iSHARES TRUST


		SEPTEMBER 30, 2023

2023 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares S&P 100 ETF | OEF | NYSE Arca

· iShares S&P 500 Growth ETF | IVW | NYSE Arca

· iShares S&P 500 Value ETF | IVE | NYSE Arca

· iShares S&P Small-Cap 600 Value ETF | IJS | NYSE Arca

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and moderating inflation provided a supportive backdrop for investors during the 12-month reporting period ended September 30, 2023. Significantly tighter monetary policy helped to rein in inflation while the economy proved more resilient than many investors anticipated. A moderating labor market also helped ease inflationary pressure, although wages continued to grow and unemployment rates touched the lowest levels in decades. This robust labor market powered further growth in consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were substantial, as the durability of consumer sentiment and spending mitigated investors’ concerns about the economy’s trajectory. The U.S. economy resumed growth in the third quarter of 2022 and continued to expand thereafter. All major classes of equities rose, although large-capitalization U.S. stocks posted significantly higher returns than small-capitalization U.S. stocks due primarily to the performance of large technology companies. International developed market equities also advanced strongly, and emerging market equities posted solid gains.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates six times during the 12-month period. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. However, the Fed declined to raise interest rates at two of its meetings late in the period.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for two pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt.

While we favor an overweight position in developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on Japanese stocks in the near term as shareholder-friendly policies generate increased investor interest. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, euro area government bonds and gilts, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

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

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of September 30, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500^® Index)	5.18%	21.62%
U.S. small cap equities (Russell 2000^® Index)	(0.19)	8.93
International equities (MSCI Europe, Australasia, Far East Index)	(1.28)	25.65
Emerging market equities (MSCI Emerging Markets Index)	(2.05)	11.70
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.50	4.47
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.98)	(2.90)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(4.05)	0.64
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(4.05)	2.66
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	2.22	10.28

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


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

Table of Contents


	Page

The Markets in Review		2

Semi-Annual Report:

Fund Summary		4

About Fund Performance		8

Disclosure of Expenses		8

Schedules of Investments		9

Financial Statements:

Statements of Assets and Liabilities		35

Statements of Operations		36

Statements of Changes in Net Assets		37

Financial Highlights		39

Notes to Financial Statements		43

Board Review and Approval of Investment Advisory Contract		52

Supplemental Information		56

General Information		57

Glossary of Terms Used in this Report		58


		3


Fund Summary as of September 30, 2023		iShares^® S&P 100 ETF

Investment Objective

The iShares S&P100 ETF (the “Fund”) seeks to track the investment results of an index composed of 100 large-capitalization U.S. equities, as represented by the S&P 100^® (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns


	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		7.95	%		25.41	%		10.89	%		12.38	%		25.41	%		67.67	%		221.26	%
Fund Market		7.99			25.26			10.90			12.38			25.26			67.72			221.31
Index		8.05			25.66			11.12			12.60			25.66			69.39			227.61

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

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,079.50	$ 1.04			$ 1,000.00	$ 1,024.00	$ 1.01		0.20	%

^(a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION




Sector	Percent of Total Investments^(a)


Information Technology		32.9%
Health Care		12.6
Communication Services		12.2
Financials		12.0
Consumer Discretionary		11.9
Consumer Staples		7.1
Industrials		5.1
Energy		3.7
Utilities		1.2
Other (each representing less than 1%)		1.3

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS




Security	Percent of Total Investments^(a)


Apple Inc.		10.3%
Microsoft Corp.		9.6
Amazon.com, Inc.		4.7
NVIDIA Corp.		4.4
Alphabet, Inc., Class A		3.2
Tesla, Inc.		2.8
Meta Platforms, Inc., Class A		2.7
Alphabet, Inc., Class C, NVS		2.7
Berkshire Hathaway, Inc., Class B		2.6
Exxon Mobil Corp.		1.9


4		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of September 30, 2023		iShares^® S&P 500 Growth ETF

Investment Objective

The iShares S&P 500 Growth ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities that exhibit growth characteristics, as represented by the S&P 500 Growth Index™ (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns


	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		7.63	%		19.61	%		10.25	%		13.26	%		19.61	%		62.90	%		247.33	%
Fund Market		7.68			19.54			10.25			13.25			19.54			62.87			247.15
Index		7.73			19.82			10.44			13.46			19.82			64.30			253.61

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,076.30	$ 0.93			$ 1,000.00	$ 1,024.10	$ 0.91		0.18	%

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments^(a)


Information Technology		35.2%
Health Care		17.3
Consumer Discretionary		10.4
Communication Services		7.9
Financials		7.4
Energy		7.2
Consumer Staples		6.3
Industrials		5.1
Materials		1.9
Other (each representing less than 1%)		1.3

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments^(a)


Apple Inc.		12.8%
Microsoft Corp.		6.9
NVIDIA Corp.		5.5
Alphabet, Inc., Class A		3.9
Tesla, Inc.		3.5
Alphabet, Inc., Class C, NVS		3.4
Amazon.com, Inc.		2.7
Exxon Mobil Corp.		2.4
UnitedHealth Group, Inc.		2.4
Eli Lilly & Co.		2.2


F U N D S U M M A R Y			5


Fund Summary as of September 30, 2023		iShares^® S&P 500 Value ETF

Investment Objective

The iShares S&P 500 Value ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities that exhibit value characteristics, as represented by the S&P 500 Value Index™ (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns


	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		2.19	%		21.99	%		8.23	%		9.46	%		21.99	%		48.52	%		146.85	%
Fund Market		2.28			22.04			8.25			9.46			22.04			48.62			146.94
Index		2.27			22.19			8.41			9.64			22.19			49.77			150.96

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,021.90	$ 0.91			$ 1,000.00	$ 1,024.10	$ 0.91		0.18	%

^(a)

Portfolio Information

SECTOR ALLOCATION




Sector	Percent of Total Investments^(a)


Financials		19.4%
Information Technology		18.0
Industrials		12.2
Consumer Discretionary		11.1
Communication Services		10.1
Health Care		8.6
Consumer Staples		6.8
Utilities		4.8
Real Estate		4.2
Materials		3.1
Energy		1.7

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS




Security	Percent of Total Investments^(a)


Microsoft Corp.		6.1%
Meta Platforms, Inc., Class A		4.1
Berkshire Hathaway, Inc., Class B		3.9
Amazon.com, Inc.		3.8
JPMorgan Chase & Co.		2.6
Walmart, Inc.		1.4
Cisco Systems, Inc.		1.3
Salesforce, Inc.		1.2
Bank of America Corp.		1.2
Comcast Corp., Class A		1.1


6		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of September 30, 2023		iShares^® S&P Small-Cap 600 Value ETF

Investment Objective

The iShares S&P Small-Cap 600 Value ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities that exhibit value characteristics, as represented by the S&P SmallCap 600 Value Index™ (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns


	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(3.82	)%		10.01	%		2.99	%		7.37	%		10.01	%		15.89	%		103.67	%
Fund Market		(3.71	)		10.01			2.99			7.37			10.01			15.89			103.66
Index		(3.76	)		10.26			3.23			7.58			10.26			17.22			107.61

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 961.80	$ 0.88			$ 1,000.00	$ 1,024.10	$ 0.91		0.18	%

^(a)

Portfolio Information

SECTOR ALLOCATION




Sector	Percent of Total Investments^(a)


Consumer Discretionary		19.6%
Financials		19.2
Industrials		16.2
Real Estate		11.8
Information Technology		7.6
Health Care		7.4
Energy		4.7
Materials		4.5
Communication Services		3.8
Consumer Staples		3.7
Utilities		1.5

TEN LARGEST HOLDINGS




Security	Percent of Total Investments^(a)


Meritage Homes Corp.		0.9%
Insight Enterprises, Inc.		0.9
Group 1 Automotive, Inc.		0.8
Blackstone Mortgage Trust, Inc., Class A		0.8
Lincoln National Corp.		0.7
Newell Brands, Inc.		0.7
Essential Properties Realty Trust, Inc.		0.7
John Bean Technologies Corp.		0.7
Advance Auto Parts, Inc.		0.7
Carpenter Technology Corp.		0.7

^(a)

Excludes money market funds.


F U N D S U M M A R Y			7

About Fund Performance

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

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

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

Disclosure of Expenses

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

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

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

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


8		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

September 30, 2023

iShares^® S&P 100 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Aerospace & Defense — 1.5%
Boeing Co. (The)^(a)		195,563	$	37,485,516
General Dynamics Corp.		78,028		17,241,847
Lockheed Martin Corp.		77,303		31,613,835
RTX Corp.		502,010		36,129,659


				122,470,857

Air Freight & Logistics — 0.7%
FedEx Corp.		79,807		21,142,471
United Parcel Service, Inc., Class B		249,460		38,883,330


				60,025,801

Automobiles — 3.2%
Ford Motor Co.		1,358,412		16,871,477
General Motors Co.		473,492		15,611,031
Tesla, Inc.^(a)		952,402		238,310,029


				270,792,537

Banks — 3.7%
Bank of America Corp.		2,384,422		65,285,475
Citigroup, Inc.		664,176		27,317,559
JPMorgan Chase & Co.		1,002,312		145,355,286
U.S. Bancorp		536,205		17,726,937
Wells Fargo & Co.		1,261,920		51,562,051


				307,247,308

Beverages — 1.9%
Coca-Cola Co. (The)		1,342,325		75,143,353
PepsiCo, Inc.		474,784		80,447,401


				155,590,754

Biotechnology — 2.1%
AbbVie, Inc.		608,766		90,742,660
Amgen, Inc.		184,488		49,582,995
Gilead Sciences, Inc.		429,753		32,205,690


				172,531,345

Broadline Retail — 4.7%
Amazon.com, Inc.^(a)		3,131,572		398,085,433


Capital Markets — 1.7%
Bank of New York Mellon Corp. (The)		269,473		11,493,023
BlackRock, Inc.^(b)		48,405		31,293,348
Charles Schwab Corp. (The)		512,864		28,156,234
Goldman Sachs Group, Inc. (The)		113,703		36,790,880
Morgan Stanley		440,049		35,938,802


				143,672,287

Chemicals — 0.9%
Dow, Inc.		242,771		12,517,273
Linde PLC		168,292		62,663,526


				75,180,799

Communications Equipment — 0.9%
Cisco Systems, Inc.		1,405,494		75,559,357


Consumer Finance — 0.5%
American Express Co.		200,665		29,937,211
Capital One Financial Corp.		131,450		12,757,223


				42,694,434

Consumer Staples Distribution & Retail — 2.2%
Costco Wholesale Corp.		152,843		86,350,181
Target Corp.		159,497		17,635,583
Walmart, Inc.		492,243		78,724,423


				182,710,187


Security	Shares		Value


Diversified Telecommunication Services — 1.0%
AT&T Inc.		2,465,700	$	37,034,814
Verizon Communications, Inc.		1,449,980		46,993,852


				84,028,666

Electric Utilities — 1.2%
Duke Energy Corp.		266,363		23,509,198
Exelon Corp.		342,448		12,941,110
NextEra Energy, Inc.		697,982		39,987,389
Southern Co. (The)		376,132		24,343,263


				100,780,960

Electrical Equipment — 0.2%
Emerson Electric Co.		197,492		19,071,802


Entertainment — 1.3%
Netflix, Inc.^(a)		152,843		57,713,517
Walt Disney Co. (The)^(a)		631,094		51,150,168


				108,863,685

Financial Services — 5.8%
Berkshire Hathaway, Inc., Class B^(a)		628,990		220,335,197
Mastercard, Inc., Class A		286,963		113,611,521
PayPal Holdings, Inc.^(a)		378,480		22,125,941
Visa, Inc., Class A		554,182		127,467,402


				483,540,061

Food Products — 0.5%
Kraft Heinz Co. (The)		275,691		9,274,245
Mondelez International, Inc., Class A		469,211		32,563,244


				41,837,489

Ground Transportation — 0.5%
Union Pacific Corp.		210,201		42,803,230


Health Care Equipment & Supplies — 1.1%
Abbott Laboratories		598,529		57,967,534
Medtronic PLC		459,118		35,976,486


				93,944,020

Health Care Providers & Services — 2.3%
CVS Health Corp.		442,991		30,929,631
UnitedHealth Group, Inc.		319,483		161,080,134


				192,009,765

Hotels, Restaurants & Leisure — 1.7%
Booking Holdings, Inc.^(a)		12,309		37,960,341
McDonald’s Corp.		251,350		66,215,644
Starbucks Corp.		395,050		36,056,213


				140,232,198

Household Products — 1.7%
Colgate-Palmolive Co.		284,856		20,256,110
Procter & Gamble Co. (The)		813,038		118,589,723


				138,845,833

Industrial Conglomerates — 1.2%
3M Co.		190,647		17,848,372
General Electric Co.		375,384		41,498,701
Honeywell International, Inc.		229,001		42,305,645


				101,652,718

Insurance — 0.3%
American International Group, Inc.		244,958		14,844,455
MetLife, Inc.		218,579		13,750,805


				28,595,260

Interactive Media & Services — 8.6%
Alphabet, Inc., Class A^(a)		2,046,300		267,778,818


S C H E D U L E S O F I N V E S T M E N T S		9

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® S&P 100 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Interactive Media & Services (continued)
Alphabet, Inc., Class C, NVS^(a)		1,740,672	$	229,507,603
Meta Platforms, Inc., Class A^(a)		766,571		230,132,280


				727,418,701

IT Services — 1.3%
Accenture PLC, Class A		217,563		66,815,773
International Business Machines Corp.		314,206		44,083,102


				110,898,875

Life Sciences Tools & Services — 1.5%
Danaher Corp.		226,647		56,231,121
Thermo Fisher Scientific, Inc.		133,114		67,378,313


				123,609,434

Machinery — 1.0%
Caterpillar, Inc.		175,948		48,033,804
Deere & Co.		94,044		35,490,325


				83,524,129

Media — 0.9%
Charter Communications, Inc., Class A^(a)(c)		35,025		15,404,696
Comcast Corp., Class A		1,419,507		62,940,940


				78,345,636

Oil, Gas & Consumable Fuels — 3.7%
Chevron Corp.		611,946		103,186,334
ConocoPhillips		413,017		49,479,437
Exxon Mobil Corp.		1,380,706		162,343,412


				315,009,183

Pharmaceuticals — 5.6%
Bristol-Myers Squibb Co.		720,534		41,819,793
Eli Lilly & Co.		275,026		147,724,716
Johnson & Johnson		830,527		129,354,580
Merck & Co., Inc.		875,195		90,101,325
Pfizer, Inc.		1,947,299		64,591,908


				473,592,322

Retail REITs — 0.1%
Simon Property Group, Inc.		113,042		12,211,927


Semiconductors & Semiconductor Equipment — 8.2%
Advanced Micro Devices, Inc.^(a)		557,248		57,296,239
Broadcom, Inc.		142,335		118,220,604
Intel Corp.		1,444,446		51,350,055
NVIDIA Corp.		851,908		370,571,461
QUALCOMM, Inc.		384,909		42,747,994
Texas Instruments, Inc.		313,159		49,795,413


				689,981,766

Software — 12.1%
Adobe, Inc.^(a)		157,207		80,159,849


Security	Shares		Value


Software (continued)
Microsoft Corp.		2,562,537	$	809,121,058
Oracle Corp.		542,968		57,511,171
Salesforce, Inc.^(a)		335,935		68,120,899


				1,014,912,977

Specialized REITs — 0.3%
American Tower Corp.		160,777		26,439,778


Specialty Retail — 1.7%
Home Depot, Inc. (The)		346,756		104,775,793
Lowe’s Cos., Inc.		202,105		42,005,503


				146,781,296

Technology Hardware, Storage & Peripherals — 10.3%
Apple Inc.		5,068,733		867,817,777


Textiles, Apparel & Luxury Goods — 0.5%
NIKE, Inc., Class B		422,529		40,402,223


Tobacco — 0.9%
Altria Group, Inc.		612,050		25,736,703
Philip Morris International, Inc.		535,406		49,567,887


				75,304,590

Wireless Telecommunication Services — 0.3%
T-Mobile U.S., Inc.^(a)		178,504		24,999,485


Total Long-Term Investments — 99.8%

(Cost: $7,107,191,880)				8,394,016,885


Short-Term Securities

Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%^(b)(d)(e)		15,716,314		15,722,601
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%^(b)(d)		47,409,678		47,409,678


Total Short-Term Securities — 0.7%

(Cost: $63,132,082)				63,132,279


Total Investments — 100.5%

(Cost: $7,170,323,962)				8,457,149,164

Liabilities in Excess of Other Assets — (0.5)%				(42,868,390	)


Net Assets — 100.0%			$	8,414,280,774

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

^(c)	All or a portion of this security is on loan.

^(d)	Annualized 7-day yield as of period end.

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


10		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® S&P 100 ETF

Affiliates

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



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

BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	15,721,538	^(a)	$	—		$	866		$	197		$	15,722,601		15,716,314	$	11,979	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		14,929,868		32,479,810	^(a)		—			—			—			47,409,678		47,409,678		510,398			—
BlackRock, Inc.		33,178,984		3,410,680			(4,325,674	)		(61,967	)		(908,675	)		31,293,348		48,405		507,480			—

									$	(61,101	)	$	(908,478	)	$	94,425,627			$	1,029,857		$	—

^(a)Represents net amount purchased (sold). ^(b) All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



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

Long Contracts S&P 500 E-Mini Index		93		12/15/23	$	20,114	$	(796,468	)

Derivative Financial Instruments Categorized by Risk Exposure

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



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

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	796,468	$	—	$	—	$	—	$	796,468
^(a) Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended September 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:


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

Net Realized Gain (Loss) from:
Futures contracts		$ —	$	—	$	2,351,967	$	—	$	—	$	—	$	2,351,967

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts		$ —	$	—	$	(1,809,626)	$	—	$	—	$	—	$	(1,809,626)


S C H E D U L E S O F I N V E S T M E N T S			11

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® S&P 100 ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	21,838,444

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

Fair Value Hierarchy as of Period End

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

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




	Level 1			Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	8,394,016,885		$	—	$	—	$	8,394,016,885
Short-Term Securities
Money Market Funds		63,132,279			—		—		63,132,279

	$	8,457,149,164		$	—	$	—	$	8,457,149,164

Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(796,468	)	$	—	$	—	$	(796,468	)

^(a)

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

See notes to financial statements.


12		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

September 30, 2023

iShares^® S&P 500 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Aerospace & Defense — 1.0%
Axon Enterprise, Inc.^(a)		120,923	$	24,062,468
General Dynamics Corp.		205,648		45,442,039
L3Harris Technologies, Inc.		162,564		28,305,644
Lockheed Martin Corp.		272,670		111,511,123
Northrop Grumman Corp.		175,460		77,235,737
TransDigm Group, Inc.^(a)		44,341		37,385,227


				323,942,238

Air Freight & Logistics — 0.1%
CH Robinson Worldwide, Inc.		106,512		9,173,878
Expeditors International of Washington, Inc.		254,230		29,142,385


				38,316,263

Automobiles — 3.5%
Tesla, Inc.^(a)		4,731,557		1,183,930,192


Beverages — 2.3%
Brown-Forman Corp., Class B, NVS		172,095		9,928,160
Coca-Cola Co. (The)		4,334,656		242,654,043
Constellation Brands, Inc., Class A		154,781		38,901,109
Keurig Dr Pepper, Inc.		864,668		27,297,569
Monster Beverage Corp.^(a)(b)		1,274,377		67,478,262
PepsiCo, Inc.		2,358,743		399,665,414


				785,924,557

Biotechnology — 3.8%
AbbVie, Inc.		3,024,369		450,812,443
Amgen, Inc.		916,541		246,329,559
Biogen, Inc.^(a)		116,694		29,991,525
Gilead Sciences, Inc.		2,135,018		159,998,249
Incyte Corp.^(a)		318,639		18,407,775
Moderna, Inc.^(a)(b)		567,179		58,583,919
Regeneron Pharmaceuticals, Inc.^(a)		182,900		150,519,384
Vertex Pharmaceuticals, Inc.^(a)		442,240		153,784,538


				1,268,427,392

Broadline Retail — 2.7%
Amazon.com, Inc.^(a)		7,156,557		909,741,526
Etsy, Inc.^(a)(b)		123,371		7,967,299


				917,708,825

Building Products — 0.0%
Masco Corp.		274,185		14,655,188


Capital Markets — 1.3%
Ameriprise Financial, Inc.		175,811		57,961,371
Blackstone, Inc., Class A, NVS		1,216,143		130,297,561
Cboe Global Markets, Inc.		121,140		18,923,279
Charles Schwab Corp. (The)		1,503,271		82,529,578
FactSet Research Systems, Inc.		39,182		17,132,721
MarketAxess Holdings, Inc.		31,525		6,735,001
Moody’s Corp.		126,880		40,115,650
MSCI, Inc., Class A		77,101		39,558,981
Nasdaq, Inc.		370,806		18,017,464
Raymond James Financial, Inc.		323,094		32,448,330


				443,719,936

Chemicals — 1.3%
Air Products & Chemicals, Inc.		380,648		107,875,643
Albemarle Corp.^(b)		200,583		34,107,134
CF Industries Holdings, Inc.		331,670		28,437,386
Corteva, Inc.		837,964		42,870,238
FMC Corp.		215,092		14,404,711


Security	Shares		Value


Chemicals (continued)
Linde PLC		510,012	$	189,902,968
Mosaic Co. (The)		567,093		20,188,511


				437,786,591

Commercial Services & Supplies — 0.6%
Cintas Corp.		87,311		41,997,464
Copart, Inc.^(a)		1,488,910		64,157,132
Republic Services, Inc.		193,723		27,607,465
Rollins, Inc.		482,610		18,015,831
Waste Management, Inc.		372,558		56,792,741


				208,570,633

Communications Equipment — 0.4%
Arista Networks, Inc.^(a)(b)		429,652		79,025,892
Motorola Solutions, Inc.		157,187		42,792,589


				121,818,481

Construction & Engineering — 0.1%
Quanta Services, Inc.		248,794		46,541,894


Construction Materials — 0.1%
Vulcan Materials Co.		134,587		27,189,266


Consumer Finance — 0.3%
American Express Co.		488,485		72,877,077
Discover Financial Services		249,204		21,588,543


				94,465,620

Consumer Staples Distribution & Retail — 1.1%
Costco Wholesale Corp.		501,154		283,131,964
Dollar General Corp.		375,835		39,763,343
Dollar Tree, Inc.^(a)(b)		359,151		38,231,624


				361,126,931

Distributors — 0.1%
Genuine Parts Co.		173,696		25,078,229
Pool Corp.		42,031		14,967,239


				40,045,468

Electric Utilities — 0.2%
NRG Energy, Inc.		185,485		7,144,882
PG&E Corp.^(a)		3,583,145		57,796,129


				64,941,011

Electrical Equipment — 0.1%
AMETEK, Inc.^(b)		198,120		29,274,211


Electronic Equipment, Instruments & Components — 0.4%
Amphenol Corp., Class A		1,022,011		85,838,704
CDW Corp.		145,165		29,288,490
Keysight Technologies, Inc.^(a)		165,041		21,836,575


				136,963,769

Energy Equipment & Services — 0.2%
Schlumberger NV		1,290,640		75,244,312


Entertainment — 0.3%
Activision Blizzard, Inc.		723,238		67,716,774
Electronic Arts, Inc.		286,492		34,493,637


				102,210,411

Financial Services — 3.9%
Fiserv, Inc.^(a)		720,747		81,415,581
FleetCor Technologies, Inc.^(a)(b)		67,104		17,134,335
Jack Henry & Associates, Inc.		124,820		18,865,295
Mastercard, Inc., Class A		1,425,640		564,425,133
Visa, Inc., Class A		2,753,197		633,262,842


				1,315,103,186


S C H E D U L E S O F I N V E S T M E N T S		13

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® S&P 500 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Food Products — 0.9%
Archer-Daniels-Midland Co.		451,557	$	34,056,429
Bunge Ltd.		106,112		11,486,624
Campbell Soup Co.		198,369		8,148,999
General Mills, Inc.		680,943		43,573,543
Hershey Co. (The)		257,598		51,540,208
Hormel Foods Corp.		356,277		13,549,214
Kellanova		244,028		14,522,106
Lamb Weston Holdings, Inc.		249,164		23,037,703
McCormick & Co., Inc., NVS		218,598		16,534,753
Mondelez International, Inc., Class A		1,258,766		87,358,360


			303,807,939

Gas Utilities — 0.0%
Atmos Energy Corp.		155,672		16,490,335


Ground Transportation — 0.7%
CSX Corp.		1,649,034		50,707,796
JB Hunt Transport Services, Inc.		140,345		26,457,839
Old Dominion Freight Line, Inc.^(b)		153,516		62,809,536
Union Pacific Corp.		522,145		106,324,386


				246,299,557

Health Care Equipment & Supplies — 1.4%
Abbott Laboratories		1,546,219		149,751,310
Boston Scientific Corp.^(a)		1,329,724		70,209,427
Dexcom, Inc.^(a)		663,993		61,950,547
Hologic, Inc.^(a)		421,048		29,220,731
IDEXX Laboratories, Inc.^(a)		69,511		30,395,075
Insulet Corp.^(a)(b)		120,276		19,182,819
Intuitive Surgical, Inc.^(a)		294,999		86,225,258
ResMed, Inc.		136,550		20,191,649


				467,126,816

Health Care Providers & Services — 3.7%
Cigna Group (The)		248,505		71,089,825
Elevance Health, Inc.		403,778		175,813,017
HCA Healthcare, Inc.		186,036		45,761,135
Humana, Inc.		135,880		66,108,338
McKesson Corp.		106,213		46,186,723
Molina Healthcare, Inc.^(a)		99,980		32,782,442
Quest Diagnostics, Inc.		126,787		15,450,264
UnitedHealth Group, Inc.		1,587,203		800,251,881


				1,253,443,625

Hotels, Restaurants & Leisure — 1.6%
Airbnb, Inc., Class A^(a)(b)		291,646		40,016,747
Chipotle Mexican Grill, Inc.^(a)		47,272		86,594,268
Domino’s Pizza, Inc.		27,934		10,581,120
Hilton Worldwide Holdings, Inc.		215,777		32,405,390
Marriott International, Inc., Class A		218,601		42,968,212
McDonald’s Corp.		774,207		203,957,092
Starbucks Corp.		1,000,936		91,355,429
Yum! Brands, Inc.		307,286		38,392,313


				546,270,571

Household Durables — 0.1%
DR Horton, Inc.		261,693		28,124,147


Household Products — 1.3%
Clorox Co. (The)		95,271		12,486,217
Colgate-Palmolive Co.		778,830		55,382,601
Kimberly-Clark Corp.		277,483		33,533,821
Procter & Gamble Co. (The)		2,221,557		324,036,304


				425,438,943

Independent Power and Renewable Electricity Producers — 0.0%
AES Corp. (The)		682,078		10,367,586


Security	Shares		Value


Insurance — 1.8%
Aon PLC, Class A		229,420	$	74,382,552
Arch Capital Group Ltd.^(a)(b)		639,049		50,938,596
Arthur J. Gallagher & Co.		236,416		53,886,299
Brown & Brown, Inc.		237,699		16,600,898
Chubb Ltd.		401,158		83,513,073
Everest Group Ltd.		42,727		15,880,344
Globe Life, Inc.		104,628		11,376,203
Marsh & McLennan Cos., Inc.		541,683		103,082,275
Principal Financial Group, Inc.		233,177		16,805,066
Progressive Corp. (The)		1,002,957		139,711,910
Travelers Cos., Inc. (The)		211,319		34,510,506
W R Berkley Corp.		346,219		21,981,444


				622,669,166

Interactive Media & Services — 7.3%
Alphabet, Inc., Class A^(a)		10,166,067		1,330,331,528
Alphabet, Inc., Class C, NVS^(a)		8,647,700		1,140,199,245


				2,470,530,773

IT Services — 0.7%
Accenture PLC, Class A		529,619		162,651,291
EPAM Systems, Inc.^(a)		67,634		17,293,337
Gartner, Inc.^(a)		134,934		46,364,672
VeriSign, Inc.^(a)		75,437		15,278,256


				241,587,556

Life Sciences Tools & Services — 2.2%
Agilent Technologies, Inc.		304,287		34,025,372
Bio-Techne Corp.		129,005		8,781,370
Danaher Corp.		1,125,982		279,356,134
IQVIA Holdings, Inc.^(a)(b)		150,093		29,530,798
Mettler-Toledo International, Inc.^(a)		24,436		27,076,799
Thermo Fisher Scientific, Inc.		661,316		334,738,320
Waters Corp.^(a)(b)		101,531		27,840,815


				741,349,608

Machinery — 1.3%
Caterpillar, Inc.		524,471		143,180,583
Cummins, Inc.		124,015		28,332,467
Deere & Co.		467,210		176,315,710
IDEX Corp.		73,666		15,324,001
Illinois Tool Works, Inc.		240,389		55,363,990
Snap-on, Inc.		51,812		13,215,169


				431,731,920

Metals & Mining — 0.6%
Freeport-McMoRan, Inc.		2,456,505		91,603,071
Nucor Corp.		426,179		66,633,087
Steel Dynamics, Inc.		267,656		28,698,076


			186,934,234

Multi-Utilities — 0.2%
Sempra		646,983		44,014,253
WEC Energy Group, Inc.		280,785		22,617,232


				66,631,485

Oil, Gas & Consumable Fuels — 7.0%
APA Corp.		527,446		21,678,031
Chevron Corp.		3,040,157		512,631,273
ConocoPhillips		2,051,873		245,814,385
Coterra Energy, Inc.		1,298,943		35,136,408
Devon Energy Corp.		1,097,056		52,329,571
Diamondback Energy, Inc.		306,058		47,402,263
EOG Resources, Inc.		997,690		126,467,184
EQT Corp.		618,337		25,092,116
Exxon Mobil Corp.		6,859,385		806,526,488


14		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® S&P 500 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Oil, Gas & Consumable Fuels (continued)
Hess Corp.		473,514	$	72,447,642
Marathon Oil Corp.		1,041,172		27,851,351
Marathon Petroleum Corp.		328,617		49,732,897
Occidental Petroleum Corp.		1,136,911		73,762,786
ONEOK, Inc.		997,635		63,279,988
Pioneer Natural Resources Co.		399,483		91,701,323
Targa Resources Corp.		384,557		32,964,226
Williams Cos., Inc. (The)		2,084,312		70,220,471


				2,355,038,403

Personal Care Products — 0.2%
Kenvue, Inc.		2,952,775		59,291,722


Pharmaceuticals — 6.2%
Bristol-Myers Squibb Co.		3,579,634		207,761,957
Eli Lilly & Co.		1,366,341		733,902,741
Johnson & Johnson		2,558,170		398,434,978
Merck & Co., Inc.		4,347,988		447,625,365
Pfizer, Inc.		9,674,230		320,894,209


			2,108,619,250

Professional Services — 0.9%
Automatic Data Processing, Inc.		705,932		169,833,120
Broadridge Financial Solutions, Inc.		97,755		17,503,033
Equifax, Inc.		102,984		18,864,609
Leidos Holdings, Inc.		154,213		14,212,270
Paychex, Inc.		313,327		36,136,003
Paycom Software, Inc.		83,686		21,697,269
Verisk Analytics, Inc.		114,183		26,974,592


			305,220,896

Real Estate Management & Development — 0.2%
CoStar Group, Inc.^(a)(b)		699,363		53,774,021


Semiconductors & Semiconductor Equipment — 10.4%
Advanced Micro Devices, Inc.^(a)		1,494,946		153,710,348
Analog Devices, Inc.		403,809		70,702,918
Applied Materials, Inc.		1,438,888		199,214,044
Broadcom, Inc.		424,276		352,395,160
Enphase Energy, Inc.^(a)(b)		234,389		28,161,838
First Solar, Inc.^(a)		183,637		29,673,903
KLA Corp.		234,267		107,448,902
Lam Research Corp.		228,401		143,154,895
Microchip Technology, Inc.		455,904		35,583,307
Monolithic Power Systems, Inc.		81,687		37,739,394
NVIDIA Corp.		4,232,291		1,841,004,262
NXP Semiconductors NV		260,451		52,069,364
ON Semiconductor Corp.^(a)(b)		739,415		68,728,624
QUALCOMM, Inc.		1,912,241		212,373,486
SolarEdge Technologies, Inc.^(a)(b)		97,328		12,604,949
Teradyne, Inc.^(b)		128,626		12,921,768
Texas Instruments, Inc.		980,143		155,852,538


				3,513,339,700

Software — 10.5%
Adobe, Inc.^(a)		367,071		187,169,503
Autodesk, Inc.^(a)		201,090		41,607,532
Cadence Design Systems, Inc.^(a)		465,705		109,114,681
Fair Isaac Corp.^(a)		42,507		36,918,605
Fortinet, Inc.^(a)(b)		1,116,895		65,539,399
Gen Digital, Inc.		514,447		9,095,423
Intuit, Inc.		254,335		129,949,925
Microsoft Corp.		7,383,828		2,331,443,691
Oracle Corp.^(b)		1,591,513		168,573,057
Palo Alto Networks, Inc.^(a)(b)		524,075		122,864,143


Security	Shares		Value


Software (continued)
PTC, Inc.^(a)(b)		204,269	$	28,940,832
ServiceNow, Inc.^(a)		349,551		195,385,027
Synopsys, Inc.^(a)		260,721		119,663,117
Tyler Technologies, Inc.^(a)		33,887		13,085,126


				3,559,350,061

Specialized REITs — 0.7%
American Tower Corp.		423,337		69,617,769
Extra Space Storage, Inc.		180,503		21,945,555
Iron Mountain, Inc.		314,226		18,680,736
Public Storage		168,109		44,300,084
SBA Communications Corp., Class A		104,264		20,870,525
VICI Properties, Inc.		989,271		28,787,786
Weyerhaeuser Co.		711,681		21,820,139


				226,022,594

Specialty Retail — 2.3%
AutoZone, Inc.^(a)		31,109		79,016,549
Home Depot, Inc. (The)		913,026		275,879,936
Lowe’s Cos., Inc.		692,804		143,992,384
O’Reilly Automotive, Inc.^(a)		103,499		94,066,101
TJX Cos., Inc. (The)		1,260,284		112,014,042
Tractor Supply Co.		186,063		37,780,092
Ulta Beauty, Inc.^(a)		85,605		34,194,917


				776,944,021

Technology Hardware, Storage & Peripherals — 12.8%
Apple Inc.		25,181,581		4,311,338,483


Tobacco — 0.6%
Altria Group, Inc.		1,581,194		66,489,208
Philip Morris International, Inc.		1,436,351		132,977,375


				199,466,583

Trading Companies & Distributors — 0.2%
Fastenal Co.		481,104		26,287,523
WW Grainger, Inc.		76,200		52,718,208


				79,005,731

Wireless Telecommunication Services — 0.2%
T-Mobile U.S., Inc.^(a)		603,137		84,469,337


Total Long-Term Investments — 99.8% (Cost: $25,078,370,854)				33,728,591,438


Short-Term Securities

Money Market Funds — 0.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%^(c)(d)(e)		145,103,696		145,161,737
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%^(c)(d)		153,222,760		153,222,760


Total Short-Term Securities — 0.9% (Cost: $298,334,664)				298,384,497


Total Investments — 100.7% (Cost: $25,376,705,518)				34,026,975,935

Liabilities in Excess of Other Assets — (0.7)%				(238,664,465	)


Net Assets — 100.0%			$	33,788,311,470

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan.

^(c)	Affiliate of the Fund.

^(d)	Annualized 7-day yield as of period end.

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


S C H E D U L E S O F I N V E S T M E N T S		15

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® S&P 500 Growth ETF

Affiliates



Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	237,690,559	$	—			$ (92,574,916	)^(a)	$	20,983	$	25,111	$	145,161,737		145,103,696	$	1,195,928	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		41,154,407		112,068,353	^(a)		—			—		—		153,222,760		153,222,760		1,284,199			—

									$	20,983	$	25,111	$	298,384,497			$	2,480,127		$	—

^(a)

Represents net amount purchased (sold).

^(b)

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



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

Long Contracts S&P 500 E-Mini Index		239		12/15/23	$	51,690	$	(2,269,654	)

Derivative Financial Instruments Categorized by Risk Exposure

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



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

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	2,269,654	$	—	$	—	$	—	$	2,269,654

^(a)

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

For the period ended September 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:



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

Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	6,943,310		$	—	$	—	$	—	$	6,943,310

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(4,810,946	)	$	—	$	—	$	—	$	(4,810,946	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	58,833,500

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


16		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® S&P 500 Growth ETF

Fair Value Hierarchy as of Period End




	Level 1			Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	33,728,591,438		$	—	$	—	$	33,728,591,438
Short-Term Securities
Money Market Funds		298,384,497			—		—		298,384,497

	$	34,026,975,935		$	—	$	—	$	34,026,975,935

Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(2,269,654	)	$	—	$	—	$	(2,269,654	)

^(a)

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

See notes to financial statements.


S C H E D U L E S O F I N V E S T M E N T S			17

Schedule of Investments (unaudited)

September 30, 2023

iShares^® S&P 500 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 2.2%
Boeing Co. (The)^(a)		835,220	$	160,094,970
General Dynamics Corp.		156,756		34,638,373
Howmet Aerospace, Inc.		579,576		26,805,390
Huntington Ingalls Industries, Inc.		59,028		12,075,948
L3Harris Technologies, Inc.		139,298		24,254,568
Lockheed Martin Corp.		95,714		39,143,198
Northrop Grumman Corp.		58,659		25,821,105
RTX Corp.		2,144,004		154,303,968
Textron, Inc.		290,579		22,705,843
TransDigm Group, Inc.^(a)		43,049		36,295,903


				536,139,266

Air Freight & Logistics — 1.1%
CH Robinson Worldwide, Inc.		79,045		6,808,146
FedEx Corp.		340,841		90,295,597
United Parcel Service, Inc., Class B		1,065,401		166,064,054


				263,167,797

Automobile Components — 0.2%
Aptiv PLC^(a)		416,545		41,067,172
BorgWarner, Inc.		347,647		14,034,509


				55,101,681

Automobiles — 0.6%
Ford Motor Co.		5,790,995		71,924,158
General Motors Co.		2,026,737		66,821,519


				138,745,677

Banks — 6.6%
Bank of America Corp.		10,183,499		278,824,203
Citigroup, Inc.		2,836,599		116,669,317
Citizens Financial Group, Inc.		699,009		18,733,441
Comerica, Inc.		195,803		8,135,615
Fifth Third Bancorp		1,002,964		25,405,078
Huntington Bancshares, Inc.		2,130,849		22,160,830
JPMorgan Chase & Co.		4,280,723		620,790,449
KeyCorp.		1,369,249		14,733,119
M&T Bank Corp.		244,365		30,899,954
PNC Financial Services Group, Inc. (The)		586,638		72,021,547
Regions Financial Corp.		1,382,249		23,774,683
Truist Financial Corp.		1,962,028		56,133,621
U.S. Bancorp		2,293,442		75,821,193
Wells Fargo & Co.		5,389,463		220,213,458
Zions Bancorp N.A.		218,182		7,612,370


				1,591,928,878

Beverages — 0.8%
Brown-Forman Corp., Class B, NVS		119,657		6,903,012
Coca-Cola Co. (The)		2,006,503		112,324,038
Constellation Brands, Inc., Class A		104,875		26,358,234
Keurig Dr Pepper, Inc.		744,475		23,503,076
Molson Coors Beverage Co., Class B		274,559		17,459,207


				186,547,567

Biotechnology — 0.1%
Biogen, Inc.^(a)(b)		113,063		29,058,322


Broadline Retail — 4.0%
Amazon.com, Inc.^(a)		7,222,214		918,087,844
eBay, Inc.		782,971		34,521,191
Etsy, Inc.^(a)(b)		76,902		4,966,331


				957,575,366

Building Products — 0.9%
A O Smith Corp.		182,049		12,038,900


Security	Shares		Value

Building Products (continued)
Allegion PLC		129,687	$	13,513,386
Carrier Global Corp.		1,233,843		68,108,134
Johnson Controls International PLC		1,002,125		53,323,071
Masco Corp.		95,272		5,092,288
Trane Technologies PLC		336,435		68,266,026


				220,341,805

Capital Markets — 4.7%
Bank of New York Mellon Corp. (The)		1,147,162		48,926,459
BlackRock, Inc.^(c)		206,731		133,649,524
Cboe Global Markets, Inc.		51,050		7,974,521
Charles Schwab Corp. (The)		898,047		49,302,780
CME Group, Inc., Class A		529,913		106,099,181
FactSet Research Systems, Inc.		22,292		9,747,400
Franklin Resources, Inc.		420,887		10,345,403
Goldman Sachs Group, Inc. (The)		485,612		157,129,475
Intercontinental Exchange, Inc.		843,067		92,754,231
Invesco Ltd.		662,804		9,623,914
MarketAxess Holdings, Inc.		27,992		5,980,211
Moody’s Corp.		123,202		38,952,776
Morgan Stanley		1,879,375		153,488,556
MSCI, Inc., Class A		50,333		25,824,856
Nasdaq, Inc.		177,899		8,644,112
Northern Trust Corp.		305,773		21,245,108
S&P Global, Inc.		479,321		175,148,687
State Street Corp.		468,647		31,380,603
T Rowe Price Group, Inc.		331,272		34,740,495


				1,120,958,292

Chemicals — 2.2%
Celanese Corp., Class A		147,645		18,532,400
Corteva, Inc.		322,263		16,486,975
Dow, Inc.		1,035,644		53,397,805
DuPont de Nemours, Inc.		676,206		50,438,206
Eastman Chemical Co.		174,215		13,365,775
Ecolab, Inc.		373,676		63,300,714
International Flavors & Fragrances, Inc.		375,201		25,577,452
Linde PLC		280,314		104,374,918
LyondellBasell Industries NV, Class A		379,059		35,896,887
PPG Industries, Inc.		346,916		45,029,697
Sherwin-Williams Co. (The)		348,483		88,880,589


				515,281,418

Commercial Services & Supplies — 0.3%
Cintas Corp.		52,353		25,182,317
Republic Services, Inc.		136,118		19,398,176
Waste Management, Inc.		222,394		33,901,741


				78,482,234

Communications Equipment — 1.6%
Cisco Systems, Inc.		6,002,645		322,702,195
F5, Inc.^(a)		87,775		14,144,063
Juniper Networks, Inc.		470,982		13,088,590
Motorola Solutions, Inc.		110,516		30,086,876


				380,021,724

Construction Materials — 0.2%
Martin Marietta Materials, Inc.		91,039		37,369,689
Vulcan Materials Co.		80,645		16,291,903


				53,661,592

Consumer Finance — 0.6%
American Express Co.		437,074		65,207,070
Capital One Financial Corp.		561,871		54,529,581


18		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® S&P 500 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Consumer Finance (continued)
Discover Financial Services		155,087	$	13,435,187
Synchrony Financial		612,550		18,725,653


				151,897,491

Consumer Staples Distribution & Retail — 2.7%
Costco Wholesale Corp.		221,941		125,387,787
Kroger Co. (The)		972,674		43,527,162
Sysco Corp.		744,040		49,143,842
Target Corp.		679,887		75,175,106
Walgreens Boots Alliance, Inc.		1,057,922		23,528,185
Walmart, Inc.		2,102,299		336,220,679


				652,982,761

Containers & Packaging — 0.5%
Amcor PLC		2,165,250		19,833,690
Avery Dennison Corp.		118,053		21,564,741
Ball Corp.		465,021		23,148,745
International Paper Co.		511,948		18,158,796
Packaging Corp. of America		132,674		20,372,093
Sealed Air Corp.		214,399		7,045,151
Westrock Co.		376,301		13,471,576

				123,594,792

Distributors — 0.2%
Genuine Parts Co.		57,668		8,326,106
LKQ Corp.		391,944		19,405,147
Pool Corp.		21,547		7,672,887


				35,404,140

Diversified Telecommunication Services — 1.5%
AT&T Inc.		10,530,625		158,169,987
Verizon Communications, Inc.		6,192,638		200,703,398


				358,873,385

Electric Utilities — 3.3%
Alliant Energy Corp.		373,235		18,083,236
American Electric Power Co., Inc.		758,865		57,081,825
Constellation Energy Corp.		473,712		51,672,505
Duke Energy Corp.		1,135,269		100,198,842
Edison International		564,593		35,733,091
Entergy Corp.		311,479		28,811,808
Evergy, Inc.		337,393		17,105,825
Eversource Energy		514,211		29,901,370
Exelon Corp.		1,465,978		55,399,309
FirstEnergy Corp.		758,186		25,914,797
NextEra Energy, Inc.		2,980,973		170,779,943
NRG Energy, Inc.		178,091		6,860,065
Pinnacle West Capital Corp.		167,377		12,332,337
PPL Corp.		1,087,266		25,615,987
Southern Co. (The)		1,606,398		103,966,079
Xcel Energy, Inc.		811,650		46,442,613


				785,899,632

Electrical Equipment — 1.2%
AMETEK, Inc.^(b)		170,142		25,140,182
Eaton Corp. PLC		587,735		125,352,121
Emerson Electric Co.		841,831		81,295,620
Generac Holdings, Inc.^(a)		92,316		10,058,751
Rockwell Automation, Inc.		169,191		48,366,631


				290,213,305

Electronic Equipment, Instruments & Components — 0.8%
CDW Corp.		73,005		14,729,489
Corning, Inc.		1,134,515		34,568,672
Keysight Technologies, Inc.^(a)		120,957		16,003,821
TE Connectivity Ltd.		462,439		57,125,090


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
Teledyne Technologies, Inc.^(a)(b)		69,342	$	28,331,754
Trimble, Inc.^(a)		366,840		19,758,002
Zebra Technologies Corp., Class A^(a)(b)		75,223		17,792,496


				188,309,324

Energy Equipment & Services — 0.7%
Baker Hughes Co., Class A		1,487,241		52,529,352
Halliburton Co.		1,323,577		53,604,869
Schlumberger NV		983,915		57,362,244


				163,496,465

Entertainment — 2.5%
Activision Blizzard, Inc.		432,060		40,453,778
Electronic Arts, Inc.		116,759		14,057,784
Live Nation Entertainment, Inc.^(a)(b)		209,839		17,425,031
Netflix, Inc.^(a)		652,765		246,484,064
Take-Two Interactive Software, Inc.^(a)		232,313		32,614,422
Walt Disney Co. (The)^(a)		2,695,302		218,454,227
Warner Bros Discovery, Inc., Class A^(a)(b)		3,267,189		35,481,672


				604,970,978

Financial Services — 4.9%
Berkshire Hathaway, Inc., Class B^(a)		2,686,321		941,018,247
Fidelity National Information Services, Inc.		872,204		48,206,715
Fiserv, Inc.^(a)		277,974		31,399,943
FleetCor Technologies, Inc.^(a)		51,518		13,154,606
Global Payments, Inc.		382,977		44,191,716
PayPal Holdings, Inc.^(a)		1,617,431		94,555,016


				1,172,526,243

Food Products — 1.1%
Archer-Daniels-Midland Co.		402,059		30,323,290
Bunge Ltd.		130,126		14,086,139
Campbell Soup Co.		120,202		4,937,898
Conagra Brands, Inc.		703,770		19,297,373
General Mills, Inc.		276,534		17,695,411
Hormel Foods Corp.		118,180		4,494,385
J M Smucker Co. (The)		151,123		18,574,528
Kellanova		175,566		10,447,933
Kraft Heinz Co. (The)		1,176,048		39,562,255
McCormick & Co., Inc., NVS		181,687		13,742,805
Mondelez International, Inc., Class A		921,805		63,973,267
Tyson Foods, Inc., Class A		419,638		21,187,522


				258,322,806

Gas Utilities — 0.0%
Atmos Energy Corp.		84,159		8,914,963


Ground Transportation — 0.9%
CSX Corp.		1,536,790		47,256,292
Norfolk Southern Corp.		334,398		65,852,998
Union Pacific Corp.		448,871		91,403,602


				204,512,892

Health Care Equipment & Supplies — 4.0%
Abbott Laboratories		1,226,985		118,833,497
Align Technology, Inc.^(a)		104,845		32,011,275
Baxter International, Inc.		747,953		28,227,746
Becton Dickinson & Co.		427,337		110,479,435
Boston Scientific Corp.^(a)(b)		1,013,710		53,523,888
Cooper Cos., Inc. (The)		73,142		23,259,887
DENTSPLY SIRONA, Inc.		311,216		10,631,139
Edwards Lifesciences Corp.^(a)(b)		895,473		62,038,369
GE HealthCare Technologies, Inc.^(b)		576,188		39,203,832
IDEXX Laboratories, Inc.^(a)		62,477		27,319,318
Intuitive Surgical, Inc.^(a)		263,952		77,150,530


S C H E D U L E S O F I N V E S T M E N T S			19

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® S&P 500 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Equipment & Supplies (continued)
Medtronic PLC		1,960,820	$	153,649,855
ResMed, Inc.		100,040		14,792,915
STERIS PLC		145,315		31,885,017
Stryker Corp.		497,885		136,057,034
Teleflex, Inc.		69,216		13,594,715
Zimmer Biomet Holdings, Inc.		307,205		34,474,545


				967,132,997

Health Care Providers & Services — 2.1%
Cardinal Health, Inc.		375,031		32,560,191
Cencora, Inc.		245,566		44,194,513
Centene Corp.^(a)(b)		797,610		54,939,377
Cigna Group (The)		222,352		63,608,237
CVS Health Corp.		1,891,946		132,095,670
DaVita, Inc.^(a)(b)		79,135		7,480,632
HCA Healthcare, Inc.		136,235		33,511,085
Henry Schein, Inc.^(a)(b)		193,241		14,348,144
Humana, Inc.		65,614		31,922,523
Laboratory Corp. of America Holdings		130,510		26,239,036
McKesson Corp.		107,305		46,661,579
Quest Diagnostics, Inc.		56,492		6,884,115
Universal Health Services, Inc., Class B		91,970		11,563,388


				506,008,490

Health Care REITs — 0.4%
Healthpeak Properties, Inc.		807,042		14,817,291
Ventas, Inc.		591,159		24,905,529
Welltower, Inc.		764,099		62,594,990


				102,317,810

Hotel & Resort REITs — 0.1%
Host Hotels & Resorts, Inc.		1,053,127		16,923,751


Hotels, Restaurants & Leisure — 2.8%
Airbnb, Inc., Class A^(a)(b)		376,821		51,703,609
Booking Holdings, Inc.^(a)		52,575		162,138,671
Caesars Entertainment, Inc.^(a)		316,003		14,646,739
Carnival Corp.^(a)(b)		1,489,358		20,433,992
Darden Restaurants, Inc.		178,566		25,574,222
Domino’s Pizza, Inc.		27,927		10,578,468
Expedia Group, Inc.^(a)(b)		202,026		20,822,820
Hilton Worldwide Holdings, Inc.		199,910		30,022,484
Las Vegas Sands Corp.		482,053		22,097,310
Marriott International, Inc., Class A		180,652		35,508,957
McDonald’s Corp.		407,924		107,463,499
MGM Resorts International		415,461		15,272,346
Norwegian Cruise Line Holdings Ltd.^(a)		620,974		10,233,652
Royal Caribbean Cruises Ltd.^(a)		346,619		31,937,475
Starbucks Corp.		826,727		75,455,373
Wynn Resorts Ltd.		143,334		13,245,495
Yum! Brands, Inc.		149,281		18,651,168


				665,786,280

Household Durables — 0.7%
DR Horton, Inc.		225,311		24,214,173
Garmin Ltd.		225,697		23,743,324
Lennar Corp., Class A		371,976		41,746,867
Mohawk Industries, Inc.^(a)		77,816		6,677,391
NVR, Inc.^(a)(b)		4,796		28,599,987
PulteGroup, Inc.		322,080		23,850,024
Whirlpool Corp.		80,907		10,817,266


				159,649,032

Household Products — 1.4%
Church & Dwight Co., Inc.		362,415		33,208,086
Clorox Co. (The)		100,212		13,133,785


Security	Shares		Value

Household Products (continued)
Colgate-Palmolive Co.		547,656	$	38,943,818
Kimberly-Clark Corp.		258,728		31,267,279
Procter & Gamble Co. (The)		1,562,562		227,915,293


				344,468,261

Independent Power and Renewable Electricity Producers — 0.0%
AES Corp. (The)		408,722		6,212,574


Industrial Conglomerates — 1.8%
3M Co.		813,096		76,122,047
General Electric Co.		1,603,203		177,234,092
Honeywell International, Inc.		978,028		180,680,893


				434,037,032

Industrial REITs — 0.6%
Prologis, Inc.		1,360,868		152,702,998


Insurance — 2.6%
Aflac, Inc.		796,310		61,116,792
Allstate Corp. (The)		385,304		42,926,719
American International Group, Inc.		1,048,644		63,547,826
Aon PLC, Class A		101,426		32,884,338
Arthur J. Gallagher & Co.		114,637		26,129,211
Assurant, Inc.		78,764		11,308,935
Brown & Brown, Inc.		140,951		9,844,018
Chubb Ltd.		260,159		54,159,901
Cincinnati Financial Corp.		231,052		23,634,309
Everest Group Ltd.		26,542		9,864,865
Globe Life, Inc.		37,682		4,097,164
Hartford Financial Services Group, Inc. (The)		449,877		31,900,778
Loews Corp.		273,683		17,326,871
Marsh & McLennan Cos., Inc.		261,737		49,808,551
MetLife, Inc.		930,505		58,538,070
Principal Financial Group, Inc.		127,743		9,206,438
Prudential Financial, Inc.		534,707		50,738,347
Travelers Cos., Inc. (The)		155,705		25,428,184
Willis Towers Watson PLC		154,401		32,263,633


				614,724,950

Interactive Media & Services — 4.2%
Match Group, Inc.^(a)(b)		411,736		16,129,758
Meta Platforms, Inc., Class A^(a)		3,273,911		982,860,821


				998,990,579

IT Services — 1.8%
Accenture PLC, Class A		473,879		145,532,980
Akamai Technologies, Inc.^(a)(b)		224,513		23,919,615
Cognizant Technology Solutions Corp., Class A		743,936		50,394,225
DXC Technology Co.^(a)		303,664		6,325,321
EPAM Systems, Inc.^(a)		27,637		7,066,504
International Business Machines Corp.		1,341,931		188,272,919
VeriSign, Inc.^(a)		67,594		13,689,813


				435,201,377

Leisure Products — 0.1%
Hasbro, Inc.		193,248		12,781,423


Life Sciences Tools & Services — 0.8%
Agilent Technologies, Inc.		173,655		19,418,102
Bio-Rad Laboratories, Inc., Class A^(a)(b)		30,908		11,078,973
Bio-Techne Corp.		121,567		8,275,066
Charles River Laboratories International, Inc.^(a)(b)		75,925		14,879,782
Illumina, Inc.^(a)(b)		232,916		31,974,708
IQVIA Holdings, Inc.^(a)(b)		139,927		27,530,637
Mettler-Toledo International, Inc.^(a)(b)		11,245		12,460,247


20		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® S&P 500 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Life Sciences Tools & Services (continued)
Revvity, Inc.		181,896	$	20,135,887
West Pharmaceutical Services, Inc.		108,780		40,815,344


				186,568,746

Machinery — 2.4%
Caterpillar, Inc.		300,580		82,058,340
Cummins, Inc.		102,315		23,374,885
Dover Corp.		206,037		28,744,222
Fortive Corp.		518,313		38,438,092
IDEX Corp.		48,328		10,053,191
Illinois Tool Works, Inc.		198,616		45,743,251
Ingersoll Rand, Inc.^(b)		597,428		38,068,112
Nordson Corp.		80,120		17,880,380
Otis Worldwide Corp.		606,509		48,708,738
PACCAR, Inc.		770,103		65,474,157
Parker-Hannifin Corp.		188,983		73,612,658
Pentair PLC		243,566		15,770,898
Snap-on, Inc.		33,221		8,473,348
Stanley Black & Decker, Inc.		225,913		18,881,809
Westinghouse Air Brake Technologies Corp.		263,230		27,973,452
Xylem, Inc.		354,233		32,245,830


				575,501,363

Media — 1.7%
Charter Communications, Inc., Class A^(a)(b)		149,919		65,937,375
Comcast Corp., Class A		6,062,495		268,811,028
Fox Corp., Class A, NVS		375,460		11,714,352
Fox Corp., Class B		195,253		5,638,907
Interpublic Group of Cos., Inc. (The)		564,855		16,188,744
News Corp., Class A, NVS		558,037		11,194,222
News Corp., Class B		171,001		3,568,791
Omnicom Group, Inc.		289,698		21,576,707
Paramount Global, Class B, NVS		713,693		9,206,640


			413,836,766

Metals & Mining — 0.2%
Newmont Corp.		1,170,657		43,255,776


Multi-Utilities — 1.3%
Ameren Corp.		387,036		28,961,904
CenterPoint Energy, Inc.		930,888		24,994,343
CMS Energy Corp.		429,497		22,810,586
Consolidated Edison, Inc.		508,080		43,456,082
Dominion Energy, Inc.		1,232,584		55,059,527
DTE Energy Co.		303,702		30,151,535
NiSource, Inc.		609,319		15,037,993
Public Service Enterprise Group, Inc.		735,201		41,840,289
Sempra		371,766		25,291,241
WEC Energy Group, Inc.		222,846		17,950,245


				305,553,745

Office REITs — 0.2%
Alexandria Real Estate Equities, Inc.		228,502		22,873,050
Boston Properties, Inc.		211,452		12,577,165


				35,450,215

Oil, Gas & Consumable Fuels — 1.0%
Kinder Morgan, Inc.		2,855,456		47,343,460
Marathon Petroleum Corp.		306,269		46,350,750
Phillips 66		655,918		78,808,548
Valero Energy Corp.		520,173		73,713,716


				246,216,474

Passenger Airlines — 0.4%
Alaska Air Group, Inc.^(a)		187,416		6,949,385
American Airlines Group, Inc.^(a)		965,643		12,369,887


Security	Shares		Value

Passenger Airlines (continued)
Delta Air Lines, Inc.		947,319	$	35,050,803
Southwest Airlines Co.		874,708		23,678,345
United Airlines Holdings, Inc.^(a)(b)		484,266		20,484,452


				98,532,872

Personal Care Products — 0.2%
Estee Lauder Cos., Inc. (The), Class A		341,551		49,371,197


Pharmaceuticals — 1.5%
Catalent, Inc.^(a)		265,192		12,074,192
Johnson & Johnson		1,347,881		209,932,465
Organon & Co.		375,444		6,517,708
Viatris, Inc.		1,764,335		17,396,343
Zoetis, Inc., Class A		678,056		117,968,183


				363,888,891

Professional Services — 0.6%
Broadridge Financial Solutions, Inc.		90,557		16,214,231
Ceridian HCM Holding, Inc.^(a)(b)		229,463		15,569,065
Equifax, Inc.		91,949		16,843,218
Jacobs Solutions, Inc.		186,155		25,410,157
Leidos Holdings, Inc.		69,819		6,434,519
Paychex, Inc.		202,725		23,380,274
Robert Half, Inc.^(b)		158,049		11,581,831
Verisk Analytics, Inc.		115,333		27,246,268


				142,679,563

Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A^(a)		455,700		33,658,002


Residential REITs — 0.7%
AvalonBay Communities, Inc.		209,193		35,926,806
Camden Property Trust		157,498		14,896,161
Equity Residential		507,126		29,773,367
Essex Property Trust, Inc.		94,298		19,999,663
Invitation Homes, Inc.		845,250		26,785,973
Mid-America Apartment Communities, Inc.		171,868		22,110,818
UDR, Inc.		448,629		16,002,596


				165,495,384

Retail REITs — 0.6%
Federal Realty Investment Trust		108,539		9,836,890
Kimco Realty Corp.		909,123		15,991,473
Realty Income Corp.		1,044,059		52,140,306
Regency Centers Corp.		240,532		14,297,222
Simon Property Group, Inc.		481,959		52,066,031


				144,331,922

Semiconductors & Semiconductor Equipment — 3.8%
Advanced Micro Devices, Inc.^(a)		1,094,762		112,563,429
Analog Devices, Inc.		391,458		68,540,381
Broadcom, Inc.		243,157		201,961,341
Intel Corp.		6,169,011		219,308,341
Microchip Technology, Inc.		410,288		32,022,979
Micron Technology, Inc.		1,613,403		109,759,806
NXP Semiconductors NV		155,421		31,071,766
Qorvo, Inc.^(a)		144,910		13,834,558
Skyworks Solutions, Inc.		235,392		23,207,297
Teradyne, Inc.		115,548		11,607,952
Texas Instruments, Inc.		494,858		78,687,371


				902,565,221

Software — 9.5%
Adobe, Inc.^(a)		355,844		181,444,856
ANSYS, Inc.^(a)		127,845		38,040,280
Autodesk, Inc.^(a)(b)		141,626		29,303,836
Gen Digital, Inc.		386,840		6,839,331


S C H E D U L E S O F I N V E S T M E N T S			21

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® S&P 500 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Software (continued)
Intuit, Inc.		193,891	$	99,066,667
Microsoft Corp.		4,596,563		1,451,364,767
Oracle Corp.		950,762		100,704,711
Roper Technologies, Inc.		157,188		76,123,005
Salesforce, Inc.^(a)		1,434,722		290,932,927
Tyler Technologies, Inc.^(a)(b)		32,777		12,656,511


				2,286,476,891

Specialized REITs — 1.5%
American Tower Corp.		322,729		53,072,784
Crown Castle, Inc.		638,818		58,790,421
Digital Realty Trust, Inc.		445,897		53,962,455
Equinix, Inc.		137,823		100,095,332
Extra Space Storage, Inc.		155,889		18,952,985
Iron Mountain, Inc.		160,439		9,538,099
Public Storage		88,224		23,248,788
SBA Communications Corp., Class A		69,948		14,001,491
VICI Properties, Inc.		643,334		18,721,019
Weyerhaeuser Co.		460,735		14,126,135


				364,509,509

Specialty Retail — 1.8%
Bath & Body Works, Inc.		338,274		11,433,661
Best Buy Co., Inc.		285,030		19,801,034
CarMax, Inc.^(a)(b)		233,090		16,486,456
Home Depot, Inc. (The)		696,042		210,316,051
Lowe’s Cos., Inc.		267,580		55,613,827
Ross Stores, Inc.		501,793		56,677,519
TJX Cos., Inc. (The)		609,040		54,131,475


				424,460,023

Technology Hardware, Storage & Peripherals — 0.5%
Hewlett Packard Enterprise Co.		1,899,728		32,998,276
HP, Inc.		1,277,653		32,835,682
NetApp, Inc.		309,382		23,475,906
Seagate Technology Holdings PLC		283,507		18,697,287
Western Digital Corp.^(a)		469,964		21,444,457


				129,451,608

Textiles, Apparel & Luxury Goods — 0.8%
NIKE, Inc., Class B		1,804,559		172,551,932
Ralph Lauren Corp., Class A		59,776		6,939,396
Tapestry, Inc.		341,915		9,830,056
VF Corp.		490,571		8,668,389


				197,989,773


Security	Shares		Value


Tobacco — 0.6%
Altria Group, Inc.		1,254,738	$	52,761,733
Philip Morris International, Inc.		1,051,853		97,380,551


				150,142,284

Trading Companies & Distributors — 0.3%
Fastenal Co.		429,866		23,487,878
United Rentals, Inc.		100,582		44,715,740


				68,203,618

Water Utilities — 0.2%
American Water Works Co., Inc.		286,751		35,508,376


Wireless Telecommunication Services — 0.1%
T-Mobile U.S., Inc.^(a)		243,723		34,133,406


Total Long-Term Investments — 99.8% (Cost: $23,364,412,244)				23,941,649,975


Short-Term Securities

Money Market Funds — 1.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%^(c)(d)(e)		126,722,233		126,772,922
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%^(c)(d)		168,132,024		168,132,024


Total Short-Term Securities — 1.2% (Cost: $294,843,617)				294,904,946


Total Investments — 101.0% (Cost: $23,659,255,861)				24,236,554,921

Liabilities in Excess of Other Assets — (1.0)%				(238,326,196	)


Net Assets — 100.0%			$	23,998,228,725

^(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.


22		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® S&P 500 Value ETF

Affiliates


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

BlackRock Cash Funds: Institutional, SL Agency Shares	$	210,104,994	$	—		$	(83,345,144	)^(a)	$	9,739		$	3,333		$	126,772,922		126,722,233	$	694,602	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		39,913,921		128,218,103	^(a)		—			—			—			168,132,024		168,132,024		1,070,765			—
BlackRock, Inc.		152,128,447		6,266,535			(20,457,742	)		(1,051,273	)		(3,236,443	)		133,649,524		206,731		2,220,535			—


									$	(1,041,534	)	$	(3,233,110	)	$	428,554,470			$	3,985,902		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



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

Long Contracts S&P 500 E-Mini Index		228		12/15/23	$	49,311	$	(2,043,062	)

Derivative Financial Instruments Categorized by Risk Exposure

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



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

Liabilities — Derivative Financial Instruments
Futures contracts Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	2,043,062	$	—	$	—	$	—	$	2,043,062

^(a)

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

For the period ended September 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:



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

Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	8,324,454		$	—	$	—	$	—	$	8,324,454

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(5,213,991	)	$	—	$	—	$	—	$	(5,213,991	)


S C H E D U L E S O F I N V E S T M E N T S			23

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® S&P 500 Value ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts Average notional value of contracts — long		$56,858,544

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

Fair Value Hierarchy as of Period End



	Level 1			Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	23,941,649,975		$	—	$	—	$	23,941,649,975
Short-Term Securities
Money Market Funds		294,904,946			—		—		294,904,946

	$	24,236,554,921		$	—	$	—	$	24,236,554,921

Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(2,043,062	)	$	—	$	—	$	(2,043,062	)

^(a)

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

See notes to financial statements.


24		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

September 30, 2023

iShares^® S&P Small-Cap 600 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.1%
AAR Corp.^(a)		418,997	$	24,942,891
Kaman Corp.		355,775		6,990,979
Mercury Systems, Inc.^(a)		270,269		10,024,277
Moog, Inc., Class A		141,162		15,945,660
National Presto Industries, Inc.		65,759		4,764,897
Triumph Group, Inc.^(a)		966,997		7,407,197


				70,075,901

Air Freight & Logistics — 0.3%
Hub Group, Inc., Class A^(a)		217,797		17,105,776


Automobile Components — 1.7%
American Axle & Manufacturing Holdings, Inc.^(a)		1,480,750		10,750,245
Dana, Inc.		1,619,286		23,754,926
Gentherm, Inc.^(a)(b)		162,539		8,819,366
LCI Industries		159,609		18,741,289
Patrick Industries, Inc.		263,191		19,755,116
Phinia, Inc.^(b)		592,324		15,868,360
Standard Motor Products, Inc.		235,777		7,926,823


				105,616,125

Automobiles — 0.2%
Winnebago Industries, Inc.		205,322		12,206,393


Banks — 7.5%
Ameris Bancorp		320,935		12,320,695
Atlantic Union Bankshares Corp.		578,714		16,655,389
Axos Financial, Inc.^(a)(b)		305,275		11,557,712
Banc of California, Inc.		667,068		8,258,302
Bank of Hawaii Corp.		245,161		12,182,050
BankUnited, Inc.		938,029		21,293,258
Berkshire Hills Bancorp, Inc.		224,289		4,496,994
Brookline Bancorp, Inc.		1,115,715		10,164,164
Capitol Federal Financial, Inc.		1,602,128		7,642,151
Cathay General Bancorp		318,911		11,085,346
Central Pacific Financial Corp.		306,136		5,106,348
Community Bank System, Inc.		292,809		12,359,468
Customers Bancorp, Inc.^(a)		173,020		5,960,539
Eagle Bancorp, Inc.		378,652		8,122,085
FB Financial Corp.		215,253		6,104,575
First Bancorp/Southern Pines NC		210,291		5,917,589
First Commonwealth Financial Corp.		588,506		7,185,658
First Financial Bancorp		538,740		10,559,304
First Hawaiian, Inc.		771,455		13,924,763
Fulton Financial Corp.		922,812		11,175,253
Hilltop Holdings, Inc.		582,460		16,518,566
Hope Bancorp, Inc.		1,525,028		13,496,498
Independent Bank Corp.		266,940		13,104,085
Independent Bank Group, Inc.		452,770		17,907,054
National Bank Holdings Corp., Class A		157,255		4,679,909
Northfield Bancorp, Inc.		209,340		1,978,263
Northwest Bancshares, Inc.		772,438		7,902,041
Pacific Premier Bancorp, Inc.		1,208,869		26,304,989
PacWest Bancorp^(b)		1,491,539		11,798,074
Pathward Financial, Inc.		89,914		4,144,136
Provident Financial Services, Inc.		956,232		14,620,787
Renasant Corp.		707,628		18,532,777
S&T Bancorp, Inc.		151,737		4,109,038
Seacoast Banking Corp. of Florida		492,665		10,818,923
Simmons First National Corp., Class A		1,591,581		26,993,214
Southside Bancshares, Inc.		155,730		4,469,451
Tompkins Financial Corp.		52,061		2,550,468
Triumph Financial, Inc.^(a)(b)		103,770		6,723,258


Security	Shares		Value

Banks (continued)
TrustCo Bank Corp.		84,007	$	2,292,551
Trustmark Corp.		241,570		5,249,316
United Community Banks, Inc.		528,105		13,419,148
Veritex Holdings, Inc.		354,773		6,368,175
Washington Federal, Inc.		386,494		9,901,976
WSFS Financial Corp.		769,647		28,092,116


				474,046,456

Beverages — 0.1%
National Beverage Corp.^(a)		94,998		4,466,806


Biotechnology — 0.5%
Avid Bioservices, Inc.^(a)(b)		247,352		2,335,003
Ironwood Pharmaceuticals, Inc., Class A^(a)(b)		639,730		6,160,600
Myriad Genetics, Inc.^(a)(b)		1,032,085		16,554,644
Vericel Corp.^(a)(b)		258,741		8,672,998


				33,723,245

Building Products — 2.3%
American Woodmark Corp.^(a)(b)		206,348		15,601,972
Apogee Enterprises, Inc.		119,440		5,623,235
AZZ, Inc.		314,743		14,345,986
Gibraltar Industries, Inc.^(a)		383,506		25,890,490
Hayward Holdings, Inc.^(a)		1,584,996		22,348,444
Insteel Industries, Inc.		133,480		4,332,761
Masterbrand, Inc.^(a)		1,609,493		19,555,340
Quanex Building Products Corp.^(b)		178,008		5,014,485
Resideo Technologies, Inc.^(a)		1,861,222		29,407,308


				142,120,021

Capital Markets — 0.8%
Artisan Partners Asset Management, Inc., Class A .		269,482		10,084,016
B Riley Financial, Inc.		105,600		4,328,544
Brightsphere Investment Group, Inc.		197,671		3,832,841
Donnelley Financial Solutions, Inc.^(a)		157,347		8,855,489
Moelis & Co., Class A		270,412		12,203,694
Virtus Investment Partners, Inc.		41,983		8,480,146
WisdomTree, Inc.		647,486		4,532,402


				52,317,132

Chemicals — 1.7%
AdvanSix, Inc.		342,166		10,634,519
HB Fuller Co.		244,422		16,769,794
Koppers Holdings, Inc.		263,996		10,441,042
Mativ Holdings, Inc.		687,561		9,804,620
Minerals Technologies, Inc.		410,230		22,464,195
Sensient Technologies Corp.		532,577		31,145,103
Stepan Co.		93,686		7,023,639


				108,282,912

Commercial Services & Supplies — 3.4%
ABM Industries, Inc.		833,796		33,360,178
Brady Corp., Class A, NVS		202,152		11,102,188
CoreCivic, Inc.^(a)		1,430,354		16,091,483
Deluxe Corp.		551,773		10,422,992
Enviri Corp.^(a)		1,005,342		7,258,569
GEO Group, Inc. (The)^(a)		1,587,367		12,984,662
Healthcare Services Group, Inc.		932,090		9,721,699
HNI Corp.		586,768		20,319,776
Interface, Inc., Class A		732,461		7,185,442
Liquidity Services, Inc.^(a)		128,240		2,259,589
Matthews International Corp., Class A		383,861		14,936,032
MillerKnoll, Inc.		954,240		23,331,168
OPENLANE, Inc.^(a)(b)		1,379,722		20,585,452
Pitney Bowes, Inc.		1,941,853		5,864,396


S C H E D U L E S O F I N V E S T M E N T S			25

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® S&P Small-Cap 600 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Commercial Services & Supplies (continued)
UniFirst Corp.		77,926	$	12,702,717
Viad Corp.^(a)		263,237		6,896,809


				215,023,152

Communications Equipment — 0.5%
ADTRAN Holdings, Inc.		279,131		2,297,248
Viasat, Inc.^(a)(b)		938,140		17,318,065
Viavi Solutions, Inc.^(a)		1,347,681		12,317,804


				31,933,117

Construction & Engineering — 1.0%
Arcosa, Inc.		208,901		15,019,982
Dycom Industries, Inc.^(a)(b)		118,712		10,565,368
Granite Construction, Inc.		553,628		21,048,936
MYR Group, Inc.^(a)		105,250		14,183,490


				60,817,776

Consumer Finance — 1.7%
Bread Financial Holdings, Inc.		497,094		17,000,615
Encore Capital Group, Inc.^(a)(b)		296,611		14,166,142
Enova International, Inc.^(a)		388,082		19,741,731
EZCORP, Inc., Class A, NVS^(a)(b)		654,921		5,403,098
Navient Corp.		1,103,645		19,004,767
PRA Group, Inc.^(a)		495,820		9,524,702
PROG Holdings, Inc.^(a)		576,192		19,135,336
World Acceptance Corp.^(a)(b)		42,881		5,448,460


				109,424,851

Consumer Staples Distribution & Retail — 0.9%
Andersons, Inc. (The)		221,884		11,429,245
Chefs’ Warehouse, Inc. (The)^(a)(b)		170,636		3,614,071
PriceSmart, Inc.		324,849		24,178,511
SpartanNash Co.		436,265		9,597,830
United Natural Foods, Inc.^(a)		740,138		10,465,551


				59,285,208

Containers & Packaging — 0.3%
O-I Glass, Inc.^(a)(b)		1,055,479		17,658,164


Diversified Consumer Services — 0.5%
Frontdoor, Inc.^(a)		485,373		14,847,560
Mister Car Wash, Inc.^(a)(b)		564,839		3,112,263
Perdoceo Education Corp.		305,257		5,219,894
Strategic Education, Inc.		119,575		8,998,019


				32,177,736

Diversified REITs — 1.5%
Alexander & Baldwin, Inc.		914,435		15,298,498
American Assets Trust, Inc.		611,282		11,889,435
Armada Hoffler Properties, Inc.		302,496		3,097,559
Essential Properties Realty Trust, Inc.		1,966,553		42,536,541
Global Net Lease, Inc.		2,449,717		23,541,780


				96,363,813

Diversified Telecommunication Services — 0.6%
Cogent Communications Holdings, Inc.		224,467		13,894,507
Consolidated Communications Holdings, Inc.^(a)(b)		949,299		3,246,603
Lumen Technologies, Inc.^(a)		12,706,048		18,042,588


				35,183,698

Electric Utilities — 0.2%
Otter Tail Corp.		204,895		15,555,628


Electrical Equipment — 0.2%
Powell Industries, Inc.		115,364		9,563,676
SunPower Corp.^(a)(b)		480,442		2,964,327


				12,528,003


Security	Shares		Value

Electronic Equipment, Instruments & Components — 3.7%
Arlo Technologies, Inc.^(a)(b)		592,225	$	6,099,917
Benchmark Electronics, Inc.		451,254		10,947,422
ePlus, Inc.^(a)		176,221		11,193,558
Insight Enterprises, Inc.^(a)(b)		381,150		55,457,325
Itron, Inc.^(a)		573,041		34,714,824
Knowles Corp.^(a)(b)		1,148,824		17,014,083
Methode Electronics, Inc.		217,062		4,959,867
OSI Systems, Inc.^(a)		95,396		11,260,544
PC Connection, Inc.		142,449		7,603,928
Rogers Corp.^(a)		211,196		27,765,938
Sanmina Corp.^(a)		389,539		21,144,177
ScanSource, Inc.^(a)		314,664		9,537,466
TTM Technologies, Inc.^(a)		1,309,152		16,861,878


				234,560,927

Energy Equipment & Services — 2.6%
Archrock, Inc.		1,736,013		21,873,764
Bristow Group, Inc.^(a)		302,412		8,518,946
Core Laboratories, Inc.^(b)		305,978		7,346,532
Dril-Quip, Inc.^(a)(b)		202,188		5,695,636
Helix Energy Solutions Group, Inc.^(a)		1,787,051		19,961,360
Helmerich & Payne, Inc.		526,392		22,192,687
Liberty Energy, Inc., Class A		1,368,192		25,338,916
Nabors Industries Ltd.^(a)		36,040		4,437,965
Oceaneering International, Inc.^(a)		356,358		9,165,528
Oil States International, Inc.^(a)		805,222		6,739,708
Patterson-UTI Energy, Inc.		1,292,914		17,893,930
ProPetro Holding Corp.^(a)(b)		1,092,730		11,615,720
U.S. Silica Holdings, Inc.^(a)		407,591		5,722,577


				166,503,269

Entertainment — 0.6%
Cinemark Holdings, Inc.^(a)(b)		1,364,586		25,040,153
Madison Square Garden Sports Corp., Class A		50,369		8,880,055
Marcus Corp. (The)^(b)		309,046		4,790,213


				38,710,421

Financial Services — 1.7%
EVERTEC, Inc.		286,148		10,638,983
Jackson Financial, Inc., Class A		120,636		4,610,708
NMI Holdings, Inc., Class A^(a)		509,391		13,799,402
Payoneer Global, Inc.^(a)		1,649,018		10,091,990
Radian Group, Inc.		1,346,598		33,813,076
Walker & Dunlop, Inc.		420,326		31,205,002


				104,159,161

Food Products — 0.9%
B&G Foods, Inc.		913,678		9,036,275
Calavo Growers, Inc.		223,842		5,647,534
Fresh Del Monte Produce, Inc.		423,730		10,949,183
Hain Celestial Group, Inc. (The)^(a)(b)		1,125,285		11,669,206
John B Sanfilippo & Son, Inc.		44,445		4,391,166
TreeHouse Foods, Inc.^(a)(b)		342,562		14,928,852


				56,622,216

Gas Utilities — 0.2%
Chesapeake Utilities Corp.		74,123		7,245,523
Northwest Natural Holding Co.		163,561		6,241,488


				13,487,011

Ground Transportation — 1.0%
ArcBest Corp.		302,844		30,784,093
Heartland Express, Inc.^(b)		204,057		2,997,597
RXO, Inc.^(a)(b)		1,474,603		29,093,917


				62,875,607


26		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® S&P Small-Cap 600 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Equipment & Supplies — 2.5%
Artivion, Inc.^(a)		491,750	$	7,454,930
Avanos Medical, Inc.^(a)(b)		589,918		11,928,142
CONMED Corp.^(b)		197,620		19,929,977
Embecta Corp.		382,222		5,752,441
Glaukos Corp.^(a)		202,310		15,223,828
Integer Holdings Corp.^(a)		419,860		32,929,620
LeMaitre Vascular, Inc.		78,136		4,256,849
Omnicell, Inc.^(a)(b)		569,915		25,668,972
OraSure Technologies, Inc.^(a)(b)		923,182		5,474,469
Orthofix Medical, Inc.^(a)		462,291		5,945,062
STAAR Surgical Co.^(a)		195,816		7,867,887
Tandem Diabetes Care, Inc.^(a)(b)		328,065		6,813,910
Varex Imaging Corp.^(a)(b)		507,255		9,531,321


				158,777,408

Health Care Providers & Services — 2.9%
Agiliti, Inc.^(a)(b)		244,087		1,584,125
Apollo Medical Holdings, Inc.^(a)(b)		530,131		16,354,541
Community Health Systems, Inc.^(a)(b)		1,595,690		4,627,501
CorVel Corp.^(a)(b)		40,053		7,876,422
Enhabit, Inc.^(a)(b)		632,036		7,110,405
Fulgent Genetics, Inc.^(a)		142,368		3,806,920
ModivCare, Inc.^(a)(b)		154,932		4,881,907
NeoGenomics, Inc.^(a)(b)		1,608,169		19,780,479
Owens & Minor, Inc.^(a)		964,234		15,582,021
Pediatrix Medical Group, Inc.^(a)(b)		1,041,226		13,233,983
Premier, Inc., Class A		1,110,757		23,881,276
RadNet, Inc.^(a)(b)		760,331		21,433,731
Select Medical Holdings Corp.		1,314,203		33,209,910
U.S. Physical Therapy, Inc.		73,691		6,759,675


				180,122,896

Health Care REITs — 0.3%
CareTrust REIT, Inc.		474,702		9,731,391
Community Healthcare Trust, Inc.		125,675		3,732,547
LTC Properties, Inc.		182,321		5,857,974
Universal Health Realty Income Trust		56,612		2,288,823


				21,610,735

Health Care Technology — 0.4%
Certara, Inc.^(a)(b)		567,448		8,250,694
HealthStream, Inc.		111,011		2,395,617
Schrodinger, Inc.^(a)(b)		384,259		10,863,002
Simulations Plus, Inc.		66,920		2,790,564


				24,299,877

Hotel & Resort REITs — 2.2%
Apple Hospitality REIT, Inc.		1,743,438		26,744,339
Chatham Lodging Trust		614,961		5,885,177
DiamondRock Hospitality Co.		2,642,428		21,218,697
Pebblebrook Hotel Trust^(b)		1,518,974		20,642,857
Service Properties Trust		2,084,982		16,033,511
Summit Hotel Properties, Inc.		1,356,929		7,870,188
Sunstone Hotel Investors, Inc.		2,611,646		24,418,890
Xenia Hotels & Resorts, Inc.		1,351,600		15,921,848


				138,735,507

Hotels, Restaurants & Leisure — 2.3%
BJ’s Restaurants, Inc.^(a)(b)		297,191		6,972,101
Bloomin’ Brands, Inc.		460,167		11,315,507
Brinker International, Inc.^(a)(b)		558,292		17,636,444
Cheesecake Factory, Inc. (The)		594,645		18,017,744
Chuy’s Holdings, Inc.^(a)(b)		105,548		3,755,398
Cracker Barrel Old Country Store, Inc.		279,234		18,764,525
Dave & Buster’s Entertainment, Inc.^(a)(b)		190,435		7,059,425


Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
Dine Brands Global, Inc.		79,128	$	3,912,880
Golden Entertainment, Inc.^(b)		107,396		3,670,795
Papa John’s International, Inc.		226,874		15,477,344
Sabre Corp.^(a)		2,593,161		11,643,293
Shake Shack, Inc., Class A^(a)		222,104		12,897,579
Six Flags Entertainment Corp.^(a)		513,791		12,079,226


				143,202,261

Household Durables — 4.9%
Century Communities, Inc.		359,226		23,989,112
Installed Building Products, Inc.		101,065		12,622,008
iRobot Corp.^(a)		347,498		13,170,174
La-Z-Boy, Inc.		545,540		16,846,275
LGI Homes, Inc.^(a)(b)		258,221		25,690,407
M/I Homes, Inc.^(a)		350,417		29,449,045
MDC Holdings, Inc.		751,745		30,994,446
Meritage Homes Corp.		463,437		56,720,055
Newell Brands, Inc.		4,803,457		43,375,217
Sonos, Inc.^(a)(b)		1,616,741		20,872,126
Tri Pointe Homes, Inc.^(a)		1,247,857		34,128,889


				307,857,754

Household Products — 0.8%
Central Garden & Pet Co.^(a)(b)		62,505		2,758,970
Central Garden & Pet Co., Class A, NVS^(a)		269,208		10,792,549
Energizer Holdings, Inc.		838,019		26,850,129
WD-40 Co.^(b)		59,742		12,141,964


				52,543,612

Industrial REITs — 0.5%
LXP Industrial Trust		3,688,410		32,826,849


Insurance — 3.7%
Ambac Financial Group, Inc.^(a)		571,276		6,889,588
American Equity Investment Life Holding Co.^(a)		374,261		20,075,360
AMERISAFE, Inc.		108,566		5,435,900
Assured Guaranty Ltd.		343,689		20,800,058
Employers Holdings, Inc.		161,703		6,460,035
Genworth Financial, Inc., Class A^(a)		5,837,388		34,207,094
Goosehead Insurance, Inc., Class A^(a)(b)		129,097		9,621,599
HCI Group, Inc.		75,345		4,090,480
Horace Mann Educators Corp.		516,578		15,177,062
James River Group Holdings Ltd.		476,471		7,313,830
Lincoln National Corp.		1,789,713		44,188,014
Mercury General Corp.		335,902		9,415,333
ProAssurance Corp.		655,894		12,389,838
Safety Insurance Group, Inc.		80,534		5,491,613
SiriusPoint Ltd.^(a)		1,113,182		11,321,061
Stewart Information Services Corp.		344,707		15,098,166
United Fire Group, Inc.		266,545		5,264,264


				233,239,295

Interactive Media & Services — 0.9%
Cargurus, Inc., Class A^(a)		548,396		9,607,898
QuinStreet, Inc.^(a)(b)		313,902		2,815,701
Shutterstock, Inc.		158,236		6,020,880
TripAdvisor, Inc.^(a)		1,357,117		22,501,000
Yelp, Inc.^(a)		363,621		15,122,997


				56,068,476

IT Services — 0.2%
Perficient, Inc.^(a)		189,384		10,957,758


S C H E D U L E S O F I N V E S T M E N T S			27

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® S&P Small-Cap 600 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Leisure Products — 0.3%
Sturm Ruger & Co., Inc.		86,713	$	4,519,482
Vista Outdoor, Inc.^(a)(b)		401,694		13,304,105


				17,823,587

Life Sciences Tools & Services — 0.6%
Cytek Biosciences, Inc.^(a)(b)		698,890		3,857,873
Fortrea Holdings, Inc.^(a)(b)		1,116,837		31,930,370
Mesa Laboratories, Inc.		24,723		2,597,645


				38,385,888

Machinery — 3.6%
3D Systems Corp.^(a)(b)		1,682,529		8,261,217
Alamo Group, Inc.		35,113		6,069,633
Astec Industries, Inc.		286,301		13,487,640
Barnes Group, Inc.		638,173		21,678,737
CIRCOR International, Inc.^(a)		257,611		14,361,813
Enerpac Tool Group Corp., Class A		240,243		6,349,623
ESCO Technologies, Inc.^(b)		103,790		10,839,828
Greenbrier Cos., Inc. (The)		389,168		15,566,720
John Bean Technologies Corp.^(b)		401,330		42,195,836
Kennametal, Inc.		1,004,788		24,999,125
Proto Labs, Inc.^(a)		329,510		8,699,064
SPX Technologies, Inc.^(a)		218,378		17,775,969
Standex International Corp.		47,797		6,963,545
Tennant Co.		234,246		17,369,341
Trinity Industries, Inc.		421,993		10,275,530
Wabash National Corp.		248,133		5,240,569


				230,134,190

Media — 1.1%
AMC Networks, Inc., Class A^(a)		384,093		4,524,615
DISH Network Corp., Class A^(a)(b)		3,128,103		18,330,684
EW Scripps Co. (The), Class A, NVS^(a)(b)		747,446		4,096,004
John Wiley & Sons, Inc., Class A		536,417		19,938,620
Scholastic Corp., NVS		351,930		13,422,610
Thryv Holdings, Inc.^(a)(b)		383,853		7,204,921


				67,517,454

Metals & Mining — 2.1%
ATI, Inc.^(a)(b)		615,928		25,345,437
Carpenter Technology Corp.		611,991		41,131,915
Century Aluminum Co.^(a)(b)		658,076		4,731,567
Compass Minerals International, Inc.		424,437		11,863,014
Haynes International, Inc.		53,444		2,486,215
Materion Corp.		112,260		11,440,417
Olympic Steel, Inc.		123,419		6,937,382
SunCoke Energy, Inc.		1,059,149		10,750,362
TimkenSteel Corp.^(a)(b)		277,510		6,027,517
Warrior Met Coal, Inc.		288,511		14,737,142


				135,450,968

Mortgage Real Estate Investment Trusts (REITs) — 3.5%
Apollo Commercial Real Estate Finance, Inc.		1,639,170		16,604,792
Arbor Realty Trust, Inc.^(b)		2,035,222		30,894,670
Blackstone Mortgage Trust, Inc., Class A		2,172,059		47,242,283
Ellington Financial, Inc.		859,513		10,718,127
Franklin BSP Realty Trust, Inc.		1,035,477		13,709,716
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		810,249		17,177,279
Invesco Mortgage Capital, Inc.		305,931		3,062,369
KKR Real Estate Finance Trust, Inc.		733,347		8,704,829
New York Mortgage Trust, Inc.		1,146,372		9,732,698
PennyMac Mortgage Investment Trust		1,092,432		13,546,157
Ready Capital Corp.		1,991,649		20,135,571


Security	Shares		Value

Mortgage Real Estate Investment Trusts (REITs) (continued)
Redwood Trust, Inc.		1,435,371	$	10,234,195
Two Harbors Investment Corp.		1,211,806		16,044,312


				217,806,998

Multi-Utilities — 0.5%
Avista Corp.		964,627		31,224,976


Office REITs — 2.2%
Brandywine Realty Trust		2,175,346		9,876,071
Douglas Emmett, Inc.		2,100,468		26,801,972
Easterly Government Properties, Inc.		1,180,422		13,492,223
Highwoods Properties, Inc.		1,332,086		27,454,292
Hudson Pacific Properties, Inc.		1,594,925		10,606,251
JBG SMITH Properties		1,186,538		17,157,340
SL Green Realty Corp.		811,635		30,273,986


				135,662,135

Oil, Gas & Consumable Fuels — 2.0%
California Resources Corp.		580,166		32,495,098
Callon Petroleum Co.^(a)(b)		352,249		13,779,981
CVR Energy, Inc.		165,078		5,617,604
Green Plains, Inc.^(a)(b)		750,373		22,586,227
Par Pacific Holdings, Inc.^(a)		708,191		25,452,384
Talos Energy, Inc.^(a)(b)		584,125		9,603,015
World Kinect Corp.		758,806		17,020,019


				126,554,328

Paper & Forest Products — 0.3%
Clearwater Paper Corp.^(a)		210,674		7,636,932
Mercer International, Inc.		313,038		2,685,866
Sylvamo Corp.		193,158		8,487,363


				18,810,161

Passenger Airlines — 1.0%
Allegiant Travel Co.		190,538		14,644,750
Hawaiian Holdings, Inc.^(a)(b)		656,755		4,157,259
JetBlue Airways Corp.^(a)(b)		4,200,743		19,323,418
SkyWest, Inc.^(a)		530,220		22,237,427


				60,362,854

Personal Care Products — 0.5%
Edgewell Personal Care Co.		332,577		12,292,046
Nu Skin Enterprises, Inc., Class A		628,424		13,328,873
USANA Health Sciences, Inc.^(a)		141,355		8,284,817


				33,905,736

Pharmaceuticals — 0.4%
ANI Pharmaceuticals, Inc.^(a)		96,758		5,617,769
Ligand Pharmaceuticals, Inc.^(a)(b)		94,437		5,658,665
Phibro Animal Health Corp., Class A		258,702		3,303,625
Prestige Consumer Healthcare, Inc.^(a)		186,962		10,692,357


				25,272,416

Professional Services — 0.8%
Forrester Research, Inc.^(a)		144,617		4,179,431
Heidrick & Struggles International, Inc.		252,013		6,305,365
Kelly Services, Inc., Class A, NVS		404,166		7,351,780
Korn Ferry		351,196		16,660,738
Resources Connection, Inc.		402,738		6,004,824
TrueBlue, Inc.^(a)		390,063		5,722,224
TTEC Holdings, Inc.		120,637		3,163,102


				49,387,464

Real Estate Management & Development — 0.8%
Anywhere Real Estate, Inc.^(a)		1,388,113		8,925,566
Cushman & Wakefield PLC^(a)(b)		2,118,861		16,145,721


28		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® S&P Small-Cap 600 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Real Estate Management & Development (continued)
eXp World Holdings, Inc.^(b)		705,428	$	11,456,151
Kennedy-Wilson Holdings, Inc.		954,238		14,065,468


				50,592,906

Residential REITs — 0.6%
Centerspace		188,077		11,333,520
Elme Communities		1,106,432		15,091,732
NexPoint Residential Trust, Inc.		136,600		4,395,788
Veris Residential, Inc.		444,553		7,335,125


				38,156,165

Retail REITs — 2.7%
Acadia Realty Trust		1,199,881		17,218,292
Getty Realty Corp.		208,259		5,775,022
Macerich Co. (The)		2,713,384		29,603,019
Phillips Edison & Co., Inc.		843,527		28,291,896
Retail Opportunity Investments Corp.		1,588,328		19,663,501
RPT Realty		1,009,839		10,663,900
Saul Centers, Inc.		70,714		2,494,083
SITE Centers Corp.		2,268,662		27,972,603
Tanger Factory Outlet Centers, Inc.		597,780		13,509,828
Urban Edge Properties		725,143		11,065,682
Whitestone REIT		591,929		5,700,276


				171,958,102

Semiconductors & Semiconductor Equipment — 1.7%
CEVA, Inc.^(a)		117,243		2,273,342
Cohu, Inc.^(a)		204,022		7,026,517
FormFactor, Inc.^(a)(b)		978,884		34,202,207
Ichor Holdings Ltd.^(a)(b)		368,017		11,393,806
Semtech Corp.^(a)(b)		806,215		20,760,036
SiTime Corp.^(a)(b)		99,515		11,369,589
SMART Global Holdings, Inc.^(a)(b)		630,234		15,346,198
Ultra Clean Holdings, Inc.^(a)(b)		253,546		7,522,710


				109,894,405

Software — 0.9%
Adeia, Inc.		1,348,139		14,398,125
Cerence, Inc.^(a)(b)		507,166		10,330,971
Consensus Cloud Solutions, Inc.^(a)		72,967		1,837,309
Digital Turbine, Inc.^(a)(b)		414,259		2,506,267
Ebix, Inc.		310,509		3,067,829
LiveRamp Holdings, Inc.^(a)		376,800		10,866,912
N-able, Inc.^(a)(b)		282,302		3,641,696
OneSpan, Inc.^(a)(b)		233,418		2,509,243
Xperi, Inc.^(a)		544,239		5,366,197


				54,524,549

Specialized REITs — 0.7%
Four Corners Property Trust, Inc.		377,493		8,376,570
Outfront Media, Inc.		1,830,778		18,490,858
Safehold, Inc.^(a)		562,712		10,016,273
Uniti Group, Inc.		1,656,721		7,819,723


				44,703,424

Specialty Retail — 7.7%
Abercrombie & Fitch Co., Class A^(a)(b)		631,088		35,574,431
Academy Sports & Outdoors, Inc.^(b)		510,785		24,144,807
Advance Auto Parts, Inc.		749,314		41,909,132
American Eagle Outfitters, Inc.		2,339,608		38,860,889
America’s Car-Mart, Inc.^(a)(b)		75,256		6,847,543
Asbury Automotive Group, Inc.^(a)(b)		142,646		32,818,565
Boot Barn Holdings, Inc.^(a)(b)		147,188		11,950,194
Buckle, Inc. (The)		117,391		3,919,686
Caleres, Inc.		429,040		12,339,190
Chico’s FAS, Inc.^(a)(b)		1,556,113		11,639,725


Security	Shares		Value

Specialty Retail (continued)
Designer Brands, Inc., Class A		621,417	$	7,867,139
Foot Locker, Inc.		1,030,035		17,871,107
Group 1 Automotive, Inc.		177,118		47,593,378
Guess?, Inc.		344,150		7,447,406
Haverty Furniture Cos., Inc.		83,719		2,409,433
Hibbett, Inc.		76,206		3,620,547
Leslie’s, Inc.^(a)(b)		819,174		4,636,525
MarineMax, Inc.^(a)(b)		251,621		8,258,201
Monro, Inc.		395,188		10,974,371
National Vision Holdings, Inc.^(a)		413,584		6,691,789
ODP Corp. (The)^(a)(b)		426,864		19,699,774
Sally Beauty Holdings, Inc.^(a)(b)		1,355,774		11,361,386
Shoe Carnival, Inc.		226,645		5,446,279
Signet Jewelers Ltd.^(b)		572,398		41,103,900
Sleep Number Corp.^(a)(b)		265,866		6,537,645
Sonic Automotive, Inc., Class A		200,025		9,553,194
Upbound Group, Inc.		578,605		17,039,917
Urban Outfitters, Inc.^(a)(b)		712,781		23,300,811
Victoria’s Secret & Co.^(a)(b)		972,214		16,216,530


				487,633,494

Technology Hardware, Storage & Peripherals — 0.5%
Avid Technology, Inc.^(a)(b)		174,520		4,689,352
Corsair Gaming, Inc.^(a)(b)		241,270		3,505,653
Xerox Holdings Corp.		1,426,001		22,373,956


				30,568,961

Textiles, Apparel & Luxury Goods — 1.7%
G-III Apparel Group Ltd.^(a)(b)		510,802		12,729,186
Hanesbrands, Inc.^(b)		4,409,050		17,459,838
Kontoor Brands, Inc.		629,643		27,647,624
Movado Group, Inc.		196,215		5,366,480
Oxford Industries, Inc.		55,726		5,356,941
Steven Madden Ltd.		892,412		28,351,929
Wolverine World Wide, Inc.		1,003,834		8,090,902


				105,002,900

Tobacco — 0.4%
Universal Corp.		310,030		14,636,516
Vector Group Ltd.		932,509		9,921,896


				24,558,412

Trading Companies & Distributors — 1.3%
DXP Enterprises, Inc.^(a)		172,688		6,033,719
GMS, Inc.^(a)		513,972		32,878,789
NOW, Inc.^(a)		1,344,087		15,954,313
Veritiv Corp.		170,816		28,850,822


				83,717,643

Water Utilities — 0.5%
American States Water Co.		144,218		11,347,072
California Water Service Group		276,900		13,100,139
Middlesex Water Co.		80,341		5,322,592


				29,769,803

Wireless Telecommunication Services — 0.6%
Gogo, Inc.^(a)(b)		275,015		3,280,929
Shenandoah Telecommunications Co.		633,597		13,058,434
Telephone & Data Systems, Inc.		1,234,139		22,597,085


				38,936,448


Total Long-Term Investments — 98.3% (Cost: $6,831,136,553)				6,201,389,320


S C H E D U L E S O F I N V E S T M E N T S			29

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® S&P Small-Cap 600 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Short-Term Securities

Money Market Funds — 9.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%^(c)(d)(e)		431,104,260	$	431,276,702
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%^(c)(d)		145,219,528		145,219,528


Total Short-Term Securities — 9.2%

(Cost: $576,289,121)				576,496,230


Total Investments — 107.5%

(Cost: $7,407,425,674)				6,777,885,550

Liabilities in Excess of Other Assets — (7.5)%				(471,744,531	)


Net Assets — 100.0%			$	6,306,141,019

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan.

^(c)	Affiliate of the Fund.

^(d)	Annualized 7-day yield as of period end.

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

Affiliates



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


BlackRock Cash Funds: Institutional, SL Agency Shares	$	417,296,861	$	13,927,521	^(a)	$	—		$	(24,835	)	$	77,155	$	431,276,702		431,104,260	$	1,133,117	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		198,053,688		—			(52,834,160	)^(a)		—			—		145,219,528		145,219,528		3,099,790			—


									$	(24,835	)	$	77,155	$	576,496,230			$	4,232,907		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


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

Long Contracts
Russell 2000 E-Mini Index		260		12/15/23	$	23,382	$	(476,139	)


30		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® S&P Small-Cap 600 Value ETF

OTC Total Return Swaps



Reference Entity	Payment Frequency	Counterparty^(a)	Termination Date		Net Notional			Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage

Equity Securities Long/Short	Monthly	Goldman Sachs Bank USA^(b)		08/19/26	$	(26,386,538	)	$	(1,406,113	)^(c)	$	25,028,636		0.4	%
	Monthly	HSBC Bank PLC^(d)		02/10/28		(25,757,636	)		(494,013	)^(e)		25,356,279		0.4
	Monthly	JPMorgan Chase Bank NA^(f)		02/08/24		(27,086,086	)		(1,067,624	)^(g)		26,105,374		0.4


								$	(2,967,750	)	$	76,490,289

^(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 $(48,211) of net dividends, payable for referenced securities purchased and financing fees. ^(e) Amount includes $(92,656) of net dividends, payable for referenced securities purchased and financing fees. ^(g) Amount includes $(86,912) of net dividends, payable for referenced securities purchased 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:	0-75 basis points	40 basis points	40 basis points
Benchmarks:	USD - 1D Overnight Fed Funds Effective Rate	USD - 1D Overnight Bank Funding Rate	USD - 1D Overnight Bank Funding Rate
	(FEDL01)	(OBFR01)	(OBFR01)

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination date August 19, 2026.



	Shares		Value		% of Basket Value


Reference Entity — Long

Common Stocks

Banks
Atlantic Union Bankshares Corp.		1,979	$	56,956		0.2	%
Berkshire Hills Bancorp, Inc.		26		521		0.0
Cathay General Bancorp		129,118		4,488,142		17.9
Northwest Bancshares, Inc.		15		153		0.0
TrustCo Bank Corp.		571		15,582		0.1
United Community Banks, Inc.		1,409		35,803		0.2
Washington Federal, Inc.		1,295		33,178		0.1


				4,630,335

Capital Markets
Moelis & Co., Class A		157,569		7,111,089		28.4
WisdomTree, Inc.		8,140		56,980		0.2


				7,168,069

Commercial Services & Supplies
Pitney Bowes, Inc.		2,851		8,610		0.0


Consumer Finance
Bread Financial Holdings, Inc.		135,999		4,651,166		18.6
Green Dot Corp., Class A		24,813		345,645		1.4


				4,996,811

Financial Services
Jackson Financial, Inc., Class A		55,252		2,111,731		8.4
Payoneer Global, Inc.		207,022		1,266,975		5.1


				3,378,706



	Shares		Value		% of Basket Value


Insurance
Horace Mann Educators Corp.		1,749	$	51,386		0.2	%
James River Group Holdings Ltd.		149		2,287		0.0


				53,673

Mortgage Real Estate Investment Trusts (REITs)
Arbor Realty Trust, Inc.		315,707		4,792,432		19.2


Net Value of Reference Entity —

Goldman Sachs Bank USA			$	25,028,636

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination date February 10, 2028.



	Shares		Value		% of Basket Value


Reference Entity — Long

Common Stocks

Banks
Ameris Bancorp		14	$	538		0.0	%
Central Pacific Financial Corp.		31,835		531,008		2.1
Community Bank System, Inc.		1,386		58,503		0.2
First Bancorp		2,223		62,555		0.3
First Commonwealth Financial Corp.		5,034		61,465		0.2
Fulton Financial Corp.		131,217		1,589,038		6.3
Hope Bancorp, Inc.		5,431		48,064		0.2
Provident Financial Services, Inc.		4,034		61,680		0.2
S&T Bancorp, Inc.		2,300		62,284		0.3
Southside Bancshares, Inc.		2,168		62,222		0.2
TrustCo Bank Corp.		571		15,583		0.1


S C H E D U L E S O F I N V E S T M E N T S			31

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® S&P Small-Cap 600 Value ETF



	Shares		Value		% of Basket Value


Banks (continued)
Trustmark Corp.		2,929	$	63,647		0.3	%
Veritex Holdings, Inc.		3,395		60,940		0.2


				2,677,527

Capital Markets
Artisan Partners Asset Management, Inc., Class A		3,615		135,273		0.5


Consumer Finance
Green Dot Corp., Class A		216,917		3,021,654		11.9


Financial Services
Jackson Financial, Inc., Class A		274,394		10,487,339		41.4
Radian Group, Inc.		16,314		409,644		1.6


				10,896,983

Insurance
Lincoln National Corp.		348,639		8,607,897		33.9


Office REITs
Douglas Emmett, Inc.		1,328		16,945		0.1


Net Value of Reference Entity — HSBC Bank PLC			$	25,356,279

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank NA as of period end, termination date February 8, 2024.



	Shares		Value		% of Basket Value


Reference Entity — Long

Common Stocks

Banks
Banc of California, Inc.		3,616	$	44,766		0.2	%
Veritex Holdings, Inc.		997		17,896		0.0


				62,662



	Shares		Value		% of Basket Value


Capital Markets
Artisan Partners Asset Management, Inc., Class A		158,436	$	5,928,675		22.7	%


Consumer Finance
Green Dot Corp., Class A		323,625		4,508,096		17.3


Financial Services
Radian Group, Inc.		621,503		15,605,941		59.8


Net Value of Reference Entity — JPMorgan Chase Bank NA			$	26,105,374

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


Description	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation

OTC Swaps	$	—	$	—	$	—	$ (2,967,750)


32		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® S&P Small-Cap 600 Value

Derivative Financial Instruments Categorized by Risk Exposure

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



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


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	476,139	$	—	$	—	$	—	$	476,139
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		—		2,967,750		—		—		—		2,967,750


	$	—	$	—	$	3,443,889	$	—	$	—	$	—	$	3,443,889

^(a)

For the period ended September 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:




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


Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	1,712,626		$	—	$	—	$	—	$	1,712,626
Swaps		—		—		(1,472,381	)		—		—		—		(1,472,381	)


	$	—	$	—	$	240,245		$	—	$	—	$	—	$	240,245


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(1,831,487	)	$	—	$	—	$	—	$	(1,831,487	)
Swaps		—		—		3,508,306			—		—		—		3,508,306


	$	—	$	—	$	1,676,819		$	—	$	—	$	—	$	1,676,819

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long			$23,684,210
Total return swaps
Average notional amount			$122,167,769

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

Derivative Financial Instruments – Offsetting as of Period End

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


	Assets		Liabilities
Derivative Financial Instruments
Futures contracts	$	—	$	136,500
Swaps — OTC^(a)		—		2,967,750


Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	—	$	3,104,250


Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(136,500	)


Total derivative assets and liabilities subject to an MNA	$	—	$	2,967,750

^(a)

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


S C H E D U L E S O F I N V E S T M E N T S			33

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® S&P Small-Cap 600 Value ETF

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



Counterparty	Derivative 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	$	1,406,113	$	—	$	—	$	(1,370,000	)	$	36,113
HSBC Bank PLC		494,013		—		—		(494,013	)		—
JPMorgan Chase Bank N.A.		1,067,624		—		—		(1,067,624	)		—


	$	2,967,750	$	—	$	—	$	(2,931,637	)	$	36,113

^(a)

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

^(b)

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

^(c)

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

Fair Value Hierarchy as of Period End



	Level 1			Level 2			Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	6,201,389,320		$	—		$	—	$	6,201,389,320
Short-Term Securities
Money Market Funds		576,496,230			—			—		576,496,230


	$	6,777,885,550		$	—		$	—	$	6,777,885,550

Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(476,139	)	$	(2,967,750	)	$	—	$	(3,443,889	)

^(a)

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

See notes to financial statements.


34		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Assets and Liabilities (unaudited)

September 30, 2023


	iShares S&P 100 ETF		iShares S&P 500 Growth ETF		iShares S&P 500 Value ETF			iShares S&P Small-Cap 600 Value ETF

ASSETS
Investments, at value — unaffiliated^(a)(b)	$	8,362,723,537	$	33,728,591,438	$	23,808,000,451		$	6,201,389,320
Investments, at value — affiliated^(c)		94,425,627		298,384,497		428,554,470			576,496,230
Cash		153		538		159,788			470,714
Cash pledged:
Collateral — OTC derivatives		—		—		—			7,150,000
Futures contracts		1,157,640		2,974,340		2,837,360			1,791,000
Receivables:
Investments sold		373,184		8,506,817		10,499,690			24,820,515
Securities lending income — affiliated		31,966		44,285		19,998			137,283
Swaps		—		—		—			993
Dividends — unaffiliated		4,043,357		18,284,429		20,008,537			11,153,774
Dividends — affiliated		94,439		281,445		221,041			452,646
Due from broker		81		—		—			417,020


Total assets		8,462,849,984		34,057,067,789		24,270,301,335			6,824,279,495


LIABILITIES
Collateral on securities loaned		15,721,307		144,944,538		126,631,440			431,203,495
Payables:
Investments purchased		373,184		8,506,817		10,499,689			41,531,505
Swaps		—		—		—			4,354,134
Capital shares redeemed		22,454		—		—			—
Income dividend distributions		30,978,822		110,002,344		131,124,937			36,978,433
Investment advisory fees		1,417,553		5,159,220		3,679,744			966,659
Variation margin on futures contracts		55,890		143,400		136,800			136,500
Unrealized depreciation on OTC swaps		—		—		—			2,967,750


Total liabilities		48,569,210		268,756,319		272,072,610			518,138,476


Commitments and contingent liabilities

NET ASSETS	$	8,414,280,774	$	33,788,311,470	$	23,998,228,725		$	6,306,141,019


NET ASSETS CONSIST OF:
Paid-in capital	$	7,373,849,803	$	27,535,209,957	$	24,811,825,345		$	8,227,993,469
Accumulated earnings (loss)		1,040,430,971		6,253,101,513		(813,596,620	)		(1,921,852,450	)


NET ASSETS	$	8,414,280,774	$	33,788,311,470	$	23,998,228,725		$	6,306,141,019


NET ASSET VALUE
Shares outstanding		41,950,000		493,800,000		156,100,000			70,700,000


Net asset value	$	200.58	$	68.43	$	153.74		$	89.20


Shares authorized		Unlimited		Unlimited		Unlimited			Unlimited


Par value		None		None		None			None


^(a)Investments, at cost — unaffiliated	$	7,077,464,442	$	25,078,370,854	$	23,215,045,322		$	6,831,136,553
^(b)Securities loaned, at value	$	15,250,319	$	142,477,449	$	123,380,222		$	418,587,514
^(c)Investments, at cost — affiliated	$	92,859,520	$	298,334,664	$	444,210,539		$	576,289,121

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		35

Statements of Operations (unaudited)

Six Months Ended September 30, 2023


	iShares S&P 100 ETF			iShares S&P 500 Growth ETF			iShares S&P 500 Value ETF			iShares S&P Small-Cap 600 Value ETF

INVESTMENT INCOME
Dividends — unaffiliated	$	62,368,662		$	207,773,755		$	242,203,145		$	72,911,597
Dividends — affiliated		1,017,878			1,284,199			3,291,300			3,099,790
Securities lending income — affiliated — net		11,979			1,195,928			694,602			1,133,117
Foreign taxes withheld		—			(78,507	)		(47,956	)		—


Total investment income		63,398,519			210,175,375			246,141,091			77,144,504


EXPENSES
Investment advisory		8,209,107			29,529,187			22,431,369			6,064,963
Interest expense		2,557			14,260			—			11,649


Total expenses		8,211,664			29,543,447			22,431,369			6,076,612


Net investment income		55,186,855			180,631,928			223,709,722			71,067,892


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(24,611,967	)		(30,389,301	)		(100,546,151	)		(405,705,881	)
Investments — affiliated		(669,282	)		20,983			(3,107,870	)		(24,835	)
Futures contracts		2,351,967			6,943,310			8,324,454			1,712,626
In-kind redemptions — unaffiliated^(a)		168,584,769			821,952,972			339,707,206			32,777,227
In-kind redemptions — affiliated^(a)		608,181			—			2,066,336			—
Swaps		—			—			—			(1,472,381	)


		146,263,668			798,527,964			246,443,975			(372,713,244	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		401,243,026			1,246,678,644			76,415,380			40,707,530
Investments — affiliated		(908,478	)		25,111			(3,233,110	)		77,155
Futures contracts		(1,809,626	)		(4,810,946	)		(5,213,991	)		(1,831,487	)
Swaps		—			—			—			3,508,306


		398,524,922			1,241,892,809			67,968,279			42,461,504


Net realized and unrealized gain (loss)		544,788,590			2,040,420,773			314,412,254			(330,251,740	)


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	599,975,445		$	2,221,052,701		$	538,121,976		$	(259,183,848	)

^(a)	See Note 2 of the Notes to Financial Statements.

See notes to financial statements.


36		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets


	iShares S&P 100 ETF						iShares S&P 500 Growth ETF


	Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	55,186,855		$	113,224,910		$	180,631,928		$	280,085,567
Net realized gain		146,263,668			407,479,441			798,527,964			191,710,832
Net change in unrealized appreciation (depreciation)		398,524,922			(1,345,332,448	)		1,241,892,809			(5,994,083,405	)


Net increase (decrease) in net assets resulting from operations		599,975,445			(824,628,097	)		2,221,052,701			(5,522,287,006	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(55,469,491	)		(113,384,492	)		(179,363,147	)		(273,353,269	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		321,747,280			(291,408,168	)		1,582,530,431			(798,680,236	)


NET ASSETS
Total increase (decrease) in net assets		866,253,234			(1,229,420,757	)		3,624,219,985			(6,594,320,511	)
Beginning of period		7,548,027,540			8,777,448,297			30,164,091,485			36,758,411,996


End of period	$	8,414,280,774		$	7,548,027,540		$	33,788,311,470		$	30,164,091,485

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		37

Statements of Changes in Net Assets (continued)


	iShares S&P 500 Value ETF						iShares S&P Small-Cap 600 Value ETF


	Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	223,709,722		$	503,287,391		$	71,067,892		$	126,569,524
Net realized gain (loss)		246,443,975			2,360,039,333			(372,713,244	)		41,006,441
Net change in unrealized appreciation (depreciation)		67,968,279			(3,132,333,186	)		42,461,504			(885,835,581	)


Net increase (decrease) in net assets resulting from operations		538,121,976			(269,006,462	)		(259,183,848	)		(718,259,616	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(216,687,425	)		(505,414,298	)		(65,368,033	)		(106,591,690	)


CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(799,481,074	)		(635,658,997	)		(352,655,152	)		(741,070,327	)


NET ASSETS
Total decrease in net assets		(478,046,523	)		(1,410,079,757	)		(677,207,033	)		(1,565,921,633	)
Beginning of period		24,476,275,248			25,886,355,005			6,983,348,052			8,549,269,685


End of period	$	23,998,228,725		$	24,476,275,248		$	6,306,141,019		$	6,983,348,052

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


38		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)


	iShares S&P 100 ETF

		Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19

Net asset value, beginning of period	$	187.06		$	208.24		$	179.83		$	118.50		$	125.31		$	115.89


Net investment income^(a)		1.35			2.66			2.41			2.37			2.48			2.35
Net realized and unrealized gain^(b)		13.50			(21.16	)		28.36			61.39			(6.58	)		9.45


Net increase from investment operations		14.85			(18.50	)		30.77			63.76			(4.10	)		11.80


Distributions from net investment income^(c)		(1.33	)		(2.68	)		(2.36	)		(2.43	)		(2.71	)		(2.38	)


Net asset value, end of period	$	200.58		$	187.06		$	208.24		$	179.83		$	118.50		$	125.31


Total Return^(d)
Based on net asset value		7.95	%^(e)		(8.80	)%		17.14	%		54.11	%		(3.42	)%		10.25	%


Ratios to Average Net Assets^(f)
Total expenses		0.20	%^(g)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%


Net investment income		1.34	%^(g)		1.48	%		1.19	%		1.52	%		1.86	%		1.94	%


Supplemental Data
Net assets, end of period (000)	$	8,414,281		$	7,548,028		$	8,777,448		$	6,977,233		$	4,852,686		$	4,824,336


Portfolio turnover rate^(h)		2	%		3	%		2	%		8	%		4	%		7	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S			39

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares S&P 500 Growth ETF

		Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21	^(a)		Year Ended 03/31/20	^(a)		Year Ended 03/31/19	^(a)

Net asset value, beginning of period	$	63.92		$	76.34		$	65.08		$	41.25		$	43.10		$	38.76


Net investment income^(b)		0.38			0.60			0.41			0.47			0.60			0.52
Net realized and unrealized gain^(c)		4.50			(12.44	)		11.27			23.85			(1.68	)		4.33


Net increase from investment operations		4.88			(11.84	)		11.68			24.32			(1.08	)		4.85


Distributions from net investment income^(d)		(0.37	)		(0.58	)		(0.42	)		(0.49	)		(0.77	)		(0.51	)


Net asset value, end of period	$	68.43		$	63.92		$	76.34		$	65.08		$	41.25		$	43.10


Total Return^(e)
Based on net asset value		7.63	%^(f)		(15.48	)%		17.94	%		59.13	%		(2.65	)%		12.59	%


Ratios to Average Net Assets^(g)
Total expenses		0.18	%^(h)		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%


Net investment income		1.10	%^(h)		0.94	%		0.55	%		0.82	%		1.30	%		1.27	%


Supplemental Data
Net assets, end of period (000)	$	33,788,311		$	30,164,091		$	36,758,412		$	31,174,756		$	22,307,379		$	22,550,900


Portfolio turnover rate⁽ⁱ⁾		2	%		34	%		14	%		13	%		27	%		27	%

^(a)	Per share amounts reflect a four-for-one stock split effective after the close of trading on October 16, 2020.

^(b)	Based on average shares outstanding.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


40		2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares S&P 500 Value ETF

		Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19

Net asset value, beginning of period	$	151.79		$	155.61		$	141.09		$	96.29		$	112.76		$	109.32


Net investment income^(a)		1.42			3.00			2.89			2.83			2.86			2.69
Net realized and unrealized gain^(b)		1.91			(3.78	)		14.48			44.86			(16.41	)		3.53


Net increase from investment operations		3.33			(0.78	)		17.37			47.69			(13.55	)		6.22


Distributions from net investment income^(c)		(1.38	)		(3.04	)		(2.85	)		(2.89	)		(2.92	)		(2.78	)


Net asset value, end of period	$	153.74		$	151.79		$	155.61		$	141.09		$	96.29		$	112.76


Total Return^(d)
Based on net asset value		2.19	%^(e)		(0.35	)%		12.39	%		50.10	%		(12.34	)%		5.79	%


Ratios to Average Net Assets^(f)
Total expenses		0.18	%^(g)		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%


Net investment income		1.80	%^(g)		2.06	%		1.92	%		2.39	%		2.40	%		2.43	%


Supplemental Data
Net assets, end of period (000)	$	23,998,229		$	24,476,275		$	25,886,355		$	21,424,451		$	14,187,829		$	15,234,432


Portfolio turnover rate^(h)		2	%		29	%		18	%		26	%		32	%		31	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		41

Financial Highlights (continued)

(For a share outstanding throughout each period)


		iShares S&P Small-Cap 600 Value ETF

	Six Months Ended 09/30/23 (unaudited)					Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21	^(a)		Year Ended 03/31/20	^(a)		Year Ended 03/31/19	^(a)

Net asset value, beginning of period		$	93.67		$	102.39		$	100.53		$	50.14		$	73.81		$	75.49


Net investment income^(b)			0.98			1.62			1.07			1.12			1.10			1.20
Net realized and unrealized gain^(c)			(4.53	)		(8.96	)		2.32			50.16			(23.45	)		(1.71	)


Net increase from investment operations			(3.55	)		(7.34	)		3.39			51.28			(22.35	)		(0.51	)


Distributions from net investment income^(d)			(0.92	)		(1.38	)		(1.53	)		(0.89	)		(1.32	)		(1.17	)


Net asset value, end of period		$	89.20		$	93.67		$	102.39		$	100.53		$	50.14		$	73.81


Total Return^(e)
Based on net asset value			(3.82	)%^(f)		(7.08	)%		3.38	%		103.08	%^(g)		(30.75	)%		(0.71	)%


Ratios to Average Net Assets^(h)
Total expenses			0.18	%⁽ⁱ⁾		0.18	%		0.18	%		0.21	%		0.25	%		0.25	%


Net investment income			2.11	%⁽ⁱ⁾		1.71	%		1.04	%		1.56	%		1.48	%		1.54	%


Supplemental Data
Net assets, end of period (000)		$	6,306,141		$	6,983,348		$	8,549,270		$	8,806,141		$	4,120,917		$	6,155,204


Portfolio turnover rate^(j)			18	%		54	%		42	%		52	%		53	%		38	%

^(a)	Per share amounts reflect a two-for-one stock split effective after the close of trading on October 16, 2020.

^(b)	Based on average shares outstanding.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Includes a payment received from an affiliate, which had no impact on the Fund’s total return.

^(h)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾	Annualized.

^(j)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


42		2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited)

1.	*ORGANIZATION*

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):



iShares ETF		Diversification Classification

S&P 100		Diversified
S&P 500 Growth		Diversified
S&P 500 Value		Diversified
S&P Small-Cap 600 Value		Diversified

2.	*SIGNIFICANT ACCOUNTING POLICIES*

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Fund is 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, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.


N O T E S T O F I N A N C I A L S T A T E M E N T S			43

Notes to Financial Statements (unaudited) (continued)

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

•

Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

•

Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

•

Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Fund uses current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with the Manager’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 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


44		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:



	Securities				Cash		Non-Cash Collateral Received,					Net
iShares ETF and Counterparty	Loaned at Value				Collateral Received	^(a)			at Fair Value	^(a)		Amount	^(b)

S&P 100
Barclays Bank PLC		$	510,191	$	(510,191	)		$	—		$	—
UBS AG			14,740,128		(14,740,128	)			—			—


		$	15,250,319	$	(15,250,319	)		$	—		$	—

S&P 500 Growth
Barclays Bank PLC		$	4,191,945	$	(4,191,945	)		$	—		$	—
BNP Paribas SA			29,920,998		(29,920,998	)			—			—
BofA Securities, Inc.			27,460,935		(27,460,935	)			—			—
Citigroup Global Markets, Inc.			4,732,020		(4,732,020	)			—			—
Goldman Sachs & Co. LLC			20,059,737		(20,059,737	)			—			—
HSBC Bank PLC			1,251,424		(1,251,424	)			—			—
J.P. Morgan Securities LLC			11,279,057		(11,279,057	)			—			—
Jefferies LLC			738,800		(738,800	)			—			—
RBC Capital Market LLC			4,939,363		(4,939,363	)			—			—
Scotia Capital (USA), Inc.			230,945		(230,945	)			—			—
SG Americas Securities LLC			2,128,590		(2,128,590	)			—			—
Toronto-Dominion Bank			12,127,031		(12,127,031	)			—			—
UBS AG			20,389,461		(20,225,190	)			—			164,271
Wells Fargo Bank N.A.			3,027,143		(3,027,143	)			—			—


		$	142,477,449	$	(142,313,178	)		$	—		$	164,271

S&P 500 Value
Barclays Bank PLC		$	52,348,492	$	(52,348,492	)		$	—		$	—
Barclays Capital, Inc.			2,948,968		(2,948,968	)			—			—
BNP Paribas SA			16,044,232		(16,044,232	)			—			—
BofA Securities, Inc.			596,330		(596,330	)			—			—
Citadel Clearing LLC			6,625,409		(6,625,409	)			—			—
Citigroup Global Markets, Inc.			156,023		(156,023	)			—			—
Goldman Sachs & Co. LLC			3,884,227		(3,884,227	)			—			—
HSBC Bank PLC			9,689,388		(9,689,388	)			—			—
J.P. Morgan Securities LLC			18,453,073		(18,453,073	)			—			—
Jefferies LLC			507,367		(507,367	)			—			—
RBC Capital Market LLC			26,279		(26,279	)			—			—
Scotia Capital (USA), Inc.			3,822,446		(3,822,446	)			—			—
Scotia Capital, Inc.			2,003		(2,003	)			—			—
SG Americas Securities LLC			4,540,382		(4,540,382	)			—			—
Toronto-Dominion Bank			205,541		(205,541	)			—			—
UBS AG			1,559,321		(1,548,147	)			—			11,174
UBS Securities LLC			115,842		(115,842	)			—			—
Virtu Americas LLC			124,704		(124,704	)			—			—
Wells Fargo Bank N.A.			1,730,195		(1,730,195	)			—			—


		$	123,380,222	$	(123,369,048	)		$	—		$	11,174

S&P Small-Cap 600 Value
Barclays Bank PLC		$	4,902,214	$	(4,902,214	)		$	—		$	—
Barclays Capital, Inc.			266,031		(266,031	)			—			—
BMO Capital Markets Corp.			986		(986	)			—			—
BNP Paribas SA			74,533,651		(74,533,651	)			—			—
BofA Securities, Inc.			18,980,153		(18,980,153	)			—			—
Citadel Clearing LLC			3,202,485		(3,202,485	)			—			—
Citigroup Global Markets, Inc.			3,184,415		(3,184,415	)			—			—
Credit Suisse Securities (USA) LLC			1,869		(1,869	)			—			—
Goldman Sachs & Co. LLC			70,821,192		(70,821,192	)			—			—
HSBC Bank PLC			690,732		(690,732	)			—			—
J.P. Morgan Securities LLC			64,081,100		(64,081,100	)			—			—
Jefferies LLC			2,584,838		(2,584,838	)			—			—
Morgan Stanley			98,280,424		(98,280,424	)			—			—
National Financial Services LLC			8,295,124		(8,295,124	)			—			—
Natixis SA			3,733,421		(3,733,421	)			—			—
RBC Capital Market LLC			32,700,901		(32,700,901	)			—			—
Scotia Capital (USA), Inc.			139,470		(139,470	)			—			—


N O T E S T O F I N A N C I A L S T A T E M E N T S			45

Notes to Financial Statements (unaudited) (continued)



			Securities		Cash		Non-Cash Collateral Received,					Net
iShares ETF and Counterparty	Loaned at Value				Collateral Received	^(a)			at Fair Value	^(a)		Amount	^(b)

S&P Small-Cap 600 Value (continued)
SG Americas Securities LLC		$	253,259	$	(253,259	)		$	—		$	—
State Street Bank & Trust Co.			25,574,270		(25,574,270	)			—			—
Toronto-Dominion Bank			2,645,900		(2,645,900	)			—			—
UBS AG			2,716,415		(2,716,415	)			—			—
UBS Securities LLC			217,551		(217,434	)			—			117
Virtu Americas LLC			279,450		(279,450	)			—			—
Wells Fargo Bank N.A.			193,584		(193,584	)			—			—
Wells Fargo Securities LLC			308,079		(308,079	)			—			—


		$	418,587,514	$	(418,587,397	)		$	—		$	117

^(a)

Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Funds’ Statements of Assets and Liabilities.

^(b)

The market value of the loaned securities is determined as of September 30, 2023. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty.

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 Fund 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 Statement 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 Statement of Assets and Liabilities. Payments received or paid are recorded in the Statement of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

Total return swaps are entered into by the iShares S&P Small-Cap 600 Value to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of 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


46		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

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 Statement 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 Statement 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 it 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 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 Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement 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 Schedule 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 Statement 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:



iShares ETF		Investment Advisory Fees

S&P 100		0.20%
S&P 500 Growth		0.18
S&P 500 Value		0.18
S&P Small-Cap 600 Value		0.18

Distributor: BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

ETF Servicing Fees: Each Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units (“ETF Services”). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. The Funds do not pay BRIL for ETF Services.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities


N O T E S T O F I N A N C I A L S T A T E M E N T S			47

Notes to Financial Statements (unaudited) (continued)

on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the six months ended September 30, 2023, the Funds paid BTC the following amounts for securities lending agent services:



iShares ETF	Amounts


S&P 100	$	4,855
S&P 500 Growth		333,480
S&P 500 Value		192,715
S&P Small-Cap 600 Value		359,409

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended September 30, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)


S&P 100	$	33,575,048	$	10,463,121	$	(2,800,279)
S&P 500 Growth		233,574,740		62,244,403		(4,787,647)
S&P 500 Value		85,725,230		49,671,880		(28,025,079)
S&P Small-Cap 600 Value		342,483,225		76,357,300		(14,812,026)

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends - affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7.	*PURCHASES AND SALES*

For the six months ended September 30, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:



iShares ETF	Purchases		Sales


S&P 100	$	130,818,294	$	130,452,449
S&P 500 Growth		591,789,039		585,384,954
S&P 500 Value		420,607,201		407,768,277
S&P Small-Cap 600 Value		1,316,116,358		1,223,744,827


48		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

For the six months ended September 30, 2023, in-kind transactions were as follows:



iShares ETF	In-kind Purchases		In-kind Sales


S&P 100	$	757,464,664	$	436,899,112
S&P 500 Growth		3,397,367,110		1,817,612,484
S&P 500 Value		756,400,007		1,552,966,167
S&P Small-Cap 600 Value		62,248,127		412,456,728

8.	*INCOME TAX INFORMATION*

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of September 30, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of March 31, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains and qualified late-year losses as follows:



iShares ETF	Non-Expiring Capital Loss Carryforwards		Qualified Late-Year Ordinary Losses


S&P 100	$	362,360,219	$	—
S&P 500 Growth		3,160,067,414		—
S&P 500 Value		1,566,023,135		—
S&P Small-Cap 600 Value		854,325,126		26,519,224

As of September 30, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)


S&P 100	$	7,200,347,206	$	1,707,088,159	$	(451,082,669	)	$	1,256,005,490
S&P 500 Growth		25,415,525,105		9,673,894,480		(1,064,713,304	)		8,609,181,176
S&P 500 Value		23,733,364,669		3,023,838,812		(2,522,691,622	)		501,147,190
S&P Small-Cap 600 Value		7,453,557,083		539,123,867		(1,218,239,289	)		(679,115,422	)

9.	*PRINCIPAL RISKS*

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant


N O T E S T O F I N A N C I A L S T A T E M E N T S			49

Notes to Financial Statements (unaudited) (continued)

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 the Manager 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 Fund’s exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

The Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

10.

CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:



	Six Months Ended 09/30/23						Year Ended 03/31/23


iShares ETF	Shares			Amount			Shares			Amount

S&P 100

Shares sold		3,750,000		$	759,990,565			6,650,000		$	1,223,360,035

Shares redeemed		(2,150,000	)		(438,243,285	)		(8,450,000	)		(1,514,768,203	)


		1,600,000		$	321,747,280			(1,800,000	)	$	(291,408,168	)

S&P 500 Growth

Shares sold		48,450,000		$	3,403,231,759			65,500,000		$	4,123,265,045

Shares redeemed		(26,550,000	)		(1,820,701,328	)		(75,100,000	)		(4,921,945,281	)


		21,900,000		$	1,582,530,431			(9,600,000	)	$	(798,680,236	)


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Notes to Financial Statements (unaudited) (continued)



	Six Months Ended 09/30/23						Year Ended 03/31/23


iShares ETF	Shares			Amount			Shares			Amount

S&P 500 Value

Shares sold		4,800,000		$	759,381,347			67,300,000		$	9,872,676,861

Shares redeemed		(9,950,000	)		(1,558,862,421	)		(72,400,000	)		(10,508,335,858	)


		(5,150,000	)	$	(799,481,074	)		(5,100,000	)	$	(635,658,997	)

S&P Small-Cap 600 Value

Shares sold		650,000		$	62,869,057			39,800,000		$	3,828,377,839

Shares redeemed		(4,500,000	)		(415,524,209	)		(48,750,000	)		(4,569,448,166	)


		(3,850,000	)	$	(352,655,152	)		(8,950,000	)	$	(741,070,327	)

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

11.

SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.


N O T E S T O F I N A N C I A L S T A T E M E N T S			51

Board Review and Approval of Investment Advisory Contract

iShares S&P 100 ETF, iShares S&P Small-Cap 600 Value 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 the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.


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Board Review and Approval of Investment Advisory Contract (continued)

calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund 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.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares S&P 500 Growth ETF, iShares S&P 500 Value ETF (each the “Fund”)


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T			53

Board Review and Approval of Investment Advisory Contract (continued)

applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).


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Board Review and Approval of Investment Advisory Contract (continued)

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts 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. 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.

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.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T			55

Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

September 30, 2023


	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date

iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share

S&P 100	$	1.330995	$	—	$	—	$	1.330995		100	%		—	%		—	%		100	%
S&P Small-Cap 600 Value^(a)		0.868960		—		0.048370		0.917330		95			—			5			100

^(a)

The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.


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General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.


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Glossary of Terms Used in this Report


Portfolio Abbreviation

NVS		Non-Voting Shares

REIT		Real Estate Investment Trust

S&P		Standard & Poor’s


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This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by S&P Dow Jones Indices LLC, nor does this company make any representations regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

iS-SAR-301-0923