |
8,994 | 705,399 | ||||||
|
Integra LifeSciences Holdings Corp.(a) |
19,086 | 728,894 | ||||||
|
Intuitive Surgical, Inc.(a) |
91,992 | 26,888,342 | ||||||
|
iRadimed Corp. |
2,724 | 120,864 | ||||||
|
iRhythm Technologies, Inc.(a)(b) |
7,873 | 742,109 | ||||||
|
Lantheus Holdings, Inc.(a) |
17,294 | 1,201,587 | ||||||
|
LeMaitre Vascular, Inc. |
4,715 | 256,873 | ||||||
|
LivaNova PLC(a) |
13,640 | 721,283 | ||||||
|
Masimo Corp.(a) |
11,369 | 996,834 | ||||||
|
Medtronic PLC |
348,994 | 27,347,170 | ||||||
|
Merit Medical Systems, Inc.(a) |
15,357 | 1,059,940 | ||||||
|
Nano-X Imaging Ltd.(a)(b) |
14,378 | 94,320 | ||||||
|
Neogen Corp.(a)(b) |
56,467 | 1,046,898 | ||||||
|
Nevro Corp.(a)(b) |
8,986 | 172,711 | ||||||
|
Novocure Ltd.(a) |
26,586 | 429,364 | ||||||
|
Omnicell, Inc.(a) |
11,445 | 515,483 | ||||||
|
OraSure Technologies, Inc.(a) |
20,428 | 121,138 | ||||||
|
Orthofix Medical, Inc.(a) |
8,982 | 115,508 | ||||||
|
S C H E D U L E S O F I N V E S T M E N T S |
17 |
|
Schedule of Investments (unaudited) (continued) September 30, 2023 |
iShares® Russell 3000 ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Health Care Equipment & Supplies (continued) | ||||||||
|
OrthoPediatrics Corp.(a) |
2,830 | $ | 90,560 | |||||
|
Outset Medical, Inc.(a)(b) |
12,450 | 135,456 | ||||||
|
Paragon 28, Inc.(a) |
14,582 | 183,004 | ||||||
|
Penumbra, Inc.(a) |
9,535 | 2,306,612 | ||||||
|
PROCEPT BioRobotics Corp.(a)(b) |
10,932 | 358,679 | ||||||
|
Pulmonx Corp.(a) |
7,934 | 81,958 | ||||||
|
QuidelOrtho Corp.(a) |
14,299 | 1,044,399 | ||||||
|
ResMed, Inc. |
38,098 | 5,633,551 | ||||||
|
RxSight, Inc.(a)(b) |
8,066 | 224,961 | ||||||
|
Shockwave Medical, Inc.(a) |
9,337 | 1,858,997 | ||||||
|
SI-BONE, Inc.(a) |
7,504 | 159,385 | ||||||
|
Silk Road Medical, Inc.(a)(b) |
9,216 | 138,148 | ||||||
|
STAAR Surgical Co.(a)(b) |
12,498 | 502,170 | ||||||
|
STERIS PLC |
25,990 | 5,702,726 | ||||||
|
Stryker Corp. |
93,226 | 25,475,869 | ||||||
|
Surmodics, Inc.(a) |
3,803 | 122,038 | ||||||
|
Tactile Systems Technology, Inc.(a) |
7,152 | 100,486 | ||||||
|
Tandem Diabetes Care, Inc.(a) |
16,193 | 336,329 | ||||||
|
Teleflex, Inc.(b) |
12,121 | 2,380,686 | ||||||
|
TransMedics Group, Inc.(a)(b) |
8,653 | 473,752 | ||||||
|
Treace Medical Concepts, Inc.(a) |
10,606 | 139,045 | ||||||
|
UFP Technologies, Inc.(a) |
1,959 | 316,281 | ||||||
|
Utah Medical Products, Inc. |
1,136 | 97,696 | ||||||
|
Varex Imaging Corp.(a) |
9,699 | 182,244 | ||||||
|
Zimmer Biomet Holdings, Inc. |
55,288 | 6,204,419 | ||||||
|
Zimvie, Inc.(a) |
2,147 | 20,203 | ||||||
|
Zynex, Inc.(a)(b) |
7,274 | 58,192 | ||||||
|
|
|
|||||||
| 274,896,340 | ||||||||
| Health Care Providers & Services — 2.8% | ||||||||
|
23andMe Holding Co., Class A(a)(b) |
61,041 | 59,680 | ||||||
|
Acadia Healthcare Co., Inc.(a) |
24,304 | 1,708,814 | ||||||
|
Accolade, Inc.(a) |
14,764 | 156,203 | ||||||
|
AdaptHealth Corp.(a) |
19,915 | 181,226 | ||||||
|
Addus HomeCare Corp.(a) |
4,377 | 372,877 | ||||||
|
Agiliti, Inc.(a)(b) |
7,183 | 46,618 | ||||||
|
agilon health, Inc.(a)(b) |
74,909 | 1,330,384 | ||||||
|
Alignment Healthcare, Inc.(a) |
20,499 | 142,263 | ||||||
|
Amedisys, Inc.(a) |
8,669 | 809,685 | ||||||
|
AMN Healthcare Services, Inc.(a) |
11,237 | 957,168 | ||||||
|
Apollo Medical Holdings, Inc.(a) |
12,248 | 377,851 | ||||||
|
Brookdale Senior Living, Inc.(a)(b) |
48,907 | 202,475 | ||||||
|
Cano Health, Inc., Class A(a)(b) |
46,686 | 11,840 | ||||||
|
Cardinal Health, Inc. |
67,224 | 5,836,388 | ||||||
|
CareMax, Inc., Class A(a) |
22,195 | 47,053 | ||||||
|
Castle Biosciences, Inc.(a) |
5,310 | 89,686 | ||||||
|
Cencora, Inc. |
42,387 | 7,628,388 | ||||||
|
Centene Corp.(a) |
142,616 | 9,823,390 | ||||||
|
Chemed Corp. |
3,892 | 2,022,672 | ||||||
|
Cigna Group (The) |
76,626 | 21,920,400 | ||||||
|
Community Health Systems, Inc.(a) |
40,557 | 117,615 | ||||||
|
CorVel Corp.(a)(b) |
2,067 | 406,476 | ||||||
|
Cross Country Healthcare, Inc.(a) |
11,868 | 294,208 | ||||||
|
CVS Health Corp. |
337,500 | 23,564,250 | ||||||
|
DaVita, Inc.(a)(b) |
14,302 | 1,351,968 | ||||||
|
DocGo, Inc.(a)(b) |
24,314 | 129,594 | ||||||
|
Elevance Health, Inc. |
62,445 | 27,189,802 | ||||||
|
Encompass Health Corp. |
25,273 | 1,697,335 | ||||||
|
Enhabit, Inc.(a)(b) |
14,221 | 159,986 | ||||||
|
Ensign Group, Inc. (The) |
14,775 | 1,373,041 | ||||||
|
Fulgent Genetics, Inc.(a) |
5,189 | 138,754 | ||||||
|
Guardant Health, Inc.(a) |
28,812 | 853,988 | ||||||
|
HCA Healthcare, Inc. |
53,639 | 13,194,121 | ||||||
| Security | Shares | Value | ||||||
| Health Care Providers & Services (continued) | ||||||||
|
HealthEquity, Inc.(a) |
21,265 | $ | 1,553,408 | |||||
|
Henry Schein, Inc.(a) |
33,653 | 2,498,735 | ||||||
|
Hims & Hers Health, Inc., Class A(a) |
31,460 | 197,883 | ||||||
|
Humana, Inc. |
32,790 | 15,952,991 | ||||||
|
Invitae Corp.(a)(b) |
52,468 | 31,754 | ||||||
|
Laboratory Corp. of America Holdings |
23,276 | 4,679,640 | ||||||
|
LifeStance Health Group, Inc.(a)(b) |
23,147 | 159,020 | ||||||
|
McKesson Corp. |
35,750 | 15,545,887 | ||||||
|
ModivCare, Inc.(a) |
3,062 | 96,484 | ||||||
|
Molina Healthcare, Inc.(a) |
15,053 | 4,935,728 | ||||||
|
National HealthCare Corp. |
3,463 | 221,563 | ||||||
|
National Research Corp., Class A |
3,723 | 165,189 | ||||||
|
NeoGenomics, Inc.(a) |
33,988 | 418,052 | ||||||
|
OPKO Health, Inc.(a)(b) |
99,565 | 159,304 | ||||||
|
Option Care Health, Inc.(a) |
43,646 | 1,411,948 | ||||||
|
Owens & Minor, Inc.(a) |
19,281 | 311,581 | ||||||
|
Patterson Cos., Inc. |
21,319 | 631,895 | ||||||
|
Pediatrix Medical Group, Inc.(a) |
20,453 | 259,958 | ||||||
|
Pennant Group, Inc. (The)(a) |
8,502 | 94,627 | ||||||
|
PetIQ, Inc., Class A(a) |
9,260 | 182,422 | ||||||
|
Premier, Inc., Class A |
32,394 | 696,471 | ||||||
|
Privia Health Group, Inc.(a)(b) |
17,577 | 404,271 | ||||||
|
Progyny, Inc.(a) |
20,799 | 707,582 | ||||||
|
Quest Diagnostics, Inc. |
29,169 | 3,554,534 | ||||||
|
R1 RCM, Inc.(a) |
38,119 | 574,453 | ||||||
|
RadNet, Inc.(a) |
13,922 | 392,461 | ||||||
|
Select Medical Holdings Corp. |
26,278 | 664,045 | ||||||
|
Surgery Partners, Inc.(a)(b) |
17,544 | 513,162 | ||||||
|
Tenet Healthcare Corp.(a) |
27,212 | 1,792,999 | ||||||
|
U.S. Physical Therapy, Inc. |
3,490 | 320,138 | ||||||
|
UnitedHealth Group, Inc. |
244,241 | 123,143,870 | ||||||
|
Universal Health Services, Inc., Class B |
15,710 | 1,975,218 | ||||||
|
Viemed Healthcare, Inc.(a) |
11,524 | 77,556 | ||||||
|
|
|
|||||||
| 308,521,028 | ||||||||
| Health Care REITs — 0.2% | ||||||||
|
CareTrust REIT, Inc. |
25,983 | 532,651 | ||||||
|
Community Healthcare Trust, Inc. |
5,714 | 169,706 | ||||||
|
Diversified Healthcare Trust |
81,516 | 158,141 | ||||||
|
Global Medical REIT, Inc. |
11,508 | 103,227 | ||||||
|
Healthcare Realty Trust, Inc. |
98,243 | 1,500,171 | ||||||
|
Healthpeak Properties, Inc. |
144,691 | 2,656,527 | ||||||
|
LTC Properties, Inc. |
9,754 | 313,396 | ||||||
|
Medical Properties Trust, Inc. |
155,812 | 849,175 | ||||||
|
National Health Investors, Inc. |
11,242 | 577,389 | ||||||
|
Omega Healthcare Investors, Inc. |
60,421 | 2,003,560 | ||||||
|
Physicians Realty Trust |
61,395 | 748,405 | ||||||
|
Sabra Health Care REIT, Inc. |
62,422 | 870,163 | ||||||
|
Universal Health Realty Income Trust |
3,201 | 129,416 | ||||||
|
Ventas, Inc. |
104,717 | 4,411,727 | ||||||
|
Welltower, Inc. |
130,356 | 10,678,764 | ||||||
|
|
|
|||||||
| 25,702,418 | ||||||||
| Health Care Technology — 0.1% | ||||||||
|
American Well Corp., Class A(a) |
51,659 | 60,441 | ||||||
|
Certara, Inc.(a) |
28,232 | 410,493 | ||||||
|
Computer Programs & Systems, Inc.(a) |
3,961 | 63,138 | ||||||
|
Definitive Healthcare Corp., Class A(a)(b) |
10,313 | 82,401 | ||||||
|
Doximity, Inc., Class A(a)(b) |
29,256 | 620,812 | ||||||
|
Evolent Health, Inc., Class A(a)(b) |
28,619 | 779,296 | ||||||
|
Health Catalyst, Inc.(a) |
11,949 | 120,924 | ||||||
|
HealthStream, Inc. |
6,811 | 146,982 | ||||||
|
Multiplan Corp., Class A(a) |
98,446 | 165,389 | ||||||
|
NextGen Healthcare, Inc.(a) |
13,121 | 311,361 | ||||||
| 18 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (unaudited) (continued) September 30, 2023 |
iShares® Russell 3000 ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Health Care Technology (continued) | ||||||||
|
OptimizeRx Corp.(a) |
5,160 | $ | 40,145 | |||||
|
Phreesia, Inc.(a)(b) |
12,638 | 236,078 | ||||||
|
Schrodinger, Inc.(a) |
15,486 | 437,789 | ||||||
|
Sharecare, Inc., Class A(a) |
92,343 | 86,839 | ||||||
|
Simulations Plus, Inc. |
4,111 | 171,429 | ||||||
|
Teladoc Health, Inc.(a)(b) |
43,997 | 817,904 | ||||||
|
Veeva Systems, Inc., Class A(a) |
37,974 | 7,725,810 | ||||||
|
Veradigm, Inc.(a) |
30,299 | 398,129 | ||||||
|
|
|
|||||||
| 12,675,360 | ||||||||
| Hotel & Resort REITs — 0.1% | ||||||||
|
Apple Hospitality REIT, Inc. |
53,496 | 820,629 | ||||||
|
Braemar Hotels & Resorts, Inc. |
22,462 | 62,220 | ||||||
|
Chatham Lodging Trust |
12,738 | 121,903 | ||||||
|
DiamondRock Hospitality Co. |
56,132 | 450,740 | ||||||
|
Hersha Hospitality Trust, Class A |
13,250 | 130,645 | ||||||
|
Host Hotels & Resorts, Inc. |
184,994 | 2,972,853 | ||||||
|
Park Hotels & Resorts, Inc. |
58,715 | 723,369 | ||||||
|
Pebblebrook Hotel Trust(b) |
33,874 | 460,348 | ||||||
|
RLJ Lodging Trust |
45,405 | 444,515 | ||||||
|
Ryman Hospitality Properties, Inc. |
15,302 | 1,274,350 | ||||||
|
Service Properties Trust |
42,788 | 329,040 | ||||||
|
Summit Hotel Properties, Inc. |
29,002 | 168,211 | ||||||
|
Sunstone Hotel Investors, Inc. |
54,345 | 508,126 | ||||||
|
Xenia Hotels & Resorts, Inc. |
29,609 | 348,794 | ||||||
|
|
|
|||||||
| 8,815,743 | ||||||||
| Hotels, Restaurants & Leisure — 2.2% | ||||||||
|
Accel Entertainment, Inc., Class A(a) |
12,859 | 140,806 | ||||||
|
Airbnb, Inc., Class A(a)(b) |
106,270 | 14,581,307 | ||||||
|
Aramark |
61,040 | 2,118,088 | ||||||
|
Bally’s Corp.(a) |
8,364 | 109,652 | ||||||
|
BJ’s Restaurants, Inc.(a) |
5,944 | 139,446 | ||||||
|
Bloomin’ Brands, Inc. |
22,877 | 562,545 | ||||||
|
Bluegreen Vacations Holding Corp., Class A |
3,840 | 140,851 | ||||||
|
Booking Holdings, Inc.(a) |
9,735 | 30,022,253 | ||||||
|
Bowlero Corp., Class A(a)(b) |
11,932 | 114,786 | ||||||
|
Boyd Gaming Corp. |
19,255 | 1,171,282 | ||||||
|
Brinker International, Inc.(a) |
11,909 | 376,205 | ||||||
|
Caesars Entertainment, Inc.(a) |
53,083 | 2,460,397 | ||||||
|
Carnival Corp.(a)(b) |
260,111 | 3,568,723 | ||||||
|
Cava Group, Inc.(a)(b) |
4,253 | 130,269 | ||||||
|
Cheesecake Factory, Inc. (The) |
11,490 | 348,147 | ||||||
|
Chipotle Mexican Grill, Inc.(a) |
7,226 | 13,236,804 | ||||||
|
Choice Hotels International, Inc. |
8,482 | 1,039,130 | ||||||
|
Churchill Downs, Inc. |
19,066 | 2,212,419 | ||||||
|
Chuy’s Holdings, Inc.(a)(b) |
5,668 | 201,667 | ||||||
|
Cracker Barrel Old Country Store, Inc. |
5,732 | 385,190 | ||||||
|
Darden Restaurants, Inc. |
31,648 | 4,532,627 | ||||||
|
Dave & Buster’s Entertainment, Inc.(a) |
9,410 | 348,829 | ||||||
|
Denny’s Corp.(a) |
17,329 | 146,777 | ||||||
|
Dine Brands Global, Inc. |
4,499 | 222,476 | ||||||
|
Domino’s Pizza, Inc. |
9,310 | 3,526,535 | ||||||
|
DoorDash, Inc., Class A(a) |
79,105 | 6,286,474 | ||||||
|
DraftKings, Inc., Class A(a) |
109,590 | 3,226,330 | ||||||
|
El Pollo Loco Holdings, Inc. |
11,236 | 100,562 | ||||||
|
Everi Holdings, Inc.(a) |
23,829 | 315,019 | ||||||
|
Expedia Group, Inc.(a) |
37,247 | 3,839,048 | ||||||
|
First Watch Restaurant Group, Inc.(a)(b) |
6,306 | 109,031 | ||||||
|
Golden Entertainment, Inc. |
5,165 | 176,540 | ||||||
|
Hilton Grand Vacations, Inc.(a) |
23,030 | 937,321 | ||||||
|
Hilton Worldwide Holdings, Inc. |
67,418 | 10,124,835 | ||||||
|
Hyatt Hotels Corp., Class A |
12,476 | 1,323,454 | ||||||
|
Inspired Entertainment, Inc.(a) |
6,545 | 78,278 | ||||||
| Security | Shares | Value | ||||||
| Hotels, Restaurants & Leisure (continued) | ||||||||
|
International Game Technology PLC |
28,467 | $ | 863,119 | |||||
|
Jack in the Box, Inc. |
5,375 | 371,198 | ||||||
|
Krispy Kreme, Inc. |
22,037 | 274,801 | ||||||
|
Kura Sushi U.S.A., Inc., Class A(a)(b) |
1,494 | 98,783 | ||||||
|
Las Vegas Sands Corp. |
87,710 | 4,020,626 | ||||||
|
Life Time Group Holdings, Inc.(a)(b) |
10,061 | 153,028 | ||||||
|
Light & Wonder, Inc., Class A(a)(b) |
23,360 | 1,666,269 | ||||||
|
Lindblad Expeditions Holdings, Inc.(a)(b) |
12,340 | 88,848 | ||||||
|
Marriott International, Inc., Class A |
65,340 | 12,843,230 | ||||||
|
Marriott Vacations Worldwide Corp. |
9,647 | 970,778 | ||||||
|
McDonald’s Corp. |
191,626 | 50,481,954 | ||||||
|
MGM Resorts International |
75,594 | 2,778,835 | ||||||
|
Monarch Casino & Resort, Inc. |
3,597 | 223,374 | ||||||
|
Mondee Holdings, Inc., Class A(a)(b) |
12,296 | 43,897 | ||||||
|
Norwegian Cruise Line Holdings Ltd.(a) |
114,028 | 1,879,181 | ||||||
|
Papa John’s International, Inc. |
8,629 | 588,670 | ||||||
|
Penn Entertainment, Inc.(a) |
42,752 | 981,158 | ||||||
|
Planet Fitness, Inc., Class A(a) |
22,307 | 1,097,058 | ||||||
|
Portillo’s, Inc., Class A(a)(b) |
10,364 | 159,502 | ||||||
|
RCI Hospitality Holdings, Inc. |
2,910 | 176,521 | ||||||
|
Red Rock Resorts, Inc., Class A |
12,718 | 521,438 | ||||||
|
Royal Caribbean Cruises Ltd.(a) |
61,365 | 5,654,171 | ||||||
|
Rush Street Interactive, Inc., Class A(a) |
22,780 | 105,244 | ||||||
|
Sabre Corp.(a) |
84,616 | 379,926 | ||||||
|
SeaWorld Entertainment, Inc.(a) |
9,970 | 461,113 | ||||||
|
Shake Shack, Inc., Class A(a) |
9,363 | 543,709 | ||||||
|
Six Flags Entertainment Corp.(a) |
21,175 | 497,824 | ||||||
|
Starbucks Corp. |
297,168 | 27,122,523 | ||||||
|
Super Group SGHC Ltd.(a)(b) |
35,450 | 130,811 | ||||||
|
Sweetgreen, Inc., Class A(a)(b) |
24,787 | 291,247 | ||||||
|
Target Hospitality Corp.(a) |
9,488 | 150,669 | ||||||
|
Texas Roadhouse, Inc. |
16,977 | 1,631,490 | ||||||
|
Travel + Leisure Co. |
18,710 | 687,218 | ||||||
|
Vail Resorts, Inc. |
10,036 | 2,226,888 | ||||||
|
Wendy’s Co. (The) |
47,408 | 967,597 | ||||||
|
Wingstop, Inc. |
7,589 | 1,364,806 | ||||||
|
Wyndham Hotels & Resorts, Inc. |
22,763 | 1,582,939 | ||||||
|
Wynn Resorts Ltd. |
27,692 | 2,559,018 | ||||||
|
Xponential Fitness, Inc., Class A(a) |
4,799 | 74,385 | ||||||
|
Yum! Brands, Inc. |
73,525 | 9,186,214 | ||||||
|
|
|
|||||||
| 244,254,163 | ||||||||
| Household Durables — 0.5% | ||||||||
|
Beazer Homes U.S.A., Inc.(a) |
9,721 | 242,150 | ||||||
|
Cavco Industries, Inc.(a) |
2,349 | 624,035 | ||||||
|
Century Communities, Inc. |
7,081 | 472,869 | ||||||
|
Cricut, Inc., Class A |
12,426 | 115,438 | ||||||
|
DR Horton, Inc. |
81,599 | 8,769,445 | ||||||
|
Dream Finders Homes, Inc., Class A(a)(b) |
7,744 | 172,149 | ||||||
|
Ethan Allen Interiors, Inc. |
5,955 | 178,054 | ||||||
|
Garmin Ltd. |
39,898 | 4,197,270 | ||||||
|
GoPro, Inc., Class A(a) |
31,333 | 98,386 | ||||||
|
Green Brick Partners, Inc.(a)(b) |
8,178 | 339,469 | ||||||
|
Helen of Troy Ltd.(a)(b) |
6,324 | 737,125 | ||||||
|
Hovnanian Enterprises, Inc., Class A(a) |
1,510 | 153,507 | ||||||
|
Installed Building Products, Inc. |
5,946 | 742,596 | ||||||
|
iRobot Corp.(a) |
7,184 | 272,274 | ||||||
|
KB Home |
19,904 | 921,157 | ||||||
|
La-Z-Boy, Inc. |
12,628 | 389,953 | ||||||
|
Leggett & Platt, Inc. |
35,878 | 911,660 | ||||||
|
Lennar Corp., Class A |
64,814 | 7,274,075 | ||||||
|
Lennar Corp., Class B(b) |
3,825 | 391,030 | ||||||
|
LGI Homes, Inc.(a)(b) |
5,881 | 585,101 | ||||||
|
S C H E D U L E S O F I N V E S T M E N T S |
19 |
|
Schedule of Investments (unaudited) (continued) September 30, 2023 |
iShares® Russell 3000 ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Household Durables (continued) | ||||||||
|
Lovesac Co. (The)(a)(b) |
3,794 | $ | 75,576 | |||||
|
M/I Homes, Inc.(a) |
7,207 | 605,676 | ||||||
|
MDC Holdings, Inc. |
14,718 | 606,823 | ||||||
|
Meritage Homes Corp. |
9,681 | 1,184,858 | ||||||
|
Mohawk Industries, Inc.(a) |
13,710 | 1,176,455 | ||||||
|
Newell Brands, Inc. |
97,303 | 878,646 | ||||||
|
NVR, Inc.(a) |
777 | 4,633,484 | ||||||
|
PulteGroup, Inc. |
57,467 | 4,255,431 | ||||||
|
Skyline Champion Corp.(a) |
13,258 | 844,800 | ||||||
|
Sonos, Inc.(a)(b) |
31,909 | 411,945 | ||||||
|
Taylor Morrison Home Corp., Class A(a) |
28,889 | 1,230,960 | ||||||
|
Tempur Sealy International, Inc. |
43,504 | 1,885,463 | ||||||
|
Toll Brothers, Inc. |
29,151 | 2,156,008 | ||||||
|
TopBuild Corp.(a) |
8,186 | 2,059,598 | ||||||
|
Tri Pointe Homes, Inc.(a) |
25,485 | 697,015 | ||||||
|
Vizio Holding Corp., Class A(a) |
19,147 | 103,585 | ||||||
|
Whirlpool Corp. |
14,106 | 1,885,972 | ||||||
|
|
|
|||||||
| 52,280,038 | ||||||||
| Household Products — 1.2% | ||||||||
|
Central Garden & Pet Co.(a) |
2,556 | 112,822 | ||||||
|
Central Garden & Pet Co., Class A, NVS(a) |
11,457 | 459,311 | ||||||
|
Church & Dwight Co., Inc. |
63,731 | 5,839,672 | ||||||
|
Clorox Co. (The) |
32,645 | 4,278,454 | ||||||
|
Colgate-Palmolive Co. |
215,343 | 15,313,041 | ||||||
|
Energizer Holdings, Inc. |
19,088 | 611,579 | ||||||
|
Kimberly-Clark Corp. |
88,749 | 10,725,317 | ||||||
|
Oil-Dri Corp. of America |
1,926 | 118,930 | ||||||
|
Procter & Gamble Co. (The) |
618,591 | 90,227,683 | ||||||
|
Reynolds Consumer Products, Inc. |
14,149 | 362,639 | ||||||
|
Spectrum Brands Holdings, Inc. |
10,111 | 792,197 | ||||||
|
WD-40 Co. |
3,543 | 720,079 | ||||||
|
|
|
|||||||
| 129,561,724 | ||||||||
| Independent Power and Renewable Electricity Producers — 0.1% | ||||||||
|
AES Corp. (The) |
177,167 | 2,692,938 | ||||||
|
Altus Power, Inc., Class A(a)(b) |
13,864 | 72,786 | ||||||
|
Brookfield Renewable Corp., Class A |
34,126 | 816,976 | ||||||
|
Clearway Energy, Inc., Class A |
8,216 | 163,663 | ||||||
|
Clearway Energy, Inc., Class C |
22,866 | 483,845 | ||||||
|
Montauk Renewables, Inc.(a)(b) |
18,689 | 170,257 | ||||||
|
Ormat Technologies, Inc. |
13,704 | 958,184 | ||||||
|
Sunnova Energy International, Inc.(a)(b) |
27,149 | 284,250 | ||||||
|
Vistra Corp. |
98,396 | 3,264,779 | ||||||
|
|
|
|||||||
| 8,907,678 | ||||||||
| Industrial Conglomerates — 0.7% | ||||||||
|
3M Co. |
144,172 | 13,497,383 | ||||||
|
Brookfield Business Corp., Class A(b) |
5,381 | 97,288 | ||||||
|
General Electric Co. |
285,451 | 31,556,608 | ||||||
|
Honeywell International, Inc. |
174,935 | 32,317,492 | ||||||
|
|
|
|||||||
| 77,468,771 | ||||||||
| Industrial REITs — 0.4% | ||||||||
|
Americold Realty Trust, Inc. |
70,035 | 2,129,765 | ||||||
|
EastGroup Properties, Inc. |
11,493 | 1,913,929 | ||||||
|
First Industrial Realty Trust, Inc. |
34,032 | 1,619,583 | ||||||
|
Innovative Industrial Properties, Inc. |
7,689 | 581,750 | ||||||
|
LXP Industrial Trust |
72,838 | 648,258 | ||||||
|
Plymouth Industrial REIT, Inc. |
11,653 | 244,130 | ||||||
|
Prologis, Inc. |
242,124 | 27,168,734 | ||||||
|
Rexford Industrial Realty, Inc. |
54,235 | 2,676,497 | ||||||
| Security | Shares | Value | ||||||
| Industrial REITs (continued) | ||||||||
|
STAG Industrial, Inc. |
46,219 | $ | 1,595,018 | |||||
|
Terreno Realty Corp. |
20,681 | 1,174,681 | ||||||
|
|
|
|||||||
| 39,752,345 | ||||||||
| Insurance — 2.3% | ||||||||
|
Aflac, Inc. |
157,841 | 12,114,297 | ||||||
|
Allstate Corp. (The) |
69,078 | 7,695,980 | ||||||
|
Ambac Financial Group, Inc.(a) |
12,872 | 155,236 | ||||||
|
American Equity Investment Life Holding Co.(a) |
20,230 | 1,085,137 | ||||||
|
American Financial Group, Inc. |
19,243 | 2,148,866 | ||||||
|
American International Group, Inc. |
190,089 | 11,519,393 | ||||||
|
AMERISAFE, Inc. |
4,851 | 242,890 | ||||||
|
Aon PLC, Class A |
53,056 | 17,201,816 | ||||||
|
Arch Capital Group Ltd.(a) |
93,981 | 7,491,226 | ||||||
|
Argo Group International Holdings Ltd. |
8,165 | 243,644 | ||||||
|
Arthur J. Gallagher & Co. |
55,529 | 12,656,725 | ||||||
|
Assurant, Inc. |
13,834 | 1,986,286 | ||||||
|
Assured Guaranty Ltd. |
16,184 | 979,456 | ||||||
|
Axis Capital Holdings Ltd. |
20,936 | 1,180,162 | ||||||
|
Brighthouse Financial, Inc.(a) |
17,215 | 842,502 | ||||||
|
Brown & Brown, Inc. |
63,088 | 4,406,066 | ||||||
|
BRP Group, Inc., Class A(a)(b) |
16,099 | 373,980 | ||||||
|
Chubb Ltd. |
108,193 | 22,523,619 | ||||||
|
Cincinnati Financial Corp. |
40,391 | 4,131,595 | ||||||
|
CNA Financial Corp. |
7,956 | 313,069 | ||||||
|
CNO Financial Group, Inc. |
31,836 | 755,468 | ||||||
|
Donegal Group, Inc., Class A |
6,890 | 98,217 | ||||||
|
Employers Holdings, Inc. |
6,811 | 272,099 | ||||||
|
Enstar Group Ltd.(a) |
3,115 | 753,830 | ||||||
|
Everest Group Ltd. |
11,186 | 4,157,501 | ||||||
|
F&G Annuities & Life, Inc. |
4,648 | 130,423 | ||||||
|
Fidelity National Financial, Inc., Class A |
69,682 | 2,877,867 | ||||||
|
First American Financial Corp. |
27,229 | 1,538,166 | ||||||
|
Genworth Financial, Inc., Class A(a) |
124,120 | 727,343 | ||||||
|
Globe Life, Inc. |
23,307 | 2,534,170 | ||||||
|
Goosehead Insurance, Inc., Class A(a)(b) |
6,263 | 466,781 | ||||||
|
Hanover Insurance Group, Inc. (The) |
9,318 | 1,034,112 | ||||||
|
Hartford Financial Services Group, Inc. (The) |
79,849 | 5,662,093 | ||||||
|
HCI Group, Inc. |
997 | 54,127 | ||||||
|
Hippo Holdings, Inc.(a)(b) |
6,332 | 50,466 | ||||||
|
Horace Mann Educators Corp. |
10,907 | 320,448 | ||||||
|
James River Group Holdings Ltd. |
8,472 | 130,045 | ||||||
|
Kemper Corp. |
16,183 | 680,171 | ||||||
|
Kinsale Capital Group, Inc.(b) |
5,723 | 2,370,066 | ||||||
|
Lemonade, Inc.(a)(b) |
10,400 | 120,848 | ||||||
|
Lincoln National Corp. |
45,044 | 1,112,136 | ||||||
|
Loews Corp. |
48,721 | 3,084,527 | ||||||
|
Markel Group, Inc.(a)(b) |
3,455 | 5,087,453 | ||||||
|
Marsh & McLennan Cos., Inc. |
129,880 | 24,716,164 | ||||||
|
MBIA, Inc.(a) |
14,839 | 106,989 | ||||||
|
Mercury General Corp. |
6,949 | 194,780 | ||||||
|
MetLife, Inc. |
169,714 | 10,676,708 | ||||||
|
National Western Life Group, Inc., Class A |
553 | 241,932 | ||||||
|
Old Republic International Corp. |
70,181 | 1,890,676 | ||||||
|
Oscar Health, Inc., Class A(a) |
38,330 | 213,498 | ||||||
|
Palomar Holdings, Inc.(a) |
5,752 | 291,914 | ||||||
|
Primerica, Inc. |
9,871 | 1,915,073 | ||||||
|
Principal Financial Group, Inc. |
63,977 | 4,610,822 | ||||||
|
ProAssurance Corp. |
12,861 | 242,944 | ||||||
|
Progressive Corp. (The) |
153,528 | 21,386,450 | ||||||
|
Prudential Financial, Inc. |
96,487 | 9,155,651 | ||||||
|
Reinsurance Group of America, Inc. |
17,332 | 2,516,433 | ||||||
|
RenaissanceRe Holdings Ltd. |
12,973 | 2,567,616 | ||||||
| 20 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (unaudited) (continued) September 30, 2023 |
iShares® Russell 3000 ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Insurance (continued) | ||||||||
|
RLI Corp. |
10,468 | $ | 1,422,497 | |||||
|
Ryan Specialty Holdings, Inc., Class A(a)(b) |
24,034 | 1,163,246 | ||||||
|
Safety Insurance Group, Inc. |
3,821 | 260,554 | ||||||
|
Selective Insurance Group, Inc. |
15,272 | 1,575,612 | ||||||
|
Selectquote, Inc.(a) |
44,173 | 51,682 | ||||||
|
SiriusPoint Ltd.(a) |
23,851 | 242,565 | ||||||
|
Skyward Specialty Insurance Group, Inc.(a) |
4,736 | 129,577 | ||||||
|
Stewart Information Services Corp. |
6,984 | 305,899 | ||||||
|
Tiptree, Inc. |
6,742 | 112,996 | ||||||
|
Travelers Cos., Inc. (The) |
60,506 | 9,881,235 | ||||||
|
Trupanion, Inc.(a)(b) |
9,511 | 268,210 | ||||||
|
United Fire Group, Inc. |
5,904 | 116,604 | ||||||
|
Universal Insurance Holdings, Inc. |
9,109 | 127,708 | ||||||
|
Unum Group |
51,998 | 2,557,782 | ||||||
|
W R Berkley Corp. |
53,350 | 3,387,191 | ||||||
|
White Mountains Insurance Group Ltd.(b) |
639 | 955,746 | ||||||
|
Willis Towers Watson PLC |
27,485 | 5,743,266 | ||||||
|
|
|
|||||||
| 252,340,322 | ||||||||
| Interactive Media & Services — 5.2% | ||||||||
|
Alphabet, Inc., Class A(a) |
1,561,437 | 204,329,646 | ||||||
|
Alphabet, Inc., Class C, NVS(a) |
1,336,363 | 176,199,461 | ||||||
|
Bumble, Inc., Class A(a) |
22,954 | 342,474 | ||||||
|
Cargurus, Inc., Class A(a) |
25,466 | 446,164 | ||||||
|
Cars.com, Inc.(a) |
18,547 | 312,702 | ||||||
|
Eventbrite, Inc., Class A(a)(b) |
18,434 | 181,759 | ||||||
|
EverQuote, Inc., Class A(a) |
7,670 | 55,454 | ||||||
|
fuboTV, Inc.(a)(b) |
87,513 | 233,660 | ||||||
|
IAC, Inc.(a) |
20,170 | 1,016,366 | ||||||
|
Match Group, Inc.(a) |
73,554 | 2,881,478 | ||||||
|
MediaAlpha, Inc., Class A(a) |
7,470 | 61,702 | ||||||
|
Meta Platforms, Inc., Class A(a) |
581,188 | 174,478,449 | ||||||
|
Nextdoor Holdings, Inc., Class A(a) |
38,718 | 70,467 | ||||||
|
Outbrain, Inc.(a) |
3,811 | 18,560 | ||||||
|
Pinterest, Inc., Class A(a)(b) |
157,928 | 4,268,794 | ||||||
|
QuinStreet, Inc.(a) |
12,244 | 109,829 | ||||||
|
Shutterstock, Inc. |
5,959 | 226,740 | ||||||
|
TripAdvisor, Inc.(a)(b) |
27,336 | 453,231 | ||||||
|
Vimeo, Inc.(a) |
39,293 | 139,097 | ||||||
|
Yelp, Inc.(a) |
18,547 | 771,370 | ||||||
|
Ziff Davis, Inc.(a) |
12,917 | 822,684 | ||||||
|
ZipRecruiter, Inc., Class A(a) |
21,215 | 254,368 | ||||||
|
ZoomInfo Technologies, Inc., Class A(a) |
81,759 | 1,340,848 | ||||||
|
|
|
|||||||
| 569,015,303 | ||||||||
| IT Services — 1.4% | ||||||||
|
Accenture PLC, Class A |
166,022 | 50,987,016 | ||||||
|
Akamai Technologies, Inc.(a) |
40,231 | 4,286,211 | ||||||
|
Amdocs Ltd. |
31,763 | 2,683,656 | ||||||
|
BigCommerce Holdings, Inc., Series 1(a) |
19,671 | 194,153 | ||||||
|
Cloudflare, Inc., Class A(a)(b) |
75,067 | 4,732,224 | ||||||
|
Cognizant Technology Solutions Corp., Class A |
133,216 | 9,024,052 | ||||||
|
DigitalOcean Holdings, Inc.(a) |
17,461 | 419,588 | ||||||
|
DXC Technology Co.(a) |
54,900 | 1,143,567 | ||||||
|
EPAM Systems, Inc.(a) |
14,789 | 3,781,399 | ||||||
|
Fastly, Inc., Class A(a)(b) |
32,589 | 624,731 | ||||||
|
Gartner, Inc.(a) |
20,177 | 6,933,019 | ||||||
|
Globant SA(a) |
10,763 | 2,129,459 | ||||||
|
GoDaddy, Inc., Class A(a) |
40,904 | 3,046,530 | ||||||
|
Grid Dynamics Holdings, Inc., Class A(a) |
11,222 | 136,684 | ||||||
|
Hackett Group, Inc. (The) |
7,798 | 183,955 | ||||||
|
International Business Machines Corp. |
238,742 | 33,495,503 | ||||||
|
Kyndryl Holdings, Inc.(a) |
58,345 | 881,009 | ||||||
|
MongoDB, Inc., Class A(a) |
17,344 | 5,998,596 | ||||||
| Security | Shares | Value | ||||||
| IT Services (continued) | ||||||||
|
Okta, Inc., Class A(a) |
39,656 | $ | 3,232,361 | |||||
|
Perficient, Inc.(a) |
8,395 | 485,735 | ||||||
|
Snowflake, Inc., Class A(a) |
81,769 | 12,491,850 | ||||||
|
Squarespace, Inc., Class A(a) |
9,786 | 283,500 | ||||||
|
Thoughtworks Holding, Inc.(a)(b) |
28,541 | 116,447 | ||||||
|
Tucows, Inc., Class A(a)(b) |
2,700 | 55,107 | ||||||
|
Twilio, Inc., Class A(a) |
43,709 | 2,558,288 | ||||||
|
Unisys Corp.(a)(b) |
17,860 | 61,617 | ||||||
|
VeriSign, Inc.(a) |
23,731 | 4,806,239 | ||||||
|
|
|
|||||||
| 154,772,496 | ||||||||
| Leisure Products — 0.1% | ||||||||
|
Acushnet Holdings Corp. |
9,340 | 495,393 | ||||||
|
AMMO, Inc.(a)(b) |
36,292 | 73,310 | ||||||
|
Brunswick Corp. |
18,669 | 1,474,851 | ||||||
|
Funko, Inc., Class A(a) |
7,024 | 53,734 | ||||||
|
Hasbro, Inc. |
33,998 | 2,248,628 | ||||||
|
Johnson Outdoors, Inc., Class A |
1,468 | 80,285 | ||||||
|
Malibu Boats, Inc., Class A(a) |
5,036 | 246,865 | ||||||
|
MasterCraft Boat Holdings, Inc.(a) |
5,172 | 114,922 | ||||||
|
Mattel, Inc.(a)(b) |
95,164 | 2,096,463 | ||||||
|
Peloton Interactive, Inc., Class A(a)(b) |
77,852 | 393,152 | ||||||
|
Polaris, Inc. |
14,416 | 1,501,282 | ||||||
|
Smith & Wesson Brands, Inc. |
14,841 | 191,597 | ||||||
|
Sturm Ruger & Co., Inc. |
4,084 | 212,858 | ||||||
|
Topgolf Callaway Brands Corp.(a) |
37,663 | 521,256 | ||||||
|
Vista Outdoor, Inc.(a)(b) |
15,660 | 518,659 | ||||||
|
YETI Holdings, Inc.(a)(b) |
22,386 | 1,079,453 | ||||||
|
|
|
|||||||
| 11,302,708 | ||||||||
| Life Sciences Tools & Services — 1.5% | ||||||||
|
10X Genomics, Inc., Class A(a) |
23,439 | 966,859 | ||||||
|
Adaptive Biotechnologies Corp.(a) |
29,104 | 158,617 | ||||||
|
Agilent Technologies, Inc. |
77,834 | 8,703,398 | ||||||
|
Avantor, Inc.(a)(b) |
176,876 | 3,728,546 | ||||||
|
Azenta, Inc.(a) |
16,523 | 829,289 | ||||||
|
BioLife Solutions, Inc.(a) |
9,431 | 130,242 | ||||||
|
Bio-Rad Laboratories, Inc., Class A(a) |
5,700 | 2,043,165 | ||||||
|
Bio-Techne Corp. |
41,430 | 2,820,140 | ||||||
|
Bruker Corp. |
28,680 | 1,786,764 | ||||||
|
Charles River Laboratories International, Inc.(a)(b) |
13,053 | 2,558,127 | ||||||
|
Codexis, Inc.(a) |
16,458 | 31,106 | ||||||
|
CryoPort, Inc.(a) |
9,985 | 136,894 | ||||||
|
Cytek Biosciences, Inc.(a) |
27,550 | 152,076 | ||||||
|
Danaher Corp. |
172,934 | 42,904,925 | ||||||
|
Fortrea Holdings, Inc.(a) |
23,302 | 666,204 | ||||||
|
ICON PLC(a) |
21,366 | 5,261,378 | ||||||
|
Illumina, Inc.(a) |
41,838 | 5,743,521 | ||||||
|
IQVIA Holdings, Inc.(a)(b) |
48,248 | 9,492,794 | ||||||
|
Maravai LifeSciences Holdings, Inc., Class A(a) |
29,501 | 295,010 | ||||||
|
MaxCyte, Inc.(a) |
24,792 | 77,351 | ||||||
|
Medpace Holdings, Inc.(a) |
6,023 | 1,458,349 | ||||||
|
Mesa Laboratories, Inc. |
1,361 | 143,000 | ||||||
|
Mettler-Toledo International, Inc.(a) |
5,711 | 6,328,188 | ||||||
|
NanoString Technologies, Inc.(a)(b) |
11,739 | 20,191 | ||||||
|
OmniAb, Inc.(a)(b) |
18,893 | 98,055 | ||||||
|
OmniAb, Inc., 12.50 Earnout Shares(a)(d) |
1,502 | — | ||||||
|
OmniAb, Inc., 15.00 Earnout Shares(a)(d) |
1,502 | — | ||||||
|
Pacific Biosciences of California, Inc.(a)(b) |
66,975 | 559,241 | ||||||
|
QIAGEN NV(a) |
60,353 | 2,444,297 | ||||||
|
Quanterix Corp.(a) |
12,132 | 329,263 | ||||||
|
Quantum-Si, Inc., Class A(a)(b) |
34,590 | 57,419 | ||||||
|
Repligen Corp.(a)(b) |
14,473 | 2,301,352 | ||||||
|
Revvity, Inc. |
32,819 | 3,633,063 | ||||||
|
S C H E D U L E S O F I N V E S T M E N T S |
21 |
|
Schedule of Investments (unaudited) (continued) September 30, 2023 |
iShares® Russell 3000 ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Life Sciences Tools & Services (continued) | ||||||||
|
Seer, Inc., Class A(a) |
18,611 | $ | 41,130 | |||||
|
SomaLogic, Inc., Class A(a) |
59,015 | 141,046 | ||||||
|
Sotera Health Co.(a)(b) |
25,859 | 387,368 | ||||||
|
Thermo Fisher Scientific, Inc. |
101,366 | 51,308,428 | ||||||
|
Waters Corp.(a)(b) |
15,297 | 4,194,590 | ||||||
|
West Pharmaceutical Services, Inc. |
19,392 | 7,276,072 | ||||||
|
|
|
|||||||
| 169,207,458 | ||||||||
| Machinery — 2.0% | ||||||||
|
3D Systems Corp.(a) |
30,695 | 150,712 | ||||||
|
AGCO Corp. |
16,162 | 1,911,641 | ||||||
|
Alamo Group, Inc. |
2,361 | 408,122 | ||||||
|
Albany International Corp., Class A |
7,882 | 680,059 | ||||||
|
Allison Transmission Holdings, Inc. |
24,243 | 1,431,792 | ||||||
|
Astec Industries, Inc. |
5,903 | 278,090 | ||||||
|
Barnes Group, Inc. |
12,244 | 415,929 | ||||||
|
Blue Bird Corp.(a)(b) |
5,343 | 114,073 | ||||||
|
Caterpillar, Inc. |
135,692 | 37,043,916 | ||||||
|
Chart Industries, Inc.(a)(b) |
11,129 | 1,882,136 | ||||||
|
CIRCOR International, Inc.(a) |
4,610 | 257,008 | ||||||
|
CNH Industrial NV |
256,211 | 3,100,153 | ||||||
|
Columbus McKinnon Corp. |
6,539 | 228,276 | ||||||
|
Commercial Vehicle Group, Inc.(a) |
10,992 | 85,298 | ||||||
|
Crane Co.(b) |
12,483 | 1,108,990 | ||||||
|
Cummins, Inc. |
37,353 | 8,533,666 | ||||||
|
Deere & Co. |
70,873 | 26,746,053 | ||||||
|
Desktop Metal, Inc., Class A(a)(b) |
61,860 | 90,316 | ||||||
|
Donaldson Co., Inc. |
32,268 | 1,924,464 | ||||||
|
Douglas Dynamics, Inc. |
5,406 | 163,153 | ||||||
|
Dover Corp. |
36,819 | 5,136,619 | ||||||
|
Energy Recovery, Inc.(a) |
14,703 | 311,851 | ||||||
|
Enerpac Tool Group Corp., Class A |
15,673 | 414,237 | ||||||
|
EnPro Industries, Inc. |
5,075 | 615,039 | ||||||
|
Esab Corp. |
14,933 | 1,048,595 | ||||||
|
ESCO Technologies, Inc. |
6,547 | 683,769 | ||||||
|
Federal Signal Corp. |
15,093 | 901,505 | ||||||
|
Flowserve Corp. |
35,124 | 1,396,881 | ||||||
|
Fortive Corp. |
92,963 | 6,894,136 | ||||||
|
Franklin Electric Co., Inc. |
11,641 | 1,038,726 | ||||||
|
Gates Industrial Corp. PLC(a) |
31,685 | 367,863 | ||||||
|
Gorman-Rupp Co. (The) |
4,693 | 154,400 | ||||||
|
Graco, Inc. |
43,748 | 3,188,354 | ||||||
|
Greenbrier Cos., Inc. (The) |
8,275 | 331,000 | ||||||
|
Helios Technologies, Inc. |
8,047 | 446,448 | ||||||
|
Hillenbrand, Inc. |
18,734 | 792,636 | ||||||
|
Hillman Solutions Corp.(a) |
45,869 | 378,419 | ||||||
|
Hyliion Holdings Corp., Class A(a)(b) |
54,029 | 63,754 | ||||||
|
Hyster-Yale Materials Handling, Inc., Class A |
2,654 | 118,315 | ||||||
|
IDEX Corp. |
19,881 | 4,135,646 | ||||||
|
Illinois Tool Works, Inc. |
79,557 | 18,322,773 | ||||||
|
Ingersoll Rand, Inc. |
105,848 | 6,744,635 | ||||||
|
ITT, Inc. |
21,767 | 2,131,207 | ||||||
|
John Bean Technologies Corp. |
8,529 | 896,739 | ||||||
|
Kadant, Inc.(b) |
2,796 | 630,638 | ||||||
|
Kennametal, Inc. |
21,892 | 544,673 | ||||||
|
Lincoln Electric Holdings, Inc. |
14,752 | 2,681,766 | ||||||
|
Lindsay Corp. |
3,072 | 361,513 | ||||||
|
Luxfer Holdings PLC |
7,184 | 93,751 | ||||||
|
Manitowoc Co., Inc. (The)(a) |
9,094 | 136,865 | ||||||
|
Microvast Holdings, Inc.(a)(b) |
53,693 | 101,480 | ||||||
|
Middleby Corp. (The)(a) |
14,227 | 1,821,056 | ||||||
|
Miller Industries, Inc. |
3,015 | 118,218 | ||||||
|
Mueller Industries, Inc. |
15,277 | 1,148,219 | ||||||
| Security | Shares | Value | ||||||
| Machinery (continued) | ||||||||
|
Mueller Water Products, Inc., Class A |
44,989 | $ | 570,461 | |||||
|
Nikola Corp.(a)(b) |
158,098 | 248,214 | ||||||
|
Nordson Corp. |
15,271 | 3,408,029 | ||||||
|
Omega Flex, Inc. |
1,077 | 84,792 | ||||||
|
Oshkosh Corp. |
17,672 | 1,686,439 | ||||||
|
Otis Worldwide Corp. |
108,407 | 8,706,166 | ||||||
|
PACCAR, Inc. |
134,933 | 11,472,004 | ||||||
|
Parker-Hannifin Corp. |
33,641 | 13,103,842 | ||||||
|
Pentair PLC |
43,632 | 2,825,172 | ||||||
|
Proto Labs, Inc.(a) |
7,046 | 186,014 | ||||||
|
RBC Bearings, Inc.(a)(b) |
7,207 | 1,687,375 | ||||||
|
REV Group, Inc. |
9,286 | 148,576 | ||||||
|
Shyft Group, Inc. (The) |
8,797 | 131,691 | ||||||
|
Snap-on, Inc. |
13,691 | 3,492,026 | ||||||
|
SPX Technologies, Inc.(a) |
12,142 | 988,359 | ||||||
|
Standex International Corp. |
3,067 | 446,831 | ||||||
|
Stanley Black & Decker, Inc. |
40,279 | 3,366,519 | ||||||
|
Tennant Co. |
4,571 | 338,940 | ||||||
|
Terex Corp. |
17,747 | 1,022,582 | ||||||
|
Timken Co. (The) |
16,485 | 1,211,483 | ||||||
|
Titan International, Inc.(a) |
11,043 | 148,307 | ||||||
|
Toro Co. (The) |
27,615 | 2,294,806 | ||||||
|
Trinity Industries, Inc. |
19,918 | 485,003 | ||||||
|
Wabash National Corp. |
12,406 | 262,015 | ||||||
|
Watts Water Technologies, Inc., Class A |
6,930 | 1,197,643 | ||||||
|
Westinghouse Air Brake Technologies Corp. |
46,684 | 4,961,109 | ||||||
|
Xylem, Inc. |
62,488 | 5,688,283 | ||||||
|
|
|
|||||||
| 220,868,254 | ||||||||
| Marine Transportation — 0.0% | ||||||||
|
Costamare, Inc. |
17,793 | 171,169 | ||||||
|
Eagle Bulk Shipping, Inc. |
2,976 | 125,081 | ||||||
|
Genco Shipping & Trading Ltd. |
8,942 | 125,099 | ||||||
|
Golden Ocean Group Ltd. |
29,809 | 234,895 | ||||||
|
Kirby Corp.(a) |
15,476 | 1,281,413 | ||||||
|
Matson, Inc. |
9,263 | 821,813 | ||||||
|
Safe Bulkers, Inc. |
36,110 | 116,996 | ||||||
|
|
|
|||||||
| 2,876,466 | ||||||||
| Media — 0.9% | ||||||||
|
AMC Networks, Inc., Class A(a) |
7,545 | 88,880 | ||||||
|
Boston Omaha Corp., Class A(a) |
4,891 | 80,164 | ||||||
|
Cable One, Inc. |
1,427 | 878,518 | ||||||
|
Cardlytics, Inc.(a)(b) |
12,122 | 200,013 | ||||||
|
Charter Communications, Inc., Class A(a)(b) |
26,889 | 11,826,320 | ||||||
|
Clear Channel Outdoor Holdings, Inc.(a)(b) |
97,494 | 154,041 | ||||||
|
Comcast Corp., Class A |
1,075,105 | 47,670,156 | ||||||
|
Daily Journal Corp.(a) |
396 | 116,424 | ||||||
|
DISH Network Corp., Class A(a)(b) |
65,736 | 385,213 | ||||||
|
Entravision Communications Corp., Class A |
23,150 | 84,498 | ||||||
|
EW Scripps Co. (The), Class A, NVS(a) |
13,530 | 74,144 | ||||||
|
Fox Corp., Class A, NVS |
69,857 | 2,179,538 | ||||||
|
Fox Corp., Class B |
36,587 | 1,056,633 | ||||||
|
Gannett Co., Inc.(a)(b) |
59,801 | 146,512 | ||||||
|
Gray Television, Inc. |
21,245 | 147,015 | ||||||
|
iHeartMedia, Inc., Class A(a) |
27,991 | 88,452 | ||||||
|
Integral Ad Science Holding Corp.(a) |
9,976 | 118,615 | ||||||
|
Interpublic Group of Cos., Inc. (The) |
99,280 | 2,845,365 | ||||||
|
John Wiley & Sons, Inc., Class A |
12,170 | 452,359 | ||||||
|
Liberty Broadband Corp., Class A(a) |
4,062 | 369,276 | ||||||
|
Liberty Broadband Corp., Class C, NVS(a) |
30,957 | 2,826,993 | ||||||
|
Liberty Media Corp. - Liberty SiriusXM, NVS(a) |
39,833 | 1,014,148 | ||||||
|
Liberty Media Corp. - Liberty SiriusXM, Class A(a) |
18,691 | 475,686 | ||||||
|
Magnite, Inc.(a)(b) |
33,580 | 253,193 | ||||||
| 22 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (unaudited) (continued) September 30, 2023 |
iShares® Russell 3000 ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Media (continued) | ||||||||
|
New York Times Co. (The), Class A |
43,132 | $ | 1,777,038 | |||||
|
News Corp., Class A, NVS |
96,981 | 1,945,439 | ||||||
|
News Corp., Class B |
31,116 | 649,391 | ||||||
|
Nexstar Media Group, Inc., Class A |
8,967 | 1,285,599 | ||||||
|
Omnicom Group, Inc. |
52,346 | 3,898,730 | ||||||
|
Paramount Global, Class A(b) |
4,129 | 65,197 | ||||||
|
Paramount Global, Class B, NVS |
150,956 | 1,947,332 | ||||||
|
PubMatic, Inc., Class A(a)(b) |
11,228 | 135,859 | ||||||
|
Scholastic Corp., NVS |
6,853 | 261,373 | ||||||
|
Sinclair, Inc., Class A |
11,761 | 131,958 | ||||||
|
Sirius XM Holdings, Inc.(b) |
165,427 | 747,730 | ||||||
|
Stagwell, Inc., Class A(a) |
33,523 | 157,223 | ||||||
|
TechTarget, Inc.(a) |
7,289 | 221,294 | ||||||
|
TEGNA, Inc. |
55,187 | 804,075 | ||||||
|
Thryv Holdings, Inc.(a) |
6,579 | 123,488 | ||||||
|
Trade Desk, Inc. (The), Class A(a) |
116,277 | 9,087,048 | ||||||
|
WideOpenWest, Inc.(a)(b) |
14,665 | 112,187 | ||||||
|
|
|
|||||||
| 96,883,117 | ||||||||
| Metals & Mining — 0.6% | ||||||||
|
5E Advanced Materials, Inc.(a)(b) |
10,695 | 24,171 | ||||||
|
Alcoa Corp. |
48,053 | 1,396,420 | ||||||
|
Alpha Metallurgical Resources, Inc. |
3,370 | 875,290 | ||||||
|
Arch Resources, Inc., Class A |
4,933 | 841,866 | ||||||
|
ATI, Inc.(a)(b) |
32,459 | 1,335,688 | ||||||
|
Caledonia Mining Corp. PLC |
9,926 | 97,870 | ||||||
|
Carpenter Technology Corp. |
13,216 | 888,247 | ||||||
|
Century Aluminum Co.(a)(b) |
15,107 | 108,619 | ||||||
|
Cleveland-Cliffs, Inc.(a) |
134,979 | 2,109,722 | ||||||
|
Coeur Mining, Inc.(a) |
63,987 | 142,051 | ||||||
|
Commercial Metals Co. |
31,333 | 1,548,164 | ||||||
|
Compass Minerals International, Inc. |
8,898 | 248,699 | ||||||
|
Constellium SE(a) |
30,122 | 548,220 | ||||||
|
Freeport-McMoRan, Inc. |
376,221 | 14,029,281 | ||||||
|
Haynes International, Inc. |
3,707 | 172,450 | ||||||
|
Hecla Mining Co. |
165,406 | 646,737 | ||||||
|
i-80 Gold Corp.(a)(b) |
50,631 | 77,465 | ||||||
|
Ivanhoe Electric, Inc.(a)(b) |
12,136 | 144,418 | ||||||
|
Kaiser Aluminum Corp. |
4,295 | 323,242 | ||||||
|
Materion Corp. |
4,950 | 504,455 | ||||||
|
MP Materials Corp., Class A(a)(b) |
28,625 | 546,738 | ||||||
|
Newmont Corp. |
209,871 | 7,754,733 | ||||||
|
Novagold Resources, Inc.(a) |
64,730 | 248,563 | ||||||
|
Nucor Corp. |
66,000 | 10,319,100 | ||||||
|
Olympic Steel, Inc. |
2,498 | 140,413 | ||||||
|
Piedmont Lithium, Inc.(a)(b) |
4,823 | 191,473 | ||||||
|
Reliance Steel & Aluminum Co. |
15,239 | 3,996,123 | ||||||
|
Royal Gold, Inc. |
17,698 | 1,881,828 | ||||||
|
Ryerson Holding Corp. |
4,950 | 143,996 | ||||||
|
Schnitzer Steel Industries, Inc., Class A |
6,168 | 171,779 | ||||||
|
Southern Copper Corp. |
21,889 | 1,648,023 | ||||||
|
SSR Mining, Inc. |
52,502 | 697,752 | ||||||
|
Steel Dynamics, Inc. |
42,114 | 4,515,463 | ||||||
|
SunCoke Energy, Inc. |
26,008 | 263,981 | ||||||
|
TimkenSteel Corp.(a) |
9,931 | 215,701 | ||||||
|
Tredegar Corp. |
11,274 | 60,992 | ||||||
|
United States Steel Corp. |
58,579 | 1,902,646 | ||||||
|
Warrior Met Coal, Inc. |
12,346 | 630,634 | ||||||
|
Worthington Industries, Inc. |
7,704 | 476,261 | ||||||
|
|
|
|||||||
| 61,869,274 | ||||||||
| Mortgage Real Estate Investment Trusts (REITs) — 0.1% | ||||||||
|
AFC Gamma, Inc. |
6,398 | 75,112 | ||||||
|
AGNC Investment Corp. |
160,973 | 1,519,585 | ||||||
| Security | Shares | Value | ||||||
| Mortgage Real Estate Investment Trusts (REITs) (continued) | ||||||||
|
Annaly Capital Management, Inc. |
129,401 | $ | 2,434,033 | |||||
|
Apollo Commercial Real Estate Finance, Inc. |
40,669 | 411,977 | ||||||
|
Arbor Realty Trust, Inc. |
41,214 | 625,629 | ||||||
|
Ares Commercial Real Estate Corp. |
10,975 | 104,482 | ||||||
|
ARMOUR Residential REIT, Inc. |
48,494 | 206,100 | ||||||
|
Blackstone Mortgage Trust, Inc., Class A |
47,080 | 1,023,990 | ||||||
|
BrightSpire Capital, Inc., Class A |
40,190 | 251,589 | ||||||
|
Chicago Atlantic Real Estate Finance, Inc. |
7,383 | 108,678 | ||||||
|
Chimera Investment Corp. |
59,439 | 324,537 | ||||||
|
Claros Mortgage Trust, Inc. |
23,217 | 257,244 | ||||||
|
Dynex Capital, Inc. |
17,359 | 207,266 | ||||||
|
Ellington Financial, Inc. |
13,591 | 169,480 | ||||||
|
Franklin BSP Realty Trust, Inc. |
21,733 | 287,745 | ||||||
|
Granite Point Mortgage Trust, Inc. |
15,826 | 77,231 | ||||||
|
Hannon Armstrong Sustainable Infrastructure Capital, Inc.(b) |
26,151 | 554,401 | ||||||
|
Invesco Mortgage Capital, Inc. |
8,594 | 86,026 | ||||||
|
KKR Real Estate Finance Trust, Inc. |
15,776 | 187,261 | ||||||
|
Ladder Capital Corp., Class A |
27,697 | 284,171 | ||||||
|
MFA Financial, Inc. |
29,486 | 283,360 | ||||||
|
New York Mortgage Trust, Inc. |
24,156 | 205,084 | ||||||
|
Orchid Island Capital, Inc. |
11,782 | 100,265 | ||||||
|
PennyMac Mortgage Investment Trust |
23,489 | 291,264 | ||||||
|
Ready Capital Corp. |
38,224 | 386,445 | ||||||
|
Redwood Trust, Inc. |
31,289 | 223,091 | ||||||
|
Rithm Capital Corp. |
126,256 | 1,172,918 | ||||||
|
Starwood Property Trust, Inc. |
75,394 | 1,458,874 | ||||||
|
TPG RE Finance Trust, Inc. |
14,739 | 99,193 | ||||||
|
Two Harbors Investment Corp. |
23,776 | 314,794 | ||||||
|
|
|
|||||||
| 13,731,825 | ||||||||
| Multi-Utilities — 0.6% | ||||||||
|
Ameren Corp. |
69,158 | 5,175,093 | ||||||
|
Avista Corp. |
18,236 | 590,299 | ||||||
|
Black Hills Corp. |
17,381 | 879,305 | ||||||
|
CenterPoint Energy, Inc. |
164,867 | 4,426,679 | ||||||
|
CMS Energy Corp. |
76,704 | 4,073,749 | ||||||
|
Consolidated Edison, Inc. |
90,994 | 7,782,717 | ||||||
|
Dominion Energy, Inc. |
219,588 | 9,808,996 | ||||||
|
DTE Energy Co. |
54,021 | 5,363,205 | ||||||
|
NiSource, Inc. |
109,691 | 2,707,174 | ||||||
|
Northwestern Energy Group, Inc. |
15,351 | 737,769 | ||||||
|
Public Service Enterprise Group, Inc. |
129,693 | 7,380,829 | ||||||
|
Sempra |
166,143 | 11,302,708 | ||||||
|
Unitil Corp. |
3,381 | 144,403 | ||||||
|
WEC Energy Group, Inc. |
82,977 | 6,683,797 | ||||||
|
|
|
|||||||
| 67,056,723 | ||||||||
| Office REITs — 0.1% | ||||||||
|
Alexandria Real Estate Equities, Inc. |
45,295 | 4,534,030 | ||||||
|
Boston Properties, Inc. |
41,211 | 2,451,230 | ||||||
|
Brandywine Realty Trust |
50,314 | 228,426 | ||||||
|
City Office REIT, Inc. |
12,833 | 54,540 | ||||||
|
COPT Defense Properties |
29,434 | 701,412 | ||||||
|
Cousins Properties, Inc. |
39,362 | 801,804 | ||||||
|
Douglas Emmett, Inc. |
44,532 | 568,228 | ||||||
|
Easterly Government Properties, Inc. |
25,244 | 288,539 | ||||||
|
Equity Commonwealth |
27,618 | 507,343 | ||||||
|
Highwoods Properties, Inc. |
26,788 | 552,101 | ||||||
|
Hudson Pacific Properties, Inc. |
40,333 | 268,214 | ||||||
|
JBG SMITH Properties |
27,945 | 404,085 | ||||||
|
Kilroy Realty Corp. |
30,702 | 970,490 | ||||||
|
Office Properties Income Trust |
12,574 | 51,553 | ||||||
|
Orion Office REIT, Inc. |
14,252 | 74,253 | ||||||
|
S C H E D U L E S O F I N V E S T M E N T S |
23 |
|
Schedule of Investments (unaudited) (continued) September 30, 2023 |
iShares® Russell 3000 ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Office REITs (continued) | ||||||||
|
Paramount Group, Inc. |
46,445 | $ | 214,576 | |||||
|
Peakstone Realty Trust, Class E(b) |
7,228 | 120,274 | ||||||
|
Piedmont Office Realty Trust, Inc., Class A |
33,554 | 188,573 | ||||||
|
Postal Realty Trust, Inc., Class A |
3,822 | 51,597 | ||||||
|
SL Green Realty Corp.(b) |
16,914 | 630,892 | ||||||
|
Vornado Realty Trust |
46,814 | 1,061,742 | ||||||
|
|
|
|||||||
| 14,723,902 | ||||||||
| Oil, Gas & Consumable Fuels — 4.2% | ||||||||
|
Amplify Energy Corp.(a) |
12,365 | 90,883 | ||||||
|
Antero Midstream Corp. |
88,017 | 1,054,444 | ||||||
|
Antero Resources Corp.(a) |
76,210 | 1,934,210 | ||||||
|
APA Corp. |
81,332 | 3,342,745 | ||||||
|
Ardmore Shipping Corp. |
13,158 | 171,186 | ||||||
|
Berry Corp. |
22,741 | 186,476 | ||||||
|
California Resources Corp. |
19,220 | 1,076,512 | ||||||
|
Callon Petroleum Co.(a) |
16,045 | 627,680 | ||||||
|
Centrus Energy Corp., Class A(a) |
3,200 | 181,632 | ||||||
|
Cheniere Energy, Inc. |
63,589 | 10,553,230 | ||||||
|
Chesapeake Energy Corp. |
33,253 | 2,867,406 | ||||||
|
Chevron Corp. |
464,909 | 78,392,956 | ||||||
|
Chord Energy Corp. |
11,079 | 1,795,574 | ||||||
|
Civitas Resources, Inc. |
17,766 | 1,436,736 | ||||||
|
Clean Energy Fuels Corp.(a)(b) |
41,365 | 158,428 | ||||||
|
CNX Resources Corp.(a)(b) |
44,054 | 994,739 | ||||||
|
Comstock Resources, Inc. |
22,164 | 244,469 | ||||||
|
ConocoPhillips |
318,588 | 38,166,842 | ||||||
|
CONSOL Energy, Inc. |
9,488 | 995,386 | ||||||
|
Coterra Energy, Inc. |
194,268 | 5,254,949 | ||||||
|
Crescent Energy Co., Class A |
9,888 | 124,984 | ||||||
|
CVR Energy, Inc. |
7,459 | 253,830 | ||||||
|
Delek U.S. Holdings, Inc. |
18,963 | 538,739 | ||||||
|
Denbury, Inc.(a) |
13,727 | 1,345,383 | ||||||
|
Devon Energy Corp. |
168,075 | 8,017,178 | ||||||
|
DHT Holdings, Inc. |
30,961 | 318,898 | ||||||
|
Diamondback Energy, Inc. |
47,963 | 7,428,509 | ||||||
|
Dorian LPG Ltd. |
9,351 | 268,654 | ||||||
|
DT Midstream, Inc. |
24,816 | 1,313,263 | ||||||
|
Earthstone Energy, Inc., Class A(a) |
17,032 | 344,728 | ||||||
|
Encore Energy Corp.(a) |
43,036 | 140,297 | ||||||
|
Energy Fuels, Inc.(a)(b) |
39,216 | 322,356 | ||||||
|
Enviva, Inc. |
7,768 | 58,027 | ||||||
|
EOG Resources, Inc. |
154,211 | 19,547,786 | ||||||
|
EQT Corp.(b) |
94,504 | 3,834,972 | ||||||
|
Equitrans Midstream Corp. |
110,525 | 1,035,619 | ||||||
|
Evolution Petroleum Corp. |
13,908 | 95,131 | ||||||
|
Excelerate Energy, Inc., Class A |
4,819 | 82,116 | ||||||
|
Exxon Mobil Corp. |
1,052,525 | 123,755,890 | ||||||
|
FLEX LNG Ltd. |
7,165 | 216,096 | ||||||
|
Gevo, Inc.(a)(b) |
52,611 | 62,607 | ||||||
|
Golar LNG Ltd. |
24,968 | 605,724 | ||||||
|
Green Plains, Inc.(a) |
9,494 | 285,769 | ||||||
|
Gulfport Energy Corp.(a) |
2,917 | 346,131 | ||||||
|
Hallador Energy Co.(a)(b) |
10,002 | 144,229 | ||||||
|
Hess Corp. |
72,853 | 11,146,509 | ||||||
|
HF Sinclair Corp. |
37,901 | 2,157,704 | ||||||
|
International Seaways, Inc. |
10,574 | 475,830 | ||||||
|
Kinder Morgan, Inc. |
514,355 | 8,528,006 | ||||||
|
Kinetik Holdings, Inc., Class A |
4,853 | 163,789 | ||||||
|
Kosmos Energy Ltd.(a)(b) |
122,828 | 1,004,733 | ||||||
|
Magnolia Oil & Gas Corp., Class A |
47,792 | 1,094,915 | ||||||
|
Marathon Oil Corp. |
161,609 | 4,323,041 | ||||||
|
Marathon Petroleum Corp. |
111,815 | 16,922,082 | ||||||
| Security | Shares | Value | ||||||
| Oil, Gas & Consumable Fuels (continued) | ||||||||
|
Matador Resources Co. |
29,687 | $ | 1,765,783 | |||||
|
Murphy Oil Corp. |
37,581 | 1,704,298 | ||||||
|
New Fortress Energy, Inc., Class A |
15,014 | 492,159 | ||||||
|
NextDecade Corp.(a)(b) |
13,887 | 71,101 | ||||||
|
Nordic American Tankers Ltd. |
50,950 | 209,914 | ||||||
|
Northern Oil & Gas, Inc. |
20,710 | 833,163 | ||||||
|
Occidental Petroleum Corp. |
182,964 | 11,870,704 | ||||||
|
ONEOK, Inc. |
117,452 | 7,449,980 | ||||||
|
Overseas Shipholding Group, Inc., Class A(a) |
26,634 | 116,923 | ||||||
|
Ovintiv, Inc. |
67,635 | 3,217,397 | ||||||
|
Par Pacific Holdings, Inc.(a) |
15,972 | 574,034 | ||||||
|
PBF Energy, Inc., Class A |
31,015 | 1,660,233 | ||||||
|
Peabody Energy Corp. |
30,189 | 784,612 | ||||||
|
Permian Resources Corp., Class A |
69,444 | 969,438 | ||||||
|
PetroCorp Escrow(a)(d) |
1,248 | — | ||||||
|
Phillips 66 |
120,858 | 14,521,089 | ||||||
|
Pioneer Natural Resources Co. |
61,050 | 14,014,028 | ||||||
|
Range Resources Corp. |
61,646 | 1,997,947 | ||||||
|
REX American Resources Corp.(a) |
4,544 | 185,032 | ||||||
|
Riley Exploration Permian, Inc. |
3,266 | 103,826 | ||||||
|
Ring Energy, Inc.(a)(b) |
49,458 | 96,443 | ||||||
|
Scorpio Tankers, Inc. |
12,652 | 684,726 | ||||||
|
SFL Corp. Ltd. |
35,449 | 395,256 | ||||||
|
SilverBow Resources, Inc.(a)(b) |
3,057 | 109,349 | ||||||
|
Sitio Royalties Corp., Class A |
18,929 | 458,271 | ||||||
|
SM Energy Co. |
31,528 | 1,250,085 | ||||||
|
Southwestern Energy Co.(a) |
292,375 | 1,885,819 | ||||||
|
Talos Energy, Inc.(a)(b) |
29,065 | 477,829 | ||||||
|
Targa Resources Corp. |
58,480 | 5,012,906 | ||||||
|
Teekay Corp.(a) |
21,734 | 134,099 | ||||||
|
Teekay Tankers Ltd., Class A |
6,336 | 263,768 | ||||||
|
Tellurian, Inc.(a)(b) |
137,899 | 159,963 | ||||||
|
Texas Pacific Land Corp.(b) |
1,533 | 2,795,518 | ||||||
|
Uranium Energy Corp.(a)(b) |
85,746 | 441,592 | ||||||
|
VAALCO Energy, Inc. |
27,589 | 121,116 | ||||||
|
Valero Energy Corp. |
92,835 | 13,155,648 | ||||||
|
Vertex Energy, Inc.(a) |
15,640 | 69,598 | ||||||
|
Vital Energy, Inc.(a) |
4,620 | 256,040 | ||||||
|
Vitesse Energy, Inc. |
6,295 | 144,093 | ||||||
|
W&T Offshore, Inc.(a) |
32,789 | 143,616 | ||||||
|
Williams Cos., Inc. (The) |
318,586 | 10,733,162 | ||||||
|
World Kinect Corp. |
17,512 | 392,794 | ||||||
|
|
|
|||||||
| 467,553,360 | ||||||||
| Paper & Forest Products — 0.0% | ||||||||
|
Clearwater Paper Corp.(a) |
4,468 | 161,965 | ||||||
|
Louisiana-Pacific Corp. |
18,142 | 1,002,709 | ||||||
|
Sylvamo Corp. |
9,279 | 407,719 | ||||||
|
|
|
|||||||
| 1,572,393 | ||||||||
| Passenger Airlines — 0.2% | ||||||||
|
Alaska Air Group, Inc.(a) |
32,242 | 1,195,533 | ||||||
|
Allegiant Travel Co. |
3,627 | 278,771 | ||||||
|
American Airlines Group, Inc.(a) |
172,479 | 2,209,456 | ||||||
|
Blade Air Mobility, Inc., Class A(a) |
23,155 | 59,971 | ||||||
|
Delta Air Lines, Inc. |
168,562 | 6,236,794 | ||||||
|
Frontier Group Holdings, Inc.(a)(b) |
9,701 | 46,953 | ||||||
|
Hawaiian Holdings, Inc.(a)(b) |
14,051 | 88,943 | ||||||
|
JetBlue Airways Corp.(a) |
81,466 | 374,744 | ||||||
|
Joby Aviation, Inc.(a)(b) |
69,008 | 445,102 | ||||||
|
SkyWest, Inc.(a) |
11,225 | 470,776 | ||||||
|
Southwest Airlines Co. |
155,063 | 4,197,555 | ||||||
|
Spirit Airlines, Inc. |
26,304 | 434,016 | ||||||
| 24 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (unaudited) (continued) September 30, 2023 |
iShares® Russell 3000 ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Passenger Airlines (continued) | ||||||||
|
Sun Country Airlines Holdings, Inc.(a) |
11,965 | $ | 177,561 | |||||
|
United Airlines Holdings, Inc.(a) |
85,366 | 3,610,982 | ||||||
|
|
|
|||||||
| 19,827,157 | ||||||||
| Personal Care Products — 0.2% | ||||||||
|
Beauty Health Co. (The), Class A(a)(b) |
23,863 | 143,655 | ||||||
|
BellRing Brands, Inc.(a) |
35,105 | 1,447,379 | ||||||
|
Coty, Inc., Class A(a) |
97,696 | 1,071,725 | ||||||
|
Edgewell Personal Care Co. |
14,955 | 552,737 | ||||||
|
elf Beauty, Inc.(a) |
14,154 | 1,554,534 | ||||||
|
Estee Lauder Cos., Inc. (The), Class A |
60,580 | 8,756,839 | ||||||
|
Herbalife Ltd.(a)(b) |
28,026 | 392,084 | ||||||
|
Inter Parfums, Inc. |
4,972 | 667,938 | ||||||
|
Kenvue, Inc. |
457,395 | 9,184,492 | ||||||
|
Medifast, Inc. |
3,152 | 235,927 | ||||||
|
Nu Skin Enterprises, Inc., Class A |
11,733 | 248,857 | ||||||
|
Olaplex Holdings, Inc.(a) |
34,167 | 66,626 | ||||||
|
USANA Health Sciences, Inc.(a) |
3,576 | 209,589 | ||||||
|
|
|
|||||||
| 24,532,382 | ||||||||
| Pharmaceuticals — 3.7% | ||||||||
|
Aclaris Therapeutics, Inc.(a) |
17,662 | 120,985 | ||||||
|
Amneal Pharmaceuticals, Inc., Class A(a) |
27,879 | 117,649 | ||||||
|
Amphastar Pharmaceuticals, Inc.(a) |
10,344 | 475,721 | ||||||
|
Amylyx Pharmaceuticals, Inc.(a) |
13,497 | 247,130 | ||||||
|
ANI Pharmaceuticals, Inc.(a) |
3,152 | 183,005 | ||||||
|
Arvinas, Inc.(a) |
11,505 | 225,958 | ||||||
|
Assertio Holdings, Inc.(a)(b) |
17,705 | 45,325 | ||||||
|
Atea Pharmaceuticals, Inc.(a) |
18,017 | 54,051 | ||||||
|
Axsome Therapeutics, Inc.(a)(b) |
9,854 | 688,696 | ||||||
|
Bristol-Myers Squibb Co. |
552,349 | 32,058,336 | ||||||
|
Cara Therapeutics, Inc.(a) |
12,183 | 20,467 | ||||||
|
Cassava Sciences, Inc.(a)(b) |
9,858 | 164,037 | ||||||
|
Catalent, Inc.(a) |
46,871 | 2,134,037 | ||||||
|
Collegium Pharmaceutical, Inc.(a) |
9,336 | 208,660 | ||||||
|
Corcept Therapeutics, Inc.(a) |
22,751 | 619,851 | ||||||
|
CorMedix, Inc.(a) |
22,156 | 81,977 | ||||||
|
Cymabay Therapeutics, Inc.(a)(b) |
25,481 | 379,922 | ||||||
|
Edgewise Therapeutics, Inc.(a)(b) |
12,365 | 70,851 | ||||||
|
Elanco Animal Health, Inc.(a) |
128,428 | 1,443,531 | ||||||
|
Eli Lilly & Co. |
222,364 | 119,438,375 | ||||||
|
Enliven Therapeutics, Inc.(a)(b) |
6,063 | 82,821 | ||||||
|
Evolus, Inc.(a)(b) |
11,426 | 104,434 | ||||||
|
EyePoint Pharmaceuticals, Inc.(a)(b) |
11,118 | 88,833 | ||||||
|
Harmony Biosciences Holdings, Inc.(a)(b) |
7,305 | 239,385 | ||||||
|
Harrow, Inc.(a) |
6,754 | 97,055 | ||||||
|
Innoviva, Inc.(a)(b) |
18,320 | 237,977 | ||||||
|
Intra-Cellular Therapies, Inc.(a)(b) |
24,122 | 1,256,515 | ||||||
|
Jazz Pharmaceuticals PLC(a) |
16,266 | 2,105,471 | ||||||
|
Johnson & Johnson |
633,245 | 98,627,909 | ||||||
|
Ligand Pharmaceuticals, Inc.(a) |
3,863 | 231,471 | ||||||
|
Liquidia Corp.(a) |
8,684 | 55,057 | ||||||
|
Marinus Pharmaceuticals, Inc.(a) |
12,943 | 104,191 | ||||||
|
Merck & Co., Inc. |
667,412 | 68,710,065 | ||||||
|
NGM Biopharmaceuticals, Inc.(a) |
20,227 | 21,643 | ||||||
|
Nuvation Bio, Inc., Class A(a) |
45,959 | 61,585 | ||||||
|
Ocular Therapeutix, Inc.(a)(b) |
26,899 | 84,463 | ||||||
|
Omeros Corp.(a) |
19,193 | 56,044 | ||||||
|
Organon & Co. |
67,492 | 1,171,661 | ||||||
|
Pacira BioSciences, Inc.(a) |
11,682 | 358,404 | ||||||
|
Perrigo Co. PLC |
36,531 | 1,167,165 | ||||||
|
Pfizer, Inc. |
1,484,648 | 49,245,774 | ||||||
|
Phathom Pharmaceuticals, Inc.(a)(b) |
9,028 | 93,620 | ||||||
|
Phibro Animal Health Corp., Class A |
3,775 | 48,207 | ||||||
| Security | Shares | Value | ||||||
| Pharmaceuticals (continued) | ||||||||
|
Pliant Therapeutics, Inc.(a) |
14,678 | $ | 254,516 | |||||
|
Prestige Consumer Healthcare, Inc.(a) |
13,479 | 770,864 | ||||||
|
Revance Therapeutics, Inc.(a) |
22,025 | 252,627 | ||||||
|
Royalty Pharma PLC, Class A |
96,698 | 2,624,384 | ||||||
|
Scilex Holding Co. (Acquired 01/13/23, Cost $96,475)(a)(e) |
19,104 | 26,277 | ||||||
|
scPharmaceuticals, Inc.(a) |
10,770 | 76,682 | ||||||
|
SIGA Technologies, Inc. |
11,988 | 62,937 | ||||||
|
Supernus Pharmaceuticals, Inc.(a) |
12,962 | 357,362 | ||||||
|
Taro Pharmaceutical Industries Ltd.(a) |
2,763 | 104,193 | ||||||
|
Tarsus Pharmaceuticals, Inc.(a) |
3,064 | 54,447 | ||||||
|
Terns Pharmaceuticals, Inc.(a) |
11,132 | 55,994 | ||||||
|
Theravance Biopharma, Inc.(a) |
15,220 | 131,349 | ||||||
|
Ventyx Biosciences, Inc.(a)(b) |
12,156 | 422,178 | ||||||
|
Viatris, Inc. |
316,240 | 3,118,126 | ||||||
|
WaVe Life Sciences Ltd.(a)(b) |
30,696 | 176,502 | ||||||
|
Xeris Biopharma Holdings, Inc.(a) |
24,760 | 46,054 | ||||||
|
Zoetis, Inc., Class A |
122,031 | 21,230,953 | ||||||
|
|
|
|||||||
| 412,793,759 | ||||||||
| Professional Services — 1.0% | ||||||||
|
Alight, Inc., Class A(a) |
100,552 | 712,914 | ||||||
|
ASGN, Inc.(a) |
13,153 | 1,074,337 | ||||||
|
Asure Software, Inc.(a) |
3,380 | 31,975 | ||||||
|
Automatic Data Processing, Inc. |
108,962 | 26,214,078 | ||||||
|
Barrett Business Services, Inc. |
1,721 | 155,303 | ||||||
|
Booz Allen Hamilton Holding Corp., Class A |
33,981 | 3,713,104 | ||||||
|
Broadridge Financial Solutions, Inc. |
31,047 | 5,558,965 | ||||||
|
CACI International, Inc., Class A(a) |
5,991 | 1,880,755 | ||||||
|
CBIZ, Inc.(a) |
13,412 | 696,083 | ||||||
|
Ceridian HCM Holding, Inc.(a)(b) |
38,660 | 2,623,081 | ||||||
|
Clarivate PLC(a)(b) |
121,718 | 816,728 | ||||||
|
Concentrix Corp. |
11,056 | 885,696 | ||||||
|
Conduent, Inc.(a) |
40,684 | 141,580 | ||||||
|
CRA International, Inc. |
1,713 | 172,602 | ||||||
|
CSG Systems International, Inc. |
8,256 | 422,047 | ||||||
|
Dun & Bradstreet Holdings, Inc. |
66,962 | 668,950 | ||||||
|
Equifax, Inc. |
32,001 | 5,861,943 | ||||||
|
ExlService Holdings, Inc.(a)(b) |
43,121 | 1,209,113 | ||||||
|
Exponent, Inc. |
13,244 | 1,133,686 | ||||||
|
First Advantage Corp. |
14,879 | 205,181 | ||||||
|
Forrester Research, Inc.(a) |
3,591 | 103,780 | ||||||
|
Franklin Covey Co.(a) |
4,323 | 185,543 | ||||||
|
FTI Consulting, Inc.(a)(b) |
8,603 | 1,534,861 | ||||||
|
Genpact Ltd. |
46,618 | 1,687,572 | ||||||
|
Heidrick & Struggles International, Inc. |
4,405 | 110,213 | ||||||
|
HireRight Holdings Corp.(a) |
8,350 | 79,408 | ||||||
|
Huron Consulting Group, Inc.(a) |
4,641 | 483,407 | ||||||
|
ICF International, Inc.(b) |
4,805 | 580,492 | ||||||
|
Innodata, Inc.(a) |
8,433 | 71,933 | ||||||
|
Insperity, Inc. |
9,306 | 908,266 | ||||||
|
Jacobs Solutions, Inc. |
33,028 | 4,508,322 | ||||||
|
KBR, Inc. |
36,012 | 2,122,547 | ||||||
|
Kelly Services, Inc., Class A, NVS |
9,973 | 181,409 | ||||||
|
Kforce, Inc. |
4,993 | 297,882 | ||||||
|
Korn Ferry |
13,986 | 663,496 | ||||||
|
Legalzoom.com, Inc.(a) |
24,855 | 271,914 | ||||||
|
Leidos Holdings, Inc. |
35,263 | 3,249,838 | ||||||
|
ManpowerGroup, Inc. |
13,751 | 1,008,223 | ||||||
|
Maximus, Inc. |
16,244 | 1,213,102 | ||||||
|
NV5 Global, Inc.(a) |
3,642 | 350,470 | ||||||
|
Parsons Corp.(a)(b) |
10,727 | 583,012 | ||||||
|
Paychex, Inc. |
84,926 | 9,794,516 | ||||||
|
S C H E D U L E S O F I N V E S T M E N T S |
25 |
|
Schedule of Investments (unaudited) (continued) September 30, 2023 |
iShares® Russell 3000 ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Professional Services (continued) | ||||||||
|
Paycom Software, Inc. |
13,368 | $ | 3,465,921 | |||||
|
Paycor HCM, Inc.(a)(b) |
16,806 | 383,681 | ||||||
|
Paylocity Holding Corp.(a) |
11,008 | 2,000,154 | ||||||
|
Planet Labs PBC, Class A(a)(b) |
44,316 | 115,222 | ||||||
|
Resources Connection, Inc. |
10,583 | 157,792 | ||||||
|
Robert Half, Inc. |
28,013 | 2,052,793 | ||||||
|
Science Applications International Corp. |
14,429 | 1,522,837 | ||||||
|
SS&C Technologies Holdings, Inc. |
56,119 | 2,948,492 | ||||||
|
Sterling Check Corp.(a)(b) |
5,849 | 73,814 | ||||||
|
TransUnion |
51,340 | 3,685,699 | ||||||
|
TriNet Group, Inc.(a) |
10,236 | 1,192,289 | ||||||
|
TrueBlue, Inc.(a) |
9,877 | 144,896 | ||||||
|
TTEC Holdings, Inc. |
4,611 | 120,900 | ||||||
|
Upwork, Inc.(a) |
30,086 | 341,777 | ||||||
|
Verisk Analytics, Inc. |
37,416 | 8,839,156 | ||||||
|
Verra Mobility Corp., Class A(a)(b) |
36,787 | 687,917 | ||||||
|
|
|
|||||||
| 111,901,667 | ||||||||
| Real Estate Management & Development — 0.2% | ||||||||
|
Anywhere Real Estate, Inc.(a) |
31,157 | 200,340 | ||||||
|
CBRE Group, Inc., Class A(a) |
81,230 | 5,999,648 | ||||||
|
Compass, Inc., Class A(a)(b) |
74,026 | 214,675 | ||||||
|
CoStar Group, Inc.(a) |
105,624 | 8,121,429 | ||||||
|
Cushman & Wakefield PLC(a) |
40,265 | 306,819 | ||||||
|
DigitalBridge Group, Inc., Class A |
41,436 | 728,445 | ||||||
|
Douglas Elliman, Inc. |
26,583 | 60,078 | ||||||
|
eXp World Holdings, Inc.(b) |
16,039 | 260,473 | ||||||
|
Forestar Group, Inc.(a)(b) |
6,524 | 175,757 | ||||||
|
FRP Holdings, Inc.(a) |
2,488 | 134,277 | ||||||
|
Howard Hughes Holdings, Inc.(a)(b) |
9,562 | 708,831 | ||||||
|
Jones Lang LaSalle, Inc.(a) |
12,573 | 1,775,056 | ||||||
|
Kennedy-Wilson Holdings, Inc. |
31,333 | 461,849 | ||||||
|
Marcus & Millichap, Inc. |
5,827 | 170,964 | ||||||
|
Newmark Group, Inc., Class A |
41,175 | 264,755 | ||||||
|
Opendoor Technologies, Inc.(a) |
145,219 | 383,378 | ||||||
|
Redfin Corp.(a)(b) |
26,731 | 188,186 | ||||||
|
REX Holdings, Inc., Class A |
5,378 | 69,591 | ||||||
|
RMR Group, Inc. (The), Class A |
4,084 | 100,140 | ||||||
|
St. Joe Co. (The) |
8,323 | 452,189 | ||||||
|
Tejon Ranch Co.(a) |
8,348 | 135,405 | ||||||
|
Zillow Group, Inc., Class A(a) |
15,706 | 703,472 | ||||||
|
Zillow Group, Inc., Class C, NVS(a)(b) |
41,732 | 1,926,349 | ||||||
|
|
|
|||||||
| 23,542,106 | ||||||||
| Residential REITs — 0.4% | ||||||||
|
American Homes 4 Rent, Class A |
87,283 | 2,940,564 | ||||||
|
Apartment Income REIT Corp. |
40,062 | 1,229,903 | ||||||
|
Apartment Investment & Management Co., Class A(a) |
39,842 | 270,926 | ||||||
|
AvalonBay Communities, Inc. |
36,983 | 6,351,461 | ||||||
|
Camden Property Trust |
27,361 | 2,587,803 | ||||||
|
Centerspace |
4,612 | 277,919 | ||||||
|
Elme Communities |
23,855 | 325,382 | ||||||
|
Equity LifeStyle Properties, Inc. |
46,293 | 2,949,327 | ||||||
|
Equity Residential |
98,677 | 5,793,327 | ||||||
|
Essex Property Trust, Inc. |
16,502 | 3,499,909 | ||||||
|
Independence Realty Trust, Inc. |
57,248 | 805,479 | ||||||
|
Invitation Homes, Inc. |
161,471 | 5,117,016 | ||||||
|
Mid-America Apartment Communities, Inc. |
30,711 | 3,950,970 | ||||||
|
NexPoint Residential Trust, Inc. |
6,131 | 197,296 | ||||||
|
Sun Communities, Inc. |
31,824 | 3,766,052 | ||||||
|
UDR, Inc. |
87,219 | 3,111,102 | ||||||
| Security | Shares | Value | ||||||
| Residential REITs (continued) | ||||||||
|
UMH Properties, Inc. |
15,444 | $ | 216,525 | |||||
|
Veris Residential, Inc. |
23,883 | 394,070 | ||||||
|
|
|
|||||||
| 43,785,031 | ||||||||
| Retail REITs — 0.4% | ||||||||
|
Acadia Realty Trust |
24,793 | 355,780 | ||||||
|
Agree Realty Corp. |
24,725 | 1,365,809 | ||||||
|
Alexander’s, Inc. |
545 | 99,315 | ||||||
|
Brixmor Property Group, Inc. |
79,298 | 1,647,812 | ||||||
|
CBL & Associates Properties, Inc. |
8,870 | 186,093 | ||||||
|
Federal Realty Investment Trust |
20,931 | 1,896,977 | ||||||
|
Getty Realty Corp. |
11,714 | 324,829 | ||||||
|
InvenTrust Properties Corp. |
18,321 | 436,223 | ||||||
|
Kimco Realty Corp. |
159,582 | 2,807,047 | ||||||
|
Kite Realty Group Trust |
54,733 | 1,172,381 | ||||||
|
Macerich Co. (The) |
57,513 | 627,467 | ||||||
|
NETSTREIT Corp. |
15,768 | 245,665 | ||||||
|
NNN REIT, Inc. |
48,186 | 1,702,893 | ||||||
|
Phillips Edison & Co., Inc. |
29,517 | 990,000 | ||||||
|
Realty Income Corp. |
177,598 | 8,869,244 | ||||||
|
Regency Centers Corp. |
47,677 | 2,833,921 | ||||||
|
Retail Opportunity Investments Corp. |
28,704 | 355,355 | ||||||
|
RPT Realty |
19,312 | 203,935 | ||||||
|
Saul Centers, Inc. |
3,154 | 111,242 | ||||||
|
Simon Property Group, Inc. |
85,096 | 9,192,921 | ||||||
|
SITE Centers Corp. |
47,606 | 586,982 | ||||||
|
Spirit Realty Capital, Inc. |
37,339 | 1,251,977 | ||||||
|
Tanger Factory Outlet Centers, Inc. |
28,616 | 646,722 | ||||||
|
Urban Edge Properties |
29,889 | 456,106 | ||||||
|
Whitestone REIT |
15,575 | 149,987 | ||||||
|
|
|
|||||||
| 38,516,683 | ||||||||
| Semiconductors & Semiconductor Equipment — 6.5% | ||||||||
|
ACM Research, Inc., Class A(a) |
15,796 | 285,987 | ||||||
|
Advanced Micro Devices, Inc.(a) |
421,166 | 43,304,288 | ||||||
|
Aehr Test Systems(a) |
6,721 | 307,150 | ||||||
|
Allegro MicroSystems, Inc.(a) |
19,040 | 608,138 | ||||||
|
Alpha & Omega Semiconductor Ltd.(a) |
6,305 | 188,141 | ||||||
|
Ambarella, Inc.(a) |
9,153 | 485,384 | ||||||
|
Amkor Technology, Inc. |
28,676 | 648,078 | ||||||
|
Analog Devices, Inc. |
132,634 | 23,222,887 | ||||||
|
Applied Materials, Inc. |
221,795 | 30,707,518 | ||||||
|
Axcelis Technologies, Inc.(a) |
8,726 | 1,422,774 | ||||||
|
Broadcom, Inc. |
106,160 | 88,174,373 | ||||||
|
CEVA, Inc.(a) |
5,597 | 108,526 | ||||||
|
Cirrus Logic, Inc.(a)(b) |
14,165 | 1,047,643 | ||||||
|
Cohu, Inc.(a) |
10,970 | 377,807 | ||||||
|
Credo Technology Group Holding Ltd.(a) |
28,637 | 436,714 | ||||||
|
Diodes, Inc.(a) |
11,999 | 946,001 | ||||||
|
Enphase Energy, Inc.(a)(b) |
34,626 | 4,160,314 | ||||||
|
Entegris, Inc. |
39,408 | 3,700,805 | ||||||
|
First Solar, Inc.(a) |
28,106 | 4,541,648 | ||||||
|
FormFactor, Inc.(a) |
20,175 | 704,914 | ||||||
|
GLOBALFOUNDRIES, Inc.(a)(b) |
20,557 | 1,196,212 | ||||||
|
Ichor Holdings Ltd.(a) |
7,237 | 224,057 | ||||||
|
Impinj, Inc.(a)(b) |
5,632 | 309,929 | ||||||
|
indie Semiconductor, Inc., Class A(a)(b) |
32,400 | 204,120 | ||||||
|
Intel Corp. |
1,096,920 | 38,995,506 | ||||||
|
inTEST Corp.(a) |
4,405 | 66,824 | ||||||
|
KLA Corp. |
35,981 | 16,503,045 | ||||||
|
Kulicke & Soffa Industries, Inc. |
14,893 | 724,247 | ||||||
|
Lam Research Corp. |
35,193 | 22,057,917 | ||||||
|
Lattice Semiconductor Corp.(a) |
36,141 | 3,105,596 | ||||||
|
MACOM Technology Solutions Holdings, Inc.(a) |
14,446 | 1,178,505 | ||||||
| 26 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (unaudited) (continued) September 30, 2023 |
iShares® Russell 3000 ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Semiconductors & Semiconductor Equipment (continued) | ||||||||
|
Marvell Technology, Inc. |
224,990 | $ | 12,178,709 | |||||
|
Maxeon Solar Technologies Ltd.(a)(b) |
6,556 | 75,984 | ||||||
|
MaxLinear, Inc.(a) |
18,526 | 412,203 | ||||||
|
Microchip Technology, Inc. |
141,200 | 11,020,660 | ||||||
|
Micron Technology, Inc. |
288,146 | 19,602,572 | ||||||
|
MKS Instruments, Inc. |
17,394 | 1,505,277 | ||||||
|
Monolithic Power Systems, Inc. |
12,001 | 5,544,462 | ||||||
|
Navitas Semiconductor Corp.(a) |
26,520 | 184,314 | ||||||
|
NVE Corp. |
1,240 | 101,854 | ||||||
|
NVIDIA Corp. |
624,345 | 271,583,832 | ||||||
|
ON Semiconductor Corp.(a) |
113,809 | 10,578,547 | ||||||
|
Onto Innovation, Inc.(a) |
12,513 | 1,595,658 | ||||||
|
PDF Solutions, Inc.(a) |
7,462 | 241,769 | ||||||
|
Photronics, Inc.(a) |
16,047 | 324,310 | ||||||
|
Power Integrations, Inc. |
15,453 | 1,179,218 | ||||||
|
Qorvo, Inc.(a) |
25,802 | 2,463,317 | ||||||
|
QUALCOMM, Inc. |
293,132 | 32,555,240 | ||||||
|
Rambus, Inc.(a) |
28,910 | 1,612,889 | ||||||
|
Semtech Corp.(a)(b) |
16,822 | 433,166 | ||||||
|
Silicon Laboratories, Inc.(a) |
8,271 | 958,526 | ||||||
|
SiTime Corp.(a) |
4,247 | 485,220 | ||||||
|
Skyworks Solutions, Inc. |
41,624 | 4,103,710 | ||||||
|
SMART Global Holdings, Inc.(a) |
13,937 | 339,366 | ||||||
|
Synaptics, Inc.(a) |
10,139 | 906,832 | ||||||
|
Teradyne, Inc. |
40,445 | 4,063,105 | ||||||
|
Texas Instruments, Inc. |
238,513 | 37,925,952 | ||||||
|
Ultra Clean Holdings, Inc.(a) |
11,359 | 337,021 | ||||||
|
Universal Display Corp. |
12,470 | 1,957,665 | ||||||
|
Veeco Instruments, Inc.(a) |
11,108 | 312,246 | ||||||
|
Wolfspeed, Inc.(a) |
32,240 | 1,228,344 | ||||||
|
|
|
|||||||
| 715,757,016 | ||||||||
| Software — 10.0% | ||||||||
|
8x8, Inc.(a) |
27,773 | 69,988 | ||||||
|
A10 Networks, Inc. |
14,748 | 221,662 | ||||||
|
ACI Worldwide, Inc.(a) |
31,333 | 706,872 | ||||||
|
Adeia, Inc. |
27,695 | 295,783 | ||||||
|
Adobe, Inc.(a) |
120,393 | 61,388,391 | ||||||
|
Agilysys, Inc.(a) |
4,944 | 327,095 | ||||||
|
Alarm.com Holdings, Inc.(a) |
12,070 | 737,960 | ||||||
|
Alkami Technology, Inc.(a)(b) |
7,354 | 133,990 | ||||||
|
Altair Engineering, Inc., Class A(a)(b) |
13,844 | 866,081 | ||||||
|
Alteryx, Inc., Class A(a)(b) |
15,333 | 577,901 | ||||||
|
American Software, Inc., Class A |
8,703 | 99,736 | ||||||
|
Amplitude, Inc., Class A(a) |
17,010 | 196,806 | ||||||
|
ANSYS, Inc.(a) |
22,936 | 6,824,607 | ||||||
|
Appfolio, Inc., Class A(a) |
5,392 | 984,741 | ||||||
|
Appian Corp., Class A(a)(b) |
10,191 | 464,812 | ||||||
|
Applied Digital Corp.(a)(b) |
17,650 | 110,136 | ||||||
|
AppLovin Corp., Class A(a)(b) |
55,342 | 2,211,466 | ||||||
|
Asana, Inc., Class A(a)(b) |
19,454 | 356,203 | ||||||
|
Aspen Technology, Inc.(a)(b) |
7,573 | 1,546,861 | ||||||
|
Atlassian Corp., Class A(a)(b) |
37,794 | 7,615,869 | ||||||
|
Aurora Innovation, Inc., Class A(a)(b) |
79,013 | 185,681 | ||||||
|
Autodesk, Inc.(a) |
56,361 | 11,661,655 | ||||||
|
AvePoint, Inc., Class A(a)(b) |
38,782 | 260,615 | ||||||
|
Bentley Systems, Inc., Class B(b) |
50,365 | 2,526,308 | ||||||
|
BILL Holdings, Inc.(a)(b) |
26,621 | 2,890,242 | ||||||
|
Bit Digital, Inc.(a) |
25,133 | 53,785 | ||||||
|
Blackbaud, Inc.(a) |
11,165 | 785,123 | ||||||
|
BlackLine, Inc.(a)(b) |
14,712 | 816,075 | ||||||
|
Box, Inc., Class A(a) |
36,992 | 895,576 | ||||||
|
Braze, Inc., Class A(a) |
13,691 | 639,780 | ||||||
| Security | Shares | Value | ||||||
| Software (continued) | ||||||||
|
C3.ai, Inc., Class A(a)(b) |
15,440 | $ | 394,029 | |||||
|
Cadence Design Systems, Inc.(a) |
70,919 | 16,616,322 | ||||||
|
CCC Intelligent Solutions Holdings, Inc.(a)(b) |
55,855 | 745,664 | ||||||
|
Cerence, Inc.(a)(b) |
9,812 | 199,870 | ||||||
|
Cleanspark, Inc.(a)(b) |
32,226 | 122,781 | ||||||
|
Clear Secure, Inc., Class A |
21,666 | 412,521 | ||||||
|
CommVault Systems, Inc.(a) |
11,021 | 745,130 | ||||||
|
Confluent, Inc., Class A(a)(b) |
48,503 | 1,436,174 | ||||||
|
Consensus Cloud Solutions, Inc.(a) |
5,612 | 141,310 | ||||||
|
Couchbase, Inc.(a) |
9,315 | 159,845 | ||||||
|
Crowdstrike Holdings, Inc., Class A(a) |
55,201 | 9,239,543 | ||||||
|
CS Disco, Inc.(a) |
9,591 | 63,684 | ||||||
|
Datadog, Inc., Class A(a) |
71,604 | 6,522,408 | ||||||
|
Digimarc Corp.(a)(b) |
5,236 | 170,118 | ||||||
|
Digital Turbine, Inc.(a) |
22,349 | 135,211 | ||||||
|
DocuSign, Inc.(a) |
51,932 | 2,181,144 | ||||||
|
Dolby Laboratories, Inc., Class A |
15,321 | 1,214,342 | ||||||
|
Domo, Inc., Class B(a) |
6,811 | 66,816 | ||||||
|
DoubleVerify Holdings, Inc.(a) |
32,818 | 917,263 | ||||||
|
Dropbox, Inc., Class A(a) |
69,239 | 1,885,378 | ||||||
|
Dynatrace, Inc.(a) |
63,357 | 2,960,673 | ||||||
|
E2open Parent Holdings, Inc., Class A(a)(b) |
53,237 | 241,696 | ||||||
|
Ebix, Inc. |
6,738 | 66,571 | ||||||
|
Elastic NV(a) |
21,040 | 1,709,290 | ||||||
|
Enfusion, Inc., Class A(a)(b) |
7,970 | 71,491 | ||||||
|
EngageSmart, Inc.(a) |
11,448 | 205,950 | ||||||
|
Envestnet, Inc.(a) |
14,382 | 633,239 | ||||||
|
Everbridge, Inc.(a) |
9,516 | 213,349 | ||||||
|
EverCommerce, Inc.(a) |
11,219 | 112,527 | ||||||
|
Expensify, Inc., Class A(a) |
14,348 | 46,631 | ||||||
|
Fair Isaac Corp.(a) |
6,419 | 5,575,094 | ||||||
|
Five9, Inc.(a) |
19,172 | 1,232,760 | ||||||
|
Fortinet, Inc.(a)(b) |
172,162 | 10,102,466 | ||||||
|
Freshworks, Inc., Class A(a)(b) |
42,113 | 838,891 | ||||||
|
Gen Digital, Inc. |
144,675 | 2,557,854 | ||||||
|
Gitlab, Inc., Class A(a)(b) |
23,104 | 1,044,763 | ||||||
|
Guidewire Software, Inc.(a) |
21,565 | 1,940,850 | ||||||
|
HashiCorp, Inc., Class A(a) |
24,333 | 555,522 | ||||||
|
HubSpot, Inc.(a)(b) |
11,908 | 5,864,690 | ||||||
|
Informatica, Inc., Class A(a)(b) |
8,691 | 183,119 | ||||||
|
Instructure Holdings, Inc.(a)(b) |
5,146 | 130,708 | ||||||
|
Intapp, Inc.(a) |
4,045 | 135,588 | ||||||
|
InterDigital, Inc. |
7,495 | 601,399 | ||||||
|
Intuit, Inc. |
71,778 | 36,674,251 | ||||||
|
Jamf Holding Corp.(a)(b) |
17,756 | 313,571 | ||||||
|
LivePerson, Inc.(a)(b) |
16,340 | 63,563 | ||||||
|
LiveRamp Holdings, Inc.(a) |
16,481 | 475,312 | ||||||
|
Manhattan Associates, Inc.(a) |
16,316 | 3,225,021 | ||||||
|
Marathon Digital Holdings, Inc.(a)(b) |
43,751 | 371,884 | ||||||
|
Matterport, Inc., Class A(a)(b) |
64,567 | 140,110 | ||||||
|
MeridianLink, Inc.(a) |
5,972 | 101,882 | ||||||
|
Microsoft Corp. |
1,955,516 | 617,454,177 | ||||||
|
MicroStrategy, Inc., Class A(a)(b) |
2,873 | 943,148 | ||||||
|
Mitek Systems, Inc.(a) |
10,831 | 116,108 | ||||||
|
Model N, Inc.(a)(b) |
9,517 | 232,310 | ||||||
|
N-able, Inc.(a) |
17,745 | 228,911 | ||||||
|
nCino, Inc.(a)(b) |
20,142 | 640,516 | ||||||
|
NCR Corp.(a) |
33,151 | 894,082 | ||||||
|
New Relic, Inc.(a) |
13,635 | 1,167,429 | ||||||
|
NextNav, Inc.(a)(b) |
22,647 | 116,406 | ||||||
|
Nutanix, Inc., Class A(a) |
60,134 | 2,097,474 | ||||||
|
Olo, Inc., Class A(a) |
26,428 | 160,154 | ||||||
|
S C H E D U L E S O F I N V E S T M E N T S |
27 |
|
Schedule of Investments (unaudited) (continued) September 30, 2023 |
iShares® Russell 3000 ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Software (continued) | ||||||||
|
ON24, Inc. |
14,958 | $ | 94,684 | |||||
|
OneSpan, Inc.(a)(b) |
10,861 | 116,756 | ||||||
|
Oracle Corp. |
399,518 | 42,316,947 | ||||||
|
PagerDuty, Inc.(a)(b) |
20,977 | 471,773 | ||||||
|
Palantir Technologies, Inc., Class A(a)(b) |
491,178 | 7,858,848 | ||||||
|
Palo Alto Networks, Inc.(a)(b) |
79,486 | 18,634,698 | ||||||
|
Pegasystems, Inc. |
10,847 | 470,868 | ||||||
|
PowerSchool Holdings, Inc., Class A(a) |
16,151 | 365,982 | ||||||
|
Procore Technologies, Inc.(a)(b) |
20,568 | 1,343,502 | ||||||
|
Progress Software Corp. |
11,602 | 610,033 | ||||||
|
PROS Holdings, Inc.(a) |
11,647 | 403,219 | ||||||
|
PTC, Inc.(a) |
30,099 | 4,264,426 | ||||||
|
Q2 Holdings, Inc.(a)(b) |
14,622 | 471,852 | ||||||
|
Qualys, Inc.(a) |
9,876 | 1,506,584 | ||||||
|
Rapid7, Inc.(a) |
14,995 | 686,471 | ||||||
|
Rimini Street, Inc.(a)(b) |
24,940 | 54,868 | ||||||
|
RingCentral, Inc., Class A(a) |
24,127 | 714,883 | ||||||
|
Riot Platforms, Inc.(a)(b) |
40,086 | 374,002 | ||||||
|
Roper Technologies, Inc. |
27,689 | 13,409,229 | ||||||
|
Salesforce, Inc.(a) |
248,701 | 50,431,589 | ||||||
|
Sapiens International Corp. |
6,790 | 193,040 | ||||||
|
SEMrush Holdings, Inc., Class A(a) |
12,058 | 102,493 | ||||||
|
SentinelOne, Inc., Class A(a)(b) |
60,621 | 1,022,070 | ||||||
|
ServiceNow, Inc.(a) |
53,494 | 29,901,006 | ||||||
|
Smartsheet, Inc., Class A(a) |
34,038 | 1,377,177 | ||||||
|
SolarWinds Corp.(a) |
12,139 | 114,592 | ||||||
|
SoundHound AI, Inc., Class A(a)(b) |
36,369 | 73,102 | ||||||
|
SoundThinking, Inc.(a) |
2,847 | 50,961 | ||||||
|
Splunk, Inc.(a) |
40,248 | 5,886,270 | ||||||
|
Sprinklr, Inc., Class A(a)(b) |
30,391 | 420,611 | ||||||
|
Sprout Social, Inc., Class A(a)(b) |
11,484 | 572,822 | ||||||
|
SPS Commerce, Inc.(a) |
9,703 | 1,655,429 | ||||||
|
Synopsys, Inc.(a) |
40,005 | 18,361,095 | ||||||
|
Tenable Holdings, Inc.(a) |
30,982 | 1,387,994 | ||||||
|
Teradata Corp.(a) |
25,987 | 1,169,935 | ||||||
|
Terawulf, Inc.(a) |
66,356 | 83,609 | ||||||
|
Tyler Technologies, Inc.(a) |
10,929 | 4,220,124 | ||||||
|
UiPath, Inc., Class A(a)(b) |
98,759 | 1,689,766 | ||||||
|
Unity Software, Inc.(a)(b) |
75,334 | 2,364,734 | ||||||
|
Varonis Systems, Inc.(a) |
27,141 | 828,886 | ||||||
|
Verint Systems, Inc.(a) |
17,554 | 403,566 | ||||||
|
VMware, Inc., Class A(a) |
56,351 | 9,381,314 | ||||||
|
Weave Communications, Inc.(a) |
13,248 | 107,971 | ||||||
|
Workday, Inc., Class A(a)(b) |
51,870 | 11,144,269 | ||||||
|
Workiva, Inc., Class A(a)(b) |
12,916 | 1,308,907 | ||||||
|
Xperi, Inc.(a) |
12,249 | 120,775 | ||||||
|
Yext, Inc.(a) |
25,226 | 159,681 | ||||||
|
Zeta Global Holdings Corp., Class A(a) |
30,346 | 253,389 | ||||||
|
Zoom Video Communications, Inc., Class A(a)(b) |
66,126 | 4,624,852 | ||||||
|
Zscaler, Inc.(a) |
22,879 | 3,559,744 | ||||||
|
Zuora, Inc., Class A(a) |
29,109 | 239,858 | ||||||
|
|
|
|||||||
| 1,099,644,039 | ||||||||
| Specialized REITs — 1.0% | ||||||||
|
American Tower Corp. |
122,316 | 20,114,866 | ||||||
|
Crown Castle, Inc. |
113,413 | 10,437,398 | ||||||
|
CubeSmart |
58,024 | 2,212,455 | ||||||
|
Digital Realty Trust, Inc. |
78,709 | 9,525,363 | ||||||
|
EPR Properties |
20,425 | 848,454 | ||||||
|
Equinix, Inc. |
24,515 | 17,804,264 | ||||||
|
Extra Space Storage, Inc. |
54,805 | 6,663,192 | ||||||
|
Farmland Partners, Inc. |
10,132 | 103,954 | ||||||
|
Four Corners Property Trust, Inc. |
21,965 | 487,403 | ||||||
| Security | Shares | Value | ||||||
| Specialized REITs (continued) | ||||||||
|
Gaming & Leisure Properties, Inc. |
64,963 | $ | 2,959,065 | |||||
|
Gladstone Land Corp. |
9,154 | 130,261 | ||||||
|
Iron Mountain, Inc. |
76,795 | 4,565,463 | ||||||
|
Lamar Advertising Co., Class A |
23,026 | 1,921,980 | ||||||
|
National Storage Affiliates Trust |
22,271 | 706,882 | ||||||
|
Outfront Media, Inc. |
38,529 | 389,143 | ||||||
|
PotlatchDeltic Corp. |
21,399 | 971,301 | ||||||
|
Public Storage |
41,146 | 10,842,794 | ||||||
|
Rayonier, Inc. |
37,313 | 1,061,928 | ||||||
|
Safehold, Inc.(a) |
8,856 | 157,637 | ||||||
|
SBA Communications Corp., Class A |
28,159 | 5,636,587 | ||||||
|
Uniti Group, Inc. |
60,911 | 287,500 | ||||||
|
VICI Properties, Inc. |
264,329 | 7,691,974 | ||||||
|
Weyerhaeuser Co. |
193,750 | 5,940,375 | ||||||
|
|
|
|||||||
| 111,460,239 | ||||||||
| Specialty Retail — 2.1% | ||||||||
|
1-800-Flowers.com, Inc., Class A(a) |
10,596 | 74,172 | ||||||
|
Aaron’s Co., Inc. (The) |
9,727 | 101,842 | ||||||
|
Abercrombie & Fitch Co., Class A(a)(b) |
14,040 | 791,435 | ||||||
|
Academy Sports & Outdoors, Inc. |
19,910 | 941,146 | ||||||
|
Advance Auto Parts, Inc. |
15,405 | 861,602 | ||||||
|
American Eagle Outfitters, Inc. |
48,005 | 797,363 | ||||||
|
America’s Car-Mart, Inc.(a) |
1,934 | 175,975 | ||||||
|
Arko Corp., Class A |
20,595 | 147,254 | ||||||
|
Asbury Automotive Group, Inc.(a)(b) |
5,354 | 1,231,795 | ||||||
|
AutoNation, Inc.(a)(b) |
7,983 | 1,208,626 | ||||||
|
AutoZone, Inc.(a) |
4,760 | 12,090,352 | ||||||
|
Bath & Body Works, Inc. |
60,535 | 2,046,083 | ||||||
|
Best Buy Co., Inc. |
51,321 | 3,565,270 | ||||||
|
Boot Barn Holdings, Inc.(a) |
8,083 | 656,259 | ||||||
|
Buckle, Inc. (The) |
6,724 | 224,514 | ||||||
|
Build-A-Bear Workshop, Inc. |
4,212 | 123,875 | ||||||
|
Burlington Stores, Inc.(a) |
16,831 | 2,277,234 | ||||||
|
Caleres, Inc. |
10,558 | 303,648 | ||||||
|
Camping World Holdings, Inc., Class A |
10,783 | 220,081 | ||||||
|
CarMax, Inc.(a)(b) |
40,721 | 2,880,196 | ||||||
|
CarParts.com, Inc.(a) |
21,517 | 88,650 | ||||||
|
Carvana Co., Class A(a) |
24,882 | 1,044,546 | ||||||
|
Chico’s FAS, Inc.(a) |
33,019 | 246,982 | ||||||
|
Children’s Place, Inc. (The)(a) |
3,201 | 86,523 | ||||||
|
Designer Brands, Inc., Class A |
17,527 | 221,892 | ||||||
|
Destination XL Group, Inc.(a)(b) |
15,128 | 67,773 | ||||||
|
Dick’s Sporting Goods, Inc. |
15,752 | 1,710,352 | ||||||
|
EVgo, Inc., Class A(a) |
20,465 | 69,172 | ||||||
|
Five Below, Inc.(a)(b) |
14,457 | 2,326,131 | ||||||
|
Floor & Decor Holdings, Inc., Class A(a)(b) |
27,518 | 2,490,379 | ||||||
|
Foot Locker, Inc. |
20,570 | 356,889 | ||||||
|
GameStop Corp., Class A(a)(b) |
70,402 | 1,158,817 | ||||||
|
Gap, Inc. (The) |
52,621 | 559,361 | ||||||
|
Genesco, Inc.(a)(b) |
3,152 | 97,145 | ||||||
|
Group 1 Automotive, Inc. |
3,702 | 994,764 | ||||||
|
GrowGeneration Corp.(a) |
27,743 | 81,010 | ||||||
|
Guess?, Inc. |
9,445 | 204,390 | ||||||
|
Haverty Furniture Cos., Inc. |
4,537 | 130,575 | ||||||
|
Hibbett, Inc. |
4,141 | 196,739 | ||||||
|
Home Depot, Inc. (The) |
266,104 | 80,405,985 | ||||||
|
Leslie’s, Inc.(a)(b) |
41,346 | 234,018 | ||||||
|
Lithia Motors, Inc., Class A |
6,969 | 2,058,155 | ||||||
|
Lowe’s Cos., Inc. |
154,073 | 32,022,532 | ||||||
|
MarineMax, Inc.(a) |
5,358 | 175,850 | ||||||
|
Monro, Inc. |
8,323 | 231,130 | ||||||
|
Murphy U.S.A., Inc. |
5,154 | 1,761,276 | ||||||
| 28 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (unaudited) (continued) September 30, 2023 |
iShares® Russell 3000 ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Specialty Retail (continued) | ||||||||
|
National Vision Holdings, Inc.(a) |
20,425 | $ | 330,476 | |||||
|
ODP Corp. (The)(a) |
8,907 | 411,058 | ||||||
|
OneWater Marine, Inc., Class A(a)(b) |
3,334 | 85,417 | ||||||
|
O’Reilly Automotive, Inc.(a) |
15,671 | 14,242,745 | ||||||
|
Overstock.com, Inc.(a) |
11,415 | 180,585 | ||||||
|
Penske Automotive Group, Inc.(b) |
5,262 | 879,070 | ||||||
|
Petco Health & Wellness Co., Inc.(a)(b) |
23,144 | 94,659 | ||||||
|
PetMed Express, Inc. |
5,653 | 57,943 | ||||||
|
Revolve Group, Inc., Class A(a)(b) |
9,614 | 130,847 | ||||||
|
RH(a)(b) |
4,634 | 1,225,044 | ||||||
|
Ross Stores, Inc. |
88,068 | 9,947,281 | ||||||
|
Sally Beauty Holdings, Inc.(a)(b) |
27,425 | 229,822 | ||||||
|
Shoe Carnival, Inc. |
5,471 | 131,468 | ||||||
|
Signet Jewelers Ltd. |
11,610 | 833,714 | ||||||
|
Sleep Number Corp.(a) |
5,722 | 140,704 | ||||||
|
Sonic Automotive, Inc., Class A |
5,517 | 263,492 | ||||||
|
Sportsman’s Warehouse Holdings, Inc.(a) |
13,174 | 59,151 | ||||||
|
Stitch Fix, Inc., Class A(a)(b) |
25,983 | 89,641 | ||||||
|
TJX Cos., Inc. (The) |
302,200 | 26,859,536 | ||||||
|
Tractor Supply Co. |
28,562 | 5,799,514 | ||||||
|
Ulta Beauty, Inc.(a) |
13,165 | 5,258,759 | ||||||
|
Upbound Group, Inc. |
12,472 | 367,300 | ||||||
|
Urban Outfitters, Inc.(a) |
18,607 | 608,263 | ||||||
|
Valvoline, Inc. |
42,565 | 1,372,296 | ||||||
|
Victoria’s Secret & Co.(a) |
20,971 | 349,796 | ||||||
|
Warby Parker, Inc., Class A(a) |
25,579 | 336,620 | ||||||
|
Wayfair, Inc., Class A(a)(b) |
21,580 | 1,307,101 | ||||||
|
Williams-Sonoma, Inc. |
16,677 | 2,591,606 | ||||||
|
Winmark Corp. |
764 | 285,071 | ||||||
|
Zumiez, Inc.(a) |
5,342 | 95,088 | ||||||
|
|
|
|||||||
| 234,303,825 | ||||||||
| Technology Hardware, Storage & Peripherals — 6.3% | ||||||||
|
Apple Inc. |
3,921,284 | 671,363,034 | ||||||
|
Avid Technology, Inc.(a) |
10,676 | 286,864 | ||||||
|
Corsair Gaming, Inc.(a)(b) |
10,104 | 146,811 | ||||||
|
Eastman Kodak Co.(a)(b) |
19,811 | 83,404 | ||||||
|
Hewlett Packard Enterprise Co. |
341,073 | 5,924,438 | ||||||
|
HP, Inc. |
226,572 | 5,822,900 | ||||||
|
Immersion Corp. |
4,955 | 32,753 | ||||||
|
IonQ, Inc.(a)(b) |
45,005 | 669,674 | ||||||
|
NetApp, Inc. |
54,980 | 4,171,882 | ||||||
|
Pure Storage, Inc., Class A(a) |
74,073 | 2,638,480 | ||||||
|
Super Micro Computer, Inc.(a)(b) |
12,195 | 3,344,113 | ||||||
|
Western Digital Corp.(a) |
84,239 | 3,843,826 | ||||||
|
Xerox Holdings Corp. |
33,195 | 520,830 | ||||||
|
|
|
|||||||
| 698,849,009 | ||||||||
| Textiles, Apparel & Luxury Goods — 0.5% | ||||||||
|
Allbirds, Inc., Class A(a)(b) |
33,620 | 37,318 | ||||||
|
Capri Holdings Ltd.(a) |
30,096 | 1,583,351 | ||||||
|
Carter’s, Inc. |
9,712 | 671,585 | ||||||
|
Columbia Sportswear Co. |
9,898 | 733,442 | ||||||
|
Crocs, Inc.(a) |
16,138 | 1,423,856 | ||||||
|
Deckers Outdoor Corp.(a) |
6,883 | 3,538,481 | ||||||
|
Figs, Inc., Class A(a)(b) |
37,509 | 221,303 | ||||||
|
G-III Apparel Group Ltd.(a) |
11,120 | 277,110 | ||||||
|
Hanesbrands, Inc. |
94,058 | 372,470 | ||||||
|
Kontoor Brands, Inc. |
13,977 | 613,730 | ||||||
|
Lululemon Athletica, Inc.(a) |
29,106 | 11,223,565 | ||||||
|
Movado Group, Inc. |
4,300 | 117,605 | ||||||
|
NIKE, Inc., Class B |
313,126 | 29,941,108 | ||||||
|
Oxford Industries, Inc. |
4,546 | 437,007 | ||||||
|
PVH Corp. |
15,961 | 1,221,176 | ||||||
| Security | Shares | Value | ||||||
| Textiles, Apparel & Luxury Goods (continued) | ||||||||
|
Ralph Lauren Corp., Class A |
10,829 | $ | 1,257,139 | |||||
|
Skechers U.S.A., Inc., Class A(a) |
34,501 | 1,688,824 | ||||||
|
Steven Madden Ltd. |
21,936 | 696,907 | ||||||
|
Tapestry, Inc. |
62,250 | 1,789,687 | ||||||
|
Under Armour, Inc., Class A(a) |
49,683 | 340,328 | ||||||
|
Under Armour, Inc., Class C, NVS(a) |
50,561 | 322,579 | ||||||
|
VF Corp. |
91,413 | 1,615,268 | ||||||
|
Wolverine World Wide, Inc. |
22,327 | 179,956 | ||||||
|
|
|
|||||||
| 60,303,795 | ||||||||
| Tobacco — 0.5% | ||||||||
|
Altria Group, Inc. |
468,614 | 19,705,219 | ||||||
|
Philip Morris International, Inc. |
407,655 | 37,740,700 | ||||||
|
Turning Point Brands, Inc. |
6,027 | 139,163 | ||||||
|
Universal Corp. |
6,580 | 310,642 | ||||||
|
Vector Group Ltd. |
40,717 | 433,229 | ||||||
|
|
|
|||||||
| 58,328,953 | ||||||||
| Trading Companies & Distributors — 0.5% | ||||||||
|
Air Lease Corp., Class A |
28,047 | 1,105,332 | ||||||
|
Alta Equipment Group, Inc., Class A |
8,842 | 106,635 | ||||||
|
Applied Industrial Technologies, Inc. |
9,754 | 1,508,066 | ||||||
|
Beacon Roofing Supply, Inc.(a) |
14,054 | 1,084,547 | ||||||
|
BlueLinx Holdings, Inc.(a) |
2,253 | 184,949 | ||||||
|
Boise Cascade Co. |
10,828 | 1,115,717 | ||||||
|
Core & Main, Inc., Class A(a)(b) |
22,550 | 650,567 | ||||||
|
Custom Truck One Source, Inc.(a) |
17,019 | 105,518 | ||||||
|
DXP Enterprises, Inc.(a) |
5,352 | 186,999 | ||||||
|
Fastenal Co. |
150,587 | 8,228,074 | ||||||
|
Ferguson PLC |
54,115 | 8,900,294 | ||||||
|
FTAI Aviation Ltd. |
25,877 | 919,927 | ||||||
|
GATX Corp. |
8,923 | 971,090 | ||||||
|
Global Industrial Co. |
3,919 | 131,287 | ||||||
|
GMS, Inc.(a) |
11,039 | 706,165 | ||||||
|
H&E Equipment Services, Inc. |
8,048 | 347,593 | ||||||
|
Herc Holdings, Inc. |
7,349 | 874,090 | ||||||
|
Hudson Technologies, Inc.(a) |
11,213 | 149,133 | ||||||
|
McGrath RentCorp |
6,077 | 609,158 | ||||||
|
MRC Global, Inc.(a) |
23,066 | 236,426 | ||||||
|
MSC Industrial Direct Co., Inc., Class A |
12,200 | 1,197,430 | ||||||
|
NOW, Inc.(a) |
27,357 | 324,728 | ||||||
|
Rush Enterprises, Inc., Class A |
15,303 | 624,821 | ||||||
|
Rush Enterprises, Inc., Class B |
3,316 | 150,182 | ||||||
|
SiteOne Landscape Supply, Inc.(a)(b) |
11,361 | 1,856,955 | ||||||
|
Textainer Group Holdings Ltd. |
11,755 | 437,874 | ||||||
|
Titan Machinery, Inc.(a) |
5,657 | 150,363 | ||||||
|
Transcat, Inc.(a) |
1,381 | 135,297 | ||||||
|
Triton International Ltd.(d) |
14,223 | 1,170,054 | ||||||
|
United Rentals, Inc. |
17,989 | 7,997,370 | ||||||
|
Veritiv Corp. |
3,477 | 587,265 | ||||||
|
Watsco., Inc. |
8,758 | 3,308,072 | ||||||
|
WESCO International, Inc. |
11,509 | 1,655,224 | ||||||
|
WW Grainger, Inc. |
11,663 | 8,068,930 | ||||||
|
Xometry, Inc., Class A(a)(b) |
9,370 | 159,103 | ||||||
|
|
|
|||||||
| 55,945,235 | ||||||||
| Water Utilities — 0.1% | ||||||||
|
American States Water Co. |
10,087 | 793,645 | ||||||
|
American Water Works Co., Inc. |
51,550 | 6,383,436 | ||||||
|
Artesian Resources Corp., Class A, NVS |
2,925 | 122,821 | ||||||
|
California Water Service Group |
15,325 | 725,026 | ||||||
|
Consolidated Water Co. Ltd. |
4,663 | 132,616 | ||||||
|
Essential Utilities, Inc. |
63,634 | 2,184,555 | ||||||
|
Middlesex Water Co. |
5,061 | 335,291 | ||||||
|
S C H E D U L E S O F I N V E S T M E N T S |
29 |
|
Schedule of Investments (unaudited) (continued) September 30, 2023 |
iShares® Russell 3000 ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
|
||||||||
| Water Utilities (continued) | ||||||||
|
SJW Group |
7,590 | $ | 456,235 | |||||
|
York Water Co. (The) |
3,255 | 122,030 | ||||||
|
|
|
|||||||
| 11,255,655 | ||||||||
| Wireless Telecommunication Services — 0.2% | ||||||||
|
Gogo, Inc.(a)(b) |
17,231 | 205,566 | ||||||
|
Shenandoah Telecommunications Co. |
13,153 | 271,083 | ||||||
|
Telephone & Data Systems, Inc. |
27,273 | 499,369 | ||||||
|
T-Mobile U.S., Inc.(a) |
140,444 | 19,669,182 | ||||||
|
|
|
|||||||
| 20,645,200 | ||||||||
|
|
|
|||||||
|
Total
Common Stocks — 99.8% |
10,993,837,314 | |||||||
|
|
|
|||||||
|
Rights |
||||||||
| Biotechnology — 0.0% | ||||||||
|
Aduro Biotech CVR(a)(d) |
4,039 | 10,255 | ||||||
|
Chinook Therapeutics, Inc., CVR(a)(d) |
16,679 | 7,172 | ||||||
|
GTX, Inc., Contingent Rights(a)(b)(d) |
684 | 701 | ||||||
|
|
|
|||||||
| 18,128 | ||||||||
|
|
|
|||||||
|
Total
Rights — 0.0% |
18,128 | |||||||
|
|
|
|||||||
|
Warrants(a) |
||||||||
| Oil, Gas & Consumable Fuels — 0.0% | ||||||||
|
Chord Energy Corp. (Issued/Exercisable, Expires 09/01/25, Strike Price USD 83.45) |
204 | 3,621 | ||||||
|
Chord Energy Corp., Class A (Issued/Exercisable, Expires 09/01/24, Strike Price USD 73.44) |
409 | 11,223 | ||||||
|
|
|
|||||||
| 14,844 | ||||||||
|
|
|
|||||||
|
Total
Warrants — 0.0% |
14,844 | |||||||
|
|
|
|||||||
|
Total
Long-Term Investments — 99.8% |
10,993,870,286 | |||||||
|
|
|
|||||||
| Security | Shares | Value | ||||||
|
|
||||||||
|
Short-Term Securities |
||||||||
| Money Market Funds — 2.8% | ||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(c)(f)(g) |
251,841,852 | $ | 251,942,589 | |||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(c)(f) |
61,414,757 | 61,414,757 | ||||||
|
|
|
|||||||
|
Total
Short-Term Securities — 2.8% |
313,357,346 | |||||||
|
|
|
|||||||
|
Total
Investments — 102.6% |
11,307,227,632 | |||||||
|
Liabilities in Excess of Other Assets — (2.6)% |
(288,642,197 | ) | ||||||
|
|
|
|||||||
|
Net Assets — 100.0% |
$ | 11,018,585,435 | ||||||
|
|
|
|||||||
| (a) |
Non-income producing security. |
| (b) |
All or a portion of this security is on loan. |
| (c) |
Affiliate of the Fund. |
| (d) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (e) |
Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $26,277, representing 0.0% of its net assets as of period end, and an original cost of $96,475. |
| (f) |
Annualized 7-day yield as of period end. |
| (g) |
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 September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
|
||||||||||||||||||||||||||||||||||||||||||
| Affiliated Issuer | Value at 03/31/23 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value at 09/30/23 |
Shares Held at |
Income |
Capital Gain |
|||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 245,670,879 | $ | 6,245,745 | (a) | $ | — | $ | 10,114 | $ | 15,851 | $ | 251,942,589 | 251,841,852 | $ | 1,235,977 | (b) | $ | — | |||||||||||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares |
17,462,038 | 43,952,719 | (a) | — | — | — | 61,414,757 | 61,414,757 | 478,339 | — | ||||||||||||||||||||||||||||||||
|
BlackRock, Inc. |
26,432,247 | 512,651 | (845,730 | ) | 274,080 | (1,156,906 | ) | 25,216,342 | 39,005 | 390,515 | — | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
| $ | 284,194 | $ | (1,141,055 | ) | $ | 338,573,688 | $ | 2,104,831 | $ | — | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
| (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. |
| 30 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (unaudited) (continued) September 30, 2023 |
iShares® Russell 3000 ETF |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| Description | Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
|
Long Contracts |
||||||||||||||||
|
Russell 2000 E-Mini Index |
30 | 12/15/23 | $ | 2,698 | $ | (85,377 | ) | |||||||||
|
S&P 500 E-Mini Index |
99 | 12/15/23 | 21,411 | (680,269 | ) | |||||||||||
|
|
|
|||||||||||||||
| $ | (765,646 | ) | ||||||||||||||
|
|
|
|||||||||||||||
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
| Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
Liabilities — Derivative Financial Instruments |
||||||||||||||||||||||||||||
|
Futures contracts |
||||||||||||||||||||||||||||
|
Unrealized depreciation on futures contracts(a) |
$ | — | $ | — | $ | 765,646 | $ | — | $ | — | $ | — | $ | 765,646 | ||||||||||||||
| (a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended September 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
| Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
Net Realized Gain (Loss) from: |
||||||||||||||||||||||||||||
|
Futures contracts |
$ | — | $ | — | $ | 2,741,924 | $ | — | $ | — | $ | — | $ | 2,741,924 | ||||||||||||||
|
Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||||||||||||||||||
|
Futures contracts |
$ | — | $ | — | $ | (1,898,609 | ) | $ | — | $ | — | $ | — | $ | (1,898,609 | ) | ||||||||||||
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
Futures contracts |
||||
|
Average notional value of contracts — long |
$ | 21,292,654 | ||
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
|
S C H E D U L E S O F I N V E S T M E N T S |
31 |
|
Schedule of Investments (unaudited) (continued) September 30, 2023 |
iShares® Russell 3000 ETF |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
Assets |
||||||||||||||||
|
Investments |
||||||||||||||||
|
Long-Term Investments |
||||||||||||||||
|
Common Stocks |
$ | 10,992,612,973 | $ | 53,110 | $ | 1,171,231 | $ | 10,993,837,314 | ||||||||
|
Rights |
— | — | 18,128 | 18,128 | ||||||||||||
|
Warrants |
14,844 | — | — | 14,844 | ||||||||||||
|
Short-Term Securities |
||||||||||||||||
|
Money Market Funds |
313,357,346 | — | — | 313,357,346 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 11,305,985,163 | $ | 53,110 | $ | 1,189,359 | $ | 11,307,227,632 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Derivative Financial Instruments(a) |
||||||||||||||||
|
Liabilities |
||||||||||||||||
|
Equity Contracts |
$ | (765,646 | ) | $ | — | $ | — | $ | (765,646 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
| 32 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (unaudited) September 30, 2023 |
iShares® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
Common Stocks |
||||||||
| Aerospace & Defense — 1.6% | ||||||||
|
BWX Technologies, Inc. |
133,696 | $ | 10,024,526 | |||||
|
Curtiss-Wright Corp. |
68,005 | 13,303,818 | ||||||
|
HEICO Corp.(a) |
7,895 | 1,278,437 | ||||||
|
HEICO Corp., Class A |
13,961 | 1,804,041 | ||||||
|
Hexcel Corp. |
150,460 | 9,800,964 | ||||||
|
Howmet Aerospace, Inc. |
673,018 | 31,127,083 | ||||||
|
Huntington Ingalls Industries, Inc. |
69,740 | 14,267,409 | ||||||
|
Mercury Systems, Inc.(a)(b) |
87,482 | 3,244,707 | ||||||
|
Spirit AeroSystems Holdings, Inc., Class A |
169,577 | 2,736,973 | ||||||
|
Textron, Inc.(a) |
350,887 | 27,418,310 | ||||||
|
TransDigm Group, Inc.(b) |
77,453 | 65,302,948 | ||||||
|
Woodward, Inc. |
105,450 | 13,103,217 | ||||||
|
|
|
|||||||
| 193,412,433 | ||||||||
| Air Freight & Logistics — 0.4% | ||||||||
|
CH Robinson Worldwide, Inc. |
44,855 | 3,863,361 | ||||||
|
Expeditors International of Washington, Inc.(a) |
233,480 | 26,763,812 | ||||||
|
GXO Logistics, Inc.(a)(b) |
208,498 | 12,228,408 | ||||||
|
|
|
|||||||
| 42,855,581 | ||||||||
| Automobile Components — 0.8% | ||||||||
|
Aptiv PLC(b) |
480,344 | 47,357,115 | ||||||
|
BorgWarner, Inc. |
413,792 | 16,704,783 | ||||||
|
Gentex Corp. |
417,804 | 13,595,342 | ||||||
|
Lear Corp. |
104,511 | 14,025,376 | ||||||
|
Phinia, Inc. |
82,878 | 2,220,302 | ||||||
|
QuantumScape Corp., Class A(a)(b) |
519,740 | 3,477,061 | ||||||
|
|
|
|||||||
| 97,379,979 | ||||||||
| Automobiles — 0.4% | ||||||||
|
Harley-Davidson, Inc. |
234,839 | 7,763,777 | ||||||
|
Lucid Group, Inc.(a)(b) |
1,334,150 | 7,457,899 | ||||||
|
Rivian Automotive, Inc., Class A(a)(b) |
1,176,330 | 28,561,292 | ||||||
|
Thor Industries, Inc. |
90,347 | 8,594,710 | ||||||
|
|
|
|||||||
| 52,377,678 | ||||||||
| Banks — 3.0% | ||||||||
|
Bank OZK |
192,454 | 7,134,270 | ||||||
|
BOK Financial Corp. |
49,986 | 3,997,880 | ||||||
|
Citizens Financial Group, Inc. |
840,080 | 22,514,144 | ||||||
|
Columbia Banking System, Inc. |
372,830 | 7,568,449 | ||||||
|
Comerica, Inc. |
234,769 | 9,754,652 | ||||||
|
Commerce Bancshares, Inc. |
201,706 | 9,677,854 | ||||||
|
Cullen/Frost Bankers, Inc. |
104,489 | 9,530,442 | ||||||
|
East West Bancorp, Inc. |
250,318 | 13,194,262 | ||||||
|
Fifth Third Bancorp |
1,204,530 | 30,510,745 | ||||||
|
First Citizens BancShares, Inc., Class A |
17,159 | 23,681,136 | ||||||
|
First Hawaiian, Inc. |
224,437 | 4,051,088 | ||||||
|
First Horizon Corp. |
991,094 | 10,921,856 | ||||||
|
FNB Corp. |
641,173 | 6,918,257 | ||||||
|
Huntington Bancshares, Inc. |
2,552,238 | 26,543,275 | ||||||
|
KeyCorp. |
1,657,579 | 17,835,550 | ||||||
|
M&T Bank Corp. |
293,527 | 37,116,489 | ||||||
|
New York Community Bancorp, Inc., Class A |
1,267,577 | 14,374,323 | ||||||
|
NU Holdings Ltd., Class A(b) |
1,282,857 | 9,300,713 | ||||||
|
Pinnacle Financial Partners, Inc. |
133,022 | 8,917,795 | ||||||
|
Popular, Inc. |
126,239 | 7,954,319 | ||||||
|
Prosperity Bancshares, Inc. |
155,902 | 8,509,131 | ||||||
|
Regions Financial Corp. |
1,663,646 | 28,614,711 | ||||||
|
Synovus Financial Corp. |
259,376 | 7,210,653 | ||||||
|
Webster Financial Corp. |
309,465 | 12,474,534 | ||||||
|
Western Alliance Bancorp |
190,670 | 8,765,100 | ||||||
| Security | Shares | Value | ||||||
| Banks (continued) | ||||||||
|
Wintrust Financial Corp. |
109,057 | $ | 8,233,804 | |||||
|
Zions Bancorp N.A |
257,350 | 8,978,941 | ||||||
|
|
|
|||||||
| 364,284,373 | ||||||||
| Beverages — 0.2% | ||||||||
|
Boston Beer Co., Inc. (The), Class A, NVS(b) |
1,349 | 525,476 | ||||||
|
Brown-Forman Corp., Class A(a) |
17,781 | 1,033,076 | ||||||
|
Brown-Forman Corp., Class B, NVS |
66,812 | 3,854,384 | ||||||
|
Molson Coors Beverage Co., Class B |
310,100 | 19,719,259 | ||||||
|
|
|
|||||||
| 25,132,195 | ||||||||
| Biotechnology — 1.3% | ||||||||
|
Alnylam Pharmaceuticals, Inc.(b) |
43,682 | 7,736,082 | ||||||
|
Biogen, Inc.(b) |
256,166 | 65,837,224 | ||||||
|
BioMarin Pharmaceutical, Inc.(a)(b) |
292,754 | 25,902,874 | ||||||
|
Exact Sciences Corp.(b) |
206,844 | 14,110,898 | ||||||
|
Exelixis, Inc.(b) |
148,298 | 3,240,311 | ||||||
|
Horizon Therapeutics PLC(b) |
45,955 | 5,316,534 | ||||||
|
Incyte Corp.(b) |
87,133 | 5,033,673 | ||||||
|
Ionis Pharmaceuticals, Inc.(a)(b) |
34,933 | 1,584,561 | ||||||
|
Karuna Therapeutics, Inc.(a)(b) |
6,648 | 1,124,110 | ||||||
|
Mirati Therapeutics, Inc.(a)(b) |
80,542 | 3,508,410 | ||||||
|
Roivant Sciences Ltd.(a)(b) |
34,376 | 401,512 | ||||||
|
United Therapeutics Corp.(b) |
80,213 | 18,117,710 | ||||||
|
|
|
|||||||
| 151,913,899 | ||||||||
| Broadline Retail — 0.5% | ||||||||
|
eBay, Inc. |
889,670 | 39,225,550 | ||||||
|
Etsy, Inc.(b) |
96,504 | 6,232,228 | ||||||
|
Kohl’s Corp. |
199,826 | 4,188,353 | ||||||
|
Macy’s, Inc. |
485,463 | 5,636,226 | ||||||
|
Nordstrom, Inc. |
201,375 | 3,008,543 | ||||||
|
Ollie’s Bargain Outlet Holdings, Inc.(a)(b) |
73,963 | 5,708,464 | ||||||
|
|
|
|||||||
| 63,999,364 | ||||||||
| Building Products — 2.5% | ||||||||
|
A O Smith Corp. |
195,130 | 12,903,947 | ||||||
|
Allegion PLC |
11,616 | 1,210,387 | ||||||
|
Armstrong World Industries, Inc. |
55,959 | 4,029,048 | ||||||
|
AZEK Co., Inc. (The), Class A(b) |
235,150 | 6,993,361 | ||||||
|
Builders FirstSource, Inc.(b) |
226,584 | 28,207,442 | ||||||
|
Carlisle Cos., Inc. |
88,011 | 22,817,732 | ||||||
|
Carrier Global Corp. |
1,481,013 | 81,751,918 | ||||||
|
Fortune Brands Innovations, Inc. |
224,897 | 13,979,598 | ||||||
|
Hayward Holdings, Inc.(a)(b) |
235,744 | 3,323,990 | ||||||
|
Lennox International, Inc. |
56,694 | 21,228,501 | ||||||
|
Masco Corp. |
398,936 | 21,323,129 | ||||||
|
Owens Corning |
159,290 | 21,728,749 | ||||||
|
Trane Technologies PLC |
284,934 | 57,815,958 | ||||||
|
|
|
|||||||
| 297,313,760 | ||||||||
| Capital Markets — 4.5% | ||||||||
|
Affiliated Managers Group, Inc. |
62,951 | 8,205,033 | ||||||
|
Bank of New York Mellon Corp. (The) |
1,386,921 | 59,152,181 | ||||||
|
Blue Owl Capital, Inc., Class A |
672,608 | 8,717,000 | ||||||
|
Carlyle Group, Inc. (The) |
376,416 | 11,352,707 | ||||||
|
Cboe Global Markets, Inc. |
186,617 | 29,151,442 | ||||||
|
Coinbase Global, Inc., Class A(a)(b) |
295,700 | 22,201,156 | ||||||
|
Evercore, Inc., Class A |
62,956 | 8,680,373 | ||||||
|
Franklin Resources, Inc. |
506,854 | 12,458,471 | ||||||
|
Houlihan Lokey, Inc., Class A |
83,690 | 8,964,873 | ||||||
|
Interactive Brokers Group, Inc., Class A |
178,833 | 15,479,784 | ||||||
|
Invesco Ltd. |
647,521 | 9,402,005 | ||||||
|
Janus Henderson Group PLC |
240,766 | 6,216,578 | ||||||
|
Jefferies Financial Group, Inc. |
339,027 | 12,418,559 | ||||||
|
S C H E D U L E S O F I N V E S T M E N T S |
33 |
|
Schedule of Investments (unaudited) (continued) September 30, 2023 |
iShares® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Capital Markets (continued) | ||||||||
|
KKR & Co., Inc., Class A |
864,332 | $ | 53,242,851 | |||||
|
Lazard Ltd., Class A |
197,032 | 6,109,962 | ||||||
|
MSCI, Inc., Class A |
68,138 | 34,960,245 | ||||||
|
Nasdaq, Inc. |
608,062 | 29,545,733 | ||||||
|
Northern Trust Corp. |
363,303 | 25,242,292 | ||||||
|
Raymond James Financial, Inc. |
336,944 | 33,839,286 | ||||||
|
Robinhood Markets, Inc., Class A(a)(b) |
1,183,831 | 11,613,382 | ||||||
|
SEI Investments Co. |
181,590 | 10,937,166 | ||||||
|
State Street Corp. |
564,613 | 37,806,487 | ||||||
|
Stifel Financial Corp. |
181,256 | 11,136,369 | ||||||
|
T Rowe Price Group, Inc. |
392,586 | 41,170,494 | ||||||
|
TPG, Inc., Class A |
80,393 | 2,421,437 | ||||||
|
Tradeweb Markets, Inc., Class A |
132,347 | 10,614,229 | ||||||
|
Virtu Financial, Inc., Class A |
157,675 | 2,723,047 | ||||||
|
XP, Inc., Class A |
537,907 | 12,398,756 | ||||||
|
|
|
|||||||
| 536,161,898 | ||||||||
| Chemicals — 3.8% | ||||||||
|
Albemarle Corp.(a) |
207,761 | 35,327,680 | ||||||
|
Ashland, Inc. |
84,539 | 6,905,145 | ||||||
|
Axalta Coating Systems Ltd.(b) |
348,764 | 9,381,752 | ||||||
|
Celanese Corp., Class A |
175,338 | 22,008,426 | ||||||
|
CF Industries Holdings, Inc. |
346,886 | 29,742,006 | ||||||
|
Chemours Co. (The) |
266,094 | 7,463,937 | ||||||
|
Corteva, Inc. |
1,268,511 | 64,897,023 | ||||||
|
DuPont de Nemours, Inc. |
816,530 | 60,904,973 | ||||||
|
Eastman Chemical Co. |
210,821 | 16,174,187 | ||||||
|
Element Solutions, Inc. |
400,389 | 7,851,628 | ||||||
|
FMC Corp. |
188,458 | 12,621,032 | ||||||
|
Ginkgo Bioworks Holdings, Inc., Class A(a)(b) |
2,517,610 | 4,556,874 | ||||||
|
Huntsman Corp. |
301,522 | 7,357,137 | ||||||
|
International Flavors & Fragrances, Inc. |
453,105 | 30,888,168 | ||||||
|
LyondellBasell Industries NV, Class A |
459,137 | 43,480,274 | ||||||
|
Mosaic Co. (The) |
587,133 | 20,901,935 | ||||||
|
NewMarket Corp. |
10,992 | 5,001,800 | ||||||
|
Olin Corp. |
230,160 | 11,503,397 | ||||||
|
PPG Industries, Inc. |
312,028 | 40,501,234 | ||||||
|
RPM International, Inc. |
183,077 | 17,357,530 | ||||||
|
Westlake Corp. |
58,114 | 7,245,072 | ||||||
|
|
|
|||||||
| 462,071,210 | ||||||||
| Commercial Services & Supplies — 0.9% | ||||||||
|
Cintas Corp. |
17,103 | 8,226,714 | ||||||
|
Clean Harbors, Inc.(a)(b) |
89,498 | 14,978,385 | ||||||
|
Driven Brands Holdings, Inc.(b) |
109,634 | 1,380,292 | ||||||
|
MSA Safety, Inc. |
54,095 | 8,528,077 | ||||||
|
RB Global, Inc.(a) |
75,332 | 4,708,250 | ||||||
|
Republic Services, Inc. |
367,400 | 52,358,174 | ||||||
|
Stericycle, Inc.(a)(b) |
165,253 | 7,388,462 | ||||||
|
Tetra Tech, Inc. |
77,358 | 11,760,737 | ||||||
|
|
|
|||||||
| 109,329,091 | ||||||||
| Communications Equipment — 0.5% | ||||||||
|
Ciena Corp.(b) |
262,274 | 12,395,069 | ||||||
|
F5, Inc.(b) |
107,215 | 17,276,625 | ||||||
|
Juniper Networks, Inc. |
564,636 | 15,691,235 | ||||||
|
Lumentum Holdings, Inc.(b) |
122,782 | 5,547,291 | ||||||
|
Ubiquiti, Inc. |
1,158 | 168,257 | ||||||
|
Viasat, Inc.(a)(b) |
208,366 | 3,846,436 | ||||||
|
|
|
|||||||
| 54,924,913 | ||||||||
| Construction & Engineering — 0.8% | ||||||||
|
AECOM |
232,229 | 19,284,296 | ||||||
|
EMCOR Group, Inc. |
54,688 | 11,505,808 | ||||||
|
MasTec, Inc.(b) |
110,802 | 7,974,420 | ||||||
| Security | Shares | Value | ||||||
| Construction & Engineering (continued) | ||||||||
|
MDU Resources Group, Inc. |
362,532 | $ | 7,098,377 | |||||
|
Quanta Services, Inc. |
187,997 | 35,168,599 | ||||||
|
Valmont Industries, Inc. |
34,691 | 8,333,125 | ||||||
|
WillScot Mobile Mini Holdings Corp.(b) |
262,271 | 10,907,851 | ||||||
|
|
|
|||||||
| 100,272,476 | ||||||||
| Construction Materials — 0.7% | ||||||||
|
Eagle Materials, Inc. |
21,553 | 3,589,006 | ||||||
|
Martin Marietta Materials, Inc. |
109,544 | 44,965,621 | ||||||
|
Vulcan Materials Co. |
183,377 | 37,045,821 | ||||||
|
|
|
|||||||
| 85,600,448 | ||||||||
| Consumer Finance — 0.9% | ||||||||
|
Ally Financial, Inc. |
482,662 | 12,877,422 | ||||||
|
Credit Acceptance Corp.(a)(b) |
11,536 | 5,307,944 | ||||||
|
Discover Financial Services |
442,747 | 38,355,173 | ||||||
|
OneMain Holdings, Inc. |
200,870 | 8,052,878 | ||||||
|
SLM Corp. |
244,034 | 3,323,743 | ||||||
|
SoFi Technologies, Inc.(a)(b) |
1,633,602 | 13,052,480 | ||||||
|
Synchrony Financial |
738,664 | 22,580,959 | ||||||
|
|
|
|||||||
| 103,550,599 | ||||||||
| Consumer Staples Distribution & Retail — 1.6% | ||||||||
|
Albertsons Cos., Inc., Class A |
677,674 | 15,417,083 | ||||||
|
BJ’s Wholesale Club Holdings, Inc.(a)(b) |
153,759 | 10,973,780 | ||||||
|
Casey’s General Stores, Inc. |
56,772 | 15,414,733 | ||||||
|
Dollar Tree, Inc.(b) |
371,236 | 39,518,072 | ||||||
|
Grocery Outlet Holding Corp.(a)(b) |
167,916 | 4,844,377 | ||||||
|
Kroger Co. (The) |
1,160,744 | 51,943,294 | ||||||
|
Performance Food Group Co.(b) |
143,431 | 8,442,349 | ||||||
|
U.S. Foods Holding Corp.(b) |
402,811 | 15,991,597 | ||||||
|
Walgreens Boots Alliance, Inc. |
1,271,299 | 28,273,690 | ||||||
|
|
|
|||||||
| 190,818,975 | ||||||||
| Containers & Packaging — 1.7% | ||||||||
|
Amcor PLC |
2,625,680 | 24,051,229 | ||||||
|
AptarGroup, Inc. |
116,494 | 14,566,410 | ||||||
|
Ardagh Group SA, Class A(b) |
34,751 | 189,567 | ||||||
|
Ardagh Metal Packaging SA |
17,939 | 56,149 | ||||||
|
Avery Dennison Corp. |
96,355 | 17,601,168 | ||||||
|
Ball Corp. |
546,669 | 27,213,183 | ||||||
|
Berry Global Group, Inc. |
212,593 | 13,161,632 | ||||||
|
Crown Holdings, Inc. |
188,659 | 16,692,548 | ||||||
|
Graphic Packaging Holding Co. |
255,264 | 5,687,282 | ||||||
|
International Paper Co. |
614,431 | 21,793,867 | ||||||
|
Packaging Corp. of America |
156,973 | 24,103,204 | ||||||
|
Sealed Air Corp. |
113,422 | 3,727,047 | ||||||
|
Silgan Holdings, Inc. |
150,064 | 6,469,259 | ||||||
|
Sonoco Products Co. |
172,522 | 9,376,571 | ||||||
|
Westrock Co. |
449,415 | 16,089,057 | ||||||
|
|
|
|||||||
| 200,778,173 | ||||||||
| Distributors — 0.5% | ||||||||
|
Genuine Parts Co. |
248,905 | 35,936,904 | ||||||
|
LKQ Corp. |
472,446 | 23,390,801 | ||||||
|
|
|
|||||||
| 59,327,705 | ||||||||
| Diversified Consumer Services — 0.2% | ||||||||
|
ADT, Inc. |
370,872 | 2,225,232 | ||||||
|
Bright Horizons Family Solutions, Inc.(b) |
90,129 | 7,341,908 | ||||||
|
Grand Canyon Education, Inc.(b) |
38,478 | 4,497,309 | ||||||
|
H&R Block, Inc. |
94,320 | 4,061,419 | ||||||
|
Mister Car Wash, Inc.(a)(b) |
132,091 | 727,821 | ||||||
|
Service Corp. International |
166,533 | 9,515,696 | ||||||
|
|
|
|||||||
| 28,369,385 | ||||||||
| 34 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (unaudited) (continued) September 30, 2023 |
iShares® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Diversified Consumer Services (continued) | ||||||||
|
WP Carey, Inc. |
375,930 | $ | 20,330,294 | |||||
|
|
|
|||||||
| Diversified Telecommunication Services — 0.1% | ||||||||
|
Frontier Communications Parent, Inc.(a)(b) |
439,084 | 6,871,665 | ||||||
|
GCI Liberty, Inc. Escrow, Class A(b)(c) |
193,912 | 2 | ||||||
|
Iridium Communications, Inc. |
14,086 | 640,772 | ||||||
|
|
|
|||||||
| 7,512,439 | ||||||||
| Electric Utilities — 3.8% | ||||||||
|
Alliant Energy Corp. |
445,819 | 21,599,930 | ||||||
|
Avangrid, Inc. |
125,386 | 3,782,896 | ||||||
|
Constellation Energy Corp. |
582,618 | 63,551,971 | ||||||
|
Edison International |
670,827 | 42,456,641 | ||||||
|
Entergy Corp. |
375,630 | 34,745,775 | ||||||
|
Evergy, Inc. |
395,094 | 20,031,266 | ||||||
|
Eversource Energy |
618,633 | 35,973,509 | ||||||
|
FirstEnergy Corp. |
966,448 | 33,033,193 | ||||||
|
Hawaiian Electric Industries, Inc.(a) |
196,844 | 2,423,150 | ||||||
|
IDACORP, Inc. |
89,103 | 8,344,496 | ||||||
|
NRG Energy, Inc. |
410,741 | 15,821,743 | ||||||
|
OGE Energy Corp. |
356,317 | 11,876,046 | ||||||
|
PG&E Corp.(b) |
3,551,343 | 57,283,162 | ||||||
|
Pinnacle West Capital Corp. |
201,357 | 14,835,984 | ||||||
|
PPL Corp. |
1,314,741 | 30,975,298 | ||||||
|
Xcel Energy, Inc. |
980,011 | 56,076,229 | ||||||
|
|
|
|||||||
| 452,811,289 | ||||||||
| Electrical Equipment — 1.4% | ||||||||
|
Acuity Brands, Inc. |
55,659 | 9,479,284 | ||||||
|
AMETEK, Inc. |
408,996 | 60,433,249 | ||||||
|
Generac Holdings, Inc.(a)(b) |
108,169 | 11,786,094 | ||||||
|
Hubbell, Inc. |
51,715 | 16,207,998 | ||||||
|
nVent Electric PLC |
290,951 | 15,417,494 | ||||||
|
Plug Power, Inc.(a)(b) |
944,620 | 7,179,112 | ||||||
|
Regal Rexnord Corp. |
117,547 | 16,795,115 | ||||||
|
Sensata Technologies Holding PLC |
269,008 | 10,173,883 | ||||||
|
Sunrun, Inc.(a)(b) |
378,318 | 4,751,674 | ||||||
|
Vertiv Holdings Co., Class A |
564,481 | 20,998,693 | ||||||
|
|
|
|||||||
| 173,222,596 | ||||||||
| Electronic Equipment, Instruments & Components — 2.3% | ||||||||
|
Amphenol Corp., Class A |
514,376 | 43,202,440 | ||||||
|
Arrow Electronics, Inc.(a)(b) |
102,021 | 12,777,110 | ||||||
|
Avnet, Inc. |
162,916 | 7,850,922 | ||||||
|
CDW Corp. |
13,841 | 2,792,560 | ||||||
|
Cognex Corp. |
307,153 | 13,035,573 | ||||||
|
Coherent Corp.(a)(b) |
213,749 | 6,976,767 | ||||||
|
Corning, Inc. |
1,349,845 | 41,129,777 | ||||||
|
Crane NXT Co. |
84,907 | 4,718,282 | ||||||
|
IPG Photonics Corp.(b) |
53,849 | 5,467,828 | ||||||
|
Jabil, Inc. |
84,619 | 10,737,305 | ||||||
|
Keysight Technologies, Inc.(b) |
234,287 | 30,998,513 | ||||||
|
Littelfuse, Inc. |
43,125 | 10,665,675 | ||||||
|
National Instruments Corp. |
50,401 | 3,004,908 | ||||||
|
TD SYNNEX Corp. |
73,474 | 7,337,114 | ||||||
|
Teledyne Technologies, Inc.(b) |
82,679 | 33,780,986 | ||||||
|
Trimble, Inc.(b) |
437,173 | 23,546,138 | ||||||
|
Vontier Corp. |
182,213 | 5,634,026 | ||||||
|
Zebra Technologies Corp., Class A(b) |
74,559 | 17,635,440 | ||||||
|
|
|
|||||||
| 281,291,364 | ||||||||
| Energy Equipment & Services — 1.2% | ||||||||
|
Baker Hughes Co., Class A |
1,801,326 | 63,622,834 | ||||||
|
Halliburton Co. |
1,276,916 | 51,715,098 | ||||||
| Security | Shares | Value | ||||||
| Energy Equipment & Services (continued) | ||||||||
|
NOV, Inc. |
699,299 | $ | 14,615,349 | |||||
|
TechnipFMC PLC |
777,200 | 15,808,248 | ||||||
|
|
|
|||||||
| 145,761,529 | ||||||||
| Entertainment — 1.7% | ||||||||
|
AMC Entertainment Holdings, Inc., Class A(a)(b) |
104,778 | 837,173 | ||||||
|
Electronic Arts, Inc. |
487,225 | 58,661,890 | ||||||
|
Liberty Media Corp. - Liberty Formula One, Class A(b) |
41,520 | 2,347,541 | ||||||
|
Liberty Media Corp. - Liberty Formula One, Class C(b) |
344,085 | 21,436,495 | ||||||
|
Liberty Media Corp. - Liberty Live, Class A(b) |
34,137 | 1,089,653 | ||||||
|
Liberty Media Corp. - Liberty Live, Class C, NVS(b) |
85,385 | 2,740,858 | ||||||
|
Live Nation Entertainment, Inc.(a)(b) |
215,204 | 17,870,540 | ||||||
|
Madison Square Garden Sports Corp., Class A |
33,406 | 5,889,478 | ||||||
|
Playtika Holding Corp.(b) |
5,231 | 50,375 | ||||||
|
Roku, Inc., Class A(a)(b) |
192,443 | 13,584,551 | ||||||
|
Take-Two Interactive Software, Inc.(b) |
292,640 | 41,083,730 | ||||||
|
Warner Bros Discovery, Inc., Class A(a)(b) |
3,910,358 | 42,466,488 | ||||||
|
|
|
|||||||
| 208,058,772 | ||||||||
| Financial Services — 1.7% | ||||||||
|
Affirm Holdings, Inc., Class A(a)(b) |
392,140 | 8,340,818 | ||||||
|
Block, Inc., Class A(b) |
606,952 | 26,863,696 | ||||||
|
Euronet Worldwide, Inc.(b) |
42,896 | 3,405,084 | ||||||
|
Fidelity National Information Services, Inc. |
1,050,726 | 58,073,626 | ||||||
|
FleetCor Technologies, Inc.(b) |
9,385 | 2,396,366 | ||||||
|
Global Payments, Inc. |
465,319 | 53,693,159 | ||||||
|
Jack Henry & Associates, Inc. |
88,927 | 13,440,427 | ||||||
|
MGIC Investment Corp. |
508,322 | 8,483,894 | ||||||
|
Rocket Cos., Inc., Class A(a)(b) |
154,518 | 1,263,957 | ||||||
|
TFS Financial Corp. |
97,425 | 1,151,564 | ||||||
|
UWM Holdings Corp., Class A |
126,315 | 612,628 | ||||||
|
Voya Financial, Inc. |
175,347 | 11,651,808 | ||||||
|
Western Union Co. (The) |
405,388 | 5,343,014 | ||||||
|
WEX, Inc.(b) |
40,891 | 7,691,188 | ||||||
|
|
|
|||||||
| 202,411,229 | ||||||||
| Food Products — 2.0% | ||||||||
|
Bunge Ltd. |
264,946 | 28,680,405 | ||||||
|
Campbell Soup Co. |
340,266 | 13,978,127 | ||||||
|
Conagra Brands, Inc. |
847,427 | 23,236,448 | ||||||
|
Darling Ingredients, Inc.(b) |
281,768 | 14,708,290 | ||||||
|
Flowers Foods, Inc. |
336,673 | 7,467,407 | ||||||
|
Freshpet, Inc.(b) |
58,272 | 3,838,959 | ||||||
|
Hormel Foods Corp. |
513,564 | 19,530,839 | ||||||
|
Ingredion, Inc. |
117,571 | 11,568,986 | ||||||
|
J M Smucker Co. (The) |
175,108 | 21,522,524 | ||||||
|
Kellanova |
462,588 | 27,528,612 | ||||||
|
Lamb Weston Holdings, Inc. |
14,374 | 1,329,020 | ||||||
|
McCormick & Co., Inc., NVS |
445,923 | 33,729,616 | ||||||
|
Pilgrim’s Pride Corp.(b) |
72,477 | 1,654,650 | ||||||
|
Post Holdings, Inc.(a)(b) |
95,858 | 8,218,865 | ||||||
|
Seaboard Corp.(a) |
457 | 1,715,121 | ||||||
|
Tyson Foods, Inc., Class A |
493,020 | 24,892,580 | ||||||
|
|
|
|||||||
| 243,600,449 | ||||||||
| Gas Utilities — 0.4% | ||||||||
|
Atmos Energy Corp. |
256,698 | 27,192,019 | ||||||
|
National Fuel Gas Co. |
159,216 | 8,264,903 | ||||||
|
UGI Corp. |
369,153 | 8,490,519 | ||||||
|
|
|
|||||||
| 43,947,441 | ||||||||
|
S C H E D U L E S O F I N V E S T M E N T S |
35 |
|
Schedule of Investments (unaudited) (continued) September 30, 2023 |
iShares® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Ground Transportation — 0.8% | ||||||||
|
Avis Budget Group, Inc.(b) |
24,175 | $ | 4,344,006 | |||||
|
Hertz Global Holdings, Inc.(a)(b) |
237,287 | 2,906,766 | ||||||
|
JB Hunt Transport Services, Inc. |
117,272 | 22,108,117 | ||||||
|
Knight-Swift Transportation Holdings, Inc. |
277,875 | 13,935,431 | ||||||
|
Landstar System, Inc. |
12,859 | 2,275,272 | ||||||
|
Old Dominion Freight Line, Inc.(a) |
12,022 | 4,918,681 | ||||||
|
Ryder System, Inc. |
80,100 | 8,566,695 | ||||||
|
Saia, Inc.(a)(b) |
42,073 | 16,772,401 | ||||||
|
Schneider National, Inc., Class B |
96,644 | 2,676,072 | ||||||
|
U-Haul Holding Co.(b) |
9,759 | 532,549 | ||||||
|
U-Haul Holding Co., NVS(a) |
110,170 | 5,771,806 | ||||||
|
XPO, Inc.(b) |
203,106 | 15,163,894 | ||||||
|
|
|
|||||||
| 99,971,690 | ||||||||
| Health Care Equipment & Supplies — 2.0% | ||||||||
|
Baxter International, Inc. |
897,110 | 33,856,931 | ||||||
|
Cooper Cos., Inc. (The)(a) |
86,215 | 27,417,232 | ||||||
|
DENTSPLY SIRONA, Inc. |
376,235 | 12,852,188 | ||||||
|
Enovis Corp.(b) |
94,746 | 4,995,957 | ||||||
|
Envista Holdings Corp.(b) |
292,948 | 8,167,390 | ||||||
|
Globus Medical, Inc., Class A(b) |
150,840 | 7,489,206 | ||||||
|
Hologic, Inc.(b) |
431,138 | 29,920,977 | ||||||
|
ICU Medical, Inc.(a)(b) |
36,409 | 4,333,035 | ||||||
|
Integra LifeSciences Holdings Corp.(b) |
129,058 | 4,928,725 | ||||||
|
QuidelOrtho Corp.(b) |
95,713 | 6,990,878 | ||||||
|
STERIS PLC |
176,013 | 38,620,772 | ||||||
|
Tandem Diabetes Care, Inc.(a)(b) |
98,337 | 2,042,460 | ||||||
|
Teleflex, Inc. |
83,445 | 16,389,432 | ||||||
|
Zimmer Biomet Holdings, Inc. |
372,675 | 41,821,589 | ||||||
|
|
|
|||||||
| 239,826,772 | ||||||||
| Health Care Providers & Services — 1.4% | ||||||||
|
Acadia Healthcare Co., Inc.(b) |
159,890 | 11,241,866 | ||||||
|
agilon health, Inc.(a)(b) |
59,507 | 1,056,844 | ||||||
|
Amedisys, Inc.(b) |
56,594 | 5,285,880 | ||||||
|
Cardinal Health, Inc. |
220,534 | 19,146,762 | ||||||
|
Chemed Corp. |
7,386 | 3,838,504 | ||||||
|
Encompass Health Corp. |
162,509 | 10,914,104 | ||||||
|
Henry Schein, Inc.(b) |
231,216 | 17,167,788 | ||||||
|
Laboratory Corp. of America Holdings |
157,463 | 31,657,936 | ||||||
|
Molina Healthcare, Inc.(b) |
46,943 | 15,392,140 | ||||||
|
Premier, Inc., Class A |
213,925 | 4,599,388 | ||||||
|
Quest Diagnostics, Inc. |
198,554 | 24,195,791 | ||||||
|
R1 RCM, Inc.(b) |
269,490 | 4,061,214 | ||||||
|
Tenet Healthcare Corp.(b) |
179,696 | 11,840,169 | ||||||
|
Universal Health Services, Inc., Class B |
107,749 | 13,547,282 | ||||||
|
|
|
|||||||
| 173,945,668 | ||||||||
| Health Care REITs — 1.2% | ||||||||
|
Healthcare Realty Trust, Inc. |
677,062 | 10,338,737 | ||||||
|
Healthpeak Properties, Inc. |
970,773 | 17,823,392 | ||||||
|
Medical Properties Trust, Inc. |
1,063,930 | 5,798,419 | ||||||
|
Omega Healthcare Investors, Inc. |
417,347 | 13,839,227 | ||||||
|
Ventas, Inc. |
708,972 | 29,868,990 | ||||||
|
Welltower, Inc. |
883,458 | 72,372,879 | ||||||
|
|
|
|||||||
| 150,041,644 | ||||||||
| Health Care Technology — 0.1% | ||||||||
|
Certara, Inc.(b) |
134,457 | 1,955,005 | ||||||
|
Doximity, Inc., Class A(b) |
120,461 | 2,556,182 | ||||||
|
Teladoc Health, Inc.(a)(b) |
289,019 | 5,372,863 | ||||||
|
|
|
|||||||
| 9,884,050 | ||||||||
| Security | Shares | Value | ||||||
| Hotel & Resort REITs — 0.2% | ||||||||
|
Host Hotels & Resorts, Inc. |
1,254,347 | $ | 20,157,356 | |||||
|
Park Hotels & Resorts, Inc. |
380,702 | 4,690,249 | ||||||
|
|
|
|||||||
| 24,847,605 | ||||||||
| Hotels, Restaurants & Leisure — 2.1% | ||||||||
|
Aramark |
416,397 | 14,448,976 | ||||||
|
Boyd Gaming Corp. |
131,584 | 8,004,255 | ||||||
|
Caesars Entertainment, Inc.(b) |
216,760 | 10,046,826 | ||||||
|
Carnival Corp.(b) |
1,769,962 | 24,283,879 | ||||||
|
Cava Group, Inc.(a)(b) |
6,506 | 199,279 | ||||||
|
Darden Restaurants, Inc. |
114,162 | 16,350,282 | ||||||
|
DoorDash, Inc., Class A(a)(b) |
115,691 | 9,193,964 | ||||||
|
Expedia Group, Inc.(b) |
69,086 | 7,120,694 | ||||||
|
Hilton Worldwide Holdings, Inc. |
247,321 | 37,142,668 | ||||||
|
Hyatt Hotels Corp., Class A |
81,749 | 8,671,934 | ||||||
|
Marriott Vacations Worldwide Corp. |
65,493 | 6,590,560 | ||||||
|
MGM Resorts International(a) |
518,517 | 19,060,685 | ||||||
|
Norwegian Cruise Line Holdings Ltd.(a)(b) |
566,284 | 9,332,360 | ||||||
|
Penn Entertainment, Inc.(a)(b) |
275,540 | 6,323,643 | ||||||
|
Planet Fitness, Inc., Class A(b) |
78,677 | 3,869,335 | ||||||
|
Royal Caribbean Cruises Ltd.(b) |
291,333 | 26,843,423 | ||||||
|
Travel + Leisure Co. |
71,653 | 2,631,815 | ||||||
|
Vail Resorts, Inc. |
60,945 | 13,523,086 | ||||||
|
Wyndham Hotels & Resorts, Inc. |
137,840 | 9,585,393 | ||||||
|
Wynn Resorts Ltd. |
173,028 | 15,989,517 | ||||||
|
Yum! Brands, Inc. |
61,297 | 7,658,447 | ||||||
|
|
|
|||||||
| 256,871,021 | ||||||||
| Household Durables — 2.2% | ||||||||
|
DR Horton, Inc. |
553,388 | 59,472,608 | ||||||
|
Garmin Ltd. |
272,652 | 28,682,991 | ||||||
|
Leggett & Platt, Inc. |
238,041 | 6,048,622 | ||||||
|
Lennar Corp., Class A |
442,475 | 49,658,969 | ||||||
|
Lennar Corp., Class B |
24,221 | 2,476,113 | ||||||
|
Mohawk Industries, Inc.(b) |
94,579 | 8,115,824 | ||||||
|
Newell Brands, Inc. |
685,138 | 6,186,796 | ||||||
|
NVR, Inc.(a)(b) |
4,774 | 28,468,794 | ||||||
|
PulteGroup, Inc. |
386,921 | 28,651,500 | ||||||
|
Tempur Sealy International, Inc. |
237,430 | 10,290,216 | ||||||
|
Toll Brothers, Inc. |
192,754 | 14,256,086 | ||||||
|
TopBuild Corp.(b) |
52,749 | 13,271,648 | ||||||
|
Whirlpool Corp. |
95,278 | 12,738,669 | ||||||
|
|
|
|||||||
| 268,318,836 | ||||||||
| Household Products — 0.1% | ||||||||
|
Church & Dwight Co., Inc. |
44,868 | 4,111,255 | ||||||
|
Reynolds Consumer Products, Inc. |
95,820 | 2,455,867 | ||||||
|
Spectrum Brands Holdings, Inc. |
71,033 | 5,565,435 | ||||||
|
|
|
|||||||
| 12,132,557 | ||||||||
| Independent Power and Renewable Electricity Producers — 0.3% | ||||||||
|
AES Corp. (The) |
465,399 | 7,074,065 | ||||||
|
Brookfield Renewable Corp., Class A |
237,527 | 5,686,396 | ||||||
|
Clearway Energy, Inc., Class A |
61,152 | 1,218,148 | ||||||
|
Clearway Energy, Inc., Class C |
144,537 | 3,058,403 | ||||||
|
Vistra Corp. |
462,498 | 15,345,684 | ||||||
|
|
|
|||||||
| 32,382,696 | ||||||||
| Industrial REITs — 0.6% | ||||||||
|
Americold Realty Trust, Inc. |
480,520 | 14,612,613 | ||||||
|
EastGroup Properties, Inc. |
78,134 | 13,011,655 | ||||||
|
First Industrial Realty Trust, Inc. |
235,353 | 11,200,449 | ||||||
|
Rexford Industrial Realty, Inc. |
367,044 | 18,113,622 | ||||||
|
STAG Industrial, Inc. |
320,504 | 11,060,593 | ||||||
|
|
|
|||||||
| 67,998,932 | ||||||||
| 36 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (unaudited) (continued) September 30, 2023 |
iShares® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Insurance — 6.4% | ||||||||
|
Aflac, Inc. |
1,069,849 | $ | 82,110,911 | |||||
|
Allstate Corp. (The) |
466,567 | 51,980,229 | ||||||
|
American Financial Group, Inc. |
129,446 | 14,455,235 | ||||||
|
Arch Capital Group Ltd.(b) |
545,011 | 43,442,827 | ||||||
|
Arthur J. Gallagher & Co. |
355,300 | 80,983,529 | ||||||
|
Assurant, Inc. |
94,084 | 13,508,581 | ||||||
|
Assured Guaranty Ltd. |
100,473 | 6,080,626 | ||||||
|
Axis Capital Holdings Ltd. |
137,502 | 7,750,988 | ||||||
|
Brighthouse Financial, Inc.(b) |
105,641 | 5,170,070 | ||||||
|
Brown & Brown, Inc. |
257,151 | 17,959,426 | ||||||
|
Cincinnati Financial Corp. |
273,474 | 27,973,655 | ||||||
|
CNA Financial Corp. |
45,917 | 1,806,834 | ||||||
|
Everest Group Ltd. |
65,746 | 24,435,816 | ||||||
|
Fidelity National Financial, Inc., Class A |
461,712 | 19,068,705 | ||||||
|
First American Financial Corp. |
176,834 | 9,989,353 | ||||||
|
Globe Life, Inc. |
155,839 | 16,944,374 | ||||||
|
Hanover Insurance Group, Inc. (The) |
63,776 | 7,077,860 | ||||||
|
Hartford Financial Services Group, Inc. (The) |
540,425 | 38,321,537 | ||||||
|
Kemper Corp. |
106,158 | 4,461,821 | ||||||
|
Lincoln National Corp. |
274,769 | 6,784,047 | ||||||
|
Loews Corp. |
327,852 | 20,756,310 | ||||||
|
Markel Group, Inc.(a)(b) |
23,316 | 34,332,577 | ||||||
|
Old Republic International Corp. |
478,890 | 12,901,297 | ||||||
|
Primerica, Inc. |
22,458 | 4,357,076 | ||||||
|
Principal Financial Group, Inc. |
428,997 | 30,917,814 | ||||||
|
Prudential Financial, Inc. |
651,470 | 61,817,988 | ||||||
|
Reinsurance Group of America, Inc. |
118,224 | 17,164,942 | ||||||
|
RenaissanceRe Holdings Ltd. |
65,809 | 13,024,917 | ||||||
|
RLI Corp. |
56,221 | 7,639,872 | ||||||
|
Unum Group |
349,457 | 17,189,790 | ||||||
|
W R Berkley Corp. |
359,179 | 22,804,275 | ||||||
|
White Mountains Insurance Group Ltd.(a) |
4,455 | 6,663,299 | ||||||
|
Willis Towers Watson PLC |
164,280 | 34,327,949 | ||||||
|
|
|
|||||||
| 764,204,530 | ||||||||
| Interactive Media & Services — 0.1% | ||||||||
|
IAC, Inc.(b) |
132,091 | 6,656,066 | ||||||
|
Match Group, Inc.(a)(b) |
48,714 | 1,908,371 | ||||||
|
TripAdvisor, Inc.(a)(b) |
198,083 | 3,284,216 | ||||||
|
ZoomInfo Technologies, Inc., Class A(b) |
270,415 | 4,434,806 | ||||||
|
|
|
|||||||
| 16,283,459 | ||||||||
| IT Services — 1.6% | ||||||||
|
Akamai Technologies, Inc.(b) |
273,015 | 29,087,018 | ||||||
|
Amdocs Ltd. |
211,034 | 17,830,263 | ||||||
|
Cognizant Technology Solutions Corp., Class A |
903,361 | 61,193,674 | ||||||
|
DXC Technology Co.(b) |
374,802 | 7,807,126 | ||||||
|
GoDaddy, Inc., Class A(b) |
108,913 | 8,111,840 | ||||||
|
Kyndryl Holdings, Inc.(b) |
404,845 | 6,113,160 | ||||||
|
Okta, Inc., Class A(b) |
249,869 | 20,366,822 | ||||||
|
Twilio, Inc., Class A(a)(b) |
251,410 | 14,715,027 | ||||||
|
VeriSign, Inc.(a)(b) |
152,102 | 30,805,218 | ||||||
|
|
|
|||||||
| 196,030,148 | ||||||||
| Leisure Products — 0.4% | ||||||||
|
Brunswick Corp. |
115,229 | 9,103,091 | ||||||
|
Hasbro, Inc. |
232,573 | 15,382,378 | ||||||
|
Mattel, Inc.(a)(b) |
622,346 | 13,710,282 | ||||||
|
Polaris, Inc. |
87,734 | 9,136,619 | ||||||
|
|
|
|||||||
| 47,332,370 | ||||||||
| Life Sciences Tools & Services — 1.6% | ||||||||
|
Agilent Technologies, Inc. |
98,580 | 11,023,216 | ||||||
|
Avantor, Inc.(a)(b) |
1,197,128 | 25,235,458 | ||||||
|
Azenta, Inc.(b) |
114,509 | 5,747,207 | ||||||
| Security | Shares | Value | ||||||
| Life Sciences Tools & Services (continued) | ||||||||
|
Bio-Rad Laboratories, Inc., Class A(b) |
37,418 | $ | 13,412,482 | |||||
|
Bio-Techne Corp. |
15,649 | 1,065,227 | ||||||
|
Charles River Laboratories International, Inc.(a)(b) |
90,167 | 17,670,929 | ||||||
|
Fortrea Holdings, Inc.(b) |
157,202 | 4,494,405 | ||||||
|
ICON PLC(b) |
123,543 | 30,422,464 | ||||||
|
Illumina, Inc.(b) |
196,977 | 27,041,003 | ||||||
|
IQVIA Holdings, Inc.(a)(b) |
24,342 | 4,789,288 | ||||||
|
Maravai LifeSciences Holdings, Inc., Class A(b) |
81,625 | 816,250 | ||||||
|
QIAGEN NV(b) |
404,183 | 16,369,411 | ||||||
|
Repligen Corp.(a)(b) |
54,734 | 8,703,253 | ||||||
|
Revvity, Inc. |
223,907 | 24,786,505 | ||||||
|
Sotera Health Co.(a)(b) |
51,765 | 775,440 | ||||||
|
|
|
|||||||
| 192,352,538 | ||||||||
| Machinery — 6.1% | ||||||||
|
AGCO Corp. |
111,395 | 13,175,801 | ||||||
|
Allison Transmission Holdings, Inc. |
144,970 | 8,561,928 | ||||||
|
CNH Industrial NV |
1,734,010 | 20,981,521 | ||||||
|
Crane Co. |
86,116 | 7,650,546 | ||||||
|
Cummins, Inc. |
252,177 | 57,612,357 | ||||||
|
Donaldson Co., Inc. |
127,016 | 7,575,234 | ||||||
|
Dover Corp. |
247,540 | 34,534,305 | ||||||
|
Esab Corp. |
101,418 | 7,121,572 | ||||||
|
Flowserve Corp. |
231,136 | 9,192,279 | ||||||
|
Fortive Corp.(a) |
627,583 | 46,541,555 | ||||||
|
Gates Industrial Corp. PLC(b) |
188,577 | 2,189,379 | ||||||
|
Graco, Inc. |
175,768 | 12,809,972 | ||||||
|
IDEX Corp. |
123,269 | 25,642,417 | ||||||
|
Ingersoll Rand, Inc. |
718,271 | 45,768,228 | ||||||
|
ITT, Inc. |
147,141 | 14,406,575 | ||||||
|
Lincoln Electric Holdings, Inc. |
6,395 | 1,162,547 | ||||||
|
Middleby Corp. (The)(b) |
94,722 | 12,124,416 | ||||||
|
Nordson Corp. |
101,449 | 22,640,373 | ||||||
|
Oshkosh Corp. |
116,278 | 11,096,410 | ||||||
|
Otis Worldwide Corp. |
691,934 | 55,569,220 | ||||||
|
PACCAR, Inc. |
911,444 | 77,490,969 | ||||||
|
Parker-Hannifin Corp. |
227,136 | 88,474,015 | ||||||
|
Pentair PLC |
291,701 | 18,887,640 | ||||||
|
RBC Bearings, Inc.(a)(b) |
49,946 | 11,693,857 | ||||||
|
Snap-on, Inc. |
92,318 | 23,546,629 | ||||||
|
Stanley Black & Decker, Inc. |
271,592 | 22,699,659 | ||||||
|
Timken Co. (The) |
111,897 | 8,223,311 | ||||||
|
Westinghouse Air Brake Technologies Corp. |
316,405 | 33,624,359 | ||||||
|
Xylem, Inc. |
370,755 | 33,749,828 | ||||||
|
|
|
|||||||
| 734,746,902 | ||||||||
| Marine Transportation — 0.1% | ||||||||
|
Kirby Corp.(b) |
105,329 | 8,721,241 | ||||||
|
|
|
|||||||
| Media — 1.3% | ||||||||
|
Cable One, Inc. |
9,427 | 5,803,638 | ||||||
|
DISH Network Corp., Class A(b) |
436,835 | 2,559,853 | ||||||
|
Fox Corp., Class A, NVS |
472,766 | 14,750,299 | ||||||
|
Fox Corp., Class B |
237,090 | 6,847,159 | ||||||
|
Interpublic Group of Cos., Inc. (The) |
683,374 | 19,585,499 | ||||||
|
Liberty Broadband Corp., Class A(a)(b) |
23,075 | 2,097,748 | ||||||
|
Liberty Broadband Corp., Class C, NVS(a)(b) |
164,495 | 15,021,684 | ||||||
|
Liberty Media Corp. - Liberty SiriusXM, NVS(b) |
273,022 | 6,951,140 | ||||||
|
Liberty Media Corp. - Liberty SiriusXM, Class A(a)(b) |
134,871 | 3,432,467 | ||||||
|
New York Times Co. (The), Class A |
288,140 | 11,871,368 | ||||||
|
News Corp., Class A, NVS |
677,936 | 13,599,396 | ||||||
|
News Corp., Class B |
205,491 | 4,288,597 | ||||||
|
Nexstar Media Group, Inc., Class A |
40,418 | 5,794,729 | ||||||
|
S C H E D U L E S O F I N V E S T M E N T S |
37 |
|
Schedule of Investments (unaudited) (continued) September 30, 2023 |
iShares® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Media (continued) | ||||||||
|
Omnicom Group, Inc. |
350,103 | $ | 26,075,672 | |||||
|
Paramount Global, Class A(a) |
13,264 | 209,439 | ||||||
|
Paramount Global, Class B, NVS |
1,026,057 | 13,236,135 | ||||||
|
Sirius XM Holdings, Inc.(a) |
1,136,173 | 5,135,502 | ||||||
|
|
|
|||||||
| 157,260,325 | ||||||||
| Metals & Mining — 1.5% | ||||||||
|
Alcoa Corp. |
317,389 | 9,223,324 | ||||||
|
Cleveland-Cliffs, Inc.(b) |
904,500 | 14,137,335 | ||||||
|
MP Materials Corp., Class A(b) |
183,164 | 3,498,432 | ||||||
|
Nucor Corp. |
447,606 | 69,983,198 | ||||||
|
Reliance Steel & Aluminum Co. |
103,672 | 27,185,909 | ||||||
|
Royal Gold, Inc. |
116,811 | 12,420,514 | ||||||
|
SSR Mining, Inc. |
364,303 | 4,841,587 | ||||||
|
Steel Dynamics, Inc. |
285,982 | 30,662,990 | ||||||
|
United States Steel Corp. |
394,856 | 12,824,923 | ||||||
|
|
|
|||||||
| 184,778,212 | ||||||||
| Mortgage Real Estate Investment Trusts (REITs) — 0.4% | ||||||||
|
AGNC Investment Corp. |
1,059,053 | 9,997,460 | ||||||
|
Annaly Capital Management, Inc. |
877,420 | 16,504,270 | ||||||
|
Rithm Capital Corp. |
863,760 | 8,024,331 | ||||||
|
Starwood Property Trust, Inc. |
520,212 | 10,066,102 | ||||||
|
|
|
|||||||
| 44,592,163 | ||||||||
| Multi-Utilities — 2.5% | ||||||||
|
Ameren Corp. |
464,733 | 34,775,970 | ||||||
|
CenterPoint Energy, Inc. |
1,119,968 | 30,071,141 | ||||||
|
CMS Energy Corp. |
517,791 | 27,499,880 | ||||||
|
Consolidated Edison, Inc. |
617,218 | 52,790,656 | ||||||
|
DTE Energy Co. |
365,619 | 36,298,654 | ||||||
|
NiSource, Inc. |
733,484 | 18,102,385 | ||||||
|
Public Service Enterprise Group, Inc. |
884,682 | 50,347,253 | ||||||
|
WEC Energy Group, Inc. |
560,050 | 45,112,027 | ||||||
|
|
|
|||||||
| 294,997,966 | ||||||||
| Office REITs — 0.6% | ||||||||
|
Alexandria Real Estate Equities, Inc. |
304,363 | 30,466,736 | ||||||
|
Boston Properties, Inc. |
279,074 | 16,599,322 | ||||||
|
Cousins Properties, Inc. |
272,410 | 5,548,992 | ||||||
|
Highwoods Properties, Inc. |
183,590 | 3,783,790 | ||||||
|
Kilroy Realty Corp. |
206,112 | 6,515,200 | ||||||
|
Vornado Realty Trust |
317,881 | 7,209,541 | ||||||
|
|
|
|||||||
| 70,123,581 | ||||||||
| Oil, Gas & Consumable Fuels — 4.6% | ||||||||
|
Antero Midstream Corp. |
398,929 | 4,779,169 | ||||||
|
Antero Resources Corp.(b) |
503,958 | 12,790,454 | ||||||
|
APA Corp. |
62,437 | 2,566,161 | ||||||
|
Chesapeake Energy Corp. |
225,051 | 19,406,148 | ||||||
|
Coterra Energy, Inc. |
1,324,671 | 35,832,351 | ||||||
|
Devon Energy Corp. |
1,140,096 | 54,382,579 | ||||||
|
Diamondback Energy, Inc. |
322,277 | 49,914,262 | ||||||
|
DT Midstream, Inc. |
171,576 | 9,079,802 | ||||||
|
EQT Corp. |
639,349 | 25,944,783 | ||||||
|
Hess Corp. |
218,014 | 33,356,142 | ||||||
|
HF Sinclair Corp. |
251,683 | 14,328,313 | ||||||
|
Marathon Oil Corp. |
1,102,809 | 29,500,141 | ||||||
|
ONEOK, Inc. |
749,578 | 47,545,733 | ||||||
|
Ovintiv, Inc. |
254,948 | 12,127,876 | ||||||
|
Phillips 66 |
818,975 | 98,399,846 | ||||||
|
Range Resources Corp. |
417,320 | 13,525,341 | ||||||
|
Southwestern Energy Co.(b) |
1,956,243 | 12,617,767 | ||||||
|
Williams Cos., Inc. (The) |
2,165,222 | 72,946,329 | ||||||
|
|
|
|||||||
| 549,043,197 | ||||||||
| Security | Shares | Value | ||||||
| Paper & Forest Products — 0.0% | ||||||||
|
Louisiana-Pacific Corp. |
115,192 | $ | 6,366,662 | |||||
|
|
|
|||||||
| Passenger Airlines — 0.9% | ||||||||
|
Alaska Air Group, Inc.(b) |
224,280 | 8,316,302 | ||||||
|
American Airlines Group, Inc.(a)(b) |
728,613 | 9,333,533 | ||||||
|
Delta Air Lines, Inc. |
1,080,776 | 39,988,712 | ||||||
|
Southwest Airlines Co. |
1,054,816 | 28,553,869 | ||||||
|
United Airlines Holdings, Inc.(b) |
579,602 | 24,517,165 | ||||||
|
|
|
|||||||
| 110,709,581 | ||||||||
| Personal Care Products — 0.1% | ||||||||
|
Coty, Inc., Class A(b) |
645,774 | 7,084,141 | ||||||
|
Olaplex Holdings, Inc.(b) |
229,903 | 448,311 | ||||||
|
|
|
|||||||
| 7,532,452 | ||||||||
| Pharmaceuticals — 0.7% | ||||||||
|
Catalent, Inc.(a)(b) |
320,132 | 14,575,610 | ||||||
|
Elanco Animal Health, Inc.(b) |
866,560 | 9,740,134 | ||||||
|
Jazz Pharmaceuticals PLC(b) |
52,872 | 6,843,752 | ||||||
|
Organon & Co. |
456,654 | 7,927,513 | ||||||
|
Perrigo Co. PLC |
241,710 | 7,722,635 | ||||||
|
Royalty Pharma PLC, Class A |
658,803 | 17,879,913 | ||||||
|
Viatris, Inc. |
2,122,524 | 20,928,087 | ||||||
|
|
|
|||||||
| 85,617,644 | ||||||||
| Professional Services — 1.8% | ||||||||
|
Broadridge Financial Solutions, Inc. |
34,611 | 6,197,100 | ||||||
|
CACI International, Inc., Class A(b) |
40,219 | 12,625,951 | ||||||
|
Ceridian HCM Holding, Inc.(a)(b) |
239,868 | 16,275,044 | ||||||
|
Clarivate PLC(a)(b) |
844,388 | 5,665,843 | ||||||
|
Concentrix Corp. |
78,985 | 6,327,488 | ||||||
|
Dun & Bradstreet Holdings, Inc. |
480,495 | 4,800,145 | ||||||
|
Equifax, Inc.(a) |
66,808 | 12,237,889 | ||||||
|
FTI Consulting, Inc.(a)(b) |
47,933 | 8,551,727 | ||||||
|
Genpact Ltd. |
237,965 | 8,614,333 | ||||||
|
Jacobs Solutions, Inc. |
223,236 | 30,471,714 | ||||||
|
KBR, Inc. |
151,857 | 8,950,452 | ||||||
|
Leidos Holdings, Inc. |
242,190 | 22,320,230 | ||||||
|
ManpowerGroup, Inc. |
90,451 | 6,631,867 | ||||||
|
Paycor HCM, Inc.(a)(b) |
52,843 | 1,206,406 | ||||||
|
Robert Half, Inc. |
187,398 | 13,732,525 | ||||||
|
Science Applications International Corp. |
95,858 | 10,116,853 | ||||||
|
SS&C Technologies Holdings, Inc. |
385,559 | 20,257,270 | ||||||
|
TransUnion(a) |
342,550 | 24,591,665 | ||||||
|
|
|
|||||||
| 219,574,502 | ||||||||
| Real Estate Management & Development — 0.9% | ||||||||
|
CBRE Group, Inc., Class A(a)(b) |
551,394 | 40,725,961 | ||||||
|
CoStar Group, Inc.(b) |
408,943 | 31,443,627 | ||||||
|
Howard Hughes Holdings, Inc.(a)(b) |
59,382 | 4,401,988 | ||||||
|
Jones Lang LaSalle, Inc.(a)(b) |
84,462 | 11,924,345 | ||||||
|
Zillow Group, Inc., Class A(a)(b) |
99,854 | 4,472,461 | ||||||
|
Zillow Group, Inc., Class C, NVS(a)(b) |
275,004 | 12,694,184 | ||||||
|
|
|
|||||||
| 105,662,566 | ||||||||
| Residential REITs — 2.2% | ||||||||
|
American Homes 4 Rent, Class A |
590,734 | 19,901,828 | ||||||
|
Apartment Income REIT Corp. |
265,039 | 8,136,697 | ||||||
|
AvalonBay Communities, Inc. |
251,516 | 43,195,358 | ||||||
|
Camden Property Trust |
184,072 | 17,409,530 | ||||||
|
Equity LifeStyle Properties, Inc. |
212,119 | 13,514,102 | ||||||
|
Equity Residential |
663,988 | 38,982,736 | ||||||
|
Essex Property Trust, Inc. |
113,247 | 24,018,556 | ||||||
|
Invitation Homes, Inc.(a) |
1,084,587 | 34,370,562 | ||||||
|
Mid-America Apartment Communities, Inc. |
206,676 | 26,588,867 | ||||||
| 38 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (unaudited) (continued) September 30, 2023 |
iShares® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Residential REITs (continued) | ||||||||
|
Sun Communities, Inc. |
170,508 | $ | 20,177,917 | |||||
|
UDR, Inc. |
549,529 | 19,601,699 | ||||||
|
|
|
|||||||
| 265,897,852 | ||||||||
| Retail REITs — 1.7% | ||||||||
|
Agree Realty Corp. |
163,837 | 9,050,356 | ||||||
|
Brixmor Property Group, Inc. |
534,062 | 11,097,808 | ||||||
|
Federal Realty Investment Trust |
143,964 | 13,047,457 | ||||||
|
Kimco Realty Corp. |
1,073,545 | 18,883,657 | ||||||
|
NNN REIT, Inc. |
323,115 | 11,418,884 | ||||||
|
Realty Income Corp. |
1,198,143 | 59,835,261 | ||||||
|
Regency Centers Corp. |
320,540 | 19,052,898 | ||||||
|
Simon Property Group, Inc. |
451,454 | 48,770,576 | ||||||
|
Spirit Realty Capital, Inc. |
248,479 | 8,331,501 | ||||||
|
|
|
|||||||
| 199,488,398 | ||||||||
| Semiconductors & Semiconductor Equipment — 2.7% | ||||||||
|
Cirrus Logic, Inc.(b) |
98,994 | 7,321,596 | ||||||
|
Entegris, Inc.(a) |
251,004 | 23,571,786 | ||||||
|
First Solar, Inc.(a)(b) |
188,837 | 30,514,171 | ||||||
|
GLOBALFOUNDRIES, Inc.(a)(b) |
140,540 | 8,178,023 | ||||||
|
Marvell Technology, Inc. |
1,519,177 | 82,233,051 | ||||||
|
Microchip Technology, Inc. |
273,978 | 21,383,983 | ||||||
|
MKS Instruments, Inc. |
118,314 | 10,238,893 | ||||||
|
ON Semiconductor Corp.(a)(b) |
766,588 | 71,254,355 | ||||||
|
Qorvo, Inc.(b) |
173,283 | 16,543,328 | ||||||
|
Skyworks Solutions, Inc. |
283,026 | 27,903,533 | ||||||
|
Teradyne, Inc.(a) |
47,109 | 4,732,570 | ||||||
|
Universal Display Corp. |
45,295 | 7,110,862 | ||||||
|
Wolfspeed, Inc.(b) |
220,824 | 8,413,394 | ||||||
|
|
|
|||||||
| 319,399,545 | ||||||||
| Software — 1.5% | ||||||||
|
ANSYS, Inc.(a)(b) |
27,195 | 8,091,872 | ||||||
|
AppLovin Corp., Class A(b) |
278,179 | 11,116,033 | ||||||
|
Aspen Technology, Inc.(b) |
49,393 | 10,089,014 | ||||||
|
Bentley Systems, Inc., Class B(a) |
24,749 | 1,241,410 | ||||||
|
BILL Holdings, Inc.(a)(b) |
181,960 | 19,755,397 | ||||||
|
CCC Intelligent Solutions Holdings, Inc.(a)(b) |
355,001 | 4,739,263 | ||||||
|
Dolby Laboratories, Inc., Class A |
105,948 | 8,397,439 | ||||||
|
Dropbox, Inc., Class A(a)(b) |
51,299 | 1,396,872 | ||||||
|
Gen Digital, Inc. |
832,342 | 14,715,807 | ||||||
|
Guidewire Software, Inc.(a)(b) |
144,145 | 12,973,050 | ||||||
|
HashiCorp, Inc., Class A(a)(b) |
56,660 | 1,293,548 | ||||||
|
Informatica, Inc., Class A(a)(b) |
69,103 | 1,456,000 | ||||||
|
nCino, Inc.(a)(b) |
115,120 | 3,660,816 | ||||||
|
NCR Corp.(b) |
229,287 | 6,183,870 | ||||||
|
Nutanix, Inc., Class A(a)(b) |
307,906 | 10,739,761 | ||||||
|
PTC, Inc.(b) |
97,112 | 13,758,828 | ||||||
|
SentinelOne, Inc., Class A(a)(b) |
355,269 | 5,989,835 | ||||||
|
Tyler Technologies, Inc.(a)(b) |
18,226 | 7,037,788 | ||||||
|
UiPath, Inc., Class A(a)(b) |
154,469 | 2,642,965 | ||||||
|
Unity Software, Inc.(a)(b) |
310,273 | 9,739,470 | ||||||
|
Zoom Video Communications, Inc., Class A(a)(b) |
445,245 | 31,140,435 | ||||||
|
|
|
|||||||
| 186,159,473 | ||||||||
| Specialized REITs — 2.6% | ||||||||
|
CubeSmart |
396,780 | 15,129,221 | ||||||
|
Digital Realty Trust, Inc. |
530,952 | 64,255,811 | ||||||
|
EPR Properties |
131,105 | 5,446,102 | ||||||
|
Extra Space Storage, Inc. |
371,143 | 45,123,566 | ||||||
|
Gaming & Leisure Properties, Inc. |
446,428 | 20,334,795 | ||||||
|
Iron Mountain, Inc. |
260,425 | 15,482,266 | ||||||
|
Lamar Advertising Co., Class A |
35,126 | 2,931,967 | ||||||
|
National Storage Affiliates Trust |
140,849 | 4,470,547 | ||||||
| Security | Shares | Value | ||||||
| Specialized REITs (continued) | ||||||||
|
Rayonier, Inc. |
263,075 | $ | 7,487,115 | |||||
|
SBA Communications Corp., Class A |
171,332 | 34,295,526 | ||||||
|
VICI Properties, Inc. |
1,785,698 | 51,963,812 | ||||||
|
Weyerhaeuser Co. |
1,303,572 | 39,967,518 | ||||||
|
|
|
|||||||
| 306,888,246 | ||||||||
| Specialty Retail — 1.3% | ||||||||
|
Advance Auto Parts, Inc. |
106,575 | 5,960,740 | ||||||
|
AutoNation, Inc.(b) |
52,446 | 7,940,324 | ||||||
|
Bath & Body Works, Inc. |
407,647 | 13,778,469 | ||||||
|
Best Buy Co., Inc. |
298,276 | 20,721,234 | ||||||
|
CarMax, Inc.(a)(b) |
264,533 | 18,710,419 | ||||||
|
Dick’s Sporting Goods, Inc. |
99,213 | 10,772,548 | ||||||
|
GameStop Corp., Class A(a)(b) |
479,577 | 7,893,837 | ||||||
|
Gap, Inc. (The) |
342,956 | 3,645,622 | ||||||
|
Lithia Motors, Inc., Class A(a) |
48,168 | 14,225,455 | ||||||
|
Murphy U.S.A., Inc. |
1,841 | 629,125 | ||||||
|
Penske Automotive Group, Inc.(a) |
36,107 | 6,032,035 | ||||||
|
Petco Health & Wellness Co., Inc.(a)(b) |
157,675 | 644,891 | ||||||
|
RH(a)(b) |
25,735 | 6,803,305 | ||||||
|
Ross Stores, Inc. |
39,730 | 4,487,504 | ||||||
|
Valvoline, Inc.(a) |
217,759 | 7,020,550 | ||||||
|
Victoria’s Secret & Co.(a)(b) |
76,457 | 1,275,303 | ||||||
|
Wayfair, Inc., Class A(b) |
96,034 | 5,816,779 | ||||||
|
Williams-Sonoma, Inc. |
98,896 | 15,368,438 | ||||||
|
|
|
|||||||
| 151,726,578 | ||||||||
| Technology Hardware, Storage & Peripherals — 1.0% | ||||||||
|
Hewlett Packard Enterprise Co. |
2,302,325 | 39,991,385 | ||||||
|
HP, Inc. |
1,220,645 | 31,370,577 | ||||||
|
NetApp, Inc. |
226,298 | 17,171,492 | ||||||
|
Pure Storage, Inc., Class A(b) |
108,045 | 3,848,563 | ||||||
|
Western Digital Corp.(b) |
566,852 | 25,865,457 | ||||||
|
|
|
|||||||
| 118,247,474 | ||||||||
| Textiles, Apparel & Luxury Goods — 0.6% | ||||||||
|
Capri Holdings Ltd.(b) |
201,361 | 10,593,602 | ||||||
|
Carter’s, Inc. |
64,960 | 4,491,984 | ||||||
|
Columbia Sportswear Co. |
63,102 | 4,675,858 | ||||||
|
PVH Corp. |
111,576 | 8,536,680 | ||||||
|
Ralph Lauren Corp., Class A |
71,199 | 8,265,492 | ||||||
|
Skechers U.S.A., Inc., Class A(b) |
220,595 | 10,798,125 | ||||||
|
Tapestry, Inc. |
392,701 | 11,290,154 | ||||||
|
Under Armour, Inc., Class A(a)(b) |
332,651 | 2,278,659 | ||||||
|
Under Armour, Inc., Class C, NVS(b) |
360,379 | 2,299,218 | ||||||
|
VF Corp. |
623,549 | 11,018,111 | ||||||
|
|
|
|||||||
| 74,247,883 | ||||||||
| Trading Companies & Distributors — 1.4% | ||||||||
|
Air Lease Corp., Class A |
185,542 | 7,312,210 | ||||||
|
Core & Main, Inc., Class A(a)(b) |
192,118 | 5,542,604 | ||||||
|
Fastenal Co. |
255,168 | 13,942,379 | ||||||
|
Ferguson PLC |
346,429 | 56,977,178 | ||||||
|
MSC Industrial Direct Co., Inc., Class A |
82,300 | 8,077,745 | ||||||
|
SiteOne Landscape Supply, Inc.(a)(b) |
53,960 | 8,819,762 | ||||||
|
United Rentals, Inc. |
96,797 | 43,033,042 | ||||||
|
Watsco, Inc. |
44,347 | 16,750,749 | ||||||
|
WESCO International, Inc. |
78,791 | 11,331,722 | ||||||
|
|
|
|||||||
| 171,787,391 | ||||||||
|
S C H E D U L E S O F I N V E S T M E N T S |
39 |
|
Schedule of Investments (unaudited) (continued) September 30, 2023 |
iShares® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Water Utilities — 0.5% | ||||||||
|
American Water Works Co., Inc.(a) |
345,812 | $ | 42,821,900 | |||||
|
Essential Utilities, Inc. |
430,678 | 14,785,176 | ||||||
|
|
|
|||||||
| 57,607,076 | ||||||||
|
|
|
|||||||
|
Total
Long-Term Investments — 99.7% |
11,982,422,963 | |||||||
|
|
|
|||||||
|
Short-Term Securities |
||||||||
|
Money Market Funds — 4.6% |
||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(d)(e)(f) |
476,647,211 | 476,837,870 | ||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(d)(e) |
72,576,287 | 72,576,287 | ||||||
|
|
|
|||||||
|
Total
Short-Term Securities — 4.6% |
549,414,157 | |||||||
|
|
|
|||||||
|
Total
Investments — 104.3% |
12,531,837,120 | |||||||
|
Liabilities in Excess of Other Assets — (4.3)% |
(518,382,741 | ) | ||||||
|
|
|
|||||||
|
Net Assets — 100.0% |
$ | 12,013,454,379 | ||||||
|
|
|
|||||||
| (a) |
All or a portion of this security is on loan. |
| (b) |
Non-income producing security. |
| (c) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (d) |
Affiliate of the Fund. |
| (e) |
Annualized 7-day yield as of period end. |
| (f) |
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 September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
|
||||||||||||||||||||||||||||||||||||||||
| Affiliated Issuer | Value at 03/31/23 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value at 09/30/23 |
Shares Held at |
Income |
Capital Gain |
|||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 389,623,363 | $ | 87,164,458 | (a) | $ | — | $ | 23,156 | $ | 26,893 | $ | 476,837,870 | 476,647,211 | $ | 4,126,594 | (b) | $ | — | |||||||||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares |
12,494,031 | 60,082,256 | (a) | — | — | — | 72,576,287 | 72,576,287 | 495,098 | — | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| $ | 23,156 | $ | 26,893 | $ | 549,414,157 | $ | 4,621,692 | $ | — | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| (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. |
| 40 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (unaudited) (continued) September 30, 2023 |
iShares® Russell Mid-Cap Value ETF |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
|
|
||||||||||||||||
| Description | Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
|
|
||||||||||||||||
|
Long Contracts |
||||||||||||||||
|
S&P 500 E-Mini Index |
22 | 12/15/23 | $ | 4,758 | $ | (136,936 | ) | |||||||||
|
S&P Mid 400 E-Mini Index |
92 | 12/15/23 | 23,188 | (510,252 | ) | |||||||||||
|
|
|
|||||||||||||||
| $ | (647,188 | ) | ||||||||||||||
|
|
|
|||||||||||||||
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
|
|
||||||||||||||||||||||||||||
| Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Liabilities — Derivative Financial Instruments |
||||||||||||||||||||||||||||
|
Futures contracts |
||||||||||||||||||||||||||||
|
Unrealized depreciation on futures contracts(a) |
$ | — | $ | — | $ | 647,188 | $ | — | $ | — | $ | — | $ | 647,188 | ||||||||||||||
| (a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended September 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
|
|
||||||||||||||||||||||||||||
| Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Net Realized Gain (Loss) from: |
||||||||||||||||||||||||||||
|
Futures contracts |
$ | — | $ | — | $ | 2,494,807 | $ | — | $ | — | $ | — | $ | 2,494,807 | ||||||||||||||
|
Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||||||||||||||||||
|
Futures contracts |
$ | — | $ | — | $ | (1,623,721 | ) | $ | — | $ | — | $ | — | $ | (1,623,721 | ) | ||||||||||||
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
|
||||
|
Futures contracts |
||||
|
Average notional value of contracts — long |
$ | 26,793,390 | ||
|
|
||||
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
|
S C H E D U L E S O F I N V E S T M E N T S |
41 |
|
Schedule of Investments (unaudited) (continued) September 30, 2023 |
iShares® Russell Mid-Cap Value ETF |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
|
||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
|
||||||||||||||||
|
Assets |
||||||||||||||||
|
Investments |
||||||||||||||||
|
Long-Term Investments |
||||||||||||||||
|
Common Stocks |
$ | 11,982,233,394 | $ | 189,567 | $ | 2 | $ | 11,982,422,963 | ||||||||
|
Short-Term Securities |
||||||||||||||||
|
Money Market Funds |
549,414,157 | — | — | 549,414,157 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 12,531,647,551 | $ | 189,567 | $ | 2 | $ | 12,531,837,120 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Derivative Financial Instruments(a) |
||||||||||||||||
|
Liabilities |
||||||||||||||||
|
Equity Contracts |
$ | (647,188 | ) | $ | — | $ | — | $ | (647,188 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
| 42 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Assets and Liabilities (unaudited)
September 30, 2023
| iShares Russell 3000 ETF |
iShares Russell Mid-Cap Value ETF |
|||||||
|
ASSETS |
||||||||
|
Investments, at value — unaffiliated(a)(b) |
$ | 10,968,653,944 | $ | 11,982,422,963 | ||||
|
Investments, at value — affiliated(c) |
338,573,688 | 549,414,157 | ||||||
|
Cash |
1,184,772 | 8,210,411 | ||||||
|
Cash pledged: |
||||||||
|
Futures contracts |
1,439,459 | 1,746,590 | ||||||
|
Receivables: |
||||||||
|
Investments sold |
3,269,490 | 32,848,090 | ||||||
|
Securities lending income — affiliated |
167,137 | 477,114 | ||||||
|
Dividends — unaffiliated |
7,664,830 | 17,861,996 | ||||||
|
Dividends — affiliated |
85,619 | 98,423 | ||||||
|
|
|
|
|
|||||
|
Total assets |
11,321,038,939 | 12,593,079,744 | ||||||
|
|
|
|
|
|||||
|
LIABILITIES |
||||||||
|
Collateral on securities loaned |
251,801,066 | 476,377,039 | ||||||
|
Payables: |
||||||||
|
Investments purchased |
3,269,490 | 32,848,090 | ||||||
|
Capital shares redeemed |
2 | 423,931 | ||||||
|
Income dividend distributions |
45,434,096 | 67,472,908 | ||||||
|
Investment advisory fees |
1,873,072 | 2,388,728 | ||||||
|
Other accrued expenses |
628 | 269 | ||||||
|
Variation margin on futures contracts |
75,150 | 114,400 | ||||||
|
|
|
|
|
|||||
|
Total liabilities |
302,453,504 | 579,625,365 | ||||||
|
|
|
|
|
|||||
|
Commitments and contingent liabilities |
||||||||
|
NET ASSETS |
$ | 11,018,585,435 | $ | 12,013,454,379 | ||||
|
|
|
|
|
|||||
|
NET ASSETS CONSIST OF: |
||||||||
|
Paid-in capital |
$ | 8,648,161,324 | $ | 12,221,234,523 | ||||
|
Accumulated earnings (loss) |
2,370,424,111 | (207,780,144 | ) | |||||
|
|
|
|
|
|||||
|
NET ASSETS |
$ | 11,018,585,435 | $ | 12,013,454,379 | ||||
|
|
|
|
|
|||||
|
NET ASSET VALUE |
||||||||
|
Shares outstanding |
$ | 44,950,000 | $ | 115,150,000 | ||||
|
|
|
|
|
|||||
|
Net asset value |
$ | 245.13 | $ | 104.33 | ||||
|
|
|
|
|
|||||
|
Shares authorized |
Unlimited | Unlimited | ||||||
|
|
|
|
|
|||||
|
Par value |
None | None | ||||||
|
|
|
|
|
|||||
|
(a) Investments, at cost — unaffiliated |
$ | 8,389,599,938 | $ | 11,572,338,489 | ||||
|
(b) Securities loaned, at value |
$ | 245,725,349 | $ | 463,284,712 | ||||
|
(c) Investments, at cost — affiliated |
$ | 334,365,982 | $ | 549,119,567 | ||||
See notes to financial statements.
|
F I N A N C I A L S T A T E M E N T S |
43 |
Statements of of Operations (unaudited)
Six Months Ended September 30, 2023
| iShares Russell 3000 ETF |
iShares Russell Mid-Cap Value ETF |
|||||||
|
INVESTMENT INCOME |
||||||||
|
Dividends — unaffiliated |
$ | 86,593,961 | $ | 132,056,615 | ||||
|
Dividends — affiliated |
868,854 | 495,098 | ||||||
|
Securities lending income — affiliated — net |
1,235,977 | 4,126,594 | ||||||
|
Foreign taxes withheld |
(17,451 | ) | (55,645 | ) | ||||
|
|
|
|
|
|||||
|
Total investment income |
88,681,341 | 136,622,662 | ||||||
|
|
|
|
|
|||||
|
EXPENSES |
||||||||
|
Investment advisory |
11,200,166 | 14,761,498 | ||||||
|
Interest expense |
1,388 | 890 | ||||||
|
|
|
|
|
|||||
|
Total expenses |
11,201,554 | 14,762,388 | ||||||
|
|
|
|
|
|||||
|
Net investment income |
77,479,787 | 121,860,274 | ||||||
|
|
|
|
|
|||||
|
REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||
|
Net realized gain (loss) from: |
||||||||
|
Investments — unaffiliated |
(36,981,601 | ) | (196,587,314 | ) | ||||
|
Investments — affiliated |
(35,000 | ) | 23,156 | |||||
|
Futures contracts |
2,741,924 | 2,494,807 | ||||||
|
In-kind redemptions — unaffiliated(a) |
151,144,890 | 379,829,290 | ||||||
|
In-kind redemptions — affiliated(a) |
319,194 | — | ||||||
|
|
|
|
|
|||||
| 117,189,407 | 185,759,939 | |||||||
|
|
|
|
|
|||||
|
Net change in unrealized appreciation (depreciation) on: |
||||||||
|
Investments — unaffiliated |
318,541,696 | (433,061,782 | ) | |||||
|
Investments — affiliated |
(1,141,055 | ) | 26,893 | |||||
|
Futures contracts |
(1,898,609 | ) | (1,623,721 | ) | ||||
|
|
|
|
|
|||||
| 315,502,032 | (434,658,610 | ) | ||||||
|
|
|
|
|
|||||
|
Net realized and unrealized gain (loss) |
432,691,439 | (248,898,671 | ) | |||||
|
|
|
|
|
|||||
|
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 510,171,226 | $ | (127,038,397 | ) | |||
|
|
|
|
|
|||||
| (a) |
See Note 2 of the Notes to Financial Statements. |
See notes to financial statements.
| 44 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Changes in Net Assets
| iShares Russell 3000 ETF | iShares Russell Mid-Cap Value ETF | |||||||||||||||
|
|
|
|
|
|||||||||||||
| Six Months Ended 09/30/23 (unaudited) |
Year Ended 03/31/23 |
Six Months Ended 09/30/23 (unaudited) |
Year Ended 03/31/23 |
|||||||||||||
|
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||
|
OPERATIONS |
||||||||||||||||
|
Net investment income |
$ | 77,479,787 | $ | 155,324,323 | $ | 121,860,274 | $ | 248,398,209 | ||||||||
|
Net realized gain |
117,189,407 | 634,014,810 | 185,759,939 | 778,558,349 | ||||||||||||
|
Net change in unrealized appreciation (depreciation) |
315,502,032 | (1,800,920,907 | ) | (434,658,610 | ) | (2,368,540,120 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net increase (decrease) in net assets resulting from operations |
510,171,226 | (1,011,581,774 | ) | (127,038,397 | ) | (1,341,583,562 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||
|
Decrease in net assets resulting from distributions to shareholders |
(74,482,091 | ) | (161,314,568 | ) | (112,252,595 | ) | (252,968,676 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
|
Net decrease in net assets derived from capital share transactions |
(145,007,232 | ) | (116,682,684 | ) | (423,380,272 | ) | (637,067,384 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
NET ASSETS |
||||||||||||||||
|
Total increase (decrease) in net assets |
290,681,903 | (1,289,579,026 | ) | (662,671,264 | ) | (2,231,619,622 | ) | |||||||||
|
Beginning of period |
10,727,903,532 | 12,017,482,558 | 12,676,125,643 | 14,907,745,265 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
End of period |
$ | 11,018,585,435 | $ | 10,727,903,532 | $ | 12,013,454,379 | $ | 12,676,125,643 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
|
F I N A N C I A L S T A T E M E N T S |
45 |
(For a share outstanding throughout each period)
| iShares Russell 3000 ETF | ||||||||||||||||||||||||
| Six Months Ended 09/30/23 (unaudited) |
Year Ended 03/31/23 |
Year Ended 03/31/22 |
Year Ended 03/31/21 |
Year Ended 03/31/20 |
Year Ended 03/31/19 |
|||||||||||||||||||
|
Net asset value, beginning of period |
$ | 235.52 | $ | 262.10 | $ | 237.19 | $ | 148.31 | $ | 166.74 | $ | 156.30 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Net investment income(a) |
1.72 | 3.37 | 2.87 | 2.73 | 2.91 | 2.78 | ||||||||||||||||||
|
Net realized and unrealized gain(b) |
9.54 | (26.44 | ) | 25.00 | 89.03 | (18.04 | ) | 10.52 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Net increase from investment operations |
11.26 | (23.07 | ) | 27.87 | 91.76 | (15.13 | ) | 13.30 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Distributions from net investment income(c) |
(1.65 | ) | (3.51 | ) | (2.96 | ) | (2.88 | ) | (3.30 | ) | (2.86 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Net asset value, end of period |
$ | 245.13 | $ | 235.52 | $ | 262.10 | $ | 237.19 | $ | 148.31 | $ | 166.74 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Total Return(d) |
||||||||||||||||||||||||
|
Based on net asset value |
4.79 | %(e) | (8.72 | )% | 11.75 | % | 62.21 | % | (9.29 | )% | 8.59 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Ratios to Average Net Assets(f) |
||||||||||||||||||||||||
|
Total expenses |
0.20 | %(g) | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Net investment income |
1.38 | %(g) | 1.47 | % | 1.10 | % | 1.37 | % | 1.69 | % | 1.72 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Supplemental Data |
||||||||||||||||||||||||
|
Net assets, end of period (000) |
$ | 11,018,585 | $ | 10,727,904 | $ | 12,017,483 | $ | 10,958,347 | $ | 8,230,988 | $ | 9,379,045 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Portfolio turnover rate(h) |
2 | % | 4 | % | 5 | % | 4 | % | 5 | % | 5 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| (a) |
Based on average shares outstanding. |
| (b) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
| (c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (d) |
Where applicable, assumes the reinvestment of distributions. |
| (e) |
Not annualized. |
| (f) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (g) |
Annualized. |
| (h) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
| 46 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| iShares Russell Mid-Cap Value ETF | ||||||||||||||||||||||||
| Six Months Ended 09/30/23 (unaudited) |
Year Ended 03/31/23 |
Year Ended 03/31/22 |
Year Ended 03/31/21 |
Year Ended 03/31/20 |
Year Ended 03/31/19 |
|||||||||||||||||||
|
Net asset value, beginning of period |
$ | 106.21 | $ | 119.55 | $ | 109.15 | $ | 64.10 | $ | 86.86 | $ | 86.44 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Net investment income(a) |
1.04 | 2.04 | 1.62 | 1.43 | 1.93 | 1.67 | ||||||||||||||||||
|
Net realized and unrealized gain(b) |
(1.95 | ) | (13.31 | ) | 10.55 | 45.22 | (22.63 | ) | 0.70 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Net increase from investment operations |
(0.91 | ) | (11.27 | ) | 12.17 | 46.65 | (20.70 | ) | 2.37 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Distributions from net investment income(c) |
(0.97 | ) | (2.07 | ) | (1.77 | ) | (1.60 | ) | (2.06 | ) | (1.95 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Net asset value, end of period |
$ | 104.33 | $ | 106.21 | $ | 119.55 | $ | 109.15 | $ | 64.10 | $ | 86.86 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Total Return(d) |
||||||||||||||||||||||||
|
Based on net asset value |
(0.86 | )%(e) | (9.37 | )% | 11.19 | % | 73.40 | % | (24.28 | )% | 2.78 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Ratios to Average Net Assets(f) |
||||||||||||||||||||||||
|
Total expenses |
0.23 | %(g) | 0.23 | % | 0.23 | % | 0.23 | % | 0.24 | % | 0.24 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Net investment income |
1.93 | %(g) | 1.88 | % | 1.39 | % | 1.65 | % | 2.18 | % | 1.93 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Supplemental Data |
||||||||||||||||||||||||
|
Net assets, end of period (000) |
$ | 12,013,454 | $ | 12,676,126 | $ | 14,907,745 | $ | 13,120,026 | $ | 8,201,945 | $ | 11,218,007 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Portfolio turnover rate(h) |
17 | % | 19 | % | 21 | % | 25 | % | 20 | % | 25 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| (a) |
Based on average shares outstanding. |
| (b) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
| (c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (d) |
Where applicable, assumes the reinvestment of distributions. |
| (e) |
Not annualized. |
| (f) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (g) |
Annualized. |
| (h) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
|
F I N A N C I A L H I G H L I G H T S |
47 |
Notes to Financial Statements (unaudited)
| 1. |
ORGANIZATION |
iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.
These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):
|
|
||||
| iShares ETF | Diversification Classification |
|||
|
|
||||
|
Russell 3000 |
Diversified | |||
|
Russell Mid-Cap Value |
Diversified | |||
|
|
||||
| 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. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.
Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of September 30, 2023, if any, are disclosed in the Statements of Assets and Liabilities.
The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations 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.
Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
| 3. |
INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise 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.
| 48 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
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 |
Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.
Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy
|
N O T E S T O F I N A N C I A L S T A T E M E N T S |
49 |
Notes to Financial Statements (unaudited) (continued)
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 |
| ||||
|
Russell 3000 |
||||||||||||||||
|
Barclays Bank PLC |
$ | 20,332,857 | $ | (20,332,857 | ) | $ | — | $ | — | |||||||
|
Barclays Capital, Inc. |
9,450 | (9,450 | ) | — | — | |||||||||||
|
BMO Capital Markets Corp. |
217 | (217 | ) | — | — | |||||||||||
|
BNP Paribas SA |
24,800,564 | (24,800,564 | ) | — | — | |||||||||||
|
BofA Securities, Inc. |
9,067,639 | (9,067,639 | ) | — | — | |||||||||||
|
Citadel Clearing LLC |
2,809,191 | (2,809,191 | ) | — | — | |||||||||||
|
Citigroup Global Markets, Inc. |
7,637,911 | (7,637,911 | ) | — | — | |||||||||||
|
Credit Suisse Securities (USA) LLC |
6,900 | (6,900 | ) | — | — | |||||||||||
|
Goldman Sachs & Co. LLC |
23,773,335 | (23,773,335 | ) | — | — | |||||||||||
|
HSBC Bank PLC |
12,464,907 | (12,464,907 | ) | — | — | |||||||||||
|
J.P. Morgan Securities LLC |
33,456,786 | (33,456,786 | ) | — | — | |||||||||||
|
Jefferies LLC |
1,155,961 | (1,155,961 | ) | — | — | |||||||||||
|
Morgan Stanley |
19,322,545 | (19,322,545 | ) | — | — | |||||||||||
|
National Financial Services LLC |
2,291,118 | (2,291,118 | ) | — | — | |||||||||||
|
Natixis SA |
1,092,381 | (1,092,381 | ) | — | — | |||||||||||
|
Pershing LLC |
61,141 | (61,141 | ) | — | — | |||||||||||
|
RBC Capital Market LLC |
24,658,227 | (24,658,227 | ) | — | — | |||||||||||
|
Scotia Capital (USA), Inc. |
16,134,849 | (16,134,849 | ) | — | — | |||||||||||
|
Scotia Capital, Inc. |
13,193,330 | (13,193,330 | ) | — | — | |||||||||||
|
SG Americas Securities LLC |
249,898 | (249,898 | ) | — | — | |||||||||||
|
State Street Bank & Trust Co. |
157,129 | (157,129 | ) | — | — | |||||||||||
|
Toronto-Dominion Bank |
17,520,795 | (17,520,795 | ) | — | — | |||||||||||
|
UBS AG |
10,207,818 | (10,207,818 | ) | — | — | |||||||||||
|
UBS Securities LLC |
594,348 | (594,348 | ) | — | — | |||||||||||
|
Virtu Americas LLC |
674,283 | (674,283 | ) | — | — | |||||||||||
|
Wells Fargo Bank N.A |
3,427,570 | (3,427,570 | ) | — | — | |||||||||||
|
Wells Fargo Securities LLC |
624,199 | (624,199 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 245,725,349 | $ | (245,725,349 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Russell Mid-Cap Value |
||||||||||||||||
|
Barclays Bank PLC |
$ | 30,959,405 | $ | (30,959,405 | ) | $ | — | $ | — | |||||||
|
Barclays Capital, Inc. |
432,701 | (432,701 | ) | — | — | |||||||||||
|
BMO Capital Markets Corp. |
82,613 | (82,613 | ) | — | — | |||||||||||
|
BNP Paribas SA |
66,185,873 | (66,185,873 | ) | — | — | |||||||||||
|
BofA Securities, Inc. |
24,906,843 | (24,906,843 | ) | — | — | |||||||||||
|
Citadel Clearing LLC |
5,302,671 | (5,302,671 | ) | — | — | |||||||||||
|
Citigroup Global Markets, Inc. |
28,315,980 | (28,315,980 | ) | — | — | |||||||||||
|
Goldman Sachs & Co. LLC |
30,780,357 | (30,780,357 | ) | — | — | |||||||||||
|
HSBC Bank PLC |
6,584,900 | (6,584,900 | ) | — | — | |||||||||||
|
J.P. Morgan Securities LLC |
30,386,457 | (30,386,457 | ) | — | — | |||||||||||
|
Jefferies LLC |
1,739,725 | (1,739,725 | ) | — | — | |||||||||||
|
Morgan Stanley |
54,673,284 | (54,673,284 | ) | — | — | |||||||||||
|
National Financial Services LLC |
908,290 | (908,290 | ) | — | — | |||||||||||
|
Natixis SA |
1,124,637 | (1,124,637 | ) | — | — | |||||||||||
|
Nomura Securities International, Inc. |
1,220,021 | (1,220,021 | ) | — | — | |||||||||||
|
RBC Capital Market LLC |
21,028,327 | (21,028,327 | ) | — | — | |||||||||||
|
Scotia Capital (USA), Inc. |
15,864,564 | (15,864,564 | ) | — | — | |||||||||||
|
Scotia Capital, Inc. |
78,106,355 | (78,106,355 | ) | — | — | |||||||||||
|
SG Americas Securities LLC |
1,134,490 | (1,134,490 | ) | — | — | |||||||||||
|
State Street Bank & Trust Co. |
70,750 | (70,750 | ) | — | — | |||||||||||
|
Toronto-Dominion Bank |
22,425,207 | (22,425,207 | ) | — | — | |||||||||||
|
UBS AG |
25,874,806 | (25,874,806 | ) | — | — | |||||||||||
|
UBS Securities LLC |
3,885,953 | (3,885,953 | ) | — | — | |||||||||||
|
Virtu Americas LLC |
1,198,299 | (1,198,299 | ) | — | — | |||||||||||
|
Wells Fargo Bank N.A |
4,988,496 | (4,988,496 | ) | — | — | |||||||||||
|
Wells Fargo Securities LLC |
5,103,708 | (5,103,708 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 463,284,712 | $ | (463,284,712 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (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. |
| 50 |
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Notes to Financial Statements (unaudited) (continued)
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 the following fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund, as follows:
| iShares ETF | Investment Advisory Fees | |
|
Russell 3000 |
0.20% | |
For its investment advisory services to the iShares Russell Mid-Cap Value ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the the average daily net assets of the Fund and certain other iShares funds, as follows:
| Aggregate Average Daily Net Assets | Investment Advisory Fees | |||
|
First $121 billion |
0.2500 | % | ||
|
Over $121 billion, up to and including $181 billion |
0.2375 | |||
|
Over $181 billion, up to and including $231 billion |
0.2257 | |||
|
Over $231 billion, up to and including $281 billion |
0.2144 | |||
|
Over $281 billion |
0.2037 | |||
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.
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.
|
N O T E S T O F I N A N C I A L S T A T E M E N T S |
51 |
Notes to Financial Statements (unaudited) (continued)
Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the six months ended September 30, 2023, the Funds paid BTC the following amounts for securities lending agent services:
|
|
||||
| iShares ETF | Amounts | |||
|
|
||||
|
Russell 3000 |
$ | 341,885 | ||
|
Russell Mid-Cap Value |
1,057,788 | |||
|
|
||||
Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.
Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.
For the six months ended September 30, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:
|
|
||||||||||||
| iShares ETF | Purchases | Sales | Net Realized Gain (Loss) |
|||||||||
|
|
||||||||||||
|
Russell 3000 |
$ | 19,271,447 | $ | 31,611,984 | $ | (4,366,465) | ||||||
|
Russell Mid-Cap Value |
1,366,197,770 | 998,075,828 | (5,666,041) | |||||||||
|
|
||||||||||||
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends - affiliated in the Statements of Operations.
A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.
| 7. |
PURCHASES AND SALES |
For the six months ended September 30, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:
|
|
||||||||
| iShares ETF | Purchases | Sales | ||||||
|
|
||||||||
|
Russell 3000 |
$ | 205,032,654 | $ | 200,527,348 | ||||
|
Russell Mid-Cap Value |
2,157,147,112 | 2,145,628,095 | ||||||
|
|
||||||||
For the six months ended September 30, 2023, in-kind transactions were as follows:
|
|
||||||||
| iShares ETF | In-kind Purchases |
In-kind Sales |
||||||
|
|
||||||||
|
Russell 3000 |
$ | 159,285,745 | $ | 303,957,460 | ||||
|
Russell Mid-Cap Value |
1,061,693,436 | 1,487,082,500 | ||||||
|
|
||||||||
| 8. |
INCOME TAX INFORMATION |
Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Management has analyzed tax laws and regulations and their application to the Funds as of September 30, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
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2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
As of March 31, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains and qualified late-year losses as follows:
| iShares ETF | Non-Expiring Capital Loss Carryforwards |
Qualified Late-Year Ordinary Losses |
||||||
|
Russell 3000 |
$ | 262,843,385 | $ | — | ||||
|
Russell Mid-Cap Value |
701,035,961 | 50,735 | ||||||
|
|
||||||||
As of September 30, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
|
|
||||||||||||||||
| iShares ETF | Tax Cost | Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net
Unrealized Appreciation (Depreciation) |
||||||||||||
|
|
||||||||||||||||
|
Russell 3000 |
$ | 8,792,235,765 | $ | 3,372,441,555 | $ | (858,215,334 | ) | $ | 2,514,226,221 | |||||||
|
Russell Mid-Cap Value |
12,232,020,436 | 1,564,987,815 | (1,265,818,319 | ) | 299,169,496 | |||||||||||
|
|
||||||||||||||||
| 9. |
PRINCIPAL RISKS |
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.
The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.
Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.
The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore each Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Each Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.
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
|
N O T E S T O F I N A N C I A L S T A T E M E N T S |
53 |
Notes to Financial Statements (unaudited) (continued)
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 09/30/23 |
Year Ended 03/31/23 |
|||||||||||||||||||
|
|
|
|
|
|||||||||||||||||
| iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||||||
|
Russell 3000 |
||||||||||||||||||||
|
Shares sold |
650,000 | $ | 160,300,439 | 6,250,000 | $ | 1,412,201,639 | ||||||||||||||
|
Shares redeemed |
(1,250,000 | ) | (305,307,671 | ) | (6,550,000 | ) | (1,528,884,323 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| (600,000 | ) | $ | (145,007,232 | ) | (300,000 | ) | $ | (116,682,684 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Russell Mid-Cap Value |
||||||||||||||||||||
|
Shares sold |
9,750,000 | $ | 1,069,398,136 | 25,450,000 | $ | 2,683,741,714 | ||||||||||||||
|
Shares redeemed |
(13,950,000 | ) | (1,492,778,408 | ) | (30,800,000 | ) | (3,320,809,098 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| (4,200,000 | ) | $ | (423,380,272 | ) | (5,350,000 | ) | $ | (637,067,384 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.
| 11. |
SUBSEQUENT EVENTS |
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
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2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Board Review and Approval of Investment Advisory Contract
iShares Russell 3000 ETF (the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the medianofthe investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of the Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that
|
B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T |
55 |
Board Review and Approval of Investment Advisory Contract (continued)
calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts withsubstantially the same investment objective and strategy as the Fund and that track the same index as the Fund. Further, with respect to comparisons with one or more open-end index mutual funds registered under the 1940 Act managed by BFA (or an affiliate) that track the same index as the Fund or have a similar investment strategy or mandate, and have investment advisory fee rates and overall expenses (net of any waivers and reimbursements) that are lower than the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) of the Fund, the Board gave weight to management’s explanations of the relevant circumstances applicable to such mutual funds. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
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Board Review and Approval of Investment Advisory Contract (continued)
iShares Russell Mid-Cap Value ETF (the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of the Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that
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Board Review and Approval of Investment Advisory Contract (continued)
calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts withsubstantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
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Supplemental Information (unaudited)
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
September 30, 2023
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Total Cumulative Distributions for the Fiscal Year-to-Date |
% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date |
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| 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 |
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Russell 3000 |
$ | 1.654037 | $ | — | $ | — | $ | 1.654037 | 100 | % | — | % | — | % | 100 | % | ||||||||||||||||||||
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Russell Mid-Cap Value |
0.966699 | — | — | 0.966699 | 100 | — | — | 100 | ||||||||||||||||||||||||||||
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.
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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:
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Go to icsdelivery.com. |
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If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. |
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
Availability of Quarterly Schedule of Investments
The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.
Availability of Proxy Voting Policies and Proxy Voting Records
A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.
A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.
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Glossary of Terms Used in this Report
Portfolio Abbreviation
| CVR | Contingent Value Rights | |
| NVS | Non-Voting Shares | |
| REIT | Real Estate Investment Trust | |
| S&P | Standard & Poor’s | |
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G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T |
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Want to know more?
iShares.com | 1-800-474-2737
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by FTSE Russell, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.
©2022 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.
iS-SAR-306-0923
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