LOGO

  SEPTEMBER 30, 2022

 

 

   

 

2022 Semi-Annual Report

(Unaudited)

 

 

iShares Trust

·  iShares Core S&P Mid-Cap ETF | IJH | NYSE Arca

·  iShares Core S&P Small-Cap ETF | IJR | NYSE Arca

·  iShares Core S&P U.S. Growth ETF | IUSG | NASDAQ

·  iShares Core S&P U.S. Value ETF | IUSV | NASDAQ

 

 

 


The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

Sincerely,

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of September 30, 2022
     
     6-Month    12-Month 
     

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

  (20.20)%   (15.47)%
     

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

  (19.01)      (23.50)   
     

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

  (22.51)      (25.13)   
     

Emerging market equities
(MSCI Emerging Markets Index)

  (21.70)      (28.11)   
     

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

  0.58    0.63 
     

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

  (10.81)      (16.20)   
     

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

  (9.22)    (14.60)   
     

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)

  (6.30)    (11.50)   
     

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

  (10.42)      (14.15)   
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

 

 

2  

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


Table of Contents

 

 

      Page

The Markets in Review

   2

Semi-Annual Report:

  

Fund Summary

   4

About Fund Performance

   8

Disclosure of Expenses

   8

Schedules of Investments

   9

Financial Statements:

  

Statements of Assets and Liabilities

   60

Statements of Operations

   61

Statements of Changes in Net Assets

   62

Financial Highlights

   64

Notes to Financial Statements

   68

Board Review and Approval of Investment Advisory Contract

   77

Supplemental Information

   81

General Information

   82

Glossary of Terms Used in this Report

   83

 

 

 

  3


Fund Summary as of September 30, 2022    iShares® Core S&P Mid-Cap ETF

 

Investment Objective

The iShares Core S&P Mid-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities, as represented by the S&P MidCap 400® (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

    (17.50 )%      (15.28 )%      5.76     9.97     (15.28 )%      32.33     158.66

Fund Market

    (17.52     (15.31     5.76       9.97       (15.31     32.32       158.77  

Index

    (17.50     (15.25     5.82       10.04       (15.25     32.68       160.30  

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

(04/01/22)

 

 

 

      


Ending

        Account Value
(09/30/22)

 


 

      

Expenses
      Paid During

the Period

 
 

(a) 

                  

Beginning

Account Value

(04/01/22)

 

 

 

      

Ending

        Account Value

(09/30/22)

 

 

 

      

Expenses

      Paid During

the Period

 

 

(a) 

    

    Annualized    

Expense    

Ratio    

$ 1,000.00          $          825.00          $         0.23               $       1,000.00          $        1,024.82          $         0.25        0.05% 

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

SECTOR ALLOCATION

 

   
Sector  

Percent of   

Total Investments(a)

Industrials

  19.0%

Financials

  15.7   

Consumer Discretionary

  13.6   

Information Technology

  12.7   

Health Care

  10.4   

Real Estate

  8.2   

Materials

  6.6   

Consumer Staples

  4.0   

Energy

  4.0   

Utilities

  4.0   

Communication Services

  1.8   

TEN LARGEST HOLDINGS

 

   
Security  

Percent of   

Total Investments(a)

Carlisle Cos., Inc.

  0.8%

Targa Resources Corp.

  0.7   

First Solar, Inc.

  0.7   

Wolfspeed, Inc.

  0.7   

Steel Dynamics, Inc.

  0.7   

First Horizon Corp.

  0.7   

Hubbell, Inc.

  0.6   

Alleghany Corp.

  0.6   

RPM International, Inc.

  0.6   

Darling Ingredients, Inc.

  0.6   

 

(a) 

Excludes money market funds.

 

 

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Fund Summary as of September 30, 2022   

iShares® Core S&P Small-Cap ETF

 

Investment Objective

The iShares Core S&P Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities, as represented by the S&P SmallCap 600® (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

    (18.63 )%      (18.93 )%      4.80     10.05     (18.93 )%      26.44     160.66

Fund Market

    (18.51     (18.83     4.81       10.07       (18.83     26.50       161.04  

Index

    (18.58     (18.83     4.84       10.09       (18.83     26.68       161.50  

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
(04/01/22)

 


 

      


Ending

        Account Value
(09/30/22

 


      


Expenses

      Paid During
the Period

 


(a) 

   

        

 

 

   


Beginning

Account Value
(04/01/22

 


      

Ending

        Account Value

(09/30/22

 

 

      

Expenses

      Paid During

the Period

 

 

(a) 

    

    Annualized    

Expense    

Ratio    

               
$ 1,000.00          $          813.70          $         0.27               $       1,000.00          $        1,024.77          $         0.30        0.06% 

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

SECTOR ALLOCATION

 

   
Sector  

Percent of   

Total Investments(a)

Financials

  18.3%

Industrials

  16.3   

Health Care

  12.9   

Consumer Discretionary

  12.8   

Information Technology

  12.6   

Real Estate

  7.5   

Materials

  5.5   

Consumer Staples

  5.1   

Energy

  4.6   

Utilities

  2.3   

Communication Services

  2.1   

TEN LARGEST HOLDINGS

 

   
Security  

Percent of   

Total Investments(a)

Livent Corp.

  0.7%

Agree Realty Corp.

  0.7   

Lantheus Holdings, Inc.

  0.6   

SM Energy Co.

  0.6   

AMN Healthcare Services, Inc.

  0.6   

Cytokinetics, Inc.

  0.6   

Rogers Corp.

  0.6   

Exponent, Inc.

  0.6   

SPS Commerce, Inc.

  0.6   

UFP Industries, Inc.

  0.6   
(a) 

Excludes money market funds.

 

 

F U N D   S U M M A R Y

  5


Fund Summary as of September 30, 2022    iShares® Core S&P U.S. Growth ETF

 

Investment Objective

The iShares Core S&P U.S. Growth ETF (the “Fund”) seeks to track the investment results of an index composed of large-and mid-capitalization U.S. equities that exhibit growth characteristics, as represented by the S&P 900 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 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

    (23.57 )%      (21.01 )%      11.00     12.87     (21.01 )%      68.51     235.62

Fund Market

    (23.74     (21.04     10.99       12.87       (21.04     68.46       235.69  

Index

    (23.55     (20.99     11.07       12.96       (20.99     69.02       238.26  

Index performance through January 22, 2017 reflects the performance of the Russell 3000® Growth Index. Index performance beginning on January 23, 2017 reflects the performance of the S&P 900 Growth IndexTM.

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

(04/01/22)

 

 

 

      

Ending

        Account Value

(09/30/22)

 

 

 

      

Expenses

      Paid During

the Period

 

 

(a) 

                  

Beginning

Account Value

(04/01/22)

 

 

 

      

Ending

        Account Value

(09/30/22)

 

 

 

      

Expenses

      Paid During

the Period

 

 

(a) 

    

    Annualized    

Expense    

Ratio    

$ 1,000.00          $          764.30          $         0.18               $       1,000.00          $        1,024.87              $         0.20        0.04% 

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

SECTOR ALLOCATION

 

   
Sector   Percent of   
Total Investments(a)

Information Technology

  41.2%

Consumer Discretionary

  17.2   

Health Care

  12.4   

Communication Services

  10.0   

Financials

  7.2   

Industrials

  4.4   

Real Estate

  2.5   

Consumer Staples

  1.9   

Materials

  1.7   

Energy

  1.4   

Utilities

  0.1   

TEN LARGEST HOLDINGS

 

   
Security  

Percent of   

Total Investments(a)

Apple, Inc.

  13.4%

Microsoft Corp.

  11.2   

Amazon.com, Inc.

  6.5   

Tesla, Inc.

  4.6   

Alphabet, Inc., Class A

  3.7   

Alphabet, Inc., Class C, NVS

  3.3   

Meta Platforms, Inc., Class A

  2.0   

NVIDIA Corp.

  2.0   

Eli Lilly & Co.

  1.7   

Home Depot, Inc.

  1.4   

 

(a) 

Excludes money market funds.

 

 

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Fund Summary as of September 30, 2022    iShares® Core S&P U.S. Value ETF

 

Investment Objective

The iShares Core S&P U.S.Value ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization U.S. equities that exhibit value characteristics, as represented by the S&P 900 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

    (16.49 )%      (9.78 )%      6.11     9.60     (9.78 )%      34.54     150.08

Fund Market

    (16.52     (9.74     6.12       9.61       (9.74     34.61       150.31  

Index

    (16.46     (9.71     6.13       9.67       (9.71     34.62       151.62  

Index performance through January 22, 2017 reflects the performance of the Russell 3000® Value Index. Index performance beginning on January 23, 2017 reflects the performance of the S&P 900 Value IndexTM.

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

(04/01/22)

 

 

 

      

Ending

        Account Value

(09/30/22)

 

 

 

      

Expenses

      Paid During

the Period

 

 

(a) 

                  

Beginning

Account Value

(04/01/22)

 

 

 

      

Ending

        Account Value

(09/30/22)

 

 

 

      

Expenses

      Paid During

the Period

 

 

(a) 

    

Annualized    

Expense    

Ratio    

$ 1,000.00        $          835.10          $         0.18               $       1,000.00          $        1,024.87          $         0.20        0.04% 

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

SECTOR ALLOCATION

 

   
Sector  

Percent of   

Total Investments(a)

Health Care

  17.1%

Financials

  15.2   

Industrials

  12.4   

Consumer Staples

  11.3   

Information Technology

  10.8   

Energy

  7.5   

Consumer Discretionary

  6.7   

Utilities

  6.1   

Communication Services

  5.5   

Materials

  3.8   

Real Estate

  3.6   

TEN LARGEST HOLDINGS

 

   
Security  

Percent of   

Total Investments(a)

Berkshire Hathaway, Inc., Class B

  2.9%

Johnson & Johnson

  2.6   

Exxon Mobil Corp.

  2.2   

Procter & Gamble Co.

  1.8   

UnitedHealth Group, Inc.

  1.7   

Chevron Corp.

  1.6   

Merck & Co., Inc.

  1.3   

Coca-Cola Co.

  1.3   

Walmart, Inc.

  1.1   

Walt Disney Co.

  1.1   

 

(a) 

Excludes money market funds.

 

 

F U N D   S U M M A R Y

  7


About Fund Performance

 

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

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

 

 

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Schedule of Investments (unaudited)

September 30, 2022

  

iShares® Core S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Aerospace & Defense — 1.3%  

Axon Enterprise, Inc.(a)(b)

    1,964,792     $ 227,424,674  

Curtiss-Wright Corp.(b)

    1,115,980       155,299,777  

Hexcel Corp.(b)

    2,453,248       126,881,986  

Mercury Systems, Inc.(a)(b)

    1,678,152       68,132,971  

Woodward, Inc.(b)

    1,754,988       140,855,337  
   

 

 

 
      718,594,745  
Air Freight & Logistics — 0.2%  

GXO Logistics, Inc.(a)(b)

    3,459,980       121,306,899  
   

 

 

 
Airlines — 0.1%  

JetBlue Airways Corp.(a)

    9,442,163       62,601,541  
   

 

 

 
Auto Components — 1.4%  

Adient PLC(a)(b)

    2,761,474       76,630,903  

Dana, Inc.

    3,695,699       42,241,840  

Fox Factory Holding Corp.(a)(b)

    1,232,172       97,440,162  

Gentex Corp.

    6,836,296       162,977,297  

Goodyear Tire & Rubber Co.(a)(b)

    8,243,991       83,181,869  

Lear Corp.(b)

    1,727,495       206,763,876  

Visteon Corp.(a)(b)

    819,811       86,949,155  
   

 

 

 
      756,185,102  
Automobiles — 0.4%  

Harley-Davidson, Inc.(b)

    3,879,797       135,327,319  

Thor Industries, Inc.

    1,583,107       110,785,828  
   

 

 

 
      246,113,147  
Banks — 7.5%  

Associated Banc-Corp.

    4,384,373       88,038,210  

Bank of Hawaii Corp.

    1,170,950       89,132,714  

Bank OZK

    3,243,956       128,330,899  

Cadence Bank(b)

    4,482,419       113,898,267  

Cathay General Bancorp

    2,168,360       83,395,126  

Commerce Bancshares, Inc.(b)

    3,173,843       209,981,453  

Cullen/Frost Bankers, Inc.(b)

    1,866,402       246,775,672  

East West Bancorp, Inc.

    4,101,489       275,373,972  

First Financial Bankshares, Inc.(b)

    3,781,206       158,167,847  

First Horizon Corp.(b)

    15,618,304       357,659,162  

FNB Corp.

    10,230,922       118,678,695  

Fulton Financial Corp.

    4,870,869       76,959,730  

Glacier Bancorp, Inc.

    3,219,896       158,193,491  

Hancock Whitney Corp.

    2,500,320       114,539,659  

Home BancShares, Inc.

    5,563,012       125,223,400  

International Bancshares Corp.

    1,538,472       65,385,060  

Old National Bancorp

    8,510,060       140,160,688  

PacWest Bancorp

    3,429,482       77,506,293  

Pinnacle Financial Partners, Inc.

    2,222,224       180,222,366  

Prosperity Bancshares, Inc.

    2,652,338       176,857,898  

Synovus Financial Corp.

    4,225,550       158,500,381  

Texas Capital Bancshares, Inc.(a)

    1,453,449       85,797,095  

UMB Financial Corp.

    1,265,374       106,658,374  

Umpqua Holdings Corp.

    6,331,358       108,202,908  

United Bankshares, Inc.

    3,910,258       139,791,724  

Valley National Bancorp

    12,207,950       131,845,860  

Washington Federal, Inc.

    1,897,036       56,873,139  

Webster Financial Corp.

    5,116,797       231,279,224  

Wintrust Financial Corp.

    1,771,666       144,479,362  
   

 

 

 
      4,147,908,669  
Beverages — 0.5%  

Boston Beer Co., Inc., Class A, NVS(a)(b)

    276,800       89,586,320  
Security   Shares     Value  
Beverages (continued)  

Celsius Holdings, Inc.(a)(b)

    1,169,183     $ 106,021,514  

Coca-Cola Consolidated, Inc.(b)

    134,546       55,396,625  
   

 

 

 
      251,004,459  
Biotechnology — 1.8%  

Arrowhead Pharmaceuticals, Inc.(a)(b)

    3,085,592       101,978,816  

Exelixis, Inc.(a)(b)

    9,352,934       146,654,005  

Halozyme Therapeutics, Inc.(a)(b)

    4,004,974       158,356,672  

Neurocrine Biosciences, Inc.(a)(b)

    2,783,616       295,647,855  

United Therapeutics Corp.(a)(b)

    1,324,765       277,379,296  
   

 

 

 
      980,016,644  
Building Products — 2.5%            

Builders FirstSource, Inc.(a)(b)

    4,542,640       267,652,349  

Carlisle Cos., Inc.(b)

    1,505,452       422,143,795  

Lennox International, Inc.(b)

    938,052       208,876,039  

Owens Corning

    2,800,302       220,131,740  

Simpson Manufacturing Co., Inc.

    1,258,587       98,673,221  

Trex Co., Inc.(a)(b)

    3,216,357       141,326,727  
   

 

 

 
      1,358,803,871  
Capital Markets — 1.9%  

Affiliated Managers Group, Inc.(b)

    1,110,159       124,171,284  

Evercore, Inc., Class A

    1,049,367       86,310,436  

Federated Hermes, Inc.

    2,466,383       81,686,605  

Interactive Brokers Group, Inc., Class A(b)

    2,991,293       191,173,536  

Janus Henderson Group PLC

    3,857,250       78,340,747  

Jefferies Financial Group, Inc.

    5,405,505       159,462,397  

SEI Investments Co.(b)

    2,992,639       146,788,943  

Stifel Financial Corp.(b)

    3,085,735       160,180,504  
   

 

 

 
      1,028,114,452  
Chemicals — 2.4%  

Ashland, Inc.(b)

    1,446,982       137,419,880  

Avient Corp.

    2,490,290       75,455,787  

Cabot Corp.(b)

    1,642,229       104,922,011  

Chemours Co.

    4,525,354       111,549,976  

Ingevity Corp.(a)(b)

    1,039,727       63,038,648  

NewMarket Corp.

    200,708       60,378,988  

Olin Corp.(b)

    3,924,392       168,277,929  

RPM International, Inc.

    3,754,871       312,818,303  

Scotts Miracle-Gro Co., Class A

    1,173,883       50,183,498  

Sensient Technologies Corp.

    1,224,808       84,928,187  

Valvoline, Inc.

    5,163,661       130,847,170  
   

 

 

 
      1,299,820,377  
Commercial Services & Supplies — 1.5%  

Brink’s Co.

    1,373,814       66,547,550  

Clean Harbors, Inc.(a)(b)

    1,462,673       160,864,777  

IAA, Inc.(a)(b)

    3,901,397       124,259,494  

MillerKnoll, Inc.

    2,219,777       34,628,521  

MSA Safety, Inc.

    1,067,788       116,687,873  

Stericycle, Inc.(a)(b)

    2,688,859       113,227,853  

Tetra Tech, Inc.(b)

    1,550,931       199,341,161  
   

 

 

 
      815,557,229  
Communications Equipment — 0.9%  

Calix, Inc.(a)(b)

    1,654,677       101,166,952  

Ciena Corp.(a)(b)

    4,353,485       176,011,399  

Lumentum Holdings, Inc.(a)(b)

    2,004,769       137,467,010  

Viasat, Inc.(a)(b)

    2,197,091       66,418,061  
   

 

 

 
      481,063,422  
Construction & Engineering — 1.9%  

AECOM

    4,064,580       277,895,335  

Dycom Industries, Inc.(a)(b)

    861,093       82,260,214  

 

 

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, 2022

  

iShares® Core S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Construction & Engineering (continued)  

EMCOR Group, Inc.(b)

    1,434,660     $ 165,674,537  

Fluor Corp.(a)(b)

    4,143,946       103,142,816  

MasTec, Inc.(a)(b)

    1,666,903       105,848,340  

MDU Resources Group, Inc.

    5,911,543       161,680,701  

Valmont Industries, Inc.(b)

    620,703       166,733,240  
   

 

 

 
      1,063,235,183  
Construction Materials — 0.2%  

Eagle Materials, Inc.

    1,093,986       117,253,419  
   

 

 

 
Consumer Finance — 0.5%  

Bread Financial Holdings, Inc.

    1,428,490       44,926,010  

FirstCash Holdings, Inc.

    1,109,934       81,413,659  

Navient Corp.

    3,245,053       47,669,829  

SLM Corp.

    7,292,688       102,024,705  
   

 

 

 
      276,034,203  
Containers & Packaging — 0.9%  

AptarGroup, Inc.(b)

    1,900,108       180,567,263  

Greif, Inc., Class A, NVS

    778,634       46,383,228  

Silgan Holdings, Inc.(b)

    2,429,680       102,143,747  

Sonoco Products Co.

    2,834,404       160,795,739  
   

 

 

 
      489,889,977  
Diversified Consumer Services — 1.1%  

Graham Holdings Co., Class B

    112,696       60,628,194  

Grand Canyon Education, Inc.(a)(b)

    930,074       76,498,587  

H&R Block, Inc.

    4,642,750       197,502,585  

Service Corp. International(b)

    4,589,211       264,981,043  
   

 

 

 
      599,610,409  
Diversified Financial Services — 0.3%  

Voya Financial, Inc.

    2,847,105       172,249,853  
   

 

 

 

Diversified Telecommunication Services — 0.6%

 

Frontier Communications Parent, Inc.(a)

    6,485,159       151,947,275  

Iridium Communications, Inc.(a)(b)

    3,691,346       163,785,022  
   

 

 

 
      315,732,297  
Electric Utilities — 1.4%  

ALLETE, Inc.

    1,663,386       83,252,469  

Hawaiian Electric Industries, Inc.

    3,193,186       110,675,827  

IDACORP, Inc.

    1,469,406       145,485,888  

OGE Energy Corp.

    5,825,347       212,392,152  

PNM Resources, Inc.

    2,503,799       114,498,728  

Portland General Electric Co.

    2,591,317       112,618,637  
   

 

 

 
      778,923,701  
Electrical Equipment — 2.3%  

Acuity Brands, Inc.(b)

    954,236       150,263,543  

EnerSys(b)

    1,182,836       68,805,570  

Hubbell, Inc.

    1,562,327       348,398,921  

nVent Electric PLC

    4,838,597       152,948,051  

Regal Rexnord Corp.(b)

    1,934,879       271,579,617  

SunPower Corp.(a)(b)

    2,478,635       57,107,750  

Sunrun, Inc.(a)(b)

    6,168,871       170,199,151  

Vicor Corp.(a)(b)

    652,016       38,560,226  
   

 

 

 
      1,257,862,829  
Electronic Equipment, Instruments & Components — 3.0%  

Arrow Electronics, Inc.(a)(b)

    1,865,907       172,017,966  

Avnet, Inc.

    2,760,457       99,707,707  

Belden, Inc.(b)

    1,266,951       76,042,399  

Cognex Corp.(b)

    5,045,004       209,115,416  

Coherent Corp.(a)(b)

    3,765,730       131,235,691  

IPG Photonics Corp.(a)(b)

    965,094       81,405,679  

Jabil, Inc.(b)

    4,003,090       231,018,324  
Security   Shares     Value  
Electronic Equipment, Instruments & Components (continued)  

Littelfuse, Inc.(b)

    722,099     $ 143,473,850  

National Instruments Corp.(b)

    3,859,628       145,662,361  

Novanta, Inc.(a)(b)

    1,035,076       119,706,539  

TD SYNNEX Corp.

    1,223,538       99,339,050  

Vishay Intertechnology, Inc.

    3,800,783       67,615,930  

Vontier Corp.(b)

    4,599,909       76,864,479  
   

 

 

 
      1,653,205,391  
Energy Equipment & Services — 0.5%  

ChampionX Corp.

    5,919,522       115,845,046  

NOV, Inc.(b)

    11,420,875       184,789,757  
   

 

 

 
      300,634,803  
Entertainment — 0.2%  

World Wrestling Entertainment, Inc.,
Class A(b)

    1,259,673       88,391,254  
   

 

 

 
Equity Real Estate Investment Trusts (REITs) — 7.7%  

Apartment Income REIT Corp.

    4,483,041       173,135,043  

Brixmor Property Group, Inc.

    8,711,300       160,897,711  

Corporate Office Properties Trust(b)

    3,265,963       75,868,321  

Cousins Properties, Inc.

    4,393,635       102,591,377  

Douglas Emmett, Inc.

    5,125,227       91,895,320  

EastGroup Properties, Inc.

    1,266,909       182,865,645  

EPR Properties

    2,184,998       78,354,028  

First Industrial Realty Trust, Inc.

    3,840,111       172,075,374  

Healthcare Realty Trust, Inc.

    11,074,181       230,896,674  

Highwoods Properties, Inc.

    3,064,142       82,609,268  

Independence Realty Trust, Inc.(b)

    6,470,535       108,252,051  

JBG SMITH Properties

    2,889,064       53,678,809  

Kilroy Realty Corp.(b)

    3,068,216       129,202,576  

Kite Realty Group Trust(b)

    6,391,538       110,062,284  

Lamar Advertising Co., Class A

    2,534,554       209,075,359  

Life Storage, Inc.

    2,456,070       272,034,313  

Macerich Co.

    6,253,434       49,652,266  

Medical Properties Trust, Inc.

    17,425,832       206,670,368  

National Retail Properties, Inc.

    5,152,678       205,385,745  

National Storage Affiliates Trust

    2,478,636       103,061,685  

Omega Healthcare Investors, Inc.

    6,810,000       200,826,900  

Park Hotels & Resorts, Inc.

    6,546,419       73,712,678  

Pebblebrook Hotel Trust(b)

    3,841,212       55,735,986  

Physicians Realty Trust

    6,587,187       99,071,292  

PotlatchDeltic Corp.

    2,349,546       96,425,368  

Rayonier, Inc.(b)

    4,271,115       128,005,317  

Rexford Industrial Realty, Inc.

    4,978,989       258,907,428  

Sabra Health Care REIT, Inc.

    6,730,581       88,305,223  

SL Green Realty Corp.

    1,871,822       75,172,372  

Spirit Realty Capital, Inc.

    3,977,094       143,811,719  

STORE Capital Corp.

    7,733,295       242,284,132  
   

 

 

 
      4,260,522,632  
Food & Staples Retailing — 1.6%  

BJ’s Wholesale Club Holdings, Inc.(a)(b)

    3,934,537       286,473,639  

Casey’s General Stores, Inc.

    1,083,825       219,496,239  

Grocery Outlet Holding Corp.(a)(b)

    2,567,292       85,465,151  

Performance Food Group Co.(a)(b)

    4,508,731       193,649,996  

Sprouts Farmers Market, Inc.(a)(b)

    3,129,996       86,857,389  
   

 

 

 
      871,942,414  
Food Products — 1.5%  

Darling Ingredients, Inc.(a)(b)

    4,667,705       308,768,685  

Flowers Foods, Inc.

    5,606,249       138,418,288  

Ingredion, Inc.

    1,904,415       153,343,496  

Lancaster Colony Corp.

    577,564       86,796,318  

 

 

10  

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


Schedule of Investments (unaudited) (continued)

September 30, 2022

  

iShares® Core S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Food Products (continued)            

Pilgrim’s Pride Corp.(a)(b)

    1,331,821     $ 30,658,519  

Post Holdings, Inc.(a)(b)

    1,586,247       129,929,492  
   

 

 

 
      847,914,798  
Gas Utilities — 1.5%  

National Fuel Gas Co.

    2,659,398       163,685,947  

New Jersey Resources Corp.

    2,806,964       108,629,507  

ONE Gas, Inc.

    1,571,762       110,636,327  

Southwest Gas Holdings, Inc.

    1,798,217       125,425,636  

Spire, Inc.

    1,522,641       94,906,213  

UGI Corp.

    6,090,815       196,916,049  
   

 

 

 
      800,199,679  
Health Care Equipment & Supplies — 3.8%  

Enovis Corp.(a)(b)

    1,383,996       63,760,696  

Envista Holdings Corp.(a)(b)

    4,749,391       155,827,519  

Globus Medical, Inc., Class A(a)(b)

    2,237,707       133,300,206  

Haemonetics Corp.(a)(b)

    1,489,322       110,254,508  

ICU Medical, Inc.(a)(b)

    584,896       88,085,338  

Inari Medical, Inc.(a)(b)

    1,400,240       101,713,434  

Integra LifeSciences Holdings Corp.(a)(b)

    2,117,038       89,677,730  

LivaNova PLC(a)(b)

    1,561,921       79,298,729  

Masimo Corp.(a)(b)

    1,405,794       198,441,881  

Neogen Corp.(a)(b)

    6,298,595       87,991,372  

NuVasive, Inc.(a)(b)

    1,518,617       66,530,611  

Omnicell, Inc.(a)(b)

    1,291,913       112,435,188  

Penumbra, Inc.(a)(b)

    1,102,267       208,989,823  

QuidelOrtho Corp.(a)(b)

    1,581,930       113,076,356  

Shockwave Medical, Inc.(a)(b)

    1,045,676       290,771,125  

STAAR Surgical Co.(a)(b)

    1,400,506       98,805,698  

Tandem Diabetes Care, Inc.(a)(b)

    1,870,487       89,502,803  
   

 

 

 
      2,088,463,017  
Health Care Providers & Services — 2.6%  

Acadia Healthcare Co., Inc.(a)(b)

    2,642,783       206,612,775  

Amedisys, Inc.(a)(b)

    945,994       91,562,759  

Chemed Corp.(b)

    433,509       189,252,689  

Encompass Health Corp.(b)

    2,910,497       131,641,779  

HealthEquity, Inc.(a)(b)

    2,452,993       164,767,540  

LHC Group, Inc.(a)(b)

    901,641       147,562,566  

Option Care Health, Inc.(a)(b)

    4,509,136       141,902,510  

Patterson Cos., Inc.

    2,513,441       60,372,853  

Progyny, Inc.(a)(b)

    2,171,596       80,479,348  

R1 RCM, Inc.(a)(b)

    3,995,608       74,038,616  

Tenet Healthcare Corp.(a)(b)

    3,136,425       161,776,802  
   

 

 

 
      1,449,970,237  
Hotels, Restaurants & Leisure — 2.7%  

Boyd Gaming Corp.

    2,358,095       112,363,227  

Choice Hotels International, Inc.

    845,129       92,558,528  

Churchill Downs, Inc.(b)

    964,694       177,648,400  

Cracker Barrel Old Country Store, Inc.

    662,677       61,350,637  

Light & Wonder, Inc.(a)(b)

    2,739,117       117,453,337  

Marriott Vacations Worldwide Corp.(b)

    1,145,972       139,648,148  

Papa John’s International, Inc.(b)

    937,692       65,647,817  

Penn Entertainment, Inc.(a)(b)

    4,625,267       127,241,095  

Texas Roadhouse, Inc.

    1,943,791       169,615,203  

Travel + Leisure Co.

    2,439,769       83,244,918  

Wendy’s Co.

    4,962,082       92,741,312  

Wingstop, Inc.(b)

    872,592       109,440,489  

Wyndham Hotels & Resorts, Inc.

    2,625,877       161,097,554  
   

 

 

 
      1,510,050,665  
Household Durables — 1.3%  

Helen of Troy Ltd.(a)(b)

    695,517       67,075,659  
Security   Shares     Value  
Household Durables (continued)  

KB Home

    2,456,418     $ 63,670,355  

Leggett & Platt, Inc.

    3,852,205       127,970,250  

Taylor Morrison Home Corp.(a)(b)

    3,308,239       77,148,133  

Tempur Sealy International, Inc.(b)

    5,022,912       121,253,096  

Toll Brothers, Inc.

    3,119,107       131,002,494  

TopBuild Corp.(a)(b)

    941,133       155,079,896  
   

 

 

 
      743,199,883  
Household Products — 0.1%  

Energizer Holdings, Inc.

    1,930,482       48,532,317  
   

 

 

 
Independent Power and Renewable Electricity Producers — 0.2%  

Ormat Technologies, Inc.(b)

    1,305,254       112,512,895  
   

 

 

 
Insurance — 4.4%  

Alleghany Corp.(a)(b)

    391,615       328,709,883  

American Financial Group, Inc.

    2,032,430       249,846,620  

Brighthouse Financial, Inc.(a)(b)

    2,093,672       90,907,238  

CNO Financial Group, Inc.

    3,323,525       59,723,744  

First American Financial Corp.

    3,026,241       139,509,710  

Hanover Insurance Group, Inc.(b)

    1,039,445       133,194,482  

Kemper Corp.(b)

    1,859,534       76,724,373  

Kinsale Capital Group, Inc.(b)

    628,009       160,406,059  

Old Republic International Corp.

    8,353,997       174,849,157  

Primerica, Inc.(b)

    1,092,484       134,867,150  

Reinsurance Group of America, Inc.

    1,950,078       245,339,313  

RenaissanceRe Holdings Ltd.(b)

    1,270,794       178,406,770  

RLI Corp.

    1,174,021       120,196,270  

Selective Insurance Group, Inc.(b)

    1,759,798       143,247,557  

Unum Group

    5,469,466       212,215,281  
   

 

 

 
      2,448,143,607  
Interactive Media & Services — 0.3%  

TripAdvisor, Inc.(a)(b)

    3,029,223       66,885,244  

Ziff Davis, Inc.(a)(b)

    1,375,764       94,212,319  
   

 

 

 
      161,097,563  
IT Services — 2.0%  

Concentrix Corp.(b)

    1,244,895       138,967,629  

Euronet Worldwide, Inc.(a)(b)

    1,373,952       104,090,603  

ExlService Holdings, Inc.(a)

    961,790       141,729,374  

Genpact Ltd.(b)

    4,911,321       214,968,520  

Kyndryl Holdings, Inc.(a)(b)

    5,920,851       48,965,438  

Maximus, Inc.

    1,765,695       102,180,770  

Sabre Corp.(a)(b)

    9,513,038       48,992,146  

Western Union Co.

    11,211,006       151,348,581  

WEX, Inc.(a)(b)

    1,284,217       163,018,506  
   

 

 

 
      1,114,261,567  
Leisure Products — 1.2%  

Brunswick Corp.

    2,169,349       141,983,892  

Mattel, Inc.(a)(b)

    10,275,483       194,617,648  

Polaris, Inc.(b)

    1,627,576       155,677,645  

Topgolf Callaway Brands Corp.(a)(b)

    4,035,340       77,720,648  

YETI Holdings, Inc.(a)(b)

    2,509,200       71,562,384  
   

 

 

 
      641,562,217  
Life Sciences Tools & Services — 1.5%  

Azenta, Inc.

    2,187,310       93,748,107  

Bruker Corp.(b)

    2,927,463       155,331,187  

Medpace Holdings, Inc.(a)(b)

    732,429       115,115,866  

Repligen Corp.(a)(b)

    1,502,039       281,046,517  

Sotera Health Co.(a)(b)

    2,921,620       19,925,448  

Syneos Health, Inc.(a)

    2,982,589       140,629,071  
   

 

 

 
      805,796,196  

 

 

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, 2022

  

iShares® Core S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Machinery — 4.3%            

AGCO Corp.

    1,805,055     $ 173,592,139  

Chart Industries, Inc.(a)(b)

    1,043,135       192,301,937  

Crane Holdings Co.

    1,384,480       121,197,379  

Donaldson Co., Inc.(b)

    3,593,000       176,092,930  

Esab Corp.

    1,327,860       44,297,409  

Flowserve Corp.(b)

    3,809,908       92,580,764  

Graco, Inc.(b)

    4,922,201       295,085,950  

ITT, Inc.(b)

    2,404,064       157,081,542  

Kennametal, Inc.

    2,358,915       48,546,471  

Lincoln Electric Holdings, Inc.(b)

    1,685,068       211,846,749  

Middleby Corp.(a)(b)

    1,567,422       200,896,478  

Oshkosh Corp.

    1,906,904       134,036,282  

Terex Corp.

    1,969,478       58,572,276  

Timken Co.

    1,949,620       115,105,565  

Toro Co.

    3,043,594       263,210,009  

Watts Water Technologies, Inc., Class A(b)

    796,068       100,089,630  
   

 

 

 
      2,384,533,510  
Marine — 0.2%  

Kirby Corp.(a)(b)

    1,747,248       106,180,261  
   

 

 

 
Media — 0.8%            

Cable One, Inc.(b)

    142,333       121,417,166  

John Wiley & Sons, Inc., Class A

    1,246,028       46,800,812  

New York Times Co., Class A(b)

    4,807,375       138,212,031  

TEGNA, Inc.

    6,481,802       134,043,665  
   

 

 

 
      440,473,674  
Metals & Mining — 2.9%  

Alcoa Corp.

    5,232,359       176,121,204  

Cleveland-Cliffs, Inc.(a)(b)

    15,049,134       202,711,835  

Commercial Metals Co.

    3,499,513       124,162,721  

MP Materials Corp.(a)(b)

    2,688,139       73,386,195  

Reliance Steel & Aluminum Co.

    1,754,883       306,069,144  

Royal Gold, Inc.(b)

    1,908,597       179,064,571  

Steel Dynamics, Inc.(b)

    5,049,233       358,243,081  

United States Steel Corp.(b)

    6,919,873       125,388,099  

Worthington Industries, Inc.

    885,822       33,785,251  
   

 

 

 
      1,578,932,101  
Mortgage Real Estate Investment Trusts (REITs) — 0.4%  

Annaly Capital Management, Inc.

    12,546,707       215,301,492  
   

 

 

 
Multiline Retail — 0.6%  

Kohl’s Corp.

    3,745,566       94,200,985  

Macy’s, Inc.

    7,868,075       123,292,735  

Nordstrom, Inc.(b)

    3,270,437       54,714,411  

Ollie’s Bargain Outlet Holdings, Inc.(a)(b)

    1,694,533       87,437,903  
   

 

 

 
      359,646,034  
Multi-Utilities — 0.4%  

Black Hills Corp.

    1,898,379       128,577,210  

NorthWestern Corp.

    1,635,709       80,607,739  
   

 

 

 
      209,184,949  
Oil, Gas & Consumable Fuels — 3.4%  

Antero Midstream Corp.

    9,761,599       89,611,479  

CNX Resources Corp.(a)(b)

    5,514,099       85,633,957  

DT Midstream, Inc.

    2,811,069       145,866,370  

Equitrans Midstream Corp.

    12,549,804       93,872,534  

HF Sinclair Corp.

    4,227,547       227,611,130  

Matador Resources Co.(b)

    3,261,663       159,560,554  

Murphy Oil Corp.

    4,262,468       149,911,000  

PDC Energy, Inc.

    2,808,124       162,281,486  

Range Resources Corp.(b)

    7,205,125       182,001,458  
Security   Shares     Value  
Oil, Gas & Consumable Fuels (continued)  

Southwestern Energy Co.(a)(b)

    32,415,032     $ 198,379,996  

Targa Resources Corp.

    6,594,050       397,884,977  
   

 

 

 
      1,892,614,941  
Paper & Forest Products — 0.2%  

Louisiana-Pacific Corp.(b)

    2,154,848       110,306,669  
   

 

 

 
Personal Products — 0.4%            

BellRing Brands, Inc.(a)(b)

    3,945,235       81,311,293  

Coty, Inc., Class A(a)(b)

    10,509,012       66,416,956  

Nu Skin Enterprises, Inc., Class A

    1,465,014       48,887,517  
   

 

 

 
      196,615,766  
Pharmaceuticals — 0.7%  

Jazz Pharmaceuticals PLC(a)(b)

    1,824,019       243,123,492  

Perrigo Co. PLC

    3,926,804       140,029,831  
   

 

 

 
      383,153,323  
Professional Services — 1.8%  

ASGN, Inc.(a)(b)

    1,458,210       131,778,438  

CACI International, Inc., Class A(a)(b)

    680,949       177,768,546  

FTI Consulting, Inc.(a)(b)

    1,004,115       166,391,897  

Insperity, Inc.(b)

    1,042,642       106,443,322  

KBR, Inc.(b)

    4,043,041       174,740,232  

ManpowerGroup, Inc.

    1,508,727       97,599,549  

Science Applications International Corp.(b)

    1,624,302       143,637,026  
   

 

 

 
      998,359,010  
Real Estate Management & Development — 0.4%  

Jones Lang LaSalle, Inc.(a)(b)

    1,394,121       210,609,859  
   

 

 

 
Road & Rail — 1.8%  

Avis Budget Group, Inc.(a)(b)

    841,257       124,893,014  

Knight-Swift Transportation Holdings, Inc.(b)

    4,675,266       228,760,765  

Landstar System, Inc.(b)

    1,058,691       152,843,220  

Ryder System, Inc.

    1,492,950       112,702,795  

Saia, Inc.(a)(b)

    767,615       145,846,850  

Werner Enterprises, Inc.(b)

    1,714,495       64,465,012  

XPO Logistics, Inc.(a)(b)

    3,343,436       148,849,771  
   

 

 

 
      978,361,427  
Semiconductors & Semiconductor Equipment — 3.4%  

Amkor Technology, Inc.(b)

    2,932,777       50,003,848  

Cirrus Logic, Inc.(a)(b)

    1,631,758       112,264,950  

First Solar, Inc.(a)(b)

    2,885,323       381,641,673  

Lattice Semiconductor Corp.(a)(b)

    3,994,483       196,568,508  

MACOM Technology Solutions Holdings,
Inc.(a)(b)

    1,487,612       77,043,425  

MKS Instruments, Inc.(b)

    1,661,428       137,300,410  

Power Integrations, Inc.(b)

    1,667,954       107,282,801  

Semtech Corp.(a)

    1,851,654       54,457,144  

Silicon Laboratories, Inc.(a)(b)

    993,845       122,680,227  

SiTime Corp.(a)(b)

    468,138       36,856,505  

Synaptics, Inc.(a)(b)

    1,150,295       113,890,708  

Universal Display Corp.(b)

    1,261,670       119,038,565  

Wolfspeed, Inc.(a)(b)

    3,598,457       371,936,516  
   

 

 

 
      1,880,965,280  
Software — 3.3%  

ACI Worldwide, Inc.(a)(b)

    3,316,756       69,320,200  

Aspen Technology, Inc.(a)(b)

    841,745       200,503,659  

Blackbaud, Inc.(a)(b)

    1,293,527       56,992,800  

CommVault Systems, Inc.(a)(b)

    1,307,023       69,324,500  

Dynatrace, Inc.(a)(b)

    5,850,851       203,668,123  

Envestnet, Inc.(a)(b)

    1,104,680       49,047,792  

Fair Isaac Corp.(a)(b)

    735,005       302,829,410  

Manhattan Associates, Inc.(a)(b)

    1,825,286       242,817,797  

 

 

12  

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


Schedule of Investments (unaudited) (continued)

September 30, 2022

  

iShares® Core S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 
Software (continued)            

NCR Corp.(a)(b)

    3,984,540     $ 75,746,105  

Paylocity Holding Corp.(a)(b)

    1,190,583       287,621,041  

Qualys, Inc.(a)(b)

    1,014,453       141,404,604  

Teradata Corp.(a)(b)

    2,995,657       93,045,107  
   

 

 

 
      1,792,321,138  
Specialty Retail — 2.9%  

AutoNation, Inc.(a)(b)

    1,121,780       114,275,729  

Dick’s Sporting Goods, Inc.(b)

    1,655,141       173,193,954  

Five Below, Inc.(a)(b)

    1,614,551       222,275,236  

Foot Locker, Inc.

    2,339,666       72,833,803  

GameStop Corp., Class A(a)(b)

    7,351,963       184,754,830  

Gap, Inc.

    6,249,112       51,305,209  

Lithia Motors, Inc.(b)

    800,527       171,753,068  

Murphy USA, Inc.(b)

    624,647       171,721,707  

RH(a)(b)

    583,138       143,492,768  

Victoria’s Secret & Co.(a)(b)

    2,417,539       70,398,736  

Williams-Sonoma, Inc.(b)

    2,001,378       235,862,397  
   

 

 

 
      1,611,867,437  
Technology Hardware, Storage & Peripherals — 0.1%  

Xerox Holdings Corp.

    3,284,454       42,960,658  
   

 

 

 
Textiles, Apparel & Luxury Goods — 1.8%  

Capri Holdings Ltd.(a)(b)

    4,012,202       154,229,045  

Carter’s, Inc.

    1,135,180       74,388,345  

Columbia Sportswear Co.

    1,029,387       69,277,745  

Crocs, Inc.(a)(b)

    1,798,320       123,472,651  

Deckers Outdoor Corp.(a)(b)

    772,186       241,393,066  

Hanesbrands, Inc.

    10,160,312       70,715,772  

PVH Corp.(b)

    1,952,251       87,460,845  

Skechers USA, Inc., Class A(a)(b)

    3,918,077       124,281,402  

Under Armour, Inc., Class A(a)(b)

    5,492,290       36,523,729  

Under Armour, Inc., Class C, NVS(a)(b)

    5,852,944       34,883,546  
   

 

 

 
      1,016,626,146  
Thrifts & Mortgage Finance — 0.6%  

Essent Group Ltd.

    3,141,502       109,544,174  
Security   Shares     Value  

 

 
Thrifts & Mortgage Finance (continued)  

MGIC Investment Corp.

    8,851,312     $ 113,473,820  

New York Community Bancorp, Inc.

    13,533,594       115,441,557  
   

 

 

 
      338,459,551  
Trading Companies & Distributors — 1.0%  

GATX Corp.

    1,029,022       87,621,223  

MSC Industrial Direct Co., Inc., Class A

    1,380,090       100,484,353  

Univar Solutions, Inc.(a)(b)

    4,865,345       110,637,945  

Watsco, Inc.

    966,502       248,835,605  
   

 

 

 
      547,579,126  
Water Utilities — 0.5%  

Essential Utilities, Inc.

    6,941,131       287,224,001  
   

 

 

 

Total Long-Term Investments — 99.6%
(Cost: $54,955,154,902)

 

    54,866,559,916  
   

 

 

 

Short-Term Securities(c)(d)

   
Money Market Funds — 6.9%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%(e)

    3,646,076,521       3,647,170,344  

BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%

    126,632,259       126,632,259  
   

 

 

 

Total Short-Term Securities — 6.9%
(Cost: $3,772,067,321)

 

    3,773,802,603  
   

 

 

 

Total Investments — 106.5%
(Cost: $58,727,222,223)

 

    58,640,362,519  

Liabilities in Excess of Other Assets — (6.5)%

 

    (3,580,649,798
   

 

 

 

Net Assets — 100.0%

 

  $ 55,059,712,721  
   

 

 

 

 

(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.

 

 

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, 2022

  

iShares® Core S&P Mid-Cap ETF

 

Affiliates

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

 

                   
      

Affiliated

Issuer

 

Value at

03/31/22

   

Purchases

at Cost

   

Proceeds

from Sale

   

Net

Realized

Gain (Loss)

   

Change in

Unrealized

Appreciation

(Depreciation)

   

Value at

09/30/22

   

Shares

Held at

09/30/22

    Income    

Capital

Gain

Distributions

from Underlying

Funds

   

    

 
 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $  2,422,524,094     $  1,222,959,299 (a)    $     $ 39,547     $ 1,647,404     $  3,647,170,344       3,646,076,521     $ 18,556,304 (b)    $    
 

BlackRock Cash Funds: Treasury, SL Agency Shares

    169,480,000             (42,847,741 )(a)                  126,632,259       126,632,259       1,120,646          
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   
          $ 39,547     $ 1,647,404     $ 3,773,802,603       $  19,676,950     $    
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

  (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 MidCap 400 E-Mini Index

    567          12/16/22        $ 125,205        $ (9,625,765
                

 

 

 

OTC Total Return Swaps

 

 

 
Reference Entity  

Payment

Frequency

   Counterparty(a)   

Termination

Date

    

Net

Notional

    

Accrued

Unrealized

Appreciation

(Depreciation)

    

Net Value of

Reference

Entity

    

Gross Notional 

Amount 

Net Asset 

Percentage 

 

 

 

Equity Securities Long/Short

  Monthly    Goldman Sachs Bank USA(b)      02/27/23      $ 8,891,325      $ (710,986 )(c)     $ 8,189,788        0.0%  (d) 
 

Monthly

   HSBC Bank PLC(e)      02/10/23        21,109,709        (2,759,590 )(f)       18,400,387        0.0 (d ) 
 

Monthly

   JPMorgan Chase Bank NA(g)      02/08/23        17,634,008        (895,107 )(h)       16,773,125        0.0 (d ) 
             

 

 

    

 

 

    
              $ (4,365,683    $  43,363,300     
             

 

 

    

 

 

    

 

  (a) 

The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions.

 
  (c) 

Amount includes $(9,449) of net dividends, payable for referenced securities purchased and financing fees.

 
  (d) 

Rounds to less than 0.1%.

 
  (f) 

Amount includes $(50,268) of net dividends, payable for referenced securities purchased and financing fees.

 
  (h) 

Amount includes $(34,224) of net dividends, payable for referenced securities purchased and financing fees.

 

 

 

14  

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


Schedule of Investments (unaudited) (continued)

September 30, 2022

  

iShares® Core S&P Mid-Cap ETF

 

    The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:

 

     (b)    (e)    (g)  
 

Range:

   20 basis points    65 basis points    65 basis points  

    

 

Benchmarks:    

   USD - 1D Overnight Fed Funds Effective Rate        USD - 1D Overnight Bank Funding Rate        USD - 1D Overnight Bank Funding Rate       
     (FEDL01)    (OBFR01)    (OBFR01)  

 

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination date February 27, 2023.

 

 

 
    Shares      Value     

% of

Basket

Value

 

 

 

Reference Entity — Long

                  
Common Stocks                          
Banks                          

Cadence Bank

    179,230      $ 4,554,234          55.6

Envestnet, Inc.

    71,645        3,181,038          38.9  
    

 

 

      

 

 

 
       7,735,272       
Consumer Finance                          

Bread Financial Holdings, Inc.

    14,452        454,516          5.5  
    

 

 

      

 

 

 

Net Value of Reference Entity —
Goldman Sachs Bank USA

     $   8,189,788       
    

 

 

      

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination date February 10, 2023.

 

 

 
    Shares      Value     

% of

Basket

Value

 

 

 

Reference Entity — Long

 

Common Stocks                             
Banks                          

Cadence Bank

    115,587      $ 2,937,066          16.0

Envestnet, Inc.

    348,273        15,463,321          84.0  
    

 

 

      

 

 

 
       18,400,387       
    

 

 

      

Net Value of Reference Entity — HSBC Bank PLC

     $ 18,400,387       
    

 

 

      

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank NA as of period end, termination date February 8, 2023.

 

 

 
    Shares      Value     

% of

Basket

Value

 

 

 

Reference Entity — Long

         
Common Stocks                             
Banks                          

Cadence Bank

    519,917      $ 13,211,091          78.8

Envestnet, Inc.

    80,226        3,562,034          21.2  
    

 

 

      

 

 

 
       16,773,125       
    

 

 

      

Net Value of Reference Entity —
JPMorgan Chase Bank NA

     $ 16,773,125       
    

 

 

      

 

 

Balances Reported in the Statements of Assets and Liabilities for OTC Swaps

 

         
Description   

Swap

Premiums

Paid

    

Swap

Premiums

Received

    

Unrealized

Appreciation

    

Unrealized

Depreciation

 

OTC Swaps

   $      $      $      $ (4,365,683

 

 

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, 2022

  

iShares® Core S&P Mid-Cap 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(a)

                                

Unrealized depreciation on futures contracts

   $        $        $ 9,625,765        $        $        $        $ 9,625,765  

Swaps — OTC

                                

Unrealized depreciation on OTC swaps;

                                

Swap premiums received

                       4,365,683                                     4,365,683  
  

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 
   $        $        $   13,991,448        $        $        $        $   13,991,448  
  

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

 

  (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, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

               
     

Commodity

Contracts

      

Credit

Contracts

      

Equity

Contracts

      

Foreign

Currency

Exchange

Contracts

      

Interest

Rate

Contracts

      

Other

Contracts

       Total  

Net Realized Gain (Loss) from

                                

Futures contracts

   $        $        $ (14,641,148      $        $        $        $ (14,641,148

Swaps

                       (13,106,377                                   (13,106,377
  

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 
   $        $        $  (27,747,525      $        $        $        $  (27,747,525
  

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on

                                

Futures contracts

   $        $        $ (15,649,286      $        $        $        $ (15,649,286

Swaps

                       (5,848,186                                   (5,848,186
  

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 
   $        $        $ (21,497,472      $        $        $        $ (21,497,472
  

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

   

Futures contracts

  

Average notional value of contracts — long

     $140,735,070  

Total return swaps

  

Average notional amount

     $49,590,757  

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

Derivative Financial Instruments – Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

 

     
      Assets      Liabilities  

Derivative Financial Instruments

     

Futures contracts

   $      $ 1,198,500  

Swaps — OTC(a)

            4,365,683  
  

 

 

    

 

 

 

Total derivative assets and liabilities in the Statements of Assets and Liabilities

   $      $ 5,564,183  
  

 

 

    

 

 

 

Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)

            (1,198,500
  

 

 

    

 

 

 

Total derivative assets and liabilities subject to an MNA

   $      $ 4,365,683  
  

 

 

    

 

 

 

 

  (a) 

Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/received in the Statements of Assets and Liabilities.

 

 

 

16  

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


Schedule of Investments (unaudited) (continued)

September 30, 2022

  

iShares® Core S&P Mid-Cap ETF

 

The following table presents the Fund’s derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received by the Fund:

 

           
Counterparty   

Derivative

Liabilities

Subject to

an MNA by

Counterparty

    

Derivatives

Available

for Offset(a)

    

Non-

Cash

Collateral

Pledged

    

Cash

Collateral

Pledged(b)

    

Net

Amount of

Derivative

Liabilities(c)

 

Goldman Sachs Bank USA

   $ 710,986      $      $      $ (490,000    $ 220,986  

HSBC Bank PLC

     2,759,590                      (1,934,000      825,590  

JPMorgan Chase Bank N.A.

     895,107                      (670,000      225,107  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
   $ 4,365,683      $      $      $  (3,094,000    $  1,271,683  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a) 

The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

 
  (b) 

Excess of collateral pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

 
  (c) 

Net amount represents the net amount payable due to the counterparty in the event of default.

 

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

   $ 54,866,559,916        $        $        $ 54,866,559,916  

Short-Term Securities

                 

Money Market Funds

     3,773,802,603                            3,773,802,603  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $     58,640,362,519        $        $        $     58,640,362,519  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative Financial Instruments(a)

                 

Liabilities

                 

Equity Contracts

   $ (9,625,765      $ (4,365,683      $        $ (13,991,448
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

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

 

See notes to financial statements.

 

 

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

  17


Schedule of Investments (unaudited)

September 30, 2022

  

iShares® Core S&P Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Aerospace & Defense — 1.3%            

AAR Corp.(a)(b)(c)

    2,451,963     $ 87,829,315  

Aerojet Rocketdyne Holdings, Inc.(a)(b)

    5,513,678       220,491,983  

AeroVironment, Inc.(a)(b)(c)

    1,822,566       151,929,102  

Kaman Corp.(a)

    2,042,764       57,054,399  

Moog, Inc., Class A(a)

    2,112,095       148,585,883  

National Presto Industries, Inc.(a)

    371,751       24,182,403  

Park Aerospace Corp.(a)

    1,471,818       16,248,871  

Triumph Group, Inc.(a)(b)(c)

    3,871,501       33,256,194  
   

 

 

 
      739,578,150  
Air Freight & Logistics — 0.9%  

Atlas Air Worldwide Holdings, Inc.(a)(b)(c)

    1,879,455       179,619,514  

Forward Air Corp.(a)(c)

    1,958,212       176,748,215  

Hub Group, Inc., Class A(a)(b)(c)

    2,478,704       170,981,002  
   

 

 

 
      527,348,731  
Airlines — 0.4%  

Allegiant Travel Co.(a)(b)

    1,126,671       82,224,450  

Hawaiian Holdings, Inc.(a)(b)(c)

    3,747,571       49,280,559  

SkyWest, Inc.(a)(b)(c)

    3,696,556       60,106,001  

Sun Country Airlines Holdings, Inc.(b)(c)

    2,382,939       32,431,800  
   

 

 

 
      224,042,810  
Auto Components — 1.3%  

American Axle & Manufacturing Holdings,
Inc.(a)(b)(c)

    8,354,181       57,059,056  

Dorman Products, Inc.(a)(b)(c)

    2,063,069       169,419,226  

Gentherm, Inc.(a)(b)(c)

    2,425,021       120,596,294  

LCI Industries(a)

    1,854,578       188,165,484  

Motorcar Parts of America, Inc.(a)(b)(c)

    1,455,300       22,149,666  

Patrick Industries, Inc.(a)

    1,584,093       69,446,637  

Standard Motor Products, Inc.(a)

    1,361,772       44,257,590  

XPEL, Inc.(a)(b)(c)

    1,429,953       92,146,171  
   

 

 

 
      763,240,124  
Automobiles — 0.2%  

Winnebago Industries, Inc.(a)(c)

    2,316,562       123,264,264  
   

 

 

 
Banks — 10.4%            

Allegiance Bancshares, Inc.(a)(c)

    1,317,626       54,852,770  

Ameris Bancorp(a)(c)

    4,751,262       212,428,924  

Banc of California, Inc.(a)(c)

    4,064,717       64,913,530  

BancFirst Corp.(c)

    1,270,933       113,710,376  

Bancorp, Inc.(a)(b)(c)

    3,933,229       86,452,373  

BankUnited, Inc.(a)

    5,287,744       180,682,212  

Banner Corp.(a)

    2,278,712       134,626,305  

Berkshire Hills Bancorp, Inc.(a)(c)

    3,091,585       84,400,270  

Brookline Bancorp, Inc.(a)

    5,223,311       60,851,573  

Central Pacific Financial Corp.(a)

    1,597,517       33,052,627  

City Holding Co.(a)(c)

    990,496       87,847,090  

Columbia Banking System, Inc.(a)

    5,482,372       158,385,727  

Community Bank System, Inc.(a)(c)

    3,698,689       222,217,235  

Customers Bancorp, Inc.(a)(b)(c)

    2,147,637       63,312,339  

CVB Financial Corp.(a)(c)

    9,563,598       242,150,301  

Dime Community Bancshares, Inc.(a)

    2,364,491       69,232,296  

Eagle Bancorp, Inc.(a)

    2,269,116       101,701,779  

FB Financial Corp.(a)(c)

    2,564,414       97,986,259  

First Bancorp/Puerto Rico(a)

    13,109,498       179,337,933  

First Bancorp/Southern Pines NC(a)(c)

    2,468,038       90,280,830  

First Commonwealth Financial Corp.(a)

    6,138,268       78,815,361  

First Financial Bancorp(a)

    6,450,830       135,983,496  

First Hawaiian, Inc.(a)

    9,312,919       229,377,195  

Hanmi Financial Corp.(a)

    2,046,892       48,470,403  

Heritage Financial Corp.(a)

    2,349,446       62,189,836  
Security   Shares     Value  
Banks (continued)            

Hilltop Holdings, Inc.(a)(c)

    3,324,324     $ 82,609,451  

HomeStreet, Inc.(a)

    1,256,727       36,206,305  

Hope Bancorp, Inc.(a)

    7,989,669       100,989,416  

Independent Bank Corp.(a)(c)

    3,141,549       234,139,647  

Independent Bank Group, Inc.(a)

    2,582,072       158,513,400  

Lakeland Financial Corp.(a)(c)

    1,819,940       132,509,831  

National Bank Holdings Corp., Class A(a)

    2,047,072       75,721,193  

NBT Bancorp, Inc.(a)

    2,922,749       110,918,325  

Northwest Bancshares, Inc.(a)

    8,555,530       115,585,210  

OFG Bancorp(a)

    3,245,370       81,556,148  

Pacific Premier Bancorp, Inc.(a)

    6,649,873       205,880,068  

Park National Corp.(a)(c)

    1,054,995       131,325,778  

Pathward Financial, Inc.(a)(c)

    2,077,866       68,486,463  

Preferred Bank(c)

    615,879       40,173,787  

Renasant Corp.(a)

    3,826,536       119,694,046  

S&T Bancorp, Inc.(a)

    2,733,139       80,108,304  

Seacoast Banking Corp. of Florida(a)(c)

    4,283,468       129,489,238  

ServisFirst Bancshares, Inc.(a)(c)

    3,564,611       285,168,880  

Simmons First National Corp., Class A(a)(c)

    8,787,556       191,480,845  

Southside Bancshares, Inc.(a)

    2,218,003       78,428,586  

Stellar Bancorp, Inc.

    1,334,128       39,023,244  

Tompkins Financial Corp.(a)

    923,324       67,051,789  

Triumph Bancorp, Inc.(a)(b)(c)

    1,676,291       91,106,416  

Trustmark Corp.(a)

    3,868,806       118,501,528  

United Community Banks, Inc.(a)

    7,373,377       244,058,779  

Veritex Holdings, Inc.(a)

    3,748,074       99,661,288  

Westamerica Bancorp(a)

    1,842,536       96,346,207  
   

 

 

 
      6,107,993,212  
Beverages — 0.3%  

MGP Ingredients, Inc.(a)(c)

    1,122,752       119,191,352  

National Beverage Corp.

    1,701,780       65,586,601  
   

 

 

 
      184,777,953  
Biotechnology — 3.0%  

Anika Therapeutics, Inc.(a)(b)(c)

    1,089,756       25,936,193  

Arcus Biosciences, Inc.(a)(b)(c)

    3,789,059       99,121,783  

Avid Bioservices, Inc.(a)(b)(c)

    4,509,595       86,223,456  

Catalyst Pharmaceuticals, Inc.(a)(b)(c)

    6,898,719       88,510,565  

Coherus Biosciences, Inc.(a)(b)(c)

    4,704,829       45,213,407  

Cytokinetics, Inc.(a)(b)(c)

    6,865,782       332,647,138  

Dynavax Technologies Corp.(a)(b)(c)

    8,578,021       89,554,539  

Eagle Pharmaceuticals, Inc.(a)(b)(c)

    775,098       20,478,089  

Emergent BioSolutions, Inc.(a)(b)(c)

    3,245,759       68,128,481  

Enanta Pharmaceuticals, Inc.(a)(b)(c)

    1,420,779       73,695,807  

Ironwood Pharmaceuticals, Inc.(a)(b)(c)

    9,729,178       100,794,284  

iTeos Therapeutics, Inc.(a)(b)(c)

    1,796,740       34,227,897  

Ligand Pharmaceuticals, Inc.(a)(b)(c)

    1,169,702       100,723,039  

Myriad Genetics, Inc.(a)(b)(c)

    5,880,642       112,202,649  

Organogenesis Holdings, Inc.(b)(c)

    5,154,643       16,701,043  

REGENXBIO, Inc.(a)(b)(c)

    2,742,896       72,494,741  

uniQure NV(a)(b)(c)

    3,007,422       56,419,237  

Vanda Pharmaceuticals, Inc.(a)(b)(c)

    4,124,982       40,754,822  

Vericel Corp.(a)(b)(c)

    3,440,670       79,823,544  

Vir Biotechnology, Inc.(b)(c)

    5,513,718       106,304,483  

Xencor, Inc.(a)(b)(c)

    4,353,727       113,109,827  
   

 

 

 
      1,763,065,024  
Building Products — 2.0%  

AAON, Inc.(a)(c)

    3,062,692       165,017,845  

American Woodmark Corp.(a)(b)(c)

    1,210,198       53,079,284  

Apogee Enterprises, Inc.(a)

    1,615,906       61,759,927  

Gibraltar Industries, Inc.(a)(b)(c)

    2,306,612       94,409,629  

Griffon Corp.(a)(c)

    3,454,158       101,966,744  

 

 

18  

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


Schedule of Investments (unaudited) (continued)

September 30, 2022

  

iShares® Core S&P Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Building Products (continued)            

Insteel Industries, Inc.(a)(c)

    1,422,569     $ 37,740,756  

PGT Innovations, Inc.(a)(b)(c)

    4,371,902       91,635,066  

Quanex Building Products Corp.(a)(c)

    2,429,875       44,126,530  

Resideo Technologies, Inc.(a)(b)(c)

    10,624,767       202,508,059  

UFP Industries, Inc.(a)(c)

    4,494,075       324,292,452  
   

 

 

 
      1,176,536,292  
Capital Markets — 0.9%  

B Riley Financial, Inc.

    1,157,875       51,548,595  

Blucora, Inc.(a)(b)(c)

    3,482,105       67,343,911  

Brightsphere Investment Group, Inc.(a)

    2,356,983       35,142,617  

Donnelley Financial Solutions, Inc.(a)(b)(c)

    1,869,208       69,104,620  

Piper Sandler Cos.(a)

    999,786       104,717,586  

StoneX Group, Inc.(a)(b)(c)

    1,256,039       104,175,875  

Virtus Investment Partners, Inc.(a)

    498,728       79,557,091  

WisdomTree Investments, Inc.(a)

    8,149,819       38,141,153  
   

 

 

 
      549,731,448  
Chemicals — 3.2%  

AdvanSix, Inc.(a)(c)

    2,042,545       65,565,695  

American Vanguard Corp.(a)(c)

    2,116,263       39,574,118  

Balchem Corp.(a)(c)

    2,342,539       284,805,892  

FutureFuel Corp.

    1,940,524       11,720,765  

Hawkins, Inc.(a)

    1,385,396       54,016,590  

HB Fuller Co.(a)(c)

    3,877,107       233,014,131  

Innospec, Inc.(a)(c)

    1,807,981       154,889,732  

Koppers Holdings, Inc.(a)(c)

    1,537,002       31,938,902  

Livent Corp.(a)(b)(c)

    13,072,064       400,658,762  

Mativ Holdings, Inc.(a)

    3,987,417       88,042,167  

Minerals Technologies, Inc.(a)(c)

    2,377,125       117,453,746  

Quaker Chemical Corp.(a)(c)

    993,733       143,475,171  

Rayonier Advanced Materials, Inc.(a)(b)(c)

    4,806,670       15,141,011  

Stepan Co.(a)(c)

    1,545,345       144,752,466  

Tredegar Corp.(a)

    1,849,577       17,460,007  

Trinseo PLC(a)

    2,555,862       46,823,392  
   

 

 

 
      1,849,332,547  
Commercial Services & Supplies — 1.9%  

ABM Industries, Inc.(a)

    4,870,768       186,209,461  

Brady Corp., Class A, NVS(c)

    3,404,835       142,083,765  

CoreCivic, Inc.(a)(b)

    8,577,913       75,828,751  

Deluxe Corp.(a)

    3,142,179       52,317,280  

GEO Group, Inc.(a)(b)

    8,774,972       67,567,284  

Harsco Corp.(a)(b)(c)

    5,792,961       21,665,674  

Healthcare Services Group, Inc.(a)

    5,417,120       65,492,981  

HNI Corp.(a)

    3,014,397       79,911,664  

Interface, Inc.(a)(c)

    4,299,777       38,654,995  

KAR Auction Services, Inc.(a)(b)(c)

    8,447,405       94,357,514  

Matthews International Corp., Class A(a)

    2,232,090       50,021,137  

Pitney Bowes, Inc.

    7,894,604       18,394,427  

UniFirst Corp.(c)

    1,100,714       185,173,116  

Viad Corp.(a)(b)(c)

    1,503,886       47,492,720  
   

 

 

 
      1,125,170,769  
Communications Equipment — 1.5%  

ADTRAN Holdings, Inc.(a)

    5,138,031       100,602,647  

Clearfield, Inc.(a)(b)(c)

    834,003       87,270,074  

Comtech Telecommunications Corp.(a)

    1,992,977       19,949,700  

Digi International, Inc.(a)(b)(c)

    2,558,730       88,455,296  

Extreme Networks, Inc.(b)(c)

    5,838,562       76,310,005  

Harmonic, Inc.(a)(b)(c)

    7,661,955       100,141,752  

NETGEAR, Inc.(a)(b)(c)

    2,102,431       42,132,717  
Security   Shares      Value  
Communications Equipment (continued)             

NetScout Systems, Inc.(a)(b)(c)

    4,962,823      $ 155,435,616  

Viavi Solutions, Inc.(a)(b)(c)

    16,615,417        216,831,192  
    

 

 

 
       887,128,999  
Construction & Engineering — 1.3%  

Arcosa, Inc.(a)(c)

    3,526,615        201,651,846  

Comfort Systems USA, Inc.(a)(c)

    2,609,094        253,943,119  

Granite Construction, Inc.(a)(c)

    3,217,164        81,683,794  

MYR Group, Inc.(a)(b)(c)

    1,214,783        102,928,564  

NV5 Global, Inc.(a)(b)(c)

    909,655        112,633,482  
    

 

 

 
       752,840,805  
Consumer Finance — 0.7%  

Encore Capital Group, Inc.(a)(b)(c)

    1,745,450        79,383,066  

Enova International, Inc.(a)(b)(c)

    2,334,555        68,332,425  

EZCORP, Inc., Class A, NVS(b)(c)

    3,948,749        30,444,855  

Green Dot Corp., Class A(a)(b)(c)

    3,478,202        66,016,274  

LendingTree, Inc.(a)(b)(c)

    792,941        18,919,572  

PRA Group, Inc.(a)(b)(c)

    2,846,241        93,527,479  

PROG Holdings, Inc.(a)(b)

    3,689,670        55,271,257  

World Acceptance Corp.(b)(c)

    265,725        25,727,494  
    

 

 

 
       437,622,422  
Containers & Packaging — 0.3%  

Myers Industries, Inc.(a)

    2,673,477        44,032,166  

O-I Glass, Inc.(a)(b)(c)

    11,356,204        147,062,842  
    

 

 

 
       191,095,008  
Diversified Consumer Services — 1.0%  

Adtalem Global Education, Inc.(a)(b)(c)

    3,296,687        120,164,241  

Frontdoor, Inc.(a)(b)(c)

    5,942,992        121,177,607  

Mister Car Wash, Inc.(b)

    5,768,009        49,489,517  

Perdoceo Education Corp.(a)(b)(c)

    4,941,506        50,897,512  

Strategic Education, Inc.(a)

    1,635,050        100,408,420  

Stride, Inc.(a)(b)(c)

    2,967,288        124,715,115  

WW International, Inc.(a)(b)(c)

    3,913,993        15,381,992  
    

 

 

 
       582,234,404  
Diversified Telecommunication Services — 0.4%  

ATN International, Inc.(c)

    787,488        30,373,412  

Cogent Communications Holdings, Inc.(a)

    3,111,303        162,285,564  

Consolidated Communications Holdings, Inc.(b)(c)

    5,432,187        22,597,898  
    

 

 

 
       215,256,874  
Electrical Equipment — 0.4%  

AZZ, Inc.(a)

    1,807,857        66,004,859  

Encore Wire Corp.(a)(c)

    1,394,837        161,159,467  

Powell Industries, Inc.(a)

    679,827        14,330,753  
    

 

 

 
       241,495,079  
Electronic Equipment, Instruments & Components — 4.2%  

Advanced Energy Industries, Inc.(a)(c)

    2,724,543        210,906,874  

Arlo Technologies, Inc.(a)(b)(c)

    6,390,984        29,654,166  

Badger Meter, Inc.(a)(c)

    2,134,551        197,211,167  

Benchmark Electronics, Inc.(a)(c)

    2,570,837        63,705,341  

CTS Corp.(a)(c)

    2,328,218        96,970,280  

ePlus, Inc.(a)(b)(c)

    1,972,803        81,950,237  

Fabrinet(a)(b)(c)

    2,682,679        256,061,711  

FARO Technologies, Inc.(a)(b)(c)

    1,337,439        36,699,326  

Insight Enterprises, Inc.(a)(b)(c)

    2,228,442        183,645,905  

Itron, Inc.(a)(b)(c)

    3,296,718        138,824,795  

Knowles Corp.(a)(b)(c)

    6,700,149        81,540,813  

Methode Electronics, Inc.(a)(c)

    2,680,078        99,564,898  

OSI Systems, Inc.(a)(b)(c)

    1,155,999        83,301,288  

PC Connection, Inc.

    825,311        37,213,273  

 

 

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, 2022

  

iShares® Core S&P Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Electronic Equipment, Instruments & Components (continued)  

Plexus Corp.(a)(b)(c)

    2,021,003     $ 176,959,023  

Rogers Corp.(a)(b)(c)

    1,365,951       330,396,228  

Sanmina Corp.(a)(b)(c)

    4,219,656       194,441,748  

ScanSource, Inc.(a)(b)(c)

    1,839,988       48,594,083  

TTM Technologies, Inc.(a)(b)(c)

    7,471,588       98,475,530  
   

 

 

 
      2,446,116,686  
Energy Equipment & Services — 1.7%  

Archrock, Inc.(a)

    9,760,742       62,663,964  

Bristow Group, Inc.(a)(b)(c)

    1,738,643       40,840,724  

Core Laboratories NV(a)(c)

    3,378,474       45,541,830  

DMC Global, Inc.(a)(b)(c)

    1,352,964       21,620,365  

Dril-Quip, Inc.(a)(b)(c)

    2,506,889       48,934,473  

Helix Energy Solutions Group, Inc.(a)(b)(c)

    10,436,079       40,283,265  

Helmerich & Payne, Inc.(a)

    7,678,650       283,879,690  

Nabors Industries Ltd.(a)(b)(c)

    652,509       66,197,038  

Oceaneering International, Inc.(a)(b)(c)

    7,311,940       58,203,042  

Oil States International, Inc.(a)(b)(c)

    4,666,972       18,154,521  

Patterson-UTI Energy, Inc.(a)(c)

    15,812,565       184,690,759  

ProPetro Holding Corp.(a)(b)(c)

    6,392,221       51,457,379  

RPC, Inc.(c)

    6,068,490       42,054,636  

U.S. Silica Holdings, Inc.(a)(b)(c)

    5,510,285       60,337,621  
   

 

 

 
      1,024,859,307  
Entertainment — 0.2%  

Cinemark Holdings, Inc.(a)(b)(c)

    7,848,492       95,045,238  

Marcus Corp.(c)

    1,779,122       24,712,005  
   

 

 

 
      119,757,243  
Equity Real Estate Investment Trusts (REITs) — 7.0%  

Acadia Realty Trust(a)

    6,756,663       85,269,087  

Agree Realty Corp.(a)(c)

    5,823,179       393,530,437  

Alexander & Baldwin, Inc.(a)

    5,301,972       87,906,696  

American Assets Trust, Inc.(a)

    3,806,082       97,892,429  

Armada Hoffler Properties, Inc.(a)

    4,937,857       51,254,956  

Brandywine Realty Trust(a)

    12,544,229       84,673,546  

CareTrust REIT, Inc.(a)

    7,076,235       128,150,616  

Centerspace(a)

    1,121,075       75,470,769  

Chatham Lodging Trust(a)(b)

    3,571,247       35,248,208  

Community Healthcare Trust, Inc.(a)

    1,716,815       56,225,691  

DiamondRock Hospitality Co.(a)

    15,382,438       115,522,109  

Diversified Healthcare Trust(a)

    17,945,404       17,767,745  

Easterly Government Properties, Inc.(a)(c)

    6,154,787       97,060,991  

Elme Communities(a)(c)

    6,382,650       112,079,334  

Essential Properties Realty Trust, Inc.(a)

    10,298,301       200,301,954  

Four Corners Property Trust, Inc.(a)

    5,948,794       143,901,327  

Franklin Street Properties Corp.(a)

    6,700,794       17,623,088  

Getty Realty Corp.(a)

    2,882,402       77,507,790  

Global Net Lease, Inc.(a)

    7,582,548       80,754,136  

Hersha Hospitality Trust, Class A(a)

    2,396,753       19,126,089  

Hudson Pacific Properties, Inc.(a)

    9,401,099       102,942,034  

Industrial Logistics Properties Trust(a)

    4,787,315       26,330,233  

Innovative Industrial Properties, Inc.(a)

    2,040,037       180,543,274  

iStar, Inc.(a)

    6,226,528       57,657,649  

LTC Properties, Inc.(a)(c)

    2,953,998       110,627,225  

LXP Industrial Trust(a)

    20,412,404       186,977,621  

NexPoint Residential Trust, Inc.(a)

    1,351,111       62,434,839  

Office Properties Income Trust(a)

    3,533,813       49,650,073  

Orion Office REIT, Inc.(a)(c)

    4,144,036       36,260,315  

Outfront Media, Inc., REIT

    5,808,837       88,236,234  

Retail Opportunity Investments Corp.(a)(c)

    8,509,433       117,089,798