September
30,
2022
iShares
Trust
iShares
Focused
Value
Factor
ETF
|
FOVL
|
NYSE
Arca
iShares
US
Small
Cap
Value
Factor
ETF
|
SVAL
|
Cboe
BZX
2022
Semi-Annual
Report
(Unaudited)
Dear
Shareholder,
The
12-month
reporting
period
as
of
September
30,
2022
saw
the
emergence
of
significant
challenges
that
disrupted
the
economic
recovery
and
strong
financial
markets
of
2021.
The
U.S.
economy
shrank
in
the
first
half
of
2022,
ending
the
run
of
robust
growth
that
followed
the
reopening
of
global
economies
and
the
development
of
COVID-19
vaccines.
Changes
in
consumer
spending
patterns
and
a
tight
labor
market
led
to
elevated
inflation,
which
reached
a
40-year
high.
Moreover,
while
the
foremost
effect
of
Russia’s
invasion
of
Ukraine
has
been
a
severe
humanitarian
crisis,
the
ongoing
war
continued
to
present
challenges
for
both
investors
and
policymakers.
Equity
prices
fell
as
interest
rates
rose,
particularly
weighing
on
relatively
high-valuation
growth
stocks
and
economically
sensitive
small-capitalization
stocks.
While
both
large-
and
small-capitalization
U.S.
stocks
fell,
declines
for
small-capitalization
U.S.
stocks
were
steeper.
Both
emerging
market
stocks
and
international
equities
from
developed
markets
fell
significantly,
pressured
by
rising
interest
rates
and
a
strengthening
U.S.
dollar.
The
10-year
U.S.
Treasury
yield
(which
is
inversely
related
to
bond
prices)
rose
notably
during
the
reporting
period
as
investors
reacted
to
higher
inflation
and
attempted
to
anticipate
its
impact
on
future
interest
rate
changes.
The
corporate
bond
market
also
faced
inflationary
headwinds,
and
increasing
uncertainty
led
to
higher
corporate
bond
spreads
(the
difference
in
yield
between
U.S.
Treasuries
and
similarly-dated
corporate
bonds).
The
U.S.
Federal
Reserve
(the
“Fed”),
acknowledging
that
inflation
is
proving
more
persistent
than
expected,
raised
interest
rates
five
times
while
indicating
that
additional
rate
hikes
were
likely.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
is
accelerating
the
reduction
of
its
balance
sheet.
As
investors
attempted
to
assess
the
Fed’s
future
trajectory,
the
Fed’s
statements
late
in
the
reporting
period
led
markets
to
believe
that
additional
tightening
is
likely
in
the
near
term.
The
pandemic’s
restructuring
of
the
economy
brought
an
ongoing
mismatch
between
supply
and
demand,
contributing
to
the
current
inflationary
regime.
While
growth
has
slowed
in
2022,
we
believe
that
taming
inflation
requires
a
more
dramatic
economic
decline
to
bring
demand
back
to
a
lower
level
that
is
more
in
line
with
the
economy’s
capacity.
The
Fed
has
been
raising
interest
rates
at
the
fastest
pace
in
decades,
and
seems
set
to
overtighten
in
its
effort
to
get
inflation
back
to
target.
With
this
in
mind,
we
believe
the
possibility
of
a
U.S.
recession
in
the
near-term
is
high,
and
the
outlook
for
Europe
and
the
U.K.
is
also
troubling.
Investors
should
expect
a
period
of
higher
volatility
as
markets
adjust
to
the
new
economic
reality
and
policymakers
attempt
to
adapt
to
rapidly
changing
conditions.
In
this
environment,
while
we
favor
an
overweight
to
equities
in
the
long-term,
the
market’s
concerns
over
excessive
rate
hikes
from
central
banks
moderate
our
outlook.
Rising
input
costs
and
a
deteriorating
economic
backdrop
in
China
and
Europe
are
likely
to
challenge
corporate
earnings,
so
we
are
underweight
equities
overall
in
the
near
term.
However,
we
see
better
opportunities
in
credit,
where
higher
spreads
provide
income
opportunities
and
partially
compensate
for
inflation
risk.
We
believe
that
investment-grade
corporates,
local-currency
emerging
market
debt,
and
inflation-protected
bonds
(particularly
in
Europe)
offer
strong
opportunities
for
a
six-
to
twelve-month
horizon.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
iShares.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock,
Inc.
The
Markets
in
Review
Rob
Kapito
President,
BlackRock,
Inc.
Total
Returns
as
of
September
30,
2022
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
(20.20
)%
(15.47
)%
U.S.
small
cap
equities
(Russell
2000
®
Index)
(19.01
)
(23.50
)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
(22.51
)
(25.13
)
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
(21.70
)
(28.11
)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
0.58
0.63
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
(10.81
)
(16.20
)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
(9.22
)
(14.60
)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
(6.30
)
(11.50
)
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
(10.42
)
(14.15
)
2
This
Page
is
not
Part
of
Your
Fund
Report
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Semi-Annual
Report:
Fund
Summary
........................................................................................................
4
About
Fund
Performance
..................................................................................................
6
Disclosure
of
Expenses
...................................................................................................
6
Schedules
of
Investments
.................................................................................................
7
Financial
Statements:
Statements
of
Assets
and
Liabilities
.........................................................................................
16
Statements
of
Operations
................................................................................................
17
Statements
of
Changes
in
Net
Assets
........................................................................................
18
Financial
Highlights
.....................................................................................................
19
Notes
to
Financial
Statements
...............................................................................................
21
Board
Review
and
Approval
of
Investment
Advisory
Contract
...........................................................................
29
General
Information
.....................................................................................................
31
iShares
®
Focused
Value
Factor
ETF
4
2022
iShares
Semi-Annual
Report
to
Shareholders
Fund
Summary
as
of

September
30,
2022
Investment
Objective
The
iShares
Focused
Value
Factor
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
large-
and
mid-capitalization
stocks
with
prominent
value
characteristics,
as
represented
by
the
Focused
Value
Select
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
The
inception
date
of
the
Fund
was
March
19,
2019.
The
first
day
of
secondary
market
trading
was
March
21,
2019.
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
Since
Inception
1
Year
Since
Inception
Fund
NAV
..............................................
(20.67
)
%
(14.14
)
%
0.92
%
(14.14
)
%
3.29
%
Fund
Market
............................................
(20.83
)
(14.28
)
0.90
–
%
(14.28
)
3.21
Index
.................................................
(20.57
)
(13.91
)
1.20
(13.91
)
4.32
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
793.30
‌
$
1.12
‌
$
1,000.00
‌
$
1,023.82
‌
$
1.27
‌
0.25
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Financials
.....................................
45.6‌
%
Consumer
Discretionary
...........................
14.3‌
Materials
.....................................
12.1‌
Energy
.......................................
11.2‌
Communication
Services
...........................
4.7‌
Utilities
.......................................
4.6‌
Industrials
.....................................
2.8‌
Consumer
Staples
...............................
2.4‌
Real
Estate
....................................
2.3‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Marathon
Petroleum
Corp.
.........................
3.2‌
%
Regions
Financial
Corp.
...........................
2.8‌
Knight-Swift
Transportation
Holdings,
Inc.,
Class
A
.........
2.8‌
Bank
OZK
....................................
2.8‌
Ovintiv,
Inc.
....................................
2.8‌
Synovus
Financial
Corp.
...........................
2.8‌
Nucor
Corp.
...................................
2.7‌
Nexstar
Media
Group,
Inc.
..........................
2.7‌
Umpqua
Holdings
Corp.
...........................
2.7‌
MGIC
Investment
Corp.
...........................
2.7‌
      aaa
aa
iShares
®
US
Small
Cap
Value
Factor
ETF
5
Fund
Summary
Fund
Summary
as
of

September
30,
2022
Investment
Objective
The
iShares
US
Small
Cap
Value
Factor
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
small-capitalization
stocks
with
prominent
value
characteristics,
as
represented
by
the
Russell
2000
Focused
Value
Select
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
The
inception
date
of
the
Fund
was
October
27,
2020.
The
first
day
of
secondary
market
trading
was
October
29,
2020.
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
Since
Inception
1
Year
Since
Inception
Fund
NAV
..............................................
(15.02
)
%
(12.04
)
%
17.81
%
(12.04
)
%
37.19
%
Fund
Market
............................................
(15.05
)
(12.06
)
17.85
–
%
(
12.06
)
37.26
Index
.................................................
(14.93
)
(11.89
)
18.
2
5
(11.89
)
38.14
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
849.80
‌
$
1.39
‌
$
1,000.00
‌
$
1,023.56
‌
$
1.52
‌
0.30
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Financials
.....................................
48.4‌
%
Industrials
.....................................
14.2‌
Consumer
Discretionary
...........................
13.8‌
Information
Technology
............................
5.8‌
Energy
.......................................
5.6‌
Materials
.....................................
4.5‌
Real
Estate
....................................
2.9‌
Consumer
Staples
...............................
1.8‌
Utilities
.......................................
1.3‌
Other
(each
representing
less
than
1%)
.................
1.7‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Chord
Energy
Corp.
..............................
0.9‌
%
Simmons
First
National
Corp.,
Class
A
.................
0.8‌
Clearwater
Paper
Corp.
...........................
0.7‌
Covenant
Logistics
Group,
Inc.,
Class
A
.................
0.7‌
DHT
Holdings,
Inc.
...............................
0.6‌
TravelCenters
of
America,
Inc.
.......................
0.6‌
Caleres,
Inc.
...................................
0.6‌
Adtalem
Global
Education,
Inc.
......................
0.6‌
Funko,
Inc.,
Class
A
..............................
0.6‌
Stride,
Inc.
....................................
0.6‌
      aaa
aa
About
Fund
Performance
6
2022
iShares
Semi-Annual
Report
to
Shareholders
Past
performance
is
not
an
indication
of
future
results.
Financial
markets
have
experienced
extreme
volatility
and
trading
in
many
instruments
has
been
disrupted.
These
circumstances
may
continue
for
an
extended
period
of
time
and
may
continue
to
affect
adversely
the
value
and
liquidity
of each
Fund’s
investments.
As
a
result,
current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Performance
data
current
to
the
most
recent
month-end
is
available
at
iShares.com
.
Performance
results
assume
reinvestment
of
all
dividends
and
capital
gain
distributions
and
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
The
investment
return
and
principal
value
of
shares
will
vary
with
changes
in
market
conditions.
Shares
may
be
worth
more
or
less
than
their
original
cost
when
they
are
redeemed
or
sold
in
the
market.
Performance
for
certain
funds
may
reflect
a
waiver
of
a
portion
of
investment
advisory
fees.
Without
such
a
waiver,
performance
would
have
been
lower.
Net
asset
value
or
“NAV”
is
the
value
of
one
share
of
a
fund
as
calculated
in
accordance
with
the
standard
formula
for
valuing
mutual
fund
shares.
Beginning
August
10,
2020,
the
price
used
to
calculate
market
return
(“Market
Price”)
is
the
closing
price.
Prior
to
August
10,
2020,
Market
Price
was
determined
using
the
midpoint
between
the
highest
bid
and
the
lowest
ask
on
the
primary
stock
exchange
on
which
shares
of
a
fund
are
listed
for
trading,
as
of
the
time
that
such
fund’s
NAV
is
calculated.
Since
shares
of
a
fund
may
not
trade
in
the
secondary
market
until
after
the
fund’s
inception,
for
the
period
from
inception
to
the
first
day
of
secondary
market
trading
in
shares
of
the
fund,
the
NAV
of
the
fund
is
used
as
a
proxy
for
the
Market
Price
to
calculate
market
returns.
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.
iShares
®
Focused
Value
Factor
ETF
Schedule
of
Investments
(unaudited)
September
30,
2022
(Percentages
shown
are
based
on
Net
Assets)
7
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Automobiles
 — 
2
.5
%
Thor
Industries,
Inc.
.....................
7,284
$
509,734
a
Banks
 — 
18
.6
%
Bank
OZK
...........................
14,505
573,818
JPMorgan
Chase
&
Co.
..................
4,834
505,153
Popular,
Inc.
..........................
7,076
509,897
Prosperity
Bancshares,
Inc.
................
7,974
531,706
Regions
Financial
Corp.
..................
29,033
582,692
Synovus
Financial
Corp.
..................
15,100
566,401
Umpqua
Holdings
Corp.
..................
32,461
554,759
3,824,426
a
Beverages
 — 
2
.3
%
Molson
Coors
Beverage
Co.
,
Class
B
.........
9,986
479,228
a
Chemicals
 — 
9
.4
%
Dow,
Inc.
............................
10,548
463,374
LyondellBasell
Industries
NV
,
Class
A
.........
6,224
468,543
Olin
Corp.
............................
11,762
504,354
Westlake
Corp.
........................
5,554
482,531
1,918,802
a
Consumer
Finance
 — 
4
.8
%
Ally
Financial,
Inc.
......................
16,245
452,098
Discover
Financial
Services
................
5,756
523,336
975,434
a
Diversified
Telecommunication
Services
 — 
2
.0
%
Verizon
Communications,
Inc.
..............
10,726
407,266
a
Electric
Utilities
 — 
2
.4
%
Avangrid,
Inc.
.........................
11,803
492,185
a
Equity
Real
Estate
Investment
Trusts
(REITs)
 — 
2
.3
%
SL
Green
Realty
Corp.
...................
11,796
473,727
a
Gas
Utilities
 — 
2
.2
%
UGI
Corp.
............................
14,099
455,821
a
Household
Durables
 — 
4
.8
%
Toll
Brothers,
Inc.
.......................
12,205
512,610
Whirlpool
Corp.
........................
3,515
473,857
986,467
a
Insurance
 — 
19
.4
%
American
Financial
Group,
Inc.
.............
3,922
482,131
American
International
Group,
Inc.
...........
10,647
505,519
Arch
Capital
Group
Ltd.
(a)
.................
11,967
544,977
Axis
Capital
Holdings
Ltd.
.................
9,535
468,645
CNA
Financial
Corp.
.....................
12,124
447,376
Fidelity
National
Financial,
Inc.
..............
14,728
533,154
First
American
Financial
Corp.
..............
10,287
474,231
MetLife,
Inc.
..........................
8,670
526,963
3,982,996
a
Media
 — 
2
.7
%
Nexstar
Media
Group,
Inc.
.................
3,342
557,613
a
Metals
&
Mining
 — 
2
.7
%
Nucor
Corp.
..........................
5,214
557,846
a
Oil,
Gas
&
Consumable
Fuels
 — 
11
.1
%
Marathon
Oil
Corp.
......................
24,215
546,775
Marathon
Petroleum
Corp.
................
6,622
657,763
Ovintiv,
Inc.
...........................
12,319
566,674
Security
Shares
Value
a
Oil,
Gas
&
Consumable
Fuels
(continued)
PDC
Energy,
Inc.
.......................
8,836
$
510,632
2,281,844
a
Road
&
Rail
 — 
2
.8
%
Knight-Swift
Transportation
Holdings,
Inc.
,
Class
A
11,760
575,417
a
Specialty
Retail
 — 
4
.9
%
AutoNation,
Inc.
(a)
(b)
.....................
4,871
496,209
Penske
Automotive
Group,
Inc.
.............
5,200
511,836
1,008,045
a
Textiles,
Apparel
&
Luxury
Goods
 — 
2
.1
%
PVH
Corp.
...........................
9,567
428,602
a
Thrifts
&
Mortgage
Finance
 — 
2
.7
%
MGIC
Investment
Corp.
..................
43,204
553,875
a
Total
Long-Term
Investments — 99.7%
(Cost:
$
22,801,830
)
...............................
20,469,328
a
Short-Term
Securities
Money
Market
Funds
 — 
0
.7
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
3.18
%
(c)
(d)
(e)
....................
61,695
61,714
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
2.81
%
(c)
(d)
.....................
90,379
90,379
a
Total
Short-Term
Securities — 0.7%
(Cost:
$
152,074
)
.................................
152,093
Total
Investments
—
100.4%
(Cost:
$
22,953,904
)
...............................
20,621,421
Liabilities
in
Excess
of
Other
Assets
—
(
0
.4
)
%
.............
(
81,425
)
Net
Assets
—
100.0%
...............................
$
20,539,996
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Focused
Value
Factor
ETF
8
2022
iShares
Semi-Annual
Report
to
Shareholders
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
For
the period
ended
September
30,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
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.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
September
30,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
09/30/22
  Shares
Held
at
09/30/22
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
—
‌
$
61,660
(a)
$
—
‌
$
35
‌
$
19
‌
$
61,714
‌
61,695
‌
$
94
(b)
$
—
‌
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
..
90,000
‌
379
(a)
—
‌
—
‌
—
‌
90,379
‌
90,379
‌
205
‌
—
‌
$
35
‌
$
19
‌
$
152,093
‌
$
299
‌
$
—
‌
(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.
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(
15,307
)
$
—
$
—
$
—
$
(
15,307
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
(
5,598
)
$
—
$
—
$
—
$
(
5,598
)
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
71,667
a
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
20,469,328
‌
$
—
‌
$
—
‌
$
20,469,328
‌
Short-Term
Securities
Money
Market
Funds
......................................
152,093
‌
—
‌
—
‌
152,093
‌
$
20,621,421
‌
$
—
‌
$
—
‌
$
20,621,421
‌
iShares
®
US
Small
Cap
Value
Factor
ETF
Schedule
of
Investments
(unaudited)
September
30,
2022
(Percentages
shown
are
based
on
Net
Assets)
9
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
 — 0.4%
Moog,
Inc.,
Class
A
....................
6,126
$
430,964
a
Air
Freight
&
Logistics
 — 1.3%
Air
Transport
Services
Group,
Inc.
(a)
.........
16,081
387,391
Atlas
Air
Worldwide
Holdings,
Inc.
(a)
.........
6,239
596,261
Hub
Group,
Inc.,
Class
A
(a)
................
6,967
480,584
1,464,236
a
Airlines
 — 0.3%
SkyWest,
Inc.
(a)
.......................
18,645
303,168
a
Auto
Components
 — 0.4%
Standard
Motor
Products,
Inc.
.............
12,469
405,243
a
Automobiles
 — 0.5%
Winnebago
Industries,
Inc.
...............
9,956
529,759
a
Banks
 — 39.8%
1st
Source
Corp.
......................
11,630
538,469
Allegiance
Bancshares,
Inc.
...............
11,912
495,897
Amerant
Bancorp,
Inc.,
Class
A
............
17,027
422,951
Ameris
Bancorp
.......................
12,116
541,706
Associated
Banc-Corp.
..................
23,653
474,952
Atlantic
Union
Bankshares
Corp.
...........
14,649
445,037
Banc
of
California,
Inc.
..................
27,785
443,726
BancFirst
Corp.
.......................
6,464
578,334
Bank
of
NT
Butterfield
&
Son
Ltd.
(The)
.......
14,991
486,608
BankUnited
,
Inc.
......................
12,094
413,252
Banner
Corp.
........................
9,083
536,624
Brookline
Bancorp,
Inc.
..................
33,606
391,510
Byline
Bancorp,
Inc.
....................
20,161
408,260
Cadence
Bank
.......................
18,159
461,420
Camden
National
Corp.
.................
11,435
487,131
Cathay
General
Bancorp
.................
12,020
462,289
CBTX,
Inc.
..........................
17,352
507,546
Central
Pacific
Financial
Corp.
.............
19,055
394,248
City
Holding
Co.
......................
6,755
599,101
Columbia
Banking
System,
Inc.
............
16,475
475,963
Community
Trust
Bancorp,
Inc.
............
13,056
529,421
ConnectOne
Bancorp,
Inc.
...............
16,804
387,500
Customers
Bancorp,
Inc.
(a)
................
10,196
300,578
CVB
Financial
Corp.
....................
22,906
579,980
Dime
Community
Bancshares,
Inc.
..........
15,548
455,245
Eagle
Bancorp,
Inc.
....................
9,325
417,946
Eastern
Bankshares
,
Inc.
................
24,954
490,097
Enterprise
Financial
Services
Corp.
.........
11,369
500,691
First
Bancorp
........................
12,718
465,224
First
BanCorp
........................
40,522
554,341
First
Bancshares,
Inc.
(The)
(b)
.............
15,995
477,771
First
Busey
Corp.
......................
21,227
466,569
First
Financial
Bancorp
..................
23,048
485,852
First
Financial
Corp.
....................
12,429
561,667
First
Foundation,
Inc.
...................
22,144
401,692
First
Internet
Bancorp
...................
12,506
423,453
First
Interstate
BancSystem
,
Inc.,
Class
A
.....
14,629
590,280
First
Merchants
Corp.
...................
12,921
499,784
Fulton
Financial
Corp.
...................
32,411
512,094
German
American
Bancorp,
Inc.
............
14,159
505,618
Great
Southern
Bancorp,
Inc.
..............
9,115
520,193
Hancock
Whitney
Corp.
.................
10,314
472,484
Hanmi
Financial
Corp.
..................
21,587
511,180
HarborOne
Bancorp,
Inc.
................
38,366
514,872
Heartland
Financial
USA,
Inc.
.............
11,246
487,627
Security
Shares
Value
a
Banks
(continued)
Heritage
Financial
Corp.
.................
21,215
$
561,561
Hilltop
Holdings,
Inc.
....................
18,296
454,656
Home
BancShares
,
Inc.
.................
23,801
535,761
HomeStreet
,
Inc.
......................
11,221
323,277
Hope
Bancorp,
Inc.
....................
33,062
417,904
Horizon
Bancorp,
Inc.
...................
28,811
517,446
Independent
Bank
Corp.
.................
24,451
467,014
Independent
Bank
Group,
Inc.
.............
7,559
464,047
Lakeland
Bancorp,
Inc.
..................
32,254
516,387
National
Bank
Holdings
Corp.,
Class
A
.......
13,189
487,861
NBT
Bancorp,
Inc.
.....................
14,715
558,434
Nicolet
Bankshares
,
Inc.
(a)(b)
...............
5,749
404,960
Northwest
Bancshares,
Inc.
...............
39,352
531,646
OceanFirst
Financial
Corp.
...............
26,800
499,552
OFG
Bancorp
........................
19,957
501,519
Old
National
Bancorp
...................
32,839
540,858
Old
Second
Bancorp,
Inc.
................
37,071
483,777
Origin
Bancorp,
Inc.
....................
12,719
489,300
Pacific
Premier
Bancorp,
Inc.
..............
15,067
466,474
Park
National
Corp.
....................
4,092
509,372
Pathward
Financial,
Inc.
.................
9,680
319,053
Peapack
-Gladstone
Financial
Corp.
.........
15,468
520,498
Peoples
Bancorp,
Inc.
..................
17,180
497,017
Premier
Financial
Corp.
.................
17,735
455,789
QCR
Holdings,
Inc.
....................
9,506
484,236
Renasant
Corp.
.......................
15,894
497,164
Republic
First
Bancorp,
Inc.
(a)
..............
104,250
295,027
S&T
Bancorp,
Inc.
.....................
17,973
526,789
Sandy
Spring
Bancorp,
Inc.
...............
11,974
422,203
Seacoast
Banking
Corp.
.................
15,169
458,559
Simmons
First
National
Corp.,
Class
A
.......
40,719
887,267
Southside
Bancshares,
Inc.
...............
13,135
464,454
SouthState
Corp.
......................
6,603
522,429
Texas
Capital
Bancshares,
Inc.
(a)
...........
9,386
554,056
Towne
Bank
.........................
17,966
482,028
TriCo
Bancshares
.....................
13,437
599,962
Trustmark
Corp.
......................
17,494
535,841
UMB
Financial
Corp.
...................
5,542
467,135
United
Bankshares
,
Inc.
.................
15,421
551,301
United
Community
Banks,
Inc.
.............
15,266
505,305
Univest
Financial
Corp.
..................
20,132
472,699
Valley
National
Bancorp
.................
41,313
446,180
Washington
Federal,
Inc.
.................
16,390
491,372
Washington
Trust
Bancorp,
Inc.
............
10,246
476,234
WesBanco
,
Inc.
.......................
15,655
522,407
43,863,994
a
Biotechnology
 — 0.3%
iTeos
Therapeutics,
Inc.
(a)
................
16,715
318,421
a
Building
Products
 — 1.2%
Insteel
Industries,
Inc.
...................
14,542
385,799
Quanex
Building
Products
Corp.
............
25,626
465,368
UFP
Industries,
Inc.
....................
6,971
503,028
1,354,195
a
Capital
Markets
 — 0.3%
BGC
Partners,
Inc.,
Class
A
...............
122,250
383,865
a
Chemicals
 — 1.4%
AdvanSix
,
Inc.
........................
10,528
337,949
American
Vanguard
Corp.
................
26,472
495,026
Kronos
Worldwide,
Inc.
..................
34,658
323,706
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
US
Small
Cap
Value
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
10
2022
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Chemicals
(continued)
Minerals
Technologies,
Inc.
...............
8,132
$
401,802
1,558,483
a
Commercial
Services
&
Supplies
 — 1.7%
ABM
Industries,
Inc.
....................
11,683
446,641
BrightView
Holdings,
Inc.
(a)
...............
39,523
313,813
CoreCivic
,
Inc.
(a)
......................
48,156
425,699
Interface,
Inc.
........................
39,639
356,354
Matthews
International
Corp.,
Class
A
........
16,622
372,499
1,915,006
a
Communications
Equipment
 — 0.9%
NETGEAR,
Inc.
(a)
......................
21,794
436,752
NetScout
Systems,
Inc.
(a)
................
16,767
525,142
961,894
a
Construction
&
Engineering
 — 0.8%
Argan
,
Inc.
..........................
13,252
426,317
Sterling
Infrastructure,
Inc.
(a)
..............
20,070
430,903
857,220
a
Construction
Materials
 — 0.4%
Summit
Materials,
Inc.,
Class
A
(a)
...........
17,318
414,939
a
Containers
&
Packaging
 — 0.4%
Greif,
Inc.,
Class
A
.....................
8,268
492,525
a
Distributors
 — 0.6%
Funko
,
Inc.,
Class
A
(a)
...................
31,183
630,520
a
Diversified
Consumer
Services
 — 1.2%
Adtalem
Global
Education,
Inc.
(a)
...........
18,105
659,928
Stride,
Inc.
(a)
.........................
14,806
622,296
1,282,224
a
Diversified
Financial
Services
 — 0.4%
A-Mark
Precious
Metals,
Inc.
..............
13,910
394,905
a
Diversified
Telecommunication
Services
 — 0.3%
EchoStar
Corp.,
Class
A
(a)
................
22,099
363,971
a
Electric
Utilities
 — 0.8%
PNM
Resources,
Inc.
...................
11,284
516,017
Portland
General
Electric
Co.
..............
9,753
423,866
939,883
a
Electrical
Equipment
 — 0.9%
Atkore
,
Inc.
(a)
.........................
5,465
425,232
Encore
Wire
Corp.
(b)
....................
4,716
544,886
970,118
a
Electronic
Equipment,
Instruments
&
Components
 — 2.6%
Benchmark
Electronics,
Inc.
..............
21,482
532,324
Knowles
Corp.
(a)
......................
24,984
304,055
Methode
Electronics,
Inc.
................
12,437
462,034
Sanmina
Corp.
(a)
......................
13,308
613,233
TTM
Technologies,
Inc.
(a)
.................
36,295
478,368
Vishay
Intertechnology
,
Inc.
...............
27,444
488,229
2,878,243
a
Energy
Equipment
&
Services
 — 0.6%
Bristow
Group,
Inc.
(a)
...................
14,507
340,769
ProPetro
Holding
Corp.
(a)
.................
38,614
310,843
651,612
a
Equity
Real
Estate
Investment
Trusts
(REITs)
 — 2.4%
Acadia
Realty
Trust
....................
24,534
309,619
Broadstone
Net
Lease,
Inc.
...............
24,697
383,545
Security
Shares
Value
a
Equity
Real
Estate
Investment
Trusts
(REITs)
(continued)
Chatham
Lodging
Trust
(a)
................
39,007
$
384,999
City
Office
REIT,
Inc.
...................
30,458
303,666
CTO
Realty
Growth,
Inc.
.................
24,332
455,982
PotlatchDeltic
Corp.
....................
10,201
418,649
SITE
Centers
Corp.
....................
32,190
344,755
2,601,215
a
Food
&
Staples
Retailing
 — 0.8%
SpartanNash
Co.
......................
16,305
473,171
Sprouts
Farmers
Market,
Inc.
(a)(b)
...........
16,820
466,755
939,926
a
Food
Products
 — 0.5%
Hostess
Brands,
Inc.,
Class
A
(a)(b)
...........
24,517
569,775
a
Health
Care
Technology
 — 0.4%
Computer
Programs
and
Systems,
Inc.
(a)
......
15,614
435,318
a
Hotels,
Restaurants
&
Leisure
 — 0.7%
Bloomin
'
Brands,
Inc.
...................
24,517
449,397
Brinker
International,
Inc.
(a)(b)
..............
14,096
352,118
801,515
a
Household
Durables
 — 3.1%
Century
Communities,
Inc.
...............
10,041
429,554
Ethan
Allen
Interiors,
Inc.
................
20,633
436,182
GoPro,
Inc.,
Class
A
(a)
...................
63,059
310,881
KB
Home
...........................
16,612
430,583
M/I
Homes,
Inc.
(a)
......................
12,128
439,397
Meritage
Homes
Corp.
(a)
.................
6,789
477,063
Taylor
Morrison
Home
Corp.
(a)
.............
19,761
460,826
Tri
Pointe
Homes,
Inc.
(a)
.................
26,787
404,752
3,389,238
a
Household
Products
 — 0.4%
Central
Garden
&
Pet
Co.,
Class
A
(a)
.........
13,190
450,570
a
Insurance
 — 3.4%
Argo
Group
International
Holdings,
Ltd.
.......
13,031
250,977
CNO
Financial
Group,
Inc.
................
21,438
385,241
Employers
Holdings,
Inc.
.................
12,961
447,025
Horace
Mann
Educators
Corp.
.............
12,710
448,536
ProAssurance
Corp.
....................
19,778
385,869
Safety
Insurance
Group,
Inc.
..............
5,852
477,289
Selective
Insurance
Group,
Inc.
(b)
...........
6,019
489,947
Stewart
Information
Services
Corp.
..........
8,772
382,810
United
Fire
Group,
Inc.
..................
17,313
497,402
3,765,096
a
Interactive
Media
&
Services
 — 0.3%
Ziff
Davis,
Inc.
(a)(b)
......................
5,558
380,612
a
Leisure
Products
 — 0.7%
MasterCraft
Boat
Holdings,
Inc.
(a)
...........
21,857
412,004
Vista
Outdoor,
Inc.
(a)
....................
15,071
366,527
778,531
a
Machinery
 — 1.3%
Hillenbrand,
Inc.
......................
12,178
447,176
Mueller
Industries,
Inc.
..................
9,929
590,180
Terex
Corp.
..........................
15,084
448,598
1,485,954
a
Marine
 — 1.1%
Eagle
Bulk
Shipping,
Inc.
................
7,898
341,035
Genco
Shipping
&
Trading
Ltd.
.............
22,773
285,346
Matson,
Inc.
.........................
4,460
274,379
iShares
®
US
Small
Cap
Value
Factor
ETF
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
(Percentages
shown
are
based
on
Net
Assets)
11
Schedule
of
Investments
Security
Shares
Value
a
Marine
(continued)
Safe
Bulkers,
Inc.
.....................
113,004
$
279,120
1,179,880
a
Metals
&
Mining
 — 1.4%
Commercial
Metals
Co.
..................
12,924
458,543
Schnitzer
Steel
Industries,
Inc.,
Class
A
.......
10,356
294,732
TimkenSteel
Corp.
(a)
....................
24,584
368,514
Warrior
Met
Coal,
Inc.
...................
14,495
412,238
1,534,027
a
Multi-Utilities
 — 0.5%
Unitil
Corp.
..........................
10,783
500,870
a
Oil,
Gas
&
Consumable
Fuels
 — 5.0%
Berry
Corp.
..........................
52,122
390,915
Chord
Energy
Corp.
....................
7,487
1,023,997
CNX
Resources
Corp.
(a)
.................
25,960
403,159
CVR
Energy,
Inc.
......................
21,061
610,348
DHT
Holdings,
Inc.
.....................
92,741
701,122
Dorian
LPG,
Ltd.
......................
37,122
503,745
Matador
Resources
Co.
.................
10,153
496,685
Murphy
Oil
Corp.
......................
13,318
468,394
Sitio
Royalties
Corp.
....................
19,952
441,139
World
Fuel
Services
Corp.
................
19,892
466,268
5,505,772
a
Paper
&
Forest
Products
 — 0.8%
Clearwater
Paper
Corp.
(a)
................
19,190
721,544
Glatfelter
Corp.
.......................
43,736
136,019
857,563
a
Pharmaceuticals
 — 0.3%
Innoviva
,
Inc.
(a)
.......................
27,798
322,735
a
Professional
Services
 — 0.5%
CRA
International,
Inc.
..................
6,384
566,516
a
Real
Estate
Management
&
Development
 — 0.5%
Anywhere
Real
Estate,
Inc.
(a)
..............
34,305
278,214
Newmark
Group,
Inc.,
Class
A
.............
33,788
272,331
550,545
a
Road
&
Rail
 — 2.1%
Covenant
Logistics
Group,
Inc.,
Class
A
.......
24,984
717,041
Heartland
Express,
Inc.
..................
38,231
547,085
Marten
Transport
Ltd.
...................
30,287
580,299
Werner
Enterprises,
Inc.
.................
13,120
493,312
2,337,737
a
Semiconductors
&
Semiconductor
Equipment
 — 1.8%
Alpha
&
Omega
Semiconductor
Ltd.
(a)
........
9,842
302,740
Amkor
Technology,
Inc.
..................
24,765
422,243
Cohu
,
Inc.
(a)
.........................
18,172
468,474
Kulicke
&
Soffa
Industries,
Inc.
.............
9,602
369,965
Photronics
,
Inc.
(a)
......................
31,698
463,425
2,026,847
a
Software
 — 0.4%
Xperi
Holding
Corp.
....................
31,056
439,132
a
Specialty
Retail
 — 5.8%
Arko
Corp.
..........................
59,109
555,034
Caleres
,
Inc.
.........................
27,828
673,994
Conn's,
Inc.
(a)
........................
34,906
247,135
Security
Shares
Value
a
Specialty
Retail
(continued)
Container
Store
Group,
Inc.
(The)
(a)(b)
........
65,839
$
322,611
Genesco,
Inc.
(a)
.......................
8,456
332,490
Group
1
Automotive,
Inc.
.................
3,205
457,898
Haverty
Furniture
Cos.,
Inc.
...............
19,618
488,488
LL
Flooring
Holdings,
Inc.
(a)
...............
38,366
265,876
MarineMax
,
Inc.
(a)
......................
13,360
397,995
ODP
Corp.
(The)
(a)
.....................
11,736
412,520
Shoe
Carnival,
Inc.
.....................
18,446
395,482
Signet
Jewelers
Ltd.
....................
7,399
423,149
TravelCenters
of
America,
Inc.
(a)
............
12,521
675,258
Urban
Outfitters,
Inc.
(a)
..................
21,422
420,942
Zumiez
,
Inc.
(a)
........................
14,078
303,099
6,371,971
a
Textiles,
Apparel
&
Luxury
Goods
 — 0.8%
G-III
Apparel
Group
Ltd.
(a)
................
19,885
297,281
Oxford
Industries,
Inc.
..................
5,944
533,652
830,933
a
Thrifts
&
Mortgage
Finance
 — 3.9%
Capitol
Federal
Financial,
Inc.
.............
48,864
405,571
Kearny
Financial
Corp.
..................
41,763
443,523
NMI
Holdings,
Inc.,
Class
A
(a)
..............
26,086
531,372
Northfield
Bancorp,
Inc.
.................
37,460
536,053
Provident
Financial
Services,
Inc.
...........
22,720
443,040
Radian
Group,
Inc.
.....................
24,219
467,184
TrustCo
Bank
Corp.
....................
16,650
523,143
Waterstone
Financial,
Inc.
................
27,812
449,442
WSFS
Financial
Corp.
..................
11,404
529,830
4,329,158
a
Trading
Companies
&
Distributors
 — 2.3%
Boise
Cascade
Co.
....................
7,743
460,399
DXP
Enterprises,
Inc.
(a)
..................
19,856
470,190
Herc
Holdings,
Inc.
.....................
3,219
334,389
MRC
Global,
Inc.
(a)(b)
....................
45,163
324,722
Rush
Enterprises,
Inc.,
Class
A
............
10,566
463,425
Titan
Machinery,
Inc.
(a)
..................
19,034
537,901
2,591,026
a
Total
Long-Term
Investments — 98.7%
(Cost:
$126,239,593)
.............................
108,907,850
a
Short-Term
Securities
Money
Market
Funds
 — 
5.0%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
3.18%
(c)(d)(e)
...................
3,485,991
3,487,037
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
2.81%
(c)(d)
....................
2,036,924
2,036,924
a
Total
Short-Term
Securities — 5.0%
(Cost:
$5,522,349)
...............................
5,523,961
Total
Investments
—
103.7%
(Cost:
$131,761,942)
.............................
114,431,811
Liabilities
in
Excess
of
Other
Assets
—
(3.7)%
............
(4,105,853
)
Net
Assets
—
100.0%
..............................
$
110,325,958
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
US
Small
Cap
Value
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
12
2022
iShares
Semi-Annual
Report
to
Shareholders
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
September
30,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
09/30/22
  Shares
Held
at
09/30/22
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
3,779,361
$
—
$
(295,248
)
(a)
$
1,555
$
1,369
$
3,487,037
3,485,991
$
5,251
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
..
6,160,000
—
(4,123,076
)
(a)
—
—
2,036,924
2,036,924
13,836
—
$
1,555
$
1,369
$
5,523,961
$
19,087
$
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Financial
Select
Sector
Index
........................................................
1
12/16/22
$
94
$
(11,333
)
Russell
2000
E-Mini
Index
...............................................................
1
12/16/22
83
(8,858
)
$
(20,191
)
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
........
Monthly
Goldman
Sachs
Bank
USA
(b)
02/27/23
$
721,54
5
$
(38,46
5
)
(c)
$
683,523
0.7
%
Monthly
HSBC
Bank
PLC
(d)
02/10/23
112,343
(2,309
)
(e)
110,117
0.1
Monthly
JPMorgan
Chase
Bank
NA
(f)
02/08/23
429,037
(20,89
7
)
(g)
409,585
0.4
$
(61,671
)
$
1,203,225
(a)
The
Fund
receives
the
total
return
on
a
portfolio
of
long
positions
underlying
the
total
return
swap.
The
Fund
pays
the
total
return
on
a
portfolio
of
short
positions
underlying
the
total
return
swap.
In
addition,
the
Fund
pays
or
receives
a
variable
rate
of
interest,
based
on
a
specified
benchmark.
The
benchmark
and
spread
are
determined
based
upon
the
country
and/or
currency
of
the
individual
underlying
positions.
(c)
Amount
includes
$(443)
of
net
dividends
and
financing
fees.
(e)
Amount
includes
$(83)
of
net
dividends
and
financing
fees.
(g)
Amount
includes
$(1,445)
of
net
dividends
and
financing
fees.
The
following
are
the
specified
benchmarks
(plus
or
minus
a
range)
used
in
determining
the
variable
rate
of
interest:
(b)
(d)
(f)
Range:
65
basis
points
65
basis
points
65
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)
iShares
®
US
Small
Cap
Value
Factor
ETF
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
13
Schedule
of
Investments
Balances
Reported
in
the
Statements
of
Assets
and
Liabilities
for
OTC
Derivatives
The
following
table
represents
the
individual
long
positions
and
related
values
of
the
equity
securities
underlying
the
total
return
swap
with
Goldman
Sachs
Bank
USA
as
of
period
end,
termination
date
February
27,
2023
:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Common
Stocks
Banks
BankUnited
,
Inc.
....................
143
$
4,886
0.7
%
Berkshire
Hills
Bancorp,
Inc.
............
17,722
483,811
70.8
Brookline
Bancorp,
Inc.
................
397
4,625
0.7
Cadence
Bank
.....................
226
5,743
0.9
City
Holding
Co.
....................
80
7,095
1.0
Columbia
Banking
System,
Inc.
..........
195
5,634
0.8
CVB
Financial
Corp.
..................
271
6,862
1.0
Eagle
Bancorp,
Inc.
..................
111
4,975
0.7
First
Bancorp
......................
639
12,405
1.8
First
Commonwealth
Financial
Corp.
.......
653
8,385
1.2
First
Financial
Bancorp
................
290
6,113
0.9
Hanmi
Financial
Corp.
................
271
6,417
0.9
Heritage
Financial
Corp.
...............
251
6,644
1.0
HomeStreet
,
Inc.
....................
133
3,832
0.6
Hope
Bancorp,
Inc.
..................
392
4,955
0.7
National
Bank
Holdings
Corp.,
Class
A
.....
166
6,140
0.9
NBT
Bancorp,
Inc.
...................
174
6,603
1.0
Northwest
Bancshares,
Inc.
.............
466
6,296
0.9
OFG
Bancorp
......................
236
5,931
0.9
Pacific
Premier
Bancorp,
Inc.
............
123
3,808
0.6
Renasant
Corp.
.....................
188
5,881
0.9
S&T
Bancorp,
Inc.
...................
213
6,243
0.9
Seacoast
Banking
Corp.
...............
192
5,804
0.9
Simmons
First
National
Corp.,
Class
A
.....
481
10,481
1.5
Southside
Bancshares,
Inc.
.............
40
1,414
0.2
United
Community
Banks,
Inc.
...........
192
6,355
0.9
637,338
Thrifts
&
Mortgage
Finance
Capitol
Federal
Financial,
Inc.
...........
579
4,805
0.7
TrustCo
Bank
Corp.
..................
197
6,190
0.9
WSFS
Financial
Corp.
................
135
6,272
0.9
17,267
Equity
Real
Estate
Investment
Trusts
(REITs)
Acadia
Realty
Trust
..................
290
3,660
0.5
a
Insurance
Employers
Holdings,
Inc.
...............
153
5,277
0.8
Horace
Mann
Educators
Corp.
...........
150
5,293
0.8
ProAssurance
Corp.
..................
234
4,565
0.7
Safety
Insurance
Group,
Inc.
............
69
5,628
0.8
Shares
Value
%
of
Basket
Value
Insurance
(continued)
Stewart
Information
Services
Corp.
........
103
$
4,495
0.6
%
25,258
Total
Reference
Entity
—
Long
683,523
Net
Value
of
Reference
Entity
—
Goldman
Sachs
Bank
USA
...................................
$
683,523
The
following
table
represents
the
individual
long
positions
and
related
values
of
the
equity
securities
underlying
the
total
return
swap
with
HSBC
Bank
PLC
as
of
period
end,
termination
date
February
10,
2023
:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Common
Stocks
Banks
Allegiance
Bancshares,
Inc.
.............
291
$
12,119
11.0
%
Ameris
Bancorp
.....................
143
6,394
5.8
Banner
Corp.
......................
108
6,381
5.8
Berkshire
Hills
Bancorp,
Inc.
............
847
23,123
21.0
Central
Pacific
Financial
Corp.
...........
226
4,676
4.3
Customers
Bancorp,
Inc.
...............
121
3,567
3.2
First
Commonwealth
Financial
Corp.
.......
2,997
38,482
34.9
Pathward
Financial,
Inc.
...............
115
3,790
3.4
Trustmark
Corp.
....................
207
6,340
5.8
104,872
Thrifts
&
Mortgage
Finance
Provident
Financial
Services,
Inc.
.........
269
5,245
4.8
a
Total
Reference
Entity
—
Long
110,117
Net
Value
of
Reference
Entity
—
HSBC
Bank
PLC
....
$
110,117
The
following
table
represents
the
individual
long
positions
and
related
values
of
the
equity
securities
underlying
the
total
return
swap
with
JPMorgan
Chase
Bank
NA
as
of
period
end,
termination
date
February
8,
2023
:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Common
Stocks
Banks
First
Commonwealth
Financial
Corp.
.......
31,834
$
408,749
99.8
%
Pacific
Premier
Bancorp,
Inc.
............
27
836
0.2
409,585
Total
Reference
Entity
—
Long
409,585
Net
Value
of
Reference
Entity
—
JPMorgan
Chase
Bank
NA
....................................
$
409,585
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
OTC
Swaps
................................................................
$
—
$
—
$
—
$
(61,671
)
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
US
Small
Cap
Value
Factor
ETF
14
2022
iShares
Semi-Annual
Report
to
Shareholders
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
September
30,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Derivative
Financial
Instruments
–
Offsetting
as
of
Period
End
The
Fund’s
derivative
assets
and
liabilities
(by
type)
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)
.............
$
—
$
—
$
20,191
$
—
$
—
$
—
$
20,191
Swaps
-
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
—
—
61,671
—
—
—
61,671
$
—
$
—
$
81,862
$
—
$
—
$
—
$
81,862
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(43,674
)
$
—
$
—
$
—
$
(43,674
)
Swaps
.........................................
—
—
(442,317
)
—
—
—
(442,317
)
$
—
$
—
$
(485,991
)
$
—
$
—
$
—
$
(485,991
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
(28,303
)
$
—
$
—
$
—
$
(28,303
)
Swaps
.........................................
—
—
(69,387
)
—
—
—
(69,387
)
$
—
$
—
$
(97,690
)
$
—
$
—
$
—
$
(97,690
)
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
312,463
Total
return
swaps
Average
notional
amount
...............................................................................................
$
4,022,883
a
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Assets
Liabilities
Derivative
Financial
Instruments:
Futures
contracts
................................................................................
$
—
‌
$
20,191
‌
Swaps
—
OTC
(a)
................................................................................
—
‌
61,671
‌
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
........................................
$
—
‌
$
81,862
‌
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
(“MNA”)
.....................................
—
‌
(20,191
)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
........................................................
$
—
‌
$
61,671
‌
(a)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
(paid/received)
in
the
Statements
of
Assets
and
Liabilities.
iShares
®
US
Small
Cap
Value
Factor
ETF
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
15
Schedule
of
Investments
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
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:
a
a
a
a
a
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-Cash
Collateral
Pledged
(b)
Cash
Collateral
Pledged
(b)
Net
Amount
of
Derivative
Liabilities
(c)
Goldman
Sachs
Bank
USA
..............................
$
38,465
‌
$
–
‌
$
–
‌
$
–
‌
$
38,465
‌
HSBC
Bank
PLC
.....................................
2,309
‌
–
‌
–
‌
–
‌
2,309
‌
JPMorgan
Chase
Bank
NA
..............................
20,897
‌
–
‌
–
‌
–
‌
20,897
‌
$
61,671
‌
$
–
‌
$
–
‌
$
–
‌
$
61,671
‌
(a)
The
amount
of
derivatives
available
for
offset
is
limited
to
the
amount
of
derivatives
assets
and/or
liabilities
that
are
subject
to
an
MNA.
(b)
Excess
of
collateral
pledged
to
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
........................................
$
108,907,850
‌
$
—
‌
$
—
‌
$
108,907,850
‌
Short-Term
Securities
Money
Market
Funds
.....................................
5,523,961
‌
—
‌
—
‌
5,523,961
‌
$
114,431,811
‌
$
—
‌
$
—
‌
$
114,431,811
‌
Derivative
Financial
Instruments
(a)
Liabilities
Equity
Contracts
..........................................
$
(20,191
)
$
(61,671
)
$
—
‌
$
(81,862
)
a
(a)
Derivative
financial
instruments
are
swaps
and
futures
contracts.
Swaps
and
futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
16
2022
iShares
Semi-Annual
Report
to
Shareholders
Statements
of
Assets
and
Liabilities
(unaudited)
September
30,
2022
See
notes
to
financial
statements.
iShares
Focused
Value
Factor
ETF
iShares
US
Small
Cap
Value
Factor
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
....................................................................
$
20,469,328
‌
$
108,907,850
‌
Investments,
at
value
—
affiliated
(c)
.......................................................................
152,093
‌
5,523,961
‌
Cash
pledged:
Futures
contracts
.................................................................................
—
‌
14,000
‌
Receivables:
Securities
lending
income
—
affiliated
...................................................................
54
‌
1,234
‌
Dividends
—
unaffiliated
............................................................................
39,429
‌
115,489
‌
Dividends
—
affiliated
..............................................................................
108
‌
3,609
‌
Total
assets
......................................................................................
20,661,012
‌
114,566,143
‌
LIABILITIES
Bank
overdraft
.....................................................................................
54,776
‌
666,901
‌
Collateral
on
securities
loaned
..........................................................................
61,660
‌
3,486,595
‌
Payables:
Investments
purchased
.............................................................................
—
‌
4,082
‌
Investment
advisory
fees
............................................................................
4,580
‌
19,283
‌
Variation
margin
on
futures
contracts
....................................................................
—
‌
1,653
‌
Unrealized
depreciation
on:
OTC
swaps
.....................................................................................
—
‌
61,671
‌
Total
liabilities
.....................................................................................
121,016
‌
4,240,185
‌
NET
ASSETS
.....................................................................................
$
20,539,996
‌
$
110,325,958
‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.....................................................................................
$
27,784,335
‌
$
130,872,864
‌
Accumulated
loss
..................................................................................
(
7,244,339
)
(
20,546,906
)
NET
ASSETS
.....................................................................................
$
20,539,996
‌
$
110,325,958
‌
NET
ASSET
VALUE
Shares
outstanding
.................................................................................
450,000
‌
4,300,000
‌
Net
asset
value
....................................................................................
$
45.64
‌
$
25.66
‌
Shares
authorized
..................................................................................
Unlimited
Unlimited
Par
value
........................................................................................
None
None
(a)
Securities
loaned,
at
value
..........................................................................
$
61,122
‌
$
3,120,139
‌
(b)
Investments,
at
cost
—
unaffiliated
.....................................................................
$
22,801,830
‌
$
126,239,593
‌
(c)
Investments,
at
cost
—
affiliated
.......................................................................
$
152,074
‌
$
5,522,349
‌
17
Financial
Statements
Statements
of
Operations
(unaudited)
Six
Months
Ended
September
30,
2022
See
notes
to
financial
statements.
iShares
Focused
Value
Factor
ETF
iShares
US
Small
Cap
Value
Factor
ETF
INVESTMENT
INCOME
Dividends
—
unaffiliated
............................................................................
$
431,911
‌
$
1,900,206
‌
Dividends
—
affiliated
..............................................................................
205
‌
13,836
‌
Interest
—
unaffiliated
..............................................................................
—
‌
48
‌
Securities
lending
income
—
affiliated
—
net
...............................................................
94
‌
5,251
‌
Foreign
taxes
withheld
.............................................................................
(
864
)
(
1,891
)
Total
investment
income
..............................................................................
431,346
‌
1,917,450
‌
EXPENSES
Investment
advisory
...............................................................................
33,706
‌
220,377
‌
Total
expenses
....................................................................................
33,706
‌
220,377
‌
Less:
—
‌
(
75,037
)
Investment
advisory
fees
waived
.......................................................................
—
‌
(
75,037
)
Total
expenses
after
fees
waived
........................................................................
33,706
‌
145,340
‌
Net
investment
income
...............................................................................
397,640
‌
1,772,110
‌
—
‌
—
‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.........................................................................
(
4,553,079
)
(
4,226,009
)
Investments
—
affiliated
...........................................................................
35
‌
1,555
‌
Futures
contracts
...............................................................................
(
15,307
)
(
43,674
)
In-kind
redemptions
—
unaffiliated
(a)
...................................................................
297,848
‌
3,070,222
‌
Swaps  
......................................................................................
—
‌
(
442,317
)
(
4,270,503
)
(
1,640,223
)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.........................................................................
(
2,217,321
)
(
21,295,733
)
Investments
—
affiliated
...........................................................................
19
‌
1,369
‌
Futures
contracts
...............................................................................
(
5,598
)
(
28,303
)
Swaps  
......................................................................................
—
‌
(
69,387
)
(
2,222,900
)
(
21,392,054
)
Net
realized
and
unrealized
loss
.........................................................................
(
6,493,403
)
(
23,032,277
)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..............................................
$
(
6,095,763
)
$
(
21,260,167
)
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
18
2022
iShares
Semi-Annual
Report
to
Shareholders
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
iShares
Focused
Value
Factor
ETF
iShares
US
Small
Cap
Value
Factor
ETF
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
397,640
‌
$
1,151,152
‌
$
1,772,110
‌
$
2,601,165
‌
Net
realized
gain
(loss)
.........................................
(
4,270,503
)
14,306,514
‌
(
1,640,223
)
5,799,701
‌
Net
change
in
unrealized
appreciation
(depreciation)
.....................
(
2,222,900
)
(
10,805,165
)
(
21,392,054
)
(
6,804,306
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
(
6,095,763
)
4,652,501
‌
(
21,260,167
)
1,596,560
‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
388,343
)
(
1,163,130
)
(
2,050,140
)
(
3,383,522
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
(
8,071,779
)
(
8,396,139
)
(
45,862,226
)
68,225,121
‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
(
14,555,885
)
(
4,906,768
)
(
69,172,533
)
66,438,159
‌
Beginning
of
period
.............................................
35,095,881
‌
40,002,649
‌
179,498,491
‌
113,060,332
‌
End
of
period
.................................................
$
20,539,996
‌
$
35,095,881
‌
$
110,325,958
‌
$
179,498,491
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
19
Financial
Highlights
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
Focused
Value
Factor
ETF
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Period
From
03/19/19
(a)
to
03/31/19
Net
asset
value,
beginning
of
period
.....................
$
58.49
‌
$
53.34
‌
$
30.23
‌
$
48.63
‌
$
49.43
‌
Net
investment
income
(b)
.............................
0
.78
‌
1
.71
‌
1
.23
‌
1
.33
‌
0
.04
‌
Net
realized
and
unrealized
gain
(loss)
(c)
...................
(
12.81
)
5
.25
‌
23.04
‌
(
18.31
)
(
0
.84
)
Net
increase
(decrease)
from
investment
operations
............
(
12.03
)
6
.96
‌
24.27
‌
(
16.98
)
(
0
.80
)
Distributions
from
net
investment
income
(d)
...................
(
0
.82
)
(
1
.81
)
(
1
.16
)
(
1
.42
)
—
‌
Net
asset
value,
end
of
period
..........................
$
45.64
‌
$
58.49
‌
$
53.34
‌
$
30.23
‌
$
48.63
‌
Total
Return
(e)
–
–
–
–
–
Based
on
net
asset
value
..............................
(
20.67
)
%
(f)
13.20
%
81.85
%
(
35.71
)
%
(
1
.62
)
%
(f)
Ratios
to
Average
Net
Assets
(g)
–
–
–
–
–
Total
expenses
.....................................
0
.25
%
(h)
0
.25
%
0
.25
%
0
.25
%
0
.25
%
(h)
Net
investment
income
................................
2
.96
%
(h)
3
.01
%
3
.20
%
2
.76
%
2
.36
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
..........................
$
20,540
‌
$
35,096
‌
$
40,003
‌
$
18,141
‌
$
31,607
‌
Portfolio
turnover
rate
(i)
................................
120
%
138
%
70
%
149
%
0
%
(a)
Commencement
of
operations.
(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.
20
2022
iShares
Semi-Annual
Report
to
Shareholders
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
US
Small
Cap
Value
Factor
ETF
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
Period
From
10/27/20
(a)
to
03/31/21
Net
asset
value,
beginning
of
period
.....................................................
$
30.68
‌
$
30.56
‌
$
19.56
‌
Net
investment
income
(b)
.............................................................
0
.35
‌
0
.57
‌
0
.20
‌
Net
realized
and
unrealized
gain
(loss)
(c)
...................................................
(
4
.93
)
0
.28
‌
10.94
‌
Net
increase
(decrease)
from
investment
operations
............................................
(
4
.58
)
0
.85
‌
11.14
‌
Distributions
from
net
investment
income
(d)
...................................................
(
0
.44
)
(
0
.73
)
(
0
.14
)
Net
asset
value,
end
of
period
..........................................................
$
25.66
‌
$
30.68
‌
$
30.56
‌
Total
Return
(e)
–
–
–
Based
on
net
asset
value
..............................................................
(
15.02
)
%
(f)
2
.79
%
57.05
%
(f)
Ratios
to
Average
Net
Assets
(g)
–
–
–
Total
expenses
.....................................................................
0
.30
%
(h)
0
.30
%
0
.30
%
(h)
Total
expenses
after
fees
waived
.........................................................
0
.20
%
(h)
0
.20
%
0
.20
%
(h)
Net
investment
income
................................................................
2
.42
%
(h)
1
.84
%
1
.74
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
..........................................................
$
110,326
‌
$
179,498
‌
$
113,060
‌
Portfolio
turnover
rate
(i)
................................................................
64
%
13
%
14
%
(a)
Commencement
of
operations.
(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.
Notes
to
Financial
Statements
(unaudited)
21
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.
Foreign
Taxes:
The
Funds
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
each
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
each
Fund
and
are
reflected
in
its
Statements
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Other
foreign
taxes”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
September
30,
2022,
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
includes
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.
Bank
Overdraft:
 The
Funds
had
outstanding
cash
disbursements
exceeding
deposited
cash
amounts
at
the
custodian
and
utilized their
ability
to
temporarily
borrow
from
that
custodian
for
operational
purposes.
The
Funds
are
obligated
to
repay
the
custodian
for
any
overdraft,
including
any
related
costs
or
expenses,
where
applicable.
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the
Funds
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments. 
In-kind
Redemptions:
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Funds.
Because
such
gains
or
losses
are
not
taxable
to
the
Funds
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
Funds’
tax
year.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
(“NAV”)
per
share.
Distributions:
Dividends
and
distributions
paid
by
each
Fund
are
recorded
on
the
ex-dividend
dates.
Distributions
are
determined
on
a
tax
basis
and
may
differ
from
net
investment
income
and
net
realized
capital
gains
for
financial
reporting
purposes.
Dividends
and
distributions
are
paid
in
U.S.
dollars
and
cannot
be
automatically
reinvested
in
additional
shares
of
the
Funds.
The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
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
iShares
ETF
Diversification
Classification
Focused
Value
Factor
..................................................................................................
Diversified
US
Small
Cap
Value
Factor
..............................................................................................
Diversified
Notes
to
Financial
Statements
(unaudited)
(continued)
22
2022
iShares
Semi-Annual
Report
to
Shareholders
formed
a
committee
(the
“Valuation
Committee”)
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of each
Fund’s
assets
and
liabilities:
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s
official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
are
valued
at
the
last
traded
price.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds)
are
valued
at
that
day’s
published
NAV.
Futures
contracts
are
valued
based
on
that
day’s
last
reported
settlement
or
trade
price
on
the
exchange
where
the
contract
is
traded.
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.
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)
23
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:
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
US
Small
Cap
Value
Factor
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). 
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
Focused
Value
Factor
Goldman
Sachs
&
Co.
LLC
.....................................
$
61,122
‌
$
(61,122
)
$
—
‌
$
—
‌
$
61,122
‌
$
(61,122
)
$
—
‌
$
—
‌
a
US
Small
Cap
Value
Factor
BNP
Paribas
SA
.............................................
428,815
‌
(428,815
)
—
‌
—
‌
BofA
Securities,
Inc.
..........................................
725,268
‌
(725,268
)
—
‌
—
‌
Goldman
Sachs
&
Co.
LLC
.....................................
801,206
‌
(801,206
)
—
‌
—
‌
Jefferies
LLC
...............................................
372,394
‌
(372,394
)
—
‌
—
‌
National
Financial
Services
LLC
..................................
470,826
‌
(470,826
)
—
‌
—
‌
Toronto-Dominion
Bank
........................................
107,532
‌
(107,532
)
—
‌
—
‌
UBS
AG
..................................................
115,482
‌
(115,482
)
—
‌
—
‌
UBS
Securities
LLC
..........................................
98,616
‌
(98,616
)
—
‌
—
‌
$
3,120,139
‌
$
(3,120,139
)
$
—
‌
$
—
‌
a
(a)
Collateral
received
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
Statement
of
Assets
and
Liabilities.
Notes
to
Financial
Statements
(unaudited)
(continued)
24
2022
iShares
Semi-Annual
Report
to
Shareholders
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
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
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:
Expense
Waivers:
The
total
of
the
investment
advisory
fee
and
any
fund
other
expenses
are
a
fund’s
total
annual
operating
expenses.
For
the
iShares
US
Small
Cap
Value
Factor
ETF,
BFA
has
contractually
agreed
to
waive
a
portion
of
its
management
fee
so
that
the
Fund’s
total
annual
fund
operating
expenses
after
the
fee
waiver
will
not
exceed
0.20%
through
March
31,
2023.
iShares
ETF
Investment
Advisory
Fees
Focused
Value
Factor
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
0.25%
US
Small
Cap
Value
Factor
.
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.
0.30
Notes
to
Financial
Statements
(unaudited)
(
continued)
25
Notes
to
Financial
Statements
This
amount
is
included
in
investment
advisory
fees
waived
in
the
Statements
of
Operations.
For
the six
months
ended
September
30,
2022,
the
amounts
waived
in
investment
advisory
fees
pursuant
to
this
arrangement
were
as
follows:
Distributor:
 BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
is
the
distributor
for
each
Fund.
Pursuant
to
the
distribution
agreement,
BFA
is
responsible
for
any
fees
or
expenses
for
distribution
services
provided
to
the
Funds.
ETF
Servicing
Fees:
Each
Fund
has
entered
into
an
ETF
Services
Agreement
with
BRIL
to
perform
certain
order
processing,
Authorized
Participant
communications,
and
related
services
in
connection
with
the
issuance
and
redemption
of
Creation
Units
(“ETF
Services”).
BRIL
is
entitled
to
a
transaction
fee
from
Authorized
Participants
on
each
creation
or
redemption
order
for
the
ETF
Services
provided. Each
Fund
does
not
pay
BRIL
for
ETF
Services.
Prior
to
April
11,
2022,
ETF
Services
were
performed
by
State
Street
Bank
and
Trust
Company
for
the
iShares
Focused
Value
Factor
ETF.
Prior
to
April
25,
2022,
ETF
Services
were
performed
by
State
Street
Bank
and
Trust
Company
for
the
iShares
US
Small
Cap
Value
Factor
ETF.
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,
2022,
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,
2022,
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.
iShares
ETF
Amounts
Waived
US
Small
Cap
Value
Factor
.............................................................................................................................................
$
75,037
‌
iShares
ETF
Amounts
Focused
Value
Factor
.................................................................................................
$
39
‌
US
Small
Cap
Value
Factor
.............................................................................................
2,012
‌
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
Focused
Value
Factor
.............................................................
$
2,682,067
‌
$
2,810,494
‌
$
(606,965
)
US
Small
Cap
Value
Factor
.........................................................
349,104
‌
2,225,142
‌
(247,881
)
Notes
to
Financial
Statements
(unaudited)
(continued)
26
2022
iShares
Semi-Annual
Report
to
Shareholders
7.
Purchases
and
Sales
For
the six
months
ended
September
30,
2022,
purchases
and
sales
of
investments,
excluding
short-term
securities
and
in-kind
transactions,
were
as
follows:
For
the six
months
ended
September
30,
2022,
in-kind
transactions
were
as
follows:
8.
Income
Tax
Information
Each
Fund
is
treated
as
an
entity
separate
from
the
Trust’s
other
funds
for
federal
income
tax
purposes.
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the
Funds
as
of
September
30,
2022,
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,
2022,
the
Funds
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
as
follows:
As
of
September
30,
2022,
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.
Market
Risk:
An
outbreak
of
respiratory
disease
caused
by
a
novel
coronavirus
has
developed
into
a
global
pandemic
and
has
resulted
in
closing
borders,
quarantines,
disruptions
to
supply
chains
and
customer
activity,
as
well
as
general
concern
and
uncertainty.
The
impact
of
this
pandemic,
and
other
global
health
crises
that
may
arise
in
the
future,
could
affect
the
economies
of
many
nations,
individual
companies
and
the
market
in
general
in
ways
that
cannot
necessarily
be
foreseen
at
the
present
time.
This
pandemic
may
result
in
substantial
market
volatility
and
may
adversely
impact
the
prices
and
liquidity
of
a
fund’s
investments.
Although
vaccines
have
been
developed
and
approved
for
use
by
various
governments,
the
duration
of
this
pandemic
and
its
effects
cannot
be
determined
with
certainty.
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,
iShares
ETF
Purchases
Sales
Focused
Value
Factor
...............................................................................
$
32,477,025
‌
$
32,450,154
‌
US
Small
Cap
Value
Factor
...........................................................................
90,831,107
‌
96,982,499
‌
iShares
ETF
In-kind
Purchases
In-kind
Sales
Focused
Value
Factor
...............................................................................
$
—
‌
$
8,045,821
‌
US
Small
Cap
Value
Factor
...........................................................................
6,674,961
‌
43,377,431
‌
iShares
ETF
Amounts
Focused
Value
Factor
.................................................................................................
$
548,219
‌
US
Small
Cap
Value
Factor
.............................................................................................
539,143
‌
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Focused
Value
Factor
...........................................
$
23,050,737
‌
$
338,617
‌
$
(2,767,933
)
$
(2,429,316
)
US
Small
Cap
Value
Factor
.......................................
132,721,908
‌
3,260,081
‌
(21,632,040
)
(18,371,959
)
Notes
to
Financial
Statements
(unaudited)
(
continued)
27
Notes
to
Financial
Statements
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. 
Counterparty
Credit
Risk:
The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
BFA
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds.
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
With
exchange-traded
futures,
there
is
less
counterparty
credit
risk
to
the
Funds
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, a
fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in
exchange-traded
futures
with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Funds.
Concentration
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.
Certain
Funds
invest
a
significant
portion
of
their
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
Fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
fund’s
portfolio.
Investment
percentages
in
specific
sectors
are
presented
in
the
Schedule
of
Investments.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
LIBOR
Transition
Risk:
The
United
Kingdom’s
Financial
Conduct
Authority
announced
a
phase
out
of
the
London
Interbank
Offered
Rate
(“LIBOR”).
Although
many
LIBOR
rates
ceased
to
be
published
or
no
longer
are
representative
of
the
underlying
market
they
seek
to
measure
after
December
31,
2021,
a
selection
of
widely
used
USD
LIBOR
rates
will
continue
to
be
published
through
June
2023
in
order
to
assist
with
the
transition.
The
Funds
may
be
exposed
to
financial
instruments
tied
to
LIBOR
to
determine
payment
obligations,
financing
terms,
hedging
strategies
or
investment
value.
The
transition
process
away
from
LIBOR
might
lead
to
increased
volatility
and
illiquidity
in
markets
for,
and
reduce
the
effectiveness
of
new
hedges
placed
against,
instruments
whose
terms
currently
include
LIBOR.
The
ultimate
effect
of
the
LIBOR
transition
process
on
the
Funds
is
uncertain.
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
Six
Months
Ended
09/30/22
Year
Ended
03/31/22
iShares
ETF
Shares
Amount
Shares
Amount
Focused
Value
Factor
Shares
sold
...............................................
—
‌
$
—
‌
500,000
‌
$
29,481,775
‌
Shares
redeemed
...........................................
(150,000
)
(8,071,779
)
(650,000
)
(37,877,914
)
(150,000
)
$
(8,071,779
)
(150,000
)
$
(8,396,139
)
US
Small
Cap
Value
Factor
Shares
sold
...............................................
300,000
‌
$
8,289,804
‌
3,300,000
‌
$
103,708,907
‌
Shares
redeemed
...........................................
(1,850,000
)
(54,152,030
)
(1,150,000
)
(35,483,786
)
(1,550,000
)
$
(45,862,226
)
2,150,000
‌
$
68,225,121
‌
Notes
to
Financial
Statements
(unaudited)
(continued)
28
2022
iShares
Semi-Annual
Report
to
Shareholders
fund
for
certain
transaction
costs
(i.e.,
stamp
taxes,
taxes
on
currency
or
other
financial
transactions,
and
brokerage
costs)
and
market
impact
expenses
relating
to
investing
in
portfolio
securities.
Such
variable
charges,
if
any,
are
included
in
shares
sold
in
the
table
above.
From
time
to
time,
settlement
of
securities
related
to
in-kind
contributions
or
in-kind
redemptions
may
be
delayed.
In
such
cases,
securities
related
to
in-kind
transactions
are
reflected
as
a
receivable
or
a
payable
in
the
Statements
of
Assets
and
Liabilities.
11.
Subsequent
Events
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Funds
through
the
date
the
financial
statements
were
available
to
be
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Board
Review
and
Approval
of
Investment
Advisory
Contract
29
Board
Review
and
Approval
of
Investment
Advisory
Contract
iShares
Focused
Value
Factor
ETF,
iShares
US
Small
Cap
Value
Factor
ETF
(each
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
and
approve
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
3,
2022
and
May
18,
2022,
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
13-15,
2022,
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
another
fund
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
waivers
and
reimbursements)
for
the
Fund
were
lower
than
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
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,
2021,
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
recent
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.
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
3,
2022
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program.
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
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
30
2022
iShares
Semi-Annual
Report
to
Shareholders
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,
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
(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
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.
General
Information
31
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
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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
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Please
contact
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householding
and
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to
change
your
householding
status.
Availability
of
Quarterly
Schedule
of
Investments
The
Funds
file
their
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
their
reports
on
Form
N-PORT.
The
Funds’
Forms
N-PORT
are
available
on
the
SEC’s
website
at
sec.gov
.
Additionally,
each
Fund
makes
its
portfolio
holdings
for
the
first
and
third
quarters
of
each
fiscal
year
available
at
iShares.com/fundreports
.
Availability
of
Proxy
Voting
Policies
and
Proxy
Voting
Records
A
description
of
the
policies
and
procedures
that
the
iShares
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
iShares
Funds
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
twelve-month
period
ending
June
30
is
available
without
charge,
upon
request
(1)
by
calling
toll-free
1-800-474-2737;
(2)
on
the
iShares
website
at
iShares.com
;
and
(3)
on
the
SEC
website
at
sec.gov
.
A
description
of
the Trust’s
policies
and
procedures
with
respect
to
the
disclosure
of
the
Fund’s
portfolio
securities
is
available
in
the
Fund
Prospectus.
The
Fund
discloses
its
portfolio
holdings
daily
and
provides
information
regarding
its
top
holdings
in
Fund
fact
sheets
at
iShares.com
.
iS-SAR-320-0922
Want
to
know
more?
iShares.com
|
1-800-474-2737
This
report
is
intended
for
the
Funds’
shareholders.
It
may
not
be
distributed
to
prospective
investors
unless
it
is
preceded
or
accompanied
by
the
current
prospectus.
Investing
involves
risk,
including
possible
loss
of
principal.
The
iShares
Funds
are
distributed
by
BlackRock
Investments,
LLC
(together
with
its
affiliates,
“BlackRock”).
The
iShares
Funds
are
not
sponsored,
endorsed,
issued,
sold
or
promoted
by
FTSE
Russell,
nor
does
this
company
make
any
representation
regarding
the
advisability
of
investing
in
the
iShares
Funds.
BlackRock
is
not
affiliated
with
the
company
listed
above.
©2022
BlackRock,
Inc.
All
rights
reserved.
iSHARES
and
BLACKROCK
are
registered
trademarks
of
BlackRock,
Inc.
or
its
subsidiaries.
All
other
marks
are
the
property
of
their
respective
owners.