LOGO

  SEPTEMBER 30, 2023

 

  

2023 Semi-Annual Report

(Unaudited)

 

 

iShares Trust

· iShares Russell Top 200 ETF | IWL | NYSE Arca

· iShares Russell Top 200 Growth ETF | IWY | NYSE Arca

· iShares Russell Top 200 Value ETF | IWX | NYSE Arca

 


The Markets in Review

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,

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of September 30, 2023  
     
      6-Month      12-Month   
   

U.S. large cap equities
(S&P 500® Index)

    5.18     21.62
   

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

    (0.19     8.93  
   

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

    (1.28     25.65  
   

Emerging market equities
(MSCI Emerging Markets Index)

    (2.05     11.70  
   

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

    2.50       4.47  
   

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

    (6.98     (2.90
   

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

    (4.05     0.64  
   

Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)

    (4.05     2.66  
   

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

    2.22       10.28  

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

 

 

 

2  

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


Table of Contents

 

 

      Page

The Markets in Review

   2

Semi-Annual Report:

  

Fund Summary

   4

About Fund Performance

   7

Disclosure of Expenses

   7

Schedules of Investments

   8

Financial Statements:

  

Statements of Assets and Liabilities

   21

Statements of Operations

   22

Statements of Changes in Net Assets

   23

Financial Highlights

   25

Notes to Financial Statements

   28

Board Review and Approval of Investment Advisory Contract

   35

Supplemental Information

   42

General Information

   43

Glossary of Terms Used in this Report

   44

 

 

  3


Fund Summary as of September 30, 2023    iShares® Russell Top 200 ETF

 

Investment Objective

The iShares Russell Top 200 ETF (the “Fund) seeks to track the investment results of an index composed of large-capitalization U.S. equities, as represented by the Russell Top 200® Index (the ”Index“). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns      Cumulative Total Returns  
     6-Month Total
Returns
     1 Year      5 Years      10 Years      1 Year      5 Years      10 Years  

Fund NAV

    6.90      23.72      10.63      12.46      23.72      65.69      223.48

Fund Market

    6.97        23.57        10.62        12.45        23.57        65.61        223.42  

Index

    6.98        23.89        10.79        12.63        23.89        66.91        228.52  

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

Expense Example

 

Actual           Hypothetical 5% Return           
 

Beginning
Account Value
(04/01/23)
 
 
 
      

Ending
Account Value
(09/30/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(04/01/23)
 
 
 
      

Ending
Account Value
(09/30/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
  $       1,000.00          $       1,069.00          $        0.78               $      1,000.00          $      1,024.25          $        0.76          0.15

 

(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) 

Information Technology

    30.7

Health Care

    13.9  

Financials

    12.6  

Consumer Discretionary

    10.9  

Communication Services

    10.1  

Consumer Staples

    7.0  

Industrials

    6.3  

Energy

    4.4  

Materials

    1.6  

Utilities

    1.4  

Real Estate

    1.1  

TEN LARGEST HOLDINGS

 

   

Security

   
Percent of
Total Investments
 
(a) 

Apple Inc.

    8.5

Microsoft Corp.

    7.8  

Amazon.com, Inc

    3.8  

NVIDIA Corp.

    3.4  

Alphabet, Inc., Class A

    2.6  

Tesla, Inc.

    2.3  

Alphabet, Inc., Class C, NVS

    2.2  

Meta Platforms, Inc., Class A

    2.2  

Berkshire Hathaway, Inc., Class B

    2.1  

Exxon Mobil Corp.

    1.6  

 

(a)

Excludes money market funds.

 

 

 

4  

2 0 2 3    H A R E S    E M I - A N N U A L    E P O R T    T O    H  A R E H O L D E R S


Fund Summary as of September 30, 2023    iShares® Russell Top 200 Growth ETF

 

Investment Objective

The iShares Russell Top 200 Growth ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities that exhibit growth characteristics, as represented by the Russell Top 200 Growth 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 representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns      Cumulative Total Returns  
     6-Month Total
Returns
     1 Year      5 Years      10 Years      1 Year      5 Years      10 Years  

Fund NAV

    11.05      29.71      13.48      15.57      29.71      88.20      324.97

Fund Market

    11.11        29.75        13.48        15.57        29.75        88.18        325.07  

Index

    11.16        29.95        13.65        15.79        29.95        89.61        333.24  

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

Expense Example

 

Actual           Hypothetical 5% Return           
 

Beginning
Account Value
(04/01/23)
 
 
 
      

Ending
Account Value
(09/30/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(04/01/23)
 
 
 
      

Ending
Account Value
(09/30/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
$ 1,000.00        $ 1,110.50        $ 1.06             $ 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

 

   

Sector

   
Percent of
Total Investments
 
(a) 

Information Technology

    45.1

Consumer Discretionary

    16.5  

Communication Services

    12.8  

Health Care

    9.9  

Financials

    5.9  

Consumer Staples

    4.5  

Industrials

    3.9  

Other (each representing less than 1%)

    1.4  

TEN LARGEST HOLDINGS

 

   

Security

   
Percent of
Total Investments
 
(a) 

Apple Inc.

    14.1

Microsoft Corp.

    12.9  

Amazon.com, Inc

    6.3  

NVIDIA Corp.

    5.7  

Alphabet, Inc., Class A

    4.3  

Tesla, Inc.

    3.8  

Alphabet, Inc., Class C, NVS

    3.7  

Meta Platforms, Inc., Class A

    3.7  

Eli Lilly & Co.

    2.5  

UnitedHealth Group, Inc.

    2.2  
(a) 

Excludes money market funds.

 

 

 

U N D    U M M A R Y

  5


Fund Summary as of September 30, 2023    iShares® Russell Top 200 Value ETF

 

Investment Objective

The iShares Russell Top 200 Value ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities that exhibit value characteristics, as represented by the Russell Top 200 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  

Fund NAV

    1.47      15.93      6.52      8.49      15.93      37.16      125.93

Fund Market

    1.54        15.77        6.51        8.49        15.77        37.09        125.84  

Index

    1.57        16.18        6.73        8.72        16.18        38.50        130.69  

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

Expense Example

 

Actual           Hypothetical 5% Return           
 

Beginning
Account Value
(04/01/23)
 
 
 
      

Ending
Account Value
(09/30/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(04/01/23)
 
 
 
      

Ending
Account Value
(09/30/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
$ 1,000.00        $ 1,014.70        $ 1.01             $ 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

 

Sector    
Percent of
Total Investments
 
(a) 

Financials

    22.7

Health Care

    20.0  

Energy

    11.0  

Consumer Staples

    10.8  

Industrials

    10.0  

Information Technology

    8.8  

Communication Services

    6.0  

Utilities

    3.4  

Materials

    3.1  

Consumer Discretionary

    2.6  

Real Estate

    1.6  

TEN LARGEST HOLDINGS

 

Security    
Percent of
Total Investments
 
(a) 

Berkshire Hathaway, Inc., Class B

    5.4

Exxon Mobil Corp.

    4.0  

JPMorgan Chase & Co.

    3.5  

Johnson & Johnson

    3.1  

Chevron Corp.

    2.5  

Procter & Gamble Co. (The)

    2.3  

Walmart, Inc.

    1.9  

Cisco Systems, Inc.

    1.8  

Merck & Co., Inc.

    1.8  

Bank of America Corp.

    1.6  

 

(a) 

Excludes money market funds.

 

 

 

6  

2 0 2 3    H A R E S    E M I - A N N U A L    E P O R T    T O    H  A R E H O L D E R S


About Fund Performance

 

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

 

 

B O U T    U N D    E R F O  R M A N C E  /  D I S C L O S U R E    O F    X P E N  S E S

  7


Schedule of Investments (unaudited) 

September 30, 2023

  

iShares® Russell Top 200 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Aerospace & Defense — 1.5%  

Boeing Co. (The)(a)

    16,253     $ 3,115,375  

General Dynamics Corp.

    7,118       1,572,864  

L3Harris Technologies, Inc.

    5,505       958,531  

Lockheed Martin Corp.

    6,591       2,695,455  

Northrop Grumman Corp.

    4,182       1,840,875  

RTX Corp.

    42,594       3,065,490  
   

 

 

 
        13,248,590  
Air Freight & Logistics — 0.6%  

FedEx Corp.

    6,748       1,787,680  

United Parcel Service, Inc., Class B

    21,108       3,290,104  
   

 

 

 
      5,077,784  
Automobiles — 2.6%  

Ford Motor Co.

    114,239       1,418,848  

General Motors Co.

    39,999       1,318,767  

Tesla, Inc.(a)

    80,425       20,123,944  
   

 

 

 
      22,861,559  
Banks — 3.2%  

Bank of America Corp.

    203,032       5,559,016  

Citigroup, Inc.

    56,682       2,331,331  

JPMorgan Chase & Co.

    84,141       12,202,128  

PNC Financial Services Group, Inc. (The)

    11,586       1,422,413  

Truist Financial Corp.

    38,597       1,104,260  

U.S. Bancorp

    44,826       1,481,948  

Wells Fargo & Co.

    106,975       4,370,998  
   

 

 

 
      28,472,094  
Beverages — 1.9%  

Coca-Cola Co. (The)

    113,524       6,355,074  

Constellation Brands, Inc., Class A

    4,710       1,183,764  

Keurig Dr Pepper, Inc.

    27,734       875,562  

Monster Beverage Corp.(a)

    21,651       1,146,420  

PepsiCo, Inc.

    40,156       6,804,033  
   

 

 

 
      16,364,853  
Biotechnology — 2.4%  

AbbVie, Inc.

    51,437       7,667,199  

Amgen, Inc.

    15,571       4,184,862  

Gilead Sciences, Inc.

    36,387       2,726,842  

Moderna, Inc.(a)

    9,685       1,000,363  

Regeneron Pharmaceuticals, Inc.(a)

    3,026       2,490,277  

Vertex Pharmaceuticals, Inc.(a)

    7,509       2,611,180  
   

 

 

 
      20,680,723  
Broadline Retail — 3.8%  

Amazon.com, Inc.(a)

    262,614       33,383,492  
   

 

 

 
Building Products — 0.1%  

Johnson Controls International PLC

    19,989       1,063,615  
   

 

 

 
Capital Markets — 2.5%  

BlackRock, Inc.(b)

    4,333       2,801,241  

Blackstone, Inc., Class A, NVS

    20,765       2,224,762  

Charles Schwab Corp. (The)

    43,301       2,377,225  

CME Group, Inc., Class A

    10,453       2,092,900  

Goldman Sachs Group, Inc. (The)

    9,411       3,045,117  

Intercontinental Exchange, Inc.

    16,537       1,819,401  

Moody’s Corp.

    4,619       1,460,389  

Morgan Stanley

    35,043       2,861,962  

S&P Global, Inc.

    9,351       3,416,949  
   

 

 

 
      22,099,946  
Chemicals — 1.3%  

Air Products & Chemicals, Inc.

    6,456       1,829,630  
Security   Shares     Value  
Chemicals (continued)            

Dow, Inc.

    20,712     $ 1,067,911  

Ecolab, Inc.

    7,248       1,227,811  

Linde PLC

    14,299       5,324,233  

Sherwin-Williams Co. (The)

    6,919       1,764,691  
   

 

 

 
        11,214,276  
Commercial Services & Supplies — 0.2%  

Waste Management, Inc.

    11,838       1,804,585  
   

 

 

 
Communications Equipment — 1.0%  

Arista Networks, Inc.(a)

    7,293       1,341,401  

Cisco Systems, Inc.

    119,518       6,425,288  

Motorola Solutions, Inc.

    4,811       1,309,747  
   

 

 

 
      9,076,436  
Consumer Finance — 0.4%  

American Express Co.

    17,281       2,578,152  

Capital One Financial Corp.

    11,032       1,070,656  
   

 

 

 
      3,648,808  
Consumer Staples Distribution & Retail — 1.9%  

Costco Wholesale Corp.

    12,914       7,295,894  

Dollar General Corp.

    6,373       674,263  

Sysco Corp.

    14,763       975,096  

Target Corp.

    13,455       1,487,719  

Walmart, Inc.

    41,605       6,653,888  
   

 

 

 
      17,086,860  
Diversified Telecommunication Services — 0.8%  

AT&T Inc.

    208,681       3,134,388  

Verizon Communications, Inc.

    122,665       3,975,573  
   

 

 

 
      7,109,961  
Electric Utilities — 1.1%  

American Electric Power Co., Inc.

    14,993       1,127,773  

Duke Energy Corp.

    22,446       1,981,084  

Exelon Corp.

    29,007       1,096,175  

NextEra Energy, Inc.

    59,006       3,380,454  

Southern Co. (The)

    31,838       2,060,555  
   

 

 

 
      9,646,041  
Electrical Equipment — 0.5%  

Eaton Corp. PLC

    11,607       2,475,541  

Emerson Electric Co.

    16,598       1,602,869  
   

 

 

 
      4,078,410  
Energy Equipment & Services — 0.3%  

Schlumberger NV

    41,524       2,420,849  
   

 

 

 
Entertainment — 1.3%  

Activision Blizzard, Inc.

    21,158       1,981,024  

Netflix, Inc.(a)

    12,782       4,826,483  

Walt Disney Co. (The)(a)

    53,303       4,320,208  
   

 

 

 
      11,127,715  
Financial Services — 4.9%  

Berkshire Hathaway, Inc., Class B(a)

    53,376       18,697,613  

Fiserv, Inc.(a)

    17,687       1,997,923  

Mastercard, Inc., Class A

    24,455       9,681,979  

PayPal Holdings, Inc.(a)

    32,674       1,910,122  

Visa, Inc., Class A

    47,203       10,857,162  
   

 

 

 
      43,144,799  
Food Products — 0.8%  

Archer-Daniels-Midland Co.

    15,613       1,177,532  

General Mills, Inc.

    17,097       1,094,037  

Hershey Co. (The)

    4,287       857,743  

 

 

8  

2 0 2 3    H A R E S    E M I - A N N U A L    E P O R T    T O    H  A R E H O L D E R S


Schedule of Investments (unaudited)  (continued)

September 30, 2023

  

iShares® Russell Top 200 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Food Products (continued)            

Kraft Heinz Co. (The)

    23,376     $ 786,369  

Mondelez International, Inc., Class A

    39,637       2,750,808  
   

 

 

 
      6,666,489  
Ground Transportation — 1.1%  

CSX Corp.

    58,318       1,793,279  

Norfolk Southern Corp.

    6,638       1,307,221  

Uber Technologies, Inc.(a)

    56,528       2,599,723  

Union Pacific Corp.

    17,767       3,617,894  
   

 

 

 
      9,318,117  
Health Care Equipment & Supplies — 2.3%  

Abbott Laboratories

    50,458       4,886,857  

Becton Dickinson & Co.

    8,245       2,131,580  

Boston Scientific Corp.(a)

    41,923       2,213,534  

Edwards Lifesciences Corp.(a)

    17,521       1,213,855  

GE HealthCare Technologies, Inc.

    11,388       774,840  

Intuitive Surgical, Inc.(a)

    10,180       2,975,512  

Medtronic PLC

    38,715       3,033,707  

Stryker Corp.

    10,354       2,829,438  
   

 

 

 
      20,059,323  
Health Care Providers & Services — 3.2%  

Centene Corp.(a)

    15,762       1,085,687  

Cigna Group (The)

    8,530       2,440,177  

CVS Health Corp.

    37,323       2,605,892  

Elevance Health, Inc.

    6,910       3,008,752  

HCA Healthcare, Inc.

    5,949       1,463,335  

Humana, Inc.

    3,639       1,770,446  

McKesson Corp.

    3,945       1,715,483  

UnitedHealth Group, Inc.

    27,095       13,661,028  
   

 

 

 
        27,750,800  
Hotels, Restaurants & Leisure — 1.9%  

Airbnb, Inc., Class A(a)(c)

    11,796       1,618,529  

Booking Holdings, Inc.(a)

    1,081       3,333,750  

Chipotle Mexican Grill, Inc.(a)

    803       1,470,959  

Las Vegas Sands Corp.

    9,624       441,164  

Marriott International, Inc., Class A

    7,248       1,424,667  

McDonald’s Corp.

    21,258       5,600,208  

Starbucks Corp.

    32,885       3,001,414  
   

 

 

 
      16,890,691  
Household Products — 1.5%  

Colgate-Palmolive Co.

    23,888       1,698,676  

Kimberly-Clark Corp.

    9,825       1,187,351  

Procter & Gamble Co. (The)

    68,623       10,009,351  
   

 

 

 
      12,895,378  
Industrial Conglomerates — 1.0%  

3M Co.

    15,997       1,497,639  

General Electric Co.

    31,600       3,493,380  

Honeywell International, Inc.

    19,406       3,585,064  
   

 

 

 
      8,576,083  
Industrial REITs — 0.3%  

Prologis, Inc.

    26,890       3,017,327  
   

 

 

 
Insurance — 1.5%  

American International Group, Inc.

    21,165       1,282,599  

Aon PLC, Class A

    5,884       1,907,711  

Chubb Ltd.

    12,002       2,498,576  

Marsh & McLennan Cos., Inc.

    14,454       2,750,596  

MetLife, Inc.

    18,825       1,184,281  

Progressive Corp. (The)

    17,018       2,370,607  

Travelers Cos., Inc. (The)

    6,714       1,096,463  
   

 

 

 
      13,090,833  
Security   Shares     Value  
Interactive Media & Services — 7.0%  

Alphabet, Inc., Class A(a)

    173,217     $ 22,667,177  

Alphabet, Inc., Class C, NVS(a)

    148,248       19,546,499  

Meta Platforms, Inc., Class A(a)

    64,474       19,355,739  
   

 

 

 
      61,569,415  
IT Services — 1.2%  

Accenture PLC, Class A

    18,418       5,656,352  

International Business Machines Corp.

    26,485       3,715,846  

Snowflake, Inc., Class A(a)

    9,056       1,383,485  
   

 

 

 
      10,755,683  
Life Sciences Tools & Services — 1.2%  

Danaher Corp.

    19,184       4,759,550  

Thermo Fisher Scientific, Inc.

    11,245       5,691,882  
   

 

 

 
      10,451,432  
Machinery — 1.0%  

Caterpillar, Inc.

    15,053       4,109,469  

Deere & Co.

    7,865       2,968,094  

Illinois Tool Works, Inc.

    8,826       2,032,716  
   

 

 

 
      9,110,279  
Media — 0.7%  

Charter Communications, Inc., Class A(a)

    2,982       1,311,543  

Comcast Corp., Class A

    119,266       5,288,255  
   

 

 

 
      6,599,798  
Metals & Mining — 0.3%  

Freeport-McMoRan, Inc.

    41,544       1,549,176  

Newmont Corp.

    23,276       860,048  

Southern Copper Corp.

    2,469       185,891  
   

 

 

 
      2,595,115  
Multi-Utilities — 0.3%  

Dominion Energy, Inc.

    24,457       1,092,494  

Sempra

    18,362       1,249,167  
   

 

 

 
      2,341,661  
Oil, Gas & Consumable Fuels — 4.1%  

Chevron Corp.

    51,574       8,696,408  

ConocoPhillips

    35,342       4,233,972  

EOG Resources, Inc.

    17,128       2,171,145  

Exxon Mobil Corp.

    116,761       13,728,758  

Kinder Morgan, Inc.

    57,064       946,121  

Marathon Petroleum Corp.

    12,345       1,868,292  

Occidental Petroleum Corp.

    20,299       1,316,999  

Pioneer Natural Resources Co.

    6,771       1,554,283  

Valero Energy Corp.

    10,297       1,459,188  
   

 

 

 
        35,975,166  
Personal Care Products — 0.2%  

Estee Lauder Cos., Inc. (The), Class A

    6,707       969,497  

Kenvue, Inc.

    50,737       1,018,799  
   

 

 

 
      1,988,296  
Pharmaceuticals — 4.9%  

Bristol-Myers Squibb Co.

    61,274       3,556,343  

Eli Lilly & Co.

    24,668       13,249,923  

Johnson & Johnson

    70,248       10,941,126  

Merck & Co., Inc.

    74,039       7,622,315  

Pfizer, Inc.

    164,698       5,463,033  

Zoetis, Inc., Class A

    13,491       2,347,164  
   

 

 

 
      43,179,904  
Professional Services — 0.3%  

Automatic Data Processing, Inc.

    12,043       2,897,305  
   

 

 

 
Semiconductors & Semiconductor Equipment — 7.9%  

Advanced Micro Devices, Inc.(a)

    46,722       4,803,956  

 

 

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

  9


Schedule of Investments (unaudited)  (continued)

September 30, 2023

  

iShares® Russell Top 200 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Semiconductors & Semiconductor Equipment (continued)  

Analog Devices, Inc.

    14,735     $ 2,579,951  

Applied Materials, Inc.

    24,605       3,406,562  

Broadcom, Inc.

    11,777       9,781,741  

Intel Corp.

    121,686       4,325,937  

KLA Corp.

    3,996       1,832,805  

Lam Research Corp.

    3,905       2,447,537  

Micron Technology, Inc.

    31,854       2,167,028  

NVIDIA Corp.

    69,261       30,127,842  

QUALCOMM, Inc.

    32,518       3,611,449  

Texas Instruments, Inc.

    26,459       4,207,246  
   

 

 

 
        69,292,054  
Software — 12.1%  

Adobe, Inc.(a)

    13,356       6,810,224  

Atlassian Corp., Class A(a)

    4,209       848,156  

Autodesk, Inc.(a)

    6,250       1,293,188  

Cadence Design Systems, Inc.(a)

    7,868       1,843,472  

Fortinet, Inc.(a)

    19,108       1,121,258  

Intuit, Inc.

    7,963       4,068,615  

Microsoft Corp.

    216,934       68,496,911  

Oracle Corp.

    44,320       4,694,374  

Palo Alto Networks, Inc.(a)(c)

    8,778       2,057,914  

Roper Technologies, Inc.

    3,092       1,497,394  

Salesforce, Inc.(a)

    27,590       5,594,700  

ServiceNow, Inc.(a)

    5,934       3,316,869  

Synopsys, Inc.(a)

    4,422       2,029,565  

VMware, Inc., Class A(a)

    6,273       1,044,329  

Workday, Inc., Class A(a)

    5,754       1,236,247  
   

 

 

 
      105,953,216  
Specialized REITs — 0.7%  

American Tower Corp.

    13,569       2,231,422  

Crown Castle, Inc.

    12,589       1,158,566  

Equinix, Inc.

    2,720       1,975,427  

Public Storage

    4,578       1,206,394  
   

 

 

 
      6,571,809  
Specialty Retail — 2.1%  

AutoZone, Inc.(a)

    526       1,336,035  

Home Depot, Inc. (The)

    29,520       8,919,763  

Lowe’s Cos., Inc.

    17,092       3,552,401  

O’Reilly Automotive, Inc.(a)

    1,742       1,583,234  

TJX Cos., Inc. (The)

    33,633       2,989,301  
   

 

 

 
      18,380,734  
Security   Shares     Value  
Technology Hardware, Storage & Peripherals — 8.5%  

Apple Inc.

    435,005     $ 74,477,206  
   

 

 

 
Textiles, Apparel & Luxury Goods — 0.5%  

Lululemon Athletica, Inc.(a)

    3,238       1,248,605  

NIKE, Inc., Class B

    34,661       3,314,285  
   

 

 

 
      4,562,890  
Tobacco — 0.7%  

Altria Group, Inc.

    52,192       2,194,674  

Philip Morris International, Inc.

    45,235       4,187,856  
   

 

 

 
      6,382,530  
Wireless Telecommunication Services — 0.2%  

T-Mobile U.S., Inc.(a)

    15,514       2,172,736  
   

 

 

 

Total Long-Term Investments — 99.8%
(Cost: $846,818,267)

        877,133,666  
   

 

 

 

Short-Term Securities

   
Money Market Funds — 0.6%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(b)(d)(e)

    186,898       186,973  

BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(b)(d)

    4,710,637       4,710,637  
   

 

 

 

Total Short-Term Securities — 0.6%
(Cost: $4,897,574)

      4,897,610  
   

 

 

 

Total Investments — 100.4%
(Cost: $851,715,841)

 

    882,031,276  

Liabilities in Excess of Other Assets — (0.4)%

 

    (3,268,853
   

 

 

 

Net Assets — 100.0%

 

  $ 878,762,423  
   

 

 

 

 

(a) 

Non-income producing security.

 

(b) 

Affiliate of the Fund.

 

(c) 

All or a portion of this security is on loan.

 

(d) 

Annualized 7-day yield as of period end.

 

(e) 

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

 

 

10  

2 0 2 3    H A R E S    E M I - A N N U A L    E P O R T    T O    H  A R E H O L D E R S


Schedule of Investments (unaudited)  (continued)

September 30, 2023

  

iShares® Russell Top 200 ETF

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer   Value at
03/31/23
   

Purchases

at Cost

    Proceeds
from Sale
    Net
Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
09/30/23
   

Shares

Held at
09/30/23

    Income    

Capital

Gain
Distributions
from Underlying
Funds

 

BlackRock Cash Funds: Institutional, SL
Agency Shares

  $ 1,637,124     $     $ (1,452,748 )(a)    $ 2,585     $ 12     $ 186,973       186,898     $ 5,660 (b)    $  

BlackRock Cash Funds: Treasury, SL
Agency Shares

     1,169,890       3,540,747 (a)                        4,710,637       4,710,637       37,496        

BlackRock, Inc.

    2,821,679       468,177       (396,443     52,259       (144,431     2,801,241       4,333       43,245        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ 54,844     $ (144,419   $   7,698,851       $  86,401     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (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.

 

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

     7          12/15/23        $ 1,514        $ (48,595
                 

 

 

 

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)

   $      $      $ 48,595      $      $      $      $   48,595  

 

  (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

   $      $      $     178,105      $      $      $      $     178,105  
Net Change in Unrealized Appreciation (Depreciation) on:         

Futures contracts

   $      $      $ (133,612    $      $      $      $ (133,612

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts

        

Average notional value of contracts — long

   $ 1,430,200  

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

 

 

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

  11


Schedule of Investments (unaudited)  (continued)

September 30, 2023

  

iShares® Russell Top 200 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

   $ 877,133,666      $      $      $ 877,133,666  

Short-Term Securities

           

Money Market Funds

     4,897,610                      4,897,610  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $     882,031,276      $                 —      $                 —      $     882,031,276  
  

 

 

    

 

 

    

 

 

    

 

 

 

Derivative Financial Instruments(a)

           

Liabilities

           

Equity Contracts

   $ (48,595    $      $      $ (48,595
  

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a) 

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

 

See notes to financial statements.

 

 

12  

2 0 2 3    H A R E S    E M I - A N N U A L    E P O R T    T O    H  A R E H O L D E R S


Schedule of Investments (unaudited) 

September 30, 2023

  

iShares® Russell Top 200 Growth ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Common Stocks  
Aerospace & Defense — 0.6%  

Boeing Co. (The)(a)(b)

    26,784     $ 5,133,957  

Lockheed Martin Corp.

    80,007       32,719,663  

Northrop Grumman Corp.

    2,908       1,280,072  
   

 

 

 
      39,133,692  
Air Freight & Logistics — 0.2%            

United Parcel Service, Inc., Class B

    70,828       11,039,960  
   

 

 

 
Automobiles — 3.8%            

Tesla, Inc.(a)

    976,448         244,326,819  
   

 

 

 
Beverages — 1.7%            

Coca-Cola Co. (The)

    683,643       38,270,335  

Constellation Brands, Inc., Class A

    5,697       1,431,827  

Monster Beverage Corp.(a)

    263,797       13,968,051  

PepsiCo, Inc.

    336,888       57,082,303  
   

 

 

 
      110,752,516  
Biotechnology — 2.5%            

AbbVie, Inc.

    624,503       93,088,417  

Amgen, Inc.

    128,551       34,549,367  

Regeneron Pharmaceuticals, Inc.(a)

    2,486       2,045,878  

Vertex Pharmaceuticals, Inc.(a)(b)

    83,416       29,007,080  
   

 

 

 
      158,690,742  
Broadline Retail — 6.3%            

Amazon.com, Inc.(a)

    3,188,429       405,313,095  
   

 

 

 
Capital Markets — 0.7%            

Blackstone, Inc., Class A, NVS(b)

    251,956       26,994,566  

Moody’s Corp.

    51,315       16,224,264  

S&P Global, Inc.

    9,418       3,441,431  
   

 

 

 
      46,660,261  
Chemicals — 0.6%            

Ecolab, Inc.

    68,184       11,550,369  

Linde PLC

    16,342       6,084,944  

Sherwin-Williams Co. (The)

    70,222       17,910,121  
   

 

 

 
      35,545,434  
Commercial Services & Supplies — 0.3%        

Waste Management, Inc.

    129,488       19,739,151  
   

 

 

 
Communications Equipment — 0.5%            

Arista Networks, Inc.(a)

    88,875       16,346,779  

Motorola Solutions, Inc.

    53,691       14,616,838  
   

 

 

 
      30,963,617  
Consumer Finance — 0.2%            

American Express Co.

    68,526       10,223,394  
   

 

 

 
Consumer Staples Distribution & Retail — 2.0%        

Costco Wholesale Corp.

    156,789       88,579,513  

Dollar General Corp.

    77,364       8,185,111  

Sysco Corp.

    179,181       11,834,905  

Target Corp.

    162,910       18,012,959  
   

 

 

 
      126,612,488  
Entertainment — 0.9%            

Netflix, Inc.(a)

    155,184       58,597,478  
   

 

 

 
Financial Services — 4.3%            

Fiserv, Inc.(a)

    58,877       6,650,746  

Mastercard, Inc., Class A

    296,910       117,549,638  

PayPal Holdings, Inc.(a)(b)

    360,245       21,059,923  

Visa, Inc., Class A

    573,092       131,816,891  
   

 

 

 
      277,077,198  
Security   Shares     Value  
Food Products — 0.1%            

Hershey Co. (The)

    38,593     $ 7,721,687  
   

 

 

 
Ground Transportation — 0.8%            

CSX Corp.

    79,582       2,447,146  

Uber Technologies, Inc.(a)

    686,315       31,563,627  

Union Pacific Corp.

    92,216       18,777,944  
   

 

 

 
      52,788,717  
Health Care Equipment & Supplies — 1.0%            

Abbott Laboratories

    38,519       3,730,565  

Edwards Lifesciences Corp.(a)

    213,313       14,778,325  

GE HealthCare Technologies, Inc.

    10,406       708,024  

Intuitive Surgical, Inc.(a)

    123,578       36,120,614  

Stryker Corp.

    31,872       8,709,661  
   

 

 

 
      64,047,189  
Health Care Providers & Services — 2.6%            

Cigna Group (The)

    7,637       2,184,717  

Elevance Health, Inc.

    11,154       4,856,675  

HCA Healthcare, Inc.

    14,938       3,674,449  

Humana, Inc.

    19,138       9,311,020  

McKesson Corp.

    18,277       7,947,753  

UnitedHealth Group, Inc.

    276,655         139,486,684  
   

 

 

 
      167,461,298  
Hotels, Restaurants & Leisure — 2.6%            

Airbnb, Inc., Class A(a)(b)

    143,634       19,708,021  

Booking Holdings, Inc.(a)(b)

    13,130       40,492,264  

Chipotle Mexican Grill, Inc.(a)

    9,710       17,787,069  

Las Vegas Sands Corp.

    108,863       4,990,280  

Marriott International, Inc., Class A

    87,836       17,265,044  

McDonald’s Corp.

    106,593       28,080,860  

Starbucks Corp.

    399,258       36,440,278  
   

 

 

 
      164,763,816  
Household Products — 0.6%            

Kimberly-Clark Corp.

    111,927       13,526,378  

Procter & Gamble Co. (The)

    156,780       22,867,931  
   

 

 

 
      36,394,309  
Industrial Conglomerates — 0.1%            

Honeywell International, Inc.

    30,349       5,606,674  
   

 

 

 
Insurance — 0.7%            

Marsh & McLennan Cos., Inc.

    140,358       26,710,128  

Progressive Corp. (The)

    154,654       21,543,302  
   

 

 

 
      48,253,430  
Interactive Media & Services — 11.6%            

Alphabet, Inc., Class A(a)

    2,103,042       275,204,076  

Alphabet, Inc., Class C, NVS(a)

    1,799,899       237,316,683  

Meta Platforms, Inc., Class A(a)

    782,779       234,998,084  
   

 

 

 
      747,518,843  
IT Services — 1.3%            

Accenture PLC, Class A

    223,610       68,672,867  

Snowflake, Inc., Class A(a)

    109,792       16,772,924  
   

 

 

 
      85,445,791  
Life Sciences Tools & Services — 0.7%            

Thermo Fisher Scientific, Inc.

    84,163       42,600,786  
   

 

 

 
Machinery — 1.4%            

Caterpillar, Inc.

    137,067       37,419,291  

Deere & Co.

    89,274       33,690,222  

Illinois Tool Works, Inc.

    87,531       20,159,265  
   

 

 

 
      91,268,778  

 

 

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

  13


Schedule of Investments (unaudited)  (continued)

September 30, 2023

  

iShares® Russell Top 200 Growth ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Media — 0.2%            

Charter Communications, Inc., Class A(a)(b)

    36,219     $ 15,929,841  
   

 

 

 
Metals & Mining — 0.0%            

Southern Copper Corp.

    30,091       2,265,551  
   

 

 

 
Personal Care Products — 0.1%            

Estee Lauder Cos., Inc. (The), Class A

    25,513       3,687,904  

Kenvue, Inc.

    208,057       4,177,785  
   

 

 

 
      7,865,689  
Pharmaceuticals — 3.2%            

Eli Lilly & Co.

    299,493         160,866,675  

Merck & Co., Inc.

    165,634       17,052,021  

Zoetis, Inc., Class A

    163,791       28,496,358  
   

 

 

 
      206,415,054  
Professional Services — 0.5%            

Automatic Data Processing, Inc.

    125,636       30,225,509  
   

 

 

 
Semiconductors & Semiconductor Equipment — 10.3%  

Advanced Micro Devices, Inc.(a)

    322,711       33,181,145  

Applied Materials, Inc.

    252,401       34,944,919  

Broadcom, Inc.

    142,983       118,758,820  

KLA Corp.

    48,593       22,287,665  

Lam Research Corp.

    44,955       28,176,445  

NVIDIA Corp.

    840,907       365,786,136  

QUALCOMM, Inc.

    344,273       38,234,959  

Texas Instruments, Inc.

    130,873       20,810,116  
   

 

 

 
      662,180,205  
Software — 18.9%            

Adobe, Inc.(a)

    162,153       82,681,815  

Atlassian Corp., Class A(a)

    51,071       10,291,317  

Autodesk, Inc.(a)

    76,165       15,759,300  

Cadence Design Systems, Inc.(a)

    95,772       22,439,380  

Fortinet, Inc.(a)

    232,795       13,660,411  

Intuit, Inc.

    96,676       49,395,635  

Microsoft Corp.

    2,633,812       831,626,139  

Oracle Corp.

    221,291       23,439,143  

Palo Alto Networks, Inc.(a)(b)

    106,528       24,974,424  

Salesforce, Inc.(a)

    252,565       51,215,131  

ServiceNow, Inc.(a)

    72,050       40,273,068  

Synopsys, Inc.(a)

    53,691       24,642,558  

VMware, Inc., Class A(a)

    75,951       12,644,322  

Workday, Inc., Class A(a)

    69,839       15,004,909  
   

 

 

 
      1,218,047,552  
Security   Shares     Value  
Specialized REITs — 0.8%            

American Tower Corp.

    164,743     $ 27,091,986  

Crown Castle, Inc.

    16,213       1,492,082  

Equinix, Inc.

    16,622       12,071,894  

Public Storage

    32,163       8,475,594  
   

 

 

 
      49,131,556  
Specialty Retail — 3.2%            

AutoZone, Inc.(a)(b)

    5,342       13,568,627  

Home Depot, Inc. (The)

    358,405       108,295,655  

Lowe’s Cos., Inc.

    152,091       31,610,593  

O’Reilly Automotive, Inc.(a)

    18,005       16,364,024  

TJX Cos., Inc. (The)

    407,574       36,225,177  
   

 

 

 
      206,064,076  
Technology Hardware, Storage & Peripherals — 14.0%  

Apple Inc.

    5,281,433       904,234,144  
   

 

 

 
Textiles, Apparel & Luxury Goods — 0.6%        

Lululemon Athletica, Inc.(a)

    39,449       15,211,929  

NIKE, Inc., Class B

    224,458       21,462,674  
   

 

 

 
      36,674,603  
   

 

 

 

Total Long-Term Investments — 99.9%
(Cost: $5,519,698,880)

 

    6,427,580,943  
   

 

 

 

Short-Term Securities

   
Money Market Funds — 1.4%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(c)(d)(e)

    69,761,005       69,788,910  

BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(c)(d)

    20,227,183       20,227,183  
   

 

 

 

Total Short-Term Securities — 1.4%
(Cost: $90,007,158)

 

    90,016,093  
   

 

 

 

Total Investments — 101.3%
(Cost: $5,609,706,038)

      6,517,597,036  

Liabilities in Excess of Other Assets — (1.3)%

 

    (81,470,936
   

 

 

 

Net Assets — 100.0%

    $   6,436,126,100  
   

 

 

 

 

(a) 

Non-income producing security.

 

(b) 

All or a portion of this security is on loan.

 

(c) 

Affiliate of the Fund.

 

(d) 

Annualized 7-day yield as of period end.

 

(e) 

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

 

 

14  

2 0 2 3    H A R E S    E M I - A N N U A L    E P O R T    T O    H  A R E H O L D E R S


Schedule of Investments (unaudited)  (continued)

September 30, 2023

  

iShares® Russell Top 200 Growth ETF

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer   Value at
03/31/23
    Purchases
at Cost
    Proceeds
from Sale
    Net
Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
09/30/23
    Shares
Held at
09/30/23
    Income    

Capital

Gain
Distributions
from Underlying
Funds

 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $  40,094,246     $  29,682,661 (a)    $     $ 9,252     $ 2,751     $ 69,788,910       69,761,005     $ 51,221 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    7,923,181       12,304,002 (a)                        20,227,183       20,227,183       262,173        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ 9,252     $ 2,751     $  90,016,093       $  313,394     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (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.

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

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

Long Contracts

                 

E-Mini Technology Select Sector Index

     2          12/15/23        $ 334        $ (18,006

NASDAQ 100 E-Mini Index

     25          12/15/23          7,433          (306,004
                 

 

 

 
                  $ (324,010
                 

 

 

 

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)

   $      $      $  324,010      $      $      $      $  324,010  

 

  (a) 

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

 

For the period ended 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

   $      $      $    2,034,687      $      $      $      $    2,034,687  

Net Change in Unrealized Appreciation (Depreciation) on:

 

  

Futures contracts

   $      $      $ (1,188,142    $      $      $      $ (1,188,142

 

 

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

  15


Schedule of Investments (unaudited)  (continued)

September 30, 2023

  

iShares® Russell Top 200 Growth ETF

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts

        

Average notional value of contracts — long

   $ 9,369,915  

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

Fair Value Hierarchy as of Period End

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

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

 

      Level 1      Level 2      Level 3      Total  

Assets

           

Investments

           

Long-Term Investments

           

Common Stocks

   $ 6,427,580,943      $      $      $ 6,427,580,943  

Short-Term Securities

           

Money Market Funds

     90,016,093                      90,016,093  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $     6,517,597,036      $                 —      $                 —      $     6,517,597,036  
  

 

 

    

 

 

    

 

 

    

 

 

 

Derivative Financial Instruments(a)

           

Liabilities

           

Equity Contracts

   $ (324,010    $      $      $ (324,010
  

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a) 

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

 

See notes to financial statements.

 

 

16  

2 0 2 3    H A R E S    E M I - A N N U A L    E P O R T    T O    H  A R E H O L D E R S


Schedule of Investments (unaudited) 

September 30, 2023

  

iShares® Russell Top 200 Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Aerospace & Defense — 2.9%  

Boeing Co. (The)(a)

    68,866     $ 13,200,235  

General Dynamics Corp.

    34,981       7,729,752  

L3Harris Technologies, Inc.

    27,025       4,705,593  

Northrop Grumman Corp.

    19,294       8,493,026  

RTX Corp.

    208,881       15,033,165  
   

 

 

 
          49,161,771  
Air Freight & Logistics — 1.2%            

FedEx Corp.

    33,142       8,779,978  

United Parcel Service, Inc., Class B

    74,840       11,665,311  
   

 

 

 
      20,445,289  
Automobiles — 0.8%            

Ford Motor Co.

    560,767       6,964,726  

General Motors Co.

    196,157       6,467,296  
   

 

 

 
      13,432,022  
Banks — 8.2%            

Bank of America Corp.

    995,668       27,261,390  

Citigroup, Inc.

    278,005       11,434,346  

JPMorgan Chase & Co.

    412,625       59,838,877  

PNC Financial Services Group, Inc. (The)

    56,916       6,987,577  

Truist Financial Corp.

    189,537       5,422,654  

U.S. Bancorp

    219,016       7,240,669  

Wells Fargo & Co.

    524,604       21,435,319  
   

 

 

 
        139,620,832  
Beverages — 2.1%            

Coca-Cola Co. (The)

    280,589       15,707,372  

Constellation Brands, Inc., Class A

    20,711       5,205,296  

Keurig Dr Pepper, Inc.

    136,187       4,299,423  

PepsiCo, Inc.

    60,850       10,310,424  
   

 

 

 
      35,522,515  
Biotechnology — 2.2%            

Amgen, Inc.

    24,435       6,567,151  

Gilead Sciences, Inc.

    178,657       13,388,556  

Moderna, Inc.(a)(b)

    47,497       4,905,965  

Regeneron Pharmaceuticals, Inc.(a)

    13,802       11,358,494  

Vertex Pharmaceuticals, Inc.(a)

    3,110       1,081,471  
   

 

 

 
      37,301,637  
Building Products — 0.3%            

Johnson Controls International PLC

    98,170       5,223,626  
   

 

 

 
Capital Markets — 5.2%            

BlackRock, Inc.(c)

    21,248       13,736,620  

Charles Schwab Corp. (The)

    211,850       11,630,565  

CME Group, Inc., Class A

    51,317       10,274,690  

Goldman Sachs Group, Inc. (The)

    46,149       14,932,432  

Intercontinental Exchange, Inc

    80,904       8,901,058  

Moody’s Corp.

    1,985       627,597  

Morgan Stanley

    171,852       14,035,153  

S&P Global, Inc.

    42,049       15,365,125  
   

 

 

 
      89,503,240  
Chemicals — 2.4%            

Air Products & Chemicals, Inc.

    31,697       8,982,930  

Dow, Inc.

    101,120       5,213,747  

Ecolab, Inc.

    7,925       1,342,495  

Linde PLC

    63,531       23,655,768  

Sherwin-Williams Co. (The)

    5,711       1,456,590  
   

 

 

 
      40,651,530  
Commercial Services & Supplies — 0.1%            

Waste Management, Inc.

    5,830       888,725  
   

 

 

 
Security   Shares     Value  
Communications Equipment — 1.9%            

Cisco Systems, Inc.

    586,118     $ 31,509,704  

Motorola Solutions, Inc.

    1,881       512,083  
   

 

 

 
          32,021,787  
Consumer Finance — 0.8%            

American Express Co.

    56,830       8,478,468  

Capital One Financial Corp.

    54,164       5,256,616  
   

 

 

 
      13,735,084  
Consumer Staples Distribution & Retail — 1.9%        

Walmart, Inc.

    204,032       32,630,838  
   

 

 

 
Diversified Telecommunication Services — 2.0%        

AT&T Inc.

    1,023,368       15,370,987  

Verizon Communications, Inc.

    601,549       19,496,203  
   

 

 

 
      34,867,190  
Electric Utilities — 2.8%            

American Electric Power Co., Inc.

    73,603       5,536,418  

Duke Energy Corp.

    110,175       9,724,046  

Exelon Corp.

    142,047       5,367,956  

NextEra Energy, Inc.

    289,367       16,577,835  

Southern Co. (The)

    155,752       10,080,269  
   

 

 

 
      47,286,524  
Electrical Equipment — 1.2%            

Eaton Corp. PLC

    56,921       12,140,111  

Emerson Electric Co.

    81,567       7,876,925  
   

 

 

 
      20,017,036  
Energy Equipment & Services — 0.7%            

Schlumberger NV

    203,633       11,871,804  
   

 

 

 
Entertainment — 1.8%            

Activision Blizzard, Inc

    103,843       9,722,820  

Walt Disney Co. (The)(a)

    261,398       21,186,308  
   

 

 

 
      30,909,128  
Financial Services — 5.8%            

Berkshire Hathaway, Inc., Class B(a)

    261,756       91,693,127  

Fiserv, Inc.(a)

    63,012       7,117,836  

PayPal Holdings, Inc.(a)

    15,266       892,450  
   

 

 

 
      99,703,413  
Food Products — 1.7%            

Archer-Daniels-Midland Co.

    76,287       5,753,565  

General Mills, Inc.

    83,942       5,371,449  

Hershey Co. (The)

    5,464       1,093,237  

Kraft Heinz Co. (The)

    114,775       3,861,031  

Mondelez International, Inc., Class A

    194,378       13,489,833  
   

 

 

 
      29,569,115  
Ground Transportation — 1.4%            

CSX Corp.

    254,549       7,827,382  

Norfolk Southern Corp.

    32,471       6,394,514  

Union Pacific Corp.

    49,838       10,148,512  
   

 

 

 
      24,370,408  
Health Care Equipment & Supplies — 4.2%            

Abbott Laboratories

    231,855       22,455,157  

Becton Dickinson & Co.

    40,507       10,472,275  

Boston Scientific Corp.(a)

    205,221       10,835,669  

GE HealthCare Technologies, Inc.

    51,378       3,495,759  

Medtronic PLC

    189,860       14,877,429  

Stryker Corp.

    37,879       10,351,194  
   

 

 

 
      72,487,483  
Health Care Providers & Services — 4.0%            

Centene Corp.(a)

    77,296       5,324,148  

 

 

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

  17


Schedule of Investments (unaudited)  (continued)

September 30, 2023

  

iShares® Russell Top 200 Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Health Care Providers & Services (continued)        

Cigna Group (The)

    38,644     $ 11,054,889  

CVS Health Corp.

    183,031       12,779,224  

Elevance Health, Inc.

    29,378       12,791,769  

HCA Healthcare, Inc.

    23,173       5,700,095  

Humana, Inc.

    10,106       4,916,771  

McKesson Corp.

    11,994       5,215,591  

UnitedHealth Group, Inc.

    21,126       10,651,518  
   

 

 

 
          68,434,005  
Hotels, Restaurants & Leisure — 1.0%            

Las Vegas Sands Corp.

    3,193       146,367  

McDonald’s Corp.

    61,194       16,120,947  
   

 

 

 
      16,267,314  
Household Products — 2.8%            

Colgate-Palmolive Co.

    117,296       8,340,919  

Kimberly-Clark Corp

    2,818       340,555  

Procter & Gamble Co. (The)

    273,259       39,857,558  
   

 

 

 
      48,539,032  
Industrial Conglomerates — 2.3%            

3M Co.

    78,585       7,357,128  

General Electric Co.

    154,968       17,131,712  

Honeywell International, Inc.

    82,893       15,313,653  
   

 

 

 
      39,802,493  
Industrial REITs — 0.9%            

Prologis, Inc.

    131,869       14,797,021  
   

 

 

 
Insurance — 2.6%            

American International Group, Inc.

    103,412       6,266,767  

Aon PLC, Class A

    28,895       9,368,337  

Chubb Ltd.

    58,916       12,265,133  

Marsh & McLennan Cos., Inc.

    14,079       2,679,234  

MetLife, Inc.

    92,420       5,814,142  

Progressive Corp. (The)

    20,968       2,920,842  

Travelers Cos., Inc. (The)

    32,941       5,379,595  
   

 

 

 
      44,694,050  
IT Services — 1.1%            

International Business Machines Corp.

    129,881       18,222,304  
   

 

 

 
Life Sciences Tools & Services — 2.0%            

Danaher Corp.

    94,079       23,341,000  

Thermo Fisher Scientific, Inc.

    21,175       10,718,150  
   

 

 

 
      34,059,150  
Machinery — 0.5%            

Caterpillar, Inc.

    18,455       5,038,215  

Deere & Co.

    2,507       946,092  

Illinois Tool Works, Inc.

    8,035       1,850,541  
   

 

 

 
      7,834,848  
Media — 1.5%            

Comcast Corp., Class A

    584,880       25,933,579  
   

 

 

 
Metals & Mining — 0.7%            

Freeport-McMoRan, Inc.

    204,152       7,612,828  

Newmont Corp.

    113,696       4,201,067  
   

 

 

 
      11,813,895  
Multi-Utilities — 0.7%            

Dominion Energy, Inc.

    119,452       5,335,921  

Sempra

    90,035       6,125,081  
   

 

 

 
      11,461,002  
Oil, Gas & Consumable Fuels — 10.3%            

Chevron Corp.

    252,919       42,647,202  

ConocoPhillips

    173,318       20,763,496  
Security   Shares     Value  
Oil, Gas & Consumable Fuels (continued)            

EOG Resources, Inc.

    83,997     $ 10,647,460  

Exxon Mobil Corp.

    572,595       67,325,720  

Kinder Morgan, Inc.

    280,228       4,646,180  

Marathon Petroleum Corp.

    60,600       9,171,204  

Occidental Petroleum Corp.

    99,681       6,467,303  

Pioneer Natural Resources Co.

    33,261       7,635,063  

Valero Energy Corp.

    50,314       7,129,997  
   

 

 

 
        176,433,625  
Personal Care Products — 0.4%            

Estee Lauder Cos., Inc. (The), Class A

    22,505       3,253,098  

Kenvue, Inc.

    163,756       3,288,220  
   

 

 

 
      6,541,318  
Pharmaceuticals — 7.5%            

Bristol-Myers Squibb Co.

    300,489       17,440,382  

Johnson & Johnson

    344,497       53,655,408  

Merck & Co., Inc.

    296,278       30,501,820  

Pfizer, Inc.

    807,679       26,790,712  
   

 

 

 
      128,388,322  
Professional Services — 0.1%            

Automatic Data Processing, Inc.

    8,420       2,025,684  
   

 

 

 
Semiconductors & Semiconductor Equipment — 4.2%  

Advanced Micro Devices, Inc.(a)

    98,752       10,153,681  

Analog Devices, Inc.

    72,260       12,652,003  

Applied Materials, Inc.

    18,697       2,588,600  

Intel Corp.

    596,747       21,214,356  

Lam Research Corp.

    1,010       633,038  

Micron Technology, Inc.

    156,214       10,627,238  

QUALCOMM, Inc.

    20,412       2,266,957  

Texas Instruments, Inc.

    76,815       12,214,353  
   

 

 

 
      72,350,226  
Software — 1.6%            

Oracle Corp.

    128,017       13,559,561  

Roper Technologies, Inc.

    15,105       7,315,049  

Salesforce, Inc.(a)

    33,283       6,749,127  
   

 

 

 
      27,623,737  
Specialized REITs — 0.7%            

Crown Castle, Inc.

    55,272       5,086,682  

Equinix, Inc.

    6,644       4,825,272  

Public Storage

    9,381       2,472,081  
   

 

 

 
      12,384,035  
Specialty Retail — 0.4%            

AutoZone, Inc.(a)

    431       1,094,736  

Lowe’s Cos., Inc.

    22,380       4,651,459  

O’Reilly Automotive, Inc.(a)

    1,293       1,175,156  
   

 

 

 
      6,921,351  
Textiles, Apparel & Luxury Goods — 0.5%            

NIKE, Inc., Class B

    79,379       7,590,220  
   

 

 

 
Tobacco — 1.8%            

Altria Group, Inc.

    255,307       10,735,659  

Philip Morris International, Inc.

    221,830       20,537,022  
   

 

 

 
      31,272,681  
Wireless Telecommunication Services — 0.6%  

T-Mobile U.S., Inc.(a)

    76,117       10,660,186  
   

 

 

 

Total Long-Term Investments — 99.8%
(Cost: $1,697,337,819)

 

      1,705,271,075  
   

 

 

 

 

 

18  

2 0 2 3    H A R E S    E M I - A N N U A L    E P O R T    T O    H  A R E H O L D E R S

 


Schedule of Investments (unaudited)  (continued)

September 30, 2023

  

iShares® Russell Top 200 Value ETF

 

Security   Shares     Value  

Short-Term Securities

   
Money Market Funds — 0.8%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(c)(d)(e)

    429,489     $ 429,661  

BlackRock Cash Funds: Treasury,
SL Agency Shares, 5.31%(c)(d)

    13,925,444       13,925,444  
   

 

 

 

Total Short-Term Securities — 0.8%
(Cost: $ 14,355,105)

 

    14,355,105  
   

 

 

 

Total Investments — 100.6%
(Cost: $ 1,711,692,924)

 

    1,719,626,180  

Liabilities in Excess of Other Assets — (0.6)%

 

    (10,081,762
   

 

 

 

Net Assets — 100.0%

 

  $   1,709,544,418  
   

 

 

 

 

(a) 

Non-income producing security.

 

(b) 

All or a portion of this security is on loan.

 

(c) 

Affiliate of the Fund.

 

(d) 

Annualized 7-day yield as of period end.

 

(e) 

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

    

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer   Value at
03/31/23
    Purchases
at Cost
    Proceeds
from Sale
    Net
Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
09/30/23
    Shares
Held at
09/30/23
    Income    

Capital

Gain
Distributions
from Underlying
Funds

 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 4,046,890     $     $ (3,615,431 )(a)    $ (2,203   $ 405     $ 429,661       429,489     $ 3,016 (b)     $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    2,378,970       11,546,474 (a)                        13,925,444       13,925,444       71,892        

BlackRock, Inc.

    12,557,375       3,319,550       (1,617,825)       (187,333     (335,147     13,736,620       21,248       203,950        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ (189,536   $ (334,742   $ 28,091,725       $  278,858     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (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.

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

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

Long Contracts

                 

E-Mini Consumer Staples Select Sector Index

     13          12/15/23        $ 909        $ (33,311

E-Mini Dow Jones Industrial Average Index

     10          12/15/23          1,686          (47,874

E-Mini Financials Select Sector Index

     14          12/15/23          1,444          (50,166
                 

 

 

 
                  $ (131,351
                 

 

 

 

 

 

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

  19


Schedule of Investments (unaudited)  (continued)

September 30, 2023

  

iShares® Russell Top 200 Value ETF

 

Derivative Financial Instruments Categorized by Risk Exposure

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

 

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

Liabilities — Derivative Financial Instruments

 

  

Futures contracts

                    

Unrealized depreciation on futures contracts(a)

   $      $      $  131,351      $      $      $      $  131,351  

 

  (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

   $      $      $     212,745      $      $      $      $ 212,745  
Net Change in Unrealized Appreciation (Depreciation) on:         

Futures contracts

   $      $      $ (209,616    $      $      $      $ (209,616

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts

        

Average notional value of contracts — long

   $ 4,010,243  

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

Fair Value Hierarchy as of Period End

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

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

 

      Level 1      Level 2      Level 3      Total  

Assets

           

Investments

           

Long-Term Investments

           

Common Stocks

   $ 1,705,271,075      $      $      $ 1,705,271,075  

Short-Term Securities

           

Money Market Funds

     14,355,105                      14,355,105  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $     1,719,626,180      $                 —      $                 —      $     1,719,626,180  
  

 

 

    

 

 

    

 

 

    

 

 

 

Derivative Financial Instruments(a)

           

Liabilities

           

Equity Contracts

   $ (131,351    $      $      $ (131,351
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(a) 

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

 

See notes to financial statements.

 

 

20  

2 0 2 3    H A R E S    E M I - A N N U A L    E P O R T    T O    H  A R E H O L D E R S


 

Statements of Assets and Liabilities (unaudited)

September 30, 2023

 

    

iShares

Russell Top

200 ETF

    

iShares

Russell Top 200

Growth ETF

    

iShares

Russell Top 200

Value ETF

 

ASSETS

       

Investments, at value — unaffiliated(a)(b)

  $ 874,332,425      $ 6,427,580,943      $ 1,691,534,455  

Investments, at value — affiliated(c)

    7,698,851        90,016,093        28,091,725  

Cash

    160        30        31  

Cash pledged:

       

Futures contracts

    80,000        444,000        199,000  

Receivables:

       

Investments sold

    2,789        2,484,047        3,360  

Securities lending income — affiliated

    5,356        11,472        1,716  

Dividends — unaffiliated

    470,571        1,278,980        1,765,955  

Dividends — affiliated

    7,033        46,290        15,375  

Variation margin on futures contracts

           4,455         
 

 

 

    

 

 

    

 

 

 

Total assets

    882,597,185        6,521,866,310        1,721,611,617  
 

 

 

    

 

 

    

 

 

 

LIABILITIES

       

Collateral on securities loaned

    184,792        69,734,936        429,661  

Payables:

       

Investments purchased

    2,789        2,484,047        3,360  

Income dividend distributions

    3,530,653        12,442,884        11,323,107  

Investment advisory fees

    112,328        1,078,343        286,781  

Variation margin on futures contracts

    4,200               24,290  
 

 

 

    

 

 

    

 

 

 

Total liabilities

    3,834,762        85,740,210        12,067,199  
 

 

 

    

 

 

    

 

 

 

Commitments and contingent liabilities

       

NET ASSETS

  $ 878,762,423      $ 6,436,126,100      $ 1,709,544,418  

NET ASSETS CONSIST OF:

       

Paid-in capital

  $ 854,731,373      $ 5,441,094,732      $ 1,729,961,563  

Accumulated earnings (loss)

    24,031,050        995,031,368        (20,417,145
 

 

 

    

 

 

    

 

 

 

NET ASSETS

  $ 878,762,423      $ 6,436,126,100      $ 1,709,544,418  
 

 

 

    

 

 

    

 

 

 

NET ASSET VALUE

       

Shares outstanding

    8,500,000        41,850,000        26,150,000  
 

 

 

    

 

 

    

 

 

 

Net asset value

  $ 103.38      $ 153.79      $ 65.37  
 

 

 

    

 

 

    

 

 

 

Shares authorized

    Unlimited        Unlimited        Unlimited  
 

 

 

    

 

 

    

 

 

 

Par value

    None        None        None  
 

 

 

    

 

 

    

 

 

 

(a) Investments, at cost — unaffiliated

  $  843,738,324      $  5,519,698,880      $  1,683,017,044  

(b) Securities loaned, at value

  $ 181,063      $ 68,091,553      $ 433,818  

(c)  Investments, at cost — affiliated

  $ 7,977,517      $ 90,007,158      $ 28,675,880  

See notes to financial statements.

 

 

I N A N C I A L    T A T E M E N T  S

  21


 

Statements of Operations (unaudited)

Six Months Ended September 30, 2023

 

    

iShares

Russell Top

200 ETF

   

iShares

Russell Top 200

Growth ETF

   

iShares

Russell Top 200
Value ETF

 

INVESTMENT INCOME

     

Dividends — unaffiliated

  $ 6,587,535     $ 29,381,325     $ 20,318,772  

Dividends — affiliated

    80,741       262,173       275,842  

Securities lending income — affiliated — net

    5,660       51,221       3,016  
 

 

 

   

 

 

   

 

 

 

Total investment income

    6,673,936       29,694,719       20,597,630  
 

 

 

   

 

 

   

 

 

 

EXPENSES

     

Investment advisory

    658,428       6,634,539       1,696,857  

Interest expense

    2              
 

 

 

   

 

 

   

 

 

 

Total expenses

    658,430       6,634,539       1,696,857  
 

 

 

   

 

 

   

 

 

 

Net investment income

    6,015,506       23,060,180       18,900,773  
 

 

 

   

 

 

   

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

     

Net realized gain (loss) from:

     

Investments — unaffiliated

    (7,042,918     (32,768,712     (36,239,319

Investments — affiliated

    (7,628     9,252       (312,749

Futures contracts

    178,105       2,034,687       212,745  

In-kind redemptions — unaffiliated(a)

    26,966,743       414,929,652       63,946,716  

In-kind redemptions — affiliated(a)

    62,472             123,213  
 

 

 

   

 

 

   

 

 

 
    20,156,774       384,204,879       27,730,606  
 

 

 

   

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation) on:

     

Investments — unaffiliated

    31,004,483       276,723,961       (25,795,513

Investments — affiliated

    (144,419     2,751       (334,742

Futures contracts

    (133,612     (1,188,142     (209,616
 

 

 

   

 

 

   

 

 

 
    30,726,452       275,538,570       (26,339,871
 

 

 

   

 

 

   

 

 

 

Net realized and unrealized gain

    50,883,226       659,743,449       1,390,735  
 

 

 

   

 

 

   

 

 

 

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

  $  56,898,732     $   682,803,629     $     20,291,508  
 

 

 

   

 

 

   

 

 

 

 

(a) 

See Note 2 of the Notes to Financial Statements.

See notes to financial statements.

 

 

22  

2 0 2 3    H A R E S    E M I - A N N U A L    E P O R T    T O    H  A R E H O L D E R S


 

Statements of Changes in Net Assets

 

<
     iShares Russell Top 200 ETF            iShares Russell Top 200 Growth 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

   $ 6,015,506     $ 13,073,805        $ 23,060,180     $ 40,265,299  

Net realized gain

     20,156,774       110,322,010          384,204,879       164,547,020  

Net change in unrealized appreciation (depreciation)

     30,726,452       (214,427,844