SEPTEMBER
30,
2023
2023
Semi-Annual
Report
(Unaudited)
iShares
Trust
iShares
S&P
Mid-Cap
400
Growth
ETF
|
IJK
|
NYSE
Arca
iShares
S&P
Mid-Cap
400
Value
ETF
|
IJJ
|
NYSE
Arca
iShares
S&P
Small-Cap
600
Growth
ETF
|
IJT
|
NASDAQ
Dear
Shareholder,
The
combination
of
continued
economic
growth
and
moderating
inflation
provided
a
supportive
backdrop
for
investors
during
the
12-month
reporting
period
ended
September
30,
2023.
Significantly
tighter
monetary
policy
helped
to
rein
in
inflation
while
the
economy
proved
more
resilient
than
many
investors
anticipated.
A
moderating
labor
market
also
helped
ease
inflationary
pressure,
although
wages
continued
to
grow
and
unemployment
rates
touched
the
lowest
levels
in
decades.
This
robust
labor
market
powered
further
growth
in
consumer
spending,
backstopping
the
economy.
On
October
7,
2023,
Hamas
launched
a
horrific
attack
on
Israel.
The
ensuing
war
will
have
a
significant
humanitarian
impact
and
could
lead
to
heightened
economic
and
market
volatility.
We
see
geopolitics
as
a
structural
market
risk
going
forward.
See
our
geopolitical
risk
dashboard
at
blackrock.com
for
more
details.
Equity
returns
were
substantial,
as
the
durability
of
consumer
sentiment
and
spending
mitigated
investors’
concerns
about
the
economy’s
trajectory.
The
U.S.
economy
resumed
growth
in
the
third
quarter
of
2022
and
continued
to
expand
thereafter.
All
major
classes
of
equities
rose,
although
large-capitalization
U.S.
stocks
posted
significantly
higher
returns
than
small-capitalization
U.S.
stocks
due
primarily
to
the
performance
of
large
technology
companies.
International
developed
market
equities
also
advanced
strongly,
and
emerging
market
equities
posted
solid
gains.
The
10-year
U.S.
Treasury
yield
rose
during
the
reporting
period,
driving
its
price
down,
as
investors
reacted
to
elevated
inflation
and
attempted
to
anticipate
future
interest
rate
changes.
The
corporate
bond
market
benefited
from
improving
economic
sentiment,
although
high-yield
corporate
bond
prices
fared
significantly
better
than
investment-grade
bonds
as
demand
from
yield-seeking
investors
remained
strong.
The
U.S.
Federal
Reserve
(the
“Fed”),
attempting
to
manage
persistent
inflation,
raised
interest
rates
six
times
during
the
12-month
period.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
incrementally
reduced
its
balance
sheet
by
not
replacing
securities
that
reach
maturity.
However,
the
Fed
declined
to
raise
interest
rates
at
two
of
its
meetings
late
in
the
period.
Supply
constraints
appear
to
have
become
an
embedded
feature
of
the
new
macroeconomic
environment,
making
it
difficult
for
developed
economies
to
increase
production
without
sparking
higher
inflation.
Geopolitical
fragmentation
and
an
aging
population
risk
further
exacerbating
these
constraints,
keeping
the
labor
market
tight
and
wage
growth
high.
Although
the
Fed
has
decelerated
the
pace
of
interest
rate
hikes
and
recently
opted
for
two
pauses,
we
believe
that
the
new
economic
regime
means
that
the
Fed
will
need
to
maintain
high
rates
for
an
extended
period
to
keep
inflation
under
control.
Furthermore,
ongoing
structural
changes
may
mean
that
the
Fed
will
be
hesitant
to
cut
interest
rates
in
the
event
of
faltering
economic
activity
lest
inflation
accelerate
again.
We
believe
investors
should
expect
a
period
of
higher
volatility
as
markets
adjust
to
the
new
economic
reality
and
policymakers
attempt
to
adapt.
While
we
favor
an
overweight
position
in
developed
market
equities
in
the
long
term,
we
prefer
an
underweight
stance
in
the
near
term.
Expectations
for
corporate
earnings
remain
elevated,
which
seems
inconsistent
with
macroeconomic
constraints.
Nevertheless,
we
are
overweight
on
Japanese
stocks
in
the
near
term
as
shareholder-friendly
policies
generate
increased
investor
interest.
We
also
believe
that
stocks
with
an
AI
tilt
should
benefit
from
an
investment
cycle
that
is
set
to
support
revenues
and
margins.
In
credit,
there
are
selective
opportunities
in
the
near
term
despite
tightening
credit
and
financial
conditions.
For
fixed
income
investing
with
a
six-
to
twelve-month
horizon,
we
see
the
most
attractive
investments
in
short-term
U.S.
Treasuries,
U.S.
inflation-linked
bonds,
euro
area
government
bonds
and
gilts,
U.S.
mortgage-backed
securities,
and
hard-
currency
emerging
market
bonds.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
iShares.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock,
Inc.
The
Markets
in
Review
Rob
Kapito
President,
BlackRock,
Inc.
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
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
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Semi-Annual
Report:
Fund
Summary
........................................................................................................
4
About
Fund
Performance
..................................................................................................
7
Disclosure
of Expenses
...................................................................................................
7
Schedules
of
Investments
(unaudited)
.................................................................................................
8
Financial
Statements:
Statements
of
Assets
and
Liabilities
.........................................................................................
32
Statements
of
Operations
................................................................................................
33
Statements
of
Changes
in
Net
Assets
........................................................................................
34
Financial
Highlights
.....................................................................................................
36
Notes
to
Financial
Statements
...............................................................................................
39
Board
Review
and
Approval
of
Investment
Advisory
Contract
............................................................................
48
Supplemental
Information
.................................................................................................
54
General
Information
.....................................................................................................
55
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
56
Fund
Summary
as
of
September
30,
2023
2023
iShares
Semi-Annual
Report
To
Shareholders
4
iShares
®
S&P
Mid-Cap
400
Growth
ETF
Investment
Objective
The
iShares
S&P
Mid-Cap
400
Growth
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
mid-capitalization
U.S.
equities
that
exhibit
growth
characteristics,
as
represented
by
the
S&P
MidCap
400
Growth
Index
TM
(“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
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.66‌%
16.04‌%
5.43‌%
8.68‌%
16.04‌%
30.28‌%
129.97‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.62‌
15.96‌
5.41‌
8.67‌
15.96‌
30.16‌
129.72‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.74‌
16.21‌
5.63‌
8.89‌
16.21‌
31.51‌
134.46‌
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
$
1,016.60‌
$
0.86‌
$
1,000.00‌
$
1,024.15‌
$
0.86‌
0.17‌%
(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.
SECTOR
ALLOCATION
—
%
Sector
Percent
of
Total
Investments
(a)
—
Industrials
......................................
24.7‌
%
Consumer
Discretionary
............................
12.3‌
Financials
......................................
11.1‌
Health
Care
....................................
10.3‌
Information
Technology
.............................
10.2‌
Energy
........................................
9.2‌
Materials
......................................
8.1‌
Real
Estate
.....................................
4.5‌
Consumer
Staples
................................
4.4‌
Utilities
........................................
3.5‌
Communication
Services
............................
1.7‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Hubbell,
Inc.
.....................................
1.4‌
%
Builders
FirstSource
,
Inc.
............................
1.3‌
Reliance
Steel
&
Aluminum
Co.
........................
1.3‌
Deckers
Outdoor
Corp.
..............................
1.1‌
Carlisle
Cos.,
Inc.
.................................
1.1‌
Watsco
,
Inc.
.....................................
1.1‌
RPM
International,
Inc.
..............................
1.0‌
Lattice
Semiconductor
Corp.
..........................
1.0‌
Dynatrace
,
Inc.
...................................
0.9‌
Neurocrine
Biosciences,
Inc.
..........................
0.9‌
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
September
30,
2023
5
Fund
Summary
iShares
®
S&P
Mid-Cap
400
Value
ETF
Investment
Objective
The
iShares
S&P
Mid-Cap
400
Value
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
mid-capitalization
U.S.
equities
that
exhibit
value
characteristics,
as
represented
by
the
S&P
MidCap
400
Value
Index
TM
(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
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(1.00‌)%
14.37‌%
5.86‌%
8.42‌%
14.37‌%
32.95‌%
124.48‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(0.89‌)
14.31‌
5.86‌
8.42‌
14.31‌
32.93‌
124.51‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(0.93‌)
14.50‌
6.06‌
8.64‌
14.50‌
34.22‌
129.04‌
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
$
990.00‌
$
0.90‌
$
1,000.00‌
$
1,024.10‌
$
0.91‌
0.18‌%
(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.
SECTOR
ALLOCATION
—
%
Sector
Percent
of
Total
Investments
(a)
—
Industrials
......................................
19.4‌
%
Financials
......................................
18.5‌
Consumer
Discretionary
............................
17.1‌
Information
Technology
.............................
11.2‌
Real
Estate
.....................................
10.5‌
Health
Care
....................................
6.2‌
Materials
......................................
5.8‌
Consumer
Staples
................................
4.3‌
Utilities
........................................
3.2‌
Energy
........................................
2.1‌
Communication
Services
............................
1.7‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Jabil,
Inc.
.......................................
1.6‌
%
Equity
LifeStyle
Properties,
Inc.
........................
1.1‌
Chesapeake
Energy
Corp.
...........................
0.9‌
Reinsurance
Group
of
America,
Inc.
.....................
0.9‌
Regal
Rexnord
Corp.
...............................
0.9‌
Unum
Group
.....................................
0.9‌
XPO,
Inc.
.......................................
0.8‌
New
York
Community
Bancorp,
Inc.
.....................
0.8‌
Lithia
Motors,
Inc.
.................................
0.8‌
Toll
Brothers,
Inc.
..................................
0.8‌
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
September
30,
2023
2023
iShares
Semi-Annual
Report
To
Shareholders
6
iShares
®
S&P
Small-Cap
600
Growth
ETF
Investment
Objective
The
iShares
S&P
Small-Cap
600
Growth
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
small-capitalization
U.S.
equities
that
exhibit
growth
characteristics,
as
represented
by
the
S&P
SmallCap
600
Growth
Index
TM
(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
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.29‌%
9.46‌%
2.68‌%
8.34‌%
9.46‌%
14.16‌%
122.84‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.39‌
9.22‌
2.67‌
8.34‌
9.22‌
14.08‌
122.72‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.32‌
9.62‌
2.91‌
8.55‌
9.62‌
15.45‌
127.09‌
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
$
1,002.90‌
$
0.90‌
$
1,000.00‌
$
1,024.10‌
$
0.91‌
0.18‌%
(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.
SECTOR
ALLOCATION
—
%
Sector
Percent
of
Total
Investments
(a)
—
Industrials
......................................
19.1‌
%
Information
Technology
.............................
18.2‌
Financials
......................................
14.8‌
Health
Care
....................................
13.3‌
Consumer
Discretionary
............................
8.8‌
Consumer
Staples
................................
6.4‌
Materials
......................................
6.4‌
Energy
........................................
5.5‌
Real
Estate
.....................................
3.3‌
Utilities
........................................
2.6‌
Communication
Services
............................
1.6‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Rambus,
Inc.
....................................
1.2‌
%
SPS
Commerce,
Inc.
...............................
1.2‌
Applied
Industrial
Technologies,
Inc.
.....................
1.2‌
Ensign
Group,
Inc.
(The)
.............................
1.2‌
Comfort
Systems
USA,
Inc.
...........................
1.1‌
Axcelis
Technologies,
Inc.
............................
1.0‌
Onto
Innovation,
Inc.
...............................
0.9‌
Fabrinet
........................................
0.9‌
Aerojet
Rocketdyne
Holdings,
Inc.
......................
0.9‌
Diodes,
Inc.
.....................................
0.9‌
(a)
Excludes
money
market
funds.
About
Fund
Performance
7
About
Fund
Performance/Disclosure
of
Expenses
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.
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
September
30,
2023
iShares
®
S&P
Mid-Cap
400
Growth
ETF
8
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
1.2%
BWX
Technologies,
Inc.
..............
559,837
$
41,976,578
Curtiss-Wright
Corp.
.................
234,454
45,866,236
87,842,814
Automobile
Components
—
1.2%
Autoliv
,
Inc.
.......................
148,749
14,351,303
Fox
Factory
Holding
Corp.
(a)(b)
..........
259,323
25,693,723
Gentex
Corp.
.....................
657,246
21,386,785
Visteon
Corp.
(b)
....................
172,598
23,830,606
85,262,417
Automobiles
—
0.2%
Harley-Davidson,
Inc.
................
497,181
16,436,804
Banks
—
2.4%
Columbia
Banking
System,
Inc.
.........
662,917
13,457,215
Commerce
Bancshares,
Inc.
...........
472,301
22,661,002
Cullen/Frost
Bankers,
Inc.
.............
262,961
23,984,673
East
West
Bancorp,
Inc.
..............
441,652
23,279,477
First
Financial
Bankshares
,
Inc.
.........
417,917
10,498,075
First
Horizon
Corp.
..................
2,256,973
24,871,842
Glacier
Bancorp,
Inc.
................
366,463
10,444,196
Hancock
Whitney
Corp.
..............
258,305
9,554,702
International
Bancshares
Corp.
.........
199,235
8,634,845
SouthState
Corp.
...................
265,170
17,861,851
United
Bankshares
,
Inc.
..............
397,568
10,968,901
176,216,779
Beverages
—
0.9%
(a)(b)
Boston
Beer
Co.,
Inc.
(The),
Class
A
......
39,921
15,550,427
Celsius
Holdings,
Inc.
................
301,202
51,686,263
67,236,690
Biotechnology
—
2.9%
(b)
Arrowhead
Pharmaceuticals,
Inc.
(a)
.......
314,927
8,462,088
Exelixis
,
Inc.
......................
1,948,720
42,579,532
Halozyme
Therapeutics,
Inc.
...........
807,451
30,844,628
Neurocrine
Biosciences,
Inc.
...........
597,700
67,241,250
United
Therapeutics
Corp.
.............
287,264
64,884,320
214,011,818
Broadline
Retail
—
0.2%
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)(b)
....
185,219
14,295,202
Building
Products
—
5.4%
Advanced
Drainage
Systems,
Inc.
.......
326,367
37,150,356
Builders
FirstSource
,
Inc.
(a)(b)
...........
765,316
95,274,189
Carlisle
Cos.,
Inc.
..................
305,540
79,214,300
Lennox
International,
Inc.
.............
121,293
45,416,951
Owens
Corning
....................
296,918
40,502,584
Simpson
Manufacturing
Co.,
Inc.
........
261,189
39,128,724
Trex
Co.,
Inc.
(a)(b)
...................
352,176
21,704,607
UFP
Industries,
Inc.
.................
378,658
38,774,579
397,166,290
Capital
Markets
—
2.6%
Affiliated
Managers
Group,
Inc.
.........
141,578
18,453,277
Evercore
,
Inc.,
Class
A
...............
106,649
14,704,764
Federated
Hermes,
Inc.,
Class
B
........
372,261
12,608,480
Interactive
Brokers
Group,
Inc.,
Class
A
....
366,657
31,737,830
Jefferies
Financial
Group,
Inc.
..........
1,081,736
39,623,990
Morningstar,
Inc.
...................
159,255
37,303,891
SEI
Investments
Co.
.................
615,696
37,083,370
191,515,602
Security
Shares
Shares
Value
Chemicals
—
3.0%
Ashland,
Inc.
......................
210,133
$
17,163,663
Axalta
Coating
Systems
Ltd.
(a)(b)
.........
610,639
16,426,189
Cabot
Corp.
......................
342,375
23,716,316
Chemours
Co.
(The)
.................
516,612
14,490,967
NewMarket
Corp.
...................
22,819
10,383,558
Olin
Corp.
........................
770,145
38,491,847
RPM
International,
Inc.
...............
789,891
74,889,566
Westlake
Corp.
....................
195,384
24,358,523
219,920,629
Commercial
Services
&
Supplies
—
1.5%
Brink's
Co.
(The)
...................
133,555
9,701,435
Clean
Harbors,
Inc.
(a)(b)
...............
308,242
51,587,381
MSA
Safety,
Inc.
...................
124,364
19,605,985
Tetra
Tech,
Inc.
....................
185,765
28,241,853
109,136,654
Communications
Equipment
—
0.2%
Calix,
Inc.
(a)(b)
......................
361,274
16,560,800
Construction
&
Engineering
—
1.8%
AECOM
.........................
458,519
38,075,418
EMCOR
Group,
Inc.
.................
288,500
60,697,515
Valmont
Industries,
Inc.
...............
128,615
30,894,609
129,667,542
Construction
Materials
—
0.5%
Eagle
Materials,
Inc.
.................
216,869
36,113,026
Consumer
Finance
—
0.7%
Ally
Financial,
Inc.
..................
332,302
8,865,817
FirstCash
Holdings,
Inc.
..............
226,396
22,725,631
SLM
Corp.
.......................
1,383,778
18,847,056
50,438,504
Consumer
Staples
Distribution
&
Retail
—
2.0%
BJ's
Wholesale
Club
Holdings,
Inc.
(a)(b)
.....
468,788
33,457,399
Casey's
General
Stores,
Inc.
...........
228,854
62,138,438
Performance
Food
Group
Co.
(b)
.........
430,076
25,314,273
Sprouts
Farmers
Market,
Inc.
(a)(b)
........
336,917
14,420,048
US
Foods
Holding
Corp.
(a)(b)
............
389,291
15,454,853
150,785,011
Containers
&
Packaging
—
1.9%
AptarGroup,
Inc.
...................
188,820
23,610,053
Berry
Global
Group,
Inc.
..............
318,057
19,690,909
Crown
Holdings,
Inc.
................
287,999
25,482,151
Graphic
Packaging
Holding
Co.
.........
1,335,050
29,744,914
Silgan
Holdings,
Inc.
.................
511,441
22,048,221
Sonoco
Products
Co.
................
305,776
16,618,926
137,195,174
Diversified
Consumer
Services
—
1.5%
Grand
Canyon
Education,
Inc.
(a)(b)
........
182,526
21,333,639
H&R
Block,
Inc.
....................
932,087
40,135,666
Service
Corp.
International
............
923,353
52,760,391
114,229,696
Diversified
Telecommunication
Services
—
0.5%
Iridium
Communications,
Inc.
...........
765,402
34,818,137
Electric
Utilities
—
1.0%
IDACORP,
Inc.
....................
164,194
15,376,768
OGE
Energy
Corp.
..................
1,225,900
40,859,247
PNM
Resources,
Inc.
................
325,651
14,527,291
70,763,306
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
S&P
Mid-Cap
400
Growth
ETF
Schedules
of
Investments
9
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Electrical
Equipment
—
2.6%
Acuity
Brands,
Inc.
..................
95,459
$
16,257,622
Hubbell,
Inc.
......................
328,260
102,879,967
nVent
Electric
plc
...................
1,014,662
53,766,939
Sensata
Technologies
Holding
plc
........
363,397
13,743,675
Vicor
Corp.
(a)(b)
.....................
59,129
3,482,107
190,130,310
Electronic
Equipment,
Instruments
&
Components
—
1.9%
Belden,
Inc.
(a)
.....................
258,888
24,995,637
Cognex
Corp.
.....................
548,369
23,272,780
Crane
NXT
Co.
....................
147,746
8,210,245
Littelfuse
,
Inc.
.....................
94,461
23,362,095
National
Instruments
Corp.
............
466,820
27,831,808
Novanta
,
Inc.
(a)(b)
...................
219,171
31,437,888
139,110,453
Energy
Equipment
&
Services
—
2.2%
ChampionX
Corp.
(a)
.................
1,203,223
42,858,803
NOV,
Inc.
........................
2,410,197
50,373,117
Valaris
Ltd.
(b)
......................
389,459
29,201,636
Weatherford
International
plc
(b)
..........
441,151
39,849,170
162,282,726
Entertainment
—
0.4%
TKO
Group
Holdings,
Inc.
(a)
............
320,677
26,956,109
Financial
Services
—
0.8%
(a)(b)
Euronet
Worldwide,
Inc.
..............
141,972
11,269,737
WEX,
Inc.
........................
262,909
49,450,554
60,720,291
Food
Products
—
1.2%
Darling
Ingredients,
Inc.
(a)(b)
............
976,199
50,957,588
Flowers
Foods,
Inc.
.................
741,523
16,446,980
Lancaster
Colony
Corp.
..............
124,656
20,571,980
87,976,548
Gas
Utilities
—
0.9%
National
Fuel
Gas
Co.
...............
393,399
20,421,342
New
Jersey
Resources
Corp.
...........
388,147
15,770,412
ONE
Gas,
Inc.
.....................
339,388
23,173,413
Spire,
Inc.
........................
157,764
8,926,287
68,291,454
Ground
Transportation
—
1.7%
Avis
Budget
Group,
Inc.
(a)(b)
............
120,926
21,729,193
Knight-Swift
Transportation
Holdings,
Inc.
..
493,617
24,754,893
Landstar
System,
Inc.
................
220,015
38,929,454
Saia,
Inc.
(b)
.......................
92,576
36,905,422
122,318,962
Health
Care
Equipment
&
Supplies
—
3.0%
(b)
Globus
Medical,
Inc.,
Class
A
(a)
.........
718,370
35,667,070
Haemonetics
Corp.
(a)
................
310,394
27,805,094
Inari
Medical,
Inc.
(a)
.................
312,421
20,432,333
Lantheus
Holdings,
Inc.
(a)
.............
418,847
29,101,490
Masimo
Corp.
.....................
171,082
15,000,470
Penumbra,
Inc.
....................
148,215
35,854,691
QuidelOrtho
Corp.
(a)
.................
165,961
12,121,791
Shockwave
Medical,
Inc.
..............
224,936
44,784,758
220,767,697
Health
Care
Providers
&
Services
—
2.1%
Acadia
Healthcare
Co.,
Inc.
(a)(b)
..........
327,212
23,006,276
Chemed
Corp.
.....................
62,752
32,612,214
Encompass
Health
Corp.
.............
282,203
18,952,753
HealthEquity
,
Inc.
(a)(b)
................
523,144
38,215,669
Option
Care
Health,
Inc.
(b)
.............
1,100,976
35,616,574
Security
Shares
Shares
Value
Health
Care
Providers
&
Services
(continued)
Progyny
,
Inc.
(a)(b)
...................
187,684
$
6,385,010
154,788,496
Health
Care
REITs
—
0.3%
Omega
Healthcare
Investors,
Inc.
........
734,408
24,352,969
Health
Care
Technology
—
0.1%
Doximity
,
Inc.,
Class
A
(a)(b)
.............
453,259
9,618,156
Hotels,
Restaurants
&
Leisure
—
3.8%
Aramark
.........................
655,103
22,732,074
Boyd
Gaming
Corp.
.................
256,428
15,598,515
Choice
Hotels
International,
Inc.
(a)
........
91,247
11,178,670
Churchill
Downs,
Inc.
(a)
...............
417,009
48,389,724
Hilton
Grand
Vacations,
Inc.
(a)(b)
.........
226,722
9,227,586
Light
&
Wonder,
Inc.,
Class
A
(a)(b)
........
256,545
18,299,355
Planet
Fitness,
Inc.,
Class
A
(b)
..........
351,950
17,308,901
Texas
Roadhouse,
Inc.
...............
408,546
39,261,271
Vail
Resorts,
Inc.
...................
122,709
27,227,900
Wendy's
Co.
(The)
..................
1,037,604
21,177,498
Wingstop
,
Inc.
.....................
183,487
32,998,302
Wyndham
Hotels
&
Resorts,
Inc.
........
268,171
18,648,611
282,048,407
Household
Durables
—
1.0%
Tempur
Sealy
International,
Inc.
.........
1,053,724
45,668,398
TopBuild
Corp.
(b)
...................
103,019
25,919,581
71,587,979
Independent
Power
and
Renewable
Electricity
Producers
—
0.8%
Ormat
Technologies,
Inc.
(a)
............
193,555
13,533,366
Vistra
Corp.
......................
1,374,623
45,609,991
59,143,357
Industrial
REITs
—
1.3%
EastGroup
Properties,
Inc.
............
152,831
25,450,946
First
Industrial
Realty
Trust,
Inc.
.........
412,840
19,647,056
Rexford
Industrial
Realty,
Inc.
..........
720,237
35,543,696
STAG
Industrial,
Inc.
................
494,853
17,077,377
97,719,075
Insurance
—
3.8%
American
Financial
Group,
Inc.
.........
182,319
20,359,563
Erie
Indemnity
Co.,
Class
A,
NVS
........
152,663
44,850,863
Fidelity
National
Financial,
Inc.,
Class
A
....
232,155
9,588,001
Hanover
Insurance
Group,
Inc.
(The)
.....
129,073
14,324,522
Kinsale
Capital
Group,
Inc.
(a)
...........
134,680
55,775,028
Primerica,
Inc.
.....................
151,055
29,306,181
RenaissanceRe
Holdings
Ltd.
..........
175,431
34,721,303
RLI
Corp.
........................
245,591
33,373,361
Selective
Insurance
Group,
Inc.
.........
370,713
38,246,460
280,545,282
Interactive
Media
&
Services
—
0.2%
ZoomInfo
Technologies,
Inc.
(a)(b)
.........
971,116
15,926,302
IT
Services
—
0.9%
GoDaddy
,
Inc.,
Class
A
(a)(b)
.............
898,595
66,927,356
Leisure
Products
—
0.7%
Brunswick
Corp.
...................
252,186
19,922,694
Polaris,
Inc.
.......................
169,603
17,662,457
YETI
Holdings,
Inc.
(a)(b)
...............
291,729
14,067,172
51,652,323
Life
Sciences
Tools
&
Services
—
1.4%
Bruker
Corp.
......................
355,314
22,136,062
Medpace
Holdings,
Inc.
(a)(b)
............
142,171
34,423,864
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
S&P
Mid-Cap
400
Growth
ETF
10
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Life
Sciences
Tools
&
Services
(continued)
Repligen
Corp.
(a)(b)
..................
317,378
$
50,466,276
107,026,202
Machinery
—
4.9%
AGCO
Corp.
......................
197,811
23,397,085
Chart
Industries,
Inc.
(a)(b)
..............
115,607
19,551,456
Crane
Co.
........................
149,177
13,252,884
Donaldson
Co.,
Inc.
.................
474,936
28,325,183
Graco
,
Inc.
.......................
672,333
48,999,629
ITT,
Inc.
.........................
231,155
22,632,386
Lincoln
Electric
Holdings,
Inc.
..........
351,409
63,882,642
Middleby
Corp.
(The)
(a)(b)
..............
157,483
20,157,824
RBC
Bearings,
Inc.
(a)(b)
...............
177,844
41,638,616
Timken
Co.
(The)
...................
195,914
14,397,720
Toro
Co.
(The)
.....................
635,979
52,849,855
Watts
Water
Technologies,
Inc.,
Class
A
....
87,151
15,061,436
364,146,716
Media
—
0.7%
New
York
Times
Co.
(The),
Class
A
.......
500,546
20,622,495
Nexstar
Media
Group,
Inc.
.............
203,996
29,246,907
49,869,402
Metals
&
Mining
—
2.4%
Commercial
Metals
Co.
...............
400,296
19,778,625
MP
Materials
Corp.,
Class
A
(a)(b)
.........
880,745
16,822,230
Reliance
Steel
&
Aluminum
Co.
.........
358,411
93,986,117
Royal
Gold,
Inc.
....................
402,064
42,751,465
Worthington
Industries,
Inc.
............
91,199
5,637,922
178,976,359
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.8%
Annaly
Capital
Management,
Inc.
........
3,023,071
56,863,966
Multi-Utilities
—
0.1%
Black
Hills
Corp.
...................
214,320
10,842,449
Office
REITs
—
0.1%
COPT
Defense
Properties
.............
358,173
8,535,263
Oil,
Gas
&
Consumable
Fuels
—
6.9%
Antero
Midstream
Corp.
..............
2,084,541
24,972,801
Antero
Resources
Corp.
(b)
.............
1,728,251
43,863,010
Chord
Energy
Corp.
.................
193,192
31,310,627
Civitas
Resources,
Inc.
...............
522,235
42,233,145
CNX
Resources
Corp.
(a)(b)
.............
988,282
22,315,408
DT
Midstream,
Inc.
..................
593,110
31,387,381
Equitrans
Midstream
Corp.
............
1,224,113
11,469,939
HF
Sinclair
Corp.
...................
391,712
22,300,164
Matador
Resources
Co.
..............
678,222
40,340,645
Murphy
Oil
Corp.
...................
907,991
41,177,392
Ovintiv
,
Inc.
.......................
1,195,958
56,891,722
PBF
Energy,
Inc.,
Class
A
.............
673,276
36,040,464
Permian
Resources
Corp.,
Class
A
.......
1,138,610
15,894,996
Range
Resources
Corp.
..............
1,477,247
47,877,575
Southwestern
Energy
Co.
(a)(b)
...........
6,741,743
43,484,242
511,559,511
Paper
&
Forest
Products
—
0.3%
Louisiana-Pacific
Corp.
...............
392,798
21,709,945
Personal
Care
Products
—
0.2%
BellRing
Brands,
Inc.
(b)
...............
329,506
13,585,532
Pharmaceuticals
—
0.7%
Jazz
Pharmaceuticals
plc
(b)
............
386,431
50,019,629
Security
Shares
Shares
Value
Professional
Services
—
4.0%
CACI
International,
Inc.,
Class
A
(a)(b)
......
89,310
$
28,037,088
Concentrix
Corp.
(a)
..................
264,450
21,185,090
ExlService
Holdings,
Inc.
(b)
............
1,014,337
28,442,010
Exponent,
Inc.
.....................
214,750
18,382,600
FTI
Consulting,
Inc.
(a)(b)
...............
208,282
37,159,592
Genpact
Ltd.
......................
581,977
21,067,567
Insperity
,
Inc.
......................
221,784
21,646,118
KBR,
Inc.
........................
825,783
48,671,650
Paylocity
Holding
Corp.
(b)
.............
263,553
47,887,580
Science
Applications
International
Corp.
...
220,148
23,234,420
295,713,715
Retail
REITs
—
0.8%
Agree
Realty
Corp.
.................
406,572
22,459,037
Brixmor
Property
Group,
Inc.
...........
901,524
18,733,669
NNN
REIT,
Inc.
....................
591,738
20,912,021
62,104,727
Semiconductors
&
Semiconductor
Equipment
—
3.0%
Allegro
MicroSystems
,
Inc.
(a)(b)
..........
169,260
5,406,164
Amkor
Technology,
Inc.
...............
631,321
14,267,855
Cirrus
Logic,
Inc.
(a)(b)
.................
334,864
24,766,541
Lattice
Semiconductor
Corp.
(a)(b)
.........
843,661
72,495,790
MACOM
Technology
Solutions
Holdings,
Inc.
(a)
(b)
...........................
330,218
26,939,184
Power
Integrations,
Inc.
..............
351,292
26,807,093
Silicon
Laboratories,
Inc.
(a)(b)
............
103,737
12,022,081
Universal
Display
Corp.
..............
167,963
26,368,511
Wolfspeed
,
Inc.
(a)(b)
..................
342,407
13,045,707
222,118,926
Software
—
3.3%
Blackbaud
,
Inc.
(b)
...................
121,304
8,530,097
CommVault
Systems,
Inc.
(b)
............
180,611
12,211,110
Dolby
Laboratories,
Inc.,
Class
A
........
178,530
14,150,288
Dropbox,
Inc.,
Class
A
(a)(b)
.............
1,578,380
42,979,287
Dynatrace
,
Inc.
(a)(b)
..................
1,454,067
67,948,551
Envestnet
,
Inc.
(b)
...................
150,156
6,611,369
Manhattan
Associates,
Inc.
(a)(b)
..........
218,926
43,272,913
Qualys
,
Inc.
(a)(b)
....................
224,704
34,278,595
Teradata
Corp.
(b)
...................
280,715
12,637,789
242,619,999
Specialized
REITs
—
1.8%
CubeSmart
.......................
743,036
28,331,963
Gaming
&
Leisure
Properties,
Inc.
.......
1,060,980
48,327,639
Lamar
Advertising
Co.,
Class
A
.........
300,052
25,045,340
National
Storage
Affiliates
Trust
.........
238,744
7,577,735
PotlatchDeltic
Corp.
.................
278,273
12,630,812
Rayonier,
Inc.
.....................
458,542
13,050,105
134,963,594
Specialty
Retail
—
2.1%
AutoNation,
Inc.
(a)(b)
.................
75,905
11,492,017
Dick's
Sporting
Goods,
Inc.
............
191,765
20,821,844
Five
Below,
Inc.
(a)(b)
..................
235,085
37,825,177
Murphy
USA,
Inc.
(a)
.................
119,490
40,833,318
Valvoline,
Inc.
(a)
....................
389,676
12,563,154
Williams-Sonoma,
Inc.
...............
188,681
29,321,027
152,856,537
Technology
Hardware,
Storage
&
Peripherals
—
0.8%
Super
Micro
Computer,
Inc.
(a)(b)
..........
223,600
61,315,592
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
S&P
Mid-Cap
400
Growth
ETF
Schedules
of
Investments
11
(Percentages
shown
are
based
on
Net
Assets)
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:
Security
Shares
Shares
Value
Textiles,
Apparel
&
Luxury
Goods
—
1.6%
(b)
Crocs,
Inc.
(a)
......................
377,305
$
33,289,620
Deckers
Outdoor
Corp.
...............
159,959
82,233,322
115,522,942
Trading
Companies
&
Distributors
—
1.6%
GATX
Corp.
......................
112,426
12,235,322
MSC
Industrial
Direct
Co.,
Inc.,
Class
A
....
144,937
14,225,567
Watsco
,
Inc.
......................
205,277
77,537,228
WESCO
International,
Inc.
.............
121,738
17,508,359
121,506,476
Water
Utilities
—
0.7%
Essential
Utilities,
Inc.
................
1,489,449
51,132,784
Total
Long-Term
Investments
—
99.5%
(Cost:
$6,437,284,289)
...........................
7,345,467,413
Short-Term
Securities
Money
Market
Funds
—
7.0%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
5.54%
(e)
............
453,530,445
453,711,857
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
5.31%
..................
65,857,923
65,857,923
Total
Short-Term
Securities
—
7.0%
(Cost:
$519,279,864)
.............................
519,569,780
Total
Investments
—
106.5%
(Cost:
$6,956,564,153
)
...........................
7,865,037,193
Liabilities
in
Excess
of
Other
Assets
—
(6.5)%
............
(480,387,984)
Net
Assets
—
100.0%
..............................
$
7,384,649,209
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
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
$
464,469,730
$
—
$
(10,810,496)
(a)
$
33,703
$
18,920
$
453,711,857
453,530,445
$
569,466
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
8,491,759
57,366,164
(a)
—
—
—
65,857,923
65,857,923
323,342
—
$
33,703
$
18,920
$
519,569,780
$
892,808
$
—
—
—
(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.
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
S&P
Mid-Cap
400
Growth
ETF
12
(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.
The
following
are
the
specified
benchmarks
(plus
or
minus
a
range)
used
in
determining
the
variable
rate
of
interest:
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
.................................................
48
12/15/23
$
12,098
$
(79,907)
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)
08/19/26
$
25,975,725
$
(1,017,041)
(c)
$
25,053,654
0.4
%
Monthly
JPMorgan
Chase
Bank
NA
(d)
02/08/24
66,858
(8,919)
(e)
58,120
0.0
$
(1,025,960)
$
25,111,774
(b)
(d)
Range:
40
basis
points
40
basis
points
Benchmarks:
USD
-
1D
Overnight
Fed
Funds
Effective
Rate
(FEDL01)
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
(b)
Goldman
Sachs
USA
(c)
Amount
includes
$(94,970)
of
net
dividends
and
financing
fees.
(d)
JPMChase
(e)
Amount
includes
$(181)
of
net
dividends
and
financing
fees.
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
August
19,
2026:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Common
Stocks
Insurance
$
Fidelity
National
Financial,
Inc.
606,626
$
25,053,654
100.0
%
Net
Value
of
Reference
Entity
—
Goldman
Sachs
Bank
USA
.........................
$
25,053,654
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,
2024:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Common
Stocks
Software
$
Envestnet
,
Inc.
...........
1,320
$
58,120
100.0
%
Net
Value
of
Reference
Entity
—
JPMorgan
Chase
Bank
NA
..........................
$
58,120
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
...................................................................
$
—
$
—
$
—
$
(1,025,960)
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
S&P
Mid-Cap
400
Growth
ETF
Schedules
of
Investments
13
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
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
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)
......
$
—
$
—
$
79,907
$
—
$
—
$
—
$
79,907
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
—
1,025,960
—
—
—
1,025,960
$
—
$
—
$
1,105,867
$
—
$
—
$
—
$
1,105,867
(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
.......................
$
—
$
—
$
287,748
$
—
$
—
$
—
$
287,748
Swaps
..............................
—
—
(425,636)
—
—
—
(425,636)
$
—
$
—
$
(137,888)
$
—
$
—
$
—
$
(137,888)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(374,907)
$
—
$
—
$
—
$
(374,907)
Swaps
..............................
—
—
(1,046,589)
—
—
—
(1,046,589)
$
—
$
—
$
(1,421,496)
$
—
$
—
$
—
$
(1,421,496)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
14,245,670
Total
return
swaps
Average
notional
value
...............................................................................................
$
13,021,292
The
Fund’s
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
—
$
52,730
Swaps
—
OTC
(a)
....................................................................................
—
1,025,960
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
—
$
1,078,690
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
(“MNA”)
.........................................
—
(52,730)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
—
$
1,025,960
(a)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
paid/(received)
in
the
Statements
of
Assets
and
Liabilities.
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
S&P
Mid-Cap
400
Growth
ETF
14
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
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
pledged
by
the
Fund:
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-Cash
Collateral
Pledged
Cash
Collateral
Pledged
Net
Amount
of
Derivative
Liabilities
(b)
Goldman
Sachs
Bank
USA
.........................
$
1,017,041
$
—
$
—
$
—
$
1,017,041
JPMorgan
Chase
Bank
NA
.........................
8,919
—
—
—
8,919
$
1,025,960
$
—
$
—
$
—
$
1,025,960
(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)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
7,345,467,413
$
—
$
—
$
7,345,467,413
Short-Term
Securities
Money
Market
Funds
......................................
519,569,780
—
—
519,569,780
$
7,865,037,193
$
—
$
—
$
7,865,037,193
Derivative
Financial
Instruments
(a)
Liabilities
Equity
contracts
...........................................
$
(79,907)
$
(1,025,960)
$
—
$
(1,105,867)
(a)
Derivative
financial
instruments
are
swaps
and
futures
contracts.
Swaps
and
futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
(unaudited)
September
30,
2023
iShares
®
S&P
Mid-Cap
400
Value
ETF
Schedules
of
Investments
15
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
1.2%
Hexcel
Corp.
......................
528,160
$
34,404,342
Woodward,
Inc.
....................
377,790
46,944,186
81,348,528
Air
Freight
&
Logistics
—
0.7%
GXO
Logistics,
Inc.
(a)(b)
...............
743,699
43,617,946
Automobile
Components
—
2.3%
Adient
plc
(b)
.......................
585,631
21,492,658
Autoliv,
Inc.
.......................
323,090
31,171,723
Gentex
Corp.
.....................
788,216
25,648,548
Goodyear
Tire
&
Rubber
Co.
(The)
(b)
......
1,772,562
22,032,946
Lear
Corp.
.......................
367,341
49,297,162
149,643,037
Automobiles
—
0.6%
Harley-Davidson,
Inc.
................
298,697
9,874,923
Thor
Industries,
Inc.
(a)
................
333,331
31,709,778
41,584,701
Banks
—
8.2%
Associated
Banc-Corp.
...............
943,699
16,146,690
Bank
OZK
.......................
657,964
24,390,725
Cadence
Bank
....................
1,137,575
24,139,341
Columbia
Banking
System,
Inc.
.........
626,413
12,716,184
Commerce
Bancshares,
Inc.
...........
227,114
10,896,930
Cullen/Frost
Bankers,
Inc.
.............
132,437
12,079,579
East
West
Bancorp,
Inc.
..............
433,498
22,849,680
First
Financial
Bankshares,
Inc.
.........
378,069
9,497,093
First
Horizon
Corp.
..................
1,188,256
13,094,581
FNB
Corp.
.......................
2,243,683
24,209,340
Glacier
Bancorp,
Inc.
................
318,915
9,089,078
Hancock
Whitney
Corp.
..............
274,828
10,165,888
Home
BancShares,
Inc.
..............
1,178,054
24,668,451
International
Bancshares
Corp.
.........
130,306
5,647,462
New
York
Community
Bancorp,
Inc.
......
4,517,586
51,229,425
Old
National
Bancorp
................
1,829,539
26,601,497
Pinnacle
Financial
Partners,
Inc.
.........
479,969
32,177,122
Prosperity
Bancshares,
Inc.
............
586,037
31,985,899
SouthState
Corp.
...................
204,394
13,767,980
Synovus
Financial
Corp.
..............
913,972
25,408,422
Texas
Capital
Bancshares,
Inc.
(a)(b)
.......
300,147
17,678,658
UMB
Financial
Corp.
................
273,047
16,942,566
United
Bankshares,
Inc.
..............
436,741
12,049,684
Valley
National
Bancorp
..............
2,666,333
22,823,810
Webster
Financial
Corp.
..............
1,083,351
43,669,879
Wintrust
Financial
Corp.
..............
382,754
28,897,927
542,823,891
Beverages
—
0.4%
Boston
Beer
Co.,
Inc.
(The),
Class
A
(b)
.....
18,338
7,143,201
Coca-Cola
Consolidated,
Inc.
(a)
.........
29,305
18,647,358
25,790,559
Biotechnology
—
0.1%
Arrowhead
Pharmaceuticals,
Inc.
(a)(b)
......
346,948
9,322,493
Broadline
Retail
—
0.9%
Kohl's
Corp.
......................
691,643
14,496,837
Macy's,
Inc.
......................
1,704,111
19,784,729
Nordstrom,
Inc.
....................
606,623
9,062,948
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)(b)
....
197,073
15,210,094
58,554,608
Security
Shares
Shares
Value
Building
Products
—
2.2%
Advanced
Drainage
Systems,
Inc.
.......
99,711
$
11,350,103
Fortune
Brands
Innovations,
Inc.
........
793,441
49,320,293
Lennox
International,
Inc.
.............
75,947
28,437,595
Owens
Corning
....................
258,394
35,247,525
Trex
Co.,
Inc.
(a)(b)
...................
319,053
19,663,236
144,018,752
Capital
Markets
—
1.8%
Affiliated
Managers
Group,
Inc.
.........
74,605
9,724,016
Evercore,
Inc.,
Class
A
...............
108,985
15,026,852
Federated
Hermes,
Inc.,
Class
B
........
171,361
5,803,997
Interactive
Brokers
Group,
Inc.,
Class
A
....
294,311
25,475,560
Janus
Henderson
Group
plc
...........
828,678
21,396,466
Stifel
Financial
Corp.
................
653,112
40,127,201
117,554,092
Chemicals
—
1.3%
Ashland,
Inc.
......................
105,881
8,648,360
Avient
Corp.
......................
569,523
20,115,552
Axalta
Coating
Systems
Ltd.
(b)
..........
762,458
20,510,120
Chemours
Co.
(The)
.................
398,599
11,180,702
NewMarket
Corp.
...................
19,887
9,049,381
Scotts
Miracle-Gro
Co.
(The)
...........
259,897
13,431,477
82,935,592
Commercial
Services
&
Supplies
—
1.1%
Brink's
Co.
(The)
...................
154,087
11,192,880
MSA
Safety,
Inc.
(a)
..................
103,951
16,387,875
Stericycle,
Inc.
(a)(b)
..................
578,534
25,866,255
Tetra
Tech,
Inc.
....................
143,166
21,765,527
75,212,537
Communications
Equipment
—
1.0%
(b)
Ciena
Corp.
......................
934,807
44,178,979
Lumentum
Holdings,
Inc.
(a)
............
429,576
19,408,244
63,587,223
Construction
&
Engineering
—
1.8%
AECOM
.........................
399,027
33,135,202
Fluor
Corp.
(a)(b)
.....................
896,470
32,900,449
MasTec,
Inc.
(a)(b)
....................
377,956
27,201,493
MDU
Resources
Group,
Inc.
...........
1,273,334
24,931,880
118,169,024
Construction
Materials
—
0.2%
Knife
River
Corp.
(b)
..................
318,333
15,544,200
Consumer
Finance
—
0.5%
Ally
Financial,
Inc.
..................
1,352,759
36,091,610
Consumer
Staples
Distribution
&
Retail
—
1.9%
(b)
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
......
361,286
25,784,982
Grocery
Outlet
Holding
Corp.
(a)
..........
617,646
17,819,087
Performance
Food
Group
Co.
(a)
.........
537,004
31,608,055
Sprouts
Farmers
Market,
Inc.
(a)
..........
293,633
12,567,492
US
Foods
Holding
Corp.
..............
1,022,658
40,599,523
128,379,139
Containers
&
Packaging
—
2.0%
AptarGroup,
Inc.
...................
217,525
27,199,326
Berry
Global
Group,
Inc.
..............
413,544
25,602,509
Crown
Holdings,
Inc.
................
460,190
40,717,611
Graphic
Packaging
Holding
Co.
.........
557,448
12,419,941
Greif,
Inc.,
Class
A,
NVS
..............
159,481
10,654,926
Sonoco
Products
Co.
................
300,131
16,312,120
132,906,433
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
S&P
Mid-Cap
400
Value
ETF
16
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Diversified
Consumer
Services
—
0.2%
Graham
Holdings
Co.,
Class
B
..........
23,050
$
13,438,150
Diversified
Telecommunication
Services
—
0.3%
Frontier
Communications
Parent,
Inc.
(a)(b)
...
1,383,043
21,644,623
Electric
Utilities
—
1.0%
ALLETE,
Inc.
.....................
358,906
18,950,237
IDACORP,
Inc.
....................
148,753
13,930,719
PNM
Resources,
Inc.
................
203,974
9,099,280
Portland
General
Electric
Co.
...........
632,140
25,589,027
67,569,263
Electrical
Equipment
—
2.2%
Acuity
Brands,
Inc.
..................
97,521
16,608,802
EnerSys
.........................
256,620
24,294,215
Regal
Rexnord
Corp.
(a)
...............
414,638
59,243,477
Sensata
Technologies
Holding
plc
........
581,381
21,987,829
Sunrun,
Inc.
(a)(b)
....................
1,358,030
17,056,857
Vicor
Corp.
(a)(b)
.....................
79,331
4,671,803
143,862,983
Electronic
Equipment,
Instruments
&
Components
—
5.5%
Arrow
Electronics,
Inc.
(a)(b)
.............
348,057
43,590,659
Avnet,
Inc.
.......................
571,512
27,541,163
Cognex
Corp.
.....................
517,121
21,946,615
Coherent
Corp.
(b)
...................
813,712
26,559,560
Crane
NXT
Co.
....................
150,248
8,349,281
IPG
Photonics
Corp.
(a)(b)
..............
186,595
18,946,856
Jabil,
Inc.
(a)
.......................
818,390
103,845,507
Littelfuse,
Inc.
.....................
59,146
14,627,989
National
Instruments
Corp.
............
345,344
20,589,409
TD
SYNNEX
Corp.
..................
298,981
29,856,243
Vishay
Intertechnology,
Inc.
............
793,791
19,622,514
Vontier
Corp.
......................
967,566
29,917,141
365,392,937
Financial
Services
—
2.2%
Essent
Group
Ltd.
..................
668,989
31,636,490
Euronet
Worldwide,
Inc.
(a)(b)
............
150,581
11,953,120
MGIC
Investment
Corp.
..............
1,765,333
29,463,408
Voya
Financial,
Inc.
.................
661,435
43,952,356
Western
Union
Co.
(The)
.............
2,114,247
27,865,775
144,871,149
Food
Products
—
1.3%
Flowers
Foods,
Inc.
.................
445,497
9,881,123
Ingredion,
Inc.
.....................
413,569
40,695,190
Pilgrim's
Pride
Corp.
(a)(b)
..............
252,043
5,754,142
Post
Holdings,
Inc.
(a)(b)
................
317,722
27,241,484
83,571,939
Gas
Utilities
—
1.2%
National
Fuel
Gas
Co.
...............
172,295
8,943,833
New
Jersey
Resources
Corp.
...........
213,606
8,678,812
Southwest
Gas
Holdings,
Inc.
..........
375,430
22,679,726
Spire,
Inc.
........................
166,984
9,447,955
UGI
Corp.
........................
1,309,858
30,126,734
79,877,060
Ground
Transportation
—
2.5%
Hertz
Global
Holdings,
Inc.
(a)(b)
..........
833,075
10,205,169
Knight-Swift
Transportation
Holdings,
Inc.
..
504,280
25,289,642
Ryder
System,
Inc.
..................
284,677
30,446,205
Saia,
Inc.
(b)
.......................
71,346
28,442,083
Werner
Enterprises,
Inc.
(a)
.............
396,373
15,438,728
XPO,
Inc.
(b)
.......................
725,134
54,138,505
163,960,332
Security
Shares
Shares
Value
Health
Care
Equipment
&
Supplies
—
2.4%
(b)
Enovis
Corp.
(a)
.....................
310,342
$
16,364,334
Envista
Holdings
Corp.
(a)
..............
1,024,380
28,559,714
ICU
Medical,
Inc.
(a)
..................
126,773
15,087,255
Integra
LifeSciences
Holdings
Corp.
......
442,842
16,912,136
LivaNova
plc
......................
336,927
17,816,700
Masimo
Corp.
(a)
....................
102,829
9,016,047
Neogen
Corp.
(a)
....................
1,230,476
22,813,025
Penumbra,
Inc.
(a)
...................
88,927
21,512,330
QuidelOrtho
Corp.
(a)
.................
139,257
10,171,331
158,252,872
Health
Care
Providers
&
Services
—
2.4%
Acadia
Healthcare
Co.,
Inc.
(b)
...........
242,065
17,019,590
Amedisys,
Inc.
(b)
...................
204,052
19,058,457
Chemed
Corp.
(a)
...................
30,168
15,678,310
Encompass
Health
Corp.
.............
338,438
22,729,496
Patterson
Cos.,
Inc.
.................
532,102
15,771,503
Progyny,
Inc.
(b)
.....................
327,322
11,135,494
R1
RCM,
Inc.
(a)(b)
...................
1,231,269
18,555,224
Tenet
Healthcare
Corp.
(a)(b)
.............
634,891
41,832,968
161,781,042
Health
Care
REITs
—
1.8%
Healthcare
Realty
Trust,
Inc.,
Class
A
.....
2,381,479
36,365,185
Medical
Properties
Trust,
Inc.
(a)
..........
3,741,754
20,392,559
Omega
Healthcare
Investors,
Inc.
........
780,895
25,894,478
Physicians
Realty
Trust
...............
1,491,036
18,175,729
Sabra
Health
Care
REIT,
Inc.
...........
1,445,796
20,154,396
120,982,347
Health
Care
Technology
—
0.1%
Doximity,
Inc.,
Class
A
(a)(b)
.............
322,208
6,837,254
Hotel
&
Resort
REITs
—
0.3%
Park
Hotels
&
Resorts,
Inc.
............
1,348,963
16,619,224
Hotels,
Restaurants
&
Leisure
—
3.0%
Aramark
.........................
963,073
33,418,633
Boyd
Gaming
Corp.
(a)
................
182,282
11,088,214
Choice
Hotels
International,
Inc.
(a)
........
64,663
7,921,864
Hilton
Grand
Vacations,
Inc.
(a)(b)
.........
222,835
9,069,385
Light
&
Wonder,
Inc.,
Class
A
(a)(b)
........
307,667
21,945,887
Marriott
Vacations
Worldwide
Corp.
.......
212,075
21,341,107
Penn
Entertainment,
Inc.
(a)(b)
...........
944,424
21,674,531
Planet
Fitness,
Inc.,
Class
A
(b)
..........
169,439
8,333,010
Travel
+
Leisure
Co.
.................
462,242
16,978,149
Vail
Resorts,
Inc.
...................
115,716
25,676,223
Wyndham
Hotels
&
Resorts,
Inc.
........
252,890
17,585,971
195,032,974
Household
Durables
—
2.5%
Helen
of
Troy
Ltd.
(a)(b)
................
150,689
17,564,310
KB
Home
........................
485,917
22,488,239
Leggett
&
Platt,
Inc.
.................
832,853
21,162,795
Taylor
Morrison
Home
Corp.
(a)(b)
.........
684,371
29,161,048
Toll
Brothers,
Inc.
...................
683,708
50,567,043
TopBuild
Corp.
(b)
...................
93,330
23,481,828
164,425,263
Independent
Power
and
Renewable
Electricity
Producers
—
0.5%
Ormat
Technologies,
Inc.
(a)
............
137,672
9,626,026
Vistra
Corp.
......................
756,170
25,089,721
34,715,747
Industrial
REITs
—
1.4%
EastGroup
Properties,
Inc.
............
127,745
21,273,375
First
Industrial
Realty
Trust,
Inc.
.........
405,218
19,284,325
Rexford
Industrial
Realty,
Inc.
..........
555,073
27,392,852
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
S&P
Mid-Cap
400
Value
ETF
Schedules
of
Investments
17
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Industrial
REITs
(continued)
STAG
Industrial,
Inc.
................
617,885
$
21,323,211
89,273,763
Insurance
—
5.1%
American
Financial
Group,
Inc.
.........
227,648
25,421,452
Brighthouse
Financial,
Inc.
(b)
...........
409,579
20,044,796
CNO
Financial
Group,
Inc.
.............
706,562
16,766,716
Fidelity
National
Financial,
Inc.,
Class
A
....
207,349
8,563,514
First
American
Financial
Corp.
..........
644,589
36,412,833
Hanover
Insurance
Group,
Inc.
(The)
.....
91,611
10,166,989
Kemper
Corp.
.....................
376,505
15,824,505
Old
Republic
International
Corp.
.........
1,655,263
44,592,785
Primerica,
Inc.
.....................
69,347
13,454,011
Reinsurance
Group
of
America,
Inc.
......
414,019
60,111,419
RenaissanceRe
Holdings
Ltd.
..........
140,816
27,870,303
Unum
Group
......................
1,149,836
56,560,433
335,789,756
Interactive
Media
&
Services
—
0.5%
(b)
Ziff
Davis,
Inc.
(a)
....................
290,655
18,511,817
ZoomInfo
Technologies,
Inc.
...........
915,779
15,018,776
33,530,593
IT
Services
—
0.3%
Kyndryl
Holdings,
Inc.
(b)
...............
1,431,246
21,611,815
Leisure
Products
—
1.6%
Brunswick
Corp.
...................
179,046
14,144,634
Mattel,
Inc.
(b)
......................
2,214,407
48,783,386
Polaris,
Inc.
.......................
159,938
16,655,943
Topgolf
Callaway
Brands
Corp.
(a)(b)
.......
894,287
12,376,932
YETI
Holdings,
Inc.
(a)(b)
...............
244,275
11,778,941
103,739,836
Life
Sciences
Tools
&
Services
—
0.7%
Azenta,
Inc.
(b)
.....................
376,139
18,878,416
Bruker
Corp.
......................
252,246
15,714,926
Sotera
Health
Co.
(a)(b)
................
615,687
9,222,991
43,816,333
Machinery
—
4.6%
AGCO
Corp.
......................
186,539
22,063,833
Chart
Industries,
Inc.
(a)(b)
..............
144,350
24,412,472
Crane
Co.
........................
152,714
13,567,112
Donaldson
Co.,
Inc.
.................
272,922
16,277,068
Esab
Corp.
.......................
354,188
24,871,081
Flowserve
Corp.
...................
820,428
32,628,422
Graco,
Inc.
.......................
369,846
26,954,377
ITT,
Inc.
.........................
277,217
27,142,316
Middleby
Corp.
(The)
(b)
...............
174,291
22,309,248
Oshkosh
Corp.
....................
408,323
38,966,264
Terex
Corp.
.......................
421,448
24,283,834
Timken
Co.
(The)
...................
208,425
15,317,153
Watts
Water
Technologies,
Inc.,
Class
A
....
82,188
14,203,730
302,996,910
Marine
Transportation
—
0.5%
Kirby
Corp.
(b)
......................
372,049
30,805,657
Media
—
0.9%
Cable
One,
Inc.
(a)
...................
28,475
17,530,349
New
York
Times
Co.
(The),
Class
A
.......
511,358
21,067,949
TEGNA,
Inc.
......................
1,260,103
18,359,701
56,957,999
Metals
&
Mining
—
2.3%
Alcoa
Corp.
.......................
1,115,835
32,426,165
Cleveland-Cliffs,
Inc.
(a)(b)
..............
3,180,753
49,715,169
Security
Shares
Shares
Value
Metals
&
Mining
(continued)
Commercial
Metals
Co.
...............
321,312
$
15,876,026
United
States
Steel
Corp.
.............
1,394,178
45,282,901
Worthington
Industries,
Inc.
............
96,919
5,991,533
149,291,794
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.5%
Starwood
Property
Trust,
Inc.
...........
1,857,984
35,951,990
Multi-Utilities
—
0.4%
Black
Hills
Corp.
...................
201,427
10,190,192
Northwestern
Energy
Group,
Inc.
........
375,438
18,043,550
28,233,742
Office
REITs
—
1.1%
COPT
Defense
Properties
.............
336,220
8,012,122
Cousins
Properties,
Inc.
..............
949,032
19,331,782
Kilroy
Realty
Corp.
..................
666,762
21,076,347
Vornado
Realty
Trust
................
1,000,825
22,698,711
71,118,962
Oil,
Gas
&
Consumable
Fuels
—
2.1%
Chesapeake
Energy
Corp.
............
703,471
60,660,304
Chord
Energy
Corp.
.................
62,393
10,112,034
Equitrans
Midstream
Corp.
............
1,463,263
13,710,774
HF
Sinclair
Corp.
...................
509,311
28,995,075
Ovintiv,
Inc.
.......................
364,951
17,360,719
Permian
Resources
Corp.,
Class
A
.......
573,533
8,006,521
138,845,427
Personal
Care
Products
—
0.7%
(a)(b)
BellRing
Brands,
Inc.
................
484,934
19,993,829
Coty,
Inc.,
Class
A
..................
2,239,642
24,568,873
44,562,702
Pharmaceuticals
—
0.4%
Perrigo
Co.
plc
....................
846,628
27,049,765
Professional
Services
—
1.9%
ASGN,
Inc.
(b)
......................
302,642
24,719,799
CACI
International,
Inc.,
Class
A
(b)
.......
51,322
16,111,515
Exponent,
Inc.
.....................
98,382
8,421,499
Genpact
Ltd.
......................
448,519
16,236,388
ManpowerGroup,
Inc.
................
310,027
22,731,180
Maximus,
Inc.
.....................
380,078
28,384,225
Science
Applications
International
Corp.
...
110,888
11,703,119
128,307,725
Real
Estate
Management
&
Development
—
0.6%
Jones
Lang
LaSalle,
Inc.
(a)(b)
............
298,152
42,093,099
Residential
REITs
—
1.9%
Apartment
Income
REIT
Corp.
..........
933,087
28,645,771
Equity
LifeStyle
Properties,
Inc.
.........
1,164,771
74,207,560
Independence
Realty
Trust,
Inc.
.........
1,403,251
19,743,742
122,597,073
Retail
REITs
—
1.6%
Agree
Realty
Corp.
.................
186,876
10,323,030
Brixmor
Property
Group,
Inc.
...........
958,589
19,919,479
Kite
Realty
Group
Trust
...............
1,371,724
29,382,328
NNN
REIT,
Inc.
....................
536,084
18,945,209
Spirit
Realty
Capital,
Inc.
..............
883,733
29,631,568
108,201,614
Semiconductors
&
Semiconductor
Equipment
—
1.6%
Allegro
MicroSystems,
Inc.
(a)(b)
..........
271,859
8,683,176
MKS
Instruments,
Inc.
...............
393,004
34,010,566
Silicon
Laboratories,
Inc.
(a)(b)
............
93,759
10,865,731
Synaptics,
Inc.
(a)(b)
..................
247,141
22,104,291
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
S&P
Mid-Cap
400
Value
ETF
18
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
Universal
Display
Corp.
..............
100,776
$
15,820,824
Wolfspeed,
Inc.
(a)(b)
..................
428,080
16,309,848
107,794,436
Software
—
2.4%
ACI
Worldwide,
Inc.
(a)(b)
...............
679,037
15,319,075
Aspen
Technology,
Inc.
(b)
..............
177,362
36,227,962
Blackbaud,
Inc.
(a)(b)
..................
145,672
10,243,655
CommVault
Systems,
Inc.
(b)
............
90,435
6,114,310
Dolby
Laboratories,
Inc.,
Class
A
........
189,921
15,053,139
Envestnet,
Inc.
(b)
...................
157,575
6,938,027
Manhattan
Associates,
Inc.
(a)(b)
..........
161,957
32,012,421
NCR
Corp.
(a)(b)
.....................
836,986
22,573,512
Teradata
Corp.
(b)
...................
337,321
15,186,191
159,668,292
Specialized
REITs
—
1.8%
CubeSmart
.......................
646,629
24,655,964
EPR
Properties
....................
470,996
19,565,174
Gaming
&
Leisure
Properties,
Inc.
.......
558,372
25,433,845
Lamar
Advertising
Co.,
Class
A
.........
240,848
20,103,582
National
Storage
Affiliates
Trust
.........
274,278
8,705,584
PotlatchDeltic
Corp.
.................
213,880
9,708,013
Rayonier,
Inc.
.....................
384,336
10,938,202
119,110,364
Specialty
Retail
—
3.6%
AutoNation,
Inc.
(a)(b)
.................
90,744
13,738,642
Dick's
Sporting
Goods,
Inc.
............
195,907
21,271,582
Five
Below,
Inc.
(a)(b)
..................
107,900
17,361,110
GameStop
Corp.,
Class
A
(a)(b)
...........
1,676,916
27,602,037
Gap,
Inc.
(The)
....................
1,335,114
14,192,262
Lithia
Motors,
Inc.
..................
172,343
50,898,058
Penske
Automotive
Group,
Inc.
.........
122,035
20,387,167
RH
(a)(b)
..........................
96,614
25,540,877
Valvoline,
Inc.
(a)
....................
468,207
15,094,994
Williams-Sonoma,
Inc.
...............
208,819
32,450,472
238,537,201
Technology
Hardware,
Storage
&
Peripherals
—
0.2%
Super
Micro
Computer,
Inc.
(a)(b)
..........
57,107
15,659,882
Textiles,
Apparel
&
Luxury
Goods
—
2.4%
Capri
Holdings
Ltd.
(b)
................
725,759
38,182,181
Carter's,
Inc.
(a)
.....................
232,972
16,110,014
Columbia
Sportswear
Co.
.............
218,591
16,197,593
PVH
Corp.
.......................
392,165
30,004,544
Skechers
USA,
Inc.,
Class
A
(b)
..........
840,194
41,127,497
Under
Armour,
Inc.,
Class
A
(a)(b)
.........
1,179,870
8,082,109
Under
Armour,
Inc.,
Class
C,
NVS
(a)(b)
.....
1,241,594
7,921,370
157,625,308
Trading
Companies
&
Distributors
—
0.7%
GATX
Corp.
......................
106,250
11,563,188
MSC
Industrial
Direct
Co.,
Inc.,
Class
A
....
148,188
14,544,652
WESCO
International,
Inc.
.............
152,005
21,861,359
47,969,199
Total
Long-Term
Investments
—
99.4%
(Cost:
$6,933,671,630)
...........................
6,571,060,761
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
6.4%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
5.54%
(e)
............
352,448,976
$
352,589,955
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
5.31%
..................
73,187,402
73,187,402
Total
Short-Term
Securities
—
6.4%
(Cost:
$425,572,448)
.............................
425,777,357
Total
Investments
—
105.8%
(Cost:
$7,359,244,078
)
...........................
6,996,838,118
Liabilities
in
Excess
of
Other
Assets
—
(5.8)%
............
(383,875,408)
Net
Assets
—
100.0%
..............................
$
6,612,962,710
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
S&P
Mid-Cap
400
Value
ETF
Schedules
of
Investments
19
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:
(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.
The
following
are
the
specified
benchmarks
(plus
or
minus
a
range)
used
in
determining
the
variable
rate
of
interest:
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
$
621,271,900
$
—
$
(268,736,227)
(a)
$
30,632
$
23,650
$
352,589,955
352,448,976
$
1,398,604
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
24,164,805
49,022,597
(a)
—
—
—
73,187,402
73,187,402
498,411
—
$
30,632
$
23,650
$
425,777,357
$
1,897,015
$
—
—
—
(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
.................................................
59
12/15/23
$
14,870
$
(391,399)
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)
08/19/26
$
23,536,184
$
(918,866)
(c)
$
22,700,710
0.4
%
Monthly
HSBC
Bank
plc
(d)
02/10/28
348,358
(1,976)
(e)
349,181
0.0
Monthly
JPMorgan
Chase
Bank
NA
(f)
10/11/23
2,796,136
145,542
(g)
2,883,652
0.0
$
(775,300)
$
25,933,543
(b)
(d)
(f)
Range:
40
basis
points
40
basis
points
40
basis
points
Benchmarks:
USD
-
1D
Overnight
Fed
Funds
Effective
Rate
(FEDL01)
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
(b)
Goldman
Sachs
USA
(c)
Amount
includes
$(83,392)
of
net
dividends
and
financing
fees.
(d)
HSBC
(e)
Amount
includes
$(2,799)
of
net
dividends
and
financing
fees.
(f)
JPMChase
(g)
Amount
includes
$58,026
of
net
dividends
and
financing
fees.
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
S&P
Mid-Cap
400
Value
ETF
20
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
August
19,
2026:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Common
Stocks
Insurance
$
Fidelity
National
Financial,
Inc.
549,654
$
22,700,710
100.0
%
Net
Value
of
Reference
Entity
—
Goldman
Sachs
Bank
USA
.........................
$
22,700,710
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,
2028:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Common
Stocks
Banks
$
Cadence
Bank
...........
4,341
92,116
26.4
Consumer
Finance
Ally
Financial,
Inc.
.........
5,163
137,749
39.4
Insurance
Fidelity
National
Financial,
Inc.
2,889
119,316
34.2
Total
Reference
Entity
—
Long
............
349,181
Net
Value
of
Reference
Entity
—
HSBC
Bank
plc
$
349,181
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
October
11,
2023:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Common
Stocks
Financial
Services
$
Western
Union
Co.
(The)
....
218,790
2,883,652
100.0
Net
Value
of
Reference
Entity
—
JPMorgan
Chase
Bank
NA
..........................
$
2,883,652
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
...................................................................
$
—
$
—
$
145,542
$
(920,842)
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
S&P
Mid-Cap
400
Value
ETF
Schedules
of
Investments
21
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
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
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
Assets
—
Derivative
Financial
Instruments
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
$
—
$
—
$
145,542
$
—
$
—
$
—
$
145,542
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
—
—
391,399
—
—
—
391,399
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
—
920,842
—
—
—
920,842
$
—
$
—
$
1,312,241
$
—
$
—
$
—
$
1,312,241
(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
.......................
$
—
$
—
$
1,048,279
$
—
$
—
$
—
$
1,048,279
Swaps
..............................
—
—
21,072
—
—
—
21,072
$
—
$
—
$
1,069,351
$
—
$
—
$
—
$
1,069,351
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(917,580)
$
—
$
—
$
—
$
(917,580)
Swaps
..............................
—
—
(759,211)
—
—
—
(759,211)
$
—
$
—
$
(1,676,791)
$
—
$
—
$
—
$
(1,676,791)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
14,045,430
Total
return
swaps
Average
notional
value
...............................................................................................
$
16,193,648
The
Fund’s
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
—
$
64,959
Swaps
—
OTC
(a)
....................................................................................
145,542
920,842
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
145,542
$
985,801
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
(“MNA”)
.........................................
—
(64,959)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
145,542
$
920,842
(a)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
paid/(received)
in
the
Statements
of
Assets
and
Liabilities.
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
S&P
Mid-Cap
400
Value
ETF
22
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
The
following
table
presents
the
Fund's
derivative
assets
and
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
received
and
pledged
by
the
Fund:
Counterparty
Derivative
Assets
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-Cash
Collateral
Received
Cash
Collateral
Received
(b)
Net
Amount
of
Derivative
Assets
JPMorgan
Chase
Bank
NA
.........................
$
145,542
$
—
$
—
$
(145,542)
$
—
$
145,542
$
—
$
—
$
(145,542)
$
—
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
.........................
$
918,866
$
—
$
—
$
(780,000)
$
138,866
HSBC
Bank
plc
.................................
1,976
—
—
—
1,976
$
920,842
$
—
$
—
$
(780,000)
$
140,842
(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
received/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.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
6,571,060,761
$
—
$
—
$
6,571,060,761
Short-Term
Securities
Money
Market
Funds
......................................
425,777,357
—
—
425,777,357
$
6,996,838,118
$
—
$
—
$
6,996,838,118
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
—
$
145,542
$
—
$
145,542
Liabilities
Equity
contracts
...........................................
(391,399)
(920,842)
—
(1,312,241)
$
(391,399)
$
(775,300)
$
—
$
(1,166,699)
(a)
Derivative
financial
instruments
are
swaps
and
futures
contracts.
Swaps
and
futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
(unaudited)
September
30,
2023
iShares
®
S&P
Small-Cap
600
Growth
ETF
Schedules
of
Investments
23
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
1.2%
AeroVironment,
Inc.
(a)(b)
...............
263,115
$
29,345,216
Mercury
Systems,
Inc.
(a)(b)
.............
298,095
11,056,343
Moog,
Inc.,
Class
A
.................
175,849
19,863,903
60,265,462
Air
Freight
&
Logistics
—
0.6%
Forward
Air
Corp.
..................
257,906
17,728,458
Hub
Group,
Inc.,
Class
A
(b)
.............
141,888
11,143,884
28,872,342
Automobile
Components
—
1.3%
Dorman
Products,
Inc.
(a)(b)
.............
284,436
21,548,871
Gentherm,
Inc.
(b)
...................
201,986
10,959,761
LCI
Industries
.....................
127,086
14,922,438
XPEL,
Inc.
(a)(b)(c)
....................
213,480
16,461,443
63,892,513
Automobiles
—
0.2%
Winnebago
Industries,
Inc.
............
139,482
8,292,205
Banks
—
9.7%
Ameris
Bancorp
....................
397,902
15,275,458
Atlantic
Union
Bankshares
Corp.
........
270,773
7,792,847
Axos
Financial,
Inc.
(a)(b)
...............
284,323
10,764,469
BancFirst
Corp.
....................
145,479
12,617,394
Bancorp,
Inc.
(The)
(a)(b)
...............
544,803
18,795,703
Bank
of
Hawaii
Corp.
................
200,208
9,948,335
Banner
Corp.
.....................
344,714
14,608,979
Berkshire
Hills
Bancorp,
Inc.
...........
234,697
4,705,675
Cathay
General
Bancorp
..............
257,640
8,955,566
City
Holding
Co.
...................
150,083
13,559,999
Community
Bank
System,
Inc.
..........
302,256
12,758,226
Customers
Bancorp,
Inc.
(b)
.............
141,328
4,868,750
CVB
Financial
Corp.
.................
1,328,642
22,015,598
Dime
Community
Bancshares,
Inc.
.......
350,729
7,000,551
FB
Financial
Corp.
..................
176,142
4,995,387
First
Bancorp
.....................
2,009,803
30,667,207
First
Commonwealth
Financial
Corp.
......
560,379
6,842,228
First
Financial
Bancorp
...............
521,860
10,228,456
First
Hawaiian,
Inc.
.................
666,015
12,021,571
Fulton
Financial
Corp.
................
679,180
8,224,870
Hanmi
Financial
Corp.
...............
303,819
4,930,982
Heritage
Financial
Corp.
..............
345,035
5,627,521
Independent
Bank
Corp.
..............
220,988
10,848,301
Lakeland
Financial
Corp.
..............
255,266
12,114,924
National
Bank
Holdings
Corp.,
Class
A
....
245,568
7,308,104
NBT
Bancorp,
Inc.
..................
472,455
14,972,099
Northfield
Bancorp,
Inc.
..............
214,570
2,027,686
Northwest
Bancshares,
Inc.
............
663,332
6,785,886
OFG
Bancorp
.....................
473,015
14,124,228
Park
National
Corp.
.................
144,291
13,638,385
Pathward
Financial,
Inc.
..............
189,383
8,728,662
Preferred
Bank
....................
129,099
8,036,413
S&T
Bancorp,
Inc.
..................
264,421
7,160,521
Seacoast
Banking
Corp.
of
Florida
.......
461,156
10,126,986
ServisFirst
Bancshares,
Inc.
...........
491,611
25,647,346
Southside
Bancshares,
Inc.
............
165,361
4,745,861
Stellar
Bancorp,
Inc.
.................
470,838
10,038,266
Tompkins
Financial
Corp.
.............
80,268
3,932,329
Triumph
Financial,
Inc.
(a)(b)
.............
132,531
8,586,683
TrustCo
Bank
Corp.
.................
125,279
3,418,864
Trustmark
Corp.
...................
419,764
9,121,472
United
Community
Banks,
Inc.
..........
772,742
19,635,374
Veritex
Holdings,
Inc.
................
261,267
4,689,743
Washington
Federal,
Inc.
..............
341,809
8,757,147
Security
Shares
Shares
Value
Banks
(continued)
Westamerica
Bancorp
...............
265,717
$
11,492,260
473,143,312
Beverages
—
0.5%
MGP
Ingredients,
Inc.
(a)
...............
156,882
16,547,913
National
Beverage
Corp.
(b)
.............
159,286
7,489,628
24,037,541
Biotechnology
—
2.5%
(b)
Arcus
Biosciences,
Inc.
(a)
..............
538,404
9,664,352
Avid
Bioservices,
Inc.
(a)
...............
434,548
4,102,133
Catalyst
Pharmaceuticals,
Inc.
(a)
.........
1,005,569
11,755,101
Cytokinetics,
Inc.
(a)
..................
963,515
28,385,152
Dynavax
Technologies
Corp.
(a)
..........
1,292,713
19,093,371
Ironwood
Pharmaceuticals,
Inc.,
Class
A
...
868,210
8,360,862
iTeos
Therapeutics,
Inc.
..............
267,139
2,925,172
REGENXBIO,
Inc.
..................
405,921
6,681,460
Vericel
Corp.
(a)
.....................
272,559
9,136,178
Vir
Biotechnology,
Inc.
...............
862,370
8,080,406
Xencor,
Inc.
......................
608,362
12,258,494
120,442,681
Building
Products
—
1.8%
AAON,
Inc.
(a)
......................
679,849
38,663,013
Apogee
Enterprises,
Inc.
..............
126,308
5,946,581
Griffon
Corp.
......................
411,038
16,305,877
Insteel
Industries,
Inc.
................
90,228
2,928,801
PGT
Innovations,
Inc.
(a)(b)
..............
585,659
16,252,037
Quanex
Building
Products
Corp.
.........
188,524
5,310,721
85,407,030
Capital
Markets
—
1.9%
Artisan
Partners
Asset
Management,
Inc.,
Class
A
.......................
211,159
7,901,570
Avantax,
Inc.
(b)
.....................
368,954
9,437,843
B
Riley
Financial,
Inc.
................
81,492
3,340,357
Brightsphere
Investment
Group,
Inc.
......
169,696
3,290,405
Donnelley
Financial
Solutions,
Inc.
(a)(b)
.....
125,090
7,040,065
Moelis
&
Co.,
Class
A
................
182,220
8,223,589
Piper
Sandler
Cos.
..................
150,693
21,897,200
StoneX
Group,
Inc.
(b)
................
179,496
17,396,752
Virtus
Investment
Partners,
Inc.
.........
34,909
7,051,269
WisdomTree,
Inc.
...................
635,351
4,447,457
90,026,507
Chemicals
—
3.8%
American
Vanguard
Corp.
.............
274,999
3,005,739
Balchem
Corp.
....................
323,587
40,137,732
Hawkins,
Inc.
.....................
192,726
11,341,925
HB
Fuller
Co.
.....................
346,038
23,741,667
Ingevity
Corp.
(b)
....................
338,124
16,098,084
Innospec,
Inc.
.....................
249,576
25,506,667
Livent
Corp.
(a)(b)
....................
1,803,768
33,207,369
Quaker
Chemical
Corp.
..............
139,087
22,253,920
Stepan
Co.
.......................
138,526
10,385,294
185,678,397
Commercial
Services
&
Supplies
—
0.7%
Brady
Corp.,
Class
A,
NVS
............
299,527
16,450,023
Liquidity
Services,
Inc.
(b)
..............
122,364
2,156,054
UniFirst
Corp.
.....................
89,442
14,579,940
33,186,017
Communications
Equipment
—
1.9%
ADTRAN
Holdings,
Inc.
..............
491,035
4,041,218
Clearfield,
Inc.
(a)(b)
...................
130,516
3,740,589
Digi
International,
Inc.
(a)(b)
.............
361,014
9,747,378
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
S&P
Small-Cap
600
Growth
ETF
24
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Communications
Equipment
(continued)
Extreme
Networks,
Inc.
(b)
..............
1,282,455
$
31,048,235
Harmonic,
Inc.
(a)(b)
..................
1,123,271
10,817,100
NetScout
Systems,
Inc.
(b)
.............
724,137
20,290,319
Viavi
Solutions,
Inc.
(a)(b)
...............
1,160,994
10,611,485
90,296,324
Construction
&
Engineering
—
2.3%
Arcosa,
Inc.
......................
323,014
23,224,707
Comfort
Systems
USA,
Inc.
............
359,017
61,180,087
Dycom
Industries,
Inc.
(a)(b)
.............
200,144
17,812,816
MYR
Group,
Inc.
(b)
..................
83,858
11,300,704
113,518,314
Consumer
Staples
Distribution
&
Retail
—
0.2%
Andersons,
Inc.
(The)
................
139,066
7,163,289
Chefs'
Warehouse,
Inc.
(The)
(a)(b)
........
219,683
4,652,886
11,816,175
Containers
&
Packaging
—
0.4%
Myers
Industries,
Inc.
................
369,455
6,624,328
O-I
Glass,
Inc.
(b)
....................
715,902
11,977,041
18,601,369
Diversified
Consumer
Services
—
1.4%
Adtalem
Global
Education,
Inc.
(a)(b)
.......
416,970
17,867,164
Frontdoor,
Inc.
(b)
....................
419,296
12,826,265
Mister
Car
Wash,
Inc.
(a)(b)
..............
458,964
2,528,892
Perdoceo
Education
Corp.
.............
414,865
7,094,191
Strategic
Education,
Inc.
..............
125,926
9,475,932
Stride,
Inc.
(b)
......................
406,047
18,284,296
68,076,740
Diversified
REITs
—
0.1%
Armada
Hoffler
Properties,
Inc.
.........
443,316
4,539,556
Diversified
Telecommunication
Services
—
0.4%
ATN
International,
Inc.
...............
106,875
3,372,975
Cogent
Communications
Holdings,
Inc.
....
257,635
15,947,606
19,320,581
Electric
Utilities
—
0.4%
Otter
Tail
Corp.
....................
255,374
19,387,994
Electrical
Equipment
—
0.7%
(a)
Encore
Wire
Corp.
..................
168,669
30,775,346
SunPower
Corp.
(b)
..................
485,232
2,993,881
33,769,227
Electronic
Equipment,
Instruments
&
Components
—
4.6%
Advanced
Energy
Industries,
Inc.
(a)
.......
377,896
38,968,635
Arlo
Technologies,
Inc.
(b)
..............
472,007
4,861,672
Badger
Meter,
Inc.
(a)
.................
294,260
42,335,186
CTS
Corp.
.......................
314,705
13,135,787
ePlus,
Inc.
(b)
......................
129,779
8,243,562
Fabrinet
(b)
........................
364,307
60,700,832
Methode
Electronics,
Inc.
.............
188,126
4,298,679
OSI
Systems,
Inc.
(b)
.................
78,777
9,298,837
Plexus
Corp.
(a)(b)
....................
275,822
25,645,930
Sanmina
Corp.
(b)
...................
264,214
14,341,536
221,830,656
Energy
Equipment
&
Services
—
2.4%
Core
Laboratories,
Inc.
(a)
..............
224,889
5,399,585
Dril-Quip,
Inc.
(a)(b)
...................
181,794
5,121,137
Helmerich
&
Payne,
Inc.
..............
578,800
24,402,208
Liberty
Energy,
Inc.,
Class
A
...........
466,886
8,646,729
Nabors
Industries
Ltd.
(b)
..............
61,236
7,540,601
Oceaneering
International,
Inc.
(b)
........
728,288
18,731,567
Security
Shares
Shares
Value
Energy
Equipment
&
Services
(continued)
Patterson-UTI
Energy,
Inc.
............
2,187,605
$
30,276,453
RPC,
Inc.
........................
854,455
7,638,828
US
Silica
Holdings,
Inc.
(b)
.............
448,926
6,302,921
114,060,029
Entertainment
—
0.5%
Madison
Square
Garden
Sports
Corp.
.....
127,029
22,395,213
Financial
Services
—
1.5%
EVERTEC,
Inc.
....................
421,648
15,676,873
Jackson
Financial,
Inc.,
Class
A
(a)
........
113,018
4,319,548
Mr
Cooper
Group,
Inc.
(a)(b)
.............
670,952
35,936,189
NMI
Holdings,
Inc.,
Class
A
(b)
...........
421,178
11,409,712
Payoneer
Global,
Inc.
(b)
...............
927,878
5,678,613
73,020,935
Food
Products
—
2.9%
Cal-Maine
Foods,
Inc.
................
407,990
19,754,876
Hostess
Brands,
Inc.,
Class
A
(b)
.........
1,333,492
44,418,619
J
&
J
Snack
Foods
Corp.
..............
154,888
25,347,421
John
B
Sanfilippo
&
Son,
Inc.
...........
54,845
5,418,686
Simply
Good
Foods
Co.
(The)
(b)
.........
909,232
31,386,689
Tootsie
Roll
Industries,
Inc.
............
174,748
5,217,975
TreeHouse
Foods,
Inc.
(a)(b)
.............
242,021
10,547,275
142,091,541
Gas
Utilities
—
0.4%
Chesapeake
Utilities
Corp.
............
119,679
11,698,622
Northwest
Natural
Holding
Co.
..........
231,666
8,840,375
20,538,997
Ground
Transportation
—
0.3%
Heartland
Express,
Inc.
...............
299,110
4,393,926
Marten
Transport
Ltd.
................
579,363
11,419,245
15,813,171
Health
Care
Equipment
&
Supplies
—
2.6%
CONMED
Corp.
(a)
..................
151,181
15,246,604
Embecta
Corp.
....................
270,625
4,072,906
Glaukos
Corp.
(a)(b)
...................
327,155
24,618,414
LeMaitre
Vascular,
Inc.
...............
137,221
7,475,800
Merit
Medical
Systems,
Inc.
(b)
...........
578,472
39,926,137
STAAR
Surgical
Co.
(a)(b)
...............
331,014
13,300,143
Tandem
Diabetes
Care,
Inc.
(a)(b)
.........
391,906
8,139,888
UFP
Technologies,
Inc.
(a)(b)
.............
70,538
11,388,360
124,168,252
Health
Care
Providers
&
Services
—
3.5%
AdaptHealth
Corp.
(a)(b)
................
819,643
7,458,751
Addus
HomeCare
Corp.
(b)
.............
162,747
13,864,417
Agiliti,
Inc.
(a)(b)
.....................
154,131
1,000,310
AMN
Healthcare
Services,
Inc.
(a)(b)
.......
381,279
32,477,345
CorVel
Corp.
(b)
.....................
59,175
11,636,764
Cross
Country
Healthcare,
Inc.
(a)(b)
.......
337,787
8,373,740
Ensign
Group,
Inc.
(The)
(a)
.............
564,079
52,419,861
Fulgent
Genetics,
Inc.
(a)(b)
.............
91,914
2,457,780
Premier,
Inc.,
Class
A
................
310,743
6,680,975
Privia
Health
Group,
Inc.
(a)(b)
............
1,024,818
23,570,814
US
Physical
Therapy,
Inc.
.............
91,757
8,416,870
168,357,627
Health
Care
REITs
—
0.6%
CareTrust
REIT,
Inc.
.................
619,022
12,689,951
Community
Healthcare
Trust,
Inc.
........
148,745
4,417,726
LTC
Properties,
Inc.
.................
270,150
8,679,920
Universal
Health
Realty
Income
Trust
.....
83,283
3,367,132
29,154,729
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
S&P
Small-Cap
600
Growth
ETF
Schedules
of
Investments
25
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Health
Care
Technology
—
1.1%
Certara,
Inc.
(a)(b)
....................
623,176
$
9,060,979
HealthStream,
Inc.
..................
156,311
3,373,191
NextGen
Healthcare,
Inc.
(a)(b)
...........
544,845
12,929,172
Schrodinger,
Inc.
(a)(b)
.................
240,961
6,811,968
Simulations
Plus,
Inc.
................
107,202
4,470,323
Veradigm,
Inc.
(a)(b)
...................
1,096,623
14,409,626
51,055,259
Hotel
&
Resort
REITs
—
0.2%
Apple
Hospitality
REIT,
Inc.
............
747,483
11,466,389
Hotels,
Restaurants
&
Leisure
—
1.8%
Bloomin'
Brands,
Inc.
................
507,023
12,467,695
Chuy's
Holdings,
Inc.
(a)(b)
..............
98,089
3,490,007
Dave
&
Buster's
Entertainment,
Inc.
(b)
.....
192,994
7,154,288
Dine
Brands
Global,
Inc.
..............
93,660
4,631,487
Golden
Entertainment,
Inc.
............
132,561
4,530,935
Jack
in
the
Box,
Inc.
.................
201,820
13,937,689
Monarch
Casino
&
Resort,
Inc.
..........
134,501
8,352,512
Papa
John's
International,
Inc.
(a)
.........
147,859
10,086,941
Sabre
Corp.
(a)(b)
....................
1,267,512
5,691,129
Shake
Shack,
Inc.,
Class
A
(b)
...........
199,423
11,580,494
Six
Flags
Entertainment
Corp.
(b)
.........
309,118
7,267,364
89,190,541
Household
Durables
—
1.2%
Cavco
Industries,
Inc.
(a)(b)
..............
80,993
21,516,600
Ethan
Allen
Interiors,
Inc.
.............
229,044
6,848,416
Green
Brick
Partners,
Inc.
(a)(b)
...........
255,058
10,587,457
Installed
Building
Products,
Inc.
.........
156,209
19,508,942
58,461,415
Household
Products
—
0.6%
Central
Garden
&
Pet
Co.
(a)(b)
...........
46,480
2,051,627
Central
Garden
&
Pet
Co.,
Class
A,
NVS
(b)
..
197,505
7,917,976
WD-40
Co.
(a)
......................
88,484
17,983,488
27,953,091
Industrial
REITs
—
0.4%
Innovative
Industrial
Properties,
Inc.
......
281,433
21,293,221
Insurance
—
1.7%
American
Equity
Investment
Life
Holding
Co.
322,833
17,316,762
AMERISAFE,
Inc.
..................
105,878
5,301,311
Assured
Guaranty
Ltd.
...............
284,826
17,237,670
Employers
Holdings,
Inc.
..............
131,774
5,264,371
Goosehead
Insurance,
Inc.,
Class
A
(a)(b)
....
136,726
10,190,189
Palomar
Holdings,
Inc.
(b)
..............
248,331
12,602,798
Safety
Insurance
Group,
Inc.
...........
84,071
5,732,802
Trupanion,
Inc.
(a)(b)
..................
357,109
10,070,474
83,716,377
Interactive
Media
&
Services
—
0.9%
Cargurus,
Inc.,
Class
A
(b)
..............
435,468
7,629,400
Cars.com,
Inc.
(a)(b)
..................
620,429
10,460,433
QuinStreet,
Inc.
(b)
...................
268,327
2,406,893
Shutterstock,
Inc.
...................
116,539
4,434,309
Yelp,
Inc.
(a)(b)
......................
400,009
16,636,374
41,567,409
IT
Services
—
0.2%
Perficient,
Inc.
(a)(b)
...................
199,176
11,524,323
Leisure
Products
—
0.3%
Sturm
Ruger
&
Co.,
Inc.
..............
108,508
5,655,437
Vista
Outdoor,
Inc.
(a)(b)
................
261,984
8,676,910
14,332,347
Security
Shares
Shares
Value
Life
Sciences
Tools
&
Services
—
0.2%
BioLife
Solutions,
Inc.
(a)(b)
..............
344,836
$
4,762,185
Cytek
Biosciences,
Inc.
(a)(b)
............
434,882
2,400,548
Mesa
Laboratories,
Inc.
(a)
.............
31,829
3,344,273
OmniAb
Operations,
Inc.,
12.50
Earnout
Shares,
NVS
(b)(d)
.................
76,503
1
OmniAb
Operations,
Inc.,
15.00
Earnout
Shares,
NVS
(b)(d)
.................
76,503
1
10,507,008
Machinery
—
6.4%
Alamo
Group,
Inc.
..................
75,683
13,082,563
Albany
International
Corp.,
Class
A
.......
312,938
27,000,291
Enerpac
Tool
Group
Corp.,
Class
A
.......
371,650
9,822,709
EnPro
Industries,
Inc.
................
209,810
25,426,874
ESCO
Technologies,
Inc.
.............
175,970
18,378,307
Federal
Signal
Corp.
................
612,176
36,565,272
Franklin
Electric
Co.,
Inc.
.............
399,310
35,630,431
Hillenbrand,
Inc.
...................
701,724
29,689,942
Lindsay
Corp.
.....................
110,495
13,003,052
Mueller
Industries,
Inc.
...............
569,881
42,832,256
SPX
Technologies,
Inc.
(b)
..............
283,699
23,093,099
Standex
International
Corp.
............
80,870
11,781,950
Titan
International,
Inc.
(a)(b)
.............
516,255
6,933,305
Trinity
Industries,
Inc.
................
484,717
11,802,859
Wabash
National
Corp.
...............
273,598
5,778,390
310,821,300
Marine
Transportation
—
0.7%
Matson,
Inc.
......................
354,189
31,423,648
Media
—
0.2%
TechTarget,
Inc.
(a)(b)
.................
254,103
7,714,567
Metals
&
Mining
—
1.6%
ATI,
Inc.
(a)(b)
.......................
800,163
32,926,708
Haynes
International,
Inc.
.............
85,752
3,989,183
Kaiser
Aluminum
Corp.
...............
160,720
12,095,787
Materion
Corp.
(a)
...................
118,064
12,031,902
TimkenSteel
Corp.
(b)
.................
167,388
3,635,667
Warrior
Met
Coal,
Inc.
................
292,373
14,934,413
79,613,660
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.4%
ARMOUR
Residential
REIT,
Inc.
.........
2,291,497
9,738,862
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.
....................
430,098
9,118,078
Invesco
Mortgage
Capital,
Inc.
..........
199,209
1,994,082
20,851,022
Multi-Utilities
—
0.1%
Unitil
Corp.
.......................
161,513
6,898,220
Oil,
Gas
&
Consumable
Fuels
—
3.8%
California
Resources
Corp.
(a)
...........
188,683
10,568,135
Callon
Petroleum
Co.
(a)(b)
..............
280,473
10,972,104
Comstock
Resources,
Inc.
.............
922,371
10,173,752
CONSOL
Energy,
Inc.
................
288,925
30,311,122
CVR
Energy,
Inc.
...................
160,937
5,476,686
Dorian
LPG
Ltd.
....................
340,542
9,783,772
Northern
Oil
&
Gas,
Inc.
..............
840,290
33,804,867
REX
American
Resources
Corp.
(b)
.......
151,850
6,183,332
SM
Energy
Co.
....................
1,191,030
47,224,339
Talos
Energy,
Inc.
(a)(b)
................
544,619
8,953,536
Vital
Energy,
Inc.
(a)(b)
.................
167,989
9,309,950
182,761,595
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
S&P
Small-Cap
600
Growth
ETF
26
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Paper
&
Forest
Products
—
0.2%
Mercer
International,
Inc.
..............
187,479
$
1,608,570
Sylvamo
Corp.
....................
203,583
8,945,437
10,554,007
Passenger
Airlines
—
0.1%
Sun
Country
Airlines
Holdings,
Inc.
(a)(b)
.....
404,771
6,006,802
Personal
Care
Products
—
2.1%
Edgewell
Personal
Care
Co.
...........
244,796
9,047,660
elf
Beauty,
Inc.
(a)(b)
..................
546,575
60,030,332
Inter
Parfums,
Inc.
..................
179,539
24,119,269
Medifast,
Inc.
.....................
109,291
8,180,432
101,377,693
Pharmaceuticals
—
2.6%
(b)
Amphastar
Pharmaceuticals,
Inc.
(a)
.......
382,480
17,590,255
ANI
Pharmaceuticals,
Inc.
(a)
............
83,621
4,855,035
Collegium
Pharmaceutical,
Inc.
.........
348,619
7,791,635
Corcept
Therapeutics,
Inc.
(a)
...........
905,737
24,676,805
Harmony
Biosciences
Holdings,
Inc.
(a)
.....
337,237
11,051,256
Innoviva,
Inc.
(a)
....................
574,972
7,468,886
Ligand
Pharmaceuticals,
Inc.
...........
88,418
5,298,007
Pacira
BioSciences,
Inc.
..............
465,879
14,293,168
Prestige
Consumer
Healthcare,
Inc.
......
348,050
19,904,979
Supernus
Pharmaceuticals,
Inc.
.........
547,940
15,106,706
128,036,732
Professional
Services
—
1.5%
CSG
Systems
International,
Inc.
.........
305,270
15,605,403
Korn
Ferry
.......................
258,155
12,246,873
NV5
Global,
Inc.
(a)(b)
.................
127,588
12,277,793
TTEC
Holdings,
Inc.
.................
94,174
2,469,242
Verra
Mobility
Corp.,
Class
A
(b)
..........
1,702,958
31,845,315
74,444,626
Real
Estate
Management
&
Development
—
0.8%
eXp
World
Holdings,
Inc.
(a)
.............
208,813
3,391,123
Kennedy-Wilson
Holdings,
Inc.
..........
428,107
6,310,297
Marcus
&
Millichap,
Inc.
..............
239,336
7,022,118
St.
Joe
Co.
(The)
...................
357,380
19,416,456
36,139,994
Residential
REITs
—
0.2%
NexPoint
Residential
Trust,
Inc.
.........
121,805
3,919,685
Veris
Residential,
Inc.
................
450,192
7,428,168
11,347,853
Retail
REITs
—
1.0%
Getty
Realty
Corp.
(a)
.................
295,201
8,185,924
Phillips
Edison
&
Co.,
Inc.
.............
506,679
16,994,014
Saul
Centers,
Inc.
..................
73,179
2,581,023
Tanger
Factory
Outlet
Centers,
Inc.
.......
580,620
13,122,012
Urban
Edge
Properties
...............
602,173
9,189,160
50,072,133
Semiconductors
&
Semiconductor
Equipment
—
6.9%
Alpha
&
Omega
Semiconductor
Ltd.
(b)
.....
224,822
6,708,689
Axcelis
Technologies,
Inc.
(b)
............
329,378
53,705,083
CEVA,
Inc.
(b)
......................
145,681
2,824,755
Cohu,
Inc.
(b)
......................
315,310
10,859,276
Diodes,
Inc.
(b)
.....................
459,175
36,201,357
Kulicke
&
Soffa
Industries,
Inc.
(a)
.........
566,810
27,563,970
MaxLinear,
Inc.
(a)(b)
..................
739,960
16,464,110
Onto
Innovation,
Inc.
(a)(b)
..............
492,467
62,799,392
PDF
Solutions,
Inc.
(b)
................
306,139
9,918,904
Photronics,
Inc.
(a)(b)
..................
627,482
12,681,411
Rambus,
Inc.
(a)(b)
...................
1,095,329
61,108,405
SiTime
Corp.
(a)(b)
...................
92,689
10,589,718
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
Ultra
Clean
Holdings,
Inc.
(b)
............
246,744
$
7,320,894
Veeco
Instruments,
Inc.
(a)(b)
............
565,535
15,897,189
334,643,153
Software
—
4.6%
A10
Networks,
Inc.
..................
699,209
10,509,111
Agilysys,
Inc.
(b)
....................
203,579
13,468,787
Alarm.com
Holdings,
Inc.
(a)(b)
...........
500,898
30,624,904
Consensus
Cloud
Solutions,
Inc.
(a)(b)
......
125,423
3,158,151
Digital
Turbine,
Inc.
(a)(b)
...............
583,020
3,527,271
DoubleVerify
Holdings,
Inc.
(a)(b)
..........
1,260,146
35,221,081
InterDigital,
Inc.
....................
265,042
21,266,970
LiveRamp
Holdings,
Inc.
(b)
.............
365,386
10,537,732
N-able,
Inc.
(b)
......................
473,363
6,106,383
OneSpan,
Inc.
(a)(b)
...................
177,646
1,909,694
Progress
Software
Corp.
..............
435,257
22,885,813
SPS
Commerce,
Inc.
(a)(b)
..............
367,860
62,760,595
221,976,492
Specialized
REITs
—
0.4%
Four
Corners
Property
Trust,
Inc.
........
609,027
13,514,309
Uniti
Group,
Inc.
...................
1,078,056
5,088,424
18,602,733
Specialty
Retail
—
1.6%
Academy
Sports
&
Outdoors,
Inc.
(a)
.......
360,662
17,048,493
Asbury
Automotive
Group,
Inc.
(a)(b)
........
92,928
21,379,945
Boot
Barn
Holdings,
Inc.
(a)(b)
............
183,625
14,908,514
Buckle,
Inc.
(The)
..................
206,163
6,883,782
Haverty
Furniture
Cos.,
Inc.
............
69,120
1,989,274
Hibbett,
Inc.
......................
68,219
3,241,085
Leslie's,
Inc.
(a)(b)
....................
1,200,437
6,794,473
National
Vision
Holdings,
Inc.
(b)
.........
454,986
7,361,673
79,607,239
Technology
Hardware,
Storage
&
Peripherals
—
0.2%
(b)
Avid
Technology,
Inc.
................
200,801
5,395,523
Corsair
Gaming,
Inc.
(a)
...............
243,420
3,536,892
8,932,415
Textiles,
Apparel
&
Luxury
Goods
—
0.2%
Oxford
Industries,
Inc.
...............
103,825
9,980,697
Tobacco
—
0.1%
Vector
Group
Ltd.
..................
585,337
6,227,986
Trading
Companies
&
Distributors
—
2.1%
Applied
Industrial
Technologies,
Inc.
......
387,963
59,982,960
Boise
Cascade
Co.
.................
397,358
40,943,768
100,926,728
Water
Utilities
—
1.3%
American
States
Water
Co.
............
256,081
20,148,453
California
Water
Service
Group
.........
359,070
16,987,602
Middlesex
Water
Co.
................
114,005
7,552,831
SJW
Group
.......................
290,162
17,441,638
62,130,524
Wireless
Telecommunication
Services
—
0.1%
Gogo,
Inc.
(a)(b)
.....................
403,013
4,807,945
Total
Long-Term
Investments
—
99.1%
(Cost:
$4,504,661,079)
...........................
4,810,968,581
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
S&P
Small-Cap
600
Growth
ETF
Schedules
of
Investments
27
(Percentages
shown
are
based
on
Net
Assets)
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:
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
8.7%
(e)(f)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
5.54%
(g)
............
364,557,311
$
364,703,134
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
5.31%
..................
60,314,357
60,314,357
Total
Short-Term
Securities
—
8.7%
(Cost:
$424,787,708)
.............................
425,017,491
Total
Investments
—
107.8%
(Cost:
$4,929,448,787
)
...........................
5,235,986,072
Liabilities
in
Excess
of
Other
Assets
—
(7.8)%
............
(379,534,312)
Net
Assets
—
100.0%
..............................
$
4,856,451,760
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(c)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(d)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(e)
Affiliate
of
the
Fund.
(f)
Annualized
7-day
yield
as
of
period
end.
(g)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
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
$
306,866,627
$
57,791,730
(a)
$
—
$
12,079
$
32,698
$
364,703,134
364,557,311
$
512,355
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
32,602,986
27,711,371
(a)
—
—
—
60,314,357
60,314,357
863,905
—
$
12,079
$
32,698
$
425,017,491
$
1,376,260
$
—
—
—
(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
Russell
2000
E-Mini
Index
....................................................
144
12/15/23
$
12,950
$
(421,549)
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
S&P
Small-Cap
600
Growth
ETF
28
(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.
The
following
are
the
specified
benchmarks
(plus
or
minus
a
range)
used
in
determining
the
variable
rate
of
interest:
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)
08/19/26
$
12,449,970
$
(633,453)
(c)
$
11,713,851
0.3
%
Monthly
HSBC
Bank
plc
(d)
02/10/28
10,116,812
11,056
(e)
10,134,572
0.2
Monthly
JPMorgan
Chase
Bank
NA
(f)
11/10/23
9,507,611
(268,754)
(g)
9,260,826
0.2
$
(891,151)
$
31,109,249
(b)
(d)
(f)
Range:
40
basis
points
40
basis
points
40
basis
points
Benchmarks:
USD
-
1D
Overnight
Fed
Funds
Effective
Rate
(FEDL01)
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
(b)
Goldman
Sachs
USA
(c)
Amount
includes
$102,666
of
net
dividends
and
financing
fees.
(d)
HSBC
(e)
Amount
includes
$(6,704)
of
net
dividends
and
financing
fees.
(f)
JPMChase
(g)
Amount
includes
$(21,969)
of
net
dividends
and
financing
fees.
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
S&P
Small-Cap
600
Growth
ETF
Schedules
of
Investments
29
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
August
19,
2026:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Common
Stocks
Banks
$
Atlantic
Union
Bankshares
Corp.
1,409
$
40,551
0.4
%
Berkshire
Hills
Bancorp,
Inc.
..
16,327
327,356
2.8
Cathay
General
Bancorp
....
108,258
3,763,048
32.1
4,130,955
Capital
Markets
Moelis
&
Co.,
Class
A
......
145,189
6,552,380
55.9
Financial
Services
Payoneer
Global,
Inc.
......
168,385
1,030,516
8.8
Total
Reference
Entity
—
Long
............
11,713,851
Net
Value
of
Reference
Entity
—
Goldman
Sachs
Bank
USA
.........................
$
11,713,851
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,
2028:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Common
Stocks
Banks
$
Atlantic
Union
Bankshares
Corp.
21,415
616,324
6.1
Berkshire
Hills
Bancorp,
Inc.
..
5,168
103,618
1.0
Cathay
General
Bancorp
....
5,398
187,634
1.9
City
Holding
Co.
..........
539
48,699
0.5
First
Bancorp
............
1,495
42,069
0.4
First
Commonwealth
Financial
Corp.
...............
1,080
13,187
0.1
First
Financial
Bancorp
.....
2,326
45,590
0.4
Fulton
Financial
Corp.
......
127,522
1,544,291
15.2
Hanmi
Financial
Corp.
......
1,088
17,658
0.2
Independent
Bank
Corp.
....
894
43,886
0.4
Pathward
Financial,
Inc.
.....
139
6,407
0.1
S&T
Bancorp,
Inc.
.........
420
11,374
0.1
TrustCo
Bank
Corp.
........
277
7,559
0.1
Trustmark
Corp.
..........
852
18,514
0.2
Westamerica
Bancorp
......
1,088
47,056
0.5
2,753,866
Insurance
Employers
Holdings,
Inc.
....
972
38,831
0.4
Financial
Services
Jackson
Financial,
Inc.,
Class
A
188,914
7,220,293
71.2
Payoneer
Global,
Inc.
......
19,825
121,329
1.2
7,341,622
Capital
Markets
WisdomTree,
Inc.
.........
36
252
0.0
Total
Reference
Entity
—
Long
............
10,134,571
Net
Value
of
Reference
Entity
—
HSBC
Bank
plc
$
10,134,571
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
November
10,
2023:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Common
Stocks
Banks
$
Bancorp,
Inc.
(The)
........
15
$
517
0.0
%
Bank
of
Hawaii
Corp.
.......
3,151
156,573
1.7
Community
Bank
System,
Inc.
.
3,971
167,616
1.8
First
Bancorp
............
26,013
350,135
3.8
Heritage
Financial
Corp.
.....
6,736
109,864
1.2
Independent
Bank
Corp.
....
6,905
338,966
3.6
National
Bank
Holdings
Corp.,
Class
A
..............
4,301
127,998
1.4
OFG
Bancorp
............
30
896
0.0
Southside
Bancshares,
Inc.
..
3,490
100,163
1.1
TrustCo
Bank
Corp.
........
320
8,733
0.1
Trustmark
Corp.
..........
472
10,257
0.1
Veritex
Holdings,
Inc.
.......
5,591
100,358
1.1
Washington
Federal,
Inc.
....
3,524
90,285
1.0
1,562,361
Insurance
Employers
Holdings,
Inc.
....
1,196
47,780
0.5
Safety
Insurance
Group,
Inc.
..
345
23,526
0.2
71,306
Capital
Markets
Artisan
Partners
Asset
Management,
Inc.,
Class
A
.
127,447
4,769,067
51.5
Financial
Services
Jackson
Financial,
Inc.,
Class
A
71,231
2,722,449
29.4
Preferred
Securities
Banks
$
Preferred
Bank
...........
2,179
135,643
1.5
Total
Reference
Entity
—
Long
............
9,260,826
Net
Value
of
Reference
Entity
—
JPMorgan
Chase
Bank
NA
..........................
$
9,260,826
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
S&P
Small-Cap
600
Growth
ETF
30
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
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
...................................................................
$
—
$
—
$
11,056
$
(902,207)
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
Assets
—
Derivative
Financial
Instruments
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
$
—
$
—
$
11,056
$
—
$
—
$
—
$
11,056
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
—
—
421,549
—
—
—
421,549
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
—
902,207
—
—
—
902,207
$
—
$
—
$
1,323,756
$
—
$
—
$
—
$
1,323,756
(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
.......................
$
—
$
—
$
1,426,709
$
—
$
—
$
—
$
1,426,709
Swaps
..............................
—
—
(2,890,338)
—
—
—
(2,890,338)
$
—
$
—
$
(1,463,629)
$
—
$
—
$
—
$
(1,463,629)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(757,850)
$
—
$
—
$
—
$
(757,850)
Swaps
..............................
—
—
(277,163)
—
—
—
(277,163)
$
—
$
—
$
(1,035,013)
$
—
$
—
$
—
$
(1,035,013)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
16,231,423
Total
return
swaps
Average
notional
value
...............................................................................................
$
32,605,064
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
S&P
Small-Cap
600
Growth
ETF
Schedules
of
Investments
31
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
The
Fund’s
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
—
$
75,706
Swaps
—
OTC
(a)
....................................................................................
11,056
902,207
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
11,056
$
977,913
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
(“MNA”)
.........................................
—
(75,706)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
11,056
$
902,207
(a)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
paid/(received)
in
the
Statements
of
Assets
and
Liabilities.
The
following
table
presents
the
Fund's
derivative
assets
and
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
received
and
pledged
by
the
Fund:
Counterparty
Derivative
Assets
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-Cash
Collateral
Received
Cash
Collateral
Received
(b)
Net
Amount
of
Derivative
Assets
(
c
)
HSBC
Bank
plc
.................................
$
11,056
$
—
$
—
$
—
$
11,056
$
11,056
$
—
$
—
$
—
$
11,056
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
(d
)
Goldman
Sachs
Bank
USA
.........................
$
633,453
$
—
$
—
$
(480,000)
$
153,453
JPMorgan
Chase
Bank
NA
.........................
268,754
—
—
(268,754)
—
$
902,207
$
—
$
—
$
(748,754)
$
153,453
(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
received/pledged,
if
any,
from
the
individual
counterparty
is
not
shown
for
financial
reporting
purposes.
(c)
Net
amount
represents
the
net
amount
receivable
from
the
counterparty
in
the
event
of
default.
(d)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
4,810,968,579
$
—
$
2
$
4,810,968,581
Short-Term
Securities
Money
Market
Funds
......................................
425,017,491
—
—
425,017,491
$
5,235,986,070
$
—
$
2
$
5,235,986,072
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
—
$
11,056
$
—
$
11,056
Liabilities
Equity
contracts
...........................................
(421,549)
(902,207)
—
(1,323,756)
$
(421,549)
$
(891,151)
$
—
$
(1,312,700)
(a)
Derivative
financial
instruments
are
swaps
and
futures
contracts.
Swaps
and
futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Statements
of
Assets
and
Liabilities
(unaudited)

September
30,
2023
2023
iShares
Semi-Annual
Report
to
Shareholders
32
See
notes
to
financial
statements.
iShares
S&P
Mid-Cap
400
Growth
ETF
iShares
S&P
Mid-Cap
400
Value
ETF
iShares
S&P
Small-Cap
600
Growth
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.........................................................
$
7,345,467,413‌
$
6,571,060,761‌
$
4,810,968,581‌
Investments,
at
value
—
affiliated
(c)
............................................................
519,569,780‌
425,777,357‌
425,017,491‌
Cash  
...............................................................................
66,202‌
27,782,837‌
154,938‌
Cash
pledged:
Collateral
—
OTC
derivatives
..............................................................
—‌
780,000‌
770,000‌
Futures
contracts
......................................................................
768,470‌
944,510‌
992,000‌
Receivables:
–‌
–‌
–‌
Investments
sold
......................................................................
39,808,195‌
—‌
69,458,206‌
Securities
lending
income
—
affiliated
........................................................
76,437‌
111,594‌
75,865‌
Dividends
—
unaffiliated
.................................................................
5,968,787‌
9,713,790‌
3,563,165‌
Dividends
—
affiliated
...................................................................
96,634‌
120,983‌
180,324‌
Unrealized
appreciation
on:
–‌
–‌
–‌
OTC
swaps
..........................................................................
—‌
145,542‌
11,056‌
Total
assets
...........................................................................
7,911,821,918‌
7,036,437,374‌
5,311,191,626‌
LIABILITIES
Cash
received:
Collateral
—
OTC
derivatives
..............................................................
—‌
240,000‌
—‌
Collateral
on
securities
loaned
...............................................................
453,499,540‌
352,499,249‌
364,457,470‌
Payables:
–‌
–‌
–‌
Investments
purchased
..................................................................
44,354,176‌
30,921,376‌
70,852,445‌
Swaps  
............................................................................
300,541‌
163,736‌
149,709‌
Income
dividend
distributions
..............................................................
26,881,576‌
37,653,362‌
17,565,126‌
Investment
advisory
fees
.................................................................
1,058,186‌
1,011,140‌
737,203‌
Variation
margin
on
futures
contracts
.........................................................
52,730‌
64,959‌
75,706‌
Unrealized
depreciation
on:
–‌
–‌
–‌
OTC
swaps
..........................................................................
1,025,960‌
920,842‌
902,207‌
Total
liabilities
..........................................................................
527,172,709‌
423,474,664‌
454,739,866‌
Commitments
and
contingent
liabilities
—‌
—‌
—‌
NET
ASSETS
..........................................................................
$
7,384,649,209‌
$
6,612,962,710‌
$
4,856,451,760‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
..........................................................................
$
7,178,623,554‌
$
7,940,626,701‌
$
5,244,396,013‌
Accumulated
earnings
(loss)
................................................................
206,025,655‌
(1,327,663,991‌)
(387,944,253‌)
NET
ASSETS
..........................................................................
$
7,384,649,209‌
$
6,612,962,710‌
$
4,856,451,760‌
NET
ASSET
VALUE
Shares
outstanding
......................................................................
102,150,000‌
65,550,000‌
44,250,000‌
Net
asset
value
.........................................................................
$
72.29‌
$
100.88‌
$
109.75‌
Shares
authorized
.......................................................................
Unlimited
Unlimited
Unlimited
Par
value
.............................................................................
None
None
None
(a)
  Investments,
at
cost
—
unaffiliated
..........................................................
$
6,437,284,289‌
$
6,933,671,630‌
$
4,504,661,079‌
(b)
  Securities
loaned,
at
value
................................................................
$
443,321,383‌
$
345,385,889‌
$
353,484,349‌
(c)
  Investments,
at
cost
—
affiliated
............................................................
$
519,279,864‌
$
425,572,448‌
$
424,787,708‌
Statements
of
Operations
(unaudited)

Six
Months
Ended
September
30,
2023
33
Financial
Statements
See
notes
to
financial
statements.
iShares
S&P
Mid-Cap
400
Growth
ETF
iShares
S&P
Mid-Cap
400
Value
ETF
iShares
S&P
Small-Cap
600
Growth
ETF
INVESTMENT
INCOME
–
–
–
Dividends
—
unaffiliated
.................................................................
$
54,037,845‌
$
63,252,312‌
$
36,655,231‌
Dividends
—
affiliated
...................................................................
323,342‌
498,411‌
863,905‌
Interest
—
unaffiliated
...................................................................
20,144‌
25,649‌
53,555‌
Securities
lending
income
—
affiliated
—
net
...................................................
569,466‌
1,398,604‌
512,355‌
Foreign
taxes
withheld
..................................................................
—‌
—‌
(74,122‌)
Total
investment
income
...................................................................
54,950,797‌
65,174,976‌
38,010,924‌
EXPENSES
Investment
advisory
....................................................................
6,400,689‌
6,380,598‌
4,526,360‌
Total
expenses
.........................................................................
6,400,689‌
6,380,598‌
4,526,360‌
Net
investment
income
....................................................................
48,550,108‌
58,794,378‌
33,484,564‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
70,744,107‌
$
(129,468,218‌)
$
(19,163,257‌)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.............................................................
$
34,112,523‌
$
(159,156,194‌)
$
(43,408,526‌)
Investments
—
affiliated
...............................................................
33,703‌
30,632‌
12,079‌
Futures
contracts
....................................................................
287,748‌
1,048,279‌
1,426,709‌
In-kind
redemptions
—
unaffiliated
(a)
.......................................................
136,759,652‌
52,805,966‌
45,846,504‌
Swaps  
..........................................................................
(425,636‌)
21,072‌
(2,890,338‌)
170,767,990‌
(105,250,245‌)
986,428‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.............................................................
(98,621,304‌)
(22,564,833‌)
(19,147,368‌)
Investments
—
affiliated
...............................................................
18,920‌
23,650‌
32,698‌
Futures
contracts
....................................................................
(374,907‌)
(917,580‌)
(757,850‌)
Swaps  
..........................................................................
(1,046,589‌)
(759,211‌)
(277,163‌)
(100,023,880‌)
(24,217,974‌)
(20,149,683‌)
Net
realized
and
unrealized
gain
(loss)
.........................................................
70,744,110‌
(129,468,219‌)
(19,163,255‌)
NET
INCREASE
(DECREASE)
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..........................
$
119,294,218‌
$
(70,673,841‌)
$
14,321,309‌
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
Statements
of
Changes
in
Net
Assets

2023
iShares
Semi-Annual
Report
to
Shareholders
34
See
notes
to
financial
statements.
iShares
S&P
Mid-Cap
400
Growth
ETF
iShares
S&P
Mid-Cap
400
Value
ETF
Six
Months
Ended
09/30/23
(unaudited)
Year
Ended
03/31/23
Six
Months
Ended
09/30/23
(unaudited)
Year
Ended
03/31/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................
$
48,550,108‌
$
74,860,328‌
$
58,794,378‌
$
138,470,868‌
Net
realized
gain
(loss)
............................................
170,767,990‌
(412,080,142‌)
(105,250,245‌)
440,227,925‌
Net
change
in
unrealized
appreciation
(depreciation)
........................
(100,023,880‌)
(137,051,972‌)
(24,217,974‌)
(1,006,216,115‌)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...................
119,294,218‌
(474,271,786‌)
(70,673,841‌)
(427,517,322‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................
(43,963,196‌)
(78,339,399‌)
(61,398,467‌)
(146,561,202‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.........
(66,433,824‌)
387,654,126‌
(720,672,972‌)
(366,336,297‌)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...................................
8,897,198‌
(164,957,059‌)
(852,745,280‌)
(940,414,821‌)
Beginning
of
period
................................................
7,375,752,011‌
7,540,709,070‌
7,465,707,990‌
8,406,122,811‌
End
of
period
....................................................
$
7,384,649,209‌
$
7,375,752,011‌
$
6,612,962,710‌
$
7,465,707,990‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
35
Financial
Statements
See
notes
to
financial
statements.
iShares
S&P
Small-Cap
600
Growth
ETF
Six
Months
Ended
09/30/23
(unaudited)
Year
Ended
03/31/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
33,484,564‌
$
60,173,179‌
Net
realized
gain
(loss)
..............................................................................
986,428‌
(154,854,229‌)
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
(20,149,683‌)
(544,051,549‌)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.....................................................
14,321,309‌
(638,732,599‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
(31,103,549‌)
(57,057,739‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
...........................................
(132,027,737‌)
62,317,079‌
NET
ASSETS
Total
decrease
in
net
assets
............................................................................
(148,809,977‌)
(633,473,259‌)
Beginning
of
period
..................................................................................
5,005,261,737‌
5,638,734,996‌
End
of
period
......................................................................................
$
4,856,451,760‌
$
5,005,261,737‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2023
iShares
Semi-Annual
Report
to
Shareholders
36
iShares
S&P
Mid-Cap
400
Growth
ETF
Six
Months
Ended
09/30/23
(unaudited)
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
(a)
Year
Ended
03/31/20
(a)
Year
Ended
03/31/19
(a)
Net
asset
value,
beginning
of
period
................
$
71.54
‌
$
77.42
‌
$
78.31
‌
$
44.65
‌
$
54.76
‌
$
54.55
‌
Net
investment
income
(b)
........................
0.47
‌
0.75
‌
0.46
‌
0.44
‌
0.57
‌
0.55
‌
Net
realized
and
unrealized
gain
(loss)
(c)
..............
0.71
‌
(5.85
)
(0.87
)
33.69
‌
(10.05
)
0.24
‌
Net
increase
(decrease)
from
investment
operations
.......
1.18
‌
(5.10
)
(0.41
)
34.13
‌
(9.48
)
0.79
‌
Distributions
(d)
–
–
–
–
–
–
From
net
investment
income
.....................
(0.43
)
(0.78
)
(0.48
)
(0.47
)
(0.63
)
(0.56
)
From
net
realized
gain
..........................
—
‌
—
‌
—
‌
—
‌
—
‌
(0.02
)
Total
distributions
..............................
(0.43
)
(0.78
)
(0.48
)
(0.47
)
(0.63
)
(0.58
)
Net
asset
value,
end
of
period
.....................
$
72.29
‌
$
71.54
‌
$
77.42
‌
$
78.31
‌
$
44.65
‌
$
54.76
‌
Total
Return
(e)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
1.66
%
(f)
(6.51
)%
(0.54
)%
76.68
%
(17.49
)%
1.45
%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
................................
0.17
%
(h)
0.17
%
0.17
%
0.20
%
0.24
%
0.24
%
Net
investment
income
...........................
1.28
%
(h)
1.08
%
0.57
%
0.70
%
1.01
%
1.01
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
7,384,649
‌
$
7,375,752
‌
$
7,540,709
‌
$
8,007,285
‌
$
5,260,096
‌
$
7,490,758
‌
Portfolio
turnover
rate
(i)
...........................
13
%
54
%
45
%
50
%
51
%
50
%
(a)
Per
share
amounts
reflect
a
four-for-one
stock
split
effective
after
the
close
of
trading
on
October
16,
2020.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
37
Financial
Highlights
iShares
S&P
Mid-Cap
400
Value
ETF
Six
Months
Ended
09/30/23
(unaudited)
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
(a)
Year
Ended
03/31/20
(a)
Year
Ended
03/31/19
(a)
Net
asset
value,
beginning
of
period
................
$
102.83
‌
$
109.53
‌
$
101.82
‌
$
54.92
‌
$
78.47
‌
$
77.19
‌
Net
investment
income
(b)
........................
0.86
‌
1.89
‌
1.73
‌
1.36
‌
1.51
‌
1.31
‌
Net
realized
and
unrealized
gain
(loss)
(c)
..............
(1.89
)
(6.56
)
7.80
‌
46.95
‌
(23.42
)
1.31
‌
Net
increase
(decrease)
from
investment
operations
.......
(1.03
)
(4.67
)
9.53
‌
48.31
‌
(21.91
)
2.62
‌
Distributions
from
net
investment
income
(d)
..............
(0.92
)
(2.03
)
(1.82
)
(1.41
)
(1.64
)
(1.34
)
Net
asset
value,
end
of
period
.....................
$
100.88
‌
$
102.83
‌
$
109.53
‌
$
101.82
‌
$
54.92
‌
$
78.47
‌
Total
Return
(e)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
(1.00
)%
(f)
(4.14
)%
9.42
%
88.83
%
(28.36
)%
3.35
%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
................................
0.18
%
(h)
0.18
%
0.18
%
0.21
%
0.25
%
0.25
%
Net
investment
income
...........................
1.66
%
(h)
1.85
%
1.61
%
1.78
%
1.90
%
1.65
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
6,612,963
‌
$
7,465,708
‌
$
8,406,123
‌
$
8,109,620
‌
$
3,811,032
‌
$
6,355,685
‌
Portfolio
turnover
rate
(i)
...........................
10
%
41
%
38
%
43
%
46
%
44
%
(a)
Per
share
amounts
reflect
a
two-for-one
stock
split
effective
after
the
close
of
trading
on
October
16,
2020.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
iShares
Semi-Annual
Report
to
Shareholders
38
iShares
S&P
Small-Cap
600
Growth
ETF
Six
Months
Ended
09/30/23
(unaudited)
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
(a)
Year
Ended
03/31/20
(a)
Year
Ended
03/31/19
(a)
Net
asset
value,
beginning
of
period
................
$
110.13
‌
$
125.31
‌
$
127.93
‌
$
69.20
‌
$
89.29
‌
$
86.92
‌
Net
investment
income
(b)
........................
0.75
‌
1.30
‌
0.98
‌
0.72
‌
0.81
‌
0.72
‌
Net
realized
and
unrealized
gain
(loss)
(c)
..............
(0.43
)
(15.24
)
(2.67
)
58.76
‌
(20.00
)
2.40
‌
Net
increase
(decrease)
from
investment
operations
.......
0.32
‌
(13.94
)
(1.69
)
59.48
‌
(19.19
)
3.12
‌
Distributions
from
net
investment
income
(d)
..............
(0.70
)
(1.24
)
(0.93
)
(0.75
)
(0.90
)
(0.75
)
Net
asset
value,
end
of
period
.....................
$
109.75
‌
$
110.13
‌
$
125.31
‌
$
127.93
‌
$
69.20
‌
$
89.29
‌
Total
Return
(e)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
0.29
%
(f)
(11.09
)%
(1.35
)%
86.30
%
(21.68
)%
3.59
%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
................................
0.18
%
(h)
0.18
%
0.18
%
0.21
%
0.25
%
0.25
%
Net
investment
income
...........................
1.33
%
(h)
1.16
%
0.75
%
0.73
%
0.89
%
0.77
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
4,856,452
‌
$
5,005,262
‌
$
5,638,735
‌
$
6,191,623
‌
$
3,515,154
‌
$
5,580,221
‌
Portfolio
turnover
rate
(i)
...........................
10
%
54
%
44
%
52
%
64
%
45
%
(a)
Per
share
amounts
reflect
a
two-for-one
stock
split
effective
after
the
close
of
trading
on
October
16,
2020.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
39
Notes
to
Financial
Statements
1.
ORGANIZATION
iShares
Trust
(the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Delaware
statutory
trust
and
is
authorized
to
have
multiple
series
or
portfolios. 
These
financial
statements
relate
only
to
the
following
funds
(each,
a
“Fund”
and
collectively,
the
“Funds”):
2.
Significant
Accounting
Policies
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates. Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
date
at
fair
value.
Dividends
from
foreign
securities
where
the
ex-dividend
date
may
have
passed
are
subsequently
recorded
when
the
Funds
are
informed
of
the
ex-dividend
date.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest.
Upon
notification
from
issuers
or
as
estimated
by
management,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain. Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis.
Foreign
Taxes:
Certain
Funds
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
each
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
each
Fund
and
are
reflected
in
its Statements
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Other
foreign
taxes”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of 
September
30,
2023
,
if
any,
are
disclosed
in
the Statements
of
Assets
and
Liabilities.
The
Funds
file
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Funds
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statements
of
Operations
include
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the Funds
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments.
In-kind
Redemptions:
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Funds.
Because
such
gains
or
losses
are
not
taxable
to
the
Funds
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
Funds’
tax
year.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
(“NAV”)
per
share.
Distributions:
Dividends
and
distributions
paid
by
each
Fund
are
recorded
on
the
ex-dividend
dates.
Distributions
are
determined
on
a
tax
basis
and
may
differ
from
net
investment
income
and
net
realized
capital
gains
for
financial
reporting
purposes.
Dividends
and
distributions
are
paid
in
U.S.
dollars
and
cannot
be
automatically
reinvested
in
additional
shares
of
the
Funds.
Indemnifications:
In
the
normal
course
of
business,
each
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Funds,
which
cannot
be
predicted
with
any
certainty.
3.
Investment
Valuation
and
Fair
Value
Measurements
Investment
Valuation
Policies:
 Each
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund’s
listing
exchange
is
open
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Trustees
of
the
Trust
 (the
“Board”)
of each
Fund
has
approved
the
designation
of
BlackRock
Fund
Advisors
(“BFA”),
the
Funds’
investment
adviser, as
the
valuation
designee
for
each
Fund. Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
BFA’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
BFA’s policies
and
procedures as
reflecting
fair
value. BFA
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
iShares
ETF
Diversification
Classification
S&P
Mid-Cap
400
Growth
...............................................................................................
Diversified
S&P
Mid-Cap
400
Value
................................................................................................
Diversified
S&P
Small-Cap
600
Growth
..............................................................................................
Diversified
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
iShares
Semi-Annual
Report
To
Shareholders
40
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
each
Fund’s
assets
and
liabilities:
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s
official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
are valued
at
the
last
traded
price.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds)
are
valued
at
that
day’s
published
NAV.
Futures
contracts
are
valued
based
on
that
day’s
last
reported
settlement
or
trade
price
on
the
exchange
where
the
contract
is
traded.
Swap
agreements
are
valued
utilizing
quotes
received
daily
by
independent
pricing
services
or
through
brokers,
which
are
derived
using
daily
swap
curves
and
models
that
incorporate
a
number
of
market
data
factors,
such
as
discounted
cash
flows,
trades
and
values
of
the
underlying
reference
instruments.
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the
New
York
Stock
Exchange
(“NYSE”).
Each
business
day,
the
Funds
use
current
market
factors
supplied
by
independent
pricing
services
to
value
certain
foreign
instruments
(“Systematic
Fair
Value
Price”).
The
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which
follows
the
close
of
the
local
markets.
If
events
(e.g.,
market
volatility,
company
announcement
or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that
application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the Valuation
Committee,
in
accordance
with
BFA’s
policies
and
procedures as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the Valuation
Committee
include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the Valuation
Committee
seeks
to
determine
the
price
that each
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
Fair
value
pricing
could
result
in
a
difference
between
the
prices
used
to
calculate
a
fund’s
NAV
and
the
prices
used
by
the
fund’s
underlying
index,
which
in
turn
could
result
in
a
difference
between
the
fund’s
performance
and
the
performance
of
the
fund’s
underlying
index.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
–
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that each
Fund
has
the
ability
to
access;
Level
2
–
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market-corroborated
inputs);
and
Level
3
–
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available,
(including
the Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
4.
Securities
and
Other
Investments
Securities
Lending:
 Each
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
an
approved
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
government.
The
initial
collateral
received
by
each
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
market
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of
the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund
or
excess
collateral
is
returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
each
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
in
money
market
funds
managed
by
BFA,
or
its
affiliates
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
also
disclosed
in
each
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
any
related
cash
collateral
are
disclosed
in
the
Statements
of
Assets
and
Liabilities.
Securities
lending
transactions
are
entered
into
by
the
Funds
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”)
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency)
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Funds,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
Notes
to
Financial
Statements
(unaudited)
(continued)
41
Notes
to
Financial
Statements
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the
Funds
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency. 
As
of
period
end,
the
following
table
is
a
summary
of
the
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA
:
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
S&P
Mid-Cap
400
Growth
Barclays
Bank
PLC
.....................................
$
21,410,014‌
$
(21,410,014‌)
$
–‌
$
–‌
Barclays
Capital,
Inc.
...................................
5,421,357‌
(5,421,357‌)
–‌
–‌
BNP
Paribas
SA
.......................................
7,868,862‌
(7,868,862‌)
–‌
–‌
BofA
Securities,
Inc.
....................................
30,983,292‌
(30,983,292‌)
–‌
–‌
Citadel
Clearing
LLC
....................................
26,853,750‌
(26,853,750‌)
–‌
–‌
Citigroup
Global
Markets,
Inc.
..............................
41,327,039‌
(41,327,039‌)
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...............................
47,561,924‌
(47,561,924‌)
–‌
–‌
HSBC
Bank
PLC
......................................
5,629,652‌
(5,629,652‌)
–‌
–‌
J.P.
Morgan
Securities
LLC
...............................
15,176,840‌
(15,176,840‌)
–‌
–‌
Jefferies
LLC
.........................................
1,716,202‌
(1,716,202‌)
–‌
–‌
Morgan
Stanley
.......................................
65,182,007‌
(65,182,007‌)
–‌
–‌
National
Financial
Services
LLC
............................
2,778,454‌
(2,778,454‌)
–‌
–‌
Natixis
SA
...........................................
20,769,334‌
(20,769,334‌)
–‌
–‌
Nomura
Securities
International,
Inc.
.........................
20,844‌
(20,844‌)
–‌
–‌
RBC
Capital
Markets
LLC
................................
40,041,984‌
(40,041,984‌)
–‌
–‌
Scotia
Capital
(USA),
Inc.
................................
36,402,723‌
(36,402,723‌)
–‌
–‌
SG
Americas
Securities
LLC
..............................
4,162,188‌
(4,162,188‌)
–‌
–‌
Toronto-Dominion
Bank
..................................
15,424,737‌
(15,424,737‌)
–‌
–‌
UBS
AG
............................................
52,077,628‌
(52,077,628‌)
–‌
–‌
Virtu
Americas
LLC
.....................................
439,262‌
(439,262‌)
–‌
–‌
Wells
Fargo
Bank
N.A.
..................................
2,073,290‌
(2,073,290‌)
–‌
–‌
$
443,321,383‌
$
(443,321,383‌)
$
–‌
$
–‌
S&P
Mid-Cap
400
Value
Barclays
Bank
PLC
.....................................
$
7,305,626‌
$
(7,305,626‌)
$
–‌
$
–‌
Barclays
Capital,
Inc.
...................................
8,710,511‌
(8,710,511‌)
–‌
–‌
BMO
Capital
Markets
Corp.
...............................
9,490‌
(9,490‌)
–‌
–‌
BNP
Paribas
SA
.......................................
31,837,072‌
(31,837,072‌)
–‌
–‌
BofA
Securities,
Inc.
....................................
27,604,600‌
(27,604,600‌)
–‌
–‌
Citadel
Clearing
LLC
....................................
837,822‌
(837,822‌)
–‌
–‌
Citigroup
Global
Markets,
Inc.
..............................
57,084,270‌
(57,084,270‌)
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...............................
41,720,808‌
(41,720,808‌)
–‌
–‌
HSBC
Bank
PLC
......................................
15,301,309‌
(15,301,309‌)
–‌
–‌
J.P.
Morgan
Securities
LLC
...............................
37,419,359‌
(37,419,359‌)
–‌
–‌
Jefferies
LLC
.........................................
663,242‌
(663,242‌)
–‌
–‌
Morgan
Stanley
.......................................
40,951,753‌
(40,951,753‌)
–‌
–‌
National
Financial
Services
LLC
............................
5,248,171‌
(5,248,171‌)
–‌
–‌
Natixis
SA
...........................................
2,643,448‌
(2,643,448‌)
–‌
–‌
Nomura
Securities
International,
Inc.
.........................
28,236‌
(28,236‌)
–‌
–‌
RBC
Capital
Markets
LLC
................................
22,012,994‌
(22,012,994‌)
–‌
–‌
Scotia
Capital
(USA),
Inc.
................................
10,336,869‌
(10,336,869‌)
–‌
–‌
SG
Americas
Securities
LLC
..............................
7,313,525‌
(7,313,525‌)
–‌
–‌
Toronto-Dominion
Bank
..................................
22,431,065‌
(22,431,065‌)
–‌
–‌
UBS
AG
............................................
3,720,984‌
(3,720,984‌)
–‌
–‌
UBS
Securities
LLC
....................................
8,768‌
(8,768‌)
–‌
–‌
Wells
Fargo
Bank
N.A.
..................................
2,022,712‌
(2,022,712‌)
–‌
–‌
Wells
Fargo
Securities
LLC
...............................
173,255‌
(173,255‌)
–‌
–‌
$
345,385,889‌
$
(345,385,889‌)
$
–‌
$
–‌
S&P
Small-Cap
600
Growth
Barclays
Bank
PLC
.....................................
$
11,521,259‌
$
(11,521,259‌)
$
–‌
$
–‌
Barclays
Capital,
Inc.
...................................
73,650‌
(73,650‌)
–‌
–‌
BMO
Capital
Markets
Corp.
...............................
34‌
(34‌)
–‌
–‌
BNP
Paribas
SA
.......................................
48,790,635‌
(48,790,635‌)
–‌
–‌
BofA
Securities,
Inc.
....................................
41,019,382‌
(41,019,382‌)
–‌
–‌
Citigroup
Global
Markets,
Inc.
..............................
1,127,190‌
(1,127,190‌)
–‌
–‌
Credit
Suisse
Securities
(USA)
LLC
..........................
3,101,320‌
(3,101,320‌)
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...............................
46,800,133‌
(46,800,133‌)
–‌
–‌
HSBC
Bank
PLC
......................................
3,511,994‌
(3,511,994‌)
–‌
–‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
iShares
Semi-Annual
Report
To
Shareholders
42
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
each
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BlackRock,
Inc.
(“BlackRock”).
BlackRock’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent
the
collateral
received
does
not
cover
the
value
of
the
securities
loaned
in
the
event
of
borrower
default.
Each
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
the
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by
each
Fund.
5.
Derivative
Financial
Instruments
Futures
Contracts:
 Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk).
Futures
contracts
are
exchange-traded
agreements
between
the
Funds
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the
Funds
are
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any,
are
shown
as
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Funds
agree
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
Swaps:
Swap
contracts
are
entered
into
to
manage
exposure
to
issuers,
markets
and
securities.
Such
contracts
are
agreements
between
the
Funds
and
a
counterparty
to
make
periodic
net
payments
on
a
specified
notional
amount
or
a
net
payment
upon
termination.
Swap
agreements
are
privately
negotiated
in
the
OTC
market
and
may
be
entered
into
as
a
bilateral
contract
(“OTC
swaps”)
or
centrally
cleared
(“centrally
cleared
swaps”).
For
OTC
swaps,
any
upfront
premiums
paid
and
any
upfront
fees
received
are
shown
as
swap
premiums
paid
and
swap
premiums
received,
respectively,
in
the
Statements
of
Assets
and
Liabilities
and
amortized
over
the
term
of
the
contract.
The
daily
fluctuation
in
market
value
is
recorded
as
unrealized
appreciation
(depreciation)
on
OTC
Swaps
in
the
Statements
of
Assets
and
Liabilities.
Payments
received
or
paid
are
recorded
in
the
Statements
of
Operations
as
realized
gains
or
losses,
respectively.
When
an
OTC
swap
is
terminated,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
proceeds
from
(or
cost
of)
the
closing
transaction
and
the
Funds’
basis
in
the
contract,
if
any.
Generally,
the
basis
of
the
contract
is
the
premium
received
or
paid.
Total
return
swaps
are
entered
into by
the iShares
S&P
Mid-Cap
400
Growth
ETF,
iShares
S&P
Mid-Cap
400
Value
ETF
and
iShares
S&P
Small-Cap
600
Growth
ETF to
obtain
exposure
to
a
security
or
market
without
owning
such
security
or
investing
directly
in
such
market
or
to
exchange
the
risk/return
of
one
security
or
market
(e.g.,
fixed-
income)
with
another
security
or
market
(e.g.,
equity
or
commodity
prices)
(equity
risk,
commodity
price
risk
and/or
interest
rate
risk).
Total
return
swaps
are
agreements
in
which
there
is
an
exchange
of
cash
flows
whereby
one
party
commits
to
make
payments
based
on
the
total
return
(distributions
plus
capital
gains/losses)
of
an
underlying
instrument,
or
basket
or
underlying
instruments,
in
exchange
for
fixed
or
floating
rate
interest
payments.
If
the
total
return
of
the
instruments
or
index
underlying
the
transaction
exceeds
or
falls
short
of
the
offsetting
fixed
or
floating
interest
rate
obligation,
the
Fund
receives
payment
from
or
makes
a
payment
to
the
counterparty.
Certain
total
return
swaps
are
designed
to
function
as
a
portfolio
of
direct
investments
in
long
and
short
equity
positions.
This
means
that
the
Fund
has
the
ability
to
trade
in
and
out
of
these
long
and
short
positions
within
the
swap
and
will
receive
the
economic
benefits
and
risks
equivalent
to
direct
investment
in
these
positions,
subject
to
certain
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
S&P
Small-Cap
600
Growth
(continued)
J.P.
Morgan
Securities
LLC
...............................
32,062,347‌
(32,062,347‌)
–‌
–‌
Jefferies
LLC
.........................................
2,808,654‌
(2,808,654‌)
–‌
–‌
Morgan
Stanley
.......................................
89,435,011‌
(89,435,011‌)
–‌
–‌
National
Financial
Services
LLC
............................
3,641,846‌
(3,641,846‌)
–‌
–‌
Natixis
SA
...........................................
4,230,670‌
(4,230,670‌)
–‌
–‌
RBC
Capital
Markets
LLC
................................
34,533,352‌
(34,533,352‌)
–‌
–‌
Scotia
Capital
(USA),
Inc.
................................
5,059,242‌
(5,059,242‌)
–‌
–‌
SG
Americas
Securities
LLC
..............................
1,696,340‌
(1,696,340‌)
–‌
–‌
State
Street
Bank
&
Trust
Co.
..............................
6,575,368‌
(6,575,368‌)
–‌
–‌
Toronto-Dominion
Bank
..................................
4,353,427‌
(4,353,427‌)
–‌
–‌
UBS
AG
............................................
10,874,205‌
(10,874,205‌)
–‌
–‌
UBS
Securities
LLC
....................................
848,788‌
(848,788‌)
–‌
–‌
Wells
Fargo
Bank
N.A.
..................................
645,258‌
(645,258‌)
–‌
–‌
Wells
Fargo
Securities
LLC
...............................
774,244‌
(774,244‌)
–‌
–‌
$
353,484,349‌
$
(353,484,349‌)
$
–‌
$
–‌
(a)
Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
each
Fund
is
disclosed
in
the
Fund’s
Statements
of
Assets
and
Liabilities.
Notes
to
Financial
Statements
(unaudited)
(continued)
43
Notes
to
Financial
Statements
adjustments
due
to
events
related
to
the
counterparty.
Benefits
and
risks
include
capital
appreciation
(depreciation),
corporate
actions
and
dividends
received
and
paid,
all
of
which
are
reflected
in
the
swap’s
market
value.
The
market
value
also
includes
interest
charges
and
credits
(“financing
fees”)
related
to
the
notional
values
of
the
long
and
short
positions
and
cash
balances
within
the
swap.
These
interest
charges
and
credits
are
based
on
a
specified
benchmark
rate
plus
or
minus
a
specified
spread
determined
based
upon
the
country
and/or
currency
of
the
positions
in
the
portfolio.
Positions
within
the
swap
and
financing
fees
are
reset
periodically.
During
a
reset,
any
unrealized
appreciation
(depreciation)
on
positions
and
accrued
financing
fees
become
available
for
cash
settlement
between
the
Fund
and
the
counterparty.
The
amounts
that
are
available
for
cash
settlement
are
recorded
as
realized
gains
or
losses
in
the
Statements
of
Operations.
Cash
settlement
in
and
out
of
the
swap
may
occur
at
a
reset
date
or
any
other
date,
at
the
discretion
of
the
Fund
and
the
counterparty,
over
the
life
of
the
agreement.
Certain
swaps
have
no
stated
expiration
and
can
be
terminated
by
either
party
at
any
time.
Swap
transactions
involve,
to
varying
degrees,
elements
of
interest
rate,
credit
and
market
risks
in
excess
of
the
amounts
recognized
in
the
Statements
of
Assets
and
Liabilities.
Such
risks
involve
the
possibility
that
there
will
be
no
liquid
market
for
these
agreements,
that
the
counterparty
to
the
agreements
may
default
on
its
obligation
to
perform
or
disagree
as
to
the
meaning
of
the
contractual
terms
in
the
agreements,
and
that
there
may
be
unfavorable
changes
in
interest
rates
and/or
market
values
associated
with
these
transactions.
Master
Netting
Arrangements:
In
order
to
define
its
contractual
rights
and
to
secure
rights
that
will
help
mitigate
its
counterparty
risk,
a
Fund
may
enter
into
an
International
Swaps
and
Derivatives
Association,
Inc.
Master
Agreement
(“ISDA
Master
Agreement”)
or
similar
agreement
with
its
derivative
contract
counterparties.
An
ISDA
Master
Agreement
is
a
bilateral
agreement
between
a
Fund
and
a
counterparty
that
governs
certain
OTC
derivatives
and
typically
contains,
among
other
things,
collateral
posting
terms
and
netting
provisions
in
the
event
of
a
default
and/or
termination
event.
Under
an
ISDA
Master
Agreement,
a
Fund
may,
under
certain
circumstances,
offset
with
the
counterparty
certain
derivative
financial
instruments’
payables
and/or
receivables
with
collateral
held
and/or
posted
and
create
one
single
net
payment.
The
provisions
of
the
ISDA
Master
Agreement
typically
permit
a
single
net
payment
in
the
event
of
default
including
the
bankruptcy
or
insolvency
of
the
counterparty.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
the
right
of
offset
in
bankruptcy,
insolvency,
or
other
events.
For
derivatives
traded
under
an
ISDA
Master
Agreement,
the
collateral
requirements
are
typically
calculated
by
netting
the
mark-to-market
amount
for
each
transaction
under
such
agreement,
and
comparing
that
amount
to
the
value
of
any
collateral
currently
pledged
by
a
fund
and
the
counterparty.
Cash
collateral
that
has
been
pledged
to
cover
obligations
of
the
Funds
and
cash
collateral
received
from
the
counterparty,
if
any,
is
reported
separately
in
the
Statements
of
Assets
and
Liabilities
as
cash
pledged
as
collateral
and
cash
received
as
collateral,
respectively.
Non-cash
collateral
pledged
by
the
Funds,
if
any,
is
noted
in
the
Schedules
of
Investments.
Generally,
the
amount
of
collateral
due
from
or
to
a
counterparty
is
subject
to
a
certain
minimum
transfer
amount
threshold
before
a
transfer
is
required,
which
is
determined
at
the
close
of
business
of
the
Funds.
Any
additional
required
collateral
is
delivered
to/pledged
by
the
Funds
on
the
next
business
day.
Typically,
the
counterparty
is
not
permitted
to
sell,
re-pledge
or
use
cash
and
non-cash
collateral
it
receives.
A
fund
generally
agrees
not
to
use
non-cash
collateral
that
it
receives
but
may,
absent
default
or
certain
other
circumstances
defined
in
the
underlying
ISDA
Master
Agreement,
be
permitted
to
use
cash
collateral
received.
In
such
cases,
interest
may
be
paid
pursuant
to
the
collateral
arrangement
with
the
counterparty.
To
the
extent
amounts
due
to
the
Funds
from
the
counterparty
are
not
fully
collateralized,
each
Fund
bears
the
risk
of
loss
from
counterparty
non-performance.
Likewise,
to
the
extent
the
Funds
have
delivered
collateral
to
a
counterparty
and
stand
ready
to
perform
under
the
terms
of their
agreement
with
such
counterparty,
each
Fund
bears
the
risk
of
loss
from
a
counterparty
in
the
amount
of
the
value
of
the
collateral
in
the
event
the
counterparty
fails
to
return
such
collateral.
Based
on
the
terms
of
agreements,
collateral
may
not
be
required
for
all
derivative
contracts.
For
financial
reporting
purposes,
each
Fund
does
not
offset
derivative
assets
and
derivative
liabilities
that
are
subject
to
netting
arrangements,
if
any,
in
the
Statements
of
Assets
and
Liabilities.
6.
Investment
Advisory
Agreement
and
Other
Transactions
with
Affiliates
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the 
Trust
,
BFA
manages
the
investment
of each
Fund’s
assets.
BFA
is
a
California
corporation
indirectly owned
by
BlackRock. Under
the
Investment
Advisory
Agreement,
BFA
is
responsible
for
substantially
all
expenses
of
the
Funds,
except
(i)
interest
and
taxes;
(ii)
brokerage
commissions
and
other
expenses
connected
with
the
execution
of
portfolio
transactions;
(iii)
distribution
fees;
(iv)
the
advisory
fee
payable
to
BFA;
and
(v)
litigation
expenses
and
any
extraordinary
expenses
(in
each
case
as
determined
by
a
majority
of
the
independent
trustees
).
For
its
investment
advisory
services
to
the iShares
S&P
Mid-Cap
400
Growth
ETF, BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Fund,
based
on the
Fund’s
allocable
portion
of
the
aggregate
of
the
average
daily
net
assets
of
the
Fund
and
certain
other
iShares
funds,
as
follows:
For
its
investment
advisory
services
to each of
the
following Funds,
BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Funds,
based
on
the
average
daily
net
assets
of each
Fund
as
follows:
Distributor:
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
is
the
distributor
for
each
Fund.
Pursuant
to
the
distribution
agreement,
BFA
is
responsible
for
any
fees
or
expenses
for
distribution
services
provided
to
the
Funds.
Aggregate
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$121
billion
..................................................................................................
0.1800%
Over
$121
billion,
up
to
and
including
$181
billion
............................................................................
0.1710
Over
$181
billion,
up
to
and
including
$231
billion
............................................................................
0.1624
Over
$231
billion,
up
to
and
including
$281
billion
............................................................................
0.1543
Over
$281
billion
..................................................................................................
0.1465
iShares
ETF
Investment
Advisory
Fees
S&P
Mid-Cap
400
Value
.............................................................................................
0.18‌
%
S&P
Small-Cap
600
Growth
...........................................................................................
0.18‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
iShares
Semi-Annual
Report
To
Shareholders
44
ETF
Servicing
Fees:
Each
Fund
has
entered
into
an
ETF
Services
Agreement
with
BRIL
to
perform
certain
order
processing,
Authorized
Participant
communications,
and
related
services
in
connection
with
the
issuance
and
redemption
of
Creation
Units
(“ETF
Services”).
BRIL
is
entitled
to
a
transaction
fee
from
Authorized
Participants
on
each
creation
or
redemption
order
for
the
ETF
Services
provided. The Funds
do
not
pay
BRIL
for
ETF
Services.
Securities
Lending:
The
U.S.
Securities
and
Exchange
Commission
(the
“SEC”)
has
issued
an
exemptive
order
which
permits
BlackRock
Institutional
Trust
Company,
N.A.
(“BTC”),
an
affiliate
of
BFA,
to
serve
as
securities
lending
agent
for
the
Funds,
subject
to
applicable
conditions.
As
securities
lending
agent,
BTC
bears
all
operational
costs
directly
related
to
securities
lending,
including
any
custodial
costs.
Each
Fund
is
responsible
for
fees
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
fees”).
The
cash
collateral
is
invested
in
a
money
market
fund,
BlackRock
Cash
Funds:
Institutional
or
BlackRock
Cash
Funds:
Treasury,
managed
by
BFA,
or
its
affiliates.
However,
BTC
has
agreed
to
reduce
the
amount
of
securities
lending
income
it
receives
in
order
to
effectively
limit
the
collateral
investment
fees
each
Fund
bears
to
an
annual
rate
of
0.04%.
The
SL
Agency
Shares
of
such
money
market
fund
will
not
be
subject
to
a
sales
load,
distribution
fee
or
service
fee.
The
money
market
fund
in
which
the
cash
collateral
has
been
invested
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
redeemed
or
temporarily
restrict
redemptions
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
money
market
fund’s
weekly
liquid
assets
fall
below
certain
thresholds.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
fees.
Each
Fund
retains
a
portion
of
securities
lending
income
and
remits
the
remaining
portion
to
BTC
as
compensation
for
its
services
as
securities
lending
agent.
Pursuant
to
the
current
securities
lending
agreement,
each
Fund
retains
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees)
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
plus
the
collateral
investment
fees
generated
across
all
1940
Act
iShares
exchange-traded
funds
(the
“iShares
ETF
Complex”)
in
that
calendar
year
exceeds
a
specified
threshold,
each
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
The
share
of
securities
lending
income
earned
by each
Fund
is
shown
as
securities
lending
income
–
affiliated
–
net
in
its
Statements
of
Operations.
For
the six
months ended
September
30,
2023,
the
Funds
paid
BTC
the
following
amounts
for
securities
lending
agent
services:
Officers
and
Trustees:
Certain
officers
and/or 
trustees
of
the 
Trust
are
officers
and/or 
trustees
of
BlackRock
or
its
affiliates.
Other
Transactions:
Cross
trading
is
the
buying
or
selling
of
portfolio
securities
between
funds
to
which
BFA
(or
an
affiliate)
serves
as
investment
adviser.
At
its
regularly
scheduled
quarterly
meetings,
the
Board
reviews
such
transactions
as
of
the
most
recent
calendar
quarter
for
compliance
with
the
requirements
and
restrictions
set
forth
by
Rule
17a-7.
For
the six
months ended September
30,
2023,
transactions
executed
by
the
Funds
pursuant
to
Rule
17a-7
under
the
1940
Act
were
as
follows:
Each
Fund
may
invest
its
positive
cash
balances
in
certain
money
market
funds
managed
by
BFA
or
an
affiliate.
The
income
earned
on
these
temporary
cash
investments
is
shown
as
dividends
–
affiliated
in
the
Statements
of
Operations.
A
fund,
in
order
to
improve
its
portfolio
liquidity
and
its
ability
to
track
its
underlying
index,
may
invest
in
shares
of
other
iShares
funds
that
invest
in
securities
in
the
fund’s
underlying
index.
7.
Purchases
and
Sales
For
the six
months ended
September
30,
2023,
purchases
and
sales
of
investments,
excluding
short-term securities
and
in-kind
transactions,
were
as
follows:
For
the six
months ended
September
30,
2023,
in-kind
transactions
were
as
follows:
iShares
ETF
Amounts
S&P
Mid-Cap
400
Growth
...................................................................................................
$
230,100‌
S&P
Mid-Cap
400
Value
....................................................................................................
431,385‌
S&P
Small-Cap
600
Growth
..................................................................................................
190,885‌
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
S&P
Mid-Cap
400
Growth
................................................................
$
91,548,680‌
$
244,423,100‌
$
(5,366,231‌)
S&P
Mid-Cap
400
Value
.................................................................
18,632,926‌
286,985,432‌
(119,452,171‌)
S&P
Small-Cap
600
Growth
...............................................................
74,870,624‌
60,673,670‌
1,844,921‌
iShares
ETF
Purchases
Sales
S&P
Mid-Cap
400
Growth
................................................................................
$
1,022,011,355‌
$
1,043,989,189‌
S&P
Mid-Cap
400
Value
.................................................................................
687,747,162‌
716,926,297‌
S&P
Small-Cap
600
Growth
...............................................................................
493,532,516‌
511,610,806‌
iShares
ETF
In-kind
Purchases
In-kind
Sales
S&P
Mid-Cap
400
Growth
................................................................................
$
443,554,671‌
$
508,810,699‌
S&P
Mid-Cap
400
Value
.................................................................................
49,990,063‌
747,810,622‌
S&P
Small-Cap
600
Growth
...............................................................................
61,126,000‌
181,288,829‌
Notes
to
Financial
Statements
(unaudited)
(continued)
45
Notes
to
Financial
Statements
8.
Income
Tax
Information
Each
Fund
is
treated
as
an
entity
separate
from
the
Trust’s other
funds
for
federal
income
tax
purposes.
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the
Funds
as
of
September
30,
2023,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
As
of
March
31,
2023,
the
Funds
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
and
qualified
late-year
losses as
follows:
As
of
September
30,
2023,
gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
9.
Principal
Risks
In
the
normal
course
of
business,
each
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including,
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and
their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject.
BFA
uses
a
“passive”
or
index
approach
to
try
to
achieve
each
Fund’s
investment
objective
following
the
securities
included
in
its
underlying
index
during
upturns
as
well
as
downturns.
BFA
does
not
take
steps
to
reduce
market
exposure
or
to
lessen
the
effects
of
a
declining
market.
Divergence
from
the
underlying
index
and
the
composition
of
the
portfolio
is
monitored
by
BFA.
The
Funds
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Infectious
Illness
Risk:
An
outbreak
of
an
infectious
illness,
such
as
the
COVID-19
pandemic,
may
adversely
impact
the
economies
of
many
nations
and
the
global
economy,
and
may
impact
individual
issuers
and
capital
markets
in
ways
that
cannot
be
foreseen.
An
infectious
illness
outbreak
may
result
in,
among
other
things,
closed
international
borders,
prolonged
quarantines,
supply
chain
disruptions,
market
volatility
or
disruptions
and
other
significant
economic,
social
and
political
impacts.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries.
A
fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that
a
fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment.
A
fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that
it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
a
fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of
a
fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which
a
fund
invests.
The
price
each
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from
each
Fund’s
valuation
of
the
investment,
particularly
for
securities
that
trade
in
thin
or
volatile
markets
or
that
are
valued
using
a
fair
valuation
technique
or
a
price
provided
by
an
independent
pricing
service.
Changes
to
significant
unobservable
inputs
and
assumptions
(i.e.,
publicly
traded
company
multiples,
growth
rate,
time
to
exit)
due
to
the
lack
of
observable
inputs
may
significantly
impact
the
resulting
fair
value
and
therefore
each
Fund’s
results
of
operations.
As
a
result,
the
price
received
upon
the
sale
of
an
investment
may
be
less
than
the
value
ascribed
by
each
Fund,
and
each
Fund
could
realize
a
greater
than
expected
loss
or
lesser
than
expected
gain
upon
the
sale
of
the
investment.
Each
Fund’s
ability
to
value
its
investments
may
also
be
impacted
by
technological
issues
and/or
errors
by
pricing
services
or
other
third-party
service
providers.
Counterparty
Credit
Risk:
 The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that BFA
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
iShares
ETF
Non-Expiring
Capital
Loss
Carryforwards
Qualified
 Late-Year
 Capital
Losses
S&P
Mid-Cap
400
Growth
.................................................................................
$
840,254,575‌
$
—‌
S&P
Mid-Cap
400
Value
..................................................................................
779,295,226‌
—‌
S&P
Small-Cap
600
Growth
................................................................................
659,211,964‌
3,865,884‌
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
S&P
Mid-Cap
400
Growth
...........................................
$
6,996,358,165‌
$
1,296,177,132‌
$
(428,603,971‌)
$
867,573,161‌
S&P
Mid-Cap
400
Value
.............................................
7,435,675,758‌
459,943,917‌
(899,948,256‌)
(440,004,339‌)
S&P
Small-Cap
600
Growth
..........................................
4,963,184,907‌
789,658,507‌
(518,170,042‌)
271,488,465‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
iShares
Semi-Annual
Report
To
Shareholders
46
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds.
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
With
exchange-traded
futures,
there
is
less
counterparty
credit
risk
to
the
Funds
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, a
fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in
exchange-traded
futures with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Funds.
Geographic/Asset
Class
Risk:
 A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments.
The
Funds
invest
a
significant
portion
of
their
assets
in
securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the Funds
invest. 
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
10.
Capital
Share
Transactions
Capital
shares
are
issued
and
redeemed
by
each
Fund
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”)
at
NAV.
Except
when
aggregated
in
Creation
Units,
shares
of
each
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
The
consideration
for
the
purchase
of
Creation
Units
of
a
fund
in
the Trust
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the Trust
may
be
offered
in
Creation
Units
solely
or
partially
for
cash
in
U.S.
dollars.
Investors
purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
BRIL,
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Investors
transacting
in
Creation
Units
for
cash
may
also
pay
an
additional
variable
charge
to
compensate
the
relevant
fund
for
certain
transaction
costs
(i.e.,
stamp
taxes,
taxes
on
currency
or
other
financial
transactions,
and
brokerage
costs)
and
market
impact
expenses
relating
to
investing
in
portfolio
securities.
Such
variable
charges,
if
any,
are
included
in
shares
sold
in
the
table
above.
From
time
to
time,
settlement
of
securities
related
to
in-kind
contributions
or
in-kind
redemptions
may
be
delayed.
In
such
cases,
securities
related
to
in-kind
transactions
are
reflected
as
a
receivable
or
a
payable
in
the
Statements
of
Assets
and
Liabilities.
Six
Months
Ended
09/30/23
Year
Ended
03/31/23
iShares
ETF
Shares
Amount
Shares
Amount
S&P
Mid-Cap
400
Growth
Shares
sold
6,050,000‌
$
446,047,391‌
12,450,000‌
$
859,514,551‌
Shares
redeemed
(7,000,000‌)
(512,481,215‌)
(6,750,000‌)
(471,860,425‌)
(950,000‌)
$
(66,433,824‌)
5,700,000‌
$
387,654,126‌
S&P
Mid-Cap
400
Value
Shares
sold
500,000‌
$
51,457,654‌
54,750,000‌
$
5,605,015,121‌
Shares
redeemed
(7,550,000‌)
(772,130,626‌)
(58,900,000‌)
(5,971,351,418‌)
(7,050,000‌)
$
(720,672,972‌)
(4,150,000‌)
$
(366,336,297‌)
S&P
Small-Cap
600
Growth
Shares
sold
600,000‌
$
67,239,745‌
10,100,000‌
$
1,134,905,279‌
Shares
redeemed
(1,800,000‌)
(199,267,482‌)
(9,650,000‌)
(1,072,588,200‌)
(1,200,000‌)
$
(132,027,737‌)
450,000‌
$
62,317,079‌
Notes
to
Financial
Statements
(unaudited)
(continued)
47
Notes
to
Financial
Statements
11.
Subsequent
Events
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Funds
through
the
date
the
financial
statements
were
available
to
be
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Board
Review
and
Approval
of
Investment
Advisory
Contract
2022
iShares
Semi-Annual
Report
to
Shareholders
48
iShares
S&P
Mid-Cap
400
Growth
ETF
(the
“Fund”)
Under
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Trust's
Board
of
Trustees
(the
“Board”),
including
a
majority
of
Board
Members
who
are
not
“interested
persons”
of
the
Trust
(as
that
term
is
defined
in
the
1940
Act)
(the
“Independent
Board
Members”),
is
required
annually
to
consider
the
approval
of
the
Investment
Advisory
Agreement
between
the
Trust
and
BFA
(the
“Advisory
Agreement”)
on
behalf
of
the
Fund.
The
Board’s
consideration
entails
a
year-long
process
whereby
the
Board
and
its
committees
(composed
solely
of
Independent
Board
Members)
assess
BlackRock’s
services
to
the
Fund,
including
investment
management;
fund
accounting;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
legal
and
compliance
services;
and
ability
to
meet
applicable
legal
and
regulatory
requirements.
The
Independent
Board
Members
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
Advisory
Agreement.
At
meetings
on
May
2,
2023
and
May
15,
2023,
a
committee
composed
of
all
of
the
Independent
Board
Members
(the
“15(c)
Committee”),
with
independent
counsel,
met
with
management
and
reviewed
and
discussed
information
provided
in
response
to
initial
requests
of
the
15(c)
Committee
and/or
its
independent
counsel,
and
requested
certain
additional
information,
which
management
agreed
to
provide.
At
a
meeting
held
on
June
7-8,
2023,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
additional
information
provided
by
management
in
response
to
these
requests.
After
extensive
discussions
and
deliberations,
the
Board,
including
all
of
the
Independent
Board
Members,
approved
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA
and
their
cumulative
experience
as
Board
Members.
The
Board
noted
its
satisfaction
with
the
extent
and
quality
of
information
provided
and
its
frequent
interactions
with
management,
as
well
as
the
detailed
responses
and
other
information
provided
by
BFA.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
and
performance
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
provided
by
BFA;
(iii)
the
costs
of
services
provided
to
the
Fund
and
profits
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
and
its
affiliates;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
material
factors,
none
of
which
was
controlling,
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
continuance
of
the
Advisory
Agreement
are
discussed
below.
Expenses
and
Performance
of
the
Fund
:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components,
including
gross
and
net
total
expenses,
fees
and
expenses
of
other
fund(s)
in
which
the
Fund
invests
(if
applicable),
and
waivers/reimbursements
(if
applicable)
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund’s
applicable
expense
peer
group
pursuant
to
Broadridge’s
proprietary
ETF
methodology
(the
“Peer
Group”).
The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund’s
Peer
Group.
The
Board
noted
that,
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge’s
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
also
noted
that
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
for
the
Fund
were
lower
than
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
of
the
funds
in
its
Peer
Group,
excluding
iShares
funds.
In
addition,
to
the
extent
that
any
of
the
comparison
funds
included
in
the
Peer
Group,
excluding
iShares
funds,
track
the
same
index
as
the
Fund,
Broadridge
also
provided,
and
the
Board
reviewed,
a
comparison
of
the
Fund’s
performance
for
the
one-year,
three-year,
five-year,
ten-year,
and
since
inception
periods,
as
applicable,
and
for
the
quarter
ended
December
31,
2022,
to
that
of
such
relevant
comparison
fund(s)
for
the
same
periods.
The
Board
noted
that
the
Fund
seeks
to
track
its
specified
underlying
index
and
that,
during
the
year,
the
Board
received
periodic
reports
on
the
Fund’s
short-
and
longer-term
performance
in
comparison
with
its
underlying
index.
Such
periodic
comparative
performance
information,
including
additional
detailed
information
as
requested
by
the
Board,
was
also
considered.
The
Board
noted
that
the
Fund
generally
performed
in
line
with
its
underlying
index
over
the
relevant
periods.
Based
on
this
review,
the
other
factors
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
and
the
historical
performance
of
the
Fund
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Nature,
Extent
and
Quality
of
Services
Provided
:
Based
on
management’s
representations,
including
information
about
ongoing
enhancements
and
initiatives
with
respect
to
the
iShares
business,
including
with
respect
to
capital
markets
support
and
analysis,
technology,
portfolio
management,
product
design
and
quality,
compliance
and
risk
management,
global
public
policy
and
other
services,
the
Board
expected
that
there
would
be
no
diminution
in
the
scope
of
services
required
of
or
provided
by
BFA
under
the
Advisory
Agreement
for
the
coming
year
as
compared
with
the
scope
of
services
provided
by
BFA
during
prior
years.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA’s
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time,
including
during
the
past
year,
to
support
the
iShares
funds
and
their
shareholders
and
have
made
significant
investments
into
the
iShares
business.
The
Board
also
considered
BFA’s
compliance
program
and
its
compliance
record
with
respect
to
the
Fund,
including
related
programs
implemented
pursuant
to
regulatory
requirements.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
appropriate,
and
has
provided
information
and
made
relevant
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
available
to
them
in
managing
the
Fund.
In
addition
to
the
above
considerations,
the
Board
reviewed
and
considered
detailed
presentations
regarding
BFA’s
investment
performance,
investment
and
risk
management
processes
and
strategies
provided
at
the
May
2,
2023
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program
and
other
compliance
programs
and
services.
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Costs
of
Services
Provided
to
the
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates
:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
and
its
affiliates
from
the
Fund’s
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock’s
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
49
Board
Review
and
Approval
of
Investment
Advisory
Contract
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA’s
estimated
profit
margin
as
reflected
in
the
Fund’s
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Economies
of
Scale
:
The
Board
reviewed
information
and
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
noting
that
the
issue
of
potential
economies
of
scale
had
been
focused
on
by
the
15(c)
Committee
and
the
Board
during
their
meetings
and
addressed
by
management.
The
15(c)
Committee
and
the
Board
received
information
regarding
BlackRock’s
historical
estimated
profitability
(as
discussed
above),
including
BFA’s
and
its
affiliates’
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
variable
costs
may
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
relatively
low
fee
rates
established
at
inception,
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business
and
the
provision
of
improved
or
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
did
not
provide
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund
increase.
However,
the
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates
:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts.
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
noted
that
BFA
and
its
affiliates
do
not
manage
Other
Accounts
with
substantially
the
same
investment
objective
and
strategy
as
the
Fund
and
that
track
the
same
index
as
the
Fund.
The
Board
also
acknowledged
management’s
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates
:
The
Board
reviewed
other
benefits
or
ancillary
revenue
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
provided
to
the
Fund
by
BFA,
both
direct
and
indirect,
including,
but
not
limited
to,
payment
of
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
for
loaning
portfolio
securities,
as
applicable
(which
was
included
in
the
profit
margins
reviewed
by
the
Board
pursuant
to
BFA’s
estimated
profitability
methodology),
payment
of
advisory
fees
or
other
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
or
other
services,
and
BlackRock’s
profile
in
the
investment
community.
The
Board
further
considered
other
direct
benefits
that
might
accrue
to
BFA,
including
the
potential
for
reduction
in
the
Fund’s
expenses
that
are
borne
by
BFA
under
the
“all-inclusive”
management
fee
arrangement,
due
in
part
to
the
size
and
scope
of
BFA’s
investment
operations
servicing
the
Fund
(and
other
funds
in
the
iShares
complex)
as
well
as
in
response
to
a
changing
market
environment.
The
Board
also
reviewed
and
considered
information
provided
by
BFA
concerning
authorized
participant
primary
market
order
processing
services
that
are
provided
by
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
and
paid
for
by
authorized
participants
under
the
ETF
Servicing
Platform.
The
Board
also
noted
the
revenue
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
noted
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Conclusion
:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund’s
investment
advisory
fee
rate
under
the
Advisory
Agreement
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
iShares
S&P
Mid-Cap
400
Value
ETF
(the
“Fund”)
Under
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Trust's
Board
of
Trustees
(the
“Board”),
including
a
majority
of
Board
Members
who
are
not
“interested
persons”
of
the
Trust
(as
that
term
is
defined
in
the
1940
Act)
(the
“Independent
Board
Members”),
is
required
annually
to
consider
the
approval
of
the
Investment
Advisory
Agreement
between
the
Trust
and
BFA
(the
“Advisory
Agreement”)
on
behalf
of
the
Fund.
The
Board’s
consideration
entails
a
year-long
process
whereby
the
Board
and
its
committees
(composed
solely
of
Independent
Board
Members)
assess
BlackRock’s
services
to
the
Fund,
including
investment
management;
fund
accounting;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
legal
and
compliance
services;
and
ability
to
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
2022
iShares
Semi-Annual
Report
to
Shareholders
50
meet
applicable
legal
and
regulatory
requirements.
The
Independent
Board
Members
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
Advisory
Agreement.
At
meetings
on
May
2,
2023
and
May
15,
2023,
a
committee
composed
of
all
of
the
Independent
Board
Members
(the
“15(c)
Committee”),
with
independent
counsel,
met
with
management
and
reviewed
and
discussed
information
provided
in
response
to
initial
requests
of
the
15(c)
Committee
and/or
its
independent
counsel,
and
requested
certain
additional
information,
which
management
agreed
to
provide.
At
a
meeting
held
on
June
7-8,
2023,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
additional
information
provided
by
management
in
response
to
these
requests.
After
extensive
discussions
and
deliberations,
the
Board,
including
all
of
the
Independent
Board
Members,
approved
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA
and
their
cumulative
experience
as
Board
Members.
The
Board
noted
its
satisfaction
with
the
extent
and
quality
of
information
provided
and
its
frequent
interactions
with
management,
as
well
as
the
detailed
responses
and
other
information
provided
by
BFA.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
and
performance
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
provided
by
BFA;
(iii)
the
costs
of
services
provided
to
the
Fund
and
profits
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
and
its
affiliates;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
material
factors,
none
of
which
was
controlling,
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
continuance
of
the
Advisory
Agreement
are
discussed
below.
Expenses
and
Performance
of
the
Fund
:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components,
including
gross
and
net
total
expenses,
fees
and
expenses
of
other
fund(s)
in
which
the
Fund
invests
(if
applicable),
and
waivers/reimbursements
(if
applicable)
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund’s
applicable
expense
peer
group
pursuant
to
Broadridge’s
proprietary
ETF
methodology
(the
“Peer
Group”).
The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund’s
Peer
Group.
The
Board
noted
that,
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge’s
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
also
noted
that
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
for
the
Fund
were
within
range
of
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
of
the
funds
in
its
Peer
Group,
excluding
iShares
funds.
In
addition,
to
the
extent
that
any
of
the
comparison
funds
included
in
the
Peer
Group,
excluding
iShares
funds,
track
the
same
index
as
the
Fund,
Broadridge
also
provided,
and
the
Board
reviewed,
a
comparison
of
the
Fund’s
performance
for
the
one-year,
three-year,
five-year,
ten-year,
and
since
inception
periods,
as
applicable,
and
for
the
quarter
ended
December
31,
2022,
to
that
of
such
relevant
comparison
fund(s)
for
the
same
periods.
The
Board
noted
that
the
Fund
seeks
to
track
its
specified
underlying
index
and
that,
during
the
year,
the
Board
received
periodic
reports
on
the
Fund’s
short-
and
longer-term
performance
in
comparison
with
its
underlying
index.
Such
periodic
comparative
performance
information,
including
additional
detailed
information
as
requested
by
the
Board,
was
also
considered.
The
Board
noted
that
the
Fund
generally
performed
in
line
with
its
underlying
index
over
the
relevant
periods.
Based
on
this
review,
the
other
factors
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
and
the
historical
performance
of
the
Fund
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Nature,
Extent
and
Quality
of
Services
Provided
:
Based
on
management’s
representations,
including
information
about
ongoing
enhancements
and
initiatives
with
respect
to
the
iShares
business,
including
with
respect
to
capital
markets
support
and
analysis,
technology,
portfolio
management,
product
design
and
quality,
compliance
and
risk
management,
global
public
policy
and
other
services,
the
Board
expected
that
there
would
be
no
diminution
in
the
scope
of
services
required
of
or
provided
by
BFA
under
the
Advisory
Agreement
for
the
coming
year
as
compared
with
the
scope
of
services
provided
by
BFA
during
prior
years.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA’s
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time,
including
during
the
past
year,
to
support
the
iShares
funds
and
their
shareholders
and
have
made
significant
investments
into
the
iShares
business.
The
Board
also
considered
BFA’s
compliance
program
and
its
compliance
record
with
respect
to
the
Fund,
including
related
programs
implemented
pursuant
to
regulatory
requirements.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
appropriate,
and
has
provided
information
and
made
relevant
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
available
to
them
in
managing
the
Fund.
In
addition
to
the
above
considerations,
the
Board
reviewed
and
considered
detailed
presentations
regarding
BFA’s
investment
performance,
investment
and
risk
management
processes
and
strategies
provided
at
the
May
2,
2023
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program
and
other
compliance
programs
and
services.
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Costs
of
Services
Provided
to
the
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates
:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
and
its
affiliates
from
the
Fund’s
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock’s
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA’s
estimated
profit
margin
as
reflected
in
the
Fund’s
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
51
Board
Review
and
Approval
of
Investment
Advisory
Contract
Economies
of
Scale
:
The
Board
reviewed
information
and
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
noting
that
the
issue
of
potential
economies
of
scale
had
been
focused
on
by
the
15(c)
Committee
and
the
Board
during
their
meetings
and
addressed
by
management.
The
15(c)
Committee
and
the
Board
received
information
regarding
BlackRock’s
historical
estimated
profitability
(as
discussed
above),
including
BFA’s
and
its
affiliates’
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
variable
costs
may
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
relatively
low
fee
rates
established
at
inception,
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business
and
the
provision
of
improved
or
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
did
not
provide
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund
increase.
However,
the
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates
:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts.
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
noted
that
BFA
and
its
affiliates
do
not
manage
Other
Accounts
with
substantially
the
same
investment
objective
and
strategy
as
the
Fund
and
that
track
the
same
index
as
the
Fund.
The
Board
also
acknowledged
management’s
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates
:
The
Board
reviewed
other
benefits
or
ancillary
revenue
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
provided
to
the
Fund
by
BFA,
both
direct
and
indirect,
including,
but
not
limited
to,
payment
of
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
for
loaning
portfolio
securities,
as
applicable
(which
was
included
in
the
profit
margins
reviewed
by
the
Board
pursuant
to
BFA’s
estimated
profitability
methodology),
payment
of
advisory
fees
or
other
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
or
other
services,
and
BlackRock’s
profile
in
the
investment
community.
The
Board
further
considered
other
direct
benefits
that
might
accrue
to
BFA,
including
the
potential
for
reduction
in
the
Fund’s
expenses
that
are
borne
by
BFA
under
the
“all-inclusive”
management
fee
arrangement,
due
in
part
to
the
size
and
scope
of
BFA’s
investment
operations
servicing
the
Fund
(and
other
funds
in
the
iShares
complex)
as
well
as
in
response
to
a
changing
market
environment.
The
Board
also
reviewed
and
considered
information
provided
by
BFA
concerning
authorized
participant
primary
market
order
processing
services
that
are
provided
by
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
and
paid
for
by
authorized
participants
under
the
ETF
Servicing
Platform.
The
Board
also
noted
the
revenue
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
noted
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Conclusion
:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund’s
investment
advisory
fee
rate
under
the
Advisory
Agreement
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
iShares
S&P
Small-Cap
600
Growth
ETF
(the
“Fund”)
Under
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Trust's
Board
of
Trustees
(the
“Board”),
including
a
majority
of
Board
Members
who
are
not
“interested
persons”
of
the
Trust
(as
that
term
is
defined
in
the
1940
Act)
(the
“Independent
Board
Members”),
is
required
annually
to
consider
the
approval
of
the
Investment
Advisory
Agreement
between
the
Trust
and
BFA
(the
“Advisory
Agreement”)
on
behalf
of
the
Fund.
The
Board’s
consideration
entails
a
year-long
process
whereby
the
Board
and
its
committees
(composed
solely
of
Independent
Board
Members)
assess
BlackRock’s
services
to
the
Fund,
including
investment
management;
fund
accounting;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
legal
and
compliance
services;
and
ability
to
meet
applicable
legal
and
regulatory
requirements.
The
Independent
Board
Members
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
Advisory
Agreement.
At
meetings
on
May
2,
2023
and
May
15,
2023,
a
committee
composed
of
all
of
the
Independent
Board
Members
(the
“15(c)
Committee”),
with
independent
counsel,
met
with
management
and
reviewed
and
discussed
information
provided
in
response
to
initial
requests
of
the
15(c)
Committee
and/or
its
independent
counsel,
and
requested
certain
additional
information,
which
management
agreed
to
provide.
At
a
meeting
held
on
June
7-8,
2023,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
additional
information
provided
by
management
in
response
to
these
requests.
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
2022
iShares
Semi-Annual
Report
to
Shareholders
52
After
extensive
discussions
and
deliberations,
the
Board,
including
all
of
the
Independent
Board
Members,
approved
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA
and
their
cumulative
experience
as
Board
Members.
The
Board
noted
its
satisfaction
with
the
extent
and
quality
of
information
provided
and
its
frequent
interactions
with
management,
as
well
as
the
detailed
responses
and
other
information
provided
by
BFA.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
and
performance
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
provided
by
BFA;
(iii)
the
costs
of
services
provided
to
the
Fund
and
profits
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
and
its
affiliates;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
material
factors,
none
of
which
was
controlling,
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
continuance
of
the
Advisory
Agreement
are
discussed
below.
Expenses
and
Performance
of
the
Fund
:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components,
including
gross
and
net
total
expenses,
fees
and
expenses
of
other
fund(s)
in
which
the
Fund
invests
(if
applicable),
and
waivers/reimbursements
(if
applicable)
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund’s
applicable
expense
peer
group
pursuant
to
Broadridge’s
proprietary
ETF
methodology
(the
“Peer
Group”).
The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund’s
Peer
Group.
The
Board
noted
that,
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge’s
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
also
noted
that
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
for
the
Fund
were
within
range
of
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
of
the
funds
in
its
Peer
Group,
excluding
iShares
funds.
In
addition,
to
the
extent
that
any
of
the
comparison
funds
included
in
the
Peer
Group,
excluding
iShares
funds,
track
the
same
index
as
the
Fund,
Broadridge
also
provided,
and
the
Board
reviewed,
a
comparison
of
the
Fund’s
performance
for
the
one-year,
three-year,
five-year,
ten-year,
and
since
inception
periods,
as
applicable,
and
for
the
quarter
ended
December
31,
2022,
to
that
of
such
relevant
comparison
fund(s)
for
the
same
periods.
The
Board
noted
that
the
Fund
seeks
to
track
its
specified
underlying
index
and
that,
during
the
year,
the
Board
received
periodic
reports
on
the
Fund’s
short-
and
longer-term
performance
in
comparison
with
its
underlying
index.
Such
periodic
comparative
performance
information,
including
additional
detailed
information
as
requested
by
the
Board,
was
also
considered.
The
Board
noted
that
the
Fund
generally
performed
in
line
with
its
underlying
index
over
the
relevant
periods.
Based
on
this
review,
the
other
factors
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
and
the
historical
performance
of
the
Fund
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Nature,
Extent
and
Quality
of
Services
Provided
:
Based
on
management’s
representations,
including
information
about
ongoing
enhancements
and
initiatives
with
respect
to
the
iShares
business,
including
with
respect
to
capital
markets
support
and
analysis,
technology,
portfolio
management,
product
design
and
quality,
compliance
and
risk
management,
global
public
policy
and
other
services,
the
Board
expected
that
there
would
be
no
diminution
in
the
scope
of
services
required
of
or
provided
by
BFA
under
the
Advisory
Agreement
for
the
coming
year
as
compared
with
the
scope
of
services
provided
by
BFA
during
prior
years.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA’s
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time,
including
during
the
past
year,
to
support
the
iShares
funds
and
their
shareholders
and
have
made
significant
investments
into
the
iShares
business.
The
Board
also
considered
BFA’s
compliance
program
and
its
compliance
record
with
respect
to
the
Fund,
including
related
programs
implemented
pursuant
to
regulatory
requirements.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
appropriate,
and
has
provided
information
and
made
relevant
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
available
to
them
in
managing
the
Fund.
In
addition
to
the
above
considerations,
the
Board
reviewed
and
considered
detailed
presentations
regarding
BFA’s
investment
performance,
investment
and
risk
management
processes
and
strategies
provided
at
the
May
2,
2023
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program
and
other
compliance
programs
and
services.
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Costs
of
Services
Provided
to
the
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates
:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
and
its
affiliates
from
the
Fund’s
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock’s
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA’s
estimated
profit
margin
as
reflected
in
the
Fund’s
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Economies
of
Scale
:
The
Board
reviewed
information
and
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
noting
that
the
issue
of
potential
economies
of
scale
had
been
focused
on
by
the
15(c)
Committee
and
the
Board
during
their
meetings
and
addressed
by
management.
The
15(c)
Committee
and
the
Board
received
information
regarding
BlackRock’s
historical
estimated
profitability
(as
discussed
above),
including
BFA’s
and
its
affiliates’
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
variable
costs
may
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
53
Board
Review
and
Approval
of
Investment
Advisory
Contract
relatively
low
fee
rates
established
at
inception,
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business
and
the
provision
of
improved
or
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
already
provided
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund,
on
an
aggregated
basis
with
the
assets
of
certain
other
iShares
funds,
increase.
The
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
new
or
revised
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates
:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts.
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
noted
that
BFA
and
its
affiliates
do
not
manage
Other
Accounts
with
substantially
the
same
investment
objective
and
strategy
as
the
Fund
and
that
track
the
same
index
as
the
Fund.
The
Board
also
acknowledged
management’s
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates
:
The
Board
reviewed
other
benefits
or
ancillary
revenue
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
provided
to
the
Fund
by
BFA,
both
direct
and
indirect,
including,
but
not
limited
to,
payment
of
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
for
loaning
portfolio
securities,
as
applicable
(which
was
included
in
the
profit
margins
reviewed
by
the
Board
pursuant
to
BFA’s
estimated
profitability
methodology),
payment
of
advisory
fees
or
other
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
or
other
services,
and
BlackRock’s
profile
in
the
investment
community.
The
Board
further
considered
other
direct
benefits
that
might
accrue
to
BFA,
including
the
potential
for
reduction
in
the
Fund’s
expenses
that
are
borne
by
BFA
under
the
“all-inclusive”
management
fee
arrangement,
due
in
part
to
the
size
and
scope
of
BFA’s
investment
operations
servicing
the
Fund
(and
other
funds
in
the
iShares
complex)
as
well
as
in
response
to
a
changing
market
environment.
The
Board
also
reviewed
and
considered
information
provided
by
BFA
concerning
authorized
participant
primary
market
order
processing
services
that
are
provided
by
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
and
paid
for
by
authorized
participants
under
the
ETF
Servicing
Platform.
The
Board
also
noted
the
revenue
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
noted
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Conclusion
:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund’s
investment
advisory
fee
rate
under
the
Advisory
Agreement
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Supplemental
Information
(unaudited)
{Reporting
Period}
54
Section
19(a)
Notices
The
amounts
and
sources
of
distributions
reported
are
estimates
and
are
being
provided
pursuant
to
regulatory
requirements
and
are
not
being
provided
for
tax
reporting
purposes.
The
actual
amounts
and
sources
for
tax
reporting
purposes
will
depend
upon
each
Fund’s
investment
experience
during
the
year
and
may
be
subject
to
changes
based
on
tax
regulations.
Shareholders
will
receive
a
Form
1099-DIV
each
calendar
year
that
will
inform
them
how
to
report
these
distributions
for
federal
income
tax
purposes.
September
30,
2023
Tailored
Shareholder
Reports
for
Open-End
Mutual
Funds
and
ETFs
Effective
January
24,
2023,
the
SEC
adopted
rule
and
form
amendments
to
require
open-end
mutual
funds
and
ETFs
to
transmit
concise
and
visually
engaging
streamlined
annual
and
semiannual
reports
to
shareholders
that
highlight
key
information.
Other
information,
including
financial
statements,
will
no
longer
appear
in
a
streamlined
shareholder
report
but
must
be
available
online,
delivered
free
of
charge
upon
request,
and
filed
on
a
semiannual
basis
on
Form
N-CSR.
The
rule
and
form
amendments
have
a
compliance
date
of
July
24,
2024.
At
this
time,
management
is
evaluating
the
impact
of
these
amendments
on
the
shareholder
reports
for
the
Funds.
Total
Cumulative
Distributions
for
the
Fiscal
Year-to-Date
%
Breakdown
of
the
Total
Cumulative
Distributions
for
the
Fiscal
Year-to-Date
iShares
ETF
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
S&P
Mid-Cap
400
Value
.................
$
0.924129‌
$
—‌
$
—‌
$
0.924129‌
100‌%
—‌%
—‌%
100‌%
S&P
Small-Cap
600
Growth
...............
0.699825‌
—‌
—‌
0.699825‌
100‌
—‌
—‌
100‌
General
Information
55
General
Information
Electronic
Delivery
Shareholders
can
sign
up
for
e-mail
notifications
announcing
that
the
shareholder
report
or
prospectus
has
been
posted
on
the
iShares
website
at
iShares.com
.
Once
you
have
enrolled,
you
will
no
longer
receive
prospectuses
and
shareholder
reports
in
the
mail.
To
enroll
in
electronic
delivery:
•  
Go
to
icsdelivery.com
.
• 
 If
your
brokerage
firm
is
not
listed,
electronic
delivery
may
not
be
available.
Please
contact
your
broker-dealer
or
financial
advisor.
Householding
Householding
is
an
option
available
to
certain
fund
investors.
Householding
is
a
method
of
delivery,
based
on
the
preference
of
the
individual
investor,
in
which
a
single
copy
of
certain
shareholder
documents
and
Rule
30e-3
notices
can
be
delivered
to
investors
who
share
the
same
address,
even
if
their
accounts
are
registered
under
different
names.
Please
contact
your
broker-dealer
if
you
are
interested
in
enrolling
in
householding
and
receiving
a
single
copy
of
prospectuses
and
other
shareholder
documents,
or
if
you
are
currently
enrolled
in
householding
and
wish
to
change
your
householding
status.
Availability
of
Quarterly
Schedule
of
Investments
The
Funds
file
their
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
their
reports
on
Form
N-PORT.
The
Funds’
Forms
N-PORT
are
available
on
the
SEC’s
website
at
sec.gov
.
Additionally,
each
Fund
makes
its
portfolio
holdings
for
the
first
and
third
quarters
of
each
fiscal
year
available
at
iShares.com/fundreports
.
Availability
of
Proxy
Voting
Policies
and
Proxy
Voting
Records
A
description
of
the
policies
and
procedures
that
the
iShares
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
iShares
Funds
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
twelve-month
period
ending
June
30
is
available
without
charge,
upon
request
(1)
by
calling
toll-free
1-800-474-2737;
(2)
on
the
iShares
website
at
iShares.com
;
and
(3)
on
the
SEC
website
at
sec.gov
.
A
description
of
the
Trust’s policies
and
procedures
with
respect
to
the
disclosure
of each
Fund’s
portfolio
securities
is
available
in
the
Fund
Prospectus. Each
Fund
discloses
its
portfolio
holdings
daily
and
provides
information
regarding
its
top
holdings
in
Fund
fact
sheets
at
iShares.com
.
Glossary
of
Terms
Used
in
this
Report
2023
iShares
Semi-Annual
Report
to
Shareholders
56
Currency
Abbreviation
USD
United
States
Dollar
Portfolio
Abbreviation
NVS
Non-Voting
Shares
OTC
Over-the-counter
REIT
Real
Estate
Investment
Trust
iS-SAR-321-0923
Want
to
know
more?
iShares.com
|
1-800-474-2737
This
report
is
intended
for
the
Funds’
shareholders.
It
may
not
be
distributed
to
prospective
investors
unless
it
is
preceded
or
accompanied
by
the
current
prospectus.
Investing
involves
risk,
including
possible
loss
of
principal.
The
iShares
Funds
are
distributed
by
BlackRock
Investments,
LLC
(together
with
its
affiliates,
“BlackRock”).
The
iShares
Funds
are
not
sponsored,
endorsed,
issued,
sold
or
promoted
by S&P
Dow
Jones
Indices
LLC,
nor
does
this
company
make
any
representation
regarding
the
advisability
of
investing
in
the
iShares
Funds.
BlackRock
is
not
affiliated
with
the
company
listed
above.
©2023
BlackRock,
Inc.
All
rights
reserved.
iSHARES
and
BLACKROCK
are
registered
trademarks
of
BlackRock,
Inc.
or
its
subsidiaries.
All
other
marks
are
the
property
of
their
respective
owners.